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property to be received from Foreign countries, would be the separate and additional subject of contribution; that an increase of revenue might be expected from the repression of illicit trade; and that the decreasing dividends on stock, with a revenue (after being reduced to a certain low standard) not decreasing, but probably greatly increasing with the increasing exertions of the country, would constitute an effective Sinking Fund for the final subjection and extinction of the Debt.

These considerations appear to the Author, to be quite sufficient to allay the apprehension of the continuance of any portion of the Public Debt, beyond a period of time such as may be considered rather in the nature of recommendation than objection to the Author's views, since, although great immediate relief would be experienced, the advantage of time would be obtained for the progressive completion of the measure.

APPENDIX E. (p. 14.)

The Eastern Tropical dependencies are strongly distinguished from the Western Tropical dependencies of the Empire.

The cultivation of the Western dependencies is limited by the prevention of the further importation of laborers from the continent of Africa, and the laborers who are actually employed, are slaves of considerable price, and whose maintenance is very expensive.

The Eastern dependencies are cultivated, chiefly, by native free subjects, unlimited in number, of the most frugal habits, and who submit to labor at the lowest rate of compensation.

The excellence and great value of Tropical productions; the general demand for, and vast consumption of these productions, especially in Europe; the great extent, fertility and variety of the British Tropical Eastern dependencies; the ingenuity and industry of the inhabitants, the remarkably cheap rate of labor, the great bulk of their productions, and their maritime distance, concur to reuder the agriculture of the Asiatic dependencies of the British Empire, the subject of deep interest. "It is, at the same time, unquestionable, that the British West India planter is entitled to the effective support and protection of the British Government.

He (the West India planter) has embarked great capital in situaVOL. XX. Рат. . NO. XXXIX.

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tions peculiarly exposed to difficulty and hazard; his plantation or farm is a source of consumption, to great extent, of British produce and manufactures; the property created by his capital, industry and skill, is of great annual amount; his employment of British shipping is extensive; the business which he transacts with the British merchant very considerable ;-he administers extensively to the comforts and satisfactions of life by the description of produce which he carries to market, and his income is, to great extent, expended within the British Isles. The plantations in the West have been the anxious object of conquest and legislation ; the property which is embarked in these plantations may be considered to have been so embarked under the peculiar favor and encouragement of the State, and not only property, but the condition of the numerous laborers employed therein, depend upon the well-being of the planter.

But however forcible and even imperative the various considerations which entitle the British Western Tropical planter to effective support and protection, it may be difficult, if not impracticable, materially to extend the Foreign market for his productions, at the rate of cost at which they are now produced. Even the British markets require high additional duties upon sugar, and other Tropical productions of Foreign and of British Asiatic growth, to assure the preference to the British Western planter.

In the mean time, the cultivation of sugar and coffee in Louisiana, Cuba, the Brazils, and other Foreign Tropical countries, receives considerable impulse, excites a distressing energy in the Foreign trade in slaves, and invigorates the Foreign marine, particularly the marine of the United States of America.

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The vast supplies of Tropical produce demanded by the Northern and Southern divisions of the globe (chiefly by the Northern) are derived either from the British dependencies in the West, the British dependencies in the East, or from Foreign territory in the West or East.

The opposing and rival interests which spring from these several sources, involve the question of the Trade in Slaves, and eventually, the question of the Ascendancy of Nations.

In this great contest, the conservation of the Western Tropical dependencies is the first object of solicitude.

It is more important to preserve, than to excite and create.

The care of the Western Colonial interests is the natural duty of the several States, in connexion with the several colonies : not as an interest in common, but as the separate interest of each State in respect of its own colony. The markets of the respective countries having colonies, is the only sure resource for the sale of their productions, and upon the consumption of such markets, the conservation of the Western colonies essentially depends.

Beyond this boundary, the more enlarged course of policy arising from the independence of the United States of America, the incipient independence of the Southern division of America, and the facilities of intercourse with the East, do not appear to admit of protection being extended to the Western colonies. Except the market of the parent State and its dependencies (if any) demanding Tropical supplies, the whole world is a market for the competition of the Eastern and Western planter; and in this contest it is evident, that with the advantage of European instruction, superadded to his other advantages, the Eastern planter must predominate,

The assurance of this result rests chiefly upon the low rate of Eastern labor, and which is not counterpoised by the greater maritime distance of India, from the great market of Europe. If a pound of cotton-wool cost 3d. or 4d. in Jodia, in Carolina 8d. or 9d. ; the addition of one penny per pound to the cost of the East India' cotton-wool, on account of the greater distance, will not prevent a decided preference for the Indian production. Upon this scale, or any approximation to it, the Western planter must yield the market to the productions of India, unless the superior quality of the Western production should compensate for the higher price.

The British Asiatic planter, who occupies the more fruitful, as well as the more extensive Tropical countries of the East, can only be considered to have been in European connexion in respect of rice, cotion-wool and sugar, since the reduction of the East India Company's chartered rights, in the year 1814. The previous heavy freight, charges and delay, held in severe check the importation of these productions. The progress which has been made since that period, in the introduction of these commodities into the market of Europe, already presses with great effect, and plainly indicates the further consequences of this distressing competition to the Western planter, if not adequately protected by the parent State.

The Spanish Western colonies and the Brazils, have not the advantage of adequate markets for the sale of their produce in the European States with which they are, respectively, immediately connected ; and the Southern members of the United States of

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Supposing a halfpenny per pound freight from Carolina and 1}d. per pound from India.

America, notwithstanding the increasing population of these States, depend, for a market, chiefly upon Foreign countries; and are, consequently, exposed to the risk of severe check in their agriculture.

The French, Dutch, Danish and Swedish Western colonies, are, probably, sufficiently protected by the markets of their respective countries.

The British Western colonies have the advantage of the great market of the British Isles, and the market of the British Northern dependencies. These are close markets, nearly, for the chief productions of these colonies. In addition, the markets of the continent of Europe demand supplies of British Western colonial produce;' but those markets being freely supplied with Tropical productions, by connected colonies, by the Eastern British dependencies and by Foreign countries, reliance cannot safely be placed, by the British Western planter, upon the European continental markets. It is clear that the British West India planter can only safely and assuredly calculate upon the markets of the British Isles and of the British North American dependencies. The British Government commands no other markets, and by an act of power only can the Western planter be protected even in those markets. Upon a principle of broad and open competition his great and valuable interests must give way to less expensive systems of management.

Having then these advantages, if the market of consumption do not accord an adequate price to the British Western planter, it is evident either that the production exceeds the demand, or that the costs of production, as in the instance of British corn, are too heavy to be recovered at market.

Without attempting any nice definition in this respect, it is clear that the reduction of the revenue system of the United Kingdom is an object anxiously to be desired by the West India planter. Upon the substitution of a low for a high revenue system he depends ;

For the extension of market by the increase and improved condition of the people of the United Kingdom.

For the extension of market by lowering the duties on his productions.

For the reduction of the cost of the extensive supplies for which he is compelled to resort to the United Kingdom.

For the reduction of the costs of Navigation, and other charges of transit.

With these powerful assistances, the British Western Tropical dependencies, notwithstanding the superior comparative means of the Eastern planter, would promise to be a continued source of individual prosperity and of national power. Without such assistances, the depression of the British Western Tropical agriculture must be expected to add to and to aggravate the national distress resulting from the state of the agriculture of the British Isles.

'Chiefly sugar refined in Great Britain.

The British Western Tropical dependencies being however supposed to be thus relieved, and their interests secured by the only means which appear calculated to relieve and secure then, namely,

By the extension or increase of British consumption and the reduction of charge and expense, by means of the reduction of the British revenue system, or the liquidation of the Public Deốt of the United Kingdom, and by the special protection of the State; the agriculture of the British Eastern dependencies, becomes a distinct and unembarrassed consideration, and unquestionably presents an object fraught with the most important bearings and consequences.

The ascendancy of Great Britain depends upon her Marine, and her Marine depends upon the bulk of the commodities of which she is the carrier, and the distance to or from which such commodities be carried, combining the consideration of the nature of the climate which she

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visit. The Eastern parts of Asia are highly fruitful in most of the bulky, as well as the more refined productions, which Europe demands from Tropical countries; and those parts of Asia are not only the most distant of the Tropical countries, but are, to vast extent, a portion of the British Empire. The bulky Tropical productions are demanded in quantities so considerable, as to render their carriage a chief source of maritime power; and although Tropical climates, generally speaking, are not favorable to the health of strangers, the effect of a change of climate upon the European constitution, has been mitigated by care and professional skill, and seamen seasoned to such climates by the intercourse of trade, are the best calculated to defend their country, in the same climates, in the day of trial.

The chief bulky Tropical productions are saltpetre, pepper, rice, indigo, cotton-wool, sugar, coffee and tobacco.' These commodities, if wholly derived from the Western division of the globe, would keep in constant employ sufficient shipping and seamen to render the nation, which should convey to market a large proportion of the whole, a great maritime power. The same commodities, if derived wholly from the Eastern division of the globe, would keep in as constant employ an increase of shipping and seamen, extending to double, or nearly double, the quantity and number;

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