The British Press; or, Morning Literary Advertiser. — London, England, 1807-01-30 00:00:00

01% Tai. : 1 • A. preened to Oak le C,lllllgitt manner. th Ways tied Means fee eahMllll.llm. The duties on Malt and Pensions proving* som amounting to 5 0 i00,0901. ; for. although.tione have been certain events which have effeeted allitainution of that sum, yet the produce, of tempters has been such as to justify me in saying, that such an amount will be raised. The present War Taxes 1 estimate as being likely to produce 19,900,0001. ; but these are not the whole of the War 'loxes which may be found necessary to be imposed. lam extremely happy to stale to the Contmlate, that the menthes adopted last year as to to• Property TAX, have been attended with a result exceeding the most sanguine expeCla tions. Although the amount of the sum which was stated as likely to wise from chat tax. was ten mil li, ns and a half. I am justified in taking it at eleven millions and a half. To the duties of Customs and Excise, amounting to nine millions, there will also fall to be added another sum of very considerable magnitude, occasioned by mere matter of regula r ,e, which, I hope, will Ise fount ssholly unonjec ri These War Taxes, therefore, 1 shall Afterwards estimate at 21 ioillions; but I shall, at present, take them at 19,90u00001. From thc Lot tery will arise the sum f 400,0001. and from the Exchequer Bills on the Vote of Credit 21,00,0001. The sum is be raised by toms, I estimate .at 12,200,0001. which is much less than last year, it having been 58 millions. These altogether will complete the amount of the W ay* and Means, and make the total for Great Britain amount to 41,500,0001. exceeding the supplies, which I have stated at 0,5'79,0651. by 970;9351. Such are the eumparatise Amounts of the supplies, and the ways ant means for the present year. In making this statement, Sir, f feel, that were I adeFessing the COM. niirtee at any m-einat y period, were the rinse such as to j estify me or His MI-j Gown nrnent, in taking a narrow confined view of the exigencies of the mo ment, in proposing means to le oriole tom them, I ought here close my labours. and dismiss the Com mittee from their painful attention. but, Sir, the Committee will kel, that in the situation in which the cr untry stands in regard to Enrnpe, when the elemoots of discord are yet abroad, I sOtoali not he fulfilling my eltry in confining nryss-lf to a narrow view of those measures; nor cooli I justify His hlaieste 's Unvernment, were they to coment toem• Ives with giving a limited view of our finances. I think that, upon such an occasion as the present. His Majesty's Gavernment are celled upon to look at the past, and to provide for the future; to look to what has occurred, and to look to what may y t happen in our national alfoil s. We ought, 1 say, to turn back our ;Locution to 'tenser events and success s, is to feel the utmost gratitude for cur deliverance from pest dangers ; not with any degree of al,.rm,. but with awe and circuaa• spection, which the dark tuna that still hangs over us, may toot to inspise. Although no by.' nom eye con piciee through that cloud, so as to caleiii.te with precision what it may contain, yet Cleve is troloubtreLy a call fsr every kittJ of ;thought, forevight, precaution, and motion, that we can possibly combine, .or as far as twang foresight can adm • of, in order tb avert ettr future dangers and difficulties, and to guard our country lions the aft elks of our cognates. This . w . is, se t do, it we w sh to avert that dreadful T oo o t on of war, or to settee ourselves from the soot!' ries* of its pronorli n. We have already closet:sowed its effielis, and if we must still be tr roe hied with its affirAions, the only alternative that .sill et remain, is to rraiatain it with increased enetgy, vigour, and motions. Impressed, Sir, with this Neese of the situation in which see are placed, we arc bornid nee to stop at the statement I have made upon this mot in:port:int of all suhjefts. We ought not only to toite a view es". the Supplies and Ways and Meoos of the present year, but to carry our thooelits to the general financial state of the country. and endeavour to moke the best applica tints of those means which we yet largely possess, and adapt them to the f,uurc exigencies of the crate. First of all then, I cannot think. Sir, that there is Ely necessity for concealing any part of t: le opinion may eirtertain, revotitahic, or unfavoto a'sle, of the situation of our national finances. I must say, Sir, shot 1 think there ate unforourable paints whicO holong to them, and on these I shall begin.— o thr hoes thinking it a matter merely of slight nowise, that it has not become extremely difficu:t to mainteiti respeetability in our present financial si tuation, or that any elifOroilties ate et all experienced, it ought rather to hr ooid- red as exceedinoli wonderful, that we could ',ore been able to go on as we have done, in a pryou sit-cession of in. ereaw to our tAIYS. In the year 1:34, the whole amonnt of tax o we: ten nissloins ; and even at that time, our great and eminent departed States. man (Mr. Pie). who then presided, found pest difficulty in adding to that amount, and had fre quently occasion to wit'ids ow taxes which had been suomitted to this House. Let us refieet upon this circumstance, that, instead of that amount which hare mentioned, we were burdened, at the end of last war, wish no !ass an amount of toxes than twesoy-eight millions; sod, further, that at this present period, they amount to a SUM t you.° iil outs. I think that this may be considered, indeed, as a just mat ter of satisfactioe, as it sheers that our prospers y keeps pace with the exigencies of the country, and gives us every favourable hope that we fould eve.' bear a further inelease. I certainly, how. veto do nut mean to state, that relying tyon the wilting suss ao.l zeal of the country, Taxes could not he found to the full extent of what may be wanted for the ban of the present row, nor do I wish to draw any pre•tive limit to it ; but, certainly, there is no im mediate necessity to call fora change of the system. However subjetleci we may be to the incurring risk is so doing, we should be incurring a still greater danger, by introducing a new system, which might tend to produce irritation. We are yet able to continue, for some time, in the course hitherto pur sued, and even he provided with large Loans for the pressing exigencies of the country, even under the necessity in which we are placed, of looking to the continnanco of the War to an indefinite term. There is no circurntaance in the state of the world, to t .able any man either an expel a Pe.ioe, or to deter mine the period when we, potwithstanding the contit issuance o: War, may recur to a Fear* establishment s nd, therefore, being compelled to march into fume toy, to the greatest extent of human abilities, it coos t 111141114111 mat proper for the louse to consider in what exioner we can moss e fedually provide for the euertrences. The mott desirable ;swans of doing iti is surely that Of endeavourings as far as posaible, to relieve the subjld from oppressive taxation. It Is undoubtedly extremely desirable to limit and confine at- permanent taxation of this country, even at this present period ; but, certainly Sir. I should think that that pilicy was illdera most short-si r thted and unjust, stlikli c^tild lead its to that object, or induce us to antic;is ire the termi nation of our future resources, it than WAS to be accomplished by a deleinion from any of those principles which public opinioa has admitted to be eminently honourable. I mean that public faith which has been sa often recognised. Much as I feel the necessity of relieving the country from permanent taxation, I should be the first to rejed the measure, if it was to be proposed to he accomplished by a breach of the public faith, or by doing away the future means of enabling us to up hold it, as well as the future glory and renown :if the country. But now, Sir, 1 come to the more satisfy tory part of the suhjed, to touch upon the re,ources which we aflually possess, and which are applicable to. and do not interfere with. the prin ciples which I have stated. Sir, it is most gr.:tily ing to think, that in looking to our situation, we do not find it to be one arising from the circumstances of chance or fortune, or any of those contingencies or casualties, which often tend to raise OF to depress a State ; but that we find it to be the result of cou rage, foresight, and resolution, on the part of the Government, the Pailiiiment, and the people of Great Britain, in supporting that accumulation of burdens which I have described. •I'he two great objefts to a hie!) I shall allude are, the War Taxes, and the Sinkii.g Fund. I meal by 'h..? War 'l axes. that system of raising a great proportion ol those bord.eis within the year ; a sv,vm which was acted upon for the first time during last war, and dar ing the two last years to the largest rsiet.t. and eniirely upon the bars to which I have alluded. I am sole the Committee will pardon me tot dwelling so 1.11,4 upon their attention, and excuse me for adverting to the origin and gradual progress and display of ' those two great features, as they are the most pre dominant in the great political Government of this country, and perhaps the most extramdinary in I the political Government 0: any cenactry 1110111 e world. The Sinking Fond was first or all adopted by Mr. Pitt, in the year 1786, and I cannot advert to that great Satesman, no , n this or any ot.•er occasion, without feeling all that satisfaction and warm enthusiastic approbation, which naturally Al Ise in the contemplation of extraordinary talents (Cries of 4,,r hiei ! hear bins ! -- I feel, Sir, All the extent of that satisfaction, when am able to say, that it is one I the greatest, the most valuable, and most extensive inea•U'el, ever adopted in this country (h'. ar, hr r hi•n!/ ; arid it is a matter of pleasing recolleoinn at ihi, moment, when we Lase been so recen.ly celled upon, at two not very distant periods. to regret the loss o' two distinguished Statesman. who, whatever were the chsraclers which Mir cal and public opinion g aye them, were admitted by .11 persons, and even by their political enemies, for they had no other, to h eve been :lie ornaments of their time ; it was but '.aying little of the progress of that measure through this Rouse. tn state, that it was particularly marked by a union of sentimein in these two great men, a: . ".1 that ton at a time when pol deal dis►ension, in of ier particulars, rei7ned high. Supported by such autho rity. it could not fail of success. Uhe event has jug. tilled the expeflations that wr tent Itaired of it. In the )ear 1 7:46, the sum of one =Moo was coned by this liouse to he appropriated to the Sinking Fund; this was at a time wheo the national debt amouired to no lest' a stain than 2.38,23 1,2461. so that the nuking of the suns of 1,900,5001 would have amounted, at that period, to the 'l3Bth part of the whole. It continued to operate gradually, till the year 1702, when a supply of 400,0001 seas voted Iron, the per manent taxes, to be added to the Sinking Fund. and also the sum of 240.0001. was voted to be annually added to the million. formerly ♦ot •d. Thus, in the year 1772, there was 1,200,0001. to he devoted, every year, to the Sinking Fund. In the year 17;13, when. I may say, that tne first war wit!♦ France began, there was aiaeher Sinking Furl created, of one per cent, on the capital borrowed in every loan. This was an addition to the original Sinking Fund, raise,' upon a new principle; I.w it was provided, that whe .ever tnat sum reached to the amount of four millions, it should he given in supplies to the pu:lic service, and to the disposal of Parliament Such was the sic tuation of this Sinking ruad, thus raised by the one per ceot. during last lea-, that in the year 1796, it was calculated that it would redeem each loan in the space of 4.5 years. Ns aihrr alter ation was made in the Sinking Fund CB the close of the War, when L rd Sidmouth, who succeeded to Mr. Pitt, looking to the L.:variance nt raising WI considerable sum within the year, was induced to propose an avergernent to Stockholders, which ptomisea an extindion of the whole National Debt at an earlier period. He proposed, that the new Sinking Fend of one per cent. should be adopted ; but instead of its stopping at the ereomum of four millions, it should be consolidated with the other Sinking Fund, and that both of them should ope rate together. On the Ist of rebruary, 1803, the public debt amounted to 400,8;2,47rd. and the whole annual Sinking Fund amounted to 6,31 r,6221. so that, from its commencenient, to its progress in the year MS, notwithstanding the large annual addition of taxes. the Sinking Fund consisted of one seventy-seventh part of the whole National Debt. It remains for me only to state what the amount of the Sinking Fund is at the present period, as com pared with the Public Funded Debt. The Public Debt, Sir. at present amounts to the sum of 530,551,t;841. ; and the Sinking Fund amounts, as on the sth of February next. or about that date, to °,339,7091. so that the Sinking Fund has arrived to one-sixty-third of the whole stock tit the debt; or in other words, it amounts to one-forty-second part of the whole of the money value of the Stock so en. fisting. 'lsis, Sir, is the great foundation of the system which I ,:to to propose, and the War Faacs on which I shah ground the proposition with which I shall conclude this night. I shall now say a few words further upon these War Taxes which I have alluded to. The principle of raising a considerable proportion of these Taus within the year, wit., I say, first adopted in the yeah 179?, Olen re course was had to a measure, which, h.wever advantageous it May appear, ought sever to be had recourse to, except in cases of the most urgers ne cessity, as I consider it to he the most unfair and un just principle; when applied to the assessed t ixes for the purpose of raising our Supplies. That duty was, however, laid aside on the followitig year. By the principle on which these War Taxes were raised, was the charging upon that duty so raised, and a large proportion of the Loan ; so that the sum of In millions of Stock was therefore charged upon the Assessed Taxes, and it was followed up in regard to the Income Tax, in the year !Nil. It WAS subjeßed to a large mortgage, being suhjeet to the interest of the Loan so charged upon it, being only intended to commence with the %Vat-, and to contiaue during its continuanne. This in creased, in proportion as it became necessary to charge the interest of the deht, and the consequence was, that in the year I 80i, there were charged upon the income tax, the sum of 56 millinas of debt, which had the effell th it, when commuted, the in. terrst came in deduction to the mutant of the puhlic service, at that particular time; and gradually consumed the income tax. lt was in 1601 that Mr. Addington was led to aban don the system which he had adopted, and then na pert of the Loan was charged against the Income Fax. When Mr. Addington came to treat with France at the Peace, he naturally looked to the most probable means of relieving the country from the Income Tax in the time of Peace, thinking it sufficient, that rev urge might again he had to that system in time of war. He therefore adopted wisdy that bold measure of tilting taxes, amount ing to ninety-six millions of stock in one year, in or der to free the country from the Income Tax. Of the benefit which accrued from that measure, in carry ing Q 3 this present war, I certainly will not com ment, as I ins convinced, it is one which has already made an impression on the House. Mr. Addington lead recourse to the Property lax. On it I do not mean to say much, farther than that it possessed all those requisites which might have been expelled from the experience afforded by the former means of raising the supplies. The Property Tax was found, as soon as it was adopted, to yield a consi derable Antonia; and although I de not wish to argue th it it is an equal tax, I have not flattered my self, nor can others entertain the ex heetation, that, upon a large principle, such a tax could he adopted by the government of any count'''. so as to bear equally upon all classes of the community.— It is well knew)] that there is a moral impessibility that such an cquelity is we would wish to aim at, can apply m all Loge measures. I his observa tion may :w equally made in regard to law, in so f..r as it respeas the application of punishment thereby provided. Corporeal arc other punishments mast undoubtedly vary, in every case, according to the streegth of the individual who is to suffer them.— The Application of a TAX, such as that to which I allude, therefore admits of varieties, which na ingenuity on the part of the Legislature can potaihly furesee or provide for. All that can he lanked to, when such a m. astir, must he hid recourse to, is the acquisition of some thing of a large denomination. On these prin cadet it was, that dismissing many of rie difficulties which were foreseen, it was adopted to a g reat extent ; and also a large proporti o n o f the lar.ir 'Faxes a ere raised, within the year, ti ,on the Duties arid Excise. It was to these Dunes that, necessarily, the attention of Ili Majesty'. Govern ment was direned, whenever they came into (Mice ; because, although the great inundation of raising the lVays and Means within the year was so far im properly condated, that immediately preceding our entrance into olEce. the very large addition of seven mdlions had been added to the expences of the c.iuntry ; yet it was a plan which, puder proper regelAtions, was de; meet exceeding!y desirable to adopt. The only ad prim which has been since made in that respea, has been one million. This being the state of things, we found the necessity of raising loans, as being the most fit mode ef pr,vid tog for the exigencie! , ; of the state, and a ;opted such arrangements as should enable the Government o f the Century to prevent an accumulated increase on the Property Tax, and unties on the custoins and exeise. Ry the mod- sn adopted, the amount of the War TAxes last year came to 18 millions. In doing this, I was led repeatedly to press measures, which, on ac.munt of existing circumstances, appear to he harsh ; but from which, the necessity of the case excluded my forbearance. I felt it, Sir, to be my duty not to shrink from this line of conduet, how ever disagreeable it might appear ; and the result has been the means of preventing evasions from that duty, which his caused its produce to amount to no less a sum than eleven millions and a half, for the service of last year; a sum which exceeded original expectations, by ore million sterling. From these severe' statement., the Noble Lord hoped the House would see, with satisfaftion, the very prosperous and improving state of the finances of the country; and he trusted, that after the ex plan scion he had given, in the course of which he had experienced so much indulgence from the House (a cry ef He ! hear!/ they would agree will him upon the resolutions he should propose upon the Ways and Means. 'Fix Noble Lord twat proceeded to apply these several statements to the asluAll expenditure of the country, and stated, that after excluding altogether all Foreign Subsi dies that might be found necessary to be resorted to in the course of the war, also all the extra expen ditures, as well as the increased price of the several articles necessary for the various military depart ments, Ike. but including all that which belonged to the aetual expenditures already estimate) during the period of welfare, the amount of the Supply, as he leefore stated, was 40,527,0651. ; end the Ways and Means 41,500,0001. a sum far exceeding any of the exigencies that might he calculated upon; there fore, by taking that Supply, and declaring from it all 1114 does not come within the regular expendi ture of the year, by the annual taxes, we shall be atile to answer every expenditure for every year of tare war, as long as tech a calamitous event conti• Ours. For Foreign Subsidies, the 5 per Cent. Con s tls, and Loyalty Loan, taken together, amounted to 38,617,000 L from which was to Ise dedulted the Aneuel produce arising from the Malt and Pension Duties; and also from the Consolidated Fund, Ealing together 31,977,0001. lie telt himself jure. tifi tit, ht statement of eapetklitui*, irclusive of Foreign Subsidies, to conclude, that it might be calculated as a saving of 2,96 r ,0001. and thi s sum might be considered as a part of that which we had m sort with in future. It was his intention to popose to the Committee to raise a sum of three millions upon every future Loen, under the deco. mination of a wet Loan, upon ►•oar tame ; and the Loan for this and future years, should be from the war taxes only. It might be raid, that this wobld he ellieutteJ, although it most be many rats befo re that circumstance could take place; to this objeftian be answered, that it was proposed upon raising these Loans, to take I u per cent from the sums boirrivree on these Loan., and place it to the eccoitot of the Sinking Fund ; and should any variation !eke pla te , in consequence of this measure, it would only be to the advantage of the Stock-holder. I he mese. quence therefore of ileac principles, as applied to t'a Loan of the present year, would be, that I .000eee,;, slitoild be detached from the War Taees ; teeeersee ot which 1;e nieent should be applied in payment •.f interest upon these 1.0 stile and the rentaiee 600,0001. savuld be applied to the Sinking I• u r r ; the cried of which would Ise, the., in the spate .1 foto teen years. the Siaking Fund v.otild he much inc►ease.l, AS to considerably redo a the IR:. manent and War Taxes, and enehle ns then re meet any exigence that might exist. It Wit pa. posed to take Our the first, second, and third years, slim of I 2,009, , )001. ; for the fourth and fife, 14,000,0n01. ; and for the remainder of that petit', 16,000,00 A. As thus this fund will be exhausted in sourteen years. at a time, perhaps. when th e eof may be continued, a new portion will be set ape!, applicable to the purposes of raising loans. The Ne. ble Lord here thought it necessary to promise to the Committee, that it was net the inter uon of His Ma jetty's Ministers to increase the Property Tax be. yond its present extent, during the war ; and that limn the moment a Definstive 'lreery of Peace shall he signed, it shall cease altogether. ".'he duties re Customs and Excise will be continue in a certain degree ; but all property will b- released, when that happy period shall arrive. From the state of the fund., at present, and the pions he had to propose, which he hoped would meet the full approbation of tire Com mittee, there would be no necessity to continue the Prop..ity Tax one day after a Peace should be con eln eed. The next topic his I .ordship referred to upon the sulejeff of War 'Fares, Was, the provision to he made for the redulien he proposed to make Iron the ‘Ver Taxes, in order to apply it to the Sinking Fund. He observed, that it would be necessary every year to supply the sum so detached from the Wee Taxes . ; for which purpose he meant to people for this, and every year during the period before Alluded to, to raise a Supplementary . Loan ; but, from the circumstances by wl,;ch the Stockheleseri and mercentile persons might be inconvenienced by too sudden an addition ot the Stoking Fund, it woeld be necessary that the amount of that sum so to be applied to the purposes of that Fund, shoull be kept down ; and, in order that the hands of the House should not be tied down. during this pesind of 14 years, it was intended that what ever surplus of the 11,000,0401. remained, it should be applicable to the payment ot the Supple mentary Loan. He wished particularly to call the at tention of the House to the three first years of this Supplementary Loan. foo.oool. of the present year's War ' faxes having been expended. it was necessary to raise a Supplementary Loan, to supply that de fiziencv. For the year MOS, this Loan will be eedncid to 14 0001.; and in 1809. there being 2,6)0.0001. to be raised, 100,0001. of that will t , • detached towards increasing the Sinking Fund ; st therefore happened, that for the three first years he should have recourse to the Supplementry Loan, which would amount, altogether, to 279.9991. after which time, from the falling off of annuities, there would he gained for 1307 and 1808, a sum of 365,5151. which would go to reduce further this Supplementary Loan; and by these measures, after ihe first three yeses, the public would be ushered i from any further permanent t.,xes upon that head ; and there then would be a sus plus re .neining for other purposes, such as His Ma jesty's Ministers should think proper to apply it to. 1 r the courses)! the next seven years, the Supplement ary Loan would gradually increase. over and above the Supply, and in the cenree of these seven years. there would only be wanted from the first. 1,531,3331. arid at the expiration of it, (1,•100 0001. To the me thod for raising this Supplement - y Loan, his Lord ship next callee the ettenti sn of the Committee. In stead of providing for each year, in the proportions already stated. his intention was to take an average of the whole, and then nuke a distribution of them equally. For the next seven years, the Supplement ary Luan will he prnportionably 293,e001. ; and from the great benefit arising from annuities falling, the next seven year.. would tequire a lean only of 300,0001 ; carrying this system on turther for 20years, at the expiration of that period ihere will be a sum of 5.000,0001. applicable to the reduslior. of the netional debt. I he evetage of the increase for I t years, taken prospedively, amounted to 3,459,0001. in the event of carrying en the War.— Looking back to the last war, the increase varied from lu to 40,000.0001., and the average for the Present amounts to about 45,900,0001. With re aped to the third position upon this point, the No ble Lord observed, that at the time Mr. Pitt first in troduced the system of the sinking fund, he did it with a view of liquidating the national debt ; but lest he should carry it too far, he limited it to 4,000,0001. It was not necessary for him to state all the evil.. which might wise from too sudden an increase ot this fund, as it most inevitably force a large quan tity of stock out of the market, and thereby an im mense capital would be destroyed. 1 he reduction therefore of the debt all at once, would be A Naional Bankruptcy ; for a person having a large quantity of this tend, ns•ght be ruined. The next conse quence would be, that all goods, wares, and mer chandises in store, would be depressed in their value, and the stockholder and the merchant would be equally liable to a similar misfortune for other persons would come into the mark. t with evtry advantage over them. 11e, therefor.. coesider. d it moat wisely done by Mr. Pet, t confine this fund to 4,000,000 L But that danger which he WAS so anxious to guard against, did not now exist ; for en I e 0 O a regulation for checking the Sinking Fund was provided for by Parliament. By the meuu:, thetelore, now adopted, a con-idereh:e to I her .tI Us