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Joseph Lowe.

The present state of England in regard to agriculture, trade and finance; with a comparison of the prospects of England and France online

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Online LibraryJoseph LoweThe present state of England in regard to agriculture, trade and finance; with a comparison of the prospects of England and France → online text (page 26 of 40)
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distinction between land and stock, would be, that
while the one possessed the attraction of local in-
fluence, the other would have the more direct ad-
vantage of dispatch and certainty in regard to re-
ceipt of income.

The present is, we believe, the flrst proposition
of a measure for giving a permanent value to our
funded property. Our public men, or rather the
few anions: them who are accustomed to take com-
prehensive views of finance, have hitherto contem-
plated a very different course. Money, they saw,
was declining in value during half a century, and
funded property declined with it ; a fall carefully
kept by them in the back ground, and consequently
in a great measure unknown to the public. Our
successive chancellors of the exchequer antici-



Money Contracts. 34^

pated (see p. 300.) a continuance of this decline, and
silently calculated on its producing a diminution
in the pressure of our debt. But the re-action of
the last eight years has greatly shaken this calcu-
lation : money has recovered, and along with that
recovery, the pressiu'e of our debt has greatly in-
creased. It is time, therefore, to seek relief in a
measure of a difterent character.

Its Effect on the Price of Stocks. — Nothing can
be more different than a rise of stock caused by
the adoption of a plan such as we propose, and a
rise that might be consequent on the operation of a
large sinking timd. The latter would be liable, as
we shall show in our cha])ter on Finance, (]). .'3()0.) to
various objections : in particular, it would afford
a strong inducement to sell out and to vest capitiil
in other securities, probably in foreign stock. But
a rise proceeding from a course such as we are
anxious to reconmnend, would prove an induce-
ment to keep capitiil in our funds, the \alue
conferred by the measure being, in its nature, })er-
manent and hkely to increase.

Cojisequcnl /Idrantatie to the Piihlic. — This brings
us to a question, which, untlei- present circum-
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Online LibraryJoseph LoweThe present state of England in regard to agriculture, trade and finance; with a comparison of the prospects of England and France → online text (page 26 of 40)