occafions might arife, even in a comparatively free country, when men might be driven to the neceffity of refiftance. Mr. Bragge's amendment, on á divifion of the house, was carried by 185 against 104. If the minifter gained a victory over oppofition, on the prefent occafion, they had an opportunity of triumphing, in their turn, a few months afterwards, in the verification of what was fo pofitively predicted by Mr. Grey and Mr. Fox, that enormous as the burden of more than two millions of taxes was, yet another million would be wanted. On the twenty-fixth of April, the chancellor of the exchequer demanded a father fupply. He ftated the purpofes for which this was neceflary, and the means by which it was propofed to be raifed. The aggregate of what had already been voted, and what he propofed to be now vot d, for the public fervice, or, in other words, of his two budgets, amounted to 42,786,0007.* He propofed, at the fame time, a farther loan of two millions, if fanctioned by parliament, to the Army extraordinaries, or out-standing debts Army extraordinaries, for 1797 Ordnance Ordnance extraordinaries, and barracks Miscellaneous fervices, including the relief of emigrant priests £. 12,661,000 6,600.000 3,387,000 2,088,coo 4,000,000 1,623,000 737,000 929,000 600,000 500,000 200,000 Farcher deficiencies of land and malt Repayment to the bank for advance to the confolidated fund of 1795 350,000 1,054,000 1,370,000 900,000 Deficiency of the confolidated fund 2,177,000 To discharge exchequer-bills, iffued on the credit of the confolidated fund Tax on property, transferred by private contract, at 4d. per pound 170,000 Copies of deeds to be given in evidence, to be ftampt 40,000 On the probates of wills, above 300l. 40,000 An additional duty of 1d. upon the ftamps of each newspaper 114,000 Increased duty on advertisements On attorney's certificates On ornamental plate 20.000 15 000 30,000 Duty equal to the tolls on all carriages paffing the turnpikes 450,000 40.000 Infurance from fire Omitted in the fum mentioned on the produce of the stamps on copies of deeds emperor. The aggregate of the ways and means are stated below.* Of the eighteen millions to be borrowed, one million and a half was for the kingdom of Ireland, of which the intereft was to be provided by the Irish parliament. Another million and a half was to be lent to the emperor, to enable him to repay the million and a half advanced by this country He propofed a farther loan of two millions, if fanctioned by parliament, to our Imperial ally. For the encourage ment of prompt payment, every 1001. fubfcribed to have the value of 1047. 17s. The feveral bills, for impofing the new taxes, propofed by Mr. Pitt, in his two budgets, for the current year, were regularly, and fucceffively, brought into both houfes of parliament, and most of them were paffed, with few alterations; but towards the close of the feffions, on the thirtieth of June, he stated to the houfe of commons certain deficiencies which had taken place in the eftimated product of the late taxes, and which amounted to the fum of 660,000%. Thefe deficiencies were fupplied by new taxes.† The houfe of commons, in a committee of fupply, on the first of May, Total of the ways and means for the year 1797, 42,870,000 NEW TAXES of the Second Budget. The confolidated duties on ftamps in general, doubled Tax on property, transferred by private contract, at 4d. per pound An additional duty of 1d. upon the ftamps of each newspaper On attorney's certificates On ornamental plate Duty equal to the tolls on all carriages paffing turnpikes Surplus on Scotch fpirits On horfes employed in agriculture On pepper, imported On coals, exported Watches and clocks 320 000 170,000 40,000 40,000 114,000 20.000 15,000 30,000 450,000 1, 199,000 182,000 150,000 15,000 14,000 200,000 took took into their confideration meffages from his majefty, for a million and a half, on the terms above ftated, to the kingdom of Ireland, and three millions and fix hundred thousand pounds for the emperor. Thefe refolutions, though not without undergoing various ftrictures, were agreed to. There was another remittance moved for at this time, for a lovereign prince of Germany, which was voted readily, and without the leaft oppofition. This was the fum of 80,000l. for a portion to be given with the princefs royal, on her marriage with the hereditary prince of Wirtemberg. During the progrefs of the loanbill, through the different ftages, intelligence having been received by the minifter, that preliminaries of peace were either figned, or ready to be figned, between the French republic and the emperor, he ftated to the houfe, in a committee of fupply, on the fifth of May, that he fhould move for repayment of the advances already made to the emperor; but that it was not his intention, according to the grounds he had for deciding his intention, at that moment, to make any provifion for farther advances to his Imperial' majesty. The fubfcribers to the loan, which Mr. Pitt obtained near the beginning of the feffion, commonly called the loyalty-loan, having difcovered that they were liable to incur, a confiderable lofs from the fubfequent depreifion of the funds, notwithftanding their former patriotifm, prevailed on the minifter to apply to parliament to make them a recompenfe. On the thirtieth of May, he moved the house of commons to allow them 57, in every 1007. which would amount, in the whole, to an annuity of fisty or feventy thousand pounds. Mr. Dent, MF. W. Smith, Mr. Baftard, and other members, contended, that a loan was a fpeculation, on which the fubfcribers entered with the ufual expectation of gain or lofs, as on any other fpeculation. They urged the evil tendency of fuch a precedent, and conjured the committee to reflect on the fate of the country, before they thould fanction a measure fo unprecedented and fhameful in its nature, and fo ruinous in its confequences. The minifter, for his own fake, fhould not perfevere in a meafure, which, if adopted, muft tend greatly to countenance an opinion, which began to be very generally entertained, that there was a kind of collufion between him and the great monied capitalifts, for the purpofe of gratifying their refpective predominant paflions, power, and profit, at the expence of the fweat and almoft blood of the people. This bufinefs was difcuffed again, on the firft of June: when the injuftice of it was fo ftrongly urged by different fpeakers, that the chancellor of the exchequer carried the refolution in favour of the money-lenders, only by a fingle vote: namely, 36 to 35, This queftion was, of courfe, dropped for the prefent. It is in connection with the ge neral fubject of finance, that it feems proper to introduce a plan that was propofed by the chancellor of the exchequer, and adopted by the houfe, and which met with general approbation, as tending to ftrengthen public credit, and quicken the fprings of commerce and national profperity. This was the funding of the navy and exchequer bills: the former, amounting nearly to twelve millions; the latter, to two millions and a half. In adjufting the amount of the bonus to be given, in order to induce the holders to take a different kind of fecurity, the point to be confidered, was the difference between the value of thofe bills, burthened with a discount, and drawing on intereft of 4 per cent. and the value of those funds which were to be tranfferred to the respective holders. It was deemed advifable to fund the bills in the different flocks, leaving the choice of the particular ftock to the holders. The bonus granted, amounted, on an average of the different rates of the different flocks, to one and a half intereft, on the bills, per cent. In this chapter of finance, we proceed now to the British commerce and finances in India. On the 20th of December, Mr. Dundas introduced into the house of commons his ftatements respecting our affairs in India, which he divided into three claffes. The firft clafs confifted of the average statements of the three last years, with a view of enabling the committee to judge of the paft: the lecond, a comparifon of the estimates, and actual amounts of the charges and revenues of the laft year: the third, an account of whatever expences or difburtements might arife in a future year. From a general statement of the revenue and charges in India, for the year 1794-5, it appeared that there remained a fum applicable to the £. Laid out at Bengal; investments, including charges, &c. Madras, ditto the purchase of statements and payment of commercial charges, 2,084,7671. From a ftatement of the difpofition of this furplus from the territorial revenue, it appeared that there remained a fum of 246,3227. applicable to any other purpose. This fum, he understood, had been applied to the purchase of rice, and to the profit and lofs account upon internal trade. He now proceeded to state the general refult of the estimates for 1795-6. Adding the increase of affets to the decrease of debts, he found that the company's affairs in India were better that year than in that preceeding it, by 554,3907. Having ftated the Having stated the affairs of the company abroad, the only part of them for which he was refponfible, he proceeded to give the state of their affairs at home, which were more immediately under the charge of the directors. Upon a general comparison of debts and aflets, Mr. Dundas concluded that the company's affairs were in these refpects better in 1796, than in the preceding year, by 1,240,4901. Having thus concluded his ftatement of accounts, Mr. Dundas stated fome charges incurred by late regulations, to which a part of the furplus he had ftated would naturally be applied. The regulations to which he alluded were those that had been made for remedying two grievances complained of by the military officers in the fervice of the Eaft-India company. They had not the fame chance with his majesty's officers of rifing in the army, being incapable, according to the mode and cuftom of the India army, of rifing any higher than the rank of a colonel. Nor could they return to their own country for the benefit of their health, without giving up their commillions and lofing their pay; a fyf tem of great feverity and injuftice, as it left to the gallant officer, whofe generous exertions for the company's intereft had injured his health without benefitting his fortune, no alternative but to return home totally unprovided even by half-pay: or to ftay in the fervice, and retain his pay, at the price of health and pay together. The juft complaints of the India officers had been remedied, to the complete fatisfaction of the great bulk of the officers, at the annual expence of 500,000l. Reviewing that part of This fum, he faid, might be considered as a free difpofable fum for the purchase of investments, for any other purpose; but, previous to such an application, a deduction was to be made of the different items, as follow. 1,522,590 Hence the nett furplus from the territorial revenues, would be To which it was proper to add the amount of the fales of imports, certificates, &c. (No. 15.) And the amount which would be applicable to the purchase of investments, payment of commercial charges, would then be 562,177 2,084,767 |