11. Os. 7 d. to the others, Such, Sir, I must consider at this period as an extraordinary event, and I might be inclined to call it an unaccountable one, if I did not know that it was to be answered for by the spirit and patriotism of the country. Looking, however, at it with the view of interest, we must see it as a bargain concluded at 8s. interest less than the loan of last year was made. What a consideration does this give rise to, with respect to the energy and exertions of the country! Have we not the

strongest motives to be convinced, that after twelve months have elapsed, and in a period of difficulty and apparent financial em barrassment, our resources appear superior to any check, and are greater comparatively than before? Having stated this as the amount of the charge to be incurred by the loan, I must observe, that eight millions of it is to be provided for by the gradual payment of the assessed taxes. We have therefore seven millions to find taxes for; and adding to this 200,000l. to be applied to the sinking fund, and taking the interest of the whole sum of 7,200,000l. at 81. 5s. per cent. we shall have 577,000. to provide for annually.

I took a view on a former occasion of the unfunded debt, and by simplifying the accounts, shewed what the whole excess of the unfunded or navy debt only was, from the commencement of the present war to that moment. I then mentioned that I

should, perhaps, propose to fund two or three millions of the navy debt; but, upon mature consideration, I find that it will be unnecessary to fund the navy debt, and that it will be more proper to leave it in its actual situation until peace. In the year 1792 it amounted to 2,745,000l. and it now exceeds 6,000,000l.; so that the interest to be provided for will be 186,000l. which added to 577,000l. will amount to 763,000l. in taxes to meet the interest of all the charges for the present year.

The first article to which I would call the attention of the committee as being a fit one for a new duty, is an article which has remained so long without any additional duty, and is so diffused in general consumption that it will, I have no doubt, produce the sum at which I have estimated it; at the same time it

will bear on the lower classes of the community so slightly, as to be matter of great satisfaction to me to state it to the committee. I mean the article of salt. A considerable profit will accrue to the revenue from certain régulations that are to be proposed with regard to the mode of collecting the duty, but for which I shall at present take almost nothing. The amount of the tax which I propose to the committee as fit to be imposed upon this article, is 5s. in the bushel, that is to say, double the present duty. This will produce 500,000l. Some deductions are to be made in case of prompt payment. The charges of the management will not be increased; on the contrary, they will be diminished, so that I shall take for this article 503,000l. This the committee will see goes a great way towards the whole produce. It is necessary to know what will be the pressure of this tax, especially on the lower orders of the community. I have considered it a good deal, and, although I do not say that I am strictly correct in the opinion I have formed upon it, yet, after the best view I have been able to take, I am led to believe that. in a great number of instances the consumption of a small family is not more than half a bushel a year; which will call upon the lower class in each family to defray an additional expense of half a crown a year. Comparing this with the effect of various taxes that have been imposed at various times, and which, with the best care this house could take to spare the lower orders in the progress of this war, I think the present is a very moderate tax. We must remember that all taxes on the articles of life must in some degree affect the lowest as well as the highest; I hope, therefore, this impost will not be considered as an unreasonable one. I hope, also, that if any man should tell them they are heavily taxed, he will tell them likewise that if the nobleman, if the man of property, if indeed all the higher classes of the community be interested in the present contest, they cannot be more so than the lower orders are; that there is no man in the social state that is more deeply or even so deeply interested in this contest as he, who is doomed to subsist upon the produce of his own labour.-That it is a contest which involves the

happiness of the lower orders more immediately than that of any other; that the French revolution has been followed up by a system of flattery and pride to the passions of the lower class, while its effect has been an utter destruction to their comfort ; that of all descriptions of men in Europe, none have been more unhappily the dupes and victims of such a system than the honest, laborious, but too credulous husbandman and mechanic;— a system that has filled the greater part of Europe, indeed, with an equal portion of misery and disgrace. This much I have conceived it necessary to state, in order to obviate the objections of those who might suppose that the tax in question would operate as a grievance on the lower orders of people.

The next thing which I mean to propose as an object of taxation, is an article of consumption which is in general use, but the duty on which will fall less heavy on the lower orders of people than that which I have already laid before the committee. I cannot at present see how far this tax may interfere with the interest of the East India company, but I hope that it will prove satisfactory to them and the country at large. It is a duty of 5 per cent. on tea; but this duty is not to be laid indiscriminately, it is only to take place on what sells above 2s. 6d. per pound, and on that account will not touch that species of tea which is in general use among the lower classes of people.

This tax will

produce the sum of 111,500%.; for it is undeniable that the tea valued at above 2s. 6d. per lb. has considerably increased in the quantity of its consumption.

The next article, Sir, which I have to submit to the committee, rests upon principles very different from those on which I have proposed the two other subjects of taxation. It does not affect necessaries in its operation, nor, I confess, is it very certain with respect to its produce; yet my conjectures are, notwithstanding, sufficiently sanguine. Although it is not a necessary article of life, it is nevertheless an article of choice and taste, which I wish by no means to check the enjoyment of. I hope, I may say, that, without any bigoted attachment to customs, or without any affection for pride or for vanity, it is an article that

deserves tenderness and respect. I mean to propose an impost on the use of armorial bearings. Perhaps some may think, or invidiously insinuate, that by this I prove myself an advocate for a levelling system. I feel, however, that it is in consequence of these species of distinctions, or the hope of obtaining them, that many men have performed the most heroic deeds; and I think that those who possess such distinctions, wisely set upon them a real value, and, in so doing, form a judgment which their passions dictate and their reason approves. Instead of being evidence of their vanity, it proves their wisdom; as in the present state of the world, these links in the chain and order of society are highly essential to the welfare of us all; and it is because I do believe so, that I propose this impost, and feel confident, that those who are its objects will cheerfully defray it.

I thought it right to say thus much upon this subject, because some whose sentiments are the most adverse to my feelings will be most ready to approve of this measure, and with whose general opinions I should be very sorry to agree, as I should to differ from those of the objects of this impost. Those who are entitled to use these marks of distinction I do not mean to put to proof of their strict and legal right to do so. I mean that they should be left to their own discretion in that respect, in the same manner as those who take out game certificates; leaving the question of the origin of the right to the determination of antiquarian law. I therefore propose, that a tax of two guineas be imposed upon all persons using carriages decorated with armorial bearings; one guinea on those who are housekeepers, and who make use of plate decorated in the same manner; and Os. 6d. on all other persons not housekeepers, using their armorial bearings in other ways. My data on which I am to proceed, are not, I confess, extreinely accurate; but I find, from the inspection made by the heralds, between 1615 and 1670, that the number of the heads of families by the last return, giver in the year 1670, amounted to 8405. Allowing, therefore, or the extinction of many families since, and the substitution of many more, I shall take the whole number at 9453, who will 1ot, it is to be

presumed, lay this distinction aside. I shall estimate under each name six housekeepers bearing arms, and multiplying the first number of 9453 by 6, we shall have a product of 56,718; to which may be added 4000 more from Ireland. I shall suppose 12,000 of these keeping carriages with armorial bearings, which at 21. 28. each, will give a sum of 24,000,-48,000 not keeping carriages will produce 50,000l.; and as I shall not take more than two persons to each family at 10s. 6d. this will give a farther sum of 66,000l. making a gross sum of 140,000l.; to which may be added 10,000l. more, under certain regulations, for foreigners, so as to make

This, which I have now stated, is the whole amount of the supplies for the present year: and I hope it will appear to the committee, that the statements which I made before Christmas last, as to the probable amount of these supplies, were correct; and that I have not exceeded in any respect the sums, which I supposed at that time the public service would require. This can be shewn by the manner in which the ways and means are provided forNothing can bear a stronger testimony of the opinion of the country at large, as to the spirit which animates all ranks of people, and the greatness of our resources, than the favourable terms upon which the loan has been contracted for. And I hope that the committee will be of opinion, that the taxes to defray the interest on that loan, are founded on a plan that will be as likely to render them productive as any other which could be laid before the house; they are calculated to bear as lightly on all classes of people as any burden which could be laid upon the public; and as I can see no solid objection which can be made against them by any person, I hope I have in this measure, as well as