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Under the head of repayments to The last sum he alluded to was the bank, he proposed the sum the vote of credit to the amount of of 1,054,0001. and the sum of 3,000,000l. As 500,000l. had been 1,370,000l. to discharge exchequer paid to the emperor, he wished to bills issued on the credit of the con- be provided with the further sum of solidated fund for 1790, and paid 2,500,000l. in order that further also by the bank.

advances might be made to him as The next sum was 1,110,0col. exigencies might require. for the discharge of navy and ex. Thus the minister went through chequer bills, raised by an act of the whole of the supply, all the the preceding session, upon a vote particular articles of which he obof credit in 1796.

served it was not possible to calcu. The deficiency of the consoli- late soon enough to insert them in ated fund required the sum of the budget which he had opened 2,177,0001.

before Christmas.

For the sake of perspicuity the following recapitulation of the whole supplies for the year 1797 is inserted.

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Navy

• 12,661,000 Army

- 6,600,000 Army extraordinaries

3,387,000 Treasury bills and army warrants

2,088,000 Army extraordinaries for 1797

4,000,000 Ordnance

• 1,023,00) Ordnance, extraordinaries, and barracks

737,000 Miscellaneous service

929,000 Advances to the merchants of Grenada

600,000 Imperial loan

500,000 Annual addition to the sinking fund

200,000 Deficiency of land and malt

350,000 Repayment to the bank for advances to the consolidated fund ?

1,054,000 of 1795 Ditto for 1796

• • 1,370,000 Further deficiencies of land and malt '. ..

- 900,000 Deficiency of the consolidated fund

- 2,177,000 To discbarge exchequer bills issued on the credit of the con- 7 solidated fund for 1796

e con}1,110,000 Vote of credit for 1797

- 2,500,000

Total of supplies L.42,786,000

Mr. Pitt next stated the ways be borrowed, one million and a and means by which this large sumn half was for the sister kingdom of was to be raised. A loan of 18 Ireland, of which the interest was millions had already been voted, to be provided by the Irish parlia2,750,0001. for the land and malt, ment; another million and a half and 420,0001. for the surplus of was to be lent to the emperor, to grants for the year 1796. He ob- enable him to repay the nuillion served, that of the 18 millions to and a half advanced by this coun

try. He proposed a further loan of his present struggle. The aggregate two millions, if sanctioned by par- of the ways and means in the two liament, to assist our faithful ally in budgets was as follows:

L.

The land and malt
Surplus of grants
Loyalty loan, according to the first budget
Lottery
Exchequer bills
Growing produce of the consolidated fund, by estimation
The part of the loan applied to Great Britain only -

2,750,000

420,000 18,000,000

200,000 3,000,000 2,000,000 16,500,000

Total of ways and means for the year 1797

L. 42,870,000

He then stated the terms of the new loan of 18 millions as follows: For every 100l. subscribed the subscriber was to have

L. S. 125 of the 3 per cents. consols

value 62 10 50 of the three per cents. reduced

25 0 20 of the four per cents

12 16 Ol. 6s. 6d. of the long annuities

4 11

Every 1001. subscribed, to have the value of L. 104 17 From bence, he said, there would payments upon the loan; the whole be a profit of 41. 178. for every bonus, therefore, would be 61. 178. subscription of 1001. which, ex- per cent. to every subscriber when cept in a period of such difficulty the discounts for prompt payments as the present, was larger than he were taken in. . should be willing to allow; but The chancellor of the exchequer this was not the whole of the pro- next proceeded to what he called fit; there was a discount to be add- the unpleasant task of enumerating ed, which he had felt it his duty to the new taxes he had to propose for, make higher than usual. The com- raising the interest upon the several mon rate was three per cent.; he sums borrowed, of which the followproposed to make it four per cent. ing is a summary statement. in order to encourage the prompt

The consolidated duties on stamps in general, doubled - 320,000,
Tax on property transferred by private contract, at 4d. per pound 170,000
Copies of deeds to be given in evidence to be stampt - 40,000
On the probates of wills above the sum of 3001.

40,000 An additional duty of itd. upon the stamps of each newspaper 114,600 Increased daty on advertisements

20,000 On attorneys' certificates

15,000 On ornamented plate

30,000 Duty equal to the tolls on all carriages passing turnpikes - 450,000

In 1,199,000

1797

; Here

Here the minister omitted three articles which he supplied the next day upon a suggestion of Mr. Fox, namely,

L. On bills of exchange

40,000 Insurance from fire

35,000 Omitted in the sums mentioned on the produce of the stamps on copies of deeds

10,000 These sums being added, the whole produce of the new taxes made the sum of

• - 1,284,000

Mr. Fox rose, and observed, that sum it was intended they should, however unfounded the financial there would then be a deficiency calculations of the chancellor of of 88,0001. and that, according to the exchequer had formerly been the report of the select committee, they were even exceeded in delu. at the beginning of the session sion by his statements that day, there was a deficiency of 357,0001. which were altogether unprece- and in October the right honourdented in the history of finance. ablé gentleman came forward and He came forward in December funded his navy bills, and in Delast, and having succeeded in ob- cember he made his loan; he taining a supply of 18 millions, he ought then to have announced that came forward again in April, and the produce of the taxes was not repeated the experiment by calling equal to meet the public exigencies. upon parliament for the same sum. Instead of the taxes which had been The minister ought to be reminded, proposed, it appeared that the sum that, on the seventh of December, he of 1,800,0001. in taxes would not told the house that the 18 millions have been too much for the various then advaneed were given not so exigencies of the moment. The remuch with an idea of prosecuting port of the select committee, he said, the war, as with an earnest hope of did not deserve the eulogium which enabling him to forward the de had been passed upon it: according sirable work of peace, and that to their account, the deficiency he stated that sum to be an ample amounted to 210,0001. whereas he supply for the exigencies of the (Mr. Fox) calculated it at 470,000l. state. After making some observa. He next examined the estimates for tions upon the statements given the navy service. In December in, of the produce of the taxes, the minister stated, that the probaMr. Fox contended, that there still ble increase of the navy debt would remained a deficiency of 357,0001. be two millions and a half, and this though he did not from thence ar- he called a very ample estimate; que, that, because the minister was next he raised it to four millions ; minus for that sum, he should have and, lastly, in April, when he immediately proceeded to provide brought forward his second budget, for it; but he would contend, that he called for 8,764,0001. more. The for him to maintain that he had number of men voted for the service a surplus when he was actually de- of 1795 was 110,000), the vote ficient was an illusion of too gross for the current year was for 120,000 and palpable a nature to impose men. Instead therefore of makupon the understanding. But if ing the increase less than it had the taxes of 1796 produced the been in the preceding year, the

chancellor chacnellor of the exchequer should Mr. Grey said, there was an artihave made it proportionably greater; cle in the report of the select comit ought to have been 6 or 700,000l. mittee which he wished to have more than his estimate. * Not explained. There was a sum of withstanding all the heavy burdens.” 1,500,000l. stated to be unfunded said Mr. Fox, “ and all the dreadful debt, unprovided for. He wished to tases we are about to impose this know, whether certain sums had not day, we bave still one million more been specifically granted last session to provide for the exigencies of the - of parliament for the payment of public service."

this charge, the money for which With respect to the proposed had however been diverted to other loan of 200,000l. to the emperor, to purposes ?. If this were the case, the enable him to pay the interest of right honourable gentleman bad vioa sum which he had formerly bor- lated the acts of appropriation, and rowed of this country, Mr. Fox diverted the money granted to parobserved that this was very differ- liament in a manner highly criminal. ent language from that held out by The chancellor of the exchequer the minister when he applied to the replied, that the objection which people to be security for the house had just been made was founded of Austria, and when he extolled entirely in misconception. The the good faith of the bank of Vi. sum alluded to had not been grantenna. The loan was made to him ed by parliament for that specific in critical circumstances, and he purpose, nor had there been any was not to pay the interest then due violation of the appropriation act. because he still remained in critical When the loan was made for the circumstances. The house was call- purpose of paying off the debt ed upon near the end of April on the exchequer bills, the bank to provide 18 millions additional. had not availed themselves of the Three payments only had then been opportunity to subscribe, and there made good upon the loyalty loan, was power by the act of appropriand there were still seven-tenths ation to pay them in cash. This, to be paid, which amounted to at the end of the year, made the 12,600.0001.; so that, between then grant exceed the supplies, and the and the first day of the next Ja- sum of 150,000 1. mentioned by muary, the enormous sum of Mr. Grey, so far from being con. 30,610,0 Ol. was to be collected cealed, was comprehended in the for the public exigencies. In 1790 last budget, and was paid out of the subjects were burdened with the supplies of the year 1797. : new taxes, which produced the an. The resolutions were then put, Dual sum of three millions; but the and all agreed to without a divi. taxes imposed for 1797 amounted, sion, except that which imposed an by estimate, to seven millious and additional tax of id. on newspapers. a half. What arguments were used on this head the house divided to reconcile them to bear quietly Ayes 151-Noes 13. i such a load? Indeed, they had been The several bills for imposing told very rhetorically, that “they the new taxes proposed by Mr. Pitt had not been scratched by the war," in his statements in the two budgets but be feared these new impositions for the current year, were regularly would lead them to conclude that and successively brought into boik they should be desperately wounded houses of pariament, and most on by it.

them were passed with few alteia

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tions; but near the close of the ses from some strong objections to the sion, on the 30th of June, the house mode of collecting, had been given of commons having resolved itself up. The tax upon the transfer into a committee, the chancellor of of property had been estimated at the exehequer rose, and stated to the 170,000l. but he now took it at no consideration of the committee cer- more than 80,000l. The proposed tain substitutes for the deficiencies duty upon advertisements had been which had taken place in the esti- given up, which created a further mated product of the late taxes. deficiency of 40,0001. The whole In the first place, it would be ne- deficiency, therefore, for which he cessary to find a substitute for the then proposed a new provision, proposed toll duty, which had been stood as follows: estimated at 450,000l. but which,

Toll duty

450,000 Inland navigation duty, by some new regulations, would cause a deficiency of

90,000 Newspaper advertisements

40,000 Transfer of property

80,000 Total deficiency L. 660,000

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· These deficiencies Mr. Pitt proposed to supply by the following new taxes:

L.

Surplus on Scotch spirits
On horses employed in agriculture
On pepper imported
On coals exported
Watches and clocks

182,000 150,000 15,000 14,000 200,000

Mr. Sheridan strongly opposed to the house of commons a message the tax on horses used in husbandry. from his majesty, recommending Mr. Burdon contended for the ne- it to them to enable his majesty cessity there was for the landed in- to make remittances from time to terest coming forward, and shew- time, to be applied to his service ing they were willing to take in Ireland, in such manner as their share of the burden. He wish- should be approved by the parliaed to see an additional land-tax upon ment of that kingdom to an ao ' a more equal scale, in which he mount not exceeding 1,500,0001. on was seconded by Mr. Dent. The provision being made by them committee divided on the horse- for discharging the interest and tax-for the resolution 83-against charges of a loan to that amount; it 8. The other resolutions were and also to consider of guaranteecarried, and the bills passed with ing a loan on the account of his little variation.

ally the emperor, to be applied in On the 29th of April, the chan- making good the advances to the cellor of the exchequer presented amount of 1,600,000l. which had

been

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