trade, our induftry, and revenue, is astonishing and proud for this country; that our general capital and wealth is greater than they were even at its commencement; that our commerce, fo far from having experienced a diminution as in other wars, has greatly increated; that our industry and manufac tures, fubject to thofe local fluctuations which are infeparable from a fyftem fo extended and diverfified, have fenfibly advanced; and that, on a general view, our fituation exhibits every fymptom of internal wealth, that we are richer, that we poffeís a greater command of capital than this country ever en joyed at any former period. It is fingular too that under the depreciation which the funds have experienced, the price of land has maintained itfelf above the average of former wars, and equal to the price in time of peace; very little indeed below the unexampled rate of a few years preceding the war.

"I am aware that no argument is required to demonftrate the neceffity of great exertion in the circumitances in which we are now placed. You have already expreffed your opinion of that neceffity, and have fhewn your readiness to employ our refources. All then that is wanting, is judgment and difcrimi nation in the mode of calling them into action. If then there be any chance of diminishing the capital of the funded debt, which is the only preflure by which our efforts are embarraffed, the meature by which it is to be effected is founded upon clear and fubftantial principles of policy. This is a principle upon which the Houfe has acted in the courfe of the present Seffion. Upon this principle, you felt the expediency of making an extraordinary exertion to raise within the year a considerable part of the fupplies. It is a farther fatisfaction for us to know that the energy of that measure has been fully proved; that, though difficult in detail, though encountered by confiderable oppofition on its appearance, and many obftacles in its progrefs, its advantages have been recognized by the country. Though neceflary to qualify it by many modifications, which diminished the full effect which it was intended to have, yet the voluntary zeal of the country has borne teftimony to the principle, and the contributions with which the patriotifm of individuals has come forward for the public defence, furnishes the beft proof that in this measure the Legislature was in unifon with the fentiments of the people. From what I have heard, the objection to the measure of increafing the affeffed taxes, has been, that it did not go far enough; and commercial men have declared that it did not embrace fufficiently that fpecies of property of which they are poffeffed. Whatever may be the decifion of the Houfe as to the principle of the plan which I am about to propose, -I am fure, that any measures which tend to give effect to the

fame

fame object, which will combine an annual faving with other collateral advantages, which, without impofing any new burdens upon the public, will be attended with confiderable benefit to the nation as well as individuals, cannot fail to be received with the highest favour by this Houfe, and to fecure the approbation of the country.

"In ftating the principle upon which the plan proceeds, I am aware that I have claimed a great deal of merit to the meafure: In this, however, I claim none from the propofal. The principle itfelf poffeffes that recommendation which ufually belongs to good principles, that it is fo fimple that the advantages which are produced by its effects do not neceffarily fuppofe a great fhare of merit in the propofer.

"The amount of the prefent Land Tax is about 2,000,000l. This fum has been annually granted by Parliament for a century paft, and has been levied at the fame rate in different dif tricts. The repartition which was originally made has continued fo long, and the fum of 4s. in the pound for fo confiderable a period has never been exceeded, that it will readily be acknowledged that this fum ought not to be diminished, at leaft till many other burdens which weigh more heavily upon the public have been taken off. Taking this ftate then as that upon which the present Land Tax is railed, it is propofed, by changing the fecurity of a part of the Funded Capital into Landed Security, to cover with the two millions of exifting Land Tax two millions four hundred thousand of dividends. By this measure it is evident that, upon the fuppofition that the whole of the Land Tax were to be redeemed, the public would gain 400,000l. The terms upon which the purchafe is intended to be made, while they produce this benefit to the public, will prefent that advantage to the Land Owners which will render it eligible for them to redeem, and tempt them to give full effect to the meafure. Eighty millions would thus be taken out of the market, and the public credit, relieved from fo great a preffure, would be proportionably itrengthened. Having ftated this brief outline, I shall advert to a few of the objections against the measure, which have yet come to my knowledge.

"It must be obvious that the first step to be taken towards allowing a redemption of the tax is, to make it perpetual in all cafes where it is not redeemed, and to make it univerfally perpetual, but redeemable; against this meature I have heard fome objections; to one of thofe objections I am prepared to give an immediate, and I think a decifive anfwer. The objection to which I allude is one which is taken upon conftitutional grounds. It is faid, that the measure will take away No. 21. 4 Z

one

one of the conftitutional checks which the Parliament poffeffes; and that to make that perpetual which formed part of the annual supplies, is wrefting from the Legislature one great conftitutional control. Sir, I do not mean to argue that this is not fome variation from the ufual rule; but at the fame time the Committee will perceive, that with refpect to the objection itfelf, nothing is more eafy and fimple than that another fund in lieu of this, fhall be placed equally under the annual check and difpofition of Parliament. Surely, Sir, it is not neceffary for me to fay, that whoever gives himself the time and trouble to think, muft fee this obvious remedy; that portions of the revenue now exifting, which form part of the confolidated fund, may be made temporary and annual. The Parliament will then have an annual check; except that instead of voting two millions upon Land, they will vote two millions upon any of thofe other duties which now belong to the confolidated fund. I fhall fubmit, Sir, a Refolution to this effect, and I fhall ftate thofe duties which appear to me to be moft proper, not only to the amount of two millions, the produce of the Land Tax, but to the whole amount of the fum of 2,400,000l. to be produced by the prefent plan, and this I fhall propofe to do immediately; Parliament will then have a greater conftitutional check than they have at prefent.

"Another objection urged by fome is that, from the present repartition to perpetuate the exifting Land Tax would be to perpetuate an inequality which is fo great as to form no inconfiderable abufe. They fay that, if the tax were equalized, they would have no objection to render it perpetual. Let us confider this objection more clofely and attentively. Since the Revolution, efpecially during the latter part which has fucceeded, it has ne ver been in contemplation to equalize the Land Tax by a new repartition according to the real amount of property, and the ability of different diftricts? We know that in this Houfe, though the vote for the Land Tax had the undoubted right to adopt a new repartition, no fuch propofition was ever made. With the experience of a century before us, then, if we have feen no fuch attempt ever made, is it more likely that it would be corrected, even were the vote to be annual, than if the grant were made perpetual?

"I do not now argue whether it would have been right to revife the repartition at prefent established. I am ready to ad mit, that I confider it to have been an original defect of the prefent plan of repartition, that no periodical revifion was fixed. I think that it would have been wife to make fuch a provifion, and that it would have been happy for the country had it been done. Two important guards would be neceffary; to prevent

the

the inequality from being too great, and at the fame time not to d.fcourage improvement. That principle, however, not being at firit recognized, and property having been fince transferred without any attention to it, would it now be wife, juft, or popular, to make a new valuation? I think not. If fo many years experience has fhewn that no inclination to establish a different repartition prevailed, ought we to allow much weight to the objection that to perpetuate the Tax would be to perpetuate the inequality?

"I have likewife heard that it has been objected that this very meafure would tend to introduce an equal repartition. It ought not to be expected that thefe oppofite objections will come from? the fame quarter, and that a grievance will be felt both ways. It does happen however that the fame mind embraces oppofite and contradictory objections. Thofe who are determined to object to every thing, may continue to bring forward, in a regular oppofition, arguments against a meafure which do not proceed upon the fame principle. On the prefent occafion, however, I do not expect that this mode of attack will be employed; at least I do not anticipate fuch a mode of oppofition from any of those I now fee before me. The queftion then is, does the prefent measure give any new facility for the introduction of a general Land Tax? If the meature did give any new facility for employing the fubftantial refources of the country, and deriving additional means of ftrength without diftreffing the people, I should be more difpofed to claim it as a recommendation, than to confider it as a defect. In times like the prefent, whatever fupplies us with the means of calling into action the real refources of the country, and giving new energy to the conteft we maintain, would deferve the cordial fupport of every man who is a friend to the happiness and profperity of the country, and in a particular manner of thofe who would be the greateft fufferers, if the hoftile defigns of the enemy were to fucceed.

"The measure to be propofed to you, however, poffefles no fuch recommendation. It leaves the queftion of a more equal repartition of the Land Tax precifely where it found it. Parliament now has the undoubted right to raife more than four fhillings in the pound on the land, and what greater authority would it acquire were the prefent redeemed? If the whole were to be redeemed, for it would be fanguine to fuppofe that the whole will be redeemed within a few years by the owners, the only thing neceffary to be provided as exprefsly as any legislative pro vifion can guard, is that if ever a new Land Tax is impofed, it fhall not be impofed upon those who have redeemed in any dif ferent proportion from that on those who have not redeemed.--It would be neceflary to provide that the amount of what 4Z2

may

may have been redeemed fhould be deducted from any new im poft. It appears to me that fuch a provifion would fecure thofe who fhall take the benefit of redemption as much from any additional charge in future on that account as those who had not bought up their Land Tax at all. This, then, appears a fuffici ent answer to the general objections which have been fuggefted against the measure. As to the various details which it embraces, it would be idle to enter into any minute difcuffion of them, till the Committee has had further time to take them into mature confideration.

"There is one objection, however, which is partly connected with the detail of the measure, and partly applies as a general objection. This regards the option to be given in the fecond inftance to become a purchafer of the tax, provided the owner himself should be unwilling or unable to buy. Cafes may occur in which the proprietor finds it inconvenient to make the advances neceffary for the redemption. Great pains, however, have been taken to lighten this inconvenience. Every attention has been paid to give the landholder all the advantages confiftent with the ultimate fuccefs of the fcheme. It is of infinite importance to gain during the war every benefit which the measure is calculated to afford. It is of the utmost importance to fecure that affiftance to credit, which will fupply us with the means of that refiftance which our independence, our property, and our happiness call upon us to make. For this reafon the landholder ought to have no unlimited and exclufive privilege in the purchafe of his tax, though the terms will be fuch as to render it highly beneficial for him to become the purchaser himfelf. To enable him to take the benefit held out to him, every facility will be given him for raifing money, and even should he lofe the first opportunity of purchafe, the redemption of the tax will not be hopeless. A period fhould be fixed at which he fhall have the liberty to redeem, though on his refufal a third party in the first inftance has become the purchaser.

"Such are the views upon which the plan is founded. As to the terms upon which the purchase is to be made, I shall explain them very fhortly :---payment of the redemption will not be demanded in money, but will be received in transfer of stock to the Commiffioners for liquidating the national debt. mode has the advantage of accommodating itself to the fluctuation of ftock, and each tranfaction liquidates itfelf. The prefent price of three per cents. being about 50, affords an intereft to purchafers of fix per cent. At this rate ftock fells at from 16 to 17 years' purchase, and the tax will be fold at twenty years purchafe. Every pound of annual tax, therefore, will be equal to 41. capital fock. Should ftocks rife to 75, the purchase will

be