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Updated: June 29, 2025


All officers are nominated by the crown, and the holders continue only for three years, at the end of which new nominations take place. The only article of trade is wine, of which they export about 12,000 pipes annually, and consume from 6 to 8,000 pipes in the island, comprehending small wine, &c. being in the whole about 20,000 pipes.

He proposed to refund and pay the debt at its face value to actual holders, regardless of the fact that the nearly worthless federal stock and certificates of indebtedness had fallen into the hands of speculators; he recommended that the United States should assume, fund, and pay the war debt of the States, disregarding the fact that, while some States were heavily burdened, others had discharged their obligations.

Hence it is, too, that, by the law of nature and of God, man can never be made the property of man. And herein consists the fallacy with which the holders of slaves often delude themselves, by assuming that the test of property is human law. The soul of one man cannot by human law be made the property of another.

But a reduction from the claims of its present holders for the benefit of those who had sold their rights, was a measure which saved nothing to the public purse, and was therefore recommended only by considerations, the operation of which can never be very extensive.

Loans so insured would have to be in force on securities carried prior to a certain date, probably before the Exchange opened, if not last July 30th, and that an insurance premium would be charged which would be considered slightly more than adequate. Any surplus could be eventually pro-rated to the policy holders.

While I favor a speedy reduction of the debt as already required by law and in accordance with the promises made to the holders of our Liberty bonds when they were issued, there is no reason why a balanced portion of surplus revenue should not be applied to a reduction of taxation.

This manifestation, which so strongly interested the shareholders, and the holders of bank notes, especially those who had received shares or notes as favours due to their authority, and who could show no other title to them, threw every one into despair.

This included wastes, but the greater part was already cultivated under the 'constraint and imperfection of the open field system, a relic of the 'barbarity of our ancestors. Enclosures involved procuring acts of parliament a consequent expenditure, as Young estimates, of some £2000 in each case; and as they were generally obtained by the great landowners, there was a frequent neglect of the rights of the poor and of the smaller holders.

He realized that only by the abolition of the landed aristocracy, and an equitable distribution among moderate holders for active development of the huge estates, held idle in great part or worked by peons, could the progress and prosperity of the nation be put upon a solid basis.

But they are a sanguine gentry, these holders of bills, and I really believe that if they could see him they would embrace him with the warmest affection. In the mean time let us have some dinner, and we will talk about poor Mountjoy when we have got rid of young Pitcher.

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