« EelmineJätka »
I. "THAT the several duties of customs granted to his majesty by 43 Geo. III. c. 76, by 44 Geo. III. c. 53, and by the 45 Geo. III. c. 39, and also the several duties of excise granted to his majesty by the 43 Geo. III. c. 81, and by the 46 Geo. I. c. 42, shall be further granted and continued, and shall be payable in such proportions, and for such further terms as may be directed by any act or acts of parliament hereafter to be passed for defraying the charge of any loan or loans to be charged thereupon in manner hereinafter mentioned; that is to say:-That on every loan to be raised on the credit of the said several duties, or any of them, and charged thereupon, there shall be set apart, out of the produce of the said, duties, and appropriated to the consoli dated fund of Great-Britain, an annual sum equal to ten pounds per centum on the amount of the sum to be raised by every such loan, out of which annual sum the interest and charges of the manage ment of such loan shall, in the first instance, be defrayed, and a sum equal to the residue thereof shall be paid in each year, by equal quarterly payments, into the bank of England, and placed to the account of the commissioners for the reduction of the national debt, and shall be by them applied in the purchase or redemption of such public annuities, charged on the consolidated fund of Great-Britain, as they shall deem most expedient, until by the operation thereof an amount of capital stock of such annuities, equal to the capital stock created in consequence of every such loan respectively, shall have been purchased or redeemed; and that when
ever and so soon as such amount of capital stock shall have been so purchased or redeemed, the aforesaid annual sum shall be at the disposal of parliament."
II. "That the several duties granted to his majesty on the profits arising from property, profes sions, trades, and offices, by the acts of 43 Geo. III. c. 122, 45 Geo. III. c. 15, and 45 Geo. III. c. 65, shall be applicable in like manner for defraying the charge of any such loan or loans, so long as the said duties shall continue payable by virtue of the said acts, and no longer."
III. "That the total amount of any loan or loans to be so raised and charged shall not exceed the sum of 16,000,000l. in any one year, or of 210,000,000l. within 14 years from this time."
IV. "That any further or sup plementary loan or loans which may be necessary for the service of any year beyond the loan or loans so charged as aforesaid on any of the several duties above-mentioned, shall be raised on such terms, and subject to such conditions of redemption, as are hereinafter speci fied; videlicet, that an annual sum, equal to one per cent. on the capital stock created in respect of every such supplementary loan, shall be issued in equal quarterly payments to the commissioners for the reduction of the national debt; or that other provisions shall be made by parliament, for redeeming the same within 45 years from its creation; and every such loan may be charged upon any duties to be hereafter granted or appropriated by parliament for such purpose, or on any temporary annuities which may expire, and become applicable
by parliament, conformably to the provisions of an act made in the 42d of Geo. III. c. 71."
V. "That in consideration of the large amount, which by the effect of the foregoing resolutions will be applicable to the redemption of the national debt, beyond the sums which, in consequence of any law now in force, would be applicable thereto; it is reasonable and expedient that the provisions of an act, 32 Geo. III. c. 55, so far as relates to the redemption of the several public funds created or to be created subsequent to the year 1802, and also that the provisions of an act, 42 Geo. III. c. 71, so far as relates to the redemption of the several public funds therein mentioned, should be so altered and amended as may be necessary for giving effect to the principles of the said acts, in such manner as may, under the present circumstances, be most beneficial to the public interests."
VI. That it is expedient, that whenever the whole of the sums applicable to the reduction of the national debt, by virtue of any act or acts now in force, shall have accumulated to an annual amount exceeding the amount of the interest payable in respect of all such public redeemable annuities, created at any time previous to the 5th day of January, 1807; as shall then remain unredeemed, the excess of such annual sums above such interest shall be at the disposal of parliament, and may be made applicable to the charge of any loan or loans thereafter to be raised into such other public service as parlia ment may direct, but in such manner and to such extent only as shall ways leave an annual sum appli. 2
cable to the reduction of the national debt, sufficient to redeem every part thereof, which existed previous to the 22d day of June, 1802, within 45 years at the utmost from the said 22d day of June, 1802; and also sufficient to redeem every part thereof created subse quent to the said 22d day of June, 1802, within 45 years at the utmost from the date of its creation."
VII. "That whenever the an. nual sums applicable to the reduction of the national debt in respect of any loan or loans to be charged as aforesaid in the several war du. ties before-mentioned, shall exceed the amount of the interest payable in respect of such part of the capital stock created in respect of any such loan or loans which shall then remain unredeemed, the excess of such annual sums above such interests shall be at the disposal of parliament in time of peace, but not in time of war, and in such manner and to such extent only, as that an amount equal to the capital stock created by every such loan respectively shall always be redeemed within 45 years from the date of the creation of such loan."
VIII. That whenever the annual sums applicable to the reduction of the national debt, in respect to any such supplementary loan or loans as aforesaid, shall exceed the amount of the interest payable in respect of such part of the capital stock created in respect of any such loan or loans as shall then remain unredeemed, the excess of such annual sums above such interest, shall be at the disposal of parliament, but in such manner and to such ex. tent only as that an amount equal to the capital stock created by every such loan respectively shail
always be redeemed within 45 years from the date of the creation of
IX. "That for the purpose of ascertaining the due execution of the regulations provided by the above resolutions, separate accounts shall be kept by the commissioners for the reduction of the national debt, of all public funds, or securities purchased, or redeemed, by the sums vested in them by virtue of any act or acts now in force, or by such sums as shall be vested in them, in respect of any loan or loans charged on the aforesaid war. duties, or any of them, or in respect of any supplementary loan or loans to be raised as aforesaid; provided nevertheless, that the said several sums may be applied indiscriminately in the purchase of any such public funds or securities, as the said commissioners may think expedient."
X. "That an account shall be taken, and laid before this house, of the net produce of all the permanent taxes for three years, ending the 5th day of January, 1807; adding thereto an estimate of the future annual produce of such of the said taxes as have not been in full receipt during that period, with an average thereof; and if the net produce of those taxes in the years ending the 5th day of January, 1808, 1809, and 1810, shall in the average of those three years exceed such former average, such excess, or any part thereof, shall be at the disposal of parliament, and applicable to the charge of loan or loans thereafter to be raised, or to such other public service as parliament shall direct, and so on successively in any future years, if the excess of such taxes on an average
of three years shall exceed the first average by more than the amount of any sums which may then have been charged thereon; but if on any such three years average there shall appear any deficiency below such average, together with such additional charge aforesaid, such deficiency shall be made good by parliament."
XI. "That an account shall be annually taken, and laid before this house, of the net produce of the several war-duties aforesaid; and if upon an average of three years, from the 5th day of January, 1807, the annual net produce thereof shall have fallen short of 21,000,000%. such deficiency shall be made good by parliament, and so on succes. sively in any subsequent year, in which any loan or loans shall be created and charged thereupon in manner aforesaid."
Finance Plan, as described in an official Paper, published by the Ministers.
HE new plan of finance has, to the
means of maintaining the honour and independence of the British empire, during the necessary continuance of the war; without perceptibly increasing the burthens of the country, and with manifest be nefit to the interests of the public creditor. The proposed measure is grounded on the flourishing state of the permanent revenue; on the great produce of the war taxes; on the high and accumulating amount of the sinking fund; and on some inferior aids to be derived from revenues set free by annuities origi nally granted for a term of years,
and now expiring. These circumstances, so favourable to the intro. duction and maintenance of a new system, are justly to be attributed to the wise, provident, and spirited exertions, which have had the concurrent support of parliament and of the people, during the whole eventful period of the last twenty years. The plan is adapted to meet a scale of expenditure nearly equal to that of the year 1806; and it assumes, that during the war, the annual produce of the permanent and temporary revenues will continue equal to the produce of the same year 1806. It is understood, that any further or unforeseen charge, or any deficiency of revenue, shall be separately and specially provided for. Keeping these premises in view, it is proposed, that the war loans for the years 1807, 1808, and 1809, shall be twelve millions annually; for the year 1810, fourteen millions; and for each of the ten following years, sixteen millions. Those several loans, amounting for the fourteen years to 210 millions, are to be made a charge on the war taxes, which are estimated to produce 21 millions annually. The charge thus thrown on the war taxes is meant to be at the rent of 10 per cent. on each loan. Every such loan will therefore pledge so much of the war taxes as will be equal to meet this charge:—that is, a loan of twelve millions will pledge £1,200,000 of the war taxes. And in each year, if the war should be continued, a further portion of the war taxes will, in the same manner, be pledged. And consequently, at the end of fourteen years, if the war should last so long, 21 millions, the whole produce of the war VOL. XLIX.
taxes, would be pledged for the total of the loans, which would at that time have amounted to 210 millions. The ten per cent. charge thus accompanying each loan, will be applied to pay the interest of the loan, and to form a sinking fund, which sinking fund will evidently be more than five per cent. on such of the several loans as shall be obtained at a less rate of interest than five per cent. It is well known, that a five per cent, sinking fund, accumulating at compound interest, will redeem any sum of capital debt in fourteen years. Consequently, the several portions of the war taxes, proposed to be pledged for the several loans above-mentioned, will have redeemed their respective loans, and be successively liberated in periods of fourteen years from the date of each such loan. The portions of war taxes thus liberated, may, if the war should still be prolonged, become applicable in a revolving series, and may be again pledged for new loans. It is, however, shewn by the printed calculations and tables, that, whatever may be the continuance of the operation of the property-tax, will not be payable beyond the period for which it is now granted by the 46 Geo. III. c. 65, but will, in every case, be in force only during the war, and until the sixth day of April next after the ratification of a definitive treaty of peace, and no longer. It is next to be observed, that the charge for the interest and sinking fund of the proposed loans, being taken from the annual produce of the war taxes, a deficiency equal to that charge will be created in the amount of the temporary revenue applicable to the war expenditure. Supplementary loans will
be requisite to make good that deficiency. Those supplementary loars must increase in proportion to the increasing deficiency, if the war should be continued, but will never amount, even in a period of twenty years war from the present time, to more than five millions in any year, beyond the amount to which the sinking fund of that year will have been raised by this plan. It is proposed that the supplementary loans shall be formed on the established system of a sinking fund of one per cent. on the nominal capital. The charge so created will be provided for, during the first three years, by the expiring annuities; and during that period the country will have the great benefit of an exemption from all additional burthens. A new spring may thus be given to the energy of our commerce atal events it will obtain a security from the increased pressures which it must otherwise experience. From 1810, and for the six following years, a charge must be provided for, amounting on the average of .those seven years to not more than £293,000 annually; a sum in it. self so small, in comparison with the great additions which have necessarily been made to the taxes in each year, for the last fourteen years, that it can scarcely be felt, and cannot create any difficulty as to the means of providing for it: but even this comparatively small amount may probably be much diminished by the increasing produce of the actual revenues, and by regulations for their further improve. ment. And thus provision is made on the scale of actual expenditure, for ten years of war, if it should be necessary, without any additional taxes, except to the inconsiderable
amount above stated. At the close of that period, taking the three per cents. at 60, and reducing the whole of the public debts at that rate to a money capital, the combined amount of the public debts will be £387,360,000, and the combined amount of the several sinking funds then existing will be £22.720,000; . whereas the present amount of the whole public debt taken on the same scale of calculation is £352,793,000 and the present amount of the sinking fund is no more than £8,385,000. If the war should still be continued beyond the ten years thus provided for, it is proposed to take in aid of the public burthens certain excesses to accrue from the present sinking fund. That fund, which Mr. Pitt (the great author of a system that will immortalize his name) originally proposed to limit to four millions annually, will, with the very large additions derived to it from this new plan, have accumulated in 1817 to so large an amount as 24 mil. lions sterling. In the application of such a sum, neither the true principles of Mr. Pitt's system, nor any just view of the real interests of the public, or even of the stockholder himself, can be considered as any longer opposing an obstacle to the means of obtaining at such a moment some aid in alleviation of the burthens and necessities of the country. But it is not proposed in any case to apply to the charge of new loans a larger portion of the sinking fund than such as will al ways leave an amount of sinking fund equal to the interest payable on such part of the present debt as shall remain unredeemed. Nor is it meant that this or any other oparation of finance shall ever prevent