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[393] That was reserved to mark the era of the late admin-
chap. XXI.} 1766. Jan.
istration.

The gentleman boasts of his bounties to America. Are those bounties intended finally for the benefit of this kingdom? If they are, where is his peculiar merit to America? If they are not, he has misapplied the national treasures.

If the gentleman cannot understand the difference between internal and external taxes, I cannot help it. But there is a plain distinction between taxes levied for the purposes of raising revenue, and duties imposed for the regulation of trade for the accommodation of the subject, although in the consequences, some revenue may accidentally arise from the latter.

The gentleman asks, when were the colonies emancipated? I desire to know when they were made slaves? But I do not dwell upon words. The profits to Great Britain from the trade of the colonies, through all its branches, is two millions a year. This is the fund that carried you triumphantly through the last war. The estates that were rented at two thousand pounds a year threescore years ago, are at three thousand pounds at present. You owe this to America. This is the price that America pays you for her protection. And shall a miserable financier come with a boast, that he can fetch a peppercorn into the exchequer to the loss of millions to the nation? I dare not say how much higher these profits may be augmented. Omitting the immense increase of people in the Northern colonies by natural population, and the migration from every part of Europe, I am convinced the whole commercial system may be altered to advantage. Improper restraints

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