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occasions might arise, even in a comparatively free country, when men might be driven to the necessity of resistance.

Mr. Bragge's amendment, on a division of the house, was carried by 185 against 104.

If the minister gained a victory over opposition, on the present occasion, they had an opportunity of triumphing, in their turn, a few months afterwards, in the verification of what was so positively predicted by Mr. Grey and Mr. Fox, that enormous as the burden of more than two millions of taxes

*The whole of ↑ he supplies for 1797 : Navy Army

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was, yet another million would be wanted. On the twenty-sixth of April, the chancellor of the exchequer demanded a farther supply. He stated the purposes for which this was necessary, and the means by which it was proposed to be raised. The aggregate of what had already been voted, and what he proposed to be now voted, for the public service, or, in other words, of his two budgets, amounted to 42,786,000l.*

He proposed, at the same time, a farther loan of two millions, if sanctioned by parliament, to the

Army extraordinaries, or out-standing debts
Treasury-bills and army-warrants

Army extraordinaries, for 1797

Ordnance

Ordnance extraordinaries, and barracks

Miscellaneous services, including the relief of emigrant priests

Advances to the merchants of Grenada

L. 12,661,000

6,600,000

3,887,000

2,088,000

4,000,000

1,623,000

737,000

929,000

600,000

Imperial loan

500,000

Annual addition to the sinking fund

200,000

Deficiency of land and malt

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Repayment to the bank for advance to the consolidated fund of 1795
Ditto for 1796

1,054,000

1,370,000

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900,000

Deficiency of the consolidated fund

2,177,000

To discharge exchequer-bills, issued on the credit of the consolidated

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Tax on property, transferred by private contract, at 4d. per pound

170,000

Copies of deeds to be given in evidence, to be stampt

40,000

On the probates of wills, above 300l.

40,000

An additional duty of 14d. upon the stamps of each newspaper

114,000

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Duty equal to the tolls on all carriages passing the turnpikes

450,000

On bills of exchange

40,000

Insurance from fire

35,000

Omitted in the sum mentioned on the produce of the stamps on copies of

deeds

10,000

Total of the new taxes 1,284,000

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emperor, The aggregate of the ways and means are stated below.* Of the eighteen millions to be borrowed, one million and a half was for the kingdom of Ireland. of which the interest was to be provided by the Irish parliament. Another million and a half was to be lent to the emperor, to enable him to repay the million and a half advanced by this country. He proposed a farther loan of two millions. if sanctioned by parliament, to our Imperial ally. For the encourage mert of prompt payment, every 100%. subscribed to have the value of 1014. 17s.

The several bills for imposing the new taxes, proposed by Mr. Pitt, in his two budget. for the current year, were regularly, and successively, brought into both houses of parliament, and most of them were passed, with few alterations; but towards the close of the sessions, on the thirtieth of June, he stated to the house of commons certain deficiencies which had taken place in the estimated product of the late taxes, and which amounted to the sum of 660,000l. These deficiencies were supplied by new taxes.†

The house of commons, in a committee of supply, on the first of May,

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Total of the ways and means for the year 1797, 42,870,000

NEW TAXES of the Second Budget.

The consolidated duties on stamps in general, doubled

320,000

Tax on property, transferred by private contr ct, at 4d. per pound
Copies of deeds to be given in evidence, to be stamped
On the probates of wills above the sum of 300l.

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An additional duty of 14d. upon the stamps of each newspaper
Increased duty on advertisements

114,000

20,000

On attorney's certificates

On ornamental plate

Duty equal to the tolls on all carriages passing turnpikes

15,000

30,000

450,000

1,199,000

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took into their consideration messages from his majesty, for a million and a half, on the terms above stated, to the kingdom of Ireland, and three millions and six hundred thousand pounds for the emperor. These resolutions, though not without undergoing various strictures, were agreed to.

There was another remittance moved for at this time, for a sovereign prince of Germany, which was voted readily, and without the least opposition. This was the sum of 80,000l. for a portion to be given with the princess royal, ou ber marriage with the hereditary prince of Wirtemberg.

During the progress of the loanbill, through the different stages, intelligence having been received by the minister, that preliminaries of peace were either signed, or rea dy to be signed, between the French republic and the emperor, he stated to the house, in a committee of supply, on the fifth of May, that he should move for repayment of the advances already made to the emperor; but that it was not his intention, according to the grounds he had for deciding his intention, at that moment, to make any provision for farther advances to his Imperial majesty.

The subscribers to the loan, which Mr. Pitt obtained near the beginning of the session, commonly called the loyalty-loan, having discovered that they were liable to incur a considerable loss from the subsequent depression of the funds, notwithstanding their former patriotism, prevailed on the minister to apply to parliament to make them a recompence. On the thirtieth of May, he moved the house of commens to allow them 51. in every

1007. which would amount, in the whole, to an annuity of sixty or seventy thousand pounds.

Mr. Dent, Mr. W. Smith, Mr. Bastard, and other members, contended, that a loan was a speculation, on which the subscribers entered with the usual expectation of gain or loss, as on any other speculation. They urged the evil tendency of such a precedent, and conjured the committee to reflect on the state of the country, before they should sanction a measure so unprecedented and shameful in its nature, and so ruinous in its conquences. The minister, for his own sake, should not persevere in a measure, which, if adopted, must tend greatly to countenance an opinion, which began to be very generally entertained, that there was a kind of collusion between him and the great monied capitalists, for the purpose of gratifying their respec tive predominant passions, power, and profit, at the expence of the sweat and almost blood of the peo ple. This business was discussed again, on the first of June: when the injustice of it was so strongly urged by different speakers, that the chancellor of the exchequer carried the resolution in favour of the money-lenders, only by a single vote: namely, 36 to 35. This question was, of course, dropped for the present.

It is in connection with the general subject of finance, that it seems proper to introduce a plan that was proposed by the chancellor of the exchequer, and adopted by the house, and which met with ge neral approbation, as tending to strengthen public credit, and quicken the springs of commerce and national prosperity. This wais

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the funding of the navy, and exchequer bills the former, amounting nearly to twelve millious; the latter, to two millions and a half. In adjusting the amount of the bonus to be given, in order to induce the holders to take a different kind of security, the point to be considered, was the difference between the value of those bills, burthened with a discount, and drawing an interest of 4 per cent. and the value of those funds which were to be transferred to the respective holders. It was deemed advisable to fund the bills in the different stocks, leaving the choice of the particular stock to the holders. The bonus granted, amounted, on an average of the different rates of the different stocks, to one and a half in terest on the bills, per cent.

In this chapter of finance, we proceed now to the British commerce and finances in India

On the 20th of December, Mr. Dundas introduced into the bouse of commons his statements respecting our affairs in India, which be divided into three classes. The first class consisted of the average statements of the three last years, with a view of enabling the committee to judge of the past: the second, a comparison of the estimates, and actual amount of the charges and revenues of the last year: the third, an account of whatever expences or disbursements might arise in a future year.

From a general statement of the revenue and charges in India, for the year 1794-5, it appeared that there remained a sum applicable to

* Laid out at Bengal; investments, including charges, &c. Madras, ditto

the £. 1,108,449

Bombay, ditto

Bencoolen, ditto

536,808

166,636

26,552

1,838,445

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the purchase of statements and payment of commercial charges, 2,084,7671. From a statement of the disposition of this surplus from the territorial revenue, it appeared that there remained a sum of 246,3222 applicable to any other purpose. This sum, he understood, had been applied to the purchase of rice, and to the profit and loss account upon internal trade. He now proceeded to state the general result of the estimates for 1795-6. Adding the increase of assets to the decrease of debts, he found that the company's affairs in India were better that year than in that preceding it, by 554,390. Having stated the affairs of the company abroad, the only part of them for which he was responsible, he proceeded to give the state of their affairs at home, which were more immediately under the charge of the directors. Upon a general comparison of debts and assets, Mr. Dundas concluded that the company's affairs were in these respects better in 1796, than in the preceding year, by 1,210,1901. Having thus concluded his statement of accounts, Mr. Dundas stated some charges incurred by late regulations,

to which a part of the surplus he had stated would naturally be applied. The regulations to which he alluded were those that had been made for remedying two grievances complained of by the military officers in the service of the East-India company. They had not the same chance with his majesty's officers of rising in the army, being incapable, according to the mode and custom of the India army, of rising any higher than the rank of a colonel. Nor could they return to their own country for the benefit of their health, without giving up their commissions and losing their pay; a system of great severity and injustice, as it left to the gallant officer, whose generous exertions for the company's interest had injured his health without benefitting his fortune, no alternative but to return home totally unprovided even by half-pay: or to stay in the service, and retain his pay, at the price of health and pay together. The just complaints of the India officers had been remedied, to the complete satisfaction of the great bulk of the officers, at the annual expence of 500,000l. Reviewing that part of

This sum, he said, might be considered as a free disposable sum for the purchase of investments, for any other purpose; but, previous to such an application, a deduction was to be made of the different items, as follow:

Deduct interest on debts, to be paid from the surplus.

No. 18, Bengal

339,422

No. 19, Madras

No. 20, Bombay

8,807 70,072

Total nterest

484,301

Hence the nett surplus from the territorial revenues, would be To which it was proper to add the amount of the sales of imports, cer tificates, &c. (No. 15.)

1,522,500

502,177

And the amount which would be applicable to the purchase of investments, payment of commercial charges, would then be

2,084,767

VOL. XXXIX.

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