§ After moving for resuming the adjourned debate on the first Resolution,
§ Mr. Speaker
; I feel myself bound in 1132 the first place to acknowledge the candour and liberality of the Gentlemen opposite, by whom I have been furnished with every official assistance which could diminish the trouble of preparing the Resolutions which I am about to submit to the house, or render them more correct and perfect.
This is not only a great satisfaction to me, for many obvious reasons, but especially so, because it will spare the House the trouble of any minute investigation of the details of the Accounts, which would be not only irksome and tedious in itself, but might divert their attention from those principal points to which I wish their consideration to be directed.
Whether those Gentlemen may concur with me or not, in the inferences which I may draw from the facts I shall bring forward, no dispute can arise on the accuracy of the facts themselves.
I have, however, still greater satisfaction in believing, from intimations which have been given me, that the Chancellor of the Exchequer is disposed to concur in the whole of the Resolutions which I shall propose.
This will not only enable me to abridge the statement into which I shall be obliged to enter; but is much more important, as affording a presumption that, however the Right Honourable Gentleman may have departed in the arrangements of the present year, from those principles which I think wise and salutary in Finance; he has done so under the real or supposed pressure of some occasional circumstances, and not from any fixed or systematic difference of opinion.
At the time that in stating the Finance arrangements of the year, he disclosed his intention of charging the greatest part of the Loan on the War Taxes, I felt and intimated, that it would be impossible for me to acquiesce in such an arrangement, without remonstrance. On some occasions, when the subject might have been properly discussed, I was prevented, by private circumstances, from attending; but, I also felt, that considerable advantages would attend the mode of proceeding now adopted. If I had opposed the Bill for charging the War Taxes, with much more eloquence and ability than belong to me, it might have been difficult for the Right Honourable Gentleman, even if he had seen the force of my reasons, to have agreed to my conclusion, After having intimated in the Speech from the Throne, and deliberately proposed in his Budget, that no 1133 new taxes should be brought forward for the service of the year; he might not easily have persuaded the Country to acquiesce in the imposition of taxes, which might be found burdensome; and, which his proposed measures had shewn to have been in his opinion, unnecessary and inexpedient. Nor could I overlook the objections which must occur to a great prolongation of the sitting of Parliament, which might probably have been the consequence of such a change of system. But, I hoped, that by adopting the present mode of proceeding, and entering upon a discussion not immediately connected with any practical measure, but rather in the nature of an historical review of measures already past, though recent; we should reason with cooler minds, and be much more likely to agree in a result which might at least prevent the repetition of any injurious practice, if not lead to the immediate remedy of mischiefs already effected.
On another ground, I thought the opportunity peculiarly favourable for the proceeding I now propose. It is now three years since the House has been called upon to take that review of the Finance and Commerce of the Country, which, for a considerable period preceding, had been almost an annual custom; and it has happened that those three years have been marked by circumstances which render such a review particularly interesting.
All the efforts of our enemy have during this period been directed, with greater violence and pertinacity than ever, and with a vast accession of power, to the destruction of the British Commerce, and with it of our resources and means of resistance. In addition to that exclusion from the Continent, which the united powers of France and Russia seemed to render almost total and absolute, we have also found ourselves, in a great degree, excluded from the Western Hemisphere by the American Embargo, a measure, which, however professedly grounded on defensive principles, had with respect to our trade, the effect of direct hostility; and which not only deprived us of a principal branch of our direct trade, but suddenly cut off great part of the means of indirect communication with other countries which we before possessed.
Under circumstances so unfavourable, it will be a matter of surprise as well as congratulation, that our Commerce should not have suffered in a greater degree than appears to have been the case.
1134 With this part of the subject, I shall begin the Statement of the Resolutions I am about to propose; not, however, meaning to trouble the House with a detail of figures, which will be best examined at leisure, but to point out a few of the most striking and important circumstances.
I have, in general, adhered to the form of the Resolutions agreed to by the House in 1806; not that I think it in all respects the best, but, because it has been sanctioned by practice, and will be most convenient for comparison with former years. I have, however, introduced two considerable additions. First, I have attempted a statement of the Finance and Commerce of Ireland, which has hitherto been wanting, but appears to me necessary to complete our view of the situation of the United Kingdom; and I have endeavoured to form a general retrospective Estimate of the Expences of the whole war, and the means by which they have been defrayed, the purpose of which Estimate I shall presently explain.
Beginning as I proposed, with the state of Trade, I observe, that the Official Value of all Imports is to Great Britain in the year 1802 was 31,442,318l., and in the year 1808, 27,188,025l. shewing a diminution of about 4,300,000l.: but it must be recollected that the year 1802 was a year of peace, and marked by an extent of trade, which no other year, either previous or subsequent, has ever equalled. An average of 6 years presents a more favourable view. On an average of 6 years, ending with 1802, the Imports of Great Britain were 28,419,626l, and on a like average ending with 1808, 28,735,862l., shewing not a diminution but an actual, though small, increase in the latter period. The Official Value of British Manufactures Exported in 1802, was 26,993,129l., and in 1808, 26,692,288l.; so that all the mighty efforts directed against our Commerce, might, in this view, be considered as nearly unavailing. But upon a comparison of real values they will appear to have produced some effect; though an effect greatly disproportionate to the magnitude of the means employed, and to the privations and sacrifices, which their employment has inflicted on the subjects, and allies of our enemies. The real value of British Manufactures exported in 1802, was about 48,300,000l., and in 1808 somewhat less than 41,000,000l., being a diminution of about seven millions and a half: Yet, there is reason to believe, that upon a 1135 comparison of two periods of six years, the export of our Manufactures has considerably increased, for the Official Value of British Manufactures exported on an average of six years, ending with 1802, was something short of 23,000,000l., and in a like average ending 1808, somewhat exceeded 25,000,000l.
In the exclusion of our Colonial Produce, the enemy appears to have been more successful, for the Official value of Foreign Merchandise exported from Great Britain in 1802, was 14,418,837l. and in 1808, 7,398,803l. Comparing the two periods, as before, the diminution, though smaller, is still considerable; on an average of six years, ending 1802, the export of Foreign Merchandise was in Official Value about 11,650,000l. and in an average of three years, ending 1808, about 8,430,000l. and in this case, the Real Values do not very materially differ from the Official.
And here it is with peculiar pleasure, that I turn to the Irish part of the account, and find the Commerce of that important and interesting part of the Empire in a state of progressive improvement.
The Official Value of all Imports into Ireland, in the year 1802, was 6,687,741l. Irish Currency, and in 1808, 7,129,507l.; The Official Value of Irish Produce, and Manufactures exported in 1802, was 4,876,070l., and in 1808, 5,696,897l.
The increase of Real Value was still much greater: In 1802 it was about 8,300,000l., and in 1808 above 12,500,000l.; being an increase of more than one third in the course of six years of a burdensome and expensive War. I must here observe, that it had been my wish to frame these Resolutions in such a manner as to give a view of the Trade between Great Britain and Ireland, intirely distinct from the Foreign Trade of the Empire; but, that the present state of the Accounts upon your table has not enabled me to do so. I hope, however, early in the next Session to move for such Accounts as will remove this difficulty in future.
The next part of the Resolutions to which I mean to direct the attention of the House, is that which respects the Unfunded Debt, reserving some remarks on the State of the Funded Debt, as connected with other considerations.
The amount of Unfunded Debt in Exchequer Bills, unprovided for, which on the 5th of January 1803 amounted to 9,800,000l., has been so much encreased 1136 by successive Issues, that at the close of the present year it will amount to 27,000,000l. Large as this sum may appear, and burdensome as it might prove in case of any depression of public credit, I am by no means disposed to complain of its amount. It seems to me justified by the present abundance of capital in the country, and the high credit of public securities, which have lately enabled the Chancellor of the Exchequer to reduce the rate of Interest on Exchequer Bills, a circumstance highly satisfactory, and on which I sincerely congratulate him and the Public. But the point of view in which I now wish to bring this great increase of Exchequer Bills under the notice of the House, is that of its being in operation and effect, an evasion of the Sinking Fund Act of 1792.
It was unquestionably the intention of Mr. Pitt, in proposing that Act, and of Parliament in sanctioning it, that every augmentation of public debt (except anticipations to be repaid in a short time) should carry with it from the period of its being first incurred the means of its own ultimate redemption. But as Exchequer Bills were then considered in the light of mere temporary anticipations, the Act was not extended to them, but applied to the Funded Debt only.
It has, however, been found convenient, in the course of the late and the present war, to raise large sums on that species of security without any effectual provision for their repayment, but with a view of keeping them afloat by annual renewals till the return of Peace, or, some other opportunity of funding them on favourable terms. I am willing to admit that this proceeding, if managed with caution and discretion, may be found ultimately œconomical, and in the case of the late advances from the Bank without interest it was undoubtedly the duty of the Right Honourable Gentlemen to avail himself of so favourable an arrangement; which we owe to the talents and assiduity of the Committee on Finance.
In consequence, however, of this mode of proceeding, large additions have been made to the permanent debt, which have continued for many years without any provision for their redemption. As an example, I may mention the advance from the Bank in 1798, and that in 1800, on the renewal of the Charter, although these are by no means the earliest instances. I impute no blame to the Right Honourable Gentleman for this omission with 1137 respect to the additions which he has made, and which will in the last and the present year amount to no less than eight millions. He has only followed the example of all his predecessors, and of Mr. Pitt himself. But I think it high time to apply a remedy to this evil; and for that purpose I beg leave to suggest to him and to the House two modes of proceeding, for their consideration previously to the next session. The first would be by insertion in every Act for raising money on Exchequer Bills, unless charged upon a fund capable of effectually repaying them within three years, a clause appropriating an annual payment of one per cent, on their amount from the Consolidated Fund to the Commissioners for the Reduction of the National Debt. The other (and I think the simpler and more convenient) course would be, to vote annually in the Committee of Supply an additional sum to be applied by those Commissioners equal at least to one per cent, on the amount of all Exchequer Bills outstanding and unprovided for on the 5th of January proceeding. In either case doubts might sometimes occur as to the particular sums to which the regulation would apply, but they would be of no consequence, if the House concur with me in thinking it would be safe and wise to give such a regulation the most liberal interpretation.
I shall not trouble the House by referring to any other Resolution, till we come to that which respects the Expenditure of the present year; and it cannot but excite anxiety and alarm to observe that the Expences to be provided for by Great Britain, exclusively of Ireland, exceed eighty-three millions. Enormous as this sum must appear, I believe the Funds provided for its payment will prove sufficient; and I am not disposed at this time to question the propriety of services, to which Parliament has recently given its approbation. I wish not to starve any service, nor to check any judicious exertion of our forces, but to warn the House that, in the too probable event of a long continuance of the contest, though we may repel hostility and defy invasion, the growing amount of oar expences may exhaust our means, and lay us at the mercy of the Enemy.
To one article only of those expences I am at present disposed to advert, and that for the purpose of doing justice to the Gentlemen opposite to me. It is that of the Charges of Management of the Revenue, on the increase of which remarks 1138 have lately been made. I believe a considerable part of this increase to arise from the abolition of Fees and increase of Salaries in the Department of the Customs, which is in my opinion not only a wise but a truly œconomical regulation; though it occasions an apparent increase of expence, by bringing into the public accounts a part of those emoluments which were before derived from individuals, and not publicly stated. This regulation had been resolved on, and in part carried into execution, before the appointment of the present Ministers. The case is the same with respect to the increase of the Salaries of the inferior Officers of Excise, whose situation was such as made it impossible for them to subsist their families. I know that the necessity of this increase was felt; and I believe that it was ordered before I quitted the service of the Treasury.
It is not my intention to comment on that pact of the Resolutions which regards the Finances of Ireland, on account of the absence of so many Gentlemen belonging to that part of the kingdom; and because the subject has lately been discussed by those who are best qualified to do it justice.
I pass, Sir, over many considerations naturally arising out of the Resolutions I am about to propose, in order to enter upon that subject which has principally induced me to come forward on this occasion.—I mean the charge created on the War Taxes by the Loan of the year.
To illustrate this I have prepared two Resolutions stating the total amount of the Expences of Great Britain during the War, taken in its most extensive sense, as comprising the whole period from 1793, and the means by which they were defrayed. For the Peace of Amiens, though an important æra in many respects, and particularly in a financial point of view, can be considered only as a Truce or Armistice in the long course of hostilities arising out of the French Revolution.
My materials will be found in the Accounts of Income, Expenditure, and Distribution of Grants, which have been annually laid before the House since 1798, when our public Accounts received their present improved form from the labours of the Committee over which you, Sir, presided with so much ability. Previously to that year, I have taken them from the Accounts laid before Parliament in 1800, preparatory to the Union, from the 1st 1139 and 24th Reports of the Committee to which I have just alluded, and from various Accounts printed in the Journals.
I have not attempted, in those Resolutions, to deduce the Account year by year, because I am sensible that in whatever way it might be taken, whether as a Cash Account of Receipts and Payments, or as a Statement of Expenditure incurred and of Ways and Means, it might lead to erroneous conclusions, as to particular years, from the various periods to which the Accounts are made up, and the provision frequently made in one year for expences incurred in another. Mine is principally a Cash Account, except that the Loans and War Taxes are stated as belonging to the years in which they were voted, and not to those in which they were actually paid into the Exchequer. And it is obvious that, when the Accounts of a period of several years are taken together, difficulties of the kind I have mentioned will not occur, and the general result may be sufficiently accurate.
From these Resolutions it will appear, that, supposing the War to continue to the same period of next year as that at which lam now speaking, the Expenditure of Great Britain, during the War, from 1793 (exclusively of Ireland) will have exceeded a Thousand Millions sterling, a sum, at first sight, sufficient to impress us with astonishment and apprehension. But, when we consider that, this Expenditure has been the means, under Providence, of saving us from the calamities which have overwhelmed the rest of Europe, we shall cease to regret its amount however enormous, and, as we look into particulars, our feelings will be changed into admiration of the spirit and the resources of the country. It will be seen that, in proportion to the pressure of continued warfare, the exertions of the Nation increased, and its means appeared to expand; and that they have been applied with much greater vigour in the latter period of the War, nainely, since its renewal, than in the former. Of about 503 millions, which were expended previously to the Peace of Amiens, (including the whole of the year 1802,) about 273 millions were raised either by the Ordinary Revenue or by Extraordinary Taxes within the year, and about 230 millions by additions either to the Funded or Unfunded Debt. In the six years since the renewal of hostilities, ending with the 5th of January last, about 396 millions have been expended, of 1140 which upwards of 311 have been raised within the year and less than 85 millions by additions of debt. In the first period almost one-half was borrowed; in the second less than One-fourth.
The progress of these exertions, to meet the heavy charges of protracted war, without entailing burdens upon posterity, will more distinctly appear by reference to the Resolution (No. 16.) in which I hate shewn the actual produce of the Taxes imposed in each year from 1793.
In the commencement of the War, while public credit was still flourishing, nothing further was attempted than to provide for the Loan of each year, by the imposition of Taxes sufficient to furnish its Interest, and a Sinking Fund of one per cent, according to the regulations of the Act of 1792, and not exceeding 12 or 1,300,000l. in any year. But expences continued to accumulate, and difficulties to multiply from year to year, till, in 1797, the financial situation of the Country became truly alarming. The Unfunded Debt had increased to such a degree as to become subject to a heavy discount; the funds had sunk so low that a loan could only be procured on terms of usurious interest; the disposable capital of the country seemed unequal to the increasing demands of the Government; and even the credit of the Bank was seriously shaken. Under these alarming circumstances, it became necessary to create upwards of 70 millions of additional capital, and to provide for an annual charge of upwards of three million's within the year. Such a charge required the imposition of new Taxes equal to one-fifth of all the permanent Taxes' then existing. It was apparent that such a course could not be long pursued without risking the total ruin of public credit, and exhausting the resources of the Nation by an accumulation of new Taxes, so rapid as to render the old ones unproductive. Mr. Pitt was alarmed, but not dispirited; and he determined to meet the urgency of the crisis with a corresponding exertion. He proposed to parliament, in 1798, to raise, by extraordinary means within the year, such a sum as might reduce the Loan to a moderate amount. The means chosen, were the Voluntary Contribution and the Aid and Contribution Act, commonly called the Triple Assessment, a measure which proved very burdensome, and was in many respects injudiciously contrived. Yet, with all the defects of both these measure, the end proposed was, in a great degree, ob- 1141 tained; the spirit of the Nation was roused; the practicability of raising a large sum within the year was proved; and better digested plans were afterwards adopted. The produce obtained was, in the whole, about six millions and a half, not indeed paid into the Exchequer in one year, but in successive payments in two or three years.
In the next year, 1799, the Convoy Tax and the Income Tax, the one of which produced annually about 1,200,000l. and the other about 5,300,000l. were substituted far the Aid and Contribution on Assessed Taxes, and continued from that time till the conclusion of Peace. But a part of the Loan of each year, having been charged upon the Income Tax, its produce applicable to the public service became gradually diminished by the Interest deducted from it; and the amount of the Loans was proportionably increased, till that of 1801 amounted to twenty-five millions and a half.
The conclusion of Peace prevented the return of embarrassments which were then, perhaps, impending, but left a difficulty of a most serious nature behind. A sum of no less than fifty-six millions, and a half had been charged upon the Income Tax, which, in the event of the continuance of Peace, would have prolonged, till about the year 1811, a charge which was become unpopular, and in the other event, of a renewal of the war, would have rendered it almost impracticable to meet the public exigencies with any large and immediate Supply.
Under these circumstances, my noble friend (Lord Sidmouth) who had some time before succeeded Mr. Pitt as Chancellor of the Exchequer, resolved, in 1802, on one of the boldest and most extensive measures of finance which has ever been attempted.
He determined at once to set the Income Tax free, and to provide for the supplies of the year, including the winding up of the expences of the War, by proposing at the same time, funds capable of bearing the charge of almost one hundred millions of stock. This design he executed in so ample a manner, that the taxes provided have usually exceeded, by at least a million and a half, the charge of the immense sum I have mentioned.
But, in the next year, the firmness and resources of his mind were put to a still severer trial. Hostilities had recommenced under circumstanced which, at once re- 1142 quired the most prompt and extensive exertions, and threatened a long and almost indefinite continuance of the contest. Public credit was not yet firmly re-established, and the burdens of the late war had not become so habitual as to admit of ready additions of a permanent nature. Great as these difficulties were, every thing was to be hoped from the loyalty and spirit of the Country, and the conviction universally felt of the justice and necessity of the War. To these sentiments he determined to make his appeal; and to act upon a system which their influence alone could have enabled him to carry into effect. He proposed to Parliament to raise so large a sum within the year by extraordinary War Taxes as to confine the increase of public debt within very narrow limits, if not wholly to prevent it. For this purpose he brought forward War Taxes which, exclusive of the Taxes imposed to provide for the Loan of the year, have realized upwards of 12 millions on an average of the two last years, although those years have not been favourable to their produce. So ample, indeed, were the Funds provided, that, had the war ended with the first year, a considerable surplus would have remained after the repayment of all debts incurred. The proof of this assertion will be round in the Finance Resolutions agreed to by the House in 1804. Before the passing of those Resolutions, my noble friend had retired from office, having, as his last act of official duty, provided for the supplies of the year 1804. In doing which, he proposed Taxes to the amount of 1,800,000l. making, upon the whole, in the course of three years, an addition of above nineteen millions to the Public Revenue. The expences of 1804 exceeded those of 1803, by about ten millions; yet the accumulation of Debt was, in that year, inconsiderable. In the statement of his last budget he strongly urged the importance of adhering to the same system by an annual addition of at least a million to the War Taxes, till the object of equalizing the Income and the Expenditure of the Country should be obtained. By these means, it would, upon the scale of expence then subsisting, have been accomplished within, three years; and he knew that, when this great point was attained, the continual accumulation of the Sinking Fund would speedily afford means of relief to the Public, which could not be employed either, with justice to the stockholders or safety 1143 to the state, so long as the accumulation of Debt continued.
In the year 1805 Mr. Pitt acted upon the same principles, by proposing an addition to the Property Tax, by which its produce was augmented about 1,400,000l. but in consequence of increasing Expence, the Loan of that, year was raised from ten millions, which had been its amount in each of the two years preceding, to twenty millions.
Early in the following year my noble friends, Lord Grenville and the late Chancellor of the Exchequer, (whose absence this day I greatly regret,) succeeded on the decease of the great statesman of whom I last spoke. They were fully impressed with the importance of the system adopted at the renewal of the War, and determined by a great and painful effort to carry the War Taxes to as great extent as could be reasonably attempted. In. fact near six millions were added to their amount in the year 1106. In 1807, no taxes were proposed, in consequence of the plan brought forward by my noble friend, to provide for the further expences of the war, and which has been sufficiently discussed on former occasions: and the produce of the taxes imposed last year by the Right Honourable Gentleman opposite, cannot yet be fairly ascertained, but I see no reason to doubt that, together with the short Annuities which expired, they will be sufficient to provide for the charge of the Loan.
I have gone through this detail to shew that by the practice as well as the declared opinions of all the Ministers who have conducted the Finances of this Country, for many years, and by repeated decisions of Parliament, confirmed, so far as I can learn, by the general judgment and approbation of the Nation, the principle has been recognised and established, that to equalize the Income and Expenditure of the Country is the only system upon which we can depend for bringing this arduous and protracted contest to a secure and successful termination.
Let me not, Sir, be misunderstood as the advocate of excessive or unlimited taxation. I am aware that all taxation is in itself an evil, and I can conceive many circumstances under which I should think the Chancellor of the Exchequer had acted in the present instance with prudence and judgment.
The first and most obvious of these would be a great and general impoverishment of the Country, It might then hap- 1144 pen (as in fact it did towards the close of the American War) that the imposition of new taxes would add nothing to the Revenue, but only depress the produce of the old ones. Rut I would ask the Right Honourable Gentleman, and every Gentleman present, from whatever part of the Country, where the symptoms of such impoverishment appear? Supposing, however, such a decay to exist, I say that the same necessity which contracts our means ought to limit our expences. Shall we be the richer for plunging deeper in debt? Will it increase our resources to consume those which yet remain?
In another case of a very opposite kind, I might think it advisable to abstain from further taxation—that of a very rapid improvement of the existing Revenue. Did our resources appear to be increasing in a degree nearly commensurate to our wants, I should be unwilling to endanger so prosperous a state of things by any interference: or to abridge the comforts of the public by any change which might be safely avoided or deferred. But though I am convinced that the National Wealth is progressively increasing, I fear we are far from such a state of things. The Revenue has of late appeared rather to decline than to increase.
Another case in which I might approve of the course which has been pursued is that of a prospect of immediate peace, or of a great reduction of expence from any other cause. But of all suppositions this seems at present the most extravagant. The war rages more extensively and with greater exasperation than ever, and every day seems to bring forward some fresh obstacle to accommodation, and some new call for our exertions.
But leaving to the defenders of this measure to point out such circumstances as may, in their opinion, justify it, I shall proceed to state a few of the numerous objections which induce me to condemn it.
In the first place it is a weak and delusive resource, which will be speedily exhausted. To those who contemplate the War Taxes only in a mass, and consider them as producing upwards of twenty millions annually, they may appear to afford resources for funding the charge of many years of war. But distinctly and accurately considered, for this purpose, they will shrink into a very narrow compass. The Property Tax no one has yet proposed to continue in time of peace, even as an annual grant; although, if the 1145 public could be reconciled to it, it might, at a reduced rate, be preferable to many others. But to mortgage it for forty years by means of Loans is two wild an idea to be entertained. This at once reduces the twenty millions to about nine. Of these there is no doubt that a certain proportion may be made permanent without any very material inconvenience, but in my opinion that proportion is a small one; and I am very anxious to know what particular taxes the Right Honourable Gentleman would select. About two thirds of this sum is furnished by Excise duties and one third by Customs. The Custom duties he seems to put out of the question. The Excise duties are on Malt, which produces near half the sum of six millions, and on Tea, Spirits, and Tobacco, and among these he is to make his choice. Will the Country approve of his perpetuating a Malt Tax so heavy as that which now subsists? Or will he, in defiance of experience, pledge those taxes which Mr. Pitt was obliged to reduce or to commute because they could not be collected? During war, and especially a war of such animosity as the present, these duties may be tolerably secure: because, in addition to the activity of the Revenue Officers, innumerable other obstacles to a free communication arise from the circumstances of hostility. Our Navy, our Army, nay, even the Navy and the Army of our exasperated enemy, contribute to protect the Revenue. But to continue these duties, when a free communication is restored, would not be to enrich the Exchequer, but to swell the profits of the smuggler, and deprave the morals of the people. The charge of 2,200,000l. has already been thrown upon these Excise duties; and I leave the House to judge whether more can be attempted.—And it is almost superfluous to point out the wide difference between the inconveniencies of a temporary charge, for a few years, as proposed by the late Chancellor of the Exchequer, and the long continued pledge of the. Right Hon. Gentleman.
A second objection to this diversion of the War Taxes from the purposes for which they were originally granted by Parliament, is, the continual and progressive increase it must occasion in the difficulty of raising the supplies. Supposing (which I have shewn not to be the fact) that there remain a considerable sum, which might not improperly be continued, in time of Peace; still as the amount of the Loan must 1146 annually be augmented by a sum, equal to the War Taxes which have been appropriated both by that, and all preceding Loans, they would be most rapidly consumed, by a continual accumulation of compound Interest; and when it shall become unavoidable to seek for fresh funds for these augmented Loans, where will they be found, and in what state of credit will these Loans be raised? If the Right Honourable Gentleman thinks that the People, having been indulged with a respite from further taxation, will return to it more rapidly, he is greatly mistaken. Having once been told by authority, that further burdens were either intolerable or unnecessary, they will readily listen to those, who will never be wanting to tell them the same thing again; and they will be disposed to countenance wild plans of retrenchment, and chimerical schemes of Finance.
Another most important objection occurs when we consider the establishment which it will probably be necessary to maintain, whenever Peace may be concluded. It has been not unusual to insert, among Resolutions of this nature, a conjectural Estimate of the future Peace establishment.
But I have not thought it advisable to propose any thing so vague and uncertain, and depending on so many contingencies, beyond the reach of any human foresight. Yet thus much I must be allowed to say, that judging from every circumstance within our knowledge, and unless a state of things wholly dissimilar from what now exists shall take place, our Peace establishment must so far exceed whatever has hitherto been known in this country, as to require, in addition to the ordinary revenue, the continuance of as large a portion of the War Taxes, as can by any one be deemed proper to be supported during Peace.
It is an objection not less important, though of a totally different nature from any of the preceding, that the system of Finance pursued this year, has the strongest possible tendency to encourage prodigality in the public expenditure.
It is no less true in public than in private œconomy, that what is easily acquired, is often needlessly spent. It is also the natural bias of every department, and may even proceed from laudable though inconsiderate zeal for the public service, to draw to itself as large a portion as possible of the Supplies. If this be not checked (as I fear at present it cannot be) by a firm 1147 and over-ruling controul at the Treasury, it naturally leads to an indefinite and wasteful expence. But the stongest stimulus to excite the Treasury to perform its duty by a vigilant restraint on the public expenditure is wanting, if supplies can be obtained without an immediate pressure on the people. The temptations which perpetually occur to a Minister, of a loose and careless administration of the public purse, are constantly counteracted by the impending and painful task of taxation; the irksomeness of which, few men have experienced more than I have done, having been officially concerned in raising almost half the existing revenue of the Country. This temptation to carelessness of expence, is another strong distinction between the measures of the present year, and the plan of 1807; which was not only compatible with the strictest œconomy, but was calculated on data which required and enforced it.
Perhaps even in nations the thirst for dominion requires a corrective in the burdens of war; but there is in the nature of things an obstacle which must prevent such means as we now employ (invincible means if we use them wisely) from being made subservient to the purposes of injustice and ambition. In any war for conquest or for any ordinary national interest, no Minister would dare to come down like Lord Sidmouth, and propose twelve millions of new taxes at once.
We are very apt, Sir, to regard the War Taxes simply in the light of a great additional burden; and as such they certainly are felt at first; but it is time to consider them in another point of view, and to compare them with the pecuniary burdens from which they have preserved us.
For this purpose I shall propose two Resolutions; the first shewing the amount of the saving effected by the War Taxes previously to the Peace of Amiens, and the second the effect of those imposed subsequently to the renewal of hostilities. The first (which in the whole raised about thirty-two millions and a half in five years) diminished the Loans of the years in which they were raised, by about forty eight millions and a half of Capital Stock, and eighteen hundred thousand pounds Annual Charge. The superior exertions of the present war have in the first six years saved one hundred and thirty three millions of Capital, and six millions and three quarters of Permanent Annual Charge; to which is to be added a saving in the present 1148 year of about twenty three millions of Capital, and between eleven and twelve; hundred thousand pounds Annual Charge; and a similar saving every year during the continuance of the war, unless the Right Honourable Gentleman, should charge further Loans on the War Taxes.
But this is a very incomplete and inadequate view of the real pecuniary advantage. It will be evident to every gentleman that if the amount of the Loan is reduced, the competition to obtain it wilt be increased and the supply of Capital in the market more abundant, compared with the demand, and the sum to be raised will consequently be obtained on more favourable terms. The principle of this saving is perhaps not less certain than a mathematical demonstration, but the extent of its operation can only be calculated on hypothetical data, and it may not therefore be a proper subject for a distinct Resolution of the House. Every gentleman will form his own supposition: I will just mention one which seems to me supported by a strong analogy. In the year 1798, when Mr. Pitt first proposed his system of War Taxes, the Loan was raised at an Interest of above six per cent. In 1800, when they had been established two years, the Interest of the Loan but little exceeded four and a half per cent. Adding the one per cent. Sinking Fund to be provided on the Capital created, the total saving amounted to about two per cent, on the whole sum raised both by Loan and War Taxes. The saving at that time cannot be wholly ascribed to the War Taxes, because the Act for redeeming the Land Tax had then undoubtedly a considerable, operation. But it seems not unfair to ascribe an equal effect to the present War Taxes, which so much exceed the former in amount. If this supposition be admitted as just, we must add to the former estimate of saving (including the present year) above seventy millions of Capital, and four millions two hundred thousand pounds Permanent Charge, making together a saving already effected and annually increasing, of two hundred and twenty six millions of Capital and above twelve millions of Permanent Charge. And to this again is to be added the sum saved before the Peace of Amiens, the charge of which we should otherwise be now supporting.
Such, Sir, have been the effects of the system which the Chancellor of the Exchequer has this year forsaken and impaired. A system sanctioned by general approba- 1149 tion, and proved by experience to be solid, wise and œconomical. It has indeed required many sacrifices, and may require more: but it is a most dangerous delusion, to expect to perform great achievements without making great exertions. If we cannot reduce our expences to our Income we must raise our Income in proportion to our Expences. I am willing to give credit to the Right Honourable Gentleman for readiness to effect every practicable and prudent retrenchment; and I trust still more to the disposition of Parliament and of the Public to enforce it. But what more is wanting, and much more, I fear, must be wanting, we must be prepared to furnish; and it has been my wish, in what I have said, to strengthen the hands of Government (so far as my arguments or opinions could have any force) and to facilitate its resuming the wise, the secure, and honourable course hitherto pursued.
It would be easy to add much on so copious a subject, but the facts I have brought forward, if supported by the recorded opinion of the House, will have far more weight than any thing I could urge: and I consider the Right Honourable Gentleman's assent to them as a favourable omen that, notwithstanding his recent conduct, I shall not ultimately find reason to accuse him of having dilapidated the Resources and impaired the security of the State.—
§ Resolved, (1.)—THAT the Total Amount of the Public Funded Debt of Great Britain was, on the 1st Feb. 1803, 567,008,978l.;—of which 67,255,915l. had been purchased by the Commissioners for the Reduction of the National Debt, and 19,180,587l. had been transferred to them on account of Land Tax Redeemed; leaving a Funded Debt unredeemed of 480,572,476 l.:—And, that the Amount of Annuities charged on Great Britain (after deducting what had fallen in) was, on the 1st of Feb: 1803, in Short Annuities and Annuities for Lives. 539,979l., and in Long Annuities, 1,015,410l.
§ (2.)—That the Total Amount of Public Funded Debt created in Great Britain for Account of Ireland was, on the 1st of Feb. 1803, 22,348,000l.;—of which there had been purchased by the Commissioners for the Reduction of the National Debt 1,123,415l.; leaving a Funded Debt unredeemed of 21,224,585l. together with Long Annuities to the Amount of 9,791l.
§ (3.)—That the Total Amount of Public Funded Debt created in Great Britain for Account of the Emperor of Germany, was, on the 1st of Feb. 1803, 7,502,633l.;—of which 375,137l. had been purchased by the Commis- 1150 sioners for the Reduction of the National Debt; leaving a Funded Debt unredeemed of 7,127,496l., together with Annuities to the Amount of 230,000l., which will expire in 1819.
§ (4.)—That the amount of the Outstanding Demands unprovided for on the 5th Jan. 1803, exclusive of Unfunded Debt, and of the Anticipation of certain Duties annually voted, was 592,630l.: That the Deficiency of Ways and Means for the Year 1802 was 171,431l.;—making the Amount of Demands unprovided for on the 5th Jan. 1803, 764,061l.
§ (5.)—That the Unfunded Debt, in Exchequer Bills unprovided for, or charged upon Funds which proved insufficient, was, on the 5th Jan. 1803, 9,827,400l., including 3,000,000l. in the Bank, which bore no Interest, in consideration of the renewal of the Charter.
§ That the Unfunded Debt in Navy Bills was, on the 5th Jan. 1803, 3,105,648l.
§ (6.)—That the Total Amount of the Public Funded Debt of Great Britain, including therein the Sum of 18,072,000l., charged upon the War Taxes in 1807, was, on the 1st of Feb. 1809, 701,229 514l.; whereof 141,808,116l., had been purchased by the Commissioners for the Reduction of the National Debt, and 23,214,395l. had been transferred to them on account of Land Tax redeemed, and 465,951l. by Purchasers of Life Annuities, leaving a Funded Debt unredeemed of 535,741,0521. And that the Amount of Annuities charged on Great Britain (after deducting such as have fallen in) was, on the 1st of Feb. 1809, in Short Annuities and Annuities for Lives, 98,086l., including 32,511l., granted in consideration of Stock transferred to the Commissioners, and in Long Annuities 1,047,494l. And that a further Debt, amounting to 21,278,122l. Capital Stock, and 51,233 l. Long Annuities, has been created by the Sums borrowed and Exchequer Bills funded in the present Session of Parliament, out of which 60,867 l. Five-percent. Annuities of 1797 have been paid off.
§ (7.)—That the Total Amount of the Public Funded Debt, created in Great Britain for Account of Ireland, was, on the 1st Feb. 1809, 50,094,000l.; of which there had been purchased by the Commissioners for the Reduction of the National Debt, 5,580,389l., leaving a Funded Debt of 44,513,611l., together-with Long Annuities to the Amount of 91,208l. And that a further Debt, amounting to 3,600.000l. Capital Stock, and 13,250l. Long Annuities, has been created by Sums borrowed in the present Session in Great Britain on Account of Ireland.
§ (8.)—That the Total Amount of Public Funded Debt created in Great Britain for Account of the Emperor of Germany, was, on the 1st February 1809, 7,502,633l.;—of which 924,236l. had been purchased by the Commissioners for the Reduction of the National Debt, leaving a Funded Debt of 6,578,397l., together with Annuities to the Amount of 230,000l., which will expire in 1820.1151
§ (9.)—That the Amount of Outstanding Demands unprovided for on the 5th Jan. 1809, exclusive of Unfunded Debt, and of the Anticipation of certain Duties annually voted, was 1,586,581l.;—the whole of which has been paid off, or provided for in the present Session.
§ (10.)—That on the 5th Jan. 1809, there were 358,000l. in Exchequer Bills charged on the Malt Duties 1807, to the Discharge of which those Duties were insufficient; 17,659,700l. charged on the Aids of 1809; 3,000,000l. field by the Bank at 3-per-cent. in consideration of the renewal of the Charter, and 3,000,000l. on which an advance was made by the Bank without Interest, in 1808; making a Total of Exchequer Bills unprovided for, of 24,017,700l.;—of which Sum 7,932,100l. have been funded in the present Session; and further issues to the amount of 7,510,700l. have been authorized by Parliament for the service of the year 1809.
§ That the Unfunded Debt in Navy Bills was on the 5th Jan. 1809, 7,221,167l.
§ (11.)—That the Variations in the state of the Public Debt between the 1st of Feb. 1803, and the 1st Feb. 1810, being seven years of War, may be estimated as follows:
§ The Public Funded Debt of Great Britain, unredeemed, which on the 1st Feb. 1803 was 480,572,476l. will amount to about 541,500,000l. after deducting about 14,500,000l. for the operation of the Sinking Fund, and the Redemption of the Land Tax during the current year; and about 1,000,000l. for Stock transferred on Account of Life Annuities; being an increase of Capital Stock of about 61,000,000l.
§ The Public Funded Debt created in Great Britain for account of Ireland, unredeemed, which, on the 1st Feb. 1803, was 21,224,585l. will amount to 47,000,000l., after deducting 1,110,000l. for the operation of the Sinking Fund during the current year; being an increase of Capital Stock of 25,775,415l.
§ The Long Annuities of Great Britain, which, on the 1st Feb. 1303, were 1,015,410l., will amount to 1,098,727l.; being an increase of Annual Charge of 83,317l.
§ The Long Annuities created in Great Britain for account of Ireland, which on the 1st of Feb. 1803, were 9,791l. will amount to 91,207l.; being an increase of Annual Charge of, 81,416l.
§ The Unfunded Debt in Exchequer Bills, which, on the 5th of Jan. 1803, was 9,827,400l. will amount to 27,000,000l.; being an increase of 17,172,600l.
§ The Unfunded Debt in Navy Bills, which on the 5th of Jan. 1803, was 3,105,648l. will, supposing it to be the same as on the 5th of Jan. 1809, amount to 7,221,167l.; being an increase of 4,115,519l.
§ The Funded Debt created in Great Britain for Account of the Emperor of Germany, Unredeemed, which, on the 1st of Feb. 1803, was 7,127,496l., will be reduced to 6,477,000l. 1152 after deducting 101,000l. for the operation of the Sinking Fund during the current year; being a diminution of Capital Stock of 650,496l.
§ The Short Annuities of Great Britain, and Annuities for Lives, which on the 1st of Feb. 1803, were 539,979l., will be reduced to about 170,000l., supposing 70,000l. to be further granted for Stock transferred to the Commissioners; being a diminution of Annual Charge of about 370,000l.
§ The Sum applicable to the Redemption of Debt, which, on the let of Feb. 1803, was for the Debt of Great Britain, 5,831,986l.; for Debt created in Great Britain for Account of Ireland, 258,434l.; for Debt created in Great Britain for Account of the Emperor of Germany, 47,947l.; making a Total of 6,141,367l.; will amount to 10,524,000l. for the Debt of Great Britain; 743,432l. for the Debt created in Great Britain for Account of Ireland; 67,318l. for the Debt created in Great Britain for Account of the Emperor of Germany;—making a Total of 11,334,740l.; being an increase of 5,193,373l.
§ (12.)—That the Annual Charge on Account of the Public Funded Debt of Great Britain, after deducting the Charges of Management on Loans redeemed by the Commissioners for the Reduction of the National Debt, and the Interest and Charges of Management on Stock transferred for the Redemption of the Land Tax, was, on the 1st of Feb. 1803, 23,510,967l.; and on the 1st of Feb. 1809, 28,848,999l.; and that a further Charge has been incurred on Account of Stock created in the present Session, amounting to 1,143,566l.
§ (13.)—That the Sum annually applicable to the Reduction of the National Debt of Great Britain, in pursuance of the several Acts relating thereto, was for the year 1803, 6,311,626l.; being about l/77th part of the Unredeemed Debt existing in 1803; and may, for the year 1809, be estimated at 10,524,000l. being about 1/51st part of the Unredeemed Debt existing in 1809.
§ (14.)—That the Total Net Produce of the Permanent Taxes in the year ending 5th Jan. 1803, amounted to 28,246,681l. including 715,323l. paid for Bounties on Corn and Rice imported in the year 1802; and on the 5th Jan. 1809, the Total Net Produce of Permanent Taxes amounted to 32,380,212l.
§ (15.)—That the Net Produce of the War Taxes was, in the year ending
|5th April 1804,||£.|
|Customs and Excise||3,377,442|
|5th April 1805,|
|Customs and Excise||7,868,078|
|5th April 1806,|
|Customs and Excise||8,496,550|
|5th April 1807,|
|Customs and Excise||9,305,799|
|5th April 1808,|
|Customs and Excise||9,018,225|
|5th April 1809,|
|Customs and Excise||8,806,899|
|Permanent Taxes.||War Taxes.||Total.|
|1798||-||-||-||637,772||Aid and Contributions collected in several years||6,575,581||7,213,353|
|1799||-||-||-||123,093||Convoy Duty, on an Average of two years||1,216,251||6,552,154||6,630,247|
|Income Duty, on an Average of three years||5,335,903|
|1803||-||-||-||536,641||Customs and Excise||-||-||-||7,391,954||12,046,619||12,583,260|
|1806||-||-||-||439,994||Customs and Excise||-||-||-||667,204||5,833,153||6,322,152|
|1808, to 5 Jan.||274,080||-||-||-||-||-||-||-||-||-||-||-||-||-||-||35,025||309,105|
§ (17.)—That the Official Value of all Imports into Great Britain, in the Year ending 5th Jan. 1803, was 31,412,313l.; and on an Average of Six Years, ending the 5th Jan. 1803, was 28,419,6261.:
§ That the Official Value of all. Imports into Great Britain, in the Year ending 5th Jan. 1809, supposing, the Imports from the East Indies (of which no Account has yet been made up) to be the same as in the preceding Year, was 27,186,025l. and on an Average of six-years, ending the 5th Jan. 1809, was 23,735,802l.
§ (18.)—That the Official Value of British Manufactures, exported from Great, Britain in the Year ending 5th Jan. 1803, was 20,993,129l.; and on an Average of six years, ending 5th Jan. 1803, was 22,942,8001.:
§ That the Official Value of British Manufactures exported from Great Britain in the Year ending 5th Jan. 1809, was 26,692,288l.; and on an Average of Six Years, ending 5th Jan. 1809, was 25,076,425l.:
§ And, That the Real Value of British Manufactures, exported in the Year ending 5th Jan. 1803, may be estimated at 48,500,683l.; and in the Year, ending 5th Jan 1809, at 40,881,671l.
§ 19.—That the Official Value of Foreign Merchandize exported from Great Britain in the year ending the 5tb of Jan. 1803, was 14,418,837l., and on an Average of Sis Years, ending the 5th of Jan. 1803, was 11,651,333l.:1154
|And that the Net Assessment of the Property Tax, on an Average of the Years 1806, 1807 and 1808, was||11,334,833|
§ (16.)—That the Net Produce of the New and Additional Duties imposed each Year, from the 5th of Jan. 1793 to the present Year, on an Average of the two Years last past, or of the two last Years, whereof a separate Account has been laid before Parliament, was respectively as follows; viz.
§ That the Official Value of Irish Produce and Manufactures exported from Great Britain in the Year ending the 5th of Jan. 1809, was 464,404l., and of Foreign Merchandize, was 7,398,803l.; and on an Average of Three Years, eliding the 5th of Jan. 1809, the Export, of Irish Produce was 362,952l., and of Foreign Merchandize, 8,431,332l.
§ (20.)—That in the Year ending the 5th of Jan. 1803, the Number of British Vessels entered Inwards in Great Britain, was 13,622: their Tonnage, 1,793,333: and the number of men employed in them, 108,609;—That the Number of British Vessels cleared Outwards was 13,012; their Tonnage, 1,625,906, and the Number of Men employed in them, 102,427:
§ That in the Year ending the 5th of Jan. 1803, the Number of Foreign Vessels entered Inwards in Great Britain, was 3,733; their Tonnage, 480,241; and the Number of Men employed in them, 27,737:—And that the Number of Foreign Vessels cleared Outwards was 3,352; their Tonnage, 461,823; and the Number of Men employed in them, 20,749:
§ That in the Year ending the 5th of Jan. 1809, the Number of British Ships entered Inwards in Great Britain, was 11,305; their Tonnage, 1,311,906; and the Number of Men employed to navigate them, 82,617;—That the Number of British Ships cleared Outwards, was 11,917; their Tonnage, 1,372,861; and 1155 the Number of Men employed to navigate them, 89,601:
§ That in the Year ending the 5th of Jan. 1809, the Number of Foreign Ships entered Inwards in Great Britain, was 1,928; their Tonnage 283,657; and the Number of Men employed in them 15,540;—That the Number of Foreign Ships cleaved Outwards, was 1,892; their Tonnage 289,145; and the Number of Men employed in them 15,671:
§ (21.)—That the Number of British Ships built and registered in the several Ports of the British Empire, in the
|5th Jan. 1803, was||1,381||137,508|
|5th Jan. 1804, was||1,402||135,349|
|5th Jan. 1805, was||991||95,979|
|5th Jan. 1806, was||966||89,975|
|5th Jan. 1807, was||772||69,198|
|5th Jan. 1803, was||770||63,000|
|5th Jan. 1809, was||542||52,146|
§ (22.)—That the Total Sum to be provided by Great Britain, within the year 1809, may be estimated as follows; viz.
|Interest of Public Funded Debt, Charges of Management and Sinking Fund on the 1st Feb. 1809||28,848,999|
|Interest, Charges of Management, &c. to be paid between the 1st of Feb. 1809 and 5th of Jan. 1810, on Stock created in the present Session, to the Amount of ai,278,122l., after deducting Interest on 5 per-Cent. 1797, paid off, about||809,000|
|Interest of Imperial Loan||495,963|
|Civil Government of Scotland, Pensions on Revenue, Militia and Deserters Warrants, Bounties for promoting Fisheries, &c. estimated to be the same as in the year ending 5th Jan. 1809||1,301,139|
|Charges of Collection and Management of the Revenue, estimated to be the same as in the year ending 5th January 1809||2,816,568|
|Proportion to be defrayed by Great Britain of the Civil List and other Charges on the Consolidated Fond of Great Britain, estimated, to be the same as in the year ending 5th of Jan. 1809, 15/17ths of 1,405,552l.||1,210,193|
|Supplies voted 1809, for Great Britain explosively,||1,927,078|
|Supplies voted in 1809 for Great Britain and Ireland, 51,934,212l.|
|Deduct proportion of Supplies and Civil List to be defrayed by Ireland 2/17ths, 6,273,966||45,660,246||47,587,324|
|Making in the whole the Sum of||£. 83,099,186|
§ (23.)—That the Funds applicable to discharge the Sum to be provided by Great Britain for the year 1809, may be estimated as follows viz.
|The Gross Receipt of the permanent Revenue, including Taxes annually voted, after deducting Drawbacks, &c. estimated to be the same as in the year ended 5th Jan. 1809||£. 40,976,075|
|War Taxes, appropriated to the Charge of Loans 1807 and 1809,||2,240,000|
|Estimated further Produce, to the 5th Jan. 1810, of Taxes imposed in 1808||350,000|
|Estimated Produce, to the 5th Jan. 1810, of Taxes imposed in the present Session||52,500|
|Small Branches of the Hereditary Revenue, and Imprest Monies repaid, estimated to be the same as in the year ended 5th Jan. 1809||208,715|
|Lottery, deducting the proportion for Ireland||300,000|
|War Taxes, to the 5th April 1810||19,000,000|
|Advance to Portugal, to be repaid||150,000|
|Surplus of Ways and Means 1808||2,757,352|
|Exchequer Bills to be issued||7,510,700|
§ (24.)—That the Total Amount of the Public Funded Debt of Ireland, on the 1st of Feb. 1803, including 26,268,667l. Irish Currency, funded in Great Britain, was 39,541,258l. of which 2,146,794l. had been purchased by the Commissioners for the Reduction of the National Debt, leaving a Funded Debt unredeemed of 37,394,164l.; and that the Amount of Annuities payable by Ireland, after deducting what had fallen in, was, in Annuities for Lives by Survivorship, 48,900l. and in Annuities for terms of years 80,525l.
§ (25.)—That the Amount of Unfunded Debt and Demands outstanding in Ireland on the 5th Jan. 1803, was 1,492,687l.
§ (26.)—That the Total Amount of the Public Funded Debt of Ireland, including 56,326,834l. funded in Great Britain, was, on the 1st of Feb. 1809, 76,110,856l. Irish Currency, of which 9,008,829l. had been purchased by the Commissioners for the Reduction of the National Debt, leaving a Funded Debt unredeemed, of 67,102,027l.; and that the amount of Annuities payable by Ireland on the 1st of Feb. 1809, was in Annuities for Lives by Survivorship 48,900l., and in Annuities for terms of Years 168,726l.; and that a further Debt will, be created by Loans raised in the present Session of Parliament, amounting to 5,400,000l. Capital Stock, and 14,354l. Long Annuity.
§ (27.)—That the Amount of Unfunded Debt 1157 and Demands outstanding in Ireland, on the 5th of Jan. 1,809, was 570,744l.; and that a further Unfunded Debt will be created by Loans raised in the present Session of Parliament, amounting to 114,062l.
§ (28.)—That the Annual Charge on account of Interest, Management and Redemption of the Public Funded Debt of Ireland, including 129,425l. for Annuities, was on the 1st of Feb. 1803, 1,997,451l. and on the 1st of Feb. 1809, 3,663,321l. including 217,626l. for Annuities; and that a further Charge has incurred, on account of the Sums borrowed in the present Session of Parliament, of 264,000l.
§ (29.)—That the variations in the state of the Public Debt of Ireland between the 1st of Feb. 1803, and the 1st of Feb. 1810, being seven years of war, may be estimated as follows:
§ The Public Funded Debt of Ireland unredeemed, which on the 1st of Feb. 1803, was 37,394,464l. Irish currency, will amount to about 70,700,000l. after deducting 1,800,000l. for the operation of the Sinking Fund during the current year; being an increase of the Capital Stock of about 33,300,000l.
§ The Unfunded Debts and Demands outstanding, supposing such outstanding Demands on the 5th of Jan. 1810 to be equal to what they were on the 5th of Jan. 1809, will amount to about 684,809l.; being a diminution of 807,878l.
§ (30.)—That the Sum applicable to the redemption of the Public Funded Debt of Ireland, which on the 1st of Feb. 1803 was 464,198l., being about 1/86th part of the unredeemed Debt then existing, was on the 1st of Feb. 1809, 1,282,351l. being about 1/52nd part of the Unredeemed Debt, and may be estimated to amount on the 1st of Feb. 1810 to about 1,396,000l.
§ (31.)—That the Total Net Payments into the Exchequer on account of the Ordinary Revenue of Ireland, in the year ending 5th of Jan. 1803, was 3,314,293l. and in the year ending the 5th of Jan. 1809, 4,571,250l.
§ (32.)—That the Official Value of all Imports into Ireland, in the year ending the 5th of Jan. 1803, was 6,087,741l.:—And,
§ That the Official Value of all Imports into Ireland, in the year ending the 5th of Jan. 1809, was 7,129,507l.
§ (33.)—That the Official Value of Irish Produce and Manufactures exported from Ireland in the year ending the 5th of January 1803, was 4,876,070l. and the Real Value thereof 2,876,817l.:—And,
§ That the Official Value of Irish Produce and Manufactures exported in the year ending the 5th of Jan. 1809, was 5,696,897l. and the Real Value thereof 12,577,517l.
§ That the Official Value of Foreign Merchandize exported from Ireland in the year ending the 5th of Jan. 1803, was 212,208l.; and in the year ending the 5th of Jan. 1809, 235,694l.
§ (34.)—That the Number of Irish Vessels 1158 which entered Inwards in Ireland, in the year ending 5th Jan. 1803, was 1,408; their Tonnage. 98,101; and their men, 7,001:—Of British Vessels, 5,326; their Tonnage, 535,819; and their men, 31,805:—And the Number of Foreign Vessels, 366; their Tonnage, 53,560; and their Men, 3,791.
§ That in the year ending the 5th Jan. 1809, the Number of Irish Vessels which entered Inwards was 1,583; their Tonnage, 111,614; and their men, 7,485:—The Number of British Vessels, 7,189; their Tonnage, 696,403; and their men, 33,426:—And the Number of Foreign Vessels, 159; their Tonnage, 25,356; and their men 1,580.
§ (35.)—That the Total Amount of the Public Expenditure of Great Britain, exclusive of the Charge of Loan raised for the service of Ireland, for ten years ending the 5th of Jan. 1803, comprising the whole period of the War terminated by the Peace of Amiens, may be stated at about 503,378,540l.; whereof 178,520,454l. arose from the Charge of the Public Funded and Unfunded Debt, and 324,850,086l. from ail other Services; and that about 251,909,953l. was raised by the Ordinary Revenue and incidental Payments of different kinds, about 32,679,000l. by Extraordinary War Taxes, 220,095,607l. by Additions to Public Funded Debt, 3,000,000l. by an Advance from the Bank without Interest, in consideration of the renewal of the Charter, and an Advance of 3,000,000l. from the Bank in 1798, of which 1,500,000l. was repaid in 1803.
§ (36.)—That the Total Amount of the Public Expenditure of Great Britain, exclusive of the Charge of Loans raised for the service of Ireland, for six years ending the 5th Jan. 1809, being the six first years of the present War, may be stated at about 395,945,599l.; whereof 166,445,052l. arose from the Charge of the Public Funded and Unfunded Debt, and 229,701,647l. from all other Services; and that about 224,403,222l. has been raised by the Ordinary Revenue and Incidental Payments of various kinds, 92,240,000l. by Extraordinary War Taxes, 81,168,418l. by Additions to the Public Funded Debt, and 3,500,000l. by an Advance without Interest from the Bank.
§ (37.)—That if the Sum raised by War Taxes previously to the Peace of Amiens, had been added to the Loans of each year, and raised at the same rate at which such Loans were actually raised in each year respectively, a further Charge would have been incurred, of 48,678,000l. Capital Stock, and 1,850,000l. Annual Charge to be raised by Permanent Taxes.
§ (38.)—That if the Sum raised by War Taxes during the first six years of the present War, had been added to the Loan of each year, and raised at the same rate at which such Loans were actually raised in each year, a further Charge would have been incurred, of 132,969,000l. Capital Stock, and 6,755,000l. Annual Charge to he raised by Permanent Taxes.1159
§ Mr. Huskisson
upon the main view of the subject, agreed with the right hon. gent, in his Resolutions, and had no doubt but our resources, notwithstanding all the difficulties under, which we had been placed, were fully adequate to every exertion we should be called upon to make for the honour, defence and independence of the Country.
The preceding Resolutions were then read from the chair, and agreed to.