Star. — London, England, 1807-01-30 00:00:00

PARLIAMENTARY PROCEEDING& HOUSE OF LORDS, THURSDAY, JAN. Mt. The Duke of Montrofe, Marquis Townlhend, and Lords Mor ton, Ponfonby, and Bayning, took the oaths and their feats. l'he Decree of the Irim Court of Chancery, in the cafe of Chumleigh so. Lord Dunfaney, was affirmed. 'he LORD CHANCELLOR laid on the table Copies of the Communications which bad taken place with the French Govern aunt, on the fubjedt of abolifhing the Slave Trade. They were ordered to be printed. Their Lordfhips adjourned until to-morrow, when, being the Anniverfary of King Charles's Martyrdom, tluy will meet for the ent , v-ife of proceeding to Weßmititter Abbey to hear Divine &Ma. HOUSE OF COMMONS. At a quarter before four o'clock the Houk was called over, and immediately afterwards proceeded to ballot for a Committee to confider the merits of the Pcnrhyn Eledlion. The following were Ike Members chofen : J. B. Lethbridge, Efq. W. Orde. Efq. Lord Vifcount Maitland G. A. L Keck, Efq. Ch. Chaplin, Efq. Lord Viler:tint Ehrington M. D. Magens, Efq. J• A. Wright, Efq, David Davenport, Efq. Janes Lowther, Efq Hon. W. Herbertt Hugh Leycetter, Lfq. and Sir Harry Neale, Bart. Nasal NEES—Robert Hurft, and R Elm yon . Efquircs. Who having been (worn fortlawith,procceded to their Commit tee Room. Mr MILLS, the Chairman of the Tregony Eleetion Committee, reported from the Bar that the laid Committee had duly confider. a the matter referred to them, and had refulved that the Sit ting Members were duly returned. A new Writ was ordered to be Med for the EleElion of a Mem ber for the Borough of Plyznpton, in the room of tir Stephen Lulbington, Bart. deceafed. Read a fecond time, the Ira Treafury Bilk Bill, the Rill for preventing the °andelUne Importation of Gunpowder into Ire land, and the Bill for Preventing the Setluaion of Soldiers and Sailors from their Lot alty,in that part of the United Kingdom Committed for Monday. Mr. PARNELL gave notice of a motion on Wedoefdav nest, for further poßponing the eonfideration of the Mayo Elettion Petition. Lord TEMPLE indented the Canada lofted Yarn Exporta tion Bill. Read the firft time, and ordered for the fecond reading on Monday► Reported the Grain Intereourfe Bill.—Ordered to be irgroffed. Mr.BItAGGE BATHURST moved for (bole further inftrue tions to the Committee appointed to fearch for Precedents of Par liamentary Expollion, in order to enable them to purfue their re (earth with better effeel—Ordered. SLA•R TRADE. Mr. WILBERFORCE begged to tall the recalleaion of the Houle to the fubjca of a Refolution. adopted by the Houk of Commons towards the end of the laft Minn of the late Parlia ment, torching the Abolition of the Slave Trade, which Ref°lu tion he moved be now read from the Toornals —rit was the Refo lution prnpnfed by Mr. Fox, " that the Slave Trade was contrary to the principles of julliee, of humanity, and of found policy, and ought to he abolifhed as fpeedily as poffible."l Mr. WII.BERFORCE raid, that in confequence of this Refo lution, declaring the decided fenfe of the Houk of Commons upon the nature of the Slave Trade, and the necefll ty for its (reedy Abo lition, it might be naturally expcaed that the friendg of that ma fure would, ere this time, have followed up the Refolution, and brought forward, at the very earlieft opportunity after the meeting of the new Parliament, Come propofition for the pwrpofe; and from the part he bad for fo many years taken on that fubjea, it was na- Aural enough to expo a fueh propofition from him. He begged however, to allure the Houk, that be bad by no marls loft fight of this molt defirable purpofe ; and that nothing had prevented him from bringing forward tome propoUtinn on the fubjea, but the introduaion of a Bill for the purpofe in another Houle of Par liament, which was now pending, and again ft which feveral Peti tions had been peefented, with the tenor of which he was at pre. fent unacquainted. Hetrufted, however. that the Bill to which be alluded would meet no unnecefrary delay in its progres but if it fhould protradted to any great length of time.he fhould 'eel it his duty, if no other Member did. to brine forward a Bill upon the fubjea, in full time to be difpofed within the prefent SeLSon f Parliament. Lord HOWICX highly approved the intention expreffett by the Hon. Member, and thougit the Houfe ihould by no means be di verted from a purpofe fo important, by any evtraorclinary delay in the proceedings now pending in another Houfe of Parliament upon this fuhjed. The Houfe of Commons, by its own Refolu. don, flood pledged to tome (peaty and effeclual proceeding upon the fulled. Such a meafure the Houfe of Commons owed to its own honour and dignity. The Refolution was a facred legacy be queathed to it by that great and illultriou, cbaradter, on whofe ptopofition it was adopted—and undnubt,Aly, no time fhould be loft in effetting the fpeedieft pollible of a traffic, which the Houfe had declared to be contrary to the principles of juitice, humanity, and found policy. THE AR MY• Lord CASTLEREAGH role and obfervei, that as the Rate of the public force of the country, under the new fyftem, h.id Rill to undergo fome further cllfeuffion, it became ne ceftary, in order to the better informatloa of the Houle, preparatory to that difeuf boo, to move fee the return of fome further documents. Fie then moved for a feriea of returns refpeceting the number of men wanted on the tft of January, 1807, to complete the full Numbers of the Army ; alfo, of the effeffilve ftrength of the Army at Home and Abroad; the number of men deficient through the cafualties of death or defertion—the effective ltrength of detached parties upon die recruiting fervice—with the number of men railed in each month, who had joined their regiment•—alfo the number of non. commiffioned officers and privates entitled to additional pay in eon • fejuence of feven or fourteen years fez-vice, and thole who wit' be fpeedily entitle , ' to their difchargc and penfinn for life in eon. fequerce of limenty-one years tervice. Allo the number of Pen. fioncra on the Chelfea and Kilmainham eltahliThmems, who have received the additional allowance on account of their long ferviee —which were ordered after an obfervatlon from Lord Teatime ; that many of thole documents were of a nature fo complicated, that it would be impoffible to obtain them with a view to aid any dif cuffion upon military fubjedls which was likely to take place in the courfe of the Seffiun. FINAWCP. Mr. VANSITTART moved for a room of the Net Produce of the War Taxes for the hit three yeirs, diftinguithirigeach year, which was ordered and prefented forthwith. THE PUBLIC FINANCES. The CHANCELLOR of the EXCHEQUER moved for the Honk to refolve itfelf into a committee, to take into confideration the (tate of the Public Pi: nances—as alfo, that the different alts refpeEling the 'redemption of the public debt; and the impofing the duties called war taxes, !Mould be referred to the conlideration of the faid Committee, which was ac cordingly ordered. The Houfe then refolve I itfelf into the faid Com mittee. The CHANCELLOR of the EXCHEQUER began by Rating, that he felt a confiderable degree of oppreffion when he confidered the magnitude and importance of the fubjell to which he had then to call the attention of the Committee ; but at the fame time he felt from the greatnefs and importance of it bile confolation, that it gave him claims to the indulgence I and attention of the Committee—and, although it might be his duty to addrefs them at confiderable length, he wined they would give him their patient i attention. It would be natural to congratulate the Houle on the national profperity ; and in fo doing, I it would not be neceliary to make any idle boaft : it could be eafily (hewn it retied on foltd found ;tions, and would be fufficient to proted and preferve the f ree dom and independence of the country. He knew that it was rather unprecedented, and unufual, to give a detailed Ratement of the Supplies, and of the Ways and Mean', before the time w h en r h e Loan was to be conttaded for ; but he trufted, that he would be able t t convince the Committee of the propriety of doing fo in the prefent inltance. Without farther preface, be Ihould proceed to nate Supplies. There had this year been voted for the Services of the Navy 16,977,8971. exclufive of Ord nance ; for the Army of Great Britain, 10,202 9671. ; for the Army of Ireland, 3,445 ,1 3 01 . ; making in the whole for the Army 13,648,0971. ; for the Bar. racks of England, 506,2371. ; of Ireland, 469,4201. ; making a total of 975,6571. The Commiffary Gene ral's department was to be 841,5261,; the Extraor• dinaries for Great Britain and Ireland, 2.7584741; from which was to be dedußed the fum before men tioned, for the Commtffary General. This made the total for the Army 58,223,7861. : the Ordnance of Great Britain, 3,264,4461. ; of Ireland; 479 ,2 4 61 . ; the Vote of Credit for Great Britain, 2,400,00c1. from which was to be taken t,000,0001. tor Sub tidies due on treaties now exifting ; and a farther fum of 500,0001. applicable to fubfidies which might become necefrat y. This fum certainly did not appear equal to what, in the prefent hate of Eutope, circtim ltances might require ; but he law nn realm, at pre fent, to fuppofe that it would be larger, nor was there even a certainty of its amounting to that font. For Ireland he propofed the anal Vote of Credit f.r. 6.)o,ocol. The w hole, then, of the Supplies formed a total of 43,811.3401 ; to which were to be added the deficiencies of the Malt Duty, 200,0001. ; the fer. vices of tBc6, not voted, 280,0001. by which he meant the difconnt on Loans and Lotteries; 350,0001. for the Loyalty Lean; which, together with the in tereft or. Exchequer Bills for the prefent year, would conflitute a total addition of 5.0n0.0001. ; making the whole of the Supplies for Great Britain and Ireland 45,41,3401. ; from which, however, was to be de- duffed the proportion of Ireland, which was a-tyths, leaving the whole expellees of this country for the relent year, 40,527,0651. WAYS AND Kravis. The Ways and Means to meet there expences were —firli, the Malt and Penfion Duties, amounting to 2,7so,ccol.—next, the Surplus of the Confolidated Fund, which, he was happy to fay, was as fully pro clutlive as he had calculated, and juflified him in taking it again this year at 3,503.0001. The next Article was the War Taxes, which he took at tg 800,cocl. which (urn even would not cumprife the a hole of what might be expo ted to be received from them during the prefent year. He was happy to fay, that the meafure adopted laft Seffion had been pro. du&ive far beycnd his mat fanttuine expeetations.— By the different mode of affeilinent now praftifed, the Property Tax, which was only taken at ten mil lions five hundred thoufand ilounds, aetually produ ced ii,5c0,0001. The other duties on Cultoms and Excite, which were taken laft year at 9,000e0001. "ow produced nearer I o,occ,cocl. and might be made Rill mote produaive by loom changes of regulation, rather than of increafed taxation. He therefore fop. pol e d the whole of the war taxes, which were taken At 1941-'O,OOUL would really produce z hooomool. For the Lottery he fhould calculate 450,0001. He alto proptSed an Mee of Exchequer Bills, to the amount of 2,400,0001. which the prefent !late of the market would well bear. The loan to be railed this year was twelve millions, which the Committee would perceive was much leis than had been railed in any preceding year of war (the loan of the lad. ;year was eighteen millions.) This would give, as the total of the Ways and Means, 44,100,0001, which was an excefs of 4 or 500,0001. over what had been calculated as the expences of the prefent year. He thought it neceffary, however, to carry the Ways and Means fa far beyond the Supply, as to guard againi. any poffihle deficiency. He felt that he was addreffing the Committee on an occafion, where it would not be fufficient to take a narrow and confined view of the exigencies of the prefent moment, and merely occupy himfelf with providing for them ; but he fhould take a general view of the financial fituation of the country at the prefent time. In the afloat fituation of Europe, while the elements of dilcord were abroad, he hoped the Committee would agree with him, that it was ne ceflary to look at the future profpcds of the country, as well as at its prefent fituation. 1 t was neceffary to look at what has ta ken place, and what may be ex pea ;41 in future. It was impollible to avoid feeling gratitude for onr pall deliverance ; but at the fame time we muff look with awe and caution at that dark ' cloud which now overhangs Europe ; and although no human eye could penetrate it, yet the times were filch as called fur all that human forefight, caution, and prudence could do, to guard againti all poffible future dangers. And, fira, we mull look to the g t e atefl of all evils, the prutraaion of that dreadful vifiration of war, which may be extended for a time almuft indefinite. Even in Inch a cafe, he trulled. the country had the means nut only of maintaining it as it had been maintained, but, if poffible, with increafed vigour. He %fluid then proceed to take a general view of the financial (late of the country. He did not think that there would be any occafion for him to conceal any part of his opinions on the lubjea of the finances of the country, whether they were favourable or un favourable. He Should begin with a view that might appear in tonic degree unfavourable. Inflead of. Skating that new taxes could always be found to meet the exigencies of the times, his furprife was, that the fyllem of taxation had been able to go fo far as it had. In 1784 the permanent taxes amounted to only ten millions annually, and then that great flatefman (Mr. Pitt) who was then at the head of the Admi. nifhation found it very difficult to find out new taxes ' and was obliged fometimes to abandon thol e that he had firil oholen. Such however had been the growing pt.( fperity of the country, that the produce of the permanent taxes at the conclution of the fall war was 28 millions, and now amounted tc near 32 millio s. It was impoflible not to feel the moll lively fatistaftion at finding that the profpetity of the country in every refpeel had kept pace with the increafe of its burdens. Although every Minifler who held the fituation he had then the honour to fill, had imiformly expreftel the difficulties they felt in adding to the burthefis of the country, yet he by no means meant to fay, that new taxes could not be found to meet the intereft not on] yof the Loan for next year, li but for; many years.' There was nothing in the pre. rent eirennollances of the country which rendered it immediately neceffary to abandon the old fyflem of laying hat taxes to cover thcannual loans, although 'thole taxer' mull produce fume hardfhips and addi tionalpreffure to individuals. _ In l;oking forward to the future - procpeils of this . . . . country, there was no iatirnal man who could 0 1 .. 1 olive upon the return of peace; at all evente„it ~ would be neceffary to look to the poffibility of a long 1 protrafted war. It was therefore neceffary to confi• der what means and refources we poffefs for filch i comet.. He conceived that it was an object of the firft consequence to relieve the fublefta of this cower tfi from accumulating burdens of frerTaxes, and therefore he thought it was deferable that the 'rema nent Taxes should not be increased beyond what they were at prefent. It would be therefore extremely deferable that the public expenditure thould be pro vided tor, without either anticipating the refources of future years (a principle which appeared to him unjufi) or without facrificing any of those principles, which have been (ant:tinned by the opinion of the nation, on which the public faith and the fecurity of the public creditor depend. Much as he wished to `relieve the public from freth taxation, yet he would not do it at the facrifice of any principle cf national . faith. The reboot cc: of the country were sufficient to uphold its honour as it had hitherto been upheld. Its profperity had increafed in a moll unexampled manner, and that profperity had not been own% to 1 fortune, or to any of thofe cafualties, which fometimes givea,nation advantage, but it was the regular and gradual rank of forefight, of courage, and of pru• dence. It was from an increafed and increafing spirit of indliary, and from the progrefs of liberality and kinitivledge. . ' The Watt Taxes and the Sinking Fund, were the two bales upon which alone he meant to Tell, in the *plan that lie fhould have the honour of fubmitting to aha Committee. It would therefore be neceffary for him to Rate the origin and progrefs of thofe which he canfidered to be the two great and prominent lea. tures of the political and financial fituation of the country. The Sinking Fund was created by Mr. Pitt in the year 1786, and in mentioning the author of it, he felt peculiar fatisfadion in expreffing his entire approbation of that meafure ; and it gave him Ipleafure to acknowledge that this meafure of that great Statefman was one of the 'non valuable and important which had ever been adopted in this country. It was a matter of pleasing recolleetion to him, that this was a meafure fully approved of by a Right Hon. Friend, (Mr. Fox) whole lofs they had more recently to regret. Thole two great and dif tin„,anifhed Statefmen died within' the fame year ; and, although their opinions on many fubjeCts dif fered widely, and Tome would naturally prefer the one, and Tome the other, yet now they were dead, all would agree that they were truly great and emi. dent men, the ornaments of the Country, and of the times in which they lived (loud crier of bear, bear ! from allpartr of the Houfe). The origin of the Sinking Fund was mat Iced by the molt puled union Ofall parties in approbation of the meafure. It came recom• mended by Mr. Pitt, and fupported by all the ad• ditional weight that the concurrence and authority of Mr. Fox could give. The meat - tire, introduced to Parliament under fuch auspices, has continued_ ever fince to receive the approbation of that Houle, and of the Country. When the Sinking Fund was firft adopted, the national debt was 238,321,2481. The annual million, which was the &It finking fund, bout to the debt the proportion of Ito 238. In the year 1792, an additional fom of 400,0001. was iddeiltil this hind from the furplus of the produce of cettain.taxes. In the year :793, on the breaking out of die war with France, another finking fund was eflablifhe.d, to be formed of an addition of one per cent. to the interett of every loan ; but Mr. Pitt ferefeeing that the ef feels of fuch a finking fond might be too rapid, pro poled that after it fhould have increafed to four mil lions a year annually, that the furplus (hoof& be at the difpofal of Parliament. No alteration had been made in this Bill until the dote of the war, and then a new arrangement took place, which pronrifed to difeharge the debt in a shorter time. In the year t Boa, Mr. Addington, who was then at the head. of the financial department, and of the Adminißration of the country, propofed that there two feparate finking funds Mould be cunfolidated, and from that confoli dation they would, by %Cling together, produce the cleared circa in a thorter time. In the month ofFebruary, 1803, at the commence. meat of the prefent war, the amount of the public debt was 480,572,4701. The linking fond for the reddlion of that debt was 6,311,6261. fo that, inflead of the proportion oft to 238, with which it began, it was then in the proportion oft to 77 cf the debt that was to be reduced. The proportion of the Sinking Fund to the debt was, however, greater now than at any former yeriod. The total amount of the funded debt at prefent was 530,351,6891. now , unredeemed. The Sinking Fund, which was to be applied to the reds Linn of this debt, was now 8,331,7091. being in the proportion of 1 to 63 ; but if the debt was calculated, not at its nominal value, but at the real money value of about 601. for 3 per cent. then it would appear that the aanal proportion that the Sin's; 4., Fund now bore to the whole debt was as t to 42. As it was on the new mode of application of the War Taxea and of the Sinking Fund that the plan which he had now to propofe would fell, it would be necetfary for him alto to Rate the origin and progrefs of the War Taxes. It was in 1797 that the fytlem •firlt began. The mode in which it was firli attempted appeared to him to be molt unfair and unjull. The principle of it was a very great increafe on the Af felled Taxes. This mode of taking the expenses As the abliolute criterion of property, appeared to him to be extremely unfair ; and although this increafe on the Atfelfed Taxes was firft propofed merely as a War Tax, yet, fhortly after, a large portion of the interefi of the Loan was charged upon thofe At felred Taxes ; and when the Income Tax was adopt ed in lieu of the increafe of the Aftefted Taxes, this debt was transferred over to .the Income Tax, and, by this means, the Income Tax became pledged be yond the peliod of the war. This was certainly a facrifice of the principle upon which it was Tailed, which was, that it fh.kuld merely be a War Tax. In the year 180: this tax war charged with no left a fum than 56,000,0001. It was, therefore, to have fublitted, not only until it had redeemed - Otte fifty. fix !trillions, but all., until it had paid the annual In. .terett of that fum, amounting to I,7ob,dool.4ilituallir. In the year 1801, however, there was no farther loan, charged upon the Income Tax ; and Mr. Addinguar4 ' who was then Minilter, looking wifely at the fylient, and cnnfidering in 'the &ft place the relief orthe country from 'the prefture of this tax, and, fetoudly; to free its ufoutceS, 4 . 42. as that it. &staid be better a bl e to Tupport another coateß, didmoil wifely asf providently refolve to tiske the bold eheafure of repeat. ing the income Tax, and of firatintin one yea r new Taxes fufficient to pay the intereft-of'ttll the funoi c ot which it was pledged. This was effeeted in no e y ear, and by one blow, and the coun tr y b y that means gained additional refnurces to maintain the pref ect war. At the commencement of the prefent war, inae a a of an Income Tax,ilteTax upon Property was reto rted to, and Bill continned. Be did not pretend wh y that the Property Tax Uie)setfealy ecleal in A top ,. ration. This was a thing not to he expeided in any human inflitution. It waitnorgily impollible. Th e fame thing would apply tolaw as to taxation. T he wifeli laws that ever were framed could not be exAdly equal in their operation: If from the' fentenee criminal law any corporal punament was ordered us be intlided, from the difference of conftitution t temperaments, the fame plinilhment would, tint . ag et all perfons equally. He therefore could Ma pretfat to deny but that the ?toper ty Tax, like every other gencralmeafare, mull, in fame particular cafes,_b e ,,' hard upon fume individuals. I t was, however, a s - b e conceived, much better than the old Income Tai, f; got rid of many vexations, and particularlt of e ft inquilitotial power that was fo much complained al. • It was to this tax that the attention of the Houle wa r ., principally called in the lalt fellion. The expenfes of the country had increafed about fevcn millions, whi t the revenue had only increafed ore millinn. It wi t therefore the duty of Government to propofeacod.'. derable addition tO the war tan; ; and in difchayse of that duty he had in the Safi; feffion pro'pofed that increafe. Although it was a confiderable inmate to the burdens of the country, yet, as he felt it to be his duty, he did not Ihrink from it. The Property Tax had confiderably increafed in its prbduce, not fo much from increafed burdens, as from the removing thofe evafions which had fortherly taken place. The great and permanent foundations for -providing for the increated expences, and againft the accumnlatica of debt, were firfi, the Sinking Fund which now pro. duced 8,300,0001. and the War Taxes which amount. ed tO 2 r.ccathccol. It was therefore a fubjed of na. tional exultation and pride that we now • paffeffees clear income of near 30,000,0001. The great gad tion then in finance was, how thofe meant were tote . made molt applicable to the neceffary expenditure of the country. Although Tome farther increafe in our expences might be made neiellity• either by the is creafed price of naval acres, or by future fubfidies to . foreign powers, yet with fuch a free income war might be carried on (if neceffary) for an alma indefinite period without the neceffity of large loans. The.expence of the country for the next year he had dated at 40437,0651. The Ways and Means would exceed that fum by about 500,0001. From the expence, however, of the prefent year, in calculating our annual expence, there thould be dedufted one million and a half for fubfidies, 358,0001. of payment on account of the Loyalty Loan, which was a circomaance that would not again occur, and tbis would reduce it to 38,677,0001. The Loan, which he fhould Rate for this year it ta,oco,cool. was to be charged on the laurel! of the War Taxes ; and the Loans which were to be railed in the fucceeding periods of the war, would beat charged on different portions of the War Taxes. It was propofed for every Loan to take a proportion at the War Taxes, amounting to to per cent. on the- Loan and that one.half of this Should be applied u a Sin king Fund to the reduaion of the debt So' charged upon the War Taxes, and to let them free. Fourteen years would be fufficient to redeem aq Loans to be made in future. He thought it would be the bell way to confider what would be the effect of this meafure, as applied to the Loan of the prefect year. The Loan being ,aoo,oool. would be detached from the Wait Taxes, in order to meet it, and to f or m a Sink ing Fund or its redemption. This Sinking Fund would, in the mule of fourteen years, redeem the Loan of the prefent year, and in the fame manner the Loan of every preceding year would alfo be re- deemed in the cootie of the next fourteen years. If he were to look to a period of.fourteen years of war, the loans might in the lad ten years of the period increafe from twelve to flatten millions ; but as at the end of the fourteen years the loan of the prefent year would be redeemed, and .as every fueceeding year would alfo redeem the loan of one year, it would follow, that even a war of fuch duration would not exhault the refources of the country, but that they would be perpetually renovating 'and unimpaired. Although thefe loans fhould be charged upon the War Taxes generally, yet it could eafily be arranged in filch a manner that the Property Tax fhould not be fettered a moment.after the peace. The tax ought to be invariably applied, according to its original inflitution, as a tax during war. For the purpofe of carrying this fyftem into execution, it would be De. ceffary to have a (mall Supplementary Loan every year equal to that part of the War Taxes which fhould be detached tc meet the intereft of the loan. For the prefent year this fupplementary loan would be very (mall, only aoo,oool. • . • . In the years 1807, i 808, and t 809, annuities would fall in, which would make it abfolutely unneceffuf to impofc any new tax, by way of covering the ince. reft of thole fupplementary loans. In the year 1807 annuities would fall in to the amount 0f'13,0561. In the year 1808, of 83,0001. and in the year 1809, to the amount of 173,3431. which made a total, io the three years, of 279,9991. which would be more than fufficient for that purpofe. The furplus of this (urn over the inter eft of the fupplementary loans of the next three years might be fo sliftributed among the ne-t (even years, that even if the war mould lilt for ten years, the new taxes at the end of that period could only amount to 385,5131. even if there were no furplus to prevent that neceffity. If, however, on the one fide, it was fuppofed that the expenses of fu lure years would be greater than thofe of the prefento on account of the increafed price of naval limes, and other articles, it mutt at the fame time be recolleard that the produce of the Taxes would probably be greater alto. It was a pleafing reflation to think that the war might be carried oh with equal, if not with greater vigour than it has hitherto been eon• dulled; without requiring a new tax for the next thtee years; and that if then we fhould not arrive at peace, bur that the war was even to be protratted for fevers years I..mger, the new taxes would then be mere!' trifling, fuppofing the neceffity eailled of laying on new taxes ; but that there was every reafon to oils' E gine ' that even in cafe the war fhould be protrarfledo