The National Register.
London, England, 1816-01-14 00:00:00

NATIONAL R

sM

of the expense of the war, and their palliative remedies; but
we have not now time to discuss them, or point out, further
than by comparison with our own observations, what errors in
fact or in theory they may have promulgated. We shall not,
however, ultimately shrink from the duty of detecting them, if
they exist.
" The cost of the war consists principally of the sums raised
since its commencement to defray its current expenses ; the sums
raised to pay the yearly expenses of the debt contracted when
those first mentioned- sums were insufficient ; and the amount of
that debt which still remains unpaid, or, which is the same thing,
the sums which must still be raised in order to extinguish it.
" 1. To estimate the first head with any thing approaching to
Accuracy, would be hardly possible ; because, beside the extraor-
dinary or war taxes, it consists of the growing surplus of other
taxes, which, but for the war, might have been diminished or
entirely repealed. But if we omit these entirely. and only con-
sider the Nvar taxes, and confine ourselves to the period during
which, from the enormous amount of the debt, and the approach-
ing failure of public credit, it became necessary to attempt raising
a considerable proportion of the supplies within the year, we
shall obtain a sum, however enormous, yet much within the truth..
The war taxes amount now to above 25 millions, exclusive of the
portions transferred to the consolidated fund, and appropriated to
the debt. Ten years Property, or rather Income-tax, at 10 per
cratt.;has been paid, making at the least 120 millions, besides what
was paid at 5 and 6.1 before 1806. Indeed, we have the Chancel-
lor of the Exchequer's admission in 1813, that, before that time,
above 200 millions of war taxes had been paid this war. Since he
said so, 70 more have been paid ; so that 270 milli ans have been
thus raised, exclusive of all that were levied last war.
" 2. If we reckon up the sums yearly paid for the interest and
other charges of the several loans, from 1793 to 1811 inclusive ;
that is t• say, 22 times the charges on the loans of 1793, 21 times
those on the loans of 1794. and so on, till we come to the loans of,
1811, we shall obtain the sum of 238 millions and a half paid for
throe loans. The charges of the loans for 1812,1813, 14 and 15,
remain to be added, which will swell the amount to above 240 mil-
lions, although, since that time, the bulk of the loans have been
charged upon the sinking fund.
" 4, The funded debt beibre the year 1793, was 238 millions and
a quarter, in round numbers. Its annual cost was nine minima
and a quarter. In 1802, the capital had increased to above 589.
Millions—the yearly charm to 23 millions and a quarter. By the
last returns, February 1815, the debt was above 1023 millions and
a half; or, deducting the stock redeemed by the sale of the land
tax, 1068 millions, iwekonlng the floating debt and outstanding de-
mands at 68 and o half, and the annual charge above 41 and a
,marten,—being astinerease in the debt of 838 millions, and, in the:
yearly charge, of ~St millions. Now, of the whole-debt, about 800
millions and a half are still unredeemed ; and the late operations
hive reduced the linking fund to about eleven and a half, which
will take forty-five years to complete the redemption, according to
Mr. VansittarOs estimate. During that .period, therefore, we must
vontinue to raise taxes to the amount of $4 millions a year, in con-
sequence of the late war On other words, before we have done
with it, We shall have paist.ls3o millions, beside what hes been
already paid. Thus, the total cost of the war, upon the very low
I climate which was made Of the former heads, comes to more than
the enormous sum of 2040 millions.
" If it had not been for the debt contracted in the late war, we
,2totild, some years since, have had no debt at all remaining, sup-
posing us to have raised but a very little more than the original
picking fund of 1786 required. Now, we are saddled for thirty
yvarm with taxes to the amount of above forty-four millions a year—
nearer one half than- one third of the whole income of the nation,
a:Tot-ding to Mr. Pitt's estimate of it in 1798.
" The burtheas which are most felt by the bulk of the people,
tiat is, by the middle and lower classes, are the customs, excise,
punt assessed taxes. The net produce of these three branches, for
the ) ear 1814, was abort 36 millions, (exclusive of the war duties);
the gross amount levied upon the community being about 41 mil-
I.:pus. Of almost the whole of this enormous burthen, therefore,
we might now be free, were it not for the expences of the late war.
•"che conclusions drawn from the past seem to be—that we
should be somewhat more cautions of again plunging into a war—
:la I that, having paid so Much already, we have a right to be ex-
e opted from every penny of our burtheas that is not absolutely
re ..sssary.
Let us cast our eye for a moment over the state albs account
v.kioli the prospect of peace ,:cans' to present.

lAN% 114

— "
There were levied during the year 1814, the last for wish+
accounts have been bid before Parliament, taxes to the enor-
mons amount of 76,893,9131.; the net produce of which was
68,781,1331. Of this sum, 24,562,0731. are war taxes ; which
were originally imposed, upon the ground that the exigencies of
the war required them • and paid, upon the faith that with those
exigencies they should 'cease. There remains of net permanent
revenue, 41,219,1601.
" The expenses of the national debt for the same year amounted
to 43,033,2371. ; but taking into the Recount outstanding demands
and the loans and unfunded debt of the present year, before the
war can be wound up, an addition of a million and upwards must
be made to this annual charge ; so that the whole permament reve-
nue will do no more than pay the interest and other expenses of
the debt.
" Of the 44 millions and a quarter, which is the estimated ex-
pense of the debt, a large portion. viz. about 15 millions, belongs to
the sinking fund. Let us, however, take it at 12, after making the
deduction for the operations which ave lately been practised upon
it. Can any man devise a reason.against taking seven millions of
this sum in aid of the public necessities?—'Phis would leave a sink-
lug fund of five millions, which would gradually, perhaps as quickly
as is either advantageous or safe, in time of peace, pay off the debt.
As to the effect of such an operation upon the funds, it would be
inconsiderable. Many persons question altogether the effect of the
sinking fond upon the price. of stocks; contending, that if, the
money were not applied to the purchase of stock by the Com-
missioners, it would be in private hands, and find its way to the
same point through other channels.
" The breech of faith with the public creditor will hardly be
urged against this necessary measure, after the ease with which the
inroads of 1813 was suffered to be mad. upon the sacred fund.
" Were it allowed to accumulate unti! nearly the whole debt stood
in the name of the Commissioners, 35 or 46 millions a year must be
suddenly thrown loose, in a manner extremely detrimental to the
national capital.
" But it may be said, that even this resource will prove inadequate
—the peace establishment being estimated at 18 or 19 millions.
"If the country permits such folly in its rulers, It deserves the •
consequences—endless taxation, and peace without repose.
" The Nand to which we have been referring, as the only one.
that, properly speaking, remains within our reach, is seven mil-
lions a year. T,o something like this, then, the expenses of the-
country should hie reduced.
" The whole civl expenses of the country in 1814 (exclusive of
- the debt), amounted to 4,039,7431. This includes several heavy
articles of expense belongiag to the war, as secret service money
at home and abroad, grants to the Germans, am.; and some things
which are accidental, and ought not again to occur in our accounts
until we can afford them, as improvements in architecture, &c.
The amount of the civil expenses of the country and its colonies,
therefore, did not, strictly speaking, exceed three millions and a
half for that year. All the rest ot the vast expenditure was to
support the war. There were ten millions fur loans, or rather
subsidies, to foreign powers---aboat twenty-two for the navy—four
I and a halt' for the ordnance-161 for the ordinary—and 17k for
the extraordinary expenses of the army—tuakins a military or
warlike expenditure in one year of no less than seventy millions
and a half.
" Then look at the establishment of 1790, the last year of the
entire tranquillity. The Navy costs two millions and a quarter ; the
Army a little more than a million and three quarters ; the Ordnance
has been half a million. But as the pay and expences generally
have been increased since that period, we may allow that the seine •
number of ships mid troops will require more than &tar millions and
a half—perhaps above seven millions. Then, as our colonies ar6
extended, a larger force is required for them ; but means should be
taken to make the settlement. defray this additional expence. As
for keeping up a large army at home, because it adds to our power
in Europe • to our name abroad • to our weight at Congresses, and
so forth—there is one answer—We can't afford it.
" As for the Income Tax, it is on every principle so oppressive%
so contrary to the principles of the constitution, so destructive ot
individual security and comfort, that we cannot suppose a free
people will endure it one instant after the termination of the crisis
which alone justified it."
In many of these points we agree. The property tax should
•be given up; and the sooner the whole of the sinking fund is
applied to the relief of the burthens of the people the better.
l'he amount ofour peace establishment will depend on the nature
_of tbe.peace itself? and the warlike genius of Europe. But we lauth,