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was 13,933,2711., and this would be the at least two millions and a half. On the fair amount at which they ought to be army extraordinaries he had also confitaken. The permanent charge upon the dence that a considerable saving might consolidated fund was 11,532,0001. The be made; and that they would not exsum to be expected from the imprest ceed two millions and a half. He estinow in the hands of accountants would mated therefore the sum which they would be 200,0001. The sum to be expected have to incur on these two heads in the from Dutch prizes, on which his majesty course of this year beyond the estimates had been pleased to signify his royal | at 4,000,0001 Another important sum pleasure, might be brought into the ac- which they would have to look for in the count with strict regard both to justice course of this year, would be the bounand liberality. The captures were made, ties on the corn to be imported into this in a great degree, before the two coun- country. On that head he could not tries were in a state of hostility, by the pretend to speak with any certainty. It order of ministers, without risk or hazard was a head of service to the amount of to the captors, and without that sort of which he looked with hope rather than labour and exertion which was the foun- fear; and he should be extremely happy dation of prize. Others, however, had to find that he had a great sum to provide certainly been made with great personal for upon that account. He thought, how. hazard, and with great exertion. His ever, the sum of 1,000,000l. was as large majesty would in all the variety of cases a sum for bounties as was likely to be make just and liberal allowance to the sa- called for. These sums taken together, tisfaction of the service; but with all this a therefore, would make 5,000,0001., for considerable sum would accrue applicable which they would have to provide. On to the public service. He would take it the other hand, there was a fund to which at 1,000,0001. All these, therefore, he they might look with confidence, if genshould take at 3,595,0001. Add to this tlemen were disposed to refer to it in aid the loan of 18,000,0001. which would of the public service. It had been a submake the sum of 27,845,0001.

ject of great discussion in that House, He might state that he had in reserve and upon which there certainly was great taxes for 1,000,0001., which had been laid contrariety of opinion. Upon an average on last year above the sum which he had of three years it had produced 300,0001. borrowed : he would leave that, however, to the nation. The provision which the to meet any future expenses that were liberality of the public had made for the unforeseen, or to make up for any defi- American loyalists, and charged upon ciency that there might be in the taxes this fund, was

almost made good : generally. It was now his duty to state 250,0001. only would be due after this what further sums would be to be pro- year; and therefore, as gentlemen thought vided for in the course of the present that the produce of the lottery was not session. The navy debt had largely in more than counterbalanced by the pernicreased. That was, however, a circumcious effects which it had upon the comstance that was less to be regretted than munity, they might undoubtedly look to any other branch of the public service, it as to a fund applicable to the public since the great exertions which had been exigency. Gentlemen would see that made, had raised our navy to so proud a the permanent taxes, and the growing height. The debt had increased also on produce of the consolidated fund, were account of circumstances which were not more than equal to the existing charge likely to arise again, or at least not in upon it; and he had the pleasure to find the same degree. The transport service that, as far as could be yet ascertained, had been a heavy article of charge. The the produce of the taxes of last year bid debt had increased to 5,000,0001. It fair to come up to the sums at which they was 3,500,0001. on the 31st Dec. 1794, were taken. He had now, therefore, only so that the increase of navy debt was to find taxes for the interest of 18 mil. 1,500,000l. This was to be ascribed to lions, which was the amount of the loan, the useful measure which had been and for which he had contracted. He adopted of the purchase of India ships, would shortly state the terms, and would and to the employment of a great num. hereafter explain to the committee the ber of transports. He had perfect con- reasons upon which he had acted in the fidence that in the ensuing year they bargain that he had made. The interest might hope for a saving in this branch of on every 1001. which he had borrowed,

It was

was 4l. 138. 6d., to which was to be at first one per cent. on all legacies beyond added the one per cent. wisely pro- a certain sum; it was afterwards exvided for by parliament in aid of the tended to two per cent., and afterwards fund for discharging the national debt. again extended by another act. The This made the total interest on every principle, therefore, was not new; and it 1001. 6l. 3s. 6d., which interest on a loan was his intention to make it on all legacies of 18 millions, amounted to 1,111,5001., with an exception only of those to wiand for this sum he had to propose to the dows, and to the lineal descent. He procommittee taxes as a provision.

posed to lay a tax of two per cent, on all The first tax which he had to propose legacies above a certain extent to persons was upon that species of legacy, which, in the first collateral degree of relationwithout taking in the lineal heirs, ex- ship, and also to extend to residuary tended to collateral branches and to legatees; 3 per cent. on the next degree strangers. The second was an additional of relationship; 4 per cent. on legacies duty of 10 per cent. on the assessed taxes. to more distant degrees of relations; and 6 The third was a tax upon

horses.

per cent., on all legacies to the still more hi tention to double the duty upon all distant branches of a family and to stran horses kept for pleasure, following the gers. Again he must say, that in a war same advances in proportion to the num- for the protection of property it was just ber as were now observed ; and upon all and equitable that property should bear horses employed in trade and agriculture, the burthen; and as it was in the nature he proposed to lay a very trifling duty of things that landed property was the The fourth was an article of very general most permanent, it was first fit that it consumption, which by their late regula- should contribute accordingly. It was tions had been freed from fraud, and not, however, to be confined to any spe. which he was persuaded would bear a cies of property, it was to include both small additional tax without inconve- landed and personal; it was not to have nience, he meant tobacco. The fifth was any operation on the actual possessors ; also an article of general use, upon which nor would it affect the first degrees of there was at present a duty, but which he consanguinity. In every case the widow, was persuaded would bear an increase; and the direct descent would be excepted. he meant printed cottons and calicoes. This tax would be on the capital beThe sixth was a very small matter of re- queathed. It was difficult to say by gulation, and not a duty, upon salt; and what criterion they could judge of the the last would be a reduction of the probable income of such a tax. By the bounty on the export of refined sugar, probates of wills it was found, that about which, he was confident, might be done 3 per cent. was the medium sum to be without any diminution of the trade. He expected from such a tax; but it was not had thus hurried over the several articles easy to calculate what would be the upon which he proposed to submit to the amount of its operation. It would be committee additional taxes. It would | very difficult to distinguish between the now be his duty to enter more particularly quantity of property that went in the into each.

lineal descent, and that which went to LEGACies.-It would be obviously ex- collateral branches. Nor would it be tremely difficult to form any other than a easy to ascertain what was the general wide conjecture on the probable amount amount of property. In the beginning of of a tax of this description. He had the present century, chiefly in the reign been disposed to recur to it upon mature of queen Anne, many inquiries had been reflexion. It had been a tax which in made about the extent of landed and the only country of Europe that in its personal property in England. The esprosperity bore any resemblance to Eng. timates had widely differed. The lowest land, had existed without hardship or calculation that had been made was, that complaint; he meant in Holland. It had the annual rental of Great Britain was been found by no means oppressive or in- twenty-five millions. This was certainly convenient; nor had it in any degree taken greatly within the mark. But taking it from industry its stimulus in the acquisi- at this rate, and estimating this rental at tion of wealth. The principle of the tax 28 years purchase, the value of the landed was also recognized in England, where property of the kingdom was 700,000,0001; a duty upon certain kinds of legacies had personal property was estimated at existed for several years. That duty was 600,000,0001. So that the whole property [VOL. XXXII.]

[90]

assess

of Great Britain was 1,300,000,000. To | article in such universal consumption, form some conjecture as to the amount of that he was persuaded no injury would the transfer of property by testament, the be done to the trade, by laying a small records of the ecclesiastical courts of Can- additional duty. Printed goods at preterbury and York had been searched; and sent bore a tax of 3d, per yard; it was it bad been found, that about one-third his intention to lay an aditional 2 d., makof the whole of the testaments that wree ing the whole tax 6d., per yard. He estimadewent to collateral branches. Of land. mated this tax at 135,0001. ed property the proportion was about one

SALT.-Upon this he did not mean to fifth; and therefore it might be advis. lay any additional duty; it was simply a able, in a conjectural calculation like this, matter of regulation. 'A discount of 10 to take the medium, which was one-fourth, per cent. upon prompt payment, was at upon

which to form the probable estimate. present allowed. There was also an alOn the transfer by will, therefore, of lowance for waste on its being carried 325,0001. divided again by 33, which, in coast-ways, whereas, upon experience, it calculations of this kind was thought a was found to gain. The proposed regufair standard, the result would be, that lations would produce 32,0001. this tax should produce 294,0001. a year. SUGAR.--This was also to be consi. From this, however, he must deduct the dered rather as a regulation than a tax. present tax upon legacies, which amount

There was a bounty upon the expor. ed to 44,0001. a year. He should there- tation of refined sugars, which was not fore take the new tax at 250,0001.

necessary to be continued to the Assessed Taxes.-It was only neces- present amount, for the encouragement sary to state that he meant to exempt of the trade. It operated as an injury in horses from this additional

so far as it tended to increase the price ment, as they were to make a separale of the article for home consumption. tax. He estimated the new tax of 10 The drawback paid for the exportation of per cent. on the assessed taxes, including refined sugar last year, amounted to bethe commutation tax, at 140,0001. tween 7 and 800,0001., though the whole

Horses. The duty on horses kept for duty on the import had been only pleasure was at present 10s. on 1,200,0001. He proposed to reduce onehorse, and it gradually rose till it came fourth of the present drawback, which to be double, on persons keeping six would be a saving to the revenue of horses. It was his intention to double 180,0001. the tax on all the gradations, so that it The whole amount of the sum at which would hereafter be 11. on a person who he estimated the new taxes would be kept one horse, and 121. on those who 1,127,0001.; and the interest of the sum had six. He should estimate the pro borrowed was only 1,115,000.. This duce at 116,0001. He also intended to would have been all that it would have lay a small tax on horses kept for industry been necessary for him to trouble the only: He fattered himself that this committee with, if nothing had been said would not be considered as any very against the terms on which he had barheavy burden upon industry, and that no gained for the loan. A petition had, howfarmer would be tempted to keep fewer ever, been referred to the committee, horses on account of it. The tax he which stated certain circumstances upon proposed was no more than 2s. per horse, that subject. He should therefore call and it was not to increase, whatever its attention to the manner in which he might be the number kept by one indivi- had concluded the bargain upon the loan. dual. It was supposed, that there were In the fourth year of a war, which was alat least one million of such horses in the lowed by all to be the most arduous in kingdom; he should therefore take the which this country was ever engaged, tax at 100,0001.

the public had a loan of 18 millions, at TOBACCO.-He had every reason to an interest of more than 4 per cent. believe that tobacco, which was clearly He stated this to show the state of our an article of luxury would bear an addi- public credit, and the opinion which motional tax of 4d. per pound, without any nied men entertained of our resources. apprehension of lessening the consump- A petition which had been referred to that tion, or of giving rise to new frauds. committee stated, that he had departed This tax would produce 170,0001. from the mode which, of all others, when

PRINTED CALICOES. This an practicable, he should be most ready to

one

was

adopt ; he meant that of making the bid | millions, and under all these circumstanding an open competition. It was his ces the present loan was concluded. In wish that the present, like former loans, order to prove that the loan was an advanshould have been conducted in the tageous bargain for the public, he referred way of competition. But it was sug. the committee to the terms of former gested in conversation, that no new com

loans. It was concluded upon terms more petition should take place, till those who reasonable than those of the loan of last were engaged in the former loan had paid year. He was sensible, that by his conup the money, and that it was not usual duct in this affair, he had exposed himself for any application to be made for pay. to much misconstruction. He could only ment on a new loan till the former had take refuge in his own intentions. But been completed. It was stated, that a after the statements he had now given, considerable part of the loan of last year he thought he might with confidence apwas still due; that several millions of scrip peal to the candour, the fairness, and the had not been paid up; and that there justice of the House. He concluded with were some of the subscribers who carried imoving his first resolution. on their engagements to the 6th of Fe- Mr. William Smith said, that two consi bruary. Upon examining the statement, derations arose for discussion—whether he found that the facts were accurate. the loan was made on the best possible But he felt this very forcibly when he terms, and if it could be shown that it came to consider that he must either de- was not, whether parliament ought to fer this loan until February, or bring it sanction a bargain, in which an immense forward against the consent ef the sub- sum of the public money had been thrown scribers of the former loan; neither of away. There were two points to which which did he wish to do. Determined as he was prepared to speak, namely, the he was to lose not a moment in stating the intention of Mr. Morgan and his friends vigorous resources of the country, and to bid for the loan, and the profession the extensive means it possessed of pro- which was at one time made by the chansecuting the contest, the consideration of cellor of the exchequer, of making it an delay would not, however, have singly open loan. But as neither of these points induced him to forego the mode of open were disputed, he would proceed to exacompetition. But the gentlemen who mine the reasons that were given for recontracted for the last loan stated, that jecting a competition. He was instructed they were willing that this loan might be to say, that till the night immediately proposed to other parties, provided an preceding the 25th of November, no option was reserved to them to take it at memorial was presented by Mr. Boyd and a profit of į per cent. less than any other his friends, and that they had never till bidder, which upon 18 millions was a sav

that time publicly talked of presenting any ing to the public of 90,0001. At the same such memorial. Now, if this was the fact, time, feeling that this engagement might, was it not evident, if every thing was to a certain degree, discourage competi- fairly and liberally meant, that that night tion, he took an opportunity, in the pre-would not have been chosen for presentsence of the governor and deputy gover- ing the memorial, when it was known ten nor of the bank of England, to bind the days before, that it was the intention o. present subscribers to accept the terms on the minister to raise the loan by competiwhich the loan was now fixed. They tion ? For as early as the 16th of Nomade him, as it were, an arbitrator be- vember, Mr. Morgan was informed of tween them and the public, and if the this intention by the governor of the competitions failed in this case, he had bank of England, at which time no notice grossly erred in his judgment, if any com- was given that there was to be a preference petition would have made the terms much shown to any particular bidders. To this better. He thought it right, however, to statement, it was remarkable, there had state to the contractors what was the not yet been any opposition ; and he held amount of the unfunded debt, the navy a circular letter in his hand from an hon. debt, and all those points which might add secretary to the contractors, wherein a to the public pressure. He also took oc general invitation was given without any casion to state the probability of giving mention of preference whatever. It seemed the farther aid of the public credit to the Mr. Boyd contended, that he and his Emperor. There might be a loan in 1796, friends had a lease of the market for a to the Emperor, to the extent of three year: but the assertion was founded on a

gross misrepresentation, namely, that five of the kind. In a letter which he sent to millions of the last loan was not paid up; Mr. Morgan, he stated that Messrs. whereas he was ready to prove, that | Boyd considered themselves as entitled to only 477,0001. remained unpaid. The

The a preference, and that he thought them explanation to which they resorted was worthy of some' degree of attention. specious, but would not abide the test of But could this degree of attention be examination. They said, that near five supposed to extend to a preference to the millions remained to be entered in the amount of 400,0001.? But it was still said, bank books, and till it was entered, it that there were some chance of compecould not be said to be paid to the public. tition left to Mr. Morgan. If it was exaBut it was notorious, that the money was mined, however, it would be found to be in the market; that it was equally nego- nothing more than this:

“ Give in your ciable with any other stock ; and that it terms, and if in the opinion of Mr. Boyd, had not the smallest influence on the rise they are not worth his acceptance, then or fall of the funds. The question, then, you are saddled with them, and you may was, whether the circumstance of 477,0001. make the best you can of a bad bargain. of the last year's loan, remaining unpaid, But if Mr. Boyd thinks he can pay a could justify a preference in the bargain half per cent, more, you shall not get a for the loan of this year, by which a sum guinea.” Who but an ideot would ever equal to that amount was lost to the na. have entered into a competition upon such tion. For he would contend that the mi- terms? So much for the competition. nister miglit as well have said to Mr. It was notorious among monied men, that Boyd and his friends, keep this 477,0001. Boyd was to have the loan, for several altogether, as have shut the market against months before it was contracted. Odds Mr. Morgan, and those who wished to be were repeatedly offered that there would partners with him in the bargain on the be no competition, and even on the suppresent occasion. It was said, that the position of a competition, that Boyd and present petitioners, three years ago, made Co. would get it. Mr. Smith then entered a similar objection to that brought for- into an examination of the terms of the ward by Messrs. Boyd and Co. But the loan, and contended that a better bargain difference was simply this: on that oc- might have been made for the public. casion the loan of twelve millions was Mr. Fox disapproved of many parts contracted for in January or February, of the budget, but should confine his and another loan of three millions was pro- observations to the subject of the loan. posed to be raised for the Emperor in the Why, he asked, was it necessary to May following, when the other loan was give the subscribers to the last year's at a considerable discount. Besides, who loan any preference at all? When he would have been the sufferers, supposing put the question, he had no hesitation Mr. Morgan and his friends had been ad about the answer which he should remitted to competition? Not the subscribers ceive-that by one of the stipulations of to the last loan, for Mr. Boyd had con- the last year's loan, the minister was nected himself this year with quite a dif- bound to give a preference to Mr. ferent party from his last year's friends, Boyd. If this was really the case, why who were perfectly satisfied with having did he not give Mr. Morgan and his sold their shares with a profit of 12 or 14 friends notice of this obligation ? He was per cent. And he would ask if it was aware of what would also be here ad. reasonable, that an individual with a new vanced, that the right hon. gentleman list of subscribers, should come forward had no recollection of the obligation, at and press an advantage, to which, if he the time when he professed his intention had any just claim, it was only while he of making an open loan. But, surely, retained his former connexions? There the obligation could not be serious, of was also another very considerable differ- which he had no distinct recollection, esence between the circumstance of the pecially as it involved a question of so present loan and that of 1793. Then great public moment. He contended, there was an express stipulation reduced that it put an end to all competition on to writing, that there should be no other public loans. He was ready to exculpate loan; but in the present case, the lan- the chancellor of the exchequer from guage had been so vague and loose, that having willingly acted an improper part the chancellor of the exchequer hardly to Mr. Morgan ; but he could not excul. recollected that there was any engagement pate him from a very improper degree of

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