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For raising this fum, the minister proposed the following
! Land and malt
2,750,000 Produce of the consolidated fund
1,075,000 Surplus of grants of 1796
420,000 Surplus of the lottery, after deducing the sum due upon it! to the lo: alifis
200,000 A voluntary loan
18,000,000 Eachequer bil.s to be illued
The chancellor of the exchequer fund, would make the whole of then proceeded to state the terms of the interest to be pro-ided, about the voiu tary loan of 28 millions, 61. 155. for every 100%; hence the so creditable and g!crolls to the interest on the 18.000.000 would courtry. The interest thes to be be 1,215,000!. He proposed that provided for that lo n was no more exchequer bills fould be issued to than 5l. 125. 6?. per cent. per an- the amount of 5,500,0col, because num; he faid he ihould not think he was convinced that so many hin.iekt, juftifiable if he were to pro- might be circulated both with cecó vide a less sum than for the whole nomy and advantage. Other fpeas a permanent annuity; and also cies of floating debt had been found to add the usual fum of one per to be injurious, from the enornity. teni, to the finking tund, as if the of the difccunt to which they fell loan was not to be paid off. in on account of the legth of time this view, taking the interest at they had to run. The interest on sl. 125. 6d. and adding one per these exchequer bills would be ceni. on account of the finking 275,000l.
£. The total excess of the navy debt beyond the estiinate of
1796, was Of this sum, a provision had been made for
4,000,000 Therefore interest must be provided for the difference, viz. 4,250,000
Having taken 2,500,000l. in the The items of the different fums estimate of supply, he was confi- for which interest was to be providdent he Mould cover every poble ed, and for which new burdens demand under the head of navy were to be laid upon the peop.es debt, if he provided interest for when recapitulated, stood as tol3,000,000l. more,
For the interest of 18,000,oool. of loan
From this was to be deducted the interest upon the sub
fcription to the loan of 2,000,000 by the East-India
company Therefore the sum of interest to be provided for by new taxes
The following is the recapitulation of the new taxes which the chancellor of the exchequer proposed for raising the interest of the several jums above stated.
Ten per cent. on teas
240,000 Ten per cent. on coffee
30,000 Additional duty on sales by auction, 2;d. in the pound on eitates, and 3d. on goods
10,000 Ou bricks, is, per thousand
36,000 Spirits, id. per gallon
210,000 Licences on Scots distillery
Total excise £. 856,000 CUSTOM S.
Sugars 2s. 6d. per cwt.
280,000 Pepper Ten per cent. on brimstone, iron, oil olive, and itaves Five per cent. on all other customs, prize goods, coals, and wine excepted
110,000 Other articles on import, such as starch, bricks, &c.
23,000 Total of customs 1. 466,000
Addition to the assessed taxes and new house tax, 10 per.cent. 290,000 Regulation of stamps
30,000 Additional postage, and regulation of the post-office
250,000 Stage coaches, additional
60,000 Stamps on parcels (given up afterwards)
60,000 Canal navigation
Total amount of new taxes Amount of the annu'ty or interest to be raised
Such were the resources from that they would operate with equal. which he proposed to draw the ne- ity, and yet would not bear hard on cellary sums to provide for the in- the poor. By the production of the tereft of the enormous expence of taxes it might be inferred, that the the year. The new duties, he said, war had not materially injured the were diffused over so many articles sources of our prosperity.
£. The permanent revenue for the year, ending 10th of October, 1796, amounted to
14,012,000 And notwithstanding the operation of the new duties, the average produce of those duties for the last three years 13,855,000 was
On the lide of fupply he had taken year 1797, though they amounted but the sum of 3,000,oool. to meet to a much larger sum the preceding the further extraordinaries for the year.
The amount of the navy debt, according to the papers } 15,171,000
furnified by the board, was
And by adding for the increase of debt to the 30th of December
1,000,000 The total up to that time would then be £. 16,171,000
Mr. Pitt then alluded to an ex- back on this occasion. He should pence of a particular nature which propose a sum of three millions, had been incurred during the inter with a view of enabling ministers val of parliament; the assistance to make advances to our allies, if which ministers had thought pro- we were compelled to persevere in per to grant to the emperor with- the war; at the same time we were out a public discussion : the reasons not to consider such sums as loft to which he gave for this conduct the country; we had seen too many were, that in the critical fituation of of those qualities, the inherent comthe country, it might have been panions of good faith and honour, matter of extreme delicacy to have in his imperial majesty, to entertain brought forward a public discussion any suspicions with respect to his on the propriety of advancing a conduct : he should therefore prosum to a foreign court; and the pose (he said) the vote of three consequences might have been to millions. have suggested a grant too finall for Mr. Fox reprobated, with his the wants of our ally, or too large usual energy, this unconstitutional for the means of the country. A mode of proceeding. The minister fum of about twelve hundred thou- now, he faid, had spoken out plainfand pounds had, he believed, been ly; he had acknowledged that he allotted to his imperial majesty ; a had given to the emperor, without future opportunity would be afford- the consent of parliament, twelve ed for the discussion of this topic, hundred thousand pounds, and that which he only mentioned, that no he was to continue to do it if circumftance connected with the he thought it neceffary! Those national expenditure might be kept who were members of the last par1797
liament could not have forgotten, this, but that he thinks his judge that for the last three months of ment better than the judgment of that parliament, not a week had the representatives of the people of elapsed in which some question was Great Britain? The minister says, not put to the minister, in which that we should feel the utmost conhe was called to declare, whether he fidence in lending our money to intended to grant any pecuniary the emperor, because we have seen afli ítance to the emperor. Did he in the emperor chofe heroic qualimean to say, that he intended to ties which usually accompany good give it, but that his own au- faith. Now, suppoling heroism to thority for that purpose was suf- be a just criterion of good faith in ficient? that it was superfluous to pecuniary concerns, I should like submit such a subject to parlia- to try the effect of this mode of ment, and that he could issue the reasoning. Suppose for a moment
his own authority ? that we were in a state of neutrality Perhaps he did : he might borrow with the French republic, and it an example from his own conduct was proposed that we should lend to keep the measure in counte- money to the French, would the
It was of a piece with his minister say we should lend them | advice to his majesty to continue money? certainly he would not; him as his ininifter against the de- and yet, if good faith in pecuclared opinion of the house of niary engagements was to be meacommons in the year 1784. Now sured by heroic qualities, there he had gone one step farther, and are none to whom we ought to Mewn to the people of Great Bri- be more ready to lend; for of their tain that he was a better judge than valour they have given abundant the parliament of Great Britain, to proofs." Mr. Fox then proceeded whom their money, and how much to state the situation of the empeof it also, thould be given. “If,” said ror and the French at this moment; Mr. Fox, " thefe are the sentiments in which he maintained, that, with to be acted upon in this country; if all the successes of the Austrians the minister be permitted to carry in the latter part of the present them into effect, I declare, for my- campaign, another could not be felf, that the constitution is not opened uier circumstances of worth fighting for. On the 27th more advantage to the emperor of December, 1795, you met: did than those in which he had been he give you any intination of his placed at the commencement of the having advanced the money before last. He here took notice of the you were called together? did he successes of the French in Italy, give you any intimation before this and, by way of answering the very nighté Not a word. For this praises bestowed on the good quaconduct he ought to be impeached. lities of the house of Auftria, he He has had it in his power to con- instanced the cruelties that had fult you long ago upon this subje&t, been exercised on La Fayette, as it was his duty. He has neglect- which he laid had excited horror ed to do so, by which he has mani- all over Europe. fested a determination to dispofe of He then obferved the minister's the money of the people without calculations of events : year after confulting their representatives. year he had calculated upon the What reason can be assigned for events of the war, and year after
year the public had been milled all this because one mar, or a few by his calculations. At one time men, in the country, made false he was sure the navy debt would calculations), were not likely to only be a million and a half; after preserve their ancient spirit. that, he calculated the same debt at The national debt was now above four millions; then at fix or seven four hundred millions; he had not millions, and now it was stated to calculated exactly what portion of be above fixteen millions. What it was owing to this war altogether, security had the house and the pub. but he was now ready to declare lic that the minister would not mif: what he often had declared, and calculate in future as he had already still oftener felt, that it was unjust done in the course of the present at its commencement, impolitic in war? By his mis-calculations he its progress, and, he believed there had added to the debt of this coun- was not one man of sense who had try one hundred and fifty milions, any wishes for his country's welfare, and rivers of human blood bad been who did not from his heart wish it at made to fow all over the world. an end. Perhaps the minister might
The minister now talked of peace; think the cape of Good Hope an but as he was so fond of his own equivalent for all we had suffered : calculations, he wished he would if he did, neither his humanity nor some day fit down in his closet and his judgment was to be envied, calculate what a sum of human Mr. Fox said he was afraid that no happiness he had destroyed already; question would be stated that night what a waste of human life he on the propriety of lending money had occasioned, because he could to the emperor without the consent not focner discover that the French of parliament, and therefore he' were capable of maintaining the could not manifest by his vote his accultomed relations of peace and opinion upon the subject : how: amity with other powers. Here ever, whenever it came before the Dir. Fox took notice of the differ- house he Mould meet it with his ence between the ministers of the direct negative, for it was
a vio. elector of Hanover and those of the lent and daring attack upon the king of Great Britain, with respect British conftitution.” to the prudence of making peace The resolutions were then put with the French republic. He had and carried. heard it said, that the spirit of the On the 8th of December Mr. pesple of this country was great : Hobart brought up the report of he believed it to be fo; he gloried the committee of ways and means, in that spirit ; but if the system on which was read a first time, and on which this war was carried on, was the question being put for its being to be continued much longer, he read a second, had his doubts, he said, of the con Mr. Fox rose. He said it was tinuadce of that spirit.
his ardent wiili that every member A great people, who saw hun. of the house might pay the most fedreds of thousands of their fellow- rious attention to the subject, under creatures fall, their national debt a strong conviction that the greata encreased above one hundred and est exertions would be necessary to fifty millions, their credit finking, put the finances of this country in the necessaries of life becoming, by a proper situation; but this was not their price, almost entirely out of the point to which he proposed to the reach of the labouring class (and call the attention of the bouie : it