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296 the Roman Catholics acquiring property gradually, in consequence of the liberty given them by the repeal of the Acts forbidding it; a poor prospect considering what a long time it cost this country to get the property from them.

"He then spoke of the general state of the finances; appeared much elated with the increased produce of the sinking fund; acknowledged that he found Dr. Price's statement in the postscript to his last statement very correct; that an overplus of must be produced, which he expected the improvement of taxes and a few additional would effect. He spoke of a tax upon the transfer of property, and a tax upon mortgages as a favourite idea. I told him the transfer of property might be very proper to come in aid of the sinking fund; but I conceived it too slow to depend on for any other purpose. In regard to mortgages I conceived that he might with the same risque carry through a tax upon incomes, which would go to the root of the evil, and lay the foundation of an entire change of system: nothing short of it could possibly put the country where it ought to be at home or abroad. I told him I found the west country cold about Parliamentary reform, but much disposed to support any effort which should be proposed in favour of public credit; that I thought this disposition visible throughout England since the Peace; that the worst consequence of the Coalition was suffering it to cool. If not soon taken advantage of it would die away; that in my opinion very little more would be necessary than to state the circumstances of the country at present, the alarming consequences which were to be apprehended at home and abroad, the certainty of attracting war by not being prepared to meet it, and the impossibility of going on in the old way without taxing manufactures and commerce. Moneyed men might allege many claims of exemption in the past; landed men on theirs; but both would be ruined without some strong exertion; that the business of the Minister was to encourage it by a readiness on his part to devise or adapt any plan of security to a sinking