Page images
PDF
EPUB

9

In time of War, the same causes will | less than a shadow, with a rapidity that produce the same effects. The worthy rather resembled the inchantment of a Alderman said, “I bad six thousand dream, than simple and certain matter of per annum of revenue from my proper- fact. ty in plates : I buried the whole of it in

These are well known instances ; it procuring additional plates.”_Our Farois probable, that the reader may be acmers now say, we were accustomed

quainted with others, to the same effect. to receive a good price for our grain :

In the mean while the Peace Trades we buried our profits in ameliorating our lauds, and improving our farms,

are not Aourishing : they' like others, that we might obtain greater crops of are children of choice, not of necessity: graio.” The spirit is the same. Had

they are inostly einbellishments of life;

but embellishments come aster necessai reserved a single thousand of the six, ries; they are the desires of leisure, of says one of the sufferers, this misfor

a certain portion of prosperity; they tune had not befallen me!-Had we pot baried every penny in improvements, of vigour without an entire convictia

never can be followed with any degree we could bave stood our groupd, say of security, and that extending far be the others.

yond the present moinent. Long may Take other instances : “1 have twen- Peace continue ! and the spirit of our ty thousand tons of (imported) iron on people will shew itself in a thousand my wharfs,” said an eminent dealer in ways, different, but all consistent with the City of London: “ the price of the the prosperity of the whole nation, of article has fallen thirty shillings a ton, other nations, and of the world at large. this morning :-there goes thirty thou

Long may Peace continue ! Those who sand pounds, at a single blow." Now, think ibat the magic of the name ought this gentleman could by no means avert

to have secured our Public Finances that I low ;-and those who ventured to against deficiency in every form, are guess further at his affairs, whispered respectfully desired to look back to the each other, that this was only the prelude consequences and accompaniments of to a diminution of a hundred thousand Peace on former occasions. We are pounds more.

old enough to remember the Peace of An Iron Master in Staffordshire con- 1763: We remember, very well, the tracted with Government for the casting gloomy apprehensions which overspread of jrou cannon balls ;-he had fulfilled the nation on occasion of the Peace sucbis contract, and delivered the number ceding the American Revolution, twenengaged for;-Peare found him with ty years afterwards. ,

Never surely, thirty thousand pounds' worth of iron were the spirits of Britons more decannon balls reinaing on his premises,-pressed, than at that time. for not one of which had Government said, " the sun of Britain is set, FOR any occasion.

He had at the saine EVER !”-it was said, “ we have lost tirše, twenty thousand pounds worth of all in losing America !” – The fact pig iron in possession-but, of how lit-proved otherwise. We lost nothing, ile comparative value ! !--Such was the but Lord Shelburne as a minister. That difference between war and peace ! war left an immense debt unfunded; it

We have already observed, that in could not be less than twenty seven, to commercial countries, no trade suffers thirty millions sterling. The price of singly. The coal mines whence the the 9 per cent. Consols. in the early gentleman last alluded to drew the part of 1784, a period of profound coal for working his forges, stopped peace-was from 56 7-8ths to 557-8ths. when his forges stopped; dismissed | The deficiency of Revenue, the first their men, when he dismissed his men. year, wis nearly four millions. The The canal tonnage was next to annihi- interest of the newly contracted debt lated, of course. And thus throughout a was nearly five millions. But the worst long line of country, the stoppage was

of all, was the wast of system, to meet felt"; and the circulation which had these dificulties, with the persuasion of been kept up for years, was reduced to the nation that the worst was concealed

It was

from their view to anstver purposes of spread in Paris, to the disadvantage of delusiou.

England, and especially of English Now, it ought to be recollected that Finances. Such rumours engross the those wars, which left these dreadful ignorant; but, even the better ivstructlong tails behind them, bad continued ed give them too much countenance.but a few years ; not one-third of the Baron Bignon, a sensible writer, and time that Britain has lately been called Minister of Finances, under Buonaparte, to defend herself against the inveterate expresses sentiments to the same effect. enunity of France. A war of twenty" And now,” says he, " is this prosfive years, may well he supposed to have perity of England founded on bases made much deeper impressions on pro- truly durable Is it uot in great part, perty, public and private, than those the consequence of the monopoly of the short wars could do. A war for our commerce of the world? Will not the very existence, must, from its very na- cessation of this universal monopoly ture, have compromised more deeply the strongly affect this prosperity? That is interest of the nation and of individuals, one of those terrific doubts which foreign than any former war, This once ad- nations, and even this power herself, mitted, the fair inference justifies sur- must be equally afraid to solve ;-afraid prize that the real deficiency, though to find, as the natural consequence, the considerable, is not greater than it

ap chance of a new ruptnre. The day og pears to he by ihe figures. For, in the which the partition of commerce is made first place, from the apparent deficiency among the different claimants, it should of £9,083,108 must be deducted the seem, must abate the superiority of the deficiencies occasioned by the repeal of British Government, by, assigning it the Income Tax (£2,758,982) and the merely a share, larger or smaller, of War Malt Duty (taken at half the de- those profits which it had been in the ficiency £1,500,000) - both together habit of considering for a long time past, £4,258,982 ; which, deducted from the as exclusively its own. apparent deficiency, leaves £4,824, 126, “ As to the services derived from the for the real deficiency : a sum surpriz- British system of credit, with the im. ingly near to that which Mr. Pitt's mense advantages attendant, to this talents were called forth to meet and day, will not the primary cause, be supply. But, wbo will doubt, whether identified with that unheard of prosthe powers of the nation to meet a si-perity, the prolongation of which is, milar exigetrey, are increased? We at this moment, extremely problemati-have not lately seen the Consols at 56 cal? The facility with which the national or 57. We have (comparatively with debt may be increased, depends on the the extent of service) no unfunded debt incessaut reproduction of those inlimitto provide against. We have not losted resources which the English nation influence on the Continent to regain, has hitherto found in the profits of a and if possible to augnient: the British commerce without rivalship, with the name stands as high as it can stand ; four quarters of the world; but, the and France herself, nolens volens, has moment when these profits are distrirecourse in Britain for assistance, against buted among trading nations, the propecuniary distress. It was not so, former- duct being necessarily more or less diİy. Then the opinion of all nations pro- minished, will the people of England be youneed is a sinking State; and every able to continue the payment of those snul worshipped the ascendant star of enormous taxes which are laid upon France, as unquestionably triumphant them, the continuation of which payfrom that day furth, and for ever!! ment is, nevertheless, indispensable to * Time brg revealed a different scene : support the national obligations contractyet still the wise men of France cling ed? In short, can the tinancial edifice to the hope of ruinous dificulties in so firmly established in appearance, supEngland. We know this to be the fact. port the height to which it is arrived ? Nothing can cure them of this unneigh- This question does not affect the utility bourly prepossession. Scarcely a day of the system of credit, but the extent passes, in which some report is not given to its application. The services

rendered by the system have been high-, year,advantages (or disadvantages) which ly valuable; the effects have been ad-do not afford correct comparison. It was mirable. But, the enquiry proposes to natural, that the first year after Peace ascertain, whether the use has not been was signed should witness an exertion of pushed to abuse, whether the conse no ordinary power, in the mercantile quences have not exceeded the limits world, to renew those connections which which wisdom ought to have placed, as had been interrupted, or to form those impassable. Time will inforın us. which required from the British mer

* Since it is impossible not to feel chant a loog credit, and from his agent conviction how greatly the system of abroad a judicious confidence. credit, founded by England, has been In the mean while if any enquire, by favourable to her prosperity and power, what means this deficit must be inet and is it not the interest of other na-counteracted, the answer is clear : parte tions to profit by ber example, avoiding ly by a diminution of expences : partiy the faulis she may have committed, and by increase of income. No well-in. above all things avoiding the hazard formed person would suppose that the she has ran, of an alarming, exag- expences of the war, could suddenly geration

Credit is not a gift be- close; that the various services of the stowed by nature on this or that part- Public force, or the Publie departments, cular climate, on this or that govern- could cease on a given day, and their ment: it belongs to whoever has the expences with them. The machine that knowledge by what means to produce it, was in action was too vast, to be stopand to foster it. France is entitled to ped in a moment. Distances of it equally with England. Perhaps it may places, the differences in degree of imbe no mistake to say, that when it shall, portance amoug places, the determina. once be inplanted on the soil of France, tion of what is best on the whole, these, it will throw out roots deeper and with other self-evident considerations, stronger. The moving sand of the require time, deliberation, determinamercantile wealth of Great Britain does tion, and after these, still further pause not offer such solid ground as the terri- for judicious and sober execution. torial riches of France would be. It is Gradually the Public expences must be strongly to be presumed that the tree reduced; and the Public burdens relieved of Public Credit would be in a growing as inuch as possible. state in France when the Old Oak which

The Public income is seldom so junow shelters England shall have shed her leaves, and begun to bestrew that diciously managed during a war, as it

should be. The Financier catches at country with the wreck of her branches." That time may Heaven avert! but, profits not always permanent in their

nature. Be endeavours to make the from this mixture of wisdom and enmity --from this intermingled foresight and war bear a great part in its own esasperity, a lesson may be learned of no

pences. He must now take other steps. trifling utility. The division of coin

He may even change some of his taxes. every one to his own this A new world, as it were, opens before writer justly expected would diminish him, and his duty is to communicate to the British revenue : then, why should the nation all the advantages of Peace,

and to derive from those advantages we be surprized at it? If Baron Bignon awaited this result, so did thousands of every possible profit for the Public ser

vice. others, and so ought our own people. But, it has not produced all those ex

Lastly, these tables, will stand, we tremities which he predicted ; and, we trust, as perpetual records of difficulties trust, it never will.

overcome : they will stand also, as perFurther, though we have given the petual monitions on the conseqnences of comparison of the last financial year war: is it too much to hope, that they, with that before it, yet we are alloge- in their place, may art in terrorem, and ther of opinion that ihe average of seve- check a 100 warlike inclination, should ral years ought to be taken. There any minister be so ill advised as to thinks may be—and there really was-in une of indulging it.

merce

[graphic]
[ocr errors]

Abstract of the nėl Produce of the Revenue, in the Years ending 5th January, 1816, and 5th January, 1917, distinguishing the Quarters. Also total Customs and Excise.
CUSTOMS.
QUARTERS ENDING

YR. ENDING

QUARTERS ENDING
5th Apr, 1815 5 July, 1815
(CUSTONS.-Conejlidated

10 Oct. 1815 5 Jan. 1816
5 April. 18.6 July, 1816 Oct, 1816 5 Jan. 1817.

5 Jan. 1817, Ditto, Aumal Duties..

21, 288,38 1,016,375 1,458,946 1,128,119 4,891,478 1,394,639 767,8 6 1,4 9,288 1,317,381 4,979,154

+54,48 611,350 1,220,465 583,081 Ditto, War Taxes .....

2,469,144 39,143 524,691 958,540 870,827 2,393,201 .635,947 793,695 927,789 769 469 3,126,900 517,659 490 151

31

525 1,008,366 Total produce of Customs

1,978,233 2.421,420 3,607,200 EXCISE --Consolidated 2.480 669 | 10,487,522 | 1,951,441 | 1,782,688 | 2,457,859 | 2,188.733

8,380,721 4,674,768 4,708,942 Ditto, Annual Duties..

5,029,476 4,938,770 | 19,351,956 4,325,528 4,124.975 4,937,055 4,484,440 | 17,871.998

6,290 107,022 138 118 Ditto, War Taxes 344,520 595,950 7,654 90,732 98,641

534,124 1,199,218 1,493,091 2,098,917 1,823,300 6,614,526 1,067,266 1.354.616 1.259,533

780,655

4,462,074
Total produce of Excise. 5,886,276 6,309,055 7,266,511 | 7,106,591 26,562,432 5,400,448 5,570,323 / 6,295, 229 5,602,196 | 22,868,196
Stamps

1,278,576 1,383,944 1,686,515 1,516,378 5,865,413 1,520,536 1,500,414 1,487,447
Post Office

1,461,324 5,969,721
411,000 396,000 387,000 354,000 1,584,000 378,000 353,000 365,000 330,000 1,426,000
Assessed Taxes
614,851 2,514,392 564,391 2,521,343

6,214,987 726,909 2,207,659 714,270)
Property Tax

2,134,484 5,782,322
4,869,912 2,155,021 5,196,955 2,096,684 14,318,572 4,861,027 | 2,071,776
Land Taxas.

2,966,576 1,666,211 | 11,559,590
104,949 447,548 143,891 383,605 1,079,993 233,227 426,503 180,067 388,132 1,127,929
Miscellaneous

80,139 78,503 150,065 366,867 72,712 70,554 41,818 56,085 241,199
Pensions, Offices, &c.

16

4,016 4,616 7,337,458 | 6,977,044 | 8,057,255 7,022,091 | 29,393,848 7,692,411 | 6,629,906 / 5,749,208 | 6,040,252 | 26,111,777 Total Net Revenue.. 16,195,967 | 15,707,519 | 18,930,966 | 16,609,350 | 66,443,802 | 15,044,300 13,982,017 | 14,502, 296 | 13,631,181 | 57,360,694

58,160

Excise
War Taxes .....
Reserved out of Anpuity

to Priuce of Wales...
Customs
Tontine Money
Interest Ireland ..........
Exchequer Fees
Stamps ....
Surplus Annual Duties
Incidenis, &c ........

1816.

614,035 17 41 422,397 916,115 19 10

5,500 0 0

1,810 6 1 ................. 1,128,120 2 Už

3,553,979 8 0

24,000 V 05 1,520,840 20 4,526,139 0 0

ended January, 1817 2,081,886 i og Deficiency of Quarter Charge upon it ..........

January, 1817 .......... 11,118,613 18 3 Income of Quarter ended

19,200,000 0 0

Charge upon it.........13,127,383 454

ed January, 1816 ... 12,522,488 4 4 Income of Quarter end

Deficiency go....... 604,945 0.1

was ......
4th of Jan. 1817 ..

Quarter ended on the
The Charge upon the

5th of January, 1816,

Quarter ended on the
The Charge upon the

19,200,000 OO •13,127,983 4 5

corresponding Quarter 1,403,824 6.04

1817, less than the Quarter ended Jan. 4,

Jau. 1817, is ......... 11,118,615 18

ter ended on the 4th The Income of the Quar

1816, was ............ €12,522,438 44

ended on the 5th Jan. Income of the Quarter under tbe lead of Consolidated Customs. by Act 56 Geo. III. cap. 29), are included Duties of Customs (being made perpetual inclusive, from which period the War to the Quarter ending the 5th July, 1816, are included under the head of War Taxes, to the Interest of Loans charged on them, Statement, and the War Taxes appropriated able in England, are excluded from this the interest on their respective Debts pay

The Irish and Portuguese Payments for

12,522,438 44

1817.

Comparison, Article by Article. Customs ...................... 1,317,389 18 113 | Customs for 1816...................£10,487,528 Excise 4,192,724 0

for 1817

8,380,721 Stamps

1,461,325 5 11 Incidents &c. 2,811,795 0 2 Deficiency in 1817

2,106,801 Surplus Aunual Duties 361,317 4 8 Tontine Nioney

11,807 16 33 Excise for 1816.................... 26,562,432 Interest, Ireland 946,760 12 4

for 1817.

...................... 22,868,196 Reserved out of Annuity

to Prince of Wales .... 5,500 0 v Deficiency in 1817 ............. 3,694,236

Total.........11,118,613 18 3 Stamps for 1816 ................... 5,865,415

for 1817

5,969,721 Charge upon the Quarter 1816.

Excess in 1819 ..................so 104,306 Exchequer, &c

299,045 8 7 Bank Dividends 9,627,814 19 2 Post Office for 1816............so 1,548,000 Redemption of National

for 1917 ;...

1,426,000 Debt

2,829,291 6 8 Civil List..... 257,000 003 Deficiency in 1817

122,000 Pensions, &C..........

120,233 16 0

Assessed Taxes for 1816......... 6,214,987 Total.......... 13,127,983 4 5

for 1817.. 5,789,322

........

1817.

Deficiency in 1817 ................. 43 1,665 Exchequer

29.3,036 2 4
Land Tax for 1816......

1,079,999 Bank Dividends 9,569,050 3 2

for 1817 ................ 1,127,929 Redemption of National Debt

2,828,746 15 1

Excess in 1817 ..................... 47,936 Civil List................ 257,000 0 Pensious estinrated at... 252,166 19 0

Total Net Revenue for 1816 ... 66,443,802

for 1817 57,360,694 Total................... 19,200,000 0 0.

Deficiency in 1817

9,089, 108 War Taxes.-1816

Property-tax for three years, ending 5th Amount of War Taxos 4,689,482 1991 of April, 1814 (fractions omitted). Deduct War Taxes (ar

Gross Assessmt. Net Assessmt. ried to Cons. Fund... 614,095 17 41 Aon. 1812, £14,462,775 £13,502,78%

1813, 15,438,546 14,215,020 War Taxes for public Ser.

1814, 15,925,720 14,545,279 vice

4,075,417 % 51 The Reyenue for the year endAmount of Duties an

ing 5th January, 1816, was £66,443,804 nually voted to pay off

57,360,694 S Millious Exchequer

For 5th January, 1817 Buils ...........

927,635 45 Deficiency compared with the South Sea Duty 1,642 15 8

£9,085, 108 4 per Ceut.................

preceding year....................
7,601 0 9

In 1816, the Income
Total................. 5,012,295 19 31 In 1817..................

Tax yielded.....£14,318,572

.... 11,559,590 1817.

£2,758,982 Amount of War Tases

The War Malta for public Service... 2,447,396 7 11 Duty repealed, Amount of Duties an

estimated at bually voted to pay off

3,000,000 three millions of Ex

Take Deficiency chequer Bills.......... 1,211,9418 88 at

half South Sea Duty..........

743 17 51

1,500,000 per Cent 6,840 10 2

1,500,000

4,258,982 Total............. 3,666,922 10 35

Total Deficiency for the year. £4,824, 180

one

« PreviousContinue »