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by parliament, conformably to the cable to the reduction of the naprovisions of an act made in the tional debt, sufficient to redeem 42d of Geo. III. c. 71."
every part thereof, which existed V. " That in consideration of previous to the 22d day of June, the large amount, which by the ef. 1802, within 45 years at the utmost fect of the foregoing resolutions from the said 22d day of June, will be applicable to the redemp. 1802; and also sufficient to redeem tion of the national debt, beyond every part thereof created subsc. the sums which, in consequence of quent to the said 220 day of June, any law pow in force, would be 1802, within 45 years at the utmost applicable thereto; it is reasonable from the date of its creation.” and expedient that the provisions. VII. “ That whenever the an. of an act, 32 Geo. III. c. 55, so far nual sums applicable to the reducas relates to the redemption of the tion of the national debt in respect several public funds created or to of any loan or loans to be charged be created subsequent to the year
as aforesaid in the several war du. 1802, and also that the provisions ties before-mentioned, shall exceed of an act, 42 Geo. III. c. 71, so the amount of the interest payable far as relates to the redemption of in respect of such part of the capi. the several public funds therein tal stock created in respect of any mentioned, should be so altered such loan or loans which shall then and amended as may be necessary remain unredeemed, the excess of for giving effect to the principles of such annual sums above such in. the said acts, in such manner as terests shall be at the disposal of may, under the present circum, parliament in time of peace, but not stances, be most beneficial to the in time of war, and in such manner public interests.”
and to such extent only, as that an VI, “ 'That it is expedient, that amount equal to the capital stock whenever the whole of the sums created by every such loan respec. applicable to the reduction of the tively shall always be redeemed national debt, by virtue of any act within 45 years from the date of or acts now in force, shall have ac- the creation of such loan.” eumulated to an annual amount VIII. 66 That whenever the an. exceeding the amount of the interest nual sums applicable to the reduc. payable in respect of all such pub- tion of the national debt, in respect lic redeemable annuities, created at to any such supplementary loan or any time previous to the 5th day of loans as aforesaid, skall exceed the January, 1807 ; as shall then re- amount of the interest payable in main unredeemed, the excess of respect of such part of the capital such annual sums above such in. stuck created in respect of any such terest shall be at the disposal of loan or loans as shall then remain parliament, and may be made ap- unredeemed, the excess of such an. plicable to the charge of any loan nual sums above such interest, shall or loans thereafter to be raised into be at the disposal of parliament, such other public service as parlia. but in such manner and to such exa ment may direct, but in such man. tent only as that an amount equal ner and to such extent only as shall to the capital stock created by dways leave an annual sum applie every such loan respectively shall 3
always be redeemed within 45 years of three years shall exceed the first from the date of the creation of average by more than the amount such loan.”
any sums which may then have IX. “ That for the purpose of been charged thereon ; but if on ascertaining the due execution of any such three years average there the regulations provided by the shall appear any deficiency below above resolutions, separate accounts sach "average, together with such shall be kept by the commissioners additional charge aforesaid, such for the reduction of the national deficiency shall be made good by debt, of all public funds, or secu. parliament.” rities purchased, or redeemed. by XI. " That an account shall be the sums vested in them by virtue annually taken, and laid before this of any act or acts now in force, house, of the net produce of the or by such sums as shall be vested several war-duties aforesaid ; and in them, in respect of any loan or if upon an average of three years, loans charged on the aforesaid war. from the 5th day of January, 1807, duties, or any of them, or in re- the annual net produce thereof shall spect of any supplementary loan or have fallen short of 21,000,000/. loans to be raised as aforesaid ; such deficiency shall be made good provided nevertheless, that the said by parliament, and so on succes. several sums may be applied indis. sively in any subsequent year, in criminately in the purchase of any which any loan or loans shall be such public funds or securities, as created and charged thereupon in the said commissioners may think manner aforesaid.” expedient."
X. « That an account shall be taken, and laid before this house, Finance Plan, as described in an of the net produce of all the per- official Paper, published by the manent taxes for three years, end. Ministers. ing the 5th day of January, 1807 ; adding thereto an estimate of the VHE new plan of finance has, future annual produce of such of for its object, to provide the the said taxes as have not been in means of maintaining the honour full receipt during that period, with and independence of the British an average thereof; and if the net empire, during the necessary con. produce of those taxes in the years tinuance of the war; without perending the 5th day of January, ceptibly increasing the burthens of 1808, 1809, and 1810, shall in the the country, and with manifest be average of those three years exceed nefit to the interests of the public such former average, such excess, creditor. The proposed measure is or any part thereof, shall be at the grounded on the flourishing state of disposal of parliament, and appli. the permanent revenue ; on cable to the charge of any loan or great produce of the war taxes ; on loans thereafter to be raised, or to the high and accumulating amount such other public service as parlia. of the sinking fuod ; and on some ment shall direct, and so on suc. inferior aids to be derived from re. cessively in any future years, if the venues set free by annuities origi. excess of such laxes on an average nally granted for a term of years,
and now expiring. These circum- taxes, would be pledged for the stances, so favourable to the intro. total of the loans, which would at duction and maintenance of a new that time have amounted to 210 system, are justly to be attributed millions. The ten per cent, charge to the wise, provident, and spirited thus accompanying each loan, will exertions, which have had the con. be applied to pay the interest of current support of parliament and the loan, and to form a sinking of the people, during the whole fund, which sinking fund will evi. erentful period of the last twenty dently be more than five per cent. years. The plan is adapted to meet on such of the several loans as shall 1 scale of expenditure nearly equal be obtained at a less rate of interest to that of the year 1806 ; and it than five per cent. It is well known, assumes, that during the war, the that a five per cent. sinking fund, annual produce of the permanent accumulating at compound interest, and temporary revenues will con. will redeem any sum of capital tinue equal to the produce of the debt in fourteen years. Consesame year 1806. It is understood, quently, the several portions of the that any further or unforeseen war taxes, proposed to be pledged charge, or any deficiency of revenue, for the several loans above-menshall be separately and specially tioned, will have redeemed their provided for. Keeping these pre. respective loans, and be successivemises in view, it is proposed, that ly liberated in periods of fourteen the war loans for the years 1807, years from the date of each such 1808, and 1809, shall be twelve loan. The portions of war taxes millions annually; for the year thus liberated, may, if the war 1810, fourteen millions; and for should still be prolonged, become each the ten following years, applicable in a revolving series, and sixteen millions. Those several may be again pledged for new loans. loans, amounting for the fourteen It is, however, shewn by the printed years to 210 millions, are to be calculations and tables, that, what. made a charge on the war taxes, ever may be the continuance of the which are estimated to produce 21 operation of the property-tax, will millions annually. The charge thus not be payable beyond the period thrown on the war taxes is meant to for which it is now granted by the be at the rent of 10 per cent. on 46 Geo. III, c. 65, but will, in each loap, Every such loan will every case, be in force only during therefore pledge so much of the war the war, and until the sixth day of taxes as will be equal to meet this April next after the ratification of charge :~that is, a loan of twelve a definitive treaty of peace, and no millions will pledge £1,200,000 longer. It is next to be observed, of the war taxes. And in each that the charge for the interest and year, if the war should be conti. sinking fund of the proposed loans, Dued, a further portion of the war being taken from the annual pro. taxes will, in the same manner, be duce of the war taxes, a deficiency pledged. And consequently, at the equal to that charge will be created end of fourteen years, if the war in the amount of the temporary reshould last so long, 21 millions, venue applicable to the war expenthe whole produce of the war diture. Supplementary loans will VoL, XLIX,
be requisite to make good that def. amount above stated. At the close ciency. Those supplementary loars of that period, taking the three per must increase in proportion to the cenis. at 60, and reducing the whole increasing deficiency, if the war of the public debts at that rate to should be continued, but will never a money capital, the combined amount, even in a period of twenty amount of the public debts will be years war from the present time, to $387,300,000, and the combined more than five millions in any year, amount of the several sinking funds beyond the amount to which the then existing will be £22.720,000; sinking fund of that year will have whereas the present amount of the been raised by this plan. It is pro. whole public debt taken on the same postd that the supplementary loans scale of calculation is £352,793,000 shall be formed on the established and the present amount of the system of a sinking fund of one per sinking fund is no more than cent, on the nominal capital. The 28,355,000. If the war should charge so created. will be provided still be continued beyond the tea for, during the first thrre years, by years thus provided for, it is prothe expiring annuities; and during posed to take in aid of the public that period the country will have burthens certain excesses to accrae the great benefit of an exemption from the present sinking fund. from all additional burthens. A That fund, which Mr. Pitt (the new spring may thus be given to great author of a system that will the energy of our commerce ata l) immortalize his name) originally events it will obtain a security from proposed to limit to four millions the increased pressures which it annually, will, with the very larg? must otherwise experience. From additions derived to it froin this 1810, and for the six following new plan, have accumulated in 1817 years, a charge must be provided to so large an amount as 24 mii. for, amounting on the average of lions sterling. In the application . those seven years to not more than of such a sam, neither the true £293,000 annually ; a sum in it. principles of Mr. Pitt's system, nor self so small, in comparison with any just view of the real interests the great additions which have ne- of the public, or even of the stockcessarily been made to the taxes in holder himself, can be considered as cach
year, for the last fourteen any ionger opposing an obstacle to years, that it can scarcely be felt, the means of obtaining at such : and cannot create any difficulty as moment some aid in alleviation of to the means of providing for it: the burthens and necessities of the but even this comparatively small country. But it is not proposed amount may probably be much di. in any case to apply to the charge minished by the increasing produce of new loans a larger portion of the of the actual revenues, and by re- sinking fund than such as will al. gulations for their further improves ways leave an amount of sinking ment. And thus provision is made fund equal to the interest payable on the scale of actual expenditure, on such part of the present debt a for ten years of war, if it should be shall remain unredeemed. Nor is necessary, without any additional it meant that this or any other opa. taxes, except to the inconsiderable ratiun of finance shall erer prevent
die redemption of a suin equal to portions of the war taxes, with the the preseut debt in as short a period exception of the property ta.s, will as that in which it would have been be more or less pledged for periods, redeemed, if this new plan had not in no case exceeding fourteen years. been brought forwards. Nor will Ilow far some parts of those taxes the Gnal redemption of any supple. are of a description to remain in mentary loans be postponed beyond force after the war; and what may the period of 45 years prescribed be the provision to be made here's by the act of 1792 for the extinc. after for a peace establishment, tion of all future loans. While each probably much larger than in forof the annual war loans will be mer periods of peace; are consider. successively redeemed in 14 years ations which at present need not be from the date of its creativa, so anticipated. It is reasonable to as. long as war shall continue; and sume, that the means and resources whenever peace shall come, will be which can now maintain the proredeemed always within a period longed expenditure of an extensive far short of the 45 years required war, will be invigorated and in. by the above-mentioned act. in creased by the return of peace, the result therelore of the whole and will then be found amply sufmeasure, there will not be imposed ficient for the exigencies of the pub. any new taxes for the first three lic service. These exigencies must years from this time. New taxes at all events be comparatively small, oí less than £300,000, on an ave. whatever may still be the troubled rage of seven years from 1810 to and precarious circumstances of 1816, both inclusive, are all that Europe. Endoubtedly there prewill be necessary, in order to pro. vails in the country a disposition to cure for the country the full benefit make any farther sacrifices that the end advantages of the plan here de. safety, independence, and honour scribed; which will continue for of the nation may require ; but it trenty years ; during the last ten would be an abuse of that disposiof which again 0o w taxes what. tion, to apply it to unnecessary and ever will be required. It appears, overstrained exertions. And it therefore, that parliament will be must not pass unobserved, that in enabled to provide for the prolong, the supposition of a continued war, ed expenditure of a necessary war, if the loans for the annual expen. without violating any right or in. diture should be raised according terest whatever, and without im. to the system bitherto pursued, posing further burthens on the permanent taxes must be imposed, country, except to a small and li. amounting, in the period assumed, mited amouot: and these purposes to 13 millions additional revenue. will be attained with benefit to the Such an addition would add heavily public creditor, and in strict con. to the public burthens, and would formity both to the wise principles be more felt after the return of on which the sinking fund was peace than a temporary continu. established, and to the several acts ance of the war taxes. In the mean of parliament by which it has been time, and amidst the other evils of regulated. It is admitted, that if the war, the country would be sube war should be prolonged, certain jected to the accumulated pressure