1820 May 31.

Emancipation Spanish

'.4. Prelim y Considrat[?] continued

5. Retrenchment this the easiest

'.4. Preliminary Considerations continued Retrenchment necessary - In no other department is it so easy.

5. If retrenchment is made, it is in this part of the field of expense that retrenchment may be made with greatest facility be made

In stating /submitting/ this topic to your consideration, I anticipate that in the account of pecuniary profit and loss, the effect of the dominion in question will be no profit, all loss. On the proof given of this loss will therefore depend the relevancy and utility of every thing /observation/ which under this head you will see advanced /made/

When your rulers come to take into consideration the subject of finance, they will see the extreme difficulty of adding any thing to the taxes already in existence.

Instead of addition, they may perhaps see what even to them will appear an absolute necessity of subtraction.

They will find /see/ that whatsoever has been the amount of taxation, under the old system expenditure has constantly gone on and to the utmost bounds of possibility has continued outstretching it

They will accordingly see the absolute necessity of retrenchment somewhere.

Well then if /there in some part of the field of expenditure there/ must be retrenchment, what part can be more suitable than that in which so far from being necessary the expenditure is not productive of any advantage - is on the contrary productive of much evil /evil[?] and/ uncompensated.

Look all round the field of expenditure, no other part will you find in which the retrenchment can be made with less of inconvenience - with less of real, sensible, indisputable evil, coming home immediate to individuals - felt by assignable individuals.