TWO:The farmers were not so discontented with this allowance system as might be supposed, because a great part of the burden was cast upon other shoulders. The tax was laid indiscriminately upon all fixed property; so that the occupiers of villas, shopkeepers, merchants, and others who did not employ labourers, had to pay a portion of the wages for those that did. The farmers were in this way led to encourage a system which fraudulently imposed a heavy burden upon others, and which, by degrading the labourers, and multiplying their numbers beyond the real demand for them, must, if allowed to run its full course, have ultimately overspread the whole country with the most abject poverty and wretchedness. There was another interest created which tended to increase the evil. In the counties of Suffolk, Sussex, Kent, and generally through all the south of England, relief was given in the shape of house accommodation, or free dwellings for the poor. The parish officers were in the habit of paying the rent of the cottages; the rent was therefore high and sure, and consequently persons who had small pieces of ground were induced to cover them with those buildings.Before Walpole thus threw off the mask of moderationindeed, on the very day of his resignationhe introduced a well-matured scheme for the reduction of the National Debt, which was, in fact, the earliest germ of the National Sinking Fund. Though the ordinary rate of interest had been reduced, by the statute of the 12th of Queen Anne, to five per cent., the interest on the funded debt remained upwards of seven. The Long and Short Annuities were unredeemable, and could not be touched without the consent of the proprietors; but Walpole proposed to borrow six hundred thousand pounds at only four per cent., and to apply all savings to the discharge of the debts contracted before December, 1716. He proposed, also, to make some arrangement with the Bank and the South Sea Company, by which the Bank should lend two millions and a half, and the Company two millions, at five per cent., to pay off such holders of redeemable debts as should refuse to accept an equal reduction.
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