There is then to be provided for the intereft of fixteen millions, 3 per cents, created by the loan. There was interest Annuity 480,000 32,683 The whole charge of which, including the one. per cent. for the extinction of the capital, would amount to 676,583 Towards making provifion for this fum, it is my intention, in the first place, to attempt what has long been held very defirable, foine alteration in the mode of collection of the receipt tax, and by which I hope a confiderable additional revenue will be gained without any inconvenience to the public. It is my intention that the perfon: paying money thall be entitled to demand from the perfon to whom he pays a receipt, the duty on which in no case shall be less than twopence nor above five fhillings. I eftimate the produce of this at 220,000l. It is likewife intended to make fuch additions to the confolidated cuftoms in the bill now before Parliament as fhall produce 2:0 000l. By further regulations in the affeffed taxes 250ccol making in all the fum of 690,ocol. applicable to the payment of the intereft of the loan." Ifhail now recapitulate the different articles of the WAYS AND MEANS. Malt, in lieu of old 750,000l Land tax, on penfions, &c. in lieu of old land, &c 2,000,000 Exchequer bills, of which leave has been given to iffue four millions, but will be used only Surplus of confolidated fund Exchequer bills to repay advance by the bank 3,000,000 6,500,000 1,500, 100 379782 400,000 2,000.000 6,000,000 at 4,700,000, taken only at -4,500,000 2,000,000 10,000,000 138687, 782 But of the above war taxes it is expected that only 4,500,000l, can be made available within the year.b With respect to exchequer bills, it has been propofed that Parliament thould authorife the iffue of five millions U 2 exche exchequer bills, in aid of 1801, to replace a fimilar fum withdrawn. At the end of the prefent year the amount of exchequer bills outstanding will be ten millions, The Committee must have feen what is the great object which I have in, view, in propofing the facrifices which the taxes I have alluded to muft neceffarily involve. My object is, and I have no difficulty in faying that I with it clearly to be understood, to raife as large a proportion as poffible of the fupplies neceffary for the public fervice in the courfe of the year. The extent to which I am anxious that this principle should be carried, is, that during the progrefs of the war no accumulation whatever fhould take place to the amount of the public debt. It is my with that an eftimate of the expences of the year fhould be formed on a fair and extended view of the exertions which we are called on to make, and that the loan to be contracted for thould not be greater than the commiffioners for liquidating the national debt, poffefs the means of diftributing for the extinction of that debt... With the establishment of fuch a fyftem, I have not only reafon to hope that there would be no accretion of the public debt for one particular year, but I have no reason for fuppofing, that unless extraordinary circumftances occurred, this fyftem might not, even during a long conteft, be acted upon with fuccefs. As I have ftated before, Sir, I think that the fum of 26 millions, which I am convinced would be adequate to every exertion we can be called on to make, and amply fufficient for every national object, could be raised without at all interfering with the fyftem on which I have thought it my duty to propofe the very great increase of the public burdens which I now fubmit to the Committee. When I fay this, I do not think that I proceed on grounds which are likely to lead me to erroneous conclusions. On the contrary, the principles on which I hold out to the Committee this expectation, are fimple and intelligible to every man who chufes to exercife reflection on the subject. If I have a right to prefume that the furplus of the confolidated fund will be fix millions five hundred thousand pounds, as I have every reafon to believe it will be; if the taxes which it is propofed to raise within the year, thall raise the fum of twelve millions five hundred thousand pounds, as I think there is the beft grounds for anticipating that they will do; then the Committee can have no difficulty in believing that the profpect which I hold out is not of "a" delufivè nature, but one which will be juftified by experience. But, Sir, were I even to grant that the amount of the taxes would be much less than I have calculated, were I to allow that they would fall fhort of my calculation by two millions five hundred thousand pounds, I will contend, that even with the profpect of the continuance of the prefent conteft for a series of years, there would be no neceffity for a loan of more than fix millions. I wish to prefs on the attention of the Committee the grounds on which I think myself juftified in holding out this expectation, and unless circumftances occur, against which it is impoffible to make any fpecific provifion, and, which in holding out fuch an expectation, I have to a confiderable degree anticipated, I am confident, that thefe expectations will be fully realized. I ftate therefore, diftinctly, that with taxes conftantly becoming more productive, with a furplus on the confolidated fund gradually increasing, the profpect which I hold out cannot, unless counteracted by circumftances of the nature to which I have now alluded, fail to be fully confirmed. That under the circumftances in which the country is placed, this fyftem of providing for the exigencies of the public fervice, without adding to the public debt, ought to be purfued, I believe will be univerfally admitted, and the more its effects are confidered, the more will it be allow. ed, that in every point of view it is fuperior to the funding fyftem. Confidering the matter merely in a pecuniary way, 1am fatisfied that even ten minutes reflection would be fuf. ficient to convince any Gentleman, in applying merely the principles of arithmetical calculation, that the plan of raifing the fapplies within the year, is under every confideration preferable to the funding fyftem. If fixteen millions is the fum neceffary to be raised for the public fervice, it will, in a very fhort period, be found that the difference of providing for this fum by taxes to exift in perpetuity, or by supplies to be raised within the year, in point of preffure, will very foon be found to be inconfiderable, while the importance of not al lowing the national debt to accumulate, was matter of the cleareft experience. This is a position so clear, that I do not think it neceffary for me to take up much of the time of the Committee in attempting to establish it. We found, Sir, its beneficial confequences during the last years of the late arduous contest in which the country was engaged. No fooner was it adopted, than its effects on the funds were experienced to a degree which it is not now neceffary for me to remind the Committee. Thefe effects were inftantaneous, and they were allo permanent. Indeed, it is in the nature of the the plan to produce refpect abroad, and confidence at home. The adoption of it cannot fail at all times, but particularly at a moment like the prefent, to fhow to the Government of France that any attempt to conquer this country, by a war on our finances, is a hopeless conteft; that it is out of the power of any enemy to break the national fpirit by fuch attempts, and muft end in disappointment; that whatever be the emergency in which we are placed, we pollefs ample refources to meet it with firmnefs, with energy and fuccefs. The effect of this on the powers of Europe must be powerful. It muft fhew them that, in affociating with this country, -in making a common caufe with us in any great emergency, they incur no danger, but unite their exertions with a people who poffefs at once the fpirit and the means adequate to the -fupport of a great ftruggle. But the plan on which I propose -to raise so very confiderable a part of the supplies within the year, is not new in the hiftory of this country in former times. Even foon after the time when, the funding fyftem was introduced, in the reigns of William and of Anne, the importance of raifing a great proportion of the public revenue within the year was well enough understood. Even -at that period taxes were with this view imposed, and even the wages of fervants were not exempted from their operation. In contemplating the continuance of this fyftem, it cannot fail to afford fatisfaction to every Gentleman, that the profpect of its fuccefsful application is not at all of an illufory kind. Let Gentlemen look at the amount of the permanent taxes impofed before the war in 1792, and as they exift at the prefent moment. In 1792, the permanent taxes amounted to fourteen millions two hundred and eightytwo thousand pounds, and, on the 5th of April 1803, they were fifteen million nine hundred and ninety-four thousand pounds. Thus, in eleven years there had been an increase of one million feven hundred thousand pounds. But, Sir, this is nots all. The taxes impofed during the war have not been lefs productive. They have, fince the period of their being impofed, greatly exceeded the amount at which they were originally calculated. This I ftate generally, and I beg leave particularly to advert to the taxes impofed last year. When I explained what were my views of the probable amount of the taxes which I then brought forward as part of the ways and means of the year, I took them at a million three hundred thousand pounds. There is now, Sir, the trongest reason for believing that in this calculation I was very confiderably below what experience has proved to be their actual amount. I believe, Sir, I am not going too far, when I say that their amount will turn out to be little fhort of five millions. At a period like the prefent, it is a circumftance which cannot fail to afford the highest fatisfac tion that every thing connected with the beft interefts, every thing effential to the fupport of the ftate exifted and operated in full vigour. It is not last year alone that this general improvement is apparent. It is an improvement which has been going on gradually from year to year. The commerce, the navigation, the manufactures of the country have been all equally advancing and acquiring new energy and ftrength. The accounts which, beyond the poffibility of doubt, establith this improvement, are now on your table, and whoever is difpofed to doubt what I have been afferting, has only to refer to them for a solution of thefe doubts. In addition to all thefe animating confiderations, we have, Sir, what I must ever confider as the sheet anchor of the state, the folid, and continually augmenting fund for the extinétion of the national debt. Its operation is not only fo directed, as, by the adoption of the fyftem which I have this evening had the honour to fubmit to the Committee, to prevent the accumu lation of debt, but even during a war in which we are called on to make great facrifices, to hold out a reasonable prospect of its gradual diminution. I confefs, Sir, that in propofing this plan, I propofed one which could not fail to operate with fevere preffure on all ranks of the community. I am convinced, however, Sir, that at a moment like the preTent, there are none who are not willing to bear their part of the burthens which a conteft like that in which we are now involved fo ftrongly requires. No man can be lefs difpofed than I am to propofe any measure. the effect of which. must be to diminith the comforts of the labouring claffes of the community. I will, however, Sir, do the peafantry of this country the juftice to fay that I believe they are fully convinced of the justice of the conteft in which they are engaged, that in defence of the honour and the independence of their country, they are ready to fubmit to fevere privations. They are not unaware that the question now is, whether this country fhall continue independent and free, or whether it fhall fink into a state of difgraceful valfalage to France, and fwell the catalogue of thofe states whose liberty and independence have totally perished under |