maintain our national honour, and secure our national safety. After this decided resolution, to render these supplies effective, the next point to be considered is the mode by which the expense is to be defrayed, without danger to the sources of our prosperity, and without inconvenience to those who may be called upon to contribute. Before I enter into the statement of the plan by which it is proposed to meet a considerable part of this expense in manner rather new in our more recent financial operations, I shall mention one of the intended supplies which, under the restriction with which it will be guarded, I am disposed to think will be viewed as altogether unexceptionable. After, what I have heard from some gentlemen on former discussions, I cannot expect that the measure to which I allude will encounter guards and garrisons, and the general articles included under this head, has already been voted, amounting to 10,112,000, The ordnance may be taken at 1,300,000l. and the various articles of miscellaneous service may be rated at 673,000l. There remain only two articles to be noticed, the sum of 200,000l. appropriated for the reduction of the national debt, and about 680,000l. arising from deficiencies of grants. From the whole, then, the committee will see, that the sum now to be provided for, amounts to about 25 millions. Supposing the statements under the head of the army and navy to be correct, the expense on these branches will be reduced to the extent of 24 millions; and, including the reduction on the head of extraordinaries, the saving upon the whole will amount to the sum of 6,700,000/.. Notwithstanding this diminution, how-no opposition; but I am pretty confident ever, there still remains the sum of 25 millions to be provided for, as the supplies of the ensuing year. Before I proceed to explain the general plan proposed for covering this expense, I shall state the usual articles which compose part of the annual ways and means. These are the growing produce of the consolidated fund, and the land and malt. The former I shall take, along with the profit on the lottery, at so very small a sum as 700,000l., making with the land and malt the sum of three millions and a half. There still remains, however, the sum of twenty-two millions to be supplied by some other means. The mode by which this sum is to be raised, forms the great object of consideration. The reduction upon the head of naval and military establishment does, indeed, amount to a very consider able saving. The committee will see with satisfaction that their expenses admit of a diminution below what was necessary in some former periods of the war. Pleasing as this circumstance certainly is, I will not disguise, however, that after the sums which have already been added to the national debt, after the burthens which have already been imposed, to raise so large a sum as twenty-two millions, is no light matter. But the difficulty is to be examined with a firm determination to exert every effort which the magnitude of the occasion demands, with a firm determina tion to produce the means by which the struggle is to be supported with vigour and with effect, so long as these continue to be the only course by which we can that though not universal, the approbation which it will receive will be very general. This measure, however, is considerably different from that which some gentlemen conceive. I propose that towards the supplies the Bank shall make an advance to government. The sum which it is in contemplation thus to raise is neither very large in itself, nor will it be made in such a shape as to deprive the bank of the cer tainty of repayment within a short period, if it shall be considered expedient to take off the restriction on payment in cash That under all the circumstances of our present situation that restriction is neces sary, I cannot entertain a doubt. I con fess, that, while the war continues in its present shape, it is my decided opinion that it would be unwise to discontinue that restriction. If, however, any unfore seen events of the war, or if the return of peace should supersede that necessity, the advances, which it is proposed should be made by the Bank, are to be upon such conditions as shall render them available for the payment of their debt. If such measure should meet with the approbation of parliament, the Bank will consent to make the advance. If it is clear, then that in the present situation of affairs the restriction is prudent, if, under the conditions intended to be stipulated with regard to the manner of repayment, this advance will be attended with advantage to the public service without any detriment to the Bank, I am at a loss to discover why we should decline an accommodation which, in the present circumstances of the ountry would prove so material a relief. The sum of three millions, then the Bank vill agree to advance on exchequer bills, o be repaid at a short period, capable of eing prolonged if nothing occur to renler that extension inexpedient, but still laimable by the Bank if any change in heir affairs shall render it necessary. There now remains to be supplied the um of nineteen millions. According to the received system of financial operations, the natural and ordinary mode of providing this sum would be by a loan. I know that notwithstanding the magnitude of the debt already accumulated, resources are still left for supplying the public service by this means. I admit the funding system, which has been so long the established mode of supplying the public wants, though I cannot but regret the extent to which it has been carried, is not yet exhausted. If we look, however, at the general diffusion of wealth, and the great accumulation of capital; above all, if we consider the hopes which the enemy have conceived of wearying us out by the embarrassments of the funding system, we shall find that the true mode of preparing ourselves to maintain the contest with ef fect and success is, to reduce the advantages which the funding system is calculated to afford within due limits, and to prevent the depreciation of our national securities. We ought to consider how far the efforts we shall exert to preserve the blessings we enjoy, will enable us to transmit the inheritance to posterity unincumbered with those burthens which would cripple their vigour, which would prevent them from asserting that rank in the scale of nations which their ancestors so long and so gloriously maintained. It is in this point of view that the subject ought to be considered. Whatever objections might have been fairly urged against the funding system in its origin, no man can suppose that, after the form and shape which it has given to our financial affairs, after the heavy burthens which it has left behind it, we can now recur to the notion of raising in one year the whole of the supplies which a scale of expense, so extensive as ours, must require. If such a plan is evidently impracticable, some medium, however, may be found to draw as much advantage from the funding system, as it is fit, consistently with a due regard for posterity, to employ, and at the same time to obviate the evils with which its excess would be attended. We still may devise some ex[VOL. XXXIII.] pedient by which we may contribute to the defence of our own cause, and to the supply of our own exigencies, by which we may reduce within equitable limits the accommodation of the funding system, and lay the foundation of that quick redemption which will prevent the dangerous consequences of an overgrown accumulation of our public debt. Such are the advantages which the plan I am about to propose endeavours to combine. To guard against the accumulation of the funded debt, and to contribute that share to the support of the struggle in which we are engaged, which our ability will permit without inconvenience to those who are called upon to contribute, appears essentially necessary. The great object of such a practical scheme must be to allot fairly and equally to every class that portion which each ought to bear. As I have already stated then, it is my intention to propose, not for your immediate decision, but for your mature deliberation, the plan of raising, by a general tax within the year, the sum of seven millions. I am aware that this sum does far exceed any thing which has been raised at any former period at one time, but I trust I have stated sufficient reasons to show that it is a wise and necessary measure. I am sure that whatever temporary sacrifices it may be necessary to make, the committee will feel that they can best provide for the ultimate success of the struggle, by showing that they are determined to be guided by no personal considerations, that, while they defend the present blessings they enjoy, they are not regardless of posterity. If the sacrifices required be considered in this view; if they be taken in reference to the objects for which we contend, and the evils which we are labouring to avert, great as they may be compared with former exertions, they must appear very light in the balance. It will be observed, that there will be twelve millions out of the nineteen still to be provided for in the way of loan. At present I state this circumstance merely in the cursory review I have taken of the whole supplies. In what manner it will be done must depend upon the views which the progress of affairs may afterwards suggest. Certain parts of this sum would probably be raised on different terms. Whatever part of it might be covered by the produce of the sinking fund may be borrowed as permanent debt, providing for its redemption on the same [3 X] terms with the other permanent debt; other parts again may be borrowed upon a much earlier scheme of redemption. But to proceed to the mode by which it is proposed to raise this sum of seven millions. It has been understood for a consider able time that a great increase of the assessed taxes was in agitation. I shall state the reasons why this branch of the revenue has been chosen as best calculated to combine the advantages, which I have already explained as desirable in the intended plan. The objects to be attained in the mode of executing this scheme are threefold. One great point is, that the plan should be diffused as extensively as possible: that it should be regulated as fairly and equally as possible, without the necessity of such an investigation of property as the customs, the manners, and the pursuits of the people would render odious and vexatious. That it should exclude those who are least able to contribute or furnish means of relief; that it should distinguish the gradation of classes; that it should admit of those abatements which, in particular instances, it might be prudent to make in the portion of those who might be liable under its general principles. I am aware that no measure can be devised adequately to provide for all these objects in all their details and in every particular instance. No scheme can be practically carried into execution, in any financial arrangement, much more in such a one as the present, with such perfect dispositions as to guard against every possible inconvenience and to render every individual application unexceptionable. These general principles, however, must be kept in view in every practical plan, and the great question in discussion will be, whether any means of apportioning the extent of the contribution can be found better calculated to preserve them entire than the provisions which I propose contain. It will at once occur that the taxes, known by the name of assessed, include so many objects different in their nature, so many objects in the present state of society, of real necessity, so many of optional use and of luxury, so diversified by modes and by the state of families, that in general nothing can afford a better test of expenditure than the way in which these taxes are combined. One great objection, that the poor who contribute to the assessed taxes yet may be entitled to be exempted from such a contribution as the t present, will thus be obviated in a striking manner. Those who contribute to the assessed taxes compose a number of about 7 or 800,000 housekeepers and masters of families, including a population of nearly four millions, on whom the sum will be raised. Who then are those who will be entitled to exemption? Those who already are not included at all, on account of their poverty, or those who, for the same reason, are discharged from payment? Whether this description includes the artificers and labourers who have a fair claim to exemption, there is at least reason to believe, from the best information that can be collected, that 500,000 house keepers and masters of families, covering a population of between two and three millions, are so comprehended. Such is the extent of the total exemption. The next object then is, to consider the effect of the contribution upon those classes on which it would be raised. The assessed taxes so far as can be ascertained, amount to a sum of about 2,700,000!, This sum as collected is levied on about 7 or 800,000 housekeepers, of whom it is ascertained that 400,000 do not contri bute more than 150,000l. This, indeed is a little increased by the late additions, but in a very small proportion, as these additions chiefly affect those who belong to the superior classes. The proposed ad ditional assessment, then, upon the whole contributors, would amount, on the whole sum of the assessed taxes, to something less than a treble contribution. Why it should be something less than treble, which would be about eight millions, will be explained in the sequel. When we see that 400,000 householders contribute only 150,000l. we shall see how small a part of the additional share will fall upon those who are most entitled to mitigation. In this extensive apportionment, too, we shall discover the modifications which it may be necessary to make, and the means to adapt it to the ability of the contribu tors. The assessed taxes obviously divide themselves into two classes. Those which in a great measure applied to inhabited houses, consisted of three duties; that which was known by the name of the old duty, the window duty, and the commutation duty, first imposed last war, and regulated in 1788: and of the different per cents since imposed, which may amount to about 1,400,000/. out of two millions and a half. In this both the high and the low classes were included; but among e latter, 400,000l. contributed only ready pay, the full amount will be fairly 50,000. The other consists of optional collected, and the burthen justly distrionsumptions and luxury-the duty on buted. In this way the first class of conrvants, carriages, horses for pleasure, tribution will, on the whole, double the ad that class of horses employed in agri- amount of what is already paid, though ulture, the proprietors of whom, in the in some cases it may be more than double, resent state of the country, one of the in others considerably less. In this way ost opulent classes which it contains, 2,800,000l. may be obtained. Upon that ould not be injured by such an addition class which comprehends the taxes on serthe moderate rate which is now paid. vants, pleasure horses, carriages, &c. it is It will readily occur that, where there are proposed to treble the assessment. In the souses which do not contribute for the higher classes, where the quantity of asoptional, or class of luxury, there the in-sessed taxes may be considered as a fair habitant must be best entitled to favour criterion of opulence, the rate of contriand mitigation. On these, then, the bur-bution may in some cases be an addition then will fall much more lightly than on of three and a half, and even, in the highthose, such as ourselves, and those who est class of all, a quadruple of the present contribute to both divisions of the as- tax-On the second description, there sessed taxes. There is another distinc- may be obtained about 3,900,000l. at the tion likewise which will increase the fa- treble rate. Allowing 500,000l. for the cility of applying the relief, which it may highest class, the produce with the be found proper to bestow. The house 2,800,000l. for the first class, makes more tax in the metropolis and other great than 7,000,000l. If it were trebled on the towns, is more felt by the inferior classes whole, the produce would be more than than it is felt by the same class in the 8,000,000l.; but it will now be sufficiently country. Persons in the same circum- understood, that, from the modifications' stances of life, who in the country pay which it will be expedient to introduce, in only perhaps 2., in towns may pay three many cases, instead of double, there will or four times that amount. It is the ad- not be one rate, in some not one half rate, vantage of this plan then, that it will be and others still less, to be exacted. Thus, in the power of the committee to make from the treble allotment, there will be the contribution bear upon those who are nearly one million to be divided in modibest able to pay, and diminish the burthen fication to alleviate the burthens of those of those who are best entitled to relief. whom it may be wise to exempt. In this It forms another characteristic advantage manner each class will mutually contribute of the plan, that the relief which it may to the relief of those who are unable to be expedient to give to the poor, will not sustain an additional burthen, and the materially affect the productiveness of the 400,000 who now pay so small a propor tax. There is reason to believe, from the tion will continue to be protected from best estimate that can be formed, that not any severe exaction by the extent which more than 3 or 400,000l. is raised in all the tax will receive from the more opulent the metropolis. This includes, indeed, all class of contributors. who are entitled to relief, but it likewise includes all those who are best able to pay. If great cities and populous towns, contain a great number who, from their poverty, have a claim to exemption, they contain likewise a great proportion of the opulent class, who will be able to contribute in such a manner as to supply what it would be unfair to exact from the inferior class. Thus the two classes together will supply what is required without oppression to the poor, or defalcation of the tax. In this manner, following the gradations of ability, as they are clearly pointed out by the profits of voluntary or luxurious contribution, and the claims to relief, as they are ascertained by the nature of the taxes which individuals al$ Thus the advantage of such an arrangement will allow sufficient latitude of relief, where relief should be given, without diminishing the productiveness of the tax. It will allow any exemption to those who have no means, not to those who are unwilling to contribute; of the former there may be many in number, but little in amount; of the latter, whatever the amount may be, I am sure the numbers will be few. I am sure that there cannot be a large proportion of men in any part of this country who will be unwilling to concur in those measures which are felt so necessary for the public safety, or who can refuse to contribute a part of their property for the preservation of all they possess. In such a cause no man can find the extent of his the extravagant pretensions of the enemy, to dissipate the vain hopes they have built on our supposed financial embarrassment, firm the solidity of our power, cands to maintain the sources of our prosperity. Having thus explained the general na ture of the plan proposed, I must not omit to suggest the precautions which will be necessary to prevent the contribu by a subsequent diminution of establish ment, and on the other to make provision that a real change of circumstances may not expose individuals to an oppressive contribution limited, but by the extent of his ability. In every class where the means exceed the actual necessity; ins every case where the power of contributosanimate confidence at home, to con tion exceeds the absolute demand, no man can surely be so unmindful of the duties he owes to his country, no man can be so blind to the interests he has to preserve, as not to feel that he makes the most fru gal and generous option in contributing to defend the society, of which he forms ation from being eluded on the one hand component part, and to maintain that sta tion which he occupies. I am aware that I anticipate the wishes of every man who hears me, in thus proposing that the extent of the relief, which the poor will re-exaction. It is evident, however, that in ceive, will be defrayed by the rate of con- order to make the tax productive, it must tribution varying with the property and proceed on a past, not on a future assess the stake which men hold in the country,ment. For, Sir, every gentleman must by attaching upon the same class with our feel, that if for the period this contribu selves the additional burthens which the tion is to be levied upon the people, the poverty of the lower classes will improve. share each individual is to contribute In thus affording a proof of the sincerity were to be, regulated by future assess of the pledge we have given by our readi- ments, a great part of the benefit there is ness to make the sacrifices which it re- now reason to expect we shall derive from quires, I feel that I am equally in unison it, would be frittered away by conceal with the general sentiment of the comment and evasion. It is, therefore, my pur mittee, as with the great principles of po- pose to propose, that not future but past licy and of justice. Speaking for our assessments should be made the basis of the selves, we thus disclaim every little jea-new contribution: because, prima facie lousy of the extent of the burthen we are the most impartial evidence that can be called upon to bear. We prove to the obtained of the ability of each individual world that we are not limited by this or to contribute to the exigencies of the that contribution; we demonstrate that we state is the amount of his expenditure of calculate only the magnitude of the occa-income before he has any temptation to sion, and consider only whether the effort lower it, in order to elude taxation. On be equal to the importance of the demand. the other hand, Sir, as cases may exist of I trust that the exertion will not be deficient, some, who by accidental causes are ren that the contribution will not be inade- dered unable to support their present es quate, but if it were found to be belowtablishment; of others, who, having in the unexampled greatness of the cause, I am sure that the utmost alacrity would be shown to submit to still greater sacrifices, and to display more vigorous efforts. We have the satisfaction of knowing that, however heavy these burthens might be, if permanent, yet as temporary sacrifices they are light in the scale when weighed against this mighty crisis and extremity of defence, when compared with the hor-shall come in detail before the House, to rors we have to shun, and the value of the blessings we have to preserve. If I am not deceived in the inquiries I have made, the greatest contribution will not exceed a tenth of the income of the high est class of those by whom it is paid. No man surely will think such a sacrifice too great for such a cause; he cannot think advantages too dearly purchased, if the effect of our preparation be to discourage providently engaged in them, repent of propose regulations for the relief of such |