Star.
London, England, 1807-01-31 00:00:00

'l~vill tE, M,ICCC,VII.

The new plan of Finance ha., fni its Ok:ea, to Pro-
, vide the means of maintaining the honour and inde-
pendence of the Britith Empire, during the necefrary
continuance of the war ; with.hlt pertep,ibly in.
creafingthe kurthens of the country, and wit:: ma-
nifeft benefit to the intereits of the public creditor.
The propofed meafure is grounded on the flourdh-
ing flare of the permanent *revenue ; on the great
produce cf the war taxes ; on the high and accutnu-
lasing amount of the Sinking Fund ; and on tome
inferior aids to be derived from revenue let free
by annuities originally granted for a term of years,
and now expiring. Thefe circumflances, fo favour.
able to the introduelion and maintenance of a new
fyßem, are jußly to be attributed to the wife, provi-
dent, and fpitited exertion., which have had the con
ctlrreht fupport of Parliarnent atd of the people, dur-
int the whole eventful period of the lo years.
The plan is adapted to meet a fcAle of expenditure
neatly equal to that of 'tit year 1806 ; and it affumes,
that during the war, the annual produce of the per.
maitent and temporary revenues will continue equal;
to the produce of the fame year 1806. ft is under.
Rood, that any further or unforefeen charge, or any
deficiency of revenue, (hall be leparatel) and fpeci-
ally provided for.
Keeping there premifes in view, it is pinFinfed, that
the war loans for the years 1807, 1808, and 1809,
than be twelve millions annually ; for the year 1810,
fourteen millions ; and for each of the ten following
years, (lateen millions.
Thofe feveral loans, amounting for the fourteen
years to 210 millions, are to be made a charge on
the war taxes, which arc eflimated to produce 21
millions annually.'
The charge thus thrown on the war tales is meant
to be at the rate of ten per cent. on each loan. Every
fuch loan will therefore pledge fo much of the war
taxes as will be equal to meet this charge :—that is,
a loan of twelve millions will pledge i,200,0001. of
the war taxes. And in each year, if the war thould
be continued, a further portion of the war taxes w ill,
in the fame manner, be pledged. And confequently,
at the end of fourteen years, if the war Ihould lag fa
long, 21 millions, the whole produce of the war
taxes, would be pledged for the total of the loans,
which would at that time have amounted to 210
millions.

The ten per cent. charge thus accompanying each
loan will be applied to pay the intereft of the loan,
and to form a Sinking Fond, which Sinking Fund
will evidently be more than five per cent. on fuch of
the feveral loans as Ball be obtained at a lets rate of
interelt than five per cent.
It is well known, that a five per cent. Sinking
Fund, accumulating at compound interctl, will re-
deem any fum of capital debt in fourteen years.—
Confeguently, the feveral portions of the war taxes,
propofed to be pledged for the feveral loans above-
mentioned, will have redeemed their relpeetive loans,
and be fucceffively liberated in periods of fourteen
years from the date of each faith loan. The portions of
war taxes-thus liberated, may, if the war fhould (1 ill be
prolonged, become applicable in a revolving (cries,
and may be again pledged for new loans.
It is, however, (hewn by the printed calculations
and tables, that, whatever may be the continuance of
the operation, the property tax will not be payable
beyond the period for which it is now granted by the
46 Geo. 3. ch. 65. but will, in every cafe, be in force
only during the war, and until the tiath ay of April
next after the ratification of a definitive Treaty of
Peace, and no longer.
It is next to be obferved, that the charge for the
intereft and Sinking Fund of the propofed loans, be
ing taken from the annual produce of the war taxes,
a deficiency egu..l to that charge will be created in
the amount of the temporary revenue applicable to
the war expenditure.
Supplementary Loans will be requite to make
good that deficiency.
Thole fupplementary loans mutt increafe in pro-
portion to the increafing deficiency, if the war fhould
be continued, but the whole amount of the loans
will never amount, even in a period of twenty years
war from the prefent time, to more than five millions
in any year, beyond the amount to which the Sinking
Fund of that year will have been railed by this plan.
It is propofed that the fupplementary loans Ihould
be formed on the eftablithed fyttem of a Sinking
Fund of one per cent. on the nominal capital.
The charge fo created will be provided for, during
the firft three years, by the expiring annuities ; and
during that period the country will have the great
benefit of an exemption from all additional burthens.
A new liming may thus be given to the energy of
our commerce : at all events it will obtain a fecu-
rity from the increafed preffures which it mutt other-
wife experience.
From 18to, and for the fix following years, a
charge muff be provided for, amounting on the ave-
rage of thole (even years to not more than 293,0001.
annually : a (um in itfelf fo fmall, in companion
with the great additions which have neeelfarily been
made to the taxes in each year, for the laft fourteen
years, that it can fcarcely be felt, and cannot create
any difficulty as to the means of providing for it :
But even this comparatively (mall amount may pro-
bably be much diminifhed by the increafing produce
of the aftual revenues, and by regulations for their
further improvement.
And thus provilion is made, on the fcale of actual
expenditure, for ten years of war, if it (honk/ be ne-
ceffary, without any additional taxes, except to the
inconsiderable amount above (fated. At the dole of
that period, taking the three per cents at 60, and re
ducing the whole of the public debt at that rate to
a money capital, the combined amount of the public
debts will be 387,360,0001. and the combined amount
of the feveral Sinking Funds then ezifting will be
22,720,9001.: Whereas the pretent amount of the
whole public debt taken on the fame fcale of calcu-
lation is' 351,1793,0001. arid the prefent amount of the
Sinking "Fund is no mire than 6,335,0001.
If the war fhould (till be continued beyond the ten
years thus provided for, it is pia-poled to take in aid
of the public burthens certain exceffeato accrue from
the prefent Sinking Fond. That Fund, which Mr.
Pitt, (the great Author of a fyttem that e .11 immor-
talize his name) originally propofed to limit to font
millions annually, will, with the very large additions
derived to it from this new Plan, have accumulated
in t 817 to fo large au amount as 24 millions !telling.
In the application of (Lich a foal, neither the true

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principles or ir. Pitt's fyllem, nor any kit view of
the real interellr, of the public, or t yen of the Stock-
holdbr himfell, can be confederal as any longer op-
pofink an ohllacle to the means of obtaining atfuch
i.a moment Tome aid in alleviation of the burthens-and
necetlities of the country. But it is not propofed in
any cafe to apply to the charge of new loans a larger
portion of the Sinking Fund than fuch as will always
leave an amount of• Sinking Fund equal to the in•
terefi payable on fuch part of the preen' debt as Mall
remain unredeemed. Nor is it meant that this or
any other operation of finance (hall ever p•eveot the
redemption of a fum equal to the pi efot debt in as
fhort a period as that in which it would have been re-
deemed, if this new plan had not been brought for-
ward. Nor will the final redemption of any fop-
plementary loans be poltponed beyond the period of
45 years pretcribed by the Aft of 179 z for the ex-
tiation of all future loans. While each of the an-
nual War Loatis will he fatcceffively redeemed in 14
years from tine date of its creation, fo long as war
flail continue ; and whenever peace (hall come, will
be redeemed always within a period far Ihr-tit of the
45 years required by the above mentioned Aft.
In the relish therein re of the whole meafure, there
will not be impofed any new Taxes for the firfk three
years from this time. New takes of lefs than 30n,n001.
on an Ave, age of feven years from 1810, to I 8 t 6, both
inclufive, are all that will be neceffary, in order to
procure for the country the full benefit and advan-
tages of the plan here defcribed ; which will conti-
nue for twenty years ; during the IA ten of which
again no new taxes whatever will be requited..
It appears, therefore, that Parliament will di en-
abled to provide for the prolonged expenditure of a
necefray war, without violating any right or interefi
whatever, and without imputing further burthens on
the country, except to a fmall and limited amount :
and thefe purpofes will be attained with benefit to th
public creditor, and in firiet conformity both to the
wife principles on which the Sinking Fund was
eßa-
blilled, and to the revere! Ads of Parliament by
which it has been regulated.
It is admitted that if the war fhould be prolonged,
certain portions of the War Taxes, with the excep-
tion of the Property Tax, will be more or leis pledg-
ed for periods, in no cafe exceeding fourteen years.
How far tome parts of thole taxes are of a delcrip-
lion to remain in force after the war, and what may
be the provifion to be made hereafter for a Peace
Eflablifhment, probably tnuch larger than in lot mer
periods of peace, are conlideratiuns which at prefect
need not be anticipated.
It is reafonable to affume, that the means and re-
fources which can now maintain the prolonged ex-
penditure of an extenfive war, will be invigorated
and increafed by the return of peace, and will then
he found amply fufficient for the exigencies of the
public fervice. Thole exigencies mutt at all events
be comparatively fmall, whatever may fill be the
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!rouble and precarious circumflances of Europe.
Undoubtedly there prevails in the country a dif-
petition to make any further facrifices that the fafety.
independence, and honour cf the nation may re-
quire: but it would be an abufe of that difpofition,
to apply it to unneceffary and ovetftrained exertions.
And it mutt not pafs unobferved, that in the fuppo-
titian of a continued war, if the loans for the annual
expenditure fhould be raifed according to the fyflem
hitherto purfued, permanent taxes mutt be impolcd,
amounting in the period airumed, to 13 millions ad-
ditional revenue. Such an addition would add hea-
vily to the public burthcns, and would be More felt
after the return of peace than a temporary continu-
ance of the War Taxes. In the mean time, andjamidlt
the other evils of war, the country would be fub-
idled to the accumulated preffure of all the old
Revenues, and of the War Taxes, and of new Per•
manent Taxes.

The means of effeEtuating a plan of fuch ;mulct*
importance, aril*: partly from the extent to which the
fyftem of the Sinking Fund has already been cart ied
in purfuance of the intentions of its Author ; and
partly from the great exertion made by Parliament,
during the war, to raife the War Taxes to their pre-
fent very large amount. It now apnears that the
ftrong meafure adopted in the laft Se.o .n, by which
all the
War Taxes, and particularly the Pioperty-
Tax, were fo much augmented, was a Rep taken not
merely with a view to provide for prefent neceilities,
but'in order to lay the foundation of a fyilem which
should be adequate to the full exigencies of this un-
expeaed crifis, and fhould combine the two appa-
rently irreconcileable objeas, of relieving the public •
from all future preffure of taxation, and of exhibit-
ing to the enemy refources by which we may' dety
his implacable hoftility to whatever pctiod it may
be prolonged.
To have done this, is certainly a recompense for
many facrifices and privations. This is a confiders-
lion which will enable the country to fubmit with
chearfulnefs to its prefent burthens, knowing that al-
though they may be continued in part, for alimitcd
time, they will now be no further increafed.

The following are the Reflbitiont moved by tFe•
CHANCELLOR of the EXCHEIVER in the Houle of
Common., on l'hinfday night lait :
That the feveral Duties of Cuftoma granted to his Majefty by
43 Geo. 111. c. yo, by the 44 Geo. 111. c. s 3„ and by the 46th GCLI.
111. c. 39, and alfo the feveral Duties of Excite granted to his Ma-
PAY by the 43 Geo. 111. e. gi , and by the 4h Geo. 111. C. 42, flail
be further granted and continued, and dull be rayahle in fuch
proportions, and for fuch further terms as may be dire red by any
Adror Ads of Parliament be rt after to be paffed for defraying the
charge of any Loan or Loans to be charged thereupon in maniac/
hereinafter mentioned, that is to fay :
That on every Loan to he rade./ on the credit of the laid fere:rat
Duties, or any of them, and charged thereupon, there (hail be let
apart, out of the produce or the Paid Duties, and appropriated to
the Confolidated Fund of Great Britain, an Annual Sum equal to
Ten Pounds per Comm en the amount of the fum to be railed by
every fuch LO3ll, our of which Annual Sum the interelt and
charges of management of fuch Loan (tall, in the firft initance, be
defrayed, and a fum equal to the relidue theieof (hall be paid ha
each year by equal quarterly paymtnts into the Bank of England,.
and placed to the account or the CommiMoners for the Reducttiou
of the National Debt, and Mall be by them applied in the purchale
or r demption of fuch Public Annuities, charged on the Confuli •
dated Fund of Great Britain, as they (tail deem molt expedietit,
until by the operation thereof an amount of Capital Stock of filch
Annuities, equal to the Capital Stnck created in confoquenct of
every fuch Loan rapedively, ft all have been purchafed or re-
deemed, and that whenever and fo ('on as filch amount of Capi •
tai Stock (tall have been fo piarchafed or redeemed, the aforefaid
annual rum' mail be at the difporal of Peen:tamer.
. _ _ .

That the fevcral duties gremed to his M.jafty on the Profits
arifing from Property, Proletfi'lal, Trades, and Offices, by the
AEts uf 4.511 Geo. 111. c.tla.rt.h Geo. HI e. 15. and 46th Gcu.
ill. c. 65. &ell b.. arplicatile an kte manner :or defraying the
charge of any fuck Loan or Loans, fo long as the f. id daties
cOntinue payable by virtue of the Lid Arta, and no longer.
That the total asnocnt o! any Loma sa Loan. to be Co railed
Ci urn mei.

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