1820 Aug. 16.

Emancipation Spanish

'. 11. Particular interests adverse

'. 8. Interests adverse

Retrenchmenft

To meet the above total demand, composed of the sum of these two unliquidated items,

/articles/ added to the above liquidated one behold now according to the same

unquestionable authority the amount of the habitual revenue

Reals Vellon Pounds sterling

2. Contributions, as per d o ... 470,000,000 4,700,000

That which the habitual resource wants, /requires/ to bring it to an equality with

the ordinary and habitual expenditure, and this without reckoning the extraordinary

expenditure, permanent or temporary, being thus upwards of 200,000,000 of your reals

vellon, upwards of 2,000,000 of our pounds sterling, to supply this same deficiency

what is to be done?- Two courses /sorts of operations [...?] presenst themselves, and

but tow possible ones: two courses, /operations/ taxation

and retrenchment: taxation, viz raising the amount of the

contribution as above

1. As to taxation any considerable addition to the amount of it seems to be regarded

as impracticable: the quantity of money extractable from this source being considered

as long ago exhausted

2. As to retrenchment, in so far as it keeps clear of those branches of expenditure

the necessity of which and to the amount not inferior to that which has been habitual

seems to be regarded as altogether [...?] as well as [...?], nemely those which are

employed in the preservation of public security against disturbances in every shape

as well at home as abroad, it must in some proportion or other apply itself to this

or some of those great sources of expenditure which by some peculiarities in that

character are placed in a prominent situation above the rest.

These are 1 the expenditure employed in the discharge of the interest of /on/ the

public debt: 2. the expenditure made by the Monarch and his family in support of what

is called the dignity of the Crown: 3. The expenditure made by the Clergy in the

character of Ministers of religion under the notion of maintaining the influence of

the religious sanction on mens minds.

To these branches of expenditure correspond three great interests: that of the

Public creditor, that of the Monarch, and that of the Clergy which, extensive as they

each of then are, can not but be acknowledged to be in comparison of the great

universal interest composed of that of subject many and that of ruling few together,

but so many particular interests: the interest of the Public Creditor, the interest

of the Monarch, /Royal family/ and the interest of the Clergy.