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by different causes, which, during below their proceeds in the last the present year, would not be in year, and due allowance made for operation. Thus, in 1825, no less other unavoidable deficiencies. a sum than 1,050,000l. of duties, There would be a deficiency of had been refunded to dealers in 350,000l. arising from the reduce wine upon the stock in their pos- tion of taxes in 1825, and a defisession. In consequence, likewise, ciency of about 1,300,0001., in the of the alterations in the system of excise, produced by diminished bounties which had been effected consumption. - Allowance for all during the preceding session, there this had been made in the eswould this year be a reduction of timates; and the stamps, the post50,0001, Another, and an unforée office, and the assessed taxes, had seen diminution of the revenue all been taken at lower rates than had arisen from an oversight in they had yielded last year, the the new acts for simplifying the stamps being estimated at 48,0001., whole

system of the customs. It the post office at 46,000l., and the had been intended that the duty assessed taxes at 190,0001., less on tobacco should continue to be than had been received from them four shillings, the rate at which it in 1825. On the other hand the stood in the beginning of the year; miscellaneous items had increased. but iby some mischance, scarcely A sum of 100,000). was due from avoidable where such a mass of Holland, under a treaty with tlat scattered and minute regulations government, and ought to have were to be dealt with, the unin- been paid in 1825. It had not tentional but practical effect of the been paid; but, having been now new acts had been, that one shile remitted, it would go to the serling of the duty had lapsed ; and vice of the current year. About the duty having thus been, for the 108,0001. would be received from latter half of the year, only three lotteries; for, although the last shillings, instead of four shillings, lottery had been contracted for that branch of the revenue fell two or three years ago, its exist450,0001. short of what it would ence was protracted, in consequence otherwise have yielded. These of the usual course of conducting deductions from the revenue of lotteries, for two or three years 1825 exceeded a million and a half; after they had been contracted for. yet, as they could have no place in consequence of an arrangement during the present year, they with the East-India company, that ought to be added to the corporation had become bound to 37,546,0001.. received indepen- pay 60,000l. in consideration of an dently of them in the preceding increase of our naval force for the year; and the customs and excise security of their possessions. The would present, for 1826, a revenue new silver coinage for Ireland had of 39,096,000). But as, in the cost the country last year 500,0001.: present state of the country, still in the present year the old coin labouring under

the pressure would come back, and be available which it had felt for so many for the public service, to the months, it would be unwise and amount it was calculated, of about improvident to calculate on a 400,000). With these additions to revenue equally large with that of the usnal revenue, making every 1825, all the items had been taken allowance for the probable depres


sion of that revenue, arising either There still remained, therefore, from direct reduction of taxation, about 8,000,0001., which it was or from diminished consumption, the intention of government to there would still remain a surplus pay off as convenience and their of 714,0001.

means allowed ; and to begin by In regard to the debt due to the repaying to the Bank, during the Bank, which, it had been alleged, present year, the 6,000,0001. of fettered the Bank in its operations, Exchequer bills, upon which direct and disabled it from giving to the advances had been made to gopublic that aid which it would vernment. otherwise have the means of af- The statement of the chancellor furding, the chancellor of the Ex- of the Exchequer, holding out chequer allowed, that it would be much happier prospects than, from a very desirable object to effect a the distress which prevailed in the reduction in the amount of the country, could have been anticiadvances made by the Bank, by pated, was received by the House which that debt had been consti- with

general satisfaction.

Mr. tuted. The Bank held Exchequer Maberly, however, and Mr. Hume bills of two sorts: the first sort maintained, not only that there consisted of bills upon which the had been no reduction of the pubBank had originally and directly lic debt, but that there had been advanced money to government. an actual increase both in the The other sort were bills which capital, and in the annual charge, they had purchased in the market, and that taxation had been raised, without any advance to govern- instead of being diminished. The ment, and which they might have capital of the debt, it was alleged, sold without affecting their trans- had been augmented by no less a actions with government in regard sum than 61,646,0001. between to the former. Of the first sort of 1819 and 1826, and the annual bills, the Bank held, on the 5th of charge had grown in proportion. January, 1826, 6,000,000). In This assertion rested entirely on a February, for the purpose of re- very obvious fallacy, arising out lieving the money market from of a total misapprehension of the the pressure

which seemed to nature of what is called the deadoperate on this species of security, weight-scheme, and of the arrangethe Bank had purchased to the ments, which, in pursuance of it, amount of 2,000,000l., upon an had been made with the Bank for undertaking by government that discharging part of the half-pay they should

be repaid in the course and pension list. Mr. Hume's asof the present year. The Bank sertions, that taxation had increased was farther a creditor of the go- during the last three years, was vernment for rather more than still more obviously and utterly 3,000,0001., advanced for the pur- erroneous. When such assertions pose of paying off the four per are hazarded in direct opposition cent dissentients: but provision to figures, and the votes of the had already been made for these House proving that, from 1816 to last advances by charging them 1825, more than twenty-seven milupon the sinking fund, and, at the lions and a half of taxes had posiclose of the present year, they tively been reduced, and no new would be very nearly extinguished. taxes imposed, they argue great


confusion as to facts, or great ob- revenue with diminished duties was liquity of intellect in the person the best index of the increase of who considers them. The taxes, comfort among the great mass of said Mr. Hume, produced in the population.

1817 ......£. 51,183,000 The state of the public debt, 1818

52,000,000 subsequently underwent much 1819 51,000,000 more lengthened and detailed disBut, in each of the then following cussion on two different occasions ; years, more money had been taken and on both occasions the great from the people than in 1817, questions were, not whether it 1818, and 1819. The amount of ought to be reduced, and might be taxes raised in

reduced, but, what was its actual 1823 was £. 52,561,000 amount, and whether in point of 1824 ... 52,685,000 fact, any diminution of it had 1825

52,540,000 been effected during late years. It was, therefore, he argued self- On the 10th of March, the chanevident, that, in the eleventh year cellor of the Exchequer having of peace, when the people had a moved that the House should go right to expect some relief from into a committee of supply, the taxation, they were actually pay- Speaker's leaving the chair was ing a million more annually than opposed by Mr. Maberly, who they had done in the years which brought forward, as an amendment, immediately followed the conclu- a series of resolutions concerning sion of the war. But Mr. Hume, the state of the unfunded debt, while he could not pretend that the effects of the measure called new taxes had been imposed, or the dead weight, and the real deny that many old ones had been amount of the funded unredeemed repealed or reduced, forgot that debt. The amount of unfunded the increase of the revenue was debt in Exchequer bills was, on merely the result of an increase in the 6th January, 1826, thirty-seven the consumption of excisable ar- millions and a half; and these seticles, and that this increased con- curities, he said, were so apt, from sumption was the effect of the their very nature, to bring both the reduction of the Excise duties. government and the Bank into That reduction, by lowering the sudden difficulties, that the reducprice of the articles, both enabled tion, or the funding of them ought many persons, beyond the reach of never to have been lost sight of. whose means they had formerly On the 11th of October, 1825, been placed, to become consumers, there were 20,160,000l. receivable, and enabled those who had always as revenue, and then due, being been consumers to become con- in fact promissory notes payable sumers to a greater extent and on demand, while government had all this was a direct addition to the not a shilling with which to meet comforts and enjoyments of the them. The consequence was, that, people. In one sense the country on any depreciation of these semay have paid more than before; curities, government, in order to but that was only because people prevent them from being paid in had it in their power to enjoy a

as revenue, was compelled to take greater quantity of necessaries or measures to keep up their value; conveniences, The increase of and as this was always effected by means of the Bank, the Bank in amount of debt unfunded ; that it its turn was hampered by its con- might have been funded on most nections with the transactions of advantageous terms, and at a saving government. In December 1825, of some millions to the country, Exchequer bills were at a discount whilst, by leaving it unfunded till of 80s.; government became ap- a period of political difficulty prehensive that they would become arrives, it cannot fail seriously to revenue; the Bank was sent into affect public credit; and to impair the market, and, by purchasing, the energies of the country; and brought them up to par. In ad- that it appears, therefore, to this dition to this, the interest was House, that it is highly expedient raised from 1{d. to 2d. per diem, to reduce the unfunded debt within to giard against any extraordinary more reasonable limits.” depreciation; yet, in the following The other resolutions of Mr. February, they were again at a Maberly went to impeach the aediscount of 21s., and the Bank curacy of the official returns of the again came into the market, and, national debt, as having stated it by its purchases, brought them up more than an hundred millions

to par.

That ar

Various circumstances below its real amount. First of might have prevented the Bank all, the dead-weight had made from making these purchases with- an addition to the debt of nearly out injuring its own credit ; and seventy-five millions. the consequence would have been rangement was, in fact, a grant that, by the paying in of these bills by government of an annuity of as revenue, the Exchequer would 2,800,0001. for a term of forty-five not have possessed the means of years. The value of this annuity, paying the dividends, unless the now that it had 414 years to run Bank had been able to advance the (33 years of the term having whole amount. But as the Bank elapsed since it was first granted) had already advanced 5,548,8171., was 74,632,0001.; and to this to pay the January dividends, it extent, the transaction was the was highly improbable that it could, raising of a loan by the country, at such a moment, have advanced and an addition to the public debt. an additional sum of upwards of The whole measure was one of three millions (which would have the most dangerous and improvibeen required) without placing dent to which recourse had ever itself in a most hazardous situation. been had ; and it was not less so, The Bank had been able to avert because the Bank had been induced these consequences by its purchases; to purchase a part of this annuity, but, as it might often turn out for which they had advanced otherwise, nothing could be more 13,000,0001., while there was no improvident and unwise than to probability of their being able to allow so large an amount of an sell what they had thus locked up issue of so dangerous a nature, to their funds in buying. So far as remain unfunded. He, therefore, it remained unsold, the act aumoved as a resolution, “ That not- thorizing the arrangement ought withstanding the low rate of interest immediately to be repealed. By which has been paid on Exchequer disregarding this burden, as well bills, it has been both inexpedient as some others, the amount of the and dangerous to leave so large an public debt had been stated by

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government at more than an hun- had been purchased by the Bank dred millions below its real amount. of England, nearly 50,000,0001. That statement omitted altogether still remained unsold ; that, under the debt due on the life annuities present circumstances, it would be and long annuities; no value had inexpedient to sell the remaining been put upon this large proportion part, and would be expedient to of the public debto nany more than repeal so much of the act creating on the dead weight: but the value the annuity as related to the part of these charges, according to the unsold, and to charge the amount statements of the government's ac- necessary for defraying naval and countants, exceeded 101,000,0001., a military pensions from July, 1828 sum which must be added to what (up to which period the had hitherto been held out to the had been purchased by the Bank), country as the total amount of the on the consolidated or sinking debt. On the 5th of January, 1819, fund: and further, " that the capithe debt was 832,000,0001.; and, tal of the funded unredeemed debt since that period, notwithstanding of the United Kingdom stood in the boast of a Sinking-fund, and the financeaccounts, on 5th January, all the amount of our annual taxa- 1825, at 781,123,2221. 15s.6d, tion, it had increased enormously. whereas the real capital debt of From returns signed by officers the country approaches to nearly at the National Debt office it ap- 900,000,0001. inasmuch as the peared, that, in January, 1826, the capital of the terminable annuities debt was 61,646,6361, higher than is not included in the above sum. in January, 1819, the life annuities On the other hand, the chanbeing valued, in, both years, upon cellor of the Exchequer, and Mr. the same principles. A consen. Herries, maintained that it was imquence, and at the same time a possible to conceive any thing more proof, of this increase in the debt, imperfect, and more confused, than was the increase in the annual the views on which these resolu, charge, which, in 1826, exceeded tions were founded, or any thing that of 1819 by 31,3951. Thus, in more fallacious than the supposed the course of seven years, the facts which they pretended to capital of the debt had been in- embody. Nothing could be more creased by nearly 62,000,000l., and inconsistent with truth, than to the annual charge, by more than accuse government of having been 31,000l.; although government con- inattentive to the reduction of the sidered themselyes to have saved the unfunded debt. In 1816, on the country between 1,500,000l. and termination of the war, that debt 1,600,000l. by the conversion of the had amounted to , 61,000,0001, in five per cents into four per cents. January, 1824, it amounted to only

The resolutions now proposed 31,000,0001. a reduction of nearly stated the fact, that by granting one haif. In 1818 the bullion an annuity of 2,800,0001. for forty committee had recommended a

the amount of the public reduction of the unfunded debt to debt had been increased by a sum the extent of about 10,000,0001,, equal, according to returns made to and with this recommendation gothe House, in March, 1826, to verninent had not only complied, 74,632,0511, that, exclusive of but had gone beyond it, a reduc

: the portion of such annuity which tion having been effected, not of

five years,

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