311.: trower to ricardo1[Answered by 312] - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 8 Letters 1819-June 1821 
The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 8 Letters 1819-1821.
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First published by Cambridge University Press in 1951. Copyright 1951, 1952, 1955, 1973 by the Royal Economic Society. This edition of The Works and Correspondence of David Ricardo is published by Liberty Fund, Inc., under license from the Royal Economic Society.
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trower to ricardo
[Answered by 312]
Unsted Wood. May 21—1819
Although a long time has elapsed since I have had the pleasure of hearing from you, yet, I have been frequently reminded of you by observing the active part you are taking in the great Councils of the nation.—I must congratulate you on the success, which appears to attend your exertions in Parliament, and I am desirous of hearing, from yourself, how far they have satisfied your own expectations. One thing at least is certain, that whatever reluctance you have felt to hear the sound of your own voice in that awful assembly, you have not suffered it to stand in the way of expressing your sentiments when you have felt disposed to deliver them. And, practice will ultimately insure facility. I rejoice with you in the compleat victory your opinions have at length obtained on Bank and Bullion affairs. It is very gratifying to hear your opinions not merely sanctioned but adopted by such high authorities. And, I hope and trust, that Parliament will act upon the recommendation of its Committees—The opposition attempted in the City is equally impertinent and contemptible; and I doubt not will end in the disgrace and confusion of those with whom it originated —What a pittiful figure does the Chancellor of the Exchequer cut in his intercourse with the Bank; I wonder Ministers do not cast from them a Man, who has done them so much discredit, and who has so essentially injured their cause—
I am very impatient to see the Committees Reports themselves, and if you could obtain copies for me I should be much obliged—
I think you Gentlemen have used poor Sturges Bourne very ill, in treating his Bill so cavalierly. No doubt it had faults, and perhaps great ones, but surely it was capable of improvement, there was some good in it, and it might have been made more perfect in the Committee. However you afford but little encouragement for labor, exertion and anxiety in so good a cause, by the example you have set in the case of Bournes Bill.—
So we are to have another loan! If Ministers had proper firmness and resolution they would raise the money by taxes, and if they had the confidence of the Country they would be supported.—If the People wont bear an income tax, let necessaries be taxed, and thus the money might be easily raised. It is a folly to attempt raising any considerable sum by taxing Luxuries, and yet, the cry of the day in Parliament is that necessaries must not be taxed, because they fall on the poor; and so they would deprive us of the few productive taxes we have left. As to economy, do all you can, cut down expences as much as you will (and you ought as far as possible) yet what will it amount to; perhaps not 1 million a year! If, by touching the sinking Fund, Ministers are affraid of affecting the prices of the funds, they might try the experiment of a conditional encroachment upon that sacred deposit! Let it be understood, that no stock shall be purchased by the Commissioners above a certain price, and let the surplus remaining uninvested at the end of the year, be carried to the account of supplies. But I must cease my speculations. By the by, as I observe you still have a list for the Loan I shall hope for the Honor of having my name in it. I think you Gentlemen have pretty well, what is called prepared for the Loan this time, by the violent shake you have given the prices of the funds.
Pray make our united regards to Mrs. Ricardo and family and believe me My Dear Ricardo
Yours very sincerely,