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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 feet of the forcgoing 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 22d day of June, any law now 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. 66 That whenever the an.. of an act, 32 Geo. III. c. 55, so far nual sums applicable to the reduc. 23 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. 190%, 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 Day, 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, 6. 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.” funulated to an annual amount VIII. 6. That whenever the an. aceeding the amount of the interest nual sums applicable to the reducpayable 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, shall 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 ip. 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 ways leare an annual sum applie every such loan respectively shall

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always be redeemed within 45 years of three years shall exceed the fi from the date of the creation of average by more than the amor such loan."


of any sums which may then hl IX. - That for the purpose of been charged thereon, but if ascertaining the due execution of any such three years average th the regulations provided by the shall appear any deficiency bel above resolutions, separate accounts such average, together with so shall be kept by the commissioners additional charge aforesaid, se for the reduction of the national deficiency shall be made good debt, of all public funds, or secu. parliament." rities purchased, or redeemed. by XI. " That an account shall the sums vested in them by virtue annually taken, and laid before of any act or acts now in force, house, of the pet produce of or by such sums as shall be vested several war-duties aforesaid ; a in them, in respect of any loan or if upon an average of three yea loans charged on the aforesaid war from the 5th day of January, 18 duties, or any of them, or in re- the annual net produce thereof si spect of any supplementary loan or have fallen short of 21,000,00 loans to be raised as aforesaid ; such deficiency shall be made ga provided nevertheless, that the said by parliament, and so on succ several sums may be applied indis. sively in any sabsequent year, criminately in the purchase of any which any loan or loans shall such public funds or securities, as created and charged thereupon 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 of the net produce of all the per- official Paper, published by manent taxes for three years, end. Ministers. ing the 5th day of January, 1807 ; adding thereto an estimate of the THE new plan of finance h future annual produce of such of 1 for its object, to provide t the said taxes' as have not been in means of maintaining the hond full receipt during that period, with and independence of the Brit an average thereof; and if the net empire, during the necessary cd produce of those taxes in the years tinuance of the war; without pl ending the 5th day of January, ceptibly increasing the burthens 1808, 1809, and 1810, shall in the the country, and with manifest 1 average of those three years exceed nefit to the interests of the pub such former average, such excess, creditor. The proposed measure or any part thereof, shall be at the grounded on the flourishing state disposal of parliament, and appli. the permanent revenue; ont cable to the charge of any loan or great produce of the war tases; loans thereafter to be raised, or to the high and accumulating amou such other public service as parlia. of the sinking fund; and on sod ment shall direct, and so on suc. inferior aids to be derived from cessively in any future years, if the venues set free by annuities orig excess of such taxes on an average nally granted for a term of year

and now expiring. These circum- taxes, would be pledged for the sances, 80 favourable to the intro. total of the loans, which would at daction and maintenance of a new that time have amounted to 210 ystem, are justly to be attributed millions. The ten per cent. charge to the wise, provident, and spirited thus accompanying each loan, will certions, which hare had the con. be applied to pay the interest of carrent support of parliament and the loan, and to form a sinking of the people, during the whole fund, which sinking fund will evi, etentful 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 E scale of expenditure nearly equal be obtained at a less rate of interest 5 that of the year 1806 ; and it than five per cent. It is well known, esumes, that during the war, the that a five per cent. sinking fund, brinal produce of the permanent accumulating at compound interest, ad temporary revenues will con. will redeem any sum of capital sue equal to the produce of the debt in fourteen years. Consene year 1806. It is understood, quently, the several portions of the at any further or unforeseen war taxes, proposed to be pledged targe, or any deficiency of revenue, for the several loans above-men. shall be separately and specially tioned, will have redeemed their Torided for. Keeping these pre. respective loans, and be successiveabes in view, it is proposed, that ly liberated in periods of fourteen Be 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 milions annually; for the year thus liberated, may, if the war 1610, fourteen millions; and for should still be prolonged, become ach of the ten following years, applicable in a revolving series, and iiteen millions. Those several may be again pledged for new loans. bans, amounting for the fourteen It is, however, shewn by the printed pears 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 brown on the war taxes is meant to for which it is now granted by the

at the rent of 10 per cent. on 48 Geo. III, c. 65, but will, in ach loan, Every such loan will every case, be in force only during Serefore pledge so much of the war the war, and until the sixth day of axes as will be equal to meet this April next after the ratification of large :-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,

the war taxes. And in each that the charge for the interest and fear, if the war should be conti. sinking fund of the proposed loans, lued, a further portion of the war being taken from the annual pro. ktes 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 and of fourteen years, if the war in the amount of the temporary re. hould last so long, 21 millions, venue applicable to the war expen. he whole produce of the war diture. Supplementary loans will Voz. XLIX.

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· be requisite to make good that defi. amount abore stated. At the close

ciency. Those supplementary loans of that period, taking the three per must increase in proportion to the cents. 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, cven in a period of twenty amount of the public debts will be years war from the present time, to £387,360,000, 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 29,720,000;: 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 posed 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 £8,355,000. If the war should charge so created will be provided still be continued beyond the ten for, during the first three years, by years thus provided for, it is prow the expiring annuities; and during posed to take in aid of the public that period the country will have burthens certain excesses to accrue 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 ital] 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 largs must otherwise experience. From additions derived to it from 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 mil.

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, nol self so small, in comparison with any just view of the real interest the great additions which have be- of the public, or even of the stock, cessarily been made to the taxes in holder himself, can be considered a each year, for the last fourteen any longer 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 ol to the means of providing for it: the burthens and necessities of the but even this comparatively small country. But it is not propose amount may probably be much di. in any case to apply to the charg 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 improve ways leave an amount of sinkin ment. And thus provision is made fund equal to the interest payabl on the scale of actual expenditure, on soch part of the present debt. for ten years of war, if it should be shall remain unredeemed. Nori necessary, without any additional it meant that this or any other op taxes, except to the inconsiderable ration of finance shall ever preven

redemption of a sum equal to portions of the war taxes, with the present debt in as short a period exception of the property tax, will hat in which it would have been be more or less pledged for periods, eemed, if this new plan had not in no case exceeding fourteen years. o brought forwards. Nor will low far some parts of those taxes final redemption of any supple. are of a description to remain in itary loans be postponed beyond force after the war; and what may period of 45 years prescribed be the provision to be made here. the act of 1792 for the extince after for a peace establishment, Tof all future loans. While each probably much larger than in forthe annual war loans will be mer periods of peace; are consider. ressively redeemed in 14 years ations which at present need not be o the date of its creation, so anticipated. It is reasonable to as. { as war shall continue; and sume, that the means and resources never peace shall come, will be which can now maintain the proermed always within a period longed expenditure of an extensive short of the 45 years required war, will be invigorated and in. the above-mentioned act. in creased by the return of peace, result therefore of the whole and will then be found amply sufsure, there will not be imposed ficient for the exigencies of the pub.

new taxes for the first three lic service. Those exigencies must rs from this time. New taxes at all events be comparatively small, ess than £300,000, on an ave. whatever may still be the troubled

of seven years from 1810 to and precariuris circumstances of 6, both inclusive, are all that Europe. Undoubtedly there pre| be necessary, in order to pro. vails in the country a disposition to e for the country the full benefit make any farther sacrifices that the advantages of the plan here de. salety, independence, and honour bed; which will continue for of the nation may require ; but it niy years; during the last ten would be an abuse of that disposi. which again no new taxes what. tion, to apply it to unnecessiry and r will be required. It appears, overstrained exertions. And it refore, that parliament will be must not pass unobserved, that in bled to provide for the prolong, the supposition of a continued war, expenditure of a necessary war, if the loans for the annual expen. nout violating any right or in. diture should be raised according est whatever, and without im. to the system hitherto pursued, ind further burthens on the permanent taxes must be imposed, intry, except to a small and li. amounting, in the period assumed, ed amount : and these purposes to 13 millions additional revenue. I be attained with benefit to the Such an addition would add heavily blic creditor, and in strict con. to the public burthens, and would mity both to the wise principles be more felt after the return of which the sinking fund was peace than a temporary continu. ablished, and to the several'acts ance of the war taxes. In the mean parliament by which it has been time, and amidst the other evils of gulated. It is admittéd, that if the war, the country would be sub. bp should be prolonged, certain jected to the accumulated pressure


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