MR. WASON'S BUDGET.
TO THE EDITOR OF THE SPECTATOR.
London, 1st February 1849. Sm—I was much pleased at your quiet mode of indicating. the error I con- mitted in "The Budget for the Million"; for, undoubtedly, impossible things would apparently become not only possible but easy, if incorrect figures are us Admitting, however, to its fullest extent the error I committed, I submit to you, that this is not a mere question of figures—" That if it be discreditabll dishonest not to pay the Debt' Englishmen will insist on its being paid. The Debt, at its present value, is little more than 700 millions ' • and, taking !Ili correct Mr. Macgregor's estimate of the annual value of realized property,—vi 220,000,0001.—twenty-five years' purchase of this would produce 5,500,000,094
Ten per cent on this sum would produce 550,000,0001; leaving only shout 150,000,0001. of National Debt, a portion of which would consist of annuities.
In a second edition of " The Budget for the Million," the interest of this sum, whether by way of annuity or otherwise, will be amply provided for; and I shall then point oat how easily the operation may be effected. As, however, this would require much explanation, and take up too much of your valuable spot I will, with your permission, defer this for another letter.
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