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promote that decrease, had, on the active capital, and to the extent of contrary, been attended with an in- commercial speculation. The re. creased consumption of that article. medy he proposed for this scarcity He proposed to the house a tax of calh, was the funding of the un. which would make an addition of funded debt, because, under such Sixpence a bottle to the consumer. circumstances as the present, there This would amount to 201. per would naturally be a confiderable tun, exactly the same as the former demand for discount at the bank, tax, and would produce annually and the large unfunded debt would 600,000l. As he wished for a make it impossible in the bank to sum of ready money to pay the supply the merchants so much in bank their share of the navy debt, advance, as they might do if the &c. he should make it attach, like debt were funded. He therefore prothe former tax, immediately on posed the funding of 3,500,000l. the vender according to his stock of exchequer bills, for which an in hand, which he calculated to additional interest of two and a half produce between 350,000l. and per cent. would be to be provid360,000l. From 900,oool. to ed, and also to find cash for the 1,000,0col. would therefore be 500,oool. of navy bills held by the the produce of the present year to- bank. The seven millions and a wards the sum permanently neces. half, which he proposed to raise, sary to defray the sum borrowed; would be applicable to allift the a considerable portion would not bank, whilst it provided for the be paid in the prefent year, parti- different services incurring and in. cularly on extraordinaries; there curred. He observed that the two would therefore be a large surplus objects of providing for the remainof cath in the present year, appli- ing fervice existing or foreseen, cable to the purposes hereafter to and for giving that relief necessary be mentioned.

from the general state of credit, Upon the subject of a scarcity of would produce an increase of money, the chancellor of the exche. interest of the annual sum of quer allowed there had existed an 575,000l. a year. It was therefore inconvenience from the increased important, for the purpose of raisdemand. This scarcity, he con- ing the just hopes of this country, tended, was rather the result of the and of diminifhing the hopes of our increased commerce of the country enemies, that we thould thew that than of its decrease, and of the po- our resources were equal to meet verty of the nation. One of the the service and all the exigencies of causes of the present temporary

the present year. scarcity was the support of our fó- The chancellor of the exchegner reign allies, and our army extraor- also stated to the committee the in. dinaries: but there were other cauf. creased charges in the army, ordnance, es not connected with the difficulties and navy, which it might be necessary of the country, but connected with to provide for, and which had ocits large growing resources and rich curred since the statement of the increasing prosperity !!! It was a budget at Christmas ; as also the well known fact to deep and acute strvices which were not at that time politicians, that the circulating me. foreseen, and the mode which he dium of a country must bear a cer. meant to propose for defraying tain proportion to the extent of them.


That mode, he said, was con- ket a great proportion of the paper he&ted with another object, viz. constituting the unfunded debi, and that of giving relief to the general by that means to relieve the bank ftate of credit in the country, and from the advances which they had to the demand for accommodation made, fo as to enable them to allot in the commercial world. The a larger sum of money to commermeasure was to take out of the mar- cial discounts.

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Charges to be provided for, and which had occurred fince the statement

of the first budget.

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Of services not provided for under the head of army ex

traordinaries, which had occurred fince the 31st of De.

Of ordnance
The additional sum required for building barracks, efti-

mated at
The sum for secret service, above the fum included in the

laft estimate, and including relief for the clergy of

And the fum which, in the last statement, the ways and

means were mort of the supply
These services made together
To which he added a sum which he felt would be necel-

fary to make good the further army extraordinaries up

to the end of the year 1796
Making, in all, of new services above the statement opened

in the month of December last for the fervices of the
current years the sum of






He next proceeded to the provi- ceding year as far as may be calcu-
Gion which it was neceffary to make lated; to that must now be added
for the funding of such parts of the 1,640,000l. of navy debe already
increafe of the navy debt during incurred.
the war, as had not been provided He next stated what debt it might
for in the courfe of the preceding be found necessary to incur, fup-
Sears, and not to leave any which posing the war to continue to the
had not been provided for of that 31st of December 1796. He had
debt incurred Goce the commencei mentioned it before Christmas as
ment of the war, or rather since likely to amount to 2,500,cock.
the first of December 1791. but as that debt had stretched out

The sum for which interest was by the operation of unforeseen
found in the courfe of the year caufes to the adiount of above
1795, amounted to 3,594,000l. 1,600,000l. more than was then
because it had been the custom al- expected, the other additional ex-
ways to make provision in the pre- pences of the prelent year he esti-



mated at 1,500,000l. which, in that sum. Interest for this sum, to addition to the former computation the amount of three and a half per of 2,500,000l, would produce a na- cent. had been provided alreaiy; vy debt, up to the zist of Decem- but in order to fund this debt, it ber 1796, of 4,000,000l; and he was necessary to provide two and a further remarked, that though he half per cent. to make up the defihad stated a farther increase of the ciency of the interest; this two and extraordinaries of the army to the a half per cent. upon 3,500,00ol. amount of 1,200,0col. yet, if un- would amount to 87,500l. der all the circumstances a further There was one more contingent increase of 800,00ol. should be service which he mentioned as unexpectedly incurred, he begged likely to occur in the present year: 10 inform the committee that there this was a probable allowance of were resources to provide for the 1,000,000 for bounties ou corn to whole amount.

be imported. He told the commitHe next observed, that, as it be- tee that he had no doubt but that came necessary, under the present we might now look annually to the circumítances, to diminilla the un- East India company for the 500,00ol. funded debt, by taking 3,500,000l. which had been set down as the in exchequer bills out of the market, estimated participation of the pubit became also necessary to borrow lic in their profits. From the foregoing heads, the sum to be permanently charged upon

the country was as follows: The interest of the sum of 2,500,ocol. of services added

to those in his former statement, including the one per cent, towards the finking fund, was

6.150,000 The difference of the interest on the navy debt unfunded was

98,00 Interest on the 4,000,000l. of navy debo

240,000 The difference of the interest on the sum of 3,500,00ol. of

exchequer biils above the rate of interest already provided for them


Making all together the annual sum to be provided for by

faxes, of


And the amount of the money to be raised by loan in order to make the operation immediate for the benefit of the commercial world, and to be appropriated in the manner which he had stated, was this: The amount of the extraordinary services for the year 1706, was

2,500,000 The sum of exchequer bills to be bought from the bank,

or from the market, was The sum of navy bills to be bought from the bank was And the sum to be repaid the bank for the advance they

had made in exchequer bills, on the security of the con

solidated fund, was Baking together the sum to be borrowed by a new loan, of £.7,500,000





The chancellor of the exchequer this second loan of seven millions
stated to the committee the terms and a half. There were as fol.
upon which he had been enabled low:
to raise lo large a sum of money as
£.120 O O 3 per cent. consols. at 671. amounting to £.80 80
2500 3 per cent, reduced at 661.

16 10
5 6 Long annuities, which at 18 years' pur-
chase, amounted to

5 I '9

£.101 19 9


By this bargain, he said, the bonus war, and convert it into an annuwas only il. ogs. gd. the leaft, he ity that must be redeemed in 40 or believed, that had ever been given 50 years. He could not, he said, refor any loan in this country, list the impulse he felt to thew that

To this was to be added half the nothing lhould discourage us from usual discount, in confequence of persevering in a war those end was so the more rapid payment of instal. laudable, and which involved our ments, which were all to be com- dearest and most complicated inpleted in half a year from the pre- terests. He did not mean to allude sent time. The amount of the to a late transaction, the proposal discount, which might be stated at of Mr. Wickhan to the directory; the rate of 3 per cent. per annum, but he was convinced, from the or at the rate of about il. 75. be- abject manner in which the reing added to the surplus, above the sources of this country had been ftate of the funds, made, in the stated by gentlemen, that the enewhole, a bonus of 31. 6s. 9d. He my considered themselves warrante contended that the facility with ed in keeping up their haughty which this money was raised de- tone, in di&tating terms to this monstrated the fiourishing ttate of country. He pointed out the ruour resources, and the confidence ined state of the finances of France, of the monied men. He said, the and concluded by exclaiming, imports and exports in the most 66 The ultimate issue of the contest Hourishing, year of peace in this must be glorious, if we are not wantcountry, in 1792, amounted to iny to ourselves! We fiall, by the 29,509,cool. and in the year 1795, bleiling of providence, deliver oure the third year of the war, they felves from the worst of dangers, amounted to 27,270,000l. This, and at the same time transmit to he said, went beyond the theore- posterity a most useful lesson, that tical speculations of gentlemen on a bankrupt, turbulent, and lawlefs the other side of the house, and nation, cannot measure itself with spoke the true state of the country 'the spontaneous and well-regulatto Europe and to the whole world. ed conduct of a free and loyal He pointed out the ûnking fund country !!!" as an increasing sum of gradual The subject of the second bud. liquidation, which would save to get produced a long and ardent dethe country a perpetual tax of bate. Mr. Grey took the lead on 4,000,000l. for the expence of this the opposition fide of the house.


He said, that if Mr. Pitt had come they export, oftener than once; and forward to state that by a diminution when it was taken into consideraof the expence of the public ser- tion, also, that the amount of the vice, an alleviation of the public exports was considerably increased burdens was become practicable; by the expenditure of the war itself, instead of coming forward with a his reasoning upon this head would budget for the third time in the not prove to satisfactory as the space of fourteen months, then he house at first might be apt to conmight, with some degree of justice, clude. But, however that might be, have assumed the air of triumph an increased commerce afforded no with which that evening he had so excuse for an increased extravavainly attempted to cover his in.

gance ; nor would it ever superability and misconduct. On that fede the neceflity imposed upon day of humiliation to the country, that house of inquiring into the the house had some reason to ex- amount and the fairness of the peat a confession of contrition be- burden to which their constituents coming his situation. He had been were subjected. obliged, however, to confess, if Mr. Grey then proceeded to take not in words, at least virtually and notice of the expençes incurred in effect, that formerly he had not fince the opening of the budget, fairly and candidly unfolded the true and the means which had been state of affairs; – to avow to that proposed for defraying them. With house of commons which had dir,

regard to the tax on dogs, as a submissed, without inquiry, every pro

stitute for one on cottons, if it position that had been stated, every would produce 100,0001 a year, he fact that had been maintained upon had no objection to its taking effect, the subject of finance, that it was He was struck with surprise at the now necessary to adopt some mea- estimates for unprovided services, sure to remedy the mischiefs which which had occurred since the last the folly of his conduct had occa- budget." The additional extraorfioned, and to acquiesce in the dinaries of the army were estimated existence of evils, which, but for at 535,000l. the demands for the the prudent conduct of others, ordnance at 200,000l. the exmight have produced the most fa- pence of barracks at 267,000l. , tal consequences.

the deficiency of the civil lift, aThe bank, by withdrawing their rising from sums applied to fecret discounts, had forced him to the de- services, at 100,000l. and the clarations he had just made, which estimated deficiency of taxes at ought to convince the house of their 177,000l. amounting in all to error, in having repofed such im- 1,279,000l. In February 1795, plicit confidence in his former state. he said, the chancellor of the exments. Mr. Grey then observed, chequer received a loan of unparthat in some instances the argu- alleled extent. In September he ments of the chancellor of the ex

was obliged to have recourse to chequer, respecting the flourishing new and unusual modes of raising state of our commerce, were falla- money. In December he came cious. It was no uncommon prac- forward with a budget, in which he rice, to prevent mistakes, for mer. assured the house and the country chants to enter the goods which that he had made abundant provi

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