« PreviousContinue »
State of the Finances.
solid prosperity they would have attained, had not war intervened. But the necessity of the war, real or imaginary, has a powerful influence on the public mind, and reconciles the community to submit to privations, which, in peaceable times, would be accounted insupportable. The latter is the sense in which the proposition is intended to be understood.
5. Various causes may be assigned for the increased expense of modern wars: the nature of our military weapons; the entire separation of the character of the soldier from that of the citizen; the system of colonies, and foreign settlements, in consequence of which a contest which, a few centuries ago, would have been decided by a battle on the frontiers of the contending nations, now extends the ravages of war to every part of the globe: and, since the imaginary system of the balance of power has prevailed, large sums have been granted by states, like England, more opulent than wise, as subsidies to others, supposed to be interested in the common cause. . While these causes have led to great expense, the increase of national wealth has supplied the means, and the Rulers of this nation, in particular, by artfully supporting the illusion of a Sinking Fund, and a well regulated system of transfer of stock, have been able to draw forth a larger proportion of the wealth of the people than any other government in the world.
6, 7, 8, and 9. The two, former of these propositions appear self-evident, and the latter follows from them as necessary consequences.
10. The difficulty, and even impossibility, of a further increase of taxes has been considered. Every new imposition, as the limit to taxation approaches, becomes more oppressive and more unproductive; and if Ministers obstinately adhere to an expenditure beyond the ability of the country to support, it is impossible to escape national, or more properly government bankruptcy. So long as the practice was followed of defraying almost all the war expenses, by loans, and imposing taxes only for the payment of interest, the burdens of the war were so lightly felt, that the government promptness to engage in war was scarcely under any restraint. Had the supplies been raised within the year, and most of them by direct taxation, the pressure would have been so great, that it would have probably stimulated the people to restrain their rulers from engaging in hostilities for remote and delusive objects. Justice to posterity required this. Every generation has its own struggles and contests. Of these and these only it ought to bear the burden; and the great evil of the Funding System is, that it enables nations to transfer the cost of present follies to succeeding ages, - '11, 12. Both these propositions have been sufficiently established in our article on the Sinking Fund,
FINANCE AcCOUNTS-Income OF THE UNITED
KINGDOM. An Account of the Net PUBLIC INCOME of the United Kingdom of Great Britain and Ireland in the Year, ending 5th of January, 1821, and 5th of January, 1822—[Lord Liverpool's Speech, Appendix.]
d. £ S. d. Customs
9,837,279 8.114 10,582,762 18 0 27,929,832 12 34 28,179,064 0 118
6,562,253 6 11 6,513,599 8 24 Post Office
1,048,076 18 - 54 1,383,538 9 24 Taxes
7,719,228 17. 81 7,780,526 12 61 Hackney coaches
23,097 10 11 22,120 0 Hawkers and pedlars..
28,930 0 0 25,450 0 One shilling and sixpence duty on places and pensions ...
78,624 1 91 77,441 16 72 Seizures, proffer's fines, and forfeitures
6,528 6 0 4,154 19 9 Crown lands
.966 13 4
966 13 4 Alienation duty
. 4,564 8 8 8,913 8 8 Arrears of property tax
30,782 4 11 34,234 15 93 Impress and other monies repaid 181,022 3 51 198,804 12 7 Interest on contracts for the redemption of the land tax.
447. 10. 91
44 0 14 Contributions from persons holding offices
20 0 0 Surplus receipts on lottery ... 175,154 10 2 219,139 160 Money received from Bank of
England on account of un-
83,910 13 3 Money repaid into the Exche
quer on account of exchequer-
159,000 0 0 75,500 0 0 Money repaid in Ireland on ac
count of advances for public
97,149 13 14 144,219 14 9 Proceeds of old naval stores.. 260,000 0 0 163,400 0 0 Money remitted from France on
account of pecuniary. indem-
500,000 0 0
* In comparing the net 'revenue with the expenditure, a difference will appear greater than actually exists. It arises from drawbacks, discounts, charges of manage ment, and other incidental expenses being deducted from the gross income, and in cluded in the expenditure.
State of the Finance.
EXPENDITURE OF THE UNITED KINGDOM. EXPENDITURE of the UNITED KINGDOM, for the Year ending 5th Janu
ary, 1821.[Annual Finance Accounts.]
Total Expenditure.. Deduct Sinking Fund of the East India Company,
repaid by them...
[To contrast the enormous disproportion betwixt the Public Expenditure of 1791 and 1821, we insert the following Statement, from Mr. Hume's speech, on Economy and Retrenchment, 27th June, 1821.]
State of the Finances.
ABSTRACT of the Public RECEIPT and EXPENDITURE for GREAT
Britain, calculated on the Average Produce of the Years 1788, 1789, and 1790; and Estimates for 1791-2.-[First Report of the Committee of Finance, dated 10th May, 1791.]
* Viz. For Interest of the Debt and Sinking Fund
£10,577,972 For Expenses of Civil List, Military Establishments, and Civil Government
N.B. The Expenditure of Ireland was somewhat above One Million