the capacity to labour we can get nothing; we can get little from personal effects; and, therefore, we come to the real property, from which we will take no more than is necessary to make good that deficiency. You appear to be conscious of the weakness of your ground, when you deny this our right; for, you immediately follow up that denial by observing, that our demand ought to be lowered in amount, because, as you say, we lent our money, when the pound-note was not worth nearly so much as it is now. It is surprising to what a point men are blinded by their interests! We thought, though we do, some of us, come from Philpot-lane," that you would have the generosity to remember, that many of the fundholders lent their money years and years before gold ceased to circulate; and that, in fact, three hundred and fifty, out of the nine hundred millions that are now due to us, were lent to the nation in hard coin! And as to the rest, does it not stand recorded in the Journals of both Houses of Parliament, in the form of solemn resolutions, passed in 1811, that the paper-money had never depreciated in value, and that a pound-note then was, and always had been fully equal in value to twenty shillings in silver coin, fresh from the Mint? With these facts before us, we really wonder, Sirs, at your attempting, by such a pretence, to shuffle from your shoulders a part of the debt, which you so truly owe us. You say, that we have been receiving an interest of five per centum, while you have been receiving an interest of three at most from your lands. But, Gentlemen, have you been receiving nothing in lieu of this difference? Have you not been riding about in the sweet country air, while we have been penned up to breathe and rebreathe the smoke of "the 'Change and of Philpot-lane?" Have not your ears been regaled with the singing of birds and the cry of the hounds, while ours have been dinned with the rattling of coaches and drays, and the gabble of the Alley? Have not you had the clowns to pull their hats off to you, and the red-cheeked girls to curtesy to you, while we have been squeezing along amongst chimney-sweeps and fishwomen, who paid no more regard to us than if we had not been worth a groat? Recollect, Gentlemen, that we cannot come "from the 'Change and Philpot-lane," without first living in the 'Change and Philpot-lane ; and surely, to have lived so long in places that you seem to think confers a sort of disgrace on the inhabitants of them, gives those inhabitants a claim to some little preference in point of gains. The great object of all our toils has been to be able, at last, to go and live like gentlemen in the country; and, as the times of loaning appear now to be over, we are anxious to get to our estates. Having, as we think, clearly established our right, we would fain have foreborne to say any thing in answer to your closing observations. But when we consider that our claims are attempted to be weakened in our minds, by an appeal to our attachment to our happy constitution in church and state, we cannot remain silent. We are, we confess, attached to our country; but, we are not afraid to defy the world to prove, that our king and our church do not possess a superior place in our affections. But, Sirs, it is impossible for us to perceive the smallest grounds for your alarm, even supposing the whole of your estates to be transferred to us. BURKE, We know, got a pretty good pension for himself, another for his widow, and a third for his executors, after he had written so prettily about Corinthian pillars; but there must be new pillars sometimes. We have very good Corinthian pillars come from the 'Change, Philpot-lane, and even

from Spitalfields; and why should not more come from the same places ? Levelling, indeed! What, you think, perhaps, that we do not know how to live in large mansions, and to keep the Radicals at a distance? We might not, perhaps, be such able fox-hunters as some of you; and yet, if we are to judge from the ability in this way, shown by a brother of ours, who was, not many years ago, actually cross legged, we may suppose that we should not be far behind you, in a short time, even in that prime quality. And as to all matters connected with the preservation of social order," we are well-known to have given such proof of indefatigable zeal and ardent devotion, that the cause must improve, rather than suffer, in our hands. We cannot, therefore, for our lives, perceive any danger to church or state, that could possibly arise from the complete transfer of all your estates to us. But, we repeat, that we want nothing but our interest in full. Continue to pay us that, and we are satisfied; but, if you do not pay it us, or pay us the principal, we shall accuse you, according to your own confession, of " an atrocious breach of national faith."

Now, my Lord, whatever they may pretend in public, this is the language in private, of the two descriptions of persons. They have an interest directly opposed to each other, and, let who will have reason, the fundholders have popular opinion on their side. Nine men out of

every ten think, that they are generous in the extreme if they give up one-half to be paid the other half; and this is what they do when they yield a part of their interest equal to a tax upon other property or income. Their bargain is to be paid without any deduction; and, if a deduction be made, no matter under what name, they have not their bargain. Yet, such is the state of things, and such the effect of a gradually diminishing paper-money, that, if this bargain be acted up to, they must have all the real property in the kingdom; and this is a fact, the truth of which you will perceive the moment that any scheme of paying off begins to be put into execution. And yet, it is very certain that things cannot go on in the present way. Your Lordship's printed speech, on the last year's Bullion Bill, contained a passage, which struck me very forcibly. It amounted to this; that the fundholders were to receive, and ought to receive, their interest in full, even when specie payments should take place! The impossibility of this was so manifest, that I could not believe that you had ever uttered the words; and I am very much deceived if the proof of the impossibility be not demonstrated to the nation before the month of July next; and that, too, in some legislative act. To tax the Funds is the old way, and it will probably be resorted to. But if the tax, to an equal amount, run over other property, the Funds will still be the gainer. Whatever is raised upon the land in this way will cause the worth of it in land to be transferred to the fundholders, who will gain more by the Bullion Bill than they will lose by the tax. Let that Bill continue in force for its intended term, and then let it be still law, and there will be no need of any project like that of Mr. Heathfield.

The voice of the country decidedly is, that the fundholders should be "honestly paid." And, I think, that this voice is not likely to grow weaker. Men of any discernment know well who the payers must be. And it is become a very fashionable opinion, that the transfer and division of property is a good instead of an evil. The SPENCEAN PLAN was looked upon as nearly high treason; and yet we now see projectors

boldly proposing to seize on the land, divide and sell it! There is no knowing what we may live to see; but, of one thing we may be satisfied, that the thing itself, without any impulse from without, will produce a greater change than, perhaps, was ever yet seen in the affairs of any country.

Now, I think, that wise men in power, would be sure to have the mass of the people in good humour before this change, which must come, shall come. To yield upon the question of Reform is the only way, in my opinion, of insuring this good humour; for, though the COURIER inand cessantly calls Radicals rebels and rebels Radicals, still they are men, men, too, who must continue, for the main part, to live in the country. The very substitution of the word Radical for Reformer is a proof of weakness in our opponents. Indeed they discover their weakness and their fears at every turn; while we, in every circumstance connected with public affairs, see grounds of hope and of encouragement.

I am, my Lord, your most obedient

And most humble servant,

END OF VOLUME V.

Wм. COBBETT.

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