fhall be fubject to an abatement in the manner in fuch cafes directed by the Act of the prefent feffion of Parliament.

"That it is the opinion of this Committee, that where any manors, meffuages, or tenements, which now are rated together, and chargeable with the payment of one grofs fum by way of land tax fhall be feparated or divided, and come into the poffeflion of different perfons prior to the time when fuch manors, mefluages, or tenements, fhall be exonerated therefrom; then the commiffioners of land tax acting in or for the divifion where in fuch land tax fhall be charged, fhall caufe fuch land tax to be apportioned as between fuch perfons refpectively, according to the value of their refpective eftates, and to affefs and charge the proportions in which their refpective eftates fhall bear and fullain the fame; and in cafe any one of fuch perfons fhall, after fuch appointment, be compelled to pay the whole of the faid land tax, or more than his due proportion thereof, fuch perfon fhall be reimburfed by the perfon who, under fuch affeffiment, ought to have paid the fame, fuch fum or fums of money as he or she fhall have been compelled to pay over and above his due proportion of fuch land tax, with the like remedy for the recovery thereof as landlords have for the recovery of rent in arrear.

"That it is the opinion of this Committee, that the land tax purchafed fhall not be fubject to redemption until the period when the dividends arifing from the purchases of ftock made by the commiffioners for the reductions of fuch part of the national debt which existed before the commencement of the prefent war, fhall, according to the true intent and meaning of the Acts now in force, ceafe to accumulate, and be confidered as redeemed, and in the difpofition of Parliament; and that after that period, and at any time during three years then next enfuing, every perfon being in the poffeffion of, or beneficially entitled to, any manors, meffuages, or tenements, charged with any land tax which fhall have been purchafed, fhall, in the order in which they respectively hall be entitled to the benefit of redeeming their land tax, according to the rate of preference for fuch redemption, be entitled to treat with the commiffioners to be appointed for the redemption of fuch land tax, or any part or parcel thereof, in fuch and the like manner in all refpects as he might have done within the period to be first limited; provided that notice in writing be given to the receiver-general, fpecifying the amount of the land tax fo redeemed, who thail caufe notice thereof to be given to the original purchafer, his heirs, executors, adminiftrators, or affigns, and all payments to fuch original purchafer on account of fuch land tax fhall ceafe and determine from the end of the quarter of the year next enfuing fuch purchafe; and that the commiffioners for the reduction of the national debt, on application made to them by the original purchafer, his heirs, executors, adminiftrators, or affigns, and on production to the faid commiffioners of the original contract of purchase, and of the notice given to fuch purchafer, his heirs, executors, adminiftrators, or affigns, by the receiver-general, of the redemption of fuch land tax, fhall either transfer to him fo much capital

ftock

ftock in the three per centum annuities as fhall have been transferred by fuch original purchafer, his heirs, executors, administrators, or affigns, as the confideration for the purchase of fuch land tax, or at his option fo much money as the capital ftock fo transferred was worth at the time of the first purchase, and fuch contract shall thereupon be determined, and of no effect; and that whenever any land tax purchased shall be afterwards redeemed, the manors, mef fuages, or tenements, comprised in fuch contract, fhall be wholly freed and exonerated from the land tax charged thereon, and from all further affeffiments thereof.

"That it is the opinion of this Committee, that whenever in any parish or place the whole of the land tax charged upon the manors, meffuages, or tenements in fuch parish or place hall have been redeemed, and all the manors, meffuages, or tenements, in fuch parish or place fhail be exonerated from the payment of any fum or fums of money as land tax, all affeffments in such parish or place fhall ceafe and determine.

"That it is the opinion of this Committee, that when any ca pital ftock of the 31. per cent. Bank annuities fhall be transferred to the commiffioners for the reduction of the national debt, the intereft or dividend which would have been payable on fuch flock, fhall, from thenceforth, ceafe to be iffued from the receipt of the Exchequer, or to be charged on the confolidated fund; and the money which would have been applicable to the payment thereof shall remain and be a part of the growing produce of the confoli dated fund to be applied in fuch manner as Parliament fhall, from time to time, direct.

"That it is the opinion of this Committee, that in all cafes where the land tax on any manors, meffuages, or tenements, shall have been redeemed by perfons entitled to preference, fuch ma nors, meffuages, or tenements, fhall from thenceforth for ever be free and difcharged from any tax other than fuch as thall be inpofed thereon, in proportion to the annual value of the fame, in common with all other property of the fame defcription: Provided always, that in estimating the value of fuch property the annual amount of the land tax fo redeemed shall be deducted therefrom, and that in all other refpects the value of fuch property fhall be eftimated in like manner, and according to the fame regulations as fhall be applied to property of a like defcription, the land tax on which fhall not have been fo redeemed.

one thou.

"That it is the opinion of this Committee, that the feweral duties impofed on malt, 27 G. 3d, and on fugar by the acts of 27th, 34th, and 37th G. 3d, and on tobacco and fnuff, 29th G. 3d, fhall continue in force till the fifth day of April, fand feven hundred and ninety-nine, and no longer, but shall from thenceforth ceafe and determine, except as to arrears due or to grow due, unless the fame thall be fpecially continued by Parliament."

Lord Sheffield faid, that the meafure now before the Houfe was the most extraordinary, the moft rafh, and the very wort that ever was propofed to Parliament. It appeared to him to be

a more

a more unjust measure than if the laft affeffment had been quadrupled and offered up for fale. It appeared to him to be an infult to the understandings of men to fay, that they may borrow money to buy up the land tax, when it was well known that men could not borrow the money to pay the affeffed taxes already impofed. For these reasons, he did not fee how he could acquiefce in this meafure. But this was not the time for entering at large into the question.

Mr. Tierney faid, he agreed with the Noble Lord who spoke laft, that this was not a fit time to enter fully into the difcuffion of the measure now before the Houfe; and indeed he should not think he acted with decency, if he did not avail himself of the fuggeftion of the Chancellor of the Exchequer, to take time to confider of this important bufinefs. Befides he knew how unfavourable an hour for a fpeech fix o'clock was. But he muft, however, make a few obfervations, under whatever difadvantages he might labour. The Chancellor of the Exchequer had fo happy a talent at conftruing filence into approbation of his measures, or rather, of conftruing filence into unanimity, that it became neceflary for him to thwart that artifice, and to take care, that when he came hereafter to speak more at large upon the fubject, the Minifter fhould not have it in his power to fay he was oppofing a measure in detail, to which he had affented in the opening. This measure ftruck him at prefent as a measure to which he could never affent. He thought it ftruck at the principles which were the foundation of our fecurity in the poffeffion of property. It was a meafure from which the Minifter himfelf, although not a very timid man, with regard to queftions and fchemes of finance, did not expect much pecuniary advantage in any way, except in increafing the price of the funds. It was true, if the plan fucceeded to its full extent, the public would benefit 400,000l. a year, for the Minister stated it to be fo; but the Committee muft perceive at once, from the manner in which the Right Honourable Gentleman had ftated it, that he himself, who was not one of thofe who were the leaft fanguine in his expectations upon thefe fubjects, did not expect any fuch effect from the measure ; he did not fay that the scheme was very favourable to the landed Gentlemen, nor that its operation would be very rapid, for he had ftated it as the work of many years to bring it to maturity; nor did it appear that the Country Gentleman could ever have the full benefit of the plan, whatever that might be, unless he had a fufficient capital to redeem the tax.

With refpect to the ftockholder, he did on a former occafion lay down a pofition which he would again maintain to be true, that nothing could fo directly tend to endanger the ftock as any attempt to give it affiftance by fchemes of finance

No. 21.

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of any kind. That the best fecurity the flock-holder can have is his bond. Let him be content with the punctual receipt of his dividend, for, to that, with all its inconveniences, he was bound to fubmit, and in that, with all its advantages, the legiflature was bound to protect him. He could not conceive but that this measure was intended to give to the stock-holder improper affiftance, but it would not have even that effect. This the Committee would fee by looking at what was the effect of the rumour of this meafure, which was on Thurfday laft: the Bill was not yet paffed; but there was an opinion entertained out of doors, no matter how erroneous, but there was an opinion entertained by fome weak people, that whatever the Chancellor of the Exchequer propofed was precifely the fame thing as if it had paffed into an Act of Parliament. This he knew to be an erroneous opinion, but many men had already taken this measure up as if it had paffed both Houfes of Parliament, and had acted accordingly, and therefore it was fair to look at the effect it had upon the ftocks. Had it improved much the condition of ftock-holders? He spoke in the prefence of many Gentlemen who were just come out of the city, and who were very good judges of what was paffing in it in money affairs, and he fhould be glad to hear them ftate what beneficial effect this measure had had upon the funds. He could go no further, for he would fay he believed it would have a contraty effect upon the funds. Some Gentlemen might perhaps run away with an idea that this measure was for a redemption of stock, like that of the plan for the reduction of the National Debt. He denied that there was the flightest fimilarity between them. The ftock purchafed by the Commiffioners for the reduction of the National Debt was fo far a relief to the funds by taking fo much away from the market, and that stock was not funded in any other shape so as to be a burden upon the public. This was to withdraw, according to the Minifter's calculation, about forty millions of capital out of the funds; but he maintained that even if it did, and that was conceding a great deal too much, it could never be so beneficial to the country, as if it was left to be employed in agricultural purfuits, or applied as the owners pleafed in the purchafe of ftock. When the Commiffioners fhall have purchased this ftock under the provifions of this plan, the stock would not vanifh, the fubftance of the public burden would be fill the fame. It was only taking eighty millions nominally out of 'Change Alley for a while, and to enable monied men to enlarge their capital by fpeculations. It was a mere traffic in a marketable commodity, and had nothing to do with any permanent relief to the funds; and, unless there was a mass of fuperfluous wealth in the country, the landed proprietor could ne

ver

ver have any relief by this meafure, becaufe without great wealth, men could never embark into a plan of this fort, without bringing upon themfelves prodigious inconveniences. The Right Honourable Gentleman then must feel himself much difappointed at finding that the intended effect did not take place on the funds, by which he probably had meant to give a bonus to thofe mifinformed men, from whom he expected to raife a new loan. He certainly had had a long ken on this occafion; but there was a certain defeription of Gentlemen, profelling a religion different from the Members of that Houfe, who had a longer ken than that Right Honourable Gentleman, and of whofe fagacity he had too high an opinion to fuppofe that they could have been over-reached by him. In this inftance they had fhewn themfelves more than a match for the Right Honourable Gentleman, notwithstanding his great talents for negotiations of that kind. No one national benefit, therefore, being likely to be derived from the prefent measure; what end could it be expected to anfwer, except that of gaining for the Minifter a temporary popularity among the monied men? He had long obferved, that every financial measure propofed by him had had this tendency, and it was the duty of the Houfe, efpecially at a period like the prefent, to watch and endeavour to put a stop to the growing connexion between Government and the monied intereft. But as far as this meafure went to relieve the exigencies of Government, he faw no profpect of its being fuccefsful. As to the manner in which the land owBer muit be affected, he would not then enter on that part of the fubject, though a great deal might be faid upon it: but it was to be taken up by abler men than him, and to them he would leave it.

There was one point more, and that was a point upon the conftitutional tendency of this measure. The Minifter feeling, and he could not help feeling, that it was a point that must ftrike the House with alarm, that they must feel a jealousy at finding that the fum of money which had been annually voted towards paying the army and navy was to be made perpetual, faid, that he had an answer to that objection which would be fatisfactory. He firft faid that the money to be thus applied had been voted, from year to year, for near a century; an anfwer with which he was neither fatisfied himself, nor expected the Houfe to be fatisfied with it. It would be extraordinary if they were; because it was taking away the power of that Houfe over a vaft fum annually of the public money; and perhaps he recollected that he had, during the fitting of Parliament, applied a million and a half of the public money without applying to Parliament upon the fubject. The

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