Alexandria daily advertiser. [volume] (Alexandria [Va.]) 1803-1808, 1807-04-07
From a Livsrsoel Paper Of Fec.
NEW PLAN OF FINANCE

parlianrnt by the chancellor o. the sxcae.
B a,-r. ia submitted 10 oar readers, as cat.
culatsd 70 explaiu any officially which may
arse on q perusal of The parliamentary re.
port.
The new plau Of snanee Processes to
have for It's object provision otsthe msans
otsn sinsa,n.og shs honor anu independence
of the British en- pire during the necessary
continuance Of the war; without percepti-s
BIZ increasing the barthensef the ceunlry.
and with manIscss bsaeatso the ln:ersstct
the public creditors. 4.
The proposed measure is gronnded on
the asurishing state Of the Rermanent re-
venue on the great produces OF the war
taxes: on the high and accommodating a.
mount of the sinking fund !; and 90 some
inferior aids TO be derived from revenues
Sci free by annui,, IS originally granted for
aisrn Of years, and DOW expiring.
The plan is adequate TO meet scale OF
expepditurc nearly equal TO that OF the
year 1896 and il assumes that during the
war, the annual produce Of the permanent
and temporary revenues will continue e.
cualto the produce of the same year 1895.
i, is understood, that any further or ia.
forcseeu charge or any deficiency OF reye.
nue., shall be separately aud specially pro-
yided for.
Keeping these premises IN .viey,s II IL
propesed. that she war loans tor the year
1907. 1908, and 1909, shall be IL millions,
aud for each of the 10 following years,
16 millions.
Those several loans, amounting tor the
fourteen years to 2l0 millions, are to be
made charge on the war taxes, which
are estimated 10 produce 2 millions 40.
nualy.
The charge thus ,hrowuo on tha war-saxes
is meant 10 be az the rate OF ten per cent.
on each loan. Every such loan will there
fore pledge SO much of the war taxes as
will be equal to NEE: this charge; that is,t
loan of IL millions will pledge 1 .2ooo ooi.
of the war taxes. Aad in each year, 1t
the war should continue, 3 further portion
of the war taxes will, in the same manner
be pledged. And consequently, at the
end of fourteen years, If the var should
las, so long, % mil'ious, the whole pros
duce of the war taxes, would be pledged
for the total of the losps, which would At.
that time have announced to 2lo mali.
ons.
The ten per cent. charge thus aceempa-
nying each loan, viii be applied 30 pas
The interest of the loan. and TO form
sinking fund, which sinking fund will evil
den,ly be more than Eve per cent. on such
of the several loans as shall BE- ob,aioed
ar a less rate Of interest than five per
cent.
II IS well known, that hpe per cent.
sinking fund, accommodating at compound
interest. will redeem any sum OF capital
debt in Ia years. Consequently the ssve-
raj portions Of the war taxes. proposed to
be pledged for the seyerallo ans above mso
nm d. will have redeemed their res peet.
I've loans. and be successfully liberated In.
per,ods of IL years from the date OF each
such loan. The portions of war taxes thu
liberated, may, if the war should still be
prolonged, become applicable IN revolving
series, and may be again pledged tor new.
loans.
Il is. however, shewn by the prinsea
calculations and tables, that,whsteyer msAt
be the continuance OF the operation, the
property tax will not be payable beyond he
period for which i, is now granted BY the;
is G. CHI. 66, but will, 10 every case, be.
10 force only during the war, and until The
9Th ,lay of April next after the ratification
of ds6nitiye treaty Of peace, andno lon.
ger. s
Ills next to be observed, that tee charge
for the interest aud sinking fund of the pro:
posed loans. being taken from the annual
produce of the war taxes, a deficiency G.
quail to tina, charge will be created 10 the