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terefting and fo extenfive, it would be in fome degree his duty to tref. pafs on the time of the committee. He faid, it afforded him particular pleasure, that in confequence of the frequent difcuffion of the fubject which had paffed of 1 te years within those walls, the intricacy and mystery of finance no longer exifted. The mode that he fhould adopt at prefent was, firft to ftate the permanent income compared with the permanent expenditure; fecondly, how the furplus might be applied; applied; thirdly, how the houfe might vary the mode of application on the principles already adopted; and laftly, the reafons on which they might found a probable opinion of the per manence of the prefent furplus, The actual produce of the permanent taxes, from 5th January, 1791, to 5th January, 79, was The actual produce of the land and malt In the provision for the expence of the Spanish armament, there was a regulation in the ftamp duties, mtended to be permanent, which produced about

£.14,132,00

4,558,000

40,000

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So that the amount of last year exceeded the average of four years by about

500,000 The committee would therefore fee, that in founding his eftimate of the future permanent income on the average of four years, he was not reckoning too fanguinely on the future profperity of the revenue; and that he was careful, as he ought to be, not to hold out a profpect of relief from public burdens, which was likely to end in public delufion.

He came next to compare this fum with the annual permanent expence, as eftimated by the revenue committee of last years, with fome additions and deductions, each of which he should distinctly mention. The permanent ex

pence, by the eltimate of the comLittee, was To this was to be added an additional charge on the finking fund, for the duke of Clarence, of

For the establishment

of Upper Canada Propofedeftablishment of the duke of York

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£15,969,000

12,000

12,000

18,000

£.16,011,000

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All the above favings would not take place in the first part of the prefent year, but they would in the course of it, and might be confidered as permanent. Deducting the amount from the estimate of the committee, with the additions as above, the future permanent expenditure would be 15,811,000l. Thus the future permanent income, eftimated on an average of four years, exceeded the permanent expence, including the million appropriated to the gradual reduction of the debt, by 401,000l. which fum might be applied in aid of the million for reducing the debt, to the immediate relief of public burdens, or perhaps more wifely divided between both.. Such was the profpect for future years. Let the account for the prefent year be next examined. The houfe had voted fupplies: Navy-Seamen Ordinary

.832,000 672,000

Extraordinary

350,000

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ways and means above the eflimate 436,000l. deficiency of land and malt 350,000l. then adding 100,000l. for the produce of the new duty on malt, if the house fhould think proper to repeal it, and 400,000l. in addition to the fum for reducing the public debt, and the whole amount of the fupply would be 5,654,000l.

In this account he had faid nothing of the loyalift's debentures, becaufe they were provided for by the lottery; nor of the floating exchequer bills, which being annually renewed, would ftand equal on both fides.

To provide for this fupply, the ways and means were, Land and malt

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£.2,750,000 The confolidated fund for three quarters, from 5th April, 1791, to 5th January, 1792, had produced a fum equal to what it was taken at for four quarters, and eftimating the fourth quarter on an average of four years, it would furnish to the ways and means.

The furplus of the confolidated fund on the 5th January, 1792, was

131,000 155,000l.

The produce on eftimate from 1,985,0co 5th April, 1792, to 5th April, 1793, after repealing certain taxes,

1,474,000 2,300,001.
277,000
Thefe three made a total of ways
63,000 and means of 5,691,000l, exceeding
the furplus by about 37,ocol.

1,814,000

The expence of the troops in In. dia was money advanced for, and to be repaid by, the India com pany.

Mifcellaneous fervices, including 6,000l. for the expence of Mr. Haftings's trial, and a fum, he trufted, would be granted to the fettlers removed from the Mufquito fhore, 145,000l. deficiency of grants for last year, including 123,000l. repaid of the bank loan, and leffened by about 10,000l. the excess of the

The refources of the prefent year, he proceeded to obferve, were, therefore, amply fufficient to cover the expence, the repeal of the temporary duty on malt, and the addition above

ated to the fum for reducing the debt. In future years the expence would be as before estimated, with very little variation, although he did not pretend to fay, that there might not be fome addition to the mifcellaneous fervices. From what he had faid, he hoped the committee would be of opinion that there was nothing to prevent the immediate C 4

repeal

repeal of the new duty on malt, and the partition of £400,000, between paying off the debt and eafing the

taxes.

In taking off taxes two objects were to be confidered: 1ft, That the relief should be clearly felt by the payers of taxes, instead of only ferving to increase the profits of dealers in a particular article; and 2dly, That the relief fhould chiefly extend to the induftrious poor. Taxes raifed by affeffments were well calculated to answer the firit of thefe confiderations, being paid immediately to the receivers by the perfons on whom they were levied. But there might be taxes on confumption, which would alfo anfwer this end. Of this defcription was the tax on malt intended to be repealed. There were three others which might alfo be fuppofed to unite both confiderations.

The tax on female fer-
vants amounted to
On carts and waggons, to.
On houfes under feven,

windows, to

£31,000 30,000

56,000

Thefe, including the repeal of a halfpenny on every pound of candies would make up a fum of about £222,000. The other (20,000 he was of opinion might be tafely applied to the reduction of the debt.

When the houfe fint enteren the plan of reduction, it was a que tion, whether the commision fhould be allowed on the real or nominal fums redeemed, and in which of the funds it was molt advantageous to buy ? Fortunately that qfdon was now at an end. The remaining deb. would probably be redeemed at¡a. He had preferred the application of the furplus million in the purchafe of 3 per cents, as more advantageous to the credit of the country, and perhaps ultimately to the object in view. It would be the means of

obtaining better terms for reducing the 4 per cents. to 34, and then to 3 and the 5 per cents. at a proper time. In four years the American loyalifts would be paid, and if the houfe fhould be of opinion with him that a lottery would be unprejudicial, there would be an addition to the public income of 300,000l. a year. By means of thefe aids, twenty-five millions of the 3 per cents. would be paid off, and the public enabled to redeem at par, or reduce the interest of the 5 per cents. It was to be underitood, however, that the finking fund was to have the whole benefit of the intereft, redeemed by these operations, till the annual fum applicable to the redemption of the debt amounted to four millions. This might be expected in 18c8, fa that in fifteen years that furplus would be actually at the difpofal of parliament.

Mr. Pitt concluded, by drawing a molt animated-picture of the profperity of this country, and of the unprecedented increafe of its revenue and yet he obferved that he could not fay that the country was yet arrived at its acme of happiness and fplendour. While human skill was capable of improvement in any branch of mercantile commodity; while a fingle ipot of ground remained uncultivated; or a new mart of commerce remained unexplored, it was impoffible to fay that this country had reached the pitch of wealth and profperity, to which, by its own energy, it was capable of advancing. All these advantages, however, were connected with psace abroad and tranquillity at home. The day of anxiety and folicitude, Mr. Put added, was now paft, and he might fay that instead of hopes conceived in his withes-fam fidu ciam et robur afumpferit. On this he congratulated the houfe; he .congratulated the country; and made

it

it his moft earnest prayer, that they might fuffer no intermiflion of their vigilant attention to the revenue, and to the maintaining of that peace and order to which they were indebted for all the advantages they poffeffed.

Mr. Sheridan obferved that the committee, in confequence of the right honourable gentleman's eloquence, appeared to be led away by the figures of rhetoric from attend ing to the figures of arithmetic. He was afraid however that this captivating profpect would only in the end be productive of difappointment-Who, for instance, that had read or heard the reports of a furplus of one million or of 900,ocol. would have believed that this furplus would in truth prove to be no more than 58,000!. When he heard of the king's coming down and announcing a furplus, and the minifter immediately holding forth taxes to be repealed, he thought there muit be fome ftupendous increase of re venue; and his confidence would have been greater, if he had not unfortunately heard all the minifter's former pledges, and particularly that folemn religious pledge, that no interruption should be made to the application of our furplufes, till they amounted to four millions a year.

He then examined the statement of the minifter, and af med "that the increase of our profperity had not brought with it a proportionate increafe of revenue. The increafe of the latter was to be attributed to the new burdens laid upon the people, or the regulations of the old taxes which in fact were fo many additions to them." Taking the reports of the two committees as his guides, he fhewed that the actual permanent increafe of the revenue fince 1786, was 130,000l. He fhewed that there was much deception with respect to the redemption of the na

tional debt-We were in fact now in 1797, to redeem less stock than we did in 1786, from the increased price of the public funds. He ridiculed the minifter's mode of catching a momentary and furreptitious fame by repealing the odious taxes which he had laid on the year before.

Mr. Sheridan remarked strongly on the infidious mode of caufing the repeal of taxes to originate with the crown rather than with that house; and faid the truth of the matter was, this measure was intended as the best antwer to all the imputations against the minifter for the Kuffian and Spanish armaments. In this way the nation might be brought to think that blunders were more advantageous to them than wisdomThe minifter might then addrefs them in fuch language as this: "I have involved you in a quarrel with Spain-there's a tax upon malt for you. I have made the English name ridiculous by attempting to bully Rulia-Here, take back your female fervants; I have no ufe for them. I have engaged you in a war with Tippoo Saib-Take your candles a halfpenny cheaper in the pound.” Thus the people were taught to love misfortune, to be enamoured of mif conduct-and if an administration fhould fucceed where wifdom and prudence produced their ufual effects of fecurity and quiet, the right honourable gentleman would then be at the head of a clamorous oppofition calling out for a change"Give us back that bustling and dangerous adminiftration that went on arming and difarming, taxing and untaxing; who committed fo many blunders, that they were for ever making atonements who broke our heads that they might give us a plaifter." Seriously fpeaking, he faid, every judicious man would know and feel that if there had been no Ruffian armament,

there

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Mr. Fox, in a fpeech of fome length, even the heads of which it would be inconfiftent with our limits to detail, enlarged on several of the obfervations of Mr. Sheridan. He remarked, that if the people were now obliged to the minifter for taking off fome of the taxes, they were alfo indebted to him in the Brit inftance for laying them on. He faid the bufinefs ought to have been ftated to the houfe in this form: there is a furplus of 400,000l. will you apply it ail towards the exinction of the national debt, or towards the immediate relief of the public burthens, or partly to one, and partly to the other -Stated in this manner, the house would have come fairly to the exercife of its deliberative powers. He had no hefitation in agreeing with his honourable friend, that it was the Ruffan armament which preffed upon the minifter, and produced this hafty, ill-timed, and unconftitutional sacrifice to popularity-He faid unconftitutional, because every thing that crippled the proceedings of parliament, every thing that placed the crown between the houfe of commons and their conftituents was uùconstitutional and alarming,

Mr. Fox fpoke of the reduction of the 4 per cents. as a moft politic and proper measure. The nation might draw an annual benefit from it of between 260 and 270,000l. The rife of the funds was a great national benefit; for though it threw obftacles in the way of paying off the debt, yet it invigorated every branch of our profperity. Thus it was true that the capital of

our debt was now greater than in 1786; but from the increase of ou refources the annuity was really lefs and to the annuity he always looked as to the true debt which was our enemy. To be uniform, therefore, in our endeavours to reduce the debt, we fhould not flacken our efforts, but should add as much to the fum applied to the diminution of the debt, as the proportion between the profperous and the adverse moment. He was therefore, on the whole, for applying the whole furplus to the diminution of the debt.

The house rofe without any divifion on the minister's motion for a repeal of the taxes, &c. and bills to that effect were accordingly prepared and carried through both houses in the course of the session.

A very noble and effective ftand was made this feffion against the pernicious and difgraceful mode of raising money by a lottery; and we hope no minifter will have the temerity to propofe or encourage any fimilar tax in future.

The firft attack which was made on this public nuifance was on the 28th of March, in a committee of fupply, when the chancellor of the Exchequer, having propofed that 81,500l. be raised by a lottery, Mr. M. A. Taylor expreffed his furprife that, in a time of profound peace, the inifter fhould have recourfe to a mode of raising money fo pernicious to the lower orders of the people, fo wholly fubverfive of their morals. He faid, if gentlemen would give themselves the trouble to fearch the records of crimes in our courts of justice, they would be able to trace most of them up to the lottery, by which a spirit of gaming was diffufed among the people, which could not be gratified but by the lofs of their property, or the invafion of that of others. Many in

ftances

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