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15,500,0001.; exceeding the above Sum necessary to be raised for the service of the year, by about 2,000,000 only.
VI.-That to provide for the exigencies of the Public Service, to make such progressive Reduction of the National Debt, as may adequately support Public Credit, and to afford to the Country a prospect of future relief from a part of its present burthens, it is absolutely necessary that there should be a clear Surplus of the Income of the Country beyond the Expenditure, of not less than 5,000,0001.;-and
That with a view to the attainment of this important object, it is expedient, now to increase the Income of the Country, by the imposition of Taxes, to the amount of 3,000,0001. per annum,
VII.-That with a view, &c. vide preceding page.
THE RIGHT HONORABLE
THE CHANCELLOR OF THE EXCHEQUER,
OF THE YEAR 1819.
The Chancellor of the ExcHEQUER then rose. As the House had already entered at large into the consideration of the general situation of the country with respect to its Finances, and had sanctioned, by the resolutions to which it had agreed, the general principles on which he intended to ground the financial operations of the year, it only remained for him to enter into the details of the plans and arrangements proposed to carry those operations into effect. The House had also appeared to approve, (though it had not yet confirmed by a distinct resolution) the measures he had proposed of rendering the Sinking Fund applicable to the public service, to a certain extent, by means of a loan contracted with the commissioners for the reduction of the national debt, under the sanction of the provision in the Sinking Fund act, commonly called Mr. Fox's clause, and of making such provision as would prevent, in future years, the necessity of continuing the practice of loans. - He should now explain how those arrangements were to be effected in the present year. In doing this, he should follow the usual course. He should recapitulate on one side the supplies granted for the present year, and on the other the Ways and Means by which they were to be met. He should then take a view of the new taxes, and point out the general measures to be founded on the resolutions which the House had al
. 17 ready adopted, in order to show how we might look in future to a settlement which would render the imposition of new taxes and the raising of loans (with the exception of a small loan for the next year if it should be required for the purpose of the further repayment intended to be made to the Bank of England) unnecessary. So much information was contained in the Report of the Finance Committee, and so much more had been elicited by the late discussions in the House, that in recapitulating the supplies, he should have little more to do than to refer to the Report of that Committee, and he should afterwards point out the corresponding Ways and Means. The army Extraordinaries still remained to be granted; but, adding them to the other branches which had already been obtained, the total for the Military
Service of the year, would be, according to the statement of the Finance Committee, 8,900,0001. The whole Supplies for the Navy were granted; they amounted to 6,436,0001. Those for the Ordnance were in the same situation, and consisted of 1,191,000l. Under the head of Miscellaneous Services, many items remained for the future consideration of the House, particularly the usual Grants for the poorer classes of the Clergy, both in England and Scotland; but adding their amount to what had been voted, the whole might be expected to come to about 1,950,0001. As some Supplies still remained to be granted, it was not his intention at present to complete the Ways and Means. But the application of twelve millions of the Sinking Fund, as proposed, would much more than cover what was still to be granted. The total amount of the Supplies which he had mentioned was 18,477,0001. To this were to be added 1,570,0001. for interest on Exchequer Bills, and 430,0001. for Sinking Fund on the same, forming a grand total of 20,477,0001. To meet these charges the House had already sanctioned the Grant of
The Annual Malt Duty of
£3,000,000 The Temporary Excise Duty
3,500,000 and he should now propose to vote the Loan contracted for this day, amounting to
£12,000,000 The Lottery
240,000 and Produce of the Sale of Naval Stores
It was therefore clear that, with the view of meeting the supplies voted, a loan of 13,500,000l. would have been sufficient for the service of the present year. But the measures lately adopted for returning to cash payments had rendereditnecessary that 10,000,0001. should be repaid to the Bank, of which five millions were to VOL, XV.
NO. XXIX. B