Mr. Grey asked what was the amount of the deficiency fo lightly treated? and what were the circumftances attending this tranfaction? When the budget. was opened in February, eighteen millions, a fum exceeding any former loan, were borrowed to provide for the eftimates of the year; the land and malt tax, a vote of credit for two millions and a half, and the loan on exchequer bills, were put into the hands of the executive government. In September, money was wanted to carry on the war; yet the worthy baronet wondered that the minifter had erred fo little in his calculation. The money raised by thefe bills was faid to be merely the anticipation of fums to be paid in upon the loan at the ufual period of inftalment; yet in Auguft fifteen millions eight hundred thoufand pounds of the loan had been paid up; a fum fully equal to what could reasonably have been expect ed. The house ought to recollect what was the conftitutional object of the vote of credit, the exchequer bills, and the prompt payment of the loan. If the minifter erred fo egregioufly as to require freth fupplies before half the year had elapfed, if he raised money by anticipation, in a way wholly unknown, and at a rate of intereft altogether unfanctioned by parlia

ment,-he violated the laws of the land, to which he was amenable. A difcount of three per cent. was allowed for the prompt payment of the loan. On the advance of Mr. Boyd, 5 per cent. was given. Minifters had then violated the laws of the land, the very act of parlia ment by which the loan was made, by giving a rate of interest for the anticipation, for which a difcount of 3 per cent. was allowed by ac of parliament. This, too, might be in addition to the legal difcount. This advance was obtained from Mr. Boyd, the contractor for the loan; and the public might be paying 8 per cent. on the laft payment, while he advanced, for the accommodation of government, what was again to be paid as part of the loan. While 8 per cent. was gained by Mr. Boyd, the difcount allowed by parliament could have no effect, while the fuperior inducement of 5 per cent. was prefented to with-hold it. Suppofing a change of miniftry, and cert in fervices fecured by the act of appropriation had required the fupply of the money, how would the bills have been paid when they became due? Would another chancellor of the exchequer have been authorized to divert the money in the treasury to the payment of bills antedated, drawn really in London, though affuming to be at Hamburgh, impofed upon perfons ignorant of the truth, who would not have been able to recover payment? The cafe of Walton and Eilifon was, he faid, by no means in point. He wifhed, as had been stated, that the enemy, from finding an individual was able to fupply the exigencies of government, might be infpired with a favourable idea of our financest but as a member of parliament, he was not bound to acquiefce in any thing irregular or illegal, because it was

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faid that he would difclose our refources to the enemy. The expedient of antedating the bills from Hamburgh was, he faid, by no means adopted on account of Mr. Boyd, jun. having arrived here, nor was fuggefted by it, as there was no intention, no arrangement, to draw bills from Hamburgn previous to that event. As to the matter being confiftent with the spirit though not with the letter of the law, minifters were bound to act according to that letter; and, if they found it inefficient, to apply for a legislative remedy. It was, how ever, irregular, and inconfiftent with the fpirit of the act; for a fum of 2,000,000l. had been paid to the bank for the paymafter general's department, and not fent to the accomptant general's office.

The attorney general thought the bills were to be looked upon as paper that bound the government to have them duly honoured, and that the holders would be entitled to recover from any new adminiftration. The folicitor general, however, who perfectly approved the tranfaction, doubted whether any action could be brought by the holder of fuch bills. Mr. Jekyll pointedly ridiculed this inconfiftency; and obferved that the bills were not only fictitious, but that the law provided no remedy refpecting them. The previous queftion, which had been moved by Mr. Long, was carried by a majority of 85. On the second refolution, the ayes were 8, noes 108.

During the time employed in the bufinefs of the loan and the Hamburgh bills, the third reading of the vote of credit bill for 2,500,000l. was oppofed by Mr. Grey, who obferved that the intention of fuch a vote was to enable the king, during the recefs of parliament, to de

fray any extraordinary expences which may not have been provided for by the yearly eftimates; but that the application of this fum to debts previously contracted deftroyed the intention, and was a dangerous innovation on the house of commons. From the year 1756, no vote of credit had paffed till a few days previous to the close of the feffion. From the early period at which this appeared, and from the answer given on a former day (by Mr. Rofe) that delay would be attended with danger, he fufpected the house was not called upon for profpective but past services. In the war of 1750, and that with America, one million only had been demanded on a vote of credit. By granting money in this random way, the houfe, he obferved, deprived itfelf of its peculiar prerogative to guard the public purfe. If the fupplies were inadequate for the purpofes they were defigned for, let minifters ftate the estimates in a formal and conftitutional manner. Minifters, he averred, could not defend the bill either on grounds of expediency or conftitutional duty; he fhould therefore move for deferring the third reading to "that day three weeks."

It was contended by the chancellor of the exchequer, that the vote of credit was given for such extraordinary expences as attend the war. He allowed the vote commonly paffed at the time that had been stated; but when extraordi naries could be foreseen, it was more proper to ftate them in the committee of ways and means; and it was found more agreeable to eftablifhed precedent, than to wait till the clofe of the feffion. The present mode certainly afforded parliament the beft opportunity for inveftigation. It was certainly the leaft objectionable

jectionable mode, to find taxes to defray the fums yearly expended, and not leave them a dead load on the enfuing year; he had therefore differed from the mode which had lately obtained, and stated the vote of credit for 2,500,000l. in the budget. It might be applied or not, as wanted, while it conftituted a floating capital. This was better than leaving it to increase the unfunded debt to be afterwards provided for; it was alfo the most œconomical, as it was better to take the vote for both the ordinary and extraordinary fervice together, and fink them in one common fund, that the money of one fervice might not be idle, and the furplus be paid out of the vote of credit. Thus, with refpect both to the principle and application, the prefent mode was the leaft objectionable.

It was obferved by Mr. Fox, that the chancellor of the exchequer had confounded what was feparate and diftinct. He confidered a vote of credit, in a committee of fupply, as more eligible; but objected to it under one pretence, while he applied it to others. He did not himfelf fee how a vote of credit and the estimate could be blended without confufion. The queftion was, whether any unforeseen exigence had occurred, and if such could not be provided for during the affembling of parliament. If none had, why depart from the established rule? If any had, why not ftate it to the houfe? As to the advantages refulting from the new mode which had been introduced, he must stop in limine, and obferve, that in a vote of credit the money is not iffued till it is wanted; and that, for the current expences of the year, the money purposely provided by eftimate is ready. It might be thought, from the great delire of regularity, ex

preffed, none of 'the departments were even in arrear. The ordnance, the navy, the civil lift, were all, however, in arrear, and there were staff officers, who, fince 1793, had not received a fhilling. A vote of credit was, he contended, never applied to the deficiency of eftimates; and therefore the prefent vote was not confiftent with the laws of the country. Mr. Sheridan noticed, that the objection was made to the extent of the vote, and appealed to the preamble of the bill to fhew that the money ought merely to be applied to the fupply of future exigencies, when parliament was not affembled. Mr. Grey's motion was, however, negatived; and the third reading of the bill carried by a majority of 77.

On the order of the day for the vote of credit bill in the house of lords, it was oppofed by the earl of Lauderdale, who strongly infifted upon the danger and unconftitutional tendency of the prefent proceeding. He fhould, he said, move for difcharging this order, and having it renewed for a more diftant period of the prefent feffion. No inconvenience could arife from the delay; or, if it did, it must be owing to the unwarrantable manner in which minifters were to apply it to fervices already performed, and not included in the proper eftimates. This anticipation of the refources of the country was not only a grofs violation of the law, but a palpable fraud attempted to be paffed on the houfe. The vote of credit for the lat year had been, as he would pledge himself to prove, immediately converted to ufes which accounted for the fubfequent diftreffes of government, and the demand for money that arose from the vote being diverted from its proper application, and was the original G 3

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hands high were exempted from the tax. Horses used in the yeomanry cavalry, freeholders living on freeholds from 10l. to 151. a year, and perfons holding farms of 7ol. or freeholds of 351. per annum, were alfo exempted. The tax on printed cottons and callicoes was given up. That on collateral fucceffion was ftrongly oppofed by Mr. Sheridan; and the report of the budget underwent further oppofition in its fucceive ftages. Mr. alderman Newnham remarked the inquifitorial power which the fucceffion bill must neceffarily veft in certain perfons. Every circumstance relative to private property was expofed to public infpection, which would particularly fubject commercial men to great inconveniences. It was a tax on the bounty due to illegitimate children, to a well-tried friend or domeftic, to the value of 6 per cent. It rendered the office of an executor fo complex and troublesome, that none fhould venture to become one without an attorney at his elbow. Mr. Newnham further objected to dividing the landed property into one bill, and the perfonal into another. After a variety of obfervations on the evil tendency of the bill, he moved for its being taken into confideration that day four months; which was feconded by Mr. Rafhleigh.

commercial poffeffions depended. upon a balance of debts and credits: the nature of thefe debts must be neceffarily expofed. A man might lofe on one branch, and gain on another; and many were the inftances in which injuftice, though it was not intended, was infeparable from the operation of the bill. In fome cafes the property bequeathed might be of fuch a nature, that it would not be poffible to ascertain its value. If by good fortune a man fhould extend the bufinefs bequeathed him, he muft annually pay a proportion of the increafed advantages. In many other inftances there was no poflibility of eftimating the value of property under this bill. In fome cafes it would produce a scene of confufion and intolerable vexation. Admitting the principle of this tax to be juft, he could fee no reafon why, at a future time, it should not be extended to lineal as well as collateral fucceffion. As far as it operated on property in the funds, it was, he thought, "a direct breach of faith in the government;" and a breach of faith which, in time, would fwallow up a confiderable part of the debt due to the proprietors of ftock. As to that part of the bill which refpected the fucceffion to entailed eftates, the tax, he obferved, was to be calculated upon the life eftate, which, he contended, could not equitably be put in practice. If, by any mode of calculation, it was estimated that a man fhould live a certain number of years, and he died much fooner, it would then be found that he had paid more than a fair proportion. All this, however, was, he thought, fubordinate to that grand objection, that, to levy the tax ad valorem, a dangerous fyftem of discovery mustbe adopted."

Mr. Fox thought the bill introduced a mode of taxation wholly inapplicable to the state of this country. By this tax every fpecies of commercial property must be laid open. This was totally impoffible; and it was therefore impracticable, by any regulation, to obviate the objection to this tax; in order to pay a tax ad valorem, the value must be afcertained, and the state of the commercial property known to the world. Many

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