ftate of this country fo much depends: yet not only the Public and this Houle, but other nations look to the business of this day, for, by the eftablishment of what is now propofed, our rank will be decided among the powers of Europe. To behold this country emerging from a moft unfortunate war, which added fuch an accumulation to fums before immenfe, that it was the belief of furrounding nations, and of many among ourfelves, that our powers muft fail us, and we should not be able to bear up under it: to behold this nation instead of defpairing at its alarming condition, looking boldly its fituation in the face, and establishing upon a fpirited and permanent plan the means of relieving itfelf from all its incumbrances, muft give fuch an idea of our refources and of our fpirit of exertion, which will aftonifh the nations around us, and enable us to regain that pre-eminence to which we are on many accounts so justly intitled.

The propriety and the neceffity of adopting a plan for this purpofe is not only univerfally allowed, but it is also admitted that immediate fteps ought to be taken to make provifion for this purpose. And I am perfuaded, that whatever differences of opinion we may have in this House upon political points, no difference of opinion will this day be entertained that effectual provifion be immediately made to reduce the debt of this`nation.

The chief fubject then before the Houfe is, not whether the recommendation in His Majefty's fpeech fhould be complied with; nor even is it a matter of difpute what fum ought to be allotted for this purpofe; for it feems agreed, by common confent of all, that one million annually ought to be laid afide as the means of gradually accomplishing this defirable purpose.

The great points which we have to confider are,

In the first place, what measures ought to be taken to acquire a million for this purpose.

Secondly, what is the way of applying it.

I must here congratulate this nation upon the arrival of this wished for day, when all defpondency and gloomy fear may be laid afide, and our profpects brightened with joy and hope. With how much pleature am I able to add, that this can be carried into effect without laying any heavy new burdens upon the People. This is beyond the hopes of almost every man, and is indeed a fubject of the greatest rejoicing to every friend of this country.

In order to be acquainted with our real fituation, to fee what we have and what we want, I mean to ftate to the Committee the annual income and the annual expenditure of the nation, as the ground upon which we are to proceed with regard to the object before us.

This

This has already been done by the Select Committee, who were appointed for the purpose of examining into the fubject, and whofe Reports are now upon your table. It is " matter of much fatisfaction that this mode has been taken te afcertain the fuins of the revenue, and the expence of the nation. You have not the word of an individual, but the report of a Committee of this Houfe, who have given an authentic, an accurate, and a clear ftatement of the whole. This has been long enough published to have put it in the power of every gentleman to examine it with attention, and I hope none have neglected it. It is fo much better that every thing of that kind, every thing that contains fo many figures, fhould be stated on paper, than be trusted to the memory, that it will not be neceffary for me to detain the Houfe long with that part of the fubject.

The Committee have very properly arranged their inquiries under two heads, taken from different periods. The first is, from Michaelmas 1784 to Michaelmas 1785; and the fecond, from the 5th of January 1785 to the 5th of January 1786. In the first period the annual receipt appears to be 15,379, 1821.; in the fecond period, in the year ending the 5th of January 1786, the amount is 15,397,4711.

There never was a report upon any fubject, nor upon fuch a fubject as this, of fo much confequence to the nation*. The manner in which it has been brought up fpeaks the praise of the Committee much higher than I am able to do by any words I could ufe. The clear, the precife, the accurate mode they have obferved throughout the whole; the great attention which they have paid to the object for which they were appointed, deferves the highest encomiums. The care with which they have avoided all fanguine conclufions from the premifes before them can never be too much applauded. Rigorous in calculating all contingencies which might arife to baulk the hopes of the nation, and tend to disappoint their hopes of the expected furpluffes; moft faithful to their trust, moft fcrupulous with regard to the truth of their statements, fhewing at once their refpect for the House, their fenfe of the importance of the bufinefs into which they had been deputed to examine, they have proceeded to deliver in a Report which, in point of clearnefs, precifion, juft and fair deduction, ftands eminently diftinguished above every Report I have ever feen. The first fum they have ftated is the whole revenue that has been received into the Exchequer from the 5th of January 1785 to the 5th of January 1786, is 12,499,916 1. After this, next follow two fums, which they have thought

* Vide Report from the Select Committee to whom it was referred to examine, That the feveral Accounts and other Papers," &c. &c. Printed for J. Debrett..

proper

.proper to deduct from this fum, which has been received int the Exchequer.

First are the arrears due from the Eaft-India Company which ought to have been paid before, but had been respite to them, and amounts to 401, 1181. The other fum, which in the fame manner is deducted, is the excess of the wintlo duties, but which, from the alteration of the affeffments, wil not be paid any longer. Thefe two articles therefore being confidered only as contingencies, are not reckoned as part o the yearly revenue. These two fums therefore amounting to about 457,2001. being deducted leave a remainder of 12,042.6901. This fum, which has been paid into the Exchequer, is confidered as a part of our ftated yearly income, it being each article of it made up by taxes which are payable every year.

The reft of the fums which they have stated as the amount of the public revenue, which is fomething above 3,300,000 I., arife from taxes which, though payable yearly, have not yet been all received into the Exchequer in fuch a manner as to have with them their proper vouchers; but the Committee thought right to add them to the fums that had been received. Of thefe fums there can be little doubt or uncertainty. They are collected by the officers in different parts of the kingdom according to affeffinents made and returned to them; where therefore thefe taxes have not actually been received, the affeffments are taken, and a calculation made from them, with which there is the greatest human probability of their agreeing: indeed no other method more clear and conclufive could have been fuggefted. Of this kind is the additional window tax, commonly known by the name of the commutation tax : this amounts to 380,000l. from Michaelmas 1784 to Michaelmas 1785, and 253,000l. from the 5th of January 1785 to the 5th of January 1786. The additional tax alfo upon two-wheel and four-wheel carriages-107,000 1. for the latter, and 59,2811. for the former. The added duty on male fervants, 42,000l. for the latter period, and 26,000l. for the former, Farther duty on horfes, waggons, and carts, 73,610l. to January 1786, and 56,829 1. to Michaelmas 1785.

It is impoffible to fay all these taxes have been received, but they have ftated them in fo cautious and guarded a manner, that there is little reafon to doubt of their equalling, if not exceeding, the ftatement.

After thefe follow the taxes which have not been all received into the Exchequer. Thofe which were laid on in 1784 and 1785, and not having had time for their fair and full operation. The produce of thofe laid on in the year 1784, at Michaelmas, amounted to 103,000l., and in January to 22,0col.; the produce of thofe laid on in 1785, at Michael

mas

mas laft, including the improvement of the medicine duty, amounts to 265,000l., and at the 5th of January 242,000l.

To thefe is added the fum of 14,000l., which is yearly paid at the Excife and Alienation Office in part of the civil lift; and alfo the land and malt tax, which, being yearly voted, came under this head, and amount to 2,600,000l.

All these fums added, made together, at Machelmas 1785, 3,365,000l., which added to the receipts for that year, viz. 11,874,000l., would produce a fum of 15,379,000l. But in January 1786 the whole of the fums amounted to 3,354,000l., which, added to the amount of the receipts for the year, made 15,397,000l., only a difference of about 20,000l.

This then is the annual income of this country, and upon the true statement of which, there is every reafon to rely. There is indeed a fmall difference in the two ftatements, the one ending at Machaelmas, and the other at January; but al though I should take the finalleft, it would not make any difference in the deductions I fhall draw from this fubject. Indeed it is well known to thofe who, from their official fituations, have had an opportunity of obferving, that it is fome time before new taxes can fairly operate. So many evafions are at firft formed, and fo many frauds committed, that it generally takes fome time before they can be levied to their full ex tent; and it is owing to this circumftance chiefly that there is a difference between the two terms.

Many of the taxes laid on in the year 1784, and almoft all thofe in 1785, are under the defcription I have given; and I have the greatest reafon to believe they will greatly increase in their produce, when evafions are detected, and more effectual means made ufe of to collect them fully and although none of them have been actually paid into the Exchequer, nor is it poffible from receipt to form any judgement with regard to them, yet I am perfuaded that the particular character which the Committee have maintained will appear, with regard to them, that they are ftated cautiously and within their true limits. There is one tax which I may juft mention as an inftance of the truth of what I have obferved with regard to new taxes; that is the duty on game licenfes, which has produced 20,000l. more fince the alterations it received. There is only one error that I can perceive, and that is only 41401., which ought to be deducted from the produce of the taxes impofed in 1785 only. Surely on a fubject of this kind the fum of 4000l. is not a great deal. Some of the taxes in 1785 are flated upon very fure ground, and from what has been received fince January, though not received foon enough to be laid before the Committee, give reafon to believe they will produce more than they are rated

at

at. Among these particularly is the fhop tax, the house tax, and the fervants' tax; the other taxes are stated on more uncertain grounds, fuch as the duty on pawnbrokers, and some others. Upon the whole, I do conceive that we may rely upon this account as the real revenue of the country, and the Committee have ftated every thing upon the best grounds the nature of the cafe admitted; and I have ftated their refults more for the fake of recalling them to gentlemen's minds than to add any thing new.

My object is to fhew that it is a fair deduction, and may be taken as the produce of the year from January 1785 to January 1786.

Whether or not we can rely upon this as an annual income to continue at the fame rate to this nation, is another queftion.

I do think we may rely upon it fo far as to look upon this annual income as a fund for an annual decrease of our debt; yet I do not look upon it as a certain income.

Events may happen to fwell this produce beyond the most anguine calculation; and it may also happen that a disappointment may take place upon fubjects fo complicated in heir nature. The trade and wealth of the nation is too fluctuating to admit that any average can be taken. A fudden difafter may blaft all our hopes; and it may happen even that, without any difaftrous event to this country, we may cut a poor figure for a year, or a number years.

I therefore do not take the liberty to make any other statement but what the Committee have made, and would therefore read what the Committee have faid at the beginning of their report.

For the reafoning ftated by the Committee you (as much as they expect) have reafon to that this fourishing condition of our revenue will continue. We need not indeed fear. We may lay defpondent thoughts afide. Every thing depends upon the fpirit of this Houfe, and the refolution, the good fenfe, and the industry of the country, to put thefe things out of all doubt.

It was more than could be thought poffible that, within a fingle year, fuch a fuccefs would happen. But it is not confined to one year; ever fince the happy era of the restoration of the peace, this has been more or lefs the cafe. The increafe was flow at firft, but conftant; and the happy progrefs of last year fhews, from pleafing experience, that we have no reafon to fear its being ftationary, or becoming retrograde.

A great part of this flourishing appearance which trade has of late put on, and the great influx into the Exchequer, has been owing to the regulations that have been taken to crufh

clandeftine