The Sun. — London, England, 1819-06-08 00:00:00

reestaescs te' the country At that time were not ,rich as the Perliament had approved, brit v seemed to he the most advisable in every ef whether they rewarded itemediate enrenience, or the effect upon the general finan cial -ystent. But the time was now come when the Ilouse was called upon to decide evil a more permanent and systematic more. It was stated in the fifth resolution, that the Sinking Fund ex ceeded the sum . necessary to be raised for the ser vice of the year by about two millions only. This st a'ement Bras taken front the returns of the rese teie i n the two first q u arters of the year. But front the lith Report of the Finance Committee of last tension, and the first Report presented this Session, it would he found that in the first year of peace there lead been a very considarable deficiency in the in come, as compared with the expenditure. In the year ending the srh January, 1817, the expendi ture was 54,200,0001., while the income was only 51,300,0001. leaving a deficiency of 2,900,0001. — This, however, teas made good by the arrears of the war taxes, which had not then been applied to ti e,pullic service. But if the revenue had stood at what it,was in 1816, there would have been a deficiency of above three, millions. In the fol. lowing'year the deficiency was much less; In the year ending sth January, 1818, the amount of expenditure was 52,596,0001. while the income was 52,320,0001. leaving a deficiency of little more than 600,,0001. In the year ending the sth January, 1819, the expenditure was above 52,000,0001 , and the income somewhat above 54,000 ; 000h; learieg a surplus of income be yond the expenditure of 1,680,0001. For the current year the Finance Committee took a still :more favourable view, and estimated that there would be a surplus of 1,900,0001. beyond the ex 'peoditure. But he would ask whether this was euch a surphis es ought, to he required to place the country in the sioratiou which was revised ,Whether it ceuld provide for such an extinction of the debt as would enable. the Nation to meet any lettere emergy-- 7 -whether it could hold out to the public at large the prospect of being speedily relieved fram a part of their present her dens'? tVith a surplus of no more than 2,000,0001. it was clear that the country would always he under-sm.:i restraint es would cramp its resources. The improvement of the income to make it pro duce a greater surplus must be reckoned amongst those measures which were of the strictest neces ecisty. This arose from the importance and ex . - refit of its operation. And first, with. a view to what was due to the public creditor, he knew no measure which it was more incumbent on the House to adopt. By the 'system which was adopt ed by Pat liament in the year 1792, on the iceoto nrendation of Mr. Pitt, it was proved, that for all debts to be contracted in future, there should be ati obligation to produce a Sinking Fond, which would gradually operate to their extinction. From tt.is system; however, it could not be supposed that there was no obligation not to contract any new Loan ; teat e could it be Mr. Pitt's notion that animal _loans must be contracted. If, Isewever, auy such idea prevailed, he should cenaider it' the tirSt duty of the House to deliver the public from such a system.— The present, surplus income of 2,000,0001. was not such 'as could relieve the country from the necessity of a Loan. But whether a part of the Sinking Fond was applied to the service, of the yt'art e'; , :e'ber.a'lly ether arrangement were toaee, still he woeld think that an•annual Sinking Fund ptt e five niillioree , tairld - siroside such an itn pot taut means of reducing the : debt as must prove very a4autagconsto the public credit. As yet there e ere no means of judging what effect would be prodoced by so great a se.rplus as tire millions. There were, however, some eirceoustantes Which might assist them in estimating the extent of its operation. In the period from 1786 to 1792, a Sink log Fund of one million had been provided, and from the great effect which it produced, some idea might be Wined of the effect which would be produced by the five millions. The effect of such au,iuctease to ;he Revenue in the present situa tiou, would be to raise the Sinking 'Fund of five millions to eight millions. This would he 'occasioned partly by the accumulation of compound intetest on the small loan—partly by the increase of income during the peace—partly by the reduction of some of-the Funds when op pertunity should offer. He could not think that he was vet y sanguine, when he thought great itn provetneet must ,take place in the revenue. But when a clear surplus seas provided by a Sinking Fund of 5,000,0001., it would be for Parliament nom( to consider how they would dispose of any for:her surplus ; and the public might then look tee be relieved from a part of the Borden to which they wet e now exposed. The immediate object : then ot, the measure which he meant to propose to the ;louse, was such an increase of the reve nee ss shohld produce a surplus of 5,000,0001. aps ['health. to the reduction of debt : and this would olnaitriol by iticeeasiog the ',resew revenue to the extent ot 3,000,0001. • By cc bat particular ntean be intended to eccornplish this increase it would be lot him to submit to the How'e when the coosideration of the Ways anti Means came before them. For the present, however, he must say, that he ryas far front expectiog that the House would sanction so considerable an increase ot taxes asehrce trillions, without a statement to chew that it was expedient and necessary that such an addition shookd be made to the public butalens. When such a statement was made, it would he for each gentleman in this House to, meke up hie mind as to its force. There might be differences - of opinion as to the particular :parts of the plat) ; for it by no means followed that who approved it should approve also of the details. All that he wished was, that the House sheuid take such a view of its situation as would induce icto make a great exertion. By what par ticular tax' this 3,000,0001. shoidd s be raised, isles a point comparatively of small importance. At the setae time, he felt that a ;steal deal was to be considered in determining opon the most fit ob jects for any increase of taxes. But when the exertion was resolved ort—swhen the situation of the cottony was found to be such as rendered such a measore expedient, it would then be kat the House to consider how the burden might be apportioned so as to occasion the' least incoove- The 'House might, hoWever, expect that tee streuld new state what those alticies Were on which be proposed to lay the additional 'The Hoese was itiready aware that he pro posed to consolidate various of the Customs duties. This Svould inclode •tt variety slL!iit alterations in the, ditties on various articles. The first, and one of the most consi derable of the articles on which en additional (tiny would be laid, eas foreign wool. The duty on that article was at present only a penny per pound, which wasethotia, , ht too low with a view to the interest .of the hone - gfonte - r•-. of .tnateitn port ant article. He proposed that the duty should be increased to six-pence per pound. This additional ditty would operate as a protection to the growers of the cortoots kinds of wool in thi s country.—(Hear, hear, heel. 1)-1By this increase of duty, he calculated that an- increase• of the're venue would he effected ;to the amount of 250,0001. or 300,0001.. Under the same head of Customs, thet:e were slight additions to the 'On 'ties on various small articles . , which it was esti mated would give a further increase of about '200,0001. ..111 'all, - under the fetid of Customs, he proposed an increase - of - duties which would prduce 500,0001. Remaining articles on which new duties were intended, came all under the head of Excise. In this branch . , the most consi derable article was malt. It would be recollected that the war' tax on malt had ceased in 1816. He did not now intend to propose that it should he, renewed, but he would show the House how he intended to modify it. In 1816 it had been stat ed that,great and extensive benefits would he pro duced by the cessation of the war tax on this ar ticle—that it would afford relief to the agrienl tural interest—that ,it would even be benefi cial to the revenue and, above all, that it would give great. relief to the lower classes.— None of these expectations had been realized -and in all points of view the cessation of the tax had failed of that operation which had been pro.. mised, It appealed front Accounts before the House, that the number of bushels of melt on which duty had been paid in 1816 was 2E;400,000, whereas in the next year, which was the first af ter the cessation of the tax, • instead Of any in- crease, the number of bushels fell to 17,000,000. It therefore appeared that the consumption .va ried withrnit any reference to the amount of ditty *paid ; and When the tax was taken off,-instead of the promised increase of the revenue, there was a great reduction. In the second .Ydatt alter the cessation of the tax, the-amount of ,bushels on which duty was paid rose again to 26,400,000; bat beyond that it had never since gone. Be meant to increase the duty. on this 'article to the amount of Is. 2d, per birdie!, making the whole amount of duty .3s. 6d. per bushel. He hoped that this increase would not only be no justifica tion for increasing the prices to the public,' but not even for continuing the price so high as it now was.—(Hear, hear,beat 1. from all • sides of the e flouse.)—ln order to fortn int accurate jodg ment on this subject, he must request • 'the attention of the [louse to the Report of the Committee which had .been • presented in the last. Session. Among the mass of important • evidence which that document contained, there would be found the evidence of a Gentleman. of the higheSt respectability and of great 'cod neuce in that very professioo, which was prin cipally concerned in the consumption of malt. According to the statement of that Gentleman, it appeared that the price of . Malt,during the last year might be stated at about 81s, per quarter, and hops at 241. or 251. per cwt. In the present year, malt could not be above 83s. per quarter, if even so high ;• while hops were not above 81. -10 s ., per cat. At this - rate, the aggregate expence •,of brewing a quarter of beer was 91. 6s. Sd. last year, while this year it was only 61. 73. 40'. leav ing a' difference of 21. 19s-40. of which he only. wished. to take' 9s. 4th leaving '2l. 10s. in f avour of the brewer, beyond what they had.last year.— (Hear, hear !) The total amount of the increase of revenue which he expected from this 'addition' to the duty on malt was 1,400,0001. The re , maining articles of excise, on which,an increased deity was intended were principally those ou which deities were now collected both tender the head ofex else and customs. By the double collection of duty, it had been found that a great addition was made to the expeoce of management. Government now . intended to try the experiment,.whether the whole amount .of the -duty collected under-the separate heads of excise and customs might not be effec tually secured under one head. The articles to whiCh he alluded were those liable to great frauds front adulteration, and on which, in fact, such frauds to a great extent had been, detected. The Customs had not the means of detecting such frauds ; wiiereas 'the Excise had the means, and had already successfully used them to a great ex tent. The articles to which be alluded were To bacco, Coffee, Cocoa, Tea, and Pepper. Upon each of these, sit the saute time with tee transfer of the whole duties to the Excise, he intended to propose an additional duty. •, Unto Tobacco he would propose such an increase as would give an additional revenue' of 500,0001. But even with this increase the article might be afforded to the public cheaper than it had beemsome years ago— (Laughter)—cheaper than it had been before the end of the American war. On Coffee and Cocoa he proposed an additiou, which would amount to '130,0001. ; on i'epper, one which would amount • to 30,6001. ; Tea the duty would be raised 4 per cent. the present rate being 96 per cent., which would be now made lOU per ceot. and would produce an addition to the retenue of 130,0601. Ile was aware that it might be ob jected to the increase which. was proposed in the duties on these articles, that it would tend to en courage sniuggliog. - But he trusted that such measures would be taken for the prevention of smuggling would be found effectual for, that purpose. Nor did . he think the additions to the duties were such as could afford any additional temptation to contraband-traffic, while, osier as they went, they afforded an additional reason for vigilance on of the revenue officers. Otte other article remained, on which the duty which was now collected•might he stated as being that which was . as faitly collected as any in the coon try---namely, that on spirits . distilled in England. No Tax was better collected, as the trade was, corn teed to a.few opulent . individuals. He Prd l'o'sed an augmentation on this head, which would produce 500,0001. The total aggregate of the e • increase on the various articles which he bad 'famed was 3,190,00,1., which, allowing for some accidental deficiencies; might be taken as afford ing an increase t(i the revenue of - three millions per arinnin. To rt‘eapitalate—the first great ar ticle ivas consolidating vat ions articles of excise and customs tinder the head of excise ; then the increase i>f the - customs on foreign wool ; and lastly, the additional malt tax, and that on Bri tish ,spitits. lie 'felt that he could not too se rionslv impress upon Parlianient the necessity-of making a great effort by these or some other means. Now for three years he had submitted the Iloose annoal !dells of finance, - founded, as he knew, and as the House knew, on measures of temporary expediency. 'rite time had now arrived when such Ineasures oogiit no ,gouger to tie resorted to, and when the situation of the coutriy required the adoption of sorne settled aad permanent system. The House had, felt this,. so far as to enter into a _minute - investigation as to the financial state of 'the natiop, and one of the results had been a resolution td .Turn toi sound currency. The present, therefore, seemed the fit season for establishingthefinances of the country on a ;solid and secure basia, All the points of the weakness, as well as of the strength of the . etri pire,,kad become known both at flame and abroad. By the return of the Army 'of Observation from France, the military force had been reduced to what might be considered the permanent peace establishment—at least that which must continue for some time. Jr was not likely that any further great reduction could -be made. Some other 'ex pences which occasionally occurred would he re , doced—especially that of the Militia. But it would be t'easonable to calculate on this, or on the increase, of the revenue—or the Sinking Fond— er the 'eduction of any of the Funds. Thesewere resources slow and gradual in their nature, and it was impossible to state' with ,accuracy any pro bable period when they might be reckoned Five millions, thetefore,seemed to him the smallest stein wh'ell could.. be . safely •reckoned .on for a Sinking Fund ; and the addition of 3.000,0001. of taxes would enable us to proceed with such a fund from the present year. The Loan for this year provided for the repayment to the Bank of the sums ,advanced by them, and for the Exche quer pills. It was only the amount of the several branches of the public expenditure which was estimated to leave a sum of 13,000,0001. or 13,500,0001. to be provided for it-, and if that whole sum were raised, there would remain a surplus of 3,600,0001. In looking to the increase , , of this surplus tt om the new-, resources, it was not to be, expected than the new . taxes would at ff lain their full amount in the first. year. 'it the same time it was also. to be cousidered, that all the expences of the loan would not fall within-one year. One question however might be aslsed-; of some importance, -with respect to the produce of the taxes. There was a very general 'apprehen sion that a considerable defalcation in the reve nue. would be occasioned by the stagnation of trade, and it might be asked, whether this might not he expected to . have a great effect. He was, howeier, happy to state, that hitherto this effect had not been produced ; and he hoped that the symptoms of amelioration which already appeared - would lead to substantial improvement. Since the 6th of April, there certainly bad been some diminution its the revenue, but it was not of a very alarming nature. Up to the 4th of June, the total amount of the deficiency, as compared with the corresponding quarter of the last year, was 107,0001. or about two per cent. He would state" how this had taken place. The Excise bad fallen off by about 215,0001. - ; but it was not -improbable that this deficiency would licit continue any longer. In the Customs there Iraq been an augmentation of about 84,0001.; in the Post Office, an increase of 43,0001. ; in the Assessed Taxes, an increase of 14,0001. ; in the Stamps, a diminution of 33,0001. Thus there was a total diminution of 248,0001.; from which was to be subtracted, an increase upon other branches', am ounting to 141,0001., leaving a diminution on the whole revenue of 107,0001. in the (Loaner ending the 4th of this month.. He had tio reason to think that the Finance Committee had taken too sanguine a view. -But at the sauce time ;he should not, under the present - circumstunCes; think himself justified in speculating upon any ' increase of the rettenue ; although be dril think that those causes which produced that stagnation which had lately effected the revenue must now have ceased to operate: The effect which - had been produced by the preparations' for resuming Cash Payments, bad certainly been considerable,; but a great part of the evil had been occasioned by the alarm, and that had'how snbsided. it had been found to he groundless, and :when it ceased the revenue might be expected to return to it-s re gcriar state. Having given these detailswl:ich the occasion seemed to call for, lie had only to.say r that be would be ready to enter into any-explana tion which might be wished to elucidate any patt of what he had submitted fo'the House. But he could not sit down withotit expressing how great a degree of responsibility rested with his 111 jesty'a Ministers, not only in proposing any new taxes, but also in the management of those which • were already imposed. -He was ready; however, so far ai it was possible. to add to that obliga tion, to do so, by moving - a further resolution,. calling, upon the Exeeptive- Governinent for the most economical management, of the public revenue.—(Loud cries of hear, hear I . from the Opposition).--41e hoped that the- eyents'Of this Session had already given a pledge of ,the-since rity of their endeavours in this respect. In the great departments of the State, scarcely any vote had been proposed which had met with Oppeai- • tion. One subject bad been alluded to in the course of the Session, which he felt to be one of great miqortune— namely, the expences - at tending the collection of the revenue: This was a subject well worthy of great consideration, and, its investigation ought to be speedily undertaken. With this view - he would, after the other resolu tions, move one which would 'Set forth—" That with.the view of accelerating -the period when the. country might expect relief frotrra'part of its present burdens, the House thought that a vigilant controul should. be exercised, and a minute inves tigation instituted, "as to-tii-e - mode of collecting ' and managing the revenue, with the view of mak ing every possible diminution in the expt-nditure of the country."—The House was aware that as investigation of this kind had been institutsd the Customs, and had been found productive e l many most advantageous arrangements. H hop' ed soon to be able to lay before the House the account of a similar investigatio.n. in the other branches of the public revenue, which should show how considerable reductions might be made in the expences ot collection and 'management, or the reason why it was impossible that any such made.—(Hear, hear !)—The Right -Hoy Gentleman - concluded by moving the first Resale' tion— , s That since the termination of the war to 1815,.3rthe Property Tax in Great Britain, and other taxes in Great Britain 'and Ireland, which yielded •a revenue of Hpwards of 18,000,00 0 per annum, have expired, _or been repealed of reduced." Mr. TIERNEY rose.—He said, that the last Ite solution which c hat! been proposed by the WO lion. Gentleman could not have been serinusli meant for the House ; it was . no dOubt intende d . as a ruse de guerre ; though the proposition wi s no doubt singular, it was in fact one of the mos t extraordinary propositions ever made by a Chan" cellor of the Exchequer ; it was in fact desiring the House to instruct him to be economical, a 0 ,4 then, forsooth, he would take it into his flea to be economical. The Right Hon. Gentleu l then proceeded to read seriatim the Resolution submitted for the consideration of the Committee The first and second were, he said, merely de' claratoey of'a fact introduced for no purpos e that he could well conceive. The conclusion . 0 ' the sixth was the one which really went to - al point, for that boldly announced the intention 0 ' imposing 3,000,000/. of new taxes. The WO; Hon. Gentleman had talked of the pain he so ul his colleagues felt at the imposition of new taxes ; but the only pain which the country would tee l would he—first, at the unblushing nature of Of proposition ; and, secondly, at the tio necessari, introduction of it. If he (Mr. Tierney) coma bring his mind to believe that new taxes ougli t to be imposed to place the finances of the country upon any thing like a permanent basis? and that no other means remained for the act complishment of this purpose, he should n° 4 flinch from his duty in proposing them ; but sC present he saw no such necessity. He objected , therefore, to the absuact proposition re's! lug on the country in its present situation an_sly-; ditional annual burthen of three millions 0 ' taxes. his objection also went to the del and manner of doing this. At the outset 116 bad therefore no he - sit ation • in declaring his .div a sent horn the gight Hon. Gentleman's propoili' lion. The fifth Resolution referred to the stet a of the Sinking Fund, which wes no longer wbe ee r it wa3 originally intended to be. He insisted tit the operations latterly earrying on had so reduce, the Sinking Fund, that no more .remained of IC but the name. The House must be a good dea l appalled to hear the real state of the counttil' atter the repeated stunning boasts of its flourish' ing condition and growing prosperity by tli g ' Right Hon. Gentleman—after the bright pictirres and anticipations so frequently indulged in ft . ° la adhering to the system of Mr. Pitt—and after thy flattering and overcharged representation of th is state of our revenue, our commerce, and trad" by the Noble Lord (Castlereagh) early in (14 Session, on the renewal of the Finance Cone mittee. What theti was the real state of 0 1 country at the prrseat moment ? It was this: til B ; our ttxpenditnre so far exceeded our income, t"' our wants were so pressing, and our embarrass: nients, all proceeding from a long and wastef°' run of extravagance, so great, that Minisrel found themselves driven to propose a direct brae' Of faith with the public creditor; for that such st violation' was contained substantially in the R e' solutions of the' Right Honourable Gentletrolli nothing could shake his conviction of. The Rig l . l 4 Honourable 'Gentleman professed to ground big, Resolutions on the expediency of returning the system of Mrs Pitt—and said, that n othing but that would place the finances of the wooll on a sure foundation. He, however, conteud e " that the intention of that Statesman, in wool,' big- the Sinking Fund Act, had not been strie observed ; that it had been varied from in 1 0 ' 4 in.. 1506, and, above all, by the Right H o noti r s " able Gentleman. himself, in the principle o d e e ' Resolutions he had carried in 1813, and in aiming 'to his intricate and complicated stat e ; meats at that time, the House would see bow l ' - had dwelt on the incalculable advantages as he then thought, would result from varyings" d original and appliCation. His reason ntb 'a then was, that by allowing this fund to acctint ls'! for a few years, according to the expresadir ea ; lions of the Act, the effect would be so much t o lower- the rate oriotesest, as-vitally to injure t i e, country. Since that period a sum of 5,700, 00tP , had beets taken from it; for if that had not be e ; the case, it would now amount to 21,000,0 01 The proposition to that effect was made on tk o plea ot saving the country from taxation to 04 same extent,. and the House was mitred by Chancellor of the Exchequer; that if they asse°' ed,to it, they Would be actually filled with 0 0 ; hishment in a short time at the vast advantag e which would result. They did assent—the 11)° : ney was taken—all the promised advantSel were . lost—and the result, as they now her" was, that it was necessary to go back to the aP; cient system of Mr. Pitt. A further inroad -0 % this year to be made on this fund—its real anto!" 1 ; was now but t wornillions, and to increase it to'fiVe three millions of new taxes were proposed. P. lie did not see why an odium was thus to be 61.9 0 ; on allthe stock-holders of the coontry, by laYi ° ,4 on new taxes oil an exhausted and • impover ish ` o nationfor such, in his view, was the natural c e i - i ee sequence of the measure. sinking fond of Iv, millions was judged necessary to be kept O i l to constitute that, three millions of addition c: taxes were necessary ; and what was that b l . '„ saying, that to give an assurance and secur it Yn the stock-holder, the nation at large was to bb burdened with'new taxes? He asserted, that su c j an advance was not worth such a price; he s ° 3 l l that even taking the fund at five millions, it 11 only a faree—it was as oothing, after taking ftw h i frOm it thirteen •ersillioni five buodred-thousso-, pounds—it was a mere deloSion, and there `' . 1 1,. really an end of all practical security to the ritio lie creditor. The machinery of Nr. P WI - 01 Ca b e tLc ;~ r ciil lit) t;( cr,