[Movements of English opinion.] Two circumstances arrest the attention of those who turn their regard to the present political condition of the English nation — first, that there is an almost universal sentiment of the approach of some change to be wrought in the institutions of the government, and secondly, the necessity and the desirableness of such a change. From the first of these propositions, it being matter of fact, no person addressing the public can dissent. The latter, from a general belief in which the former flows and on which it depends, is matter of opinion, but one which to the mind of all, excepting those interested in maintaining the contrary is a doctrine so clearly established that even they, admitting that great abuses exist, are compelled to impugn it by insisting upon the specious topic, that popular violence, by which they alone could be remedied, would be more injurious than the continuance of those abuses. But as those who argue thus derive for the most part great advantage and convenience from the continuance of these abuses, their estimation of the mischiefs of  popular violence as compared with the mischiefs of tyrannical and fraudulent forms of government are likely, from the known principles of human nature, to be exaggerated. Such an estimate comes too with a worse grace from them, who if they would, in opposition to their own unjust advantage, take the lead in reform, might spare the nation from the inconveniences of the temporary dominion of the poor, who by means of that degraded condition which their insurrection would be designed to ameliorate, are sufficiently incapable of discerning their own glorious and permanent advantage, tho' surely less incapable than those whose interests consist in proposing to themselves an object perfectly opposite to and utterly incompatible with that advantage. These persons propose to us the dilemma of submitting to a despotism which is notoriously gathering like an avalanche year by year, or taking the risk of something which it must be confessed bears the aspect of revolution. To this alternative we are reduced by the selfishness of those who taunt us with it. And the history of the world teaches us not to hesitate an instant in the decision, if indeed the power of decision be not already past.
[Political Forces in Modern England.] The establishment of King William III  on the throne of England has already been referred to as a compromise between liberty and despotism. The Parliament of which that event was the act had ceased to be in an emphatic sense a representation of the people. The Long Parliament was the organ of the will of all classes of people in England since it effected the complete revolution in a tyranny consecrated by time. But since its meeting and since its dissolution a great change had taken place in England. Feudal manners and institutions having become obliterated, monopolies and patents having been abolished, property and personal liberty having been rendered secure, the nation advanced rapidly towards the acquirement of the elements of national prosperity. Population increased, a greater number of hands were employed in the labours of agriculture and commerce, towns arose where villages had been, and the proportion borne by those whose labour produced the materials of subsistence and enjoyment to those who claim for themselves  a superfluity of these materials began to increase indefinitely. A fourth class therefore made its appearance in the nation, the unrepresented multitude. Nor was it so much that villages which sent no members to Parliament became great cities, and that towns which had been considerable enough to send members dwindled from local circumstances into villages. This cause no doubt contributed to the general effect of rendering the Commons' House a less complete representation of the people. Yet had this been all, though it had ceased to be a legal and actual it might still have been a virtual Representation of the People. But universally the nation became multiplied into a denomination which had no constitutional presence in the State. This denomination had not existed before, or had existed only to a degree in which its interests were sensibly interwoven with that of those who enjoyed a constitutional presence. Thus the proportion borne by the Englishmen who possessed the faculty of suffrage to those who were excluded from that faculty at the several periods of 1641 and 1688 had changed by the operation of these causes from 1 to 8 to 1 to 20. The rapid and effectual progress by which it changed from 1 to 20 to one to many hundreds in the interval between 1688 and 1819 is a process, to those familiar with the history of the political economy of that  period, which is rendered by these principles sufficiently intelligible. The number therefore of those who have influence on the government, even if numerically the same as at the former period, was relatively different. And a sufficiently just measure is afforded of the degree in which a country is enslaved or free, by the consideration of the relative number of individuals who are admitted to the exercise of political rights. Meanwhile another cause was operating of a deeper and more extensive nature. The class who compose the Lords must, by the advantages of their situation as the great landed proprietors, possess a considerable influence over nomination to the Commons. This influence, from an original imperfection in the equal distribution of suffrage, was always enormous, but it is only since it has been combined with the cause before stated that it has appeared to be fraught with consequences incompatible with public liberty. In 1641 this influence was almost wholly inoperative to pervert the counsels of the nation from its own advantage. But at that epoch the enormous tyranny of the agents of the royal power weighed equally upon all denominations of men, and united all counsels to extinguish it; add to which, the nation, as stated before, was in a very considerable degree fairly represented in Parliament. The common danger which was the  bond of union between the aristocracy and the people having been destroyed, the former systematized their influence through the permanence of hereditary right, whilst the latter were losing power by the inflexibility of the institutions which forbade a just accommodation to their numerical increase. After the operations of these causes had commenced, the accession of William III placed a seal upon forty years of Revolution.
[Monarchy and Aristocracy.] The government of this country at the period of 1688 was regal, tempered by aristocracy, for what conditions of democracy attach to an assembly one portion of which was imperfectly nominated by less than a twentieth part of the people, and another perfectly nominated by the nobles? For the nobility, having by the assistance of the people imposed close limitations upon the royal power, finding that power to be its natural ally and the people (for the people from the increase of their numbers acquired greater and more important rights whilst the organ through which those rights might be asserted grew feebler in proportion to the increase of the cause of those rights and of their importance) its natural enemy, made the Crown the mask and pretence or their own authority. At this period began that despotism of the oligarchy of party, which under colour of administering the executive power lodged in the king, represented in truth  the interest of the rich. When it is said by political reasoners, speaking of the interval between 1688 and the present time, that the royal power progressively increased, they use an expression which suggests a very imperfect and partial idea. The power which has increased is that entrusted with the administration of affairs, composed of men responsible to the aristocratical assemblies, or to the reigning party in those assemblies, which represents those orders of the nation which are privileged, and will retain power as long as it pleases them and must be divested of power as soon as it ceases to please them. The power which has increased therefore is the power of the rich. The name and office of king is merely the mask of this power, and is a kind of stalking-horse used to conceal these 'catchers of men', whilst they lay their nets. Monarchy is only the string which ties the robber's bundle. Though less contumelious and abhorrent from the dignity of human nature than an absolute monarchy, an oligarchy of this nature exacts more of suffering from the people because it reigns both by the opinion generated by imposture, and the force which that opinion places within its grasp.
[The National Debt.] At the epoch adverted to, the device of public credit was first systematically applied as an instrument of government. It was  employed at the accession of William III less as a resource for meeting the financial exigencies of the state than as a bond to connect those in the possession of property with those who had, by taking advantage of an accident of party, acceded to power. In the interval elapsed since that period it has accurately fulfilled the intention of its establishment, and has continued to add strength to the government even until the present crisis. Now this device is one of those execrable contrivances of misrule which overbalance the materials of common advantage produced by the progress of civilization and increase the number of those who are idle in proportion to those who work, whilst it increases, through the factitious wants of those indolent, privileged persons, the quantity of work to be done. The rich, no longer being able to rule by force, have invented this scheme that they may rule by fraud. The most despotic governments of antiquity were strangers to this invention, which is a compendious method of extorting from the people far more than praetorian guards, and arbitrary tribunals, and excise officers created judges in the last resort, would ever wring. Neither the Persian monarchy nor the Roman empire, where the will of one person was acknowledged as unappealable law, ever extorted a twentieth part the proportion now extorted from the property and labour  of the inhabitants of Great Britain.
[Metallic Currency.] The precious metals have been from the earliest records of civilization employed as the signs of labour and the titles to an unequal distribution of its produce. The Government of a country is necessarily entrusted with the affixing to certain portions of these metals a stamp, by which to mark their genuineness; no other is considered as current coin, nor can be a legal tender. The reason of this is that no alloyed coin should pass current, and thereby depreciate the genuine, and by augmenting the price of the articles which are the produce of labour defraud the holders of that which is genuine of the advantages legally belonging to them. If the Government itself abuses the trust reposed in it to debase the coin, in order that it may derive advantage from the unlimited multiplication of the mark entitling the holder to command the labour and property of others, the gradations by which it sinks, as labour rises, to the level of their comparative values, produces public confusion and misery. The foreign exchange meanwhile instructs the Government how temporary was its resource. This mode of making the distribution of the sign of labour a source of private aggrandisement at the expense of  public confusion and loss was not wholly unknown to the nations of antiquity.
[Mischiefs of Paper Currency.] But the modern scheme of public credit is a far subtler and more complicated contrivance of misrule. All great transactions of personal property in England are managed by signs and that is by the authority of the possessor expressed upon paper, thus representing in a compendious form his right to so much gold, which represents his right to so much labour. A man may write on a piece of paper what he pleases; he may say he is worth a thousand when he is not worth a hundred pounds. If he can make others believe this, he has credit for the sum to which his name is attached. And so long as this credit lasts, he can enjoy all the advantages which would arise out of the actual possession of that sum he is believed to possess. He can lend two hundred to this man and three to that other, and his bills, among those who believe that he possesses this sum, pass like money. Of course in the same proportion as bills of this sort, beyond the actual goods or gold and silver possessed by the drawer, pass current, they defraud those who have gold and silver and goods of the advantages legally attached to the possession of them, and they defraud the labourer and artizan of the advantages attached to increasing the nominal price of labour, and such a participation in  them as their industry might command, whilst they render wages fluctuating and add to the toil of the cultivator and manufacturer.
The existing government of England in substituting a currency of paper for one of gold has had no need to depreciate the currency by alloying the coin of the country; they have merely fabricated pieces of paper on which they promise to pay a certain sum. The holders of these papers came for payment in some representation of property universally exchangeable. They then declared that the persons who held the office for that payment could not be forced by law to pay. They declared subsequently that these pieces of paper were the current coin of the country. Of this nature are all such transactions of companies and banks as consist in the circulation of promissory notes to a greater amount than the actual property possessed by those whose names they bear. They have the effect of augmenting the prices of provision, and of benefiting at the expense of the community the speculators in this traffic. One of the vaunted effects of this system is to increase the national industry, that is, to increase the labours of the poor and those luxuries of the rich which they supply. To make a manufacturer work 16 hours when he only worked 8. To turn children into lifeless and  bloodless machines at an age when otherwise they would be at play before the cottage doors of their parents. To augment indefinitely the proportion of those who enjoy the profit of the labour of others, as compared with those who exercise this labour. To screw up . . .
[The New Aristocracy.] The consequences of this transaction have been the establishment of a new aristocracy, which has its basis in funds as the old one has its basis in force. The hereditary landowners in England derived their title from royal grants — they are fiefs bestowed by conquerors, or church-lands. Long usage has consecrated the abstraction of the word aristocracy from its primitive meaning to that ordinary sense which signifies that class of persons who possess a right to the produce of the labour of others, without dedicating to the common service any labour in return. This class of persons, whose existence is a prodigious anomaly in the social system, has  ever constituted an inseparable portion of it, and there has never been an approach in practice towards any plan of political society modelled on equal justice, at least in the complicated mechanism of modern life. Mankind seem to acquiesce, as in a necessary condition of the imbecility of their own will and reason, in the existence of an aristocracy. With reference to this imbecility, it has doubtless been the instrument of great social advantage, although that advantage would have been greater which might have been produced according to the forms of a just distribution of the goods and evils of life. The object therefore of all enlightened legislation, and administration, is to enclose within the narrowest practicable limits this order of drones. The effect of the financial impostures of the modern rulers of England has been to increase the number of the drones. Instead of one aristocracy, the condition to which, in the present state of human affairs, the friends of virtue and liberty are willing to subscribe as to an inevitable evil, they have supplied us with two aristocracies. The one, consisting in great land proprietors, and wealthy merchants who receive and interchange the produce of this country with the produce of other countries: in this, because all other great communities have as yet acquiesced in it, we acquiesce. Connected with the members  of it is a certain and refinement of manners and opinion which, although neither philosophy nor virtue, has been that acknowledged substitute for them which at least is a religion which makes respected those venerable names. The other aristocracy is one of attornies and excisemen and directors and government pensioners, usurers, stockjobbers, country bankers, with their dependents and descendants. These are a set of pelting wretches in whose employment there is nothing to exercise even to their distortion the more majestic faculties of the soul. Though at the bottom it is all trick, there is something frank and magnificent in the chivalrous disdain of infamy connected with a gentleman. There is something to which — until you see through the base falsehood upon which all inequality is founded — it is difficult for the imagination to refuse its respect, in the faithful and direct dealings of the substantial merchant. But in the habits and lives of this new aristocracy created out of an increase in public calamities, and whose existence must be determined by their termination, there is nothing to qualify our disapprobation. They eat and drink and sleep, and in the intervals of these things performed with most vexatious ceremony and accompaniments they cringe and lie. They  poison the literature of the age in which they live by requiring either the antitype of their own mediocrity in books, or such stupid and distorted and inharmonious idealisms as alone have the power to stir their torpid imaginations. Their hopes and fears are of the narrowest description. Their domestic affections are feeble, and they have no others. They think of any commerce with their species but as a means, never as an end, and as a means to the basest forms of personal advantage.
[Labour, under the double aristocracy.] If this aristocracy had arisen from a false and depreciated currency to the exclusion of the other, its existence would have been a moral calamity and disgrace, but it would not have constituted an oppression. But the hereditary aristocracy who had the political administration of affairs took the measures which created this other for purposes peculiarly its own. Those measures were so contrived as in no manner to diminish the wealth and power of the contrivers. The lord does not spare himself one luxury, but the peasant and artizan are assured of many necessary things. To support the system of  social order according to its supposed unavoidable constitution, those from whose labour all those external accommodations which distinguish a civilized being from a savage arise, worked, before the institution of this double aristocracy, light hours. And of these only the healthy were compelled to labour, the efforts of the old, the sick and the immature being dispensed with, and they maintained by the labour of the sane, for such is the plain English of the poor-rates. That labour procured a competent share of the decencies of life, and society seemed to extend the benefits of its institution even to its most unvalued instrument. Although deprived of those resources of sentiment and knowledge which might have been their lot could the wisdom of the institutions of social forms have established a system of strict justice, yet they earned by their labour a competency in those external materials of life which, and not the loss of moral and intellectual excellence, is supposed to be the legitimate object of the desires and murmurs of the poor. Since the institution of this double aristocracy, however, they have often worked not ten but twenty hours a day. Not that the poor have rigidly worked twenty hours, but that the worth of the labour of twenty hours now, in food and  clothing, is equivalent to the worth of ten hours then. And because twenty hours cannot, from the nature of the human frame, be exacted from those who before performed ten, the aged and the sickly are compelled either to work or starve. Children who were exempted from labour are put in requisition, and the vigorous promise of the coming generation blighted by premature exertion. For fourteen hours' labour, which they do perforce, they receive — no matter in what nominal amount — the price of seven. They eat less bread, wear worse clothes, are more ignorant, immoral, miserable and desperate. This then is the condition of the lowest and largest class, from whose labour the whole materials of life are wrought, of which the others are only the receivers or the consumers. They are more superstitious, for misery on earth begets a diseased expectation and panic-stricken faith in miseries beyond the grave.'God', they argue,'rules this world as well as that; and assuredly since his nature is immutable, and his powerful will unchangeable, he rules them by the same laws.' The gleams of hope which speak of Paradise seem like the flames in Milton's hell only to make darkness visible, and all things take their colour from what surrounds them. They become revengeful —
[The Urgency of Reform.] But the condition of all classes of society,  excepting those within the privileged pale, is singularly unprosperous, and even they experience the reaction of their own short-sighted tyranny in all those sufferings and deprivations which are not of a distinctly physical nature, in the loss of dignity, simplicity and energy, and in the possession of all those qualities which distinguish a slave-driver from a proprietor. Right government being an institution for the purpose of securing such a moderate degree of happiness to men as has been experimentally practicable, the sure character of misgovernment is misery, and first discontent and, if that be despised, then insurrection, as the legitimate expression of that misery. The public right to demand happiness is a principle of nature; the labouring classes, when they cannot get food for their labour, are impelled to take it by force. Laws and assemblies and courts of justice and delegated powers placed in balance and in opposition are the means and the form, but public happiness is the substance and the end of political institutions. Whenever this is attainted in a nation, not from external force, but from the internal arrangement and divisions of the common burthens of defence and maintenance, then there is oppression. And then arises an alternative between Reform, or the institution of a military Despotism, or a Revolution in which parties, one striving  after ill-digested systems of democracy, and the other clinging to the outworn abuses of power, leave the few who aspire to more than the former and who would overthrow the latter at whatever expense, to wait for that modified advantage which, with the temperance and the toleration which both regard as a crime, might have resulted from the occasion which they let pass in a far more signal manner.
[The condition of England.] The propositions which are the consequences or the corollaries of the preceding reasoning, and to which it seems to have conducted us are: —
— That the majority of the people of England are destitute and miserable, ill-clothed, ill-fed, ill-educated.
— That they know this, and that they are impatient to procure a reform of the cause of this abject and wretched state.
— That the cause of this misery is the unequal distribution which, under the form of the national debt, has been surreptitiously made of the products of their labour and the products of the labour of their ancestors; for all property is the produce of labour.
— That the cause of that cause is a defect in the government. 
— That if they knew nothing of their condition, but believed that all they endured and all they were deprived of arose from the unavoidable conditions of human life, this belief being an error, and one the endurance of which enforces an injustice, every enlightened and honourable person, whatever may be the imagined interest of his peculiar class, ought to excite them to the discovery of the true state of the case, and to the temperate but irresistible vindication of their rights.
[The Malthusian Fallacy.] A Reform in England is most just and necessary. What ought to be that reform?
A writer of the present day (a priest of course, for his doctrines are those of a eunuch and of a tyrant) has stated that the evils of the poor arise from an excess of population, and after they have been stript naked by the tax-gatherer and reduced to bread and tea and fourteen hours of hard labour by their masters, and after the frost has bitten their defenceless limbs, and the cramp has wrung like a disease within their bones, and hunger and the suppressed revenge of hunger has stamped the ferocity of want like the mark of Cain upon their countenance, that the last tie by which Nature holds them to the benignant earth whose plenty is garnered up in the strongholds of their tyrants, is to be divided; that the single alleviation of their sufferings  and their scorns, the one thing which made it impossible to degrade them below the beasts, which amid all their crimes and miseries yet separated a cynical and unmanly contamination, an anti-social cruelty, from all the soothing, elevating and harmonious gentleness of the sexual intercourse and the humanizing charities of domestic life which are its appendages — that this is to be obliterated. They are required to abstain from marrying under penalty of starvation. And it is threatened to deprive them of that property which is as strictly their birthright as a gentleman's land is his birthright, without giving them any compensation but the insulting advice to conquer, with minds undisciplined in the habits of higher gratification, a propensity which persons of the most consummate wisdom have been unable to resist, and which it is difficult to admire a person for having resisted. The doctrine of this writer is that the principle of population, when under no dominion of moral restraint, is outstripping the sustenance produced by the labour of man, and that not in proportion to the number of inhabitants, but operating equally in a thinly peopled community as in one where the population is enormous, being not a prevention but a check. So far a man might have been conducted by a train of reasoning which, though it may be shown to be defective,  would argue in the reasoner no selfish or slavish feelings. But he has the hardened insolence to propose as a remedy that the poor should be compelled (for what except compulsion is a threat of the confiscation of those funds which by the institutions of their country had been set apart for their sustenance in sickness or destitution?) to abstain from sexual intercourse, while the rich are to be permitted to add as many mouths to consume the products of the labours of the poor as they please. [The rights of all men are intrinsically and originally equal and they forgo the assertion of all of them only that they may the more securely enjoy a portion.] If any new disadvantages are found to attach to the condition of social existence, those disadvantages ought not to be borne exclusively by one class of men, nor especially by that class whose ignorance leads them to exaggerate the advantages of sensual enjoyment, whose callous habits render domestic endearments more important to dispose them to resist the suggestion to violence and cruelty by which their situation ever exposes them to be tempted, and all whose other enjoyments are limited and few, whilst their sufferings are various and many. In this sense I cannot imagine how the advocates of equality could so readily have conceded that the unlimited operation of the principle of population affects  the truth of these theories. On the contrary, the more heavy and certain are the evils of life, the more injustice is there in casting the burden of them exclusively on one order in the community. They seem to have conceded it merely because their opponents have insolently assumed it. Surely it is enough that the rich should possess to the exclusion of the poor all other luxuries and comforts, and wisdom and refinement, the least envied but the most deserving of envy among all their privileges!
[Preliminaries to Reform.] What is the Reform that we desire? Before we aspire after theoretical perfection in the amelioration of our political state, it is necessary that we possess those advantages which we have been cheated of, and of which the experience of modern times has proved that nations even under the present conditions are susceptible. We would regain these. We would establish some form of government which might secure us against such a series of events as have conducted us to a persuasion that the forms according to which it is now administered are inadequate to that purpose.
We would abolish the national debt.
We would disband the standing army.
We would, with every possible regard to the existing rights of the holders, abolish sinecures. 
We would, with every possible regard to the existing interests of the holders, abolish tithes, and make all religions, all forms of opinion respecting the origin and government of the Universe, equal in the eye of the law.
We would make justice cheap, certain and speedy, and extend the institution of juries to every possible occasion of jurisprudence.
[Liquidation of the National Debt.] The national debt was contracted chiefly in liberticide wars, undertaken by the privileged classes of the country - the first for the ineffectual purpose of tyrannizing over one portion of their subjects, the second, in order to extinguish the resolute spirit of obtaining their rights in another. The labour which this money represents, and that which is represented by the money wrung for purposes of the same detestable character out of the people since the commencement of the American war would, if properly employed, have covered our land with monuments of architecture exceeding the sumptuousness and the beauty of Egypt and Athens; it might have made every peasant's cottage, surrounded with its garden, a little paradise of comfort, with every convenience desirable in civilized  life; neat tables and chairs, good beds, and a collection of useful books; and our ships manned by sailors well-paid and well-clothed, might have kept watch round this glorious island against the less enlightened nations which assuredly would have envied, until they could have imitated, its prosperity. But the labour which is expressed by these sums has been diverted from these purposes of human happiness to the promotion of slavery, and that attempt at dominion, and a great portion of the sum in question is debt and must be paid. Is it to remain unpaid for ever, an eternal rent-charge upon the land from which the inhabitants of these islands draw their subsistence? This were to pronounce the perpetual institution of two orders of aristocracy, and men are in a temper to endure one with some reluctance. Is it to be paid now? If so what are the funds, or when and how is it to be paid? The fact is that the national debt is a debt not contracted by the whole nation towards a portion of it, but a debt contracted by the whole mass of the privileged classes towards one particular portion of those classes. If the principal were paid, the whole property of those who possess  property must be valued and the public creditor, whose property would have been included in this estimate, satisfied out of the proceeds. It has been said that all the land in the nation is mortgaged for the amount of the national debt. This is a partial statement. Not only all the land in the nation, but all the property of whatever denomination, all the houses and the furniture and the goods and every article of merchandise, and the property which is represented by the very money lent by the fund-holder, who is bound to pay a certain portion as debtor whilst he is entitled to receive another certain portion as creditor. The property of the rich is mortgaged: to use the language of the law, let the mortgagee foreclose.
If the principal of this debt were paid, it would be the rich who alone could, and justly they ought to pay it. It would be a mere transfer among persons of property. Such a gentleman must lose a third of his estate, such a citizen a fourth of his money in the funds; the persons who borrowed would have paid, and the juggling and complicated system of paper finance be suddenly at an end. As it is, the interest is chiefly paid by those who had no hand in the borrowing, and who are  sufferers in other respects from the consequences of those transactions in which the money was spent.
The payment of the principal of what is called the national debt, which it is pretended is so difficult a problem, is only difficult to those who do not see who is the debtor, and who the creditor, and who the wretched sufferers from whom they both wring the taxes which under the form of interest is given by the former and accepted by the latter. It is from the labour of those who have no property that all the persons who possess property think to extort the perpetual interest of a debt, the whole of which the latter know they could not persuade the former to pay, but by conspiring with them in an imposture which makes the third class pay what the first neither received by their sanction nor spent for their benefit and what the second never lent to them. They would both shift from themselves and their posterity to the labour  of the present and of all succeeding generations the payment of the interest of their own debt, because the payment of the principal would be no more than a compromise and transfer of property between each other, by which the nation would be spared 44 millions a year, which now is paid to maintain in luxury and indolence the public debtors and to protect them from the demand of their creditors upon them, who, being part of the same body, and owing as debtors whilst they possess a claim as creditors, agree to abstain from demanding the principal which they must all unite to pay, for the sake of receiving an enormous interest which is principally wrung out of those who had no concern whatever in the transaction. One of the first acts of a reformed government would undoubtedly be an effectual scheme for compelling these to compromise their debt between themselves.
When I speak of persons of property I mean not every man who possesses any right of property; I mean the rich. Every man whose scope in society has a plebeian and intelligible utility, whose personal exertions are more valuable to him than his capital; every tradesman who is not a monopolist, all surgeons and physicians, and artists, and farmers, all those persons whose profits spring from honourably and honestly exerting their own skill and wisdom or strength in greater  abundance than from the employment of money to take advantage of their fellow-citizens' starvation for their profit, are those who pay, as well as those more obviously understood by the labouring classes, the interest of the national debt. It is the interest of all these persons as well as that of the poor to insist upon the payment of the principal.
For this purpose the form ought to be as simple and succinct as possible. The operations deciding who was to pay, at what time, and how much, and to whom, divested of financial chicanery, are problems readily to be determined. The common tribunals may be invested with legal jurisdiction to award the proportion due upon the several claim of each.
[Property Just and Unjust.] Labour and skill and the immediate wages of labour and skill is a property of the most sacred and indisputable right, and the foundation of all other property. And the right of a man to property in the exertion of his own bodily and mental faculties, or on the produce and free reward from and for that exertion is the most inalienable of rights. If however he takes by violence and appropriates to himself through fraudulent cunning, or receives from another property so acquired, his claim to that property is of a far inferior force. We may acquiesce, if we evidently perceive an  overbalance of public advantage in submission under this claim; but if any public emergency should arise, at which it might be necessary to satisfy, by a tax on capital, the claims of a part of the nation by a contribution from such national resources as may with the least injustice be appropriated to that purpose, assuredly it would not be on labour and skill, the foundation of all property, nor on the profits and savings of labour and skill, which are property itself, but on such possessions which can only be called property in a modified sense, as have from their magnitude and their nature an evident origin in violence or imposture.
Thus there are two descriptions of property which, without entering into the subtleties of a more refined moral theory as applicable to the existing forms of society, are entitled to two very different measures of forbearance and regard. And this forbearance and regard have by political institutions usually been accorded by an inverse reason from what is just and natural. Labour, industry, economy, skill, genius, or any similar powers honourably and innocently exerted are the foundations of one description of property, and all true political institutions ought to defend every man in the exercise of his discretion with respect to property so acquired. Of this kind is the principal part of the property  enjoyed by those who are but one degree removed from the class which subsists by daily labour. [Yet there are instances of persons in this class who have procured their property by fraudulent and violent means, as there are instances in the other of persons who have acquired their property by innocent or honourable exertion. All political science abounds with limitations and exceptions.] — Property thus acquired men leave to their children. Absolute right becomes weakened by descent, just because it is only to avoid the greater evil of arbitrarily interfering with the discretion of every man in matters of property that the great evil of acknowledging any person to have an exclusive right to property who has not created it by his skill or labour is admitted, and secondly because the mode of its having been originally acquired is forgotten, and it is confounded with property acquired in a very different manner; and the principle upon which all property justly exists, after the great principle of the general advantage, becomes thus disregarded and misunderstood. Yet the privilege of disposing of property by will is one necessarily connected with the existing forms of domestic life; and exerted merely by those who having acquired property by industry or who preserve it by economy, would never produce any great and invidious inequality of fortune. A thousand accidents  would perpetually tend to level the accidental elevation, and the signs of property would perpetually recur to those whose deserving skill might attract or whose labour might create it.
But there is another species of property which has its foundation in usurpation, or imposture, or violence, without which, by the nature of things, immense possessions of gold or land could never have been accumulated. Of this nature is the principal part of the property enjoyed by the aristocracy and by the great fundholders, the majority of whose ancestors never either deserved it by their skill and talents or acquired and created it by their personal labour. It could not be that they deserved it, for if the honourable exertion of the most glorious and imperial faculties of our nature had been the criterion of the possession of property the posterity of Shakespeare, of Milton, of Hampden, would be the wealthiest proprietors in England. It could not be that they acquired it by legitimate industry, for, besides that the real mode of acquisition is matter of history, no honourable profession or honest trade, nor the hereditary exercise of it, ever in such numerous instances accumulated so much as the masses of property enjoyed by the ruling orders in England. They were either grants from the feudal sovereigns whose right to what they granted  was founded upon conquest or oppression, both a denial of all right; or they were lands of the antient Catholic clergy which according to the most acknowledged principles of public justice reverted to the nation at their suppression, or they were the products of patents and monopolies, an exercise of sovereignty which it is astonishing that political theorists have not branded as the most pernicious and odious to the interests of a commercial nation; or in later times such property has been accumulated by dishonourable cunning and the taking advantage of a fictitious paper currency to obtain an unfair power over labour and the fruits of labour.
Property thus accumulated, being transmitted from father to son, acquires, as property of the more legitimate kind loses, force and sanction, but in a very limited manner. For not only on an examination and recurrence to first principles is it seen to have been founded on a violation of all that to which the latter owes its sacredness, but it is felt in its existence and perpetuation as a public burthen, and known as a rallying point  to the ministers of tyranny, having the property of a snowball, gathering as it rolls, and rolling until it bursts.
[The Heritage of Debt.] The national debt, as has been stated, is a debt contracted by a particular class in the nation towards a portion of that class. It is sufficiently clear that this debt was not contracted for the purpose of the public advantage. Besides there was no authority in the nation competent to a measure of this nature. The usual vindication of national debts is that they are in an overwhelming measure contracted for the purpose of defence against a common danger, for the vindication of the rights and liberties of posterity, and that it is just that posterity should bear the burthen of payment. This reasoning is most fallacious. The history of nations presents us with a succession of extraordinary emergencies, and thro their present imperfect organization their existence is perpetually threatened by new and unexpected combinations and developments of foreign or internal force. Imagine a situation of equal emergency to occur to England as that which the ruling party assume to have occurred as their excuse for burthening the nation with the perpetual payment of £45,000,000 annually. Suppose France, Russia, and Germany were to enter into a league against Britain, the one to avenge its injuries, the second to satisfy its ambition, the third to  soothe its jealousy. Could the nation bear £90,000,000 of yearly interest? must there be twice as many luxurious and idle persons? must the labourer receive for 28 hours' work what he now receives for 14, what he once received for seven? But this argument ...
[Reform or Revolution.] What is meant by a Reform of Parliament? If England were a Republic governed by one assembly; if there were no chamber of hereditary aristocracy which is at once an actual and a virtual representation of all who attain through rank or wealth superiority over their countrymen; if there were no king who is as the rallying point of those whose tendency is at once to gather and to confer that power which is consolidated at the expense of the nation, then . . .
The advocates of universal suffrage have reasoned correctly that no individual who is governed can be denied a direct share in the government of his country without supreme injustice. If one pursues the train of reasonings which have conducted to this conclusion, we discover that systems of social order still more incompatible than universal suffrage with any reasonable hope of instant accomplishment appear to be that which should  result from a just combination of the elements of social life. I do not understand why those reasoners who propose at any price an immediate appeal to universal suffrage, because it is that which it is injustice to withhold, do not insist, on the same ground, on the immediate abolition, for instance, of monarchy and aristocracy, and the levelling of inordinate wealth, and an agrarian distribution, including the parks and chases of the rich, of the uncultivated districts of the country. No doubt the institution of universal suffrage would by necessary consequence immediately tend to the temporary abolition of these forms; because it is impossible that the people, having attained the power, should fail to see, what the demagogues now conceal from them, the legitimate consequence of the doctrines through which they had attained it. A Republic, however just in its principle and glorious in its object, would through the violence and sudden change which must attend it, incur a great risk of being as rapid in its decline as in its growth. It is better that they should be instructed in the whole truth; that they should see the clear grounds of their rights, the objects to which they ought to tend; and be impressed with the just persuasion that patience and reason and endurance are the means of a calm yet irresistible progress. A civil war, which might be  engendered by the passions attending on this mode of reform, would confirm in the mass of the nation those military habits which have been already introduced by our tyrants, and with which liberty is incompatible. From the moment that a man is a soldier, he becomes a slave. He is taught obedience; his will is no longer, which is the most sacred prerogative of men, guided by his own judgement. He is taught to despise human life and human suffering; this is the universal distinction of slaves. He is more degraded than a murderer; he is like the bloody knife which has stabbed and feels not: a murderer we may abhor and despise; a soldier, is by profession, beyond abhorrence and below contempt. 
 The words 'I meant the government party' are here intercalated.— (Ed.)
 At this point the following passage, enclosed in lines to indicate that its exact position was not yet determined, is intercalated:'But for want of just regulations for the distribution of these materials — which is indeed the great problem of government — the elements of prosperity and power became when combined the sources of despotism and misery'. Where I have supplied 'these materials' Shelley wrote 'these elements', but crossed it out without supplying any alternative. — (Ed.)
 The words italicized were crossed out by Shelley, but as he did not supply anything to take their place I restore them. — (Ed.)
 Caetera desunt. A passage marked out from the text by enclosing lines is here introduced:'In a treatise devoted to general considerations it would be superfluous to enter into the mode in which this has been done; those who desire to see a full elucidation of that made may read Cobbett's Paper against Gold. Our present business is with consequences. I would awaken, from a consideration that the present miseries of our country are nothing necessarily inherent in the stage of civilization at which we have arrived, foresight and hope.' — (Ed.)
 The following passage occurs here, marked off from the text by enclosing lines:'The first persons described are those who are the instruments of the fraud, and the merchants and the country gentlemen may be excused for believing that their existence is connected with the permanence of the best practicable forms of social order.' — (Ed.)
 Shelley first wrote assured of their necessities'. The last two words were then crossed out, and above them is written 'many necessit things'. — (Ed.)
 Shelley wrote 'until' instead of 'for', but finished his sentence confusedly without providing a verb for 'advantage'. — (Ed.)
 Shelley does not make it clear whether the tithes were to be merely abolished, or appropriated by the State. The yield of tithe rent charge for England and Wales is at present about £2,800,000. — (Ed.)
 This sum could not have amounted to less than two thousand millions. It would be a curious problem in political economy to calculate the precise degree of comfort and of ornament represented by it. — (Author's Note.)
 After due reductions had been made so as to make an equal value, taking corn for the standard, be given as was received. — (Author's Note.)
 Shelley inadvertently wrote 'latter' for 'former' and vice versa throughout the passage, forgetting apparently that he named the creditor first and then the debtor. I have altered the order of 'creditor' and 'debtor' to square with the context.'Former' throughout the whole confused passage means 'debtor' and 'latter' 'creditor', the labourers being the 'third class'. The argument is that the wealthy and privileged class who lend money to the State are practically the same people upon whom both principal and interest are spent. (Ed.)
 Struck out in MS. but no alternative phrases provided. — (Ed.)
 Struck out in MS. but no alternative phrases provided. — (Ed.)
 A paragraph which has no apparent connexion with the text is here intercalated:'There are three sets of people, one who can place a thing to another in an intelligible light, another who can understand it when so communicated, and a third who can neither discover or understand it.' — (Ed.)
 A blank page follows here. — (Ed.)
 The word 'gather' is struck out but nothing substituted for it. — (Ed.)