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without concern and disapprobation upon the circumstances of surprise and deception which attended the sudden exercise of that prerogative in the dissolution of the late parliament; and particularly of his servants to mislead upon the irreve. rent use of his majesty's royal oame in a proclamation summoning the late parliament to meet on a tied and no distant day, issued at a period, when the measure of disiciiviag that parliament must already hare been in contemplation. Connected also with this subject, we cannot forbear to notice rumours which strongly prevail throughout the country, of the most improper and unconstitutional interference of his majesty's ministers in the coarse of the late elections; rumours at once highly discreditable and injurious to his majesty's government, and to the independent character of parliament. We hope that upon enquiry and examination they may be proved to be ut. terly unfounded. But, convinced as we arc, that the tendency (though we trust not the effect) of such interference, as is alledged, Bust have been to revolt and disgust the well-affected part of the community, and to sow distraction and discontent in place of that unanimity which is so loudly called for, at a moment when the prosperity of the British empire depends upon the consenting and cordial co-operation of all orders and de. tcriptions of the people; convinced also, that it is our peculiar duty, as it is the common interest of all those who prize, as it deserves, the inestimable blessing of a free form of government, to mark with our strongest reprehension a perversion of power whisk would bo too well
calculated to favour those delusive and dangerous theories which stigmatize the house of commons as art inadequate representative of the people. But while we feel this most unpleasant duty forced upon us, in vindication of our own indepen. dene;;, and of the rights of tliosa whom we represent, we humbly and earnestly entreat his majesty to be persuaded, that neither this, nor any other misconduct of his ma. jesty's ministers, can essentially affeet the firm and settled purpose of this house, and of the great body of the nation, to unite in that general cause, and against that common danger—in _ comparison to which all other considerations, how. ever important in themselves, arc at the present moment, unfortunately, inferior and subordinate. And we venture confidently to assure his majesty, that great and unexampled as are the difficulties and dangers which surround us, his majesty possesses in the wealth and prosperity of his dominions, in the loyalty and firmness of his parliament, in the bravery of his fleets and armies, and in the affection, zeal, and courage of his people— resources, which, if wisely called forth, and diligently and judiciously applied, are yet amply suf. ficient to ensure the safety and honour of the British empire; and to maintain tliO only remaining hope, under Divine Providence, for the restoration of the liberties and hap. piness of mankind."
Resolutions of Finance moved by Lord Henry Petty, in the Hous0 of Commons, Jan. 29, 1807. [See also p. 680.]
J. "THAT I; " TPHAT the several duties of A customs grunted to his majesty by 43 Geo. 111. c. 76, by 44 Geo. 111. c. 53, and by the 4*5 Geo. 111. c. 3<>, and also the several duties of excise granted to his majesty by the 43 Geo. III. c. 81, and by the 46 Geo. 111. c. 42, shall be further granted and contiuued, and shall be payable in such proportions, and for such further terms as may be directed by any act or acts of parliament hereafter to be passed for defraying the charge of any loan or loans to be charged thereupon in manner hereinafter mentioned; that is to say :—That on every loan to be raised on the credit of the said several duties, or any of them, and charged thereupon, there shall be set apart, out of the produce of the said, duties, and appropriated to the consolidated fund of Great-Britain, an an. nual sum equal to ten pounds per centum on the amount of the sum to be raised by every such loan, out of which annual sum the in. terest and charges of the management of such loan shall, in the first instance, be defrayed, and a sum equal to the residue thereof shall be paid in each year, by equal quarterly payments, into the bank of England, and placed to the account of the commissioners for the reduction of the national debt, and shall be by them applied in the purchase or redemption of such public annuities, charged on the consolidated fund of Great-Britain, as they shall deem,most expedient, until by the operation thereof an amount of capital stock of such annuities, equal to the capital stock created in consequence of every such loan respectively, shall have been .purchased or redeemed; and that when
ever and so soon as such amount of capital stock shall have been so purchased or redeemed, the aforesaid annual sum shall be at the disposal of parliament.''
II. "That the several duties granted to his majesty on the protits arising from property, profes. sions, trades, and offices, by the acts of 43 Geo. III. c. 122, 45 Geo. III. c. 15, and 45 Geo. III. c. t)5, shall be applicable in like maimer for defraying the charge of any such loan or loans, so long as the said duties shall continue payable by virtue of the said acts, and no longer."
III. "That the total amount of any loan or loans to be so raised and charged shall not exceed the sum of 16,000,000/. in any one year, or of 210,000,000/. within 14 years from this time."
IV. "That any further or supplementary, loan or loans which may be necessary for the service of any year beyond the loan or loans so charged as aforesaid on any of the several duties above-mentioned, shall be raised on such terms, and subject to such conditions of redemption, as are hereinafter specified; videlicet, that an annual sum, equal to one per cent, on the capital stock created in respect of every such supplementary loan, shall be issued in equal quarterly payments to the commissioners for the reduction of the national debt; or that other provisions shall be made by parliament. for redeeming the same within 45 years from its creation; and every such loan may be charged upon any duties to be hereafter granted or appropriated by parliament for such purpose, or ou any temporary annuities which may expire, and beoemc applicable
by by parliament, conformably to the provisions of an act made iu the 4-,d of Geo. III. c. 71."
V. "That in consideration of the large amount, which by the effect of the foregoing resolutions will be applicable to the redemption of the national debt, bcyund the sums which, in consequence of any law now in force, would be applicable thereto; it is reasonable and expedient that the provisions of an act, 32 Geo. 111. c. 55, so Jar a< relates to the redemption of the scteral public funds created or to bo created subsequent to the year 1802, and also that the provisions of an act, 42 Geo. III. c. 71, so far as relates to the redemption of the several public funds therein mentioned, should be so altered and amended as may be necessary for giving effect to the principles of the said acts, in such manner as may, under the present circumstances, be most beneficial to the public interests."
VI. " That it is expedient, that whenever the whole of the sums applicable to the reduction of the rational debt, by virtue of any act or acts now in force, shall have accumulated to an annual amount exceeding the amount of the interest payable in respect of all such public redeemable annuities, created at any time previous to the 5th day of January, 1807; as shall then remain unredeemed, the excess of such annual sums above such iutcrest shall be at the disposal of parliament, and may be made applicable to the charge of any loan or loans thereafter to be raised into luch other public service as parlia. meat may direct, but in such man. ncr and to such extent only as shall always leave an annual sum appli
cable to the reduction of the national debt, sufficient to redeem every part thereof, which existed previous to the 22d day of June, 1802, within 45 years at the utmost from the said 22d day of June, 180-2; and also sufficient to redeem every part thereof created subsequent to the said 22d day of June, 1802, within 45 years at the utmost from thu date of its creation."
VII. "That whenever the annual sums applicable to the reduction of the national debt in respect of any loan or loans to be charged as aforesaid in the several war duties before-mentioned, shall exceed the amount of the interest payable in respect of such part of the capital stock created iu respect of any such loan or loans which shall then remain unredeemed, the excess of such annual sums above such interests shall be at the disposal of parliament in time of peace, but not in time of war, and in such manner and to such extent only, as that an amount equal to the capital stock, created by every such loan respectively shall always be redeemed within 45 years from the date of the creation of such loan."
'VIII. "That whenever the annual sums applicable to the reduction of the national debt, in respect to any such supplementary loan or loans as aforesaid, shall exceed the amount of the interest payable in respect of such part of the capital stock created in respect of any such loan or loans as shall then remain unredeemed, the excess of such annual sums above such interest, shall be at the disposal of parliament, but in such manner and to such ex. (cut only as that an amount equal to the capital stock created by every such loan respectively shall
always always be redeemed within 45 years from the date of the creation of ■uch loan."
IX. " That for the purpose of ascertaining the due execution of the regulations provided by the above resolutions, separate accounts shall be kept by the commissioners for the reduction of the national debt, of all public funds, or seen, rities purchased, or redeemed, by the suras vested in them by virtue of any act or acts now in force,
. or by such sums as shall be vested in them, in respect of any loan or loans charged on the aforesaid war. duties, or any of them, or in re. spect of any supplementary loan or loans to be raised as aforesaid; provided nevertheless, that the said several sums may be applied indis. criminatrly in the purchase of any such public funds or securities, as the said commissioners may think expedient."
X. "That an account shall be taken, and laid before this house, of the net preduce of all the per. manent taxes for three years, ending the 5th day of January, 1807; adding thereto an estimate of the future annual produce of such of the said taxes as have not been in full receipt during that period, with an average thereof; and if the net produce of those taxes in the years ending the 5th day of January, 1808, 1S09, and 1810, shall in the average of those three years exceed such former average, such excess, or any part thereof, shall be at the disposal of parliament, and appli. cable to' the charge of any loan or loans thereafter to be raised, or to such other public service as parliament shall direct, and so on sue. cessively in any futHre years, if the excess of such (axes on an average
of three years shall exceed the first average by more than the amount of any sums which may then have been charged thereon; but if on any such three years average there shall appear any deficiency below snch average, together with such additional charge aforesaid, such deficiency shall be made good by parliament."
XI. " That an account shall be annually taken, and laid before this house, of the net jj.-oducc of the several war.dutics aforesaid; and if upon an average of three years, from the 5th day of January, 1807, the annual net produce thereof shall have fallen short of 21,000,000/. such deficiency shall be made good by parliament, and so on successively in any subsequent year, in which any loan or loans shall bt created aud charged thereupon in manner aforesaid.''
Finance Plan, as described in an official Paper} published by Ik Ministers.
THE new plan of finance ha' for its object, to provide the means of maintaining the honour and independence of the British empire, during the necessary con. tinuance of the war; without perceptibly increasing the burthens of the country, and with manifest be. nei/t to the interests of the public creditor. The proposed measure is grounded on the flourishing state of the permanent revenue; on the great produce of the war taxes; on the high and accumulating amount of the sinking fund; and on some inferior aids to be derived from revenues set free by annuities originally granted for a term of years, and Dow expiring. These circumstances, so favourable to the introduction and maintenance of a new system, are justly to be attributed to (be wise, provident, and spirited exertions, which have had the con. current support of parliament and of the people, during the whole tventful period of the last twenty jears. The plan is adapted to meet a scale of expenditure nearly equal to that of the year 1806 ; and it assumes, that during the war, the annual produce of the permanent and temporary revenues will con. tinoe equal to the produce of the same year 1806. It is understood, that any further or unforeseen charge, or any deficiency of revenue, •hall be separately and specially provided for. Keeping these premises in view, it is proposed, that the war loans for the years 1807, 1808, and 1809, shall be twelve millions annually; for the year 1810, fourteen millions; and for «ach of the ten following years, sixteen millions. Those several loans, amounting for the fourteen years to 210 millions, are to be made a charge on the war taxes, which are estimated to produce 21 millions annually. The charge thus thrown on the war taxes is meant to be at the rent of 10 per cent, on each loan. Every such loan will therefore pledge so much of the war taxes as will be equal to meet this charge :—that is, a loan of twelve millions will pledge J€ 1,200,000 of the war taxes. And in each year, if the war should be conti. nued, a further portion of the war taxes will, in the same manner, be pledged. And consequently, at the end of fourteen years, if the war should last so long, 21 millions, ■)• whole produce of the war Vh. XLIX.
taxes, would be pledged for the total of the loans, which would at that time have amounted to 210 millions. The ten per cent, charge thus accompanying each loan, will be applied to pay the interest of the loan, and to form a sinking fund, which sinking fund will cvi. dently be more than five per cent. on such of the several loans as shall be obtained at a less rate of interest than five per cent. It is well known, that a five per cent, sinking fund, accumulating at compound interest, will redeem any sum of capital debt in fourteen years. Consequently, the several portions o( the war taxes, proposed to be pledged for the several loans abovc.men. tioned, will have redeemed their respective loans, and be successive, ly liberated in periods of fourteen years from the date of each such loan. The portions of war taxes thus liberated, may, if the war should still be prolonged, become applicable in a revolving series, and may be again pledged for new loans. It is, however, shewn by the printed calculations and tables, that, whatever may be the continuance of tho operation of the property.tax, will not be payable beyond the period for which it is now granted by the 46 Geo. III. c. 65, but will, in every case, be in force only during the war, and until the sixth day of April next after the ratification of a definitive treaty of peace, and no longer. It is next to be observed, that the charge for the interest and sinking fund of the proposed loans, being taken from the annual pro. duce of the war taxes, a deficiency equal to that charge will be created in the amount of the temporary revenue applicable to the war ex pen. diture. Supplementary loans will R r be