The total income of all classes of the community, both as arising from capital and labour, appears to be nearly as fol lows : If this statement, the total of which is corroborated by the produce of the income or property tax, is not far from the truth, it will not be difficult to form a similar estimate of the total national ca pital, viz.
lit the year 1795, Mr. Pitt estimated the total landed property at 750 millions, and personal property at 600 millions, making a total of 1350 millions. But even from the above more moderate statement, in which most of the articles are proba big taken rather below than above the truth, it appears that, notwithstanding all the new wants which refinement and fashion have introduced into the gene ral mode of living, and the expensive wars in which the country has been en gaged, there has usually been a surplus of the general revenue, which by gra dual accumulation has raised the value of the national stock, or capital, to an amount far exceeding any rational esti mate of it at former periods.
It is evident that this statement includes only the real or effective wealth of the country, upon which all other species of wealth, whether consisting in govern ment or private securities, or of any other description, ultimately depend ; for private or public loans, in which mode a great part of the property of Many persons is invested, are obligations on the part of the borrowers to repay, at a future time, a certain 'sum in mo ney, which is the measure and repre sentative of all other species of real pro perty, or to pay an income arising from this sum till the capital is repaid. The
borrower is no otherwise richer than by the greater income he can make of the money borrowed, than what he agrees to pay for it, as the capital, whether he invests it in land, merchandize, or any other way, remains the property of the lender, who, though lie may not by the laws of the country be permitted to take possession of the property into which his money has been converted, may, if necessary, bring it to sale, for the purpose of reconverting it into the equi valent sum which he had lent. If, there fore, the whole national stock was in the hands of one half of the inhabitants, who had borrowed the sum of 1.272.800,0001. of the other halt; it is evident that it would be the real property, not of those in possession, but of those to whom they were indebted; and th.s is actually the case with respect to a considerable part of the property of this country, the debts of government having contributed mate rially to produce this effect.