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Updated: May 16, 2025
But how stood the case with agriculture itself? The warfare, which from the third onward to the fifth century capital had waged against labour, by withdrawing under the form of interest on debt the revenues of the soil from the working farmers and bringing them into the hands of the idly consuming fundholder, had been settled chiefly by the extension of the Roman economy and the throwing of the capital which existed in Latium into the field of mercantile activity opened up throughout the range of the Mediterranean.
The interest on the national debt was unpaid, and the fundholder was dismayed and exasperated by an announcement that only two-fifths would be discharged in cash. A very large part of the national debt was held in the form of annuities for lives, and men who had invested their savings on the credit of the government, saw themselves left without a provision.
The elective franchise, we are told, is private property. It belongs to this freeman, to that potwalloper, to the owner of this house, to the owner of that old wall; and you have no more right to take it away without compensation than to confiscate the dividends of a fundholder or the rents of a landholder.
He would no longer give employment to industry, or put food into the mouths of labourers. This Mr. Southey thinks a fearful evil. But is there no mitigating circumstance? Each of the ten neighbours of our fundholder has fifty pounds a year more than formerly. Each of them will, as it seems to our feeble understandings, employ more industry and feed more mouths than formerly.
I saw the advertisement in the public papers, and as it appeared that the parties calling the meeting only intended to petition for a partial repeal of the tax, as far as it affected themselves, while they left the most odious and obnoxious half of it untouched, I mean that part which affected the small annuitant and fundholder, the widow and the orphan, whose income was under one hundred pounds a-year, I directly made up my mind to attend the meeting.
According to Ricardo rent is paid to men who don't labour at all. The fundholder was a weight upon all industry, and as dead a weight as the landlord. The capitalist, Ricardo's social mainspring, required at least cross-examination.
But how stood the case with agriculture itself? The warfare, which from the third onward to the fifth century capital had waged against labour, by withdrawing under the form of interest on debt the revenues of the soil from the working farmers and bringing them into the hands of the idly consuming fundholder, had been settled chiefly by the extension of the Roman economy and the throwing of the capital which existed in Latium into the field of mercantile activity opened up throughout the range of the Mediterranean.
Arguing that 'the reciprocal duties of employers and employed, as such, are comprised within the limits of their covenant, the writer goes on to say, that nevertheless there remains a relation of 'fellow-citizenship and of Christian neighbourhood, by virtue of which the employer owes service to his work-people, seeing that 'every man owes service to every man whom he is in a position to serve. Let not the Pharisaic fundholder and lazy mortgagee suppose that the great employers of labour are thus under a peculiar obligation from which they are exempt.
He seems to think that nobody but a fundholder can employ the poor; that, if a tax is remitted, those who formerly used to pay it proceed immediately to dig holes in the earth, and to bury the sum which the Government had been accustomed to take; that no money can set industry in motion till such money has been taken by the tax-gatherer out of one man's pocket and put into another man's pocket.
A fundholder, we will suppose, spends dividends amounting to five hundred pounds a year; and his ten nearest neighbours pay fifty pounds each to the tax-gatherer, for the purpose of discharging the interest of the national debt. If the debt were wiped out, a measure, be it understood, which we by no means recommend, the fundholder would cease to spend his five hundred pounds a year.
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