Star.
London, England, 1815-02-21 00:00:00

FINANCE.

The CHANCELLOR of the EXCHEQUER
moved, that the House should resolve itself into a
Committee of the whole House, to consider of the
Ways and Means for the present year, and that the
accounts presented during the present and last Ses-
sion, together with the Act 54 of his present Majesty,
be referred to the s ime Committee.

[ The SPEAKER having left the Chair],
The Right Honourable Gentleman began by ob-
serving, that it would on this occasion be naturally
expected from him to state, in the first instance, what
the principal cause was that now induced him to come
forward and submit certain propositions to the Com-
mittee. On the .sth of Apia next the Property Tax,
and about two months afterwards, the other war
taxes would expire. It was not his intention, as hel
had already announced to Parliament, to propose
any further continuance of the Property Tax. Before
Christmas last, some doubt existed as to whether the
Tax would legally cease in April next ; but the Peace
with 'America, and its probable ratification by the
American Government, had removed every doubt of
this description. He was satisfied, however, that the
House, in abandoning that great measure of finance,
did not consider itself at all precluded from resorting
to it again, whenever the necessities of the country
should render it expedient.—(Hear, hear).—The Par-
liament of 1802 and 1806 never could have intended
to fetter the discretion of either the present or any fu-
ture Parliament, nor did he know of any distinction
between the Commons assembled in that House, and
the Commons of the Country at large. The Repre-
sentative and Constituent Bodies were one and the
same branch of the Commonwealth : it was not be-
tween them that any contract was binding, because
whatever was done by the Representative, must be
supposed to be equally done by the Constituent.— I'he
Public never could have contracted that Parliament
should not enact such laws as were suited to the emer-
gencies of tire country, ncr could any faith be broken
by she renewal of the Property Tax, if it sliot;!‘l ap-
pear to be the only advisable means of winding up
the expenses of the war. That renewal, under all the
circumstances of our financial situation, it was not his
intention at present to recommend ; but he felt it to
be his duty, in proposing the substitution of other
measures, to call the attention of the House to the
important service which this tax had been the means
of rendering to the country. He had himself been a
party to its introduction; and he could assure the Com-
mince, that there was no circumstance of his public
life on which he looked back with gi eater satisfaction.
In conjunction with the other war taxes, it bad sup-
ported the public credit, and finally enabled us to as-;
:Ist materially in effecting the deliverance of Europe.
They had saved a funded debt of between two and
X 300.000,000, and an annual charge diet 4,0()0,000-1
The Property Tax alone had produced X1.550,4100,(.00,
and had saved a burthen of £180,000,000 of debt,
with £9,000,000 of permanent taxes--(Hear, hear).
If he could at all agree with those who, in reproba.
bating the tax on property, described it to be as odi-
ous in principle as it was arbitrary in its assessment
and collection, he certainly should not now express
any hope that Parliament would still consider it as a
reserved resource for future wars or critical emergen-
cies. He knew it was common to hear it called op-1
pressive and inquisitorial, but he sincerely believed
that the Gentlemen who gratuitously discharged the
duties of Commissioners had shewn as much atten-
tion, justice, and impartiality, as, making due al-
lowances for human infirmity, could be reasonably
expected from any body of men whatever. They
were composed of persons who undertook the office
from the most laudable and patriotic motives : they
were in general the same Gentlemen who filled the
Commission of the Peace, and maintained in the dif-
ferent functions of the Magistracy, the internal order
and tranquillity of the kingdom. He should never,
therefore, listen to any remarks derogatory to their
character, without doing his best to repel them.—
:With respect to the powers conferred upon them
10, the Act, if we consulteampareeeditats we should
.find no reason to. copsidise is excessive. Dy,
'the Act Ist Anne. actin 1. chap. 15. on tla re-

newal of the French war, a tax subset-oqt to
that on lotto was imposed nn personal property.—
The tax amounted to 50 shillings on capital, 25 on
income, four on trades, and four on professions ; the
assessors were empowered to levy penalties, and La
commisioners to summon, inquire, and examine np.
on oath. By the law, as it then sv.od, every tra r
was obliged to deliver in as account cf his steci.: r 1
trade. The present tax on property made no pease.
nal inquiries, and whatever might be its ineees•.
niencies and defects as applied to income derive,{
from trade, he considered it, as it affected Led, is
approach to perfection. A clause had been i :sertell
in 1803, for the purpose of remedying. in some de.
grce, this evil, by referring cases to private ereitra.
Lion, but it was subsequently omitted. lie tees
anxious to state his view of the importance and
vantages cf this treasure, in the event of circle.,
stances hereafter rendering it neceisary to ca:l
once more into action. It undoubtedly was strict:;
a war tax ; and although it stood pledged for sever el
years at the peace of Amiens, and although by et::-
ring off so productive a source of revenue at a taw
when the war expenditure still remained to be wooed
up, the loan for the service of the year must nrceez-
rily be large, he still thought that the great variation
of prices must render it, if longer continued, far
more vexatious in its operation, and unequal .n rs
pressure than at any former period. The farmer z
particular, must be exposed to a charge considerahe
higher than any estimate of his real profits wee.l
justify, as it had been the practice hitherto to calze-
late his income on a general principle of assessmeet.
It had been proposed to him, and probably similar
suggestions had presented themselves to mane e :fa
now heard him, to continue the tax on property L:_
der different modification. One of these plans pre
posed to exempt the class of farmers altogether, aril
apply the tax only to property of a mixed .Lscrip-
tion. The obvious objection to this was, that in
every loan Act, a clause was introduced, exempting
the stock of the contractors from the tax ; and wher-
ever the principle of exemption should he admitted.,
the stockholder, as a public creditor, would have ti.e
best title, vie. the faith of Parliament, to plead in hie
behalf. Another plan was to augment the tax cote
siderably on the great proprietors, and induce it as :t
affected persons of limited and narrow incomes. A
very little attention, however, would shew the im-
practicability of such a project. The Act at preens
I gave no insight into the real property of any !rely;
the tax was levied without reference to the name or
business of the proprietor. To illustrate his :can-
ing. he should suppose, that a person who was a
banker in London might be a merchant at Br;strt,
and a manufacturer at Lancaster, and that be s!eiel
have a large landed estate, and £lOO,OOO in tike
Funds—(4 loud laugh.) This individu it w-uld only
pay upon his separate estates, nor would it be r is•-•
ble for any man even to guess at the gross agg: eget'
of his property. He was, however, he admitted, de-
cidedly of opinion that the tax could not, consiete:•tly
with the views with which it was originally instiee
ted, be retained for more than another year,. or le:
any other purpose than the final settlement of tie:
war expenditure ; and he therefore thought it mote
advisable to lay it aside at once, than to impair tie
principal by any new modifications. In laytni; le
the Committee the amount of supplies waisted re.
the service of the year, it was impcss;ble tor him t'
state any precise :um, until intelligence c.f the reef:.
cation of the treaty of peace by America sllete.
enable him to ascertain the period witein
fleets and our armies ceeld be recalled. Tlte vice.
therefore, which he was about to take of the tinanci..4
situation of the country would be less adapted to a
peace establishment than to a state of gr idetien from a
war to a peace establishment. It would be LecescirF
to borrow to a large amount, but this arneuitt wee
depend on the tie,e within which it would he possii•le
to limit the war expenditure. The cessation of the
I property tax must, of course, render a considerable
augmentation of the loan necessary. Looking for-
ward beyond the present year, it might be desirable
to indulge for a moment in a mere exteneed view o.
our situatim, Upon the whole, he censidered the
prospesi as very satisfactory. It was not his inter•
tion to compare our situation with that of any fouler
period of peculiar difficulty and embaressment ; sari;,
for example, as that at the close of the Aunt-iced
war, when public credit seemed to be giving war,
but should contrast it with a period when our reve-
nues were in the most flourishing state. He alladee
to the year 1791, shortly before the breaking out
the revolutionary war. It appeared Ly the report et
a Committee of F.nance at that time, that the pe
duce of the different taxes composing the Consolit. -
ted Fund was AC13,472,000, and that the chaegts
upon it amounted to £ 1 1,321,000, leaving a suge. •
of £2,151,000. To this was to be added the Fr
duce of the land and malt taxes, 42..575,000, coast
tuting a disposable fund of a11e726,000. On tl
sth day of limitary last, our income amounted
£38,236,000, to which as to be added another se
i 1 upwards s f a:2,000,000, making together a gross •
venueof 410,95'2,000. The principal charge open tit
was the interest of the funded debt at A"35,4'20,00
which, with the imperial loan, made a Metal
£35,773,000, and, with the addition of the oth
charges, amounted to £37,544,000. leaving a pi
manent surplus of £3,418,000. If to this am to
added the annual taxes, substituted for the lend at
malt, a sum total 403,118,000 would be found a.
plicable to the support of the establishments of e •
country, a much greater sum than that with
we begun the war. We had at that time besides
sinking fund of £1,300,000 only ; we had now u
of more than sel 1,000,000. The debt, indeed, w
much larger, but our means of meeting it had i
creased in a fourfold proportion—(ffear, hear.) Co
siderably MI lions, inmever, woe still necessary.-
The House must be aware of the requisite extiet..e
of our military establishment, horn the titctasity
,reserving our colonial settlements, for Malt
Ceylon, and especially for Canada. All this bete
taken into consideration, it would be found, that t.
peace military establishment would not be tar
of what it was at the commencement of the war.-
When also it was recollected, that our navy had be:
engaged in au arduous war for twenty years, it m,:
be seen at once that very extensive repairs Were ai
misery. The. Hbuse, therefore, would probate:"
hear without surprise, that the expense of the pv:
esta_4shment would be eighteen or nineteen millia••
quclaing the Irish establishment. He shame'
'hoped, Out as act Uist3lll retiod some reduct6'

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