on the flourishing state of the perma. 1,200,000l. of the war taxes." And nent revenue ; on the great produce in each year, if the war should be of the war taxes; on the high and continued, a further portion of the accumulating amount of the sinking war taxes will, in the same manner, fund; and on soine inferior aids to be pledged. And consequently, at be derived from revenues set free by the end of 14 years, if the war annuities originally granted for a should last so long, 21 millions, the term of years, and now expiring. whole produce of the war taxes, These circumstances, so favourable would be pledged for the total of to the introduction and maintenance the loans, which would at that time of a new systeni, are justly to be have amounted to 210 millions. attributed to the wise, provident, The 10 per cent. charge thus acand spirited exertions, which have companying each loan will be applied had the concurrent support of par- to pay the interest of the loan, and liament and of the people, during to form a sinking fund, which siukthe whole eventful period of the lasting fund will evidently be more than twenty years.

5 per cent. on such of the several The plan is adapted to meet a loans as shall be obtained at a less scale of expenditure nearly equal to rate of interest than 5 per cent. that of the year 1806; and it as- It is well known, that a 5 per sumes, that during the war, the cent. sinking fund, accumulating at annual produce of the permanent compound interest, will redeem any and temporary revenues will con- sum of capital debt in 14 years.-tinue equal to the produce of the Consequently, the several portions sanie year 1806. It is understood, of the war taxes, proposed to be

further or unforeseen change, pledged for the several loans aboveor any deficiency of revenue, shall mentioned, will have redeemed their be separately and specifically pro- respective loans, and be successively vided for.

liberated in periods of 14 years from Keeping these premises in view, it the date of each such loan. The is proposed that the war, loans for portions of war taxes thus liberated, the years 1807, 1808, and 1809, nay, if the war should still be proshall be twelve millions annually; Jonged, become applicable in a refor the year 1810, fourteen millions; volving series, and may be again and for each of the ten following pledged for new loans. years, sixteen millions.

It is, however, shewn by the Those several loans, amounting printed calculations and tables, that, for the fourteen years to 210 mil- whatever may be the continuance of lions, are to be made a charge on the operation, the property-tax will the war taxes, which are estimated to not be payable beyond the period produce 21 millions annually. for which it is now granted by the

The charge thus thrown on the 46 Geo. IIl. ch. 65, but will in war taxes is meant to be at the rate every case be in force only during of 10 per cent. on each loan. Every the war, and until the 6th day of such loan will therefore pledge so April next after the ratitication of inuch of the war taxes as will be a definitive treaty of peace, and no sufficient to meet this charge: that longer. is, a loan of 12 millions will pledge It is next to be observed, that the

charge

that any

charge for the interest and the sink- year, for the last fourteen years, that ing fund of the proposed loans, it can scarcely be felt, and cannot being taken from the annual produce create any difficulty as to the means of the war taxes, a deficiency equal of providing for it: but even this to that charge will be created in the comparatively small amount may amount of the temporary revenue ap. probably be much diminished by plicable to the war expenditure, the increasing produce of the actual

Supplementary loans will be requi- revennes, and by regulatious for their site to make good that deticiency. further improvement.

Those supplementary loans must And thus provision is made, on the increase in proportion to the increas. scale of actual expenditure, for ten ing deficiency, if the war should be years of war, if it should be neces-, continued ; but the whole amount of sary, witliout any additional taxes, the loan, in any one year, including except to the incousiderable amount that charged upon the war taxes, above stated. At the close of that and the supplementary loan, will period, taking the 3 per cents. at 60, never, even in a period of 20 years and reducing the whole of the public war from the present time, exceed debts at that rate to a money capital, 5,000,000). in any year, beyond the the combined amount of the public amount to which the combined sink- debts will be 387,360,000l. and the ing fund of that year will have been combined amount of the several; raised; and upon an average of sinking funds then existing will be those 20 years, will not exceed 22,720,000l.: whereas the present 3,800,0001.

amount of the whole public debt, It is proposed that the supplemen- taken on the same scale of calculatary loans shall be formed on the tion, is 352,793,000l. and the preestablished system of a sinking fund sent apiount of the sinking fund is no of i per cent. on the nominal ca- more tlian 8,335,000. pital.

If the war should still be continued The charge so created will be beyond the ten years thus provided provided for, during the first three 'for, it is proposed to take in aid of years, by the expiring annuities; and the public burthens certain excesses during that period the country will to accrue from the present sinking have ibe great benefit of an exemp- fund. That fund, which Mr. Pitt tion from all additional burthens. (the great author of a system that A new spring may thus be given to will inmortalize his name) originally the

energy of our commerce : at all proposed to limit to four millions events it will obtain a security from annually, will, with the very large the increased pressures which it must additions derived to it from this new otherwise experience.

plan, have accumulated in 1817 to Froin 1810, and for the six fol- so large an amount as 24 millions lowing years, a charge must be pro- sterling. In the application of such vided for, amounting on the average a sum, neither the true principles of of those seven years to not more than Mr. Pitt's system, nor any just view 293,0001. annually: a sum in itself of the real interests of the public, or sp shall, in comparison with the eveu of the stockholder himself, can great additions which have neces- be considered as any longer opposing sarily beep made to the taxes in each ap obstacle to the means of obtain,

ing at such a moment some aid in right or interest whatever, and with alleviation of the burthens and ne- out imposing further burthens on the cessities of the country. But it is country, except to a small and linot proposed in any case to apply to mited amount: and these purposes the charge of new loans a larger por- will be attained with benefit to the tion of the sinking fund than such as public creditor, and in strict conforwill always leave an amount of sinko mity both to the wise principles on ing fund equal to the interest payable which the sinking fund was estaon such part of the present debt as blished, and to the several acts of shall remain unredeemed. Nor is it parliament by which it has been redieant that this or any other opera- gulated. tion of finance shall ever prevent the It is admitted, that if the war. redemption of a sum equal to the should be prolonged, certain porpresent debt in as short a period as tions of the war taxes, with the exthat in which it would bave been re- ception of the property tax, will be deemed, if this new plan had not more or less pledged for periods, in been brought forward. Nor will the case exceeding fourteen years. final redeniption of any supplemen- How far some parts of those taxes tary loans be postponed beyond the are of a description to remain in period of 45 years prescribed by the force after the war; aud what may act of 1792 for the extinction of all be the provision to be made herefuture loans; while each of the an- after for a peace establishment, proqual war loans will be successively bably much larger than in foriner redeemed jo fourteen years from the periods of peace; are cousiderations date of its creation, so long as war wbich, at present, need not be autishall continue; and whenever peace cipated. shall come, it will be redeemed al- It is reasonable to assume, that ways within a period far short of the the means and resources which can 45 years required by the above-men- now maintain the prolonged expentioned act.

diture of an extensive war, will be In the result therefore of the whole invigorated and increased by the remeasure, there will not be imposed turn of peace, and will then be any new taxes for the first three years found amply sufficieut for the exifrom this time. New taxes of less gencies of the public service. Those than 300,0001. on 'an average of se. exigencies must, at all events, be ven years from 1810 to 1816, both comparatively small, whatever may inclusive, are all that will be neces- still be the troubled and precarious sary, in order to procure for the circumstances of Europe. country the full benefit and advan- Undoubtedly there prevails in the tages of the plan here described; country a disposition to make any which will continue for twenty years; further sacrifices that the safety, induring the last ten of which again dependance, and honour of the nano new taxes whatever will be re- tion may require: but it would be quired.

an abuse of that disposition, to apply It appears, therefore, that parlia- it to unnecessary and overstrained ment will be enabled to provide for exertious. And it must not pass tủe prolonged expenditure of a ne- upobserved, that in the supposition cessary war, without violating any of a continued war, if the loans for

the

the annual expenditure should be burthens, knowing, that although
raised according to the systein hi- they may be continued in part for a
therto pursued, permanent taxes limited time, they will now be no
must be imposed, amounting in the further increased.
period assumed, to 13 millions ad-
ditional revenue. Such an addition
would add heavily to the public Lord Castlereagh's Plan of Finance.
barthens, and would be more felt
after the return of peace than a In the house of comidons, Feb. 19,
temporary continuance of the war his lordship said, that he never rose
taxes. In the mean time, and amidst with greater diffidence in the course
the other evils of war, the country of his parliamentary experience than
would be subjected to the accumu- at present; for, considering the at-
lated pressure of all the old reve- tention which the noble lord (H.
pues, and of the war taxes, and of Petty, see p. 680,) must have given
new permanent taxes,

the subject, and the able assistance The means of effectuating a plan which he had, it was painful and of such immense importance, arise embarrassing to an individual to partly from the extent to which the press upon the attention of the house system of the sinking fund has al- a view so different from bis. But as ready been carried in pursuance of a considerable error existed between the intentions of its author, and them, however the house miglit be partly from the great exertions made disposed to think that the error was by parliament, during the war, lo on his side, yet he felt so strongly raise the war taxes to their present that it lay with the noble lord; that very large amount.

now appears, he could not forbear to state the that the strong measure adopted in view which he had of tbis subject. the last session, by which all the He was anxious that ministers might war taxes, and particularly the pro- be in possession of it, that they might perty tax, were so much augmented, prove its fallacy if founded in error. was a step taken not merely with a Therefore he hoped that his motives view to provide for present necessi- would receive an indulgent constructies, but in order to lay the founda- tion from the house; as this was a tion of a system which should be task which he would not have unadequate to the full exigencies of dertaken had it not have been for a this unexpected crisis, and should strong impression that there were combine the two apparently irrecon- good grounds of doubt as to the cileable objects, of relieving the pub- solidity of the noble lord's plan. \ic from all future pressure of taxa- While he said this, he was anxious tion, and of exhibiting to the enemy that the house should not suppose resources by which we may defy his the difference between the noble implacable hostility, to whatever pe- lord and bin to be greater than it riod it may be prolonged.

really was. He had no objection to To have done this, is certainly a the mode of taking a general view of recompence for many sacrifices and the subject. There was no principrivations. This is a consideration ple, for instance, which he thought which will enable the country to sub- more clear, than that the rapid remit with chearfulness to its present ductiou of the debt by the sinking

fund,