the statements of the expence of the army and navy to be correct, there would be a reduction on these branches to the extent of two millions and a half; and including the reduction on the head of extraordinaries, the savings upon the whole amounted to the sum of 6,700,000l. But notwithstanding this diminution, there still remain ed the above-mentioned sum of 25,500,0001. to be provided for, as the supplies of the ensuing year. He then proceeded to state the usual articles which composed part of the annual ways and means, These were the growing produce of the consolidated fund, and the land and malt. The former he took, along with the lottery, at 30 very small a sum as 700,000l.; making, with the land and malt, the sum of three millions and a half. There then remained the sum of twenty-two millions to be supplied by some other means. After considering the burdens which had already been imposed upon the people, and the sums which had been added to the national debt, it would be found to be no light matter to raise such a sum. In the first place, however, the bank would agree to advance on exchequer bills, to be repaid at short periods, the sum of three millions. According to the received system of our finances, the ordinary mode of providing for the remaining 19 millions of the supplies would be by a loan. But in lieu of this he should propose a new mode; namely, that of raising, by a general tax, seven millions of this sum within the year. The other twelve millions he said, he should propose to raise by the usual way of loan.

It had been understood for a considerable time that a great increase of the assessed taxes was in

agitation, He then went into a long detail of his intended plan. Those who contributed to the assessed taxes composed a number of about 7 or 800,000 house-keepers and masters of families, including a population of nearly four millions, on whom the proposed sum would be raised. The number of those who were not included at all, on account of their poverty, he estimated at 500,000 house-keepers and masters of families, covering a population of between two and three millions.

The assessed taxes, as far as could be ascertained, amounted to about 2,700,000l. Therefore the propos ed additional assessment would amount, on the whole sum of the assessed taxes, to something less than a treble contribution. If he had not been deceived in the inquiries he had made, the greatest contribution would not exceed a tenth of the income of the highest class of those by whom it was to be paid; and no man would think such a sacrifice too great for such a cause. To prevent evasion, he proposed, that not future but past assessments should be made the basis of the new contribution: because, prima facie, the most impartial evidence that can be obtained, of the ability of each individual to contribute to the exigencies of the state, was the amount of his expenditure of income before he had any temptation to lower it, in order to elude taxation. After hav ing given the outlines of his plan for the treble assessment, he adverted to the remaining sum of twelve millions, to be raised by loan. Four millions, he said, might be borrowed without making any additional debt, for the sinking fund would pay that sum.

For the other fight millions he proposed

proposed a different provision; namely, that the increased assessed taxes be continued till the principal and interest be completely discharged; so that after seven millions should be raised for the ensuing year, the same taxes in one year more, wh the additional aid of the sinking fund, would pay off all that principal and intermediate interest. His propositions, therefore, if carried into effect, would not only furnish a current supply, but quicken the redemption of the national debt." This (he said) would speak a language to the enemy that, by cooling the ardour of their expectations, and shewing them the absurdity of their designs, would afford the best chance of shortening the duration of the war, and of lessening the duration and weight of our taxes." He acquiesced in

what had so often been said, that it would have been fortunate if the practice of funding had never been introduced; and, that it was not terminated, was much to be lamented; but if the nation was arrived at a moment which required a change of system, it was some encouragement for the people to look forward to benefits, which on all former occasions had been unknown, because the means of obtaining them had been neglected. He concluded with moving, "That it was the opinion of the committee, that there should be paid a duty, not exceeding treble the amount of the duties imposed by several acts of parliament now in force, on houses and windows, &c. &c."

For the sake of perspicuity, the following recapitulation is given of Mr. Pitt's calculations.

gave it any sort of countenance. He trusted that the minister was now become sensible of his former inaccuracies. He had stated in the preceding session, that the new sources of supply he then proposed would not only make up for former deficiencies, but would amply meet the expences of the current year; and yet the issuing of navy bills, ore part of his plan, had increased the calculation one million and a half he had proposed five millions for the extraordinaries of the navy; and yet with this sum voted, which he considered as a most amply supply, it now appear ed that he had formed erroneous calculations, to the amount of three millions; for the expences of the navy had exceeded the estimate to the extent of that sum. He oppos ed the minister's proposal of the bank's advancing three millions, in the same manner as he had opposed the measure lately adopted by the house, for continuing the bankruptcy of the bank. He wished to be satisfied upon what grounds the bank refused the people payment in specie, whilst at the same time it increased its advances to government. The present measure would occasion an emission of paper to a considerable increased extent; and he was afraid it would have this tendency, that it would be expected of the bank to advance still more and more, whenever future demands were made upon it.

With regard to the measure of raising seven millions towards the supply, by additional taxes within the year, he contended that it would have an effect upon the enemy, very different from what the chancellor of the exchequer had supposed in his statement to the house; for it would serve to show that our funding system was, in the

opinion even of the minister, ap proaching its end. They would see the same man, who had brought his country to the extremity of ruin, now virtually confessing his inability to pursue former methods of raising the supplies, and crouching, as it were, to the bank to help him out of his difficulties. He asked, what was to be done in the next year of the war? For with the present administration, he held it impossible the country could have peace: the right honourable gentleman wanted the requisites to bring about a peace; he wanted the confidence and respect not only of France, but of Europe. It was impossible that France could have any confidence in the pacific disposition of the present cabinet, composed as it was of men avowedly united by no other bond of union than that of hatred to the French republic. "In what congress could an English embassador sit, deputed by the present administration, which must not present to him the plenipotentiaries of courts which had either insulted, deceived, or deserted, his employers."

Mr. Nicholls and Mr. Curwen also opposed the plan of the minister. The former observed, that it had been stated by the right hon. gentleman, that in consequence of his measures, the number of stockholders had been increased all over the country. He allowed the truth of that statement; but considered it as one of the calamities of the present war, and the funding sy stem by which it had been carried on, that their number was increased.

Hence no money could be raised by the tradesman for the purposes of his business; while the money borrowed by government was enormous in amount, and bor

rowed

rowed at enormous interest, the trade of the country must be extremely prejudiced. In fact, there was now instituted a monopoly more severe, more oppressive than any monopoly that had ever prevailed: it was the monopoly of borrowing, entirely vested in the hands of government. He took this opportunity of giving notice to the house, that if the chancellor of the exchequer should persevere in his present plan, he would hereafter make a motion, for compel ling placemen and pensioners to bear a very large part of the burdens to be imposed by it. Those gentlemen might recollect a resolution adopted in the reign of queen Anne, that no placeman or pensioner should receive more than five hun dred pounds a year during the war. He concluded by observing, that if the minister's plan was adopted, and seven millions were raised within the year, and seven millions more within a year and a quarter, he was convinced the consequences would be, that the middle classes of house-keepers would be completely crushed.

Mr. Curwen contended that the war was no longer a war of necessity; and it became gentlemen to consider, whether, as a war of indemnity, that indemnity was worth the price at which it was to be bought. Peace without indemnity, he believed, might have been obtained long before. It was not a war in which Great Britain was compelled to enter for any injury sustained by herself; it was merely on account of her allies, the Dutch, and to procure indemnity for them, that we entered into the war.

Mr. Dundas and Mr. Vansittart offered several arguments to prove that the French had been called upon to state their terms; but had

absolutely refused any answer to our projet; that it was not any difference about terms that broke off the negotiations for peace, but the implacable hatred of the enemy against this government;-that they demanded indeed that we should begin by giving up every thing that we had taken in the course of the war, and then they would condescend to tell us what more they had to ask.

The house having resolved itself into a committee on the 4th of December, the chancellor of the exchequer stated the particulars of his plan for increasing the assessed taxes, of which before he had only given the outline. He began with reminding the committee that he had stated the product of the assessed taxes at present to be 2,700,0001. Some had not been collected hitherto; but he believed that they would not fall short of their estimate, which was taken at 600,0001. These were the additional assessments of the preceding session, of which the actual returns had not then been made. He apprised the committee, that the assessed taxes consisted of two descriptions, which deserved a separate consideration. The first comprehended the tax on houses, windows, the commutation tax, and the two additional 10 per cent. duties upon the amount of these; making in all the sum of 150,000l. This was but a small proportion of the whole sum collected by the assessed taxes; and it showed that care had been taken to avoid too hard a pressure upon those whose circumstances would not bear it. The other description containe i all the same charges upon houses, windows, the commutation act, and the 20 per cent. additional duties; while 1,300,0001. was raised upon male servants,

horses,

horses, carriages, dogs, and watches. It was his intention, therefore, as these were chiefly articles of luxu. ry, to triple the duties upon the latter, while he took care to have the proportions of the former modified. He next stated to the committee the different proportions of contribution which he proposed to affix to the different classes of those house-keepers, who came under his first description, of subscribing only to the house, window, and commutation taxes; he afterwards stated the different proportions of additional assessment, which those were to pay who came under his second description, of contributing not only to the house, window, and commutation taxes, but also to the taxes raised upon male servants, horses, carriages, dogs, and watches. To detail at length the history of

the various alterations which the bill underwent in its various stages, would be tedious and uninteresting, and would carry this publication greatly beyond its usual limits. Let it suffice, therefore, to say that the following were the outlines of the bill when it was passed into a law, which were all founded upon Mr. Pitt's first propositions to the committee.

Persons paying assessed taxes were divided into three classes. The first class consisted of those persons paying for male servants, carriages, and horses, on or before the 6th of April 1798, and were to pay in the following proportions.

Where the old duties were under 251. per annum, an additional duty equal to three times the present amount; that is to say, the additional sum of seventy-five pounds.

Ditto

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The