nature, subject to inaccuracy, and the amount of the sums which he should give might be varied by any alteration in the state of our affairs. He should, however, give a statement of the supply on such a scale, that it would be liable to no increase, and as to the present state of the country, he had no temptation to deceive the House by any flattering picture. We were now in a peculiar crisis. At the close of a long contest, in which we had struggled so successfully for our own honour and safety, and for the honour and liberty of Europe, in which we had added so largely to our naval and military glory, we could not immediately sit down and repose ourselves, as if we had enjoyed uninterrupted peace. But he should show by reference to facts and documents, which would soon be before the House in an official shape, that our resources were as entire as could be expected by the most sanguine, and that if we did not immediately enjoy all the benefits which might be expected from the opening of foreign ports to our commerce, it was only necessary to exert a small portion of that firmness and perseverance, which had been so often recommended to the House by his predecessors and himself, and which had never been recommended in vain, to bear the nation triumphantly through all its difficulties. The statement which he should make, would naturally divide itself into two branches. The first was the general state of the finances at the commencement of the present year, together with his opinion as to the causes and probable remedies of our present difficulties. The next branch was the amount of the supply, and the ways and means to meet it, which would be proposed in a more advanced period of the session. He should first give a comparative statement of the revenue of the last compared with that of the preceding year, which would throw some light on our present situation, and the probable prospect for the future. A right hon. gentleman had expressed doubts whether the general statement of the produce of the last year's revenue, if minutely examined, would be as favourable as it at first appeared to be. He should therefore give some of the principal heads, comparing the produce of the last with that of the preceding year. The produce of the customs in the year ending Jan. 5, 1815, was 11,059,000l.; that of the year ending Jan 5, 1816, was 10,487,000. It was however, to be re membered, that in the latter sum was not included the amount of the war duty on tonnage and exported British goods which had usually produced between 6 and 700,000l., which if added would raise this year above the preceding, which had exceeded all former years. The excise presented a still more favourable result. The produce of the year 1814, was 25,145,000l.; that of 1815, was 26,562,000l. being an increase of 1,417,000. beyond all preceding years. This increase, too, did not arise from any new taxes, except an additional tax on licences, which perhaps had produced 2 or 300,000l. The stamp duties of 1814 amounted to 5,598,000; those of 1815 to 5,865,000l. On this head it was however, to be recollected, that there had been a large addition to the duties on stamps, to which the increased produce was in part attributable. The assessed taxes of 1814 were 6,411,000l., those of 1815, 6,214,000l. being a diminution of 200,000l. The property tax of 1814 was 14,218,000l., the produce of the same tax in 1815 was 14,318,000l. being an increase of just 100,000l. The land tax on account of the constant progress of redemption, was subject to diminution. The produce of this tax in 1814, was 1,129,000l.; in 1815, it was 1,079,000/.-The total amount of the produce of the revenue in 1814, was 65,429,981; in 1815 it was 66,443,8021. This it would be seen, was an increase of more than a million above a year, which also had exceeded any former year. Thus much as to the revenue of the country: and on this head we might rest satisfied as to the prospect which was held out as to the future productiveness of the taxes. It He should now say a few words as to the application of the grants which had been made with a view of meeting the dangers which in the last year, seemed about to fall upon the country-dangers which were averted in so short a time by the wonderful successes of our arms. was on the 14th of June last that the proposition of supply had been submitted to the House. It was then predicted by some gentlemen on the other side of the House, that the supply then demanded, though unprecedentedly large, would fall as short of the wants of the country as the supplies of former years. It was then also surmised, that the attack of the Allies on the French frontier was altogether hopeless. An end was soon put to both predictions. The next day after these prophesies the attack began at Charleroi, and the cannon did not cease to roar until the flight of the French leader, the dispersion of his troops, and the fall of his empire put an end to the whole war. In bringing forward the view of the finances in the last year, he had observed that of the sum which was then applied to the public service, 21 millions would be employed in the payment of arrears. The whole of that sum had been actually employed for that service, and in addition, a further reduction of the unfunded debt had been made to the amount of 21 millions more. The surplus of the grants for the service of the last year had been thus beneficially employed; the debts thus reduced were the Exchequer bills and the navy debt, so that the whole unfunded debt had been brought down from 68,547,000l. to 47,700,000l.[ Hear, hear!] If they turned their eyes to the commerce of the country, the view would not be less gratifying to the House. He could merely give a statement of our exportation for the three quarters ending October 10, which was the latest period to which the accounts had been made up. In the three quarters ending October 10, 1814, the value of our exportations had been 37,167,2941.; in the three quarters ending on the same day, in 1815, they had been 42,425,3571. He should not attempt to go through all the particulars of this sum; but he should mention some of the principle heads. The cotton manufactory in the three quarters of 1814, had exported 13, 668,938. In the same part of 1815 these exports had amounted to 15,376,908. being an increase of 1,700,000l. The linen manufacture had in the three quarters of 1814, exported 1,186,659. In the three quarters of 1815 it had exported 1,340,621.-The woollen manufacture in the three quarters of 1814 had exported 6,131,008, In the same part of 1815, 8,744, 8351. While our situation with respect to commerce was so prosperous, it was not to be denied that we were labouring under many embarrassments. Of these embarrassments, and the remedies which might be applicable, he should now attempt some developement. They had arisen from the circumstances in which the country had been long placed, and which had operated on the prices of all articles, especially agricultural produce, which had swollen to a rate quite disproportionate to the prices of all other commodities. The alarm of the scarce years of 1795, 1799, and 1800, had produced a general opinion which was indeed at that time probably well founded, that the agricultural produce of this country was inadequate to its consumption. At the same time the uncertainty of supply from abroad was increased. That supply was sometimes stopped, at other times the price of grain was raised by the foreign powers on whom our supply depended in proportion to our wants, by the enormous sums exacted for licences and duties on the grain itself. Having been thus thrown back on our own produce, in years which were not remarkably abundant, the inadequacy of the supply was felt more strongly, and prices continued to rise in proportion. This spur to exertion in that branch of industry increased the agricultural produce to that degree, that it would soon have been fully equal to the wants of the country, had not the foreign markets been reopened, and corn poured in in such abundance, as to distress the agricultural interest. When this was discovered, protecting measures were proposed; but those measures came after a large supply had actually been received from abroad, and one very productive harvest, together with this superfluous stock, continued the depression of prices and sunk them yet lower. In addition to these circumstances, the government, who had been purchasers to a considerable amount, withdrew in consequence of the peace from the mar ket. The victualling-office alone had been in the habit yearly of purchasing 200,000 sacks of flour. The commissary general had often made considerable purchases. Whenever government went into the market, the prices were raised in a greater proportion than if the same additional purchases had been made by individuals, because the payment of government was sure, and its wants were known to be urgent and irresistible. When government withdrew itself and moreover from motives of economy, threw back a considerable quantity of stores into the market, a great fall in price was to be expected. Had parliament interfered by a corn law earlier, much of the evil would probably have been prevented; but the measure which had been proposed had not passed, because the country was not prepared for the measure, and the House was not willing to press it till its necessity should be more generally felt. The parlia had therefore föreborn, till in effect the blow at the agricultural interest had been struck. This blow was not felt by the agriculturists alone, but the suffering was necessarily extended to all who were concerned in its prosperity, especially those who supplied the various articles consumed in agriculture. This distress would continue to be felt until the effect of the diminished prices of agricultural articles should have produced the same reduction in other commodities. Such were our embarrassments. The remedies which had been proposed were numerous: many were absurd, and many dangerous; and he should therefore forbear to trouble the House with an enumeration of them. There was one, however, which it was proper to mention, that of suspending the usury acts, which had been proposed by an hon. and learned gentleman (Mr. Brougham), with a view to the support of credit. If there was a prospect that our difficulties would long continue, and there were not other more advantageous methods of relieving credit, the chancellor of the exchequer said he was not disposed to think lightly of this proposition. But as he had a remedy to propose which would answer the same end, without the same inconveniency which might result from the suspension of the usury acts, he should not now avail himself of that proposition. The remedies which he had to propose might be divided into two classes. The first a diminution of taxation [Hear, hear!]-the other a system of measures for the support of public credit. This last was the most important and the most easy of remedies. To illustrate this observation, he should make use of a vulgar idea, which might, however, serve his purpose better than a more laboured argument. Suppose by a magical operation every individual in the country should find a guinea in his pocket. This supposition was rather visionary, but what would be its effects? Although more than twelve millions of guineas would be thus distributed in the country, no man would be much better able to pay a debt of ten pound than at present. The advantage would be momentary; there would be no relief from the difficulties in which we were now involved. Putting the temporary relaxtion from labour, and some other inconveniencies which would be likely to arise out of the question, it would be some time before this sum accumulated, 30 as to form a part of the active capital of the country. Now the effect would be far different, if this 12 or 15 millions were distributed among the country banks and other establishments accustomed to afford accommodation to agriculture and to trade. Every man who could give security would be accommodated, trade and agriculture would revive, and our present distresses would vanish. Though it was not his intention to give a guinea to every man, nor 15 millions to the country banks (though this had been suggested), yet, from the operation of these two methods of employing a given capital, the different effects of taxation and borrowing might be conjectured. If a tax, to the amount of a guinea on each person, were imposed on the country, supposing it wisely distri buted, the effect would not be distressing; but the present distress would be much augmented by taking a sum to the same amount by way of loan from the capitalists. If, therefore, no money were borrowed this year, and a sum of 14 millions were swept away from the public stocks by the sinking fund, a great capital would thus be thrown back into the country, which must have a most beneficial effect on public credit. During the last year parliament had been under the disagreeable necessity of adding 54 millions to the funded debt of the country; but if now, instead of adding 54 millions, nothing was added, but on the contrary, 14 millions paid off, it was evi dent that a very beneficial impulse would be given to the general capital of the country; an impulse far better, and far exceeding any that could be afforded by other modes of relief. He had already stated that it was the wish and the intention of government, to provide as much relief as possible to the present difficulties of the country by a diminution of taxation, and compared with last year some considerable diminution would take place, though not perhaps to the extent which many gentlemen might anticipate. By reducing the property tax to five per cent. an immediate diminution of -seven million of taxes would be effected, of which sum above four million would fall to the share of the agricultural part of the country; and in addition to that, he hoped he should be able to propose a remission of other taxes which affected the agricultural interest, to the extent of one million. The whole taken together would therefore make a total relief of five million. The reduction of the one million would be divided between the schedule B, of the property tax, called the tenant's tax, and by reducing and removing partially or wholly the tax on farming horses, &c. He was persuaded that that would be found a very important relief; but with respect to a much more important and essential remedy, he apprehended it could be found only in that support of public credit to which he had already referred. It was his most anxious wish not to press upon the money market during the present year, and he hoped he should be able to prove, that the wants of the government might be supplied without any loan whatever, or resorting to any other mode of raising money except the ordinary re-establishment in contemplation did not sources. If, instead of being thus obliged exceed 23,000 seamen; and that the reto press on the money market, he was maining 10,000 were proposed on account enabled to throw into that market a fresh of the squadrons still remaining on foreign capital from the sinking fund of fourteen stations, and which it had not yet been millions, he had no doubt that the effect possible to recall and pay off. of that proceeding would be, in the course of a very few months, to relieve in a very considerable degree the distresses under which the country now laboured. naries and extraordinaries for the navy would amount to four millions more, making an aggregate of seven millions for that branch of the public service. The number of seamen might appear somewhat large, especially when compared with former peace establishments. Between the years 1783 and 1790, the number had varied from 20,000 to 18 and even 16,000; but the House would be aware, after such a war as we had been engaged in, how long it must be before the whole navy could be reduced to a permanent peace establishment. He wished also to mention, that the peace It would now be his duty to state, in a short and summary manner, the principal heads of the public expenditure for the present year. In the coure of the evening, an hon. friend of his, one of the lords of the Admiralty, would have to propose a vote for the number of seamen which it was intended to keep up. He would mention, however, that he by no means wished to be understood as laying down the outlines of a permanent peace establishment; he had nothing further in view than merely to state what would be the necessary supplies for the present year, without wishing to say that farther reductions might not be necessary. He felt confident, indeed, that he could point out, in future years, reductions of various kinds to the amount of several millions; but it surely could not be a matter of surprise that we should be unable, in the very first year after the conclusion of so long and extensive a war, to carry all those retrenchments into immediate effect. The House would not fail to recollect that the committee of finance in 1786, three years after the signing of a definitive treaty, held out to the country the probable continuance of some of the war expenses, even as far as the year 1790, being seven years after the conclusion of peace. With respect to the navy estimates, there would be a vote proposed that evening for 33,000 seamen, and in addition to that vote, which would create an expense of 3 millions, the ordi With respect to the army, although it was not intended to propose any vote for that service on the present occasion, yet it might be necessary to enter into a general view of the subject. He wished, however, previously to press upon the attention of the House a distinction which he apprehended was not always kept in view. In comparing the peace establishment of the present with any former periods, it should be recollected that Ireland was now included in the estimate, whereas, before the union of the two countries, Ireland had her own separate establishment. The general amount of force intended to be kept up for home service, including both cavalry and infantry, would be about 25,000 men, in which would be comprehended the number required for the islands of Guernsey and Jersey. An equal number (25,000) would also be kept up for Ireland [Hear, hear! from the opposition benches], mak ing altogether 50,000, to which 3,000 would be added as the proportion of relief for the different garrisons abroad. It would be recollected, that the army maintained in this country had not only to perform the home duty, but it was to be regarded as the reserve from which the gradual and successive relief was to be afforded to our several colonial establishments; for it would be impossible, even if desirable (which it certainly was not), that our soldiers, serving on foreign stations, should be wholly banished and expatriated from their native country. Their return home was not only a measure of humanity, but of sound policy, as being calculated to nourish and maintain that British spirit | 2,000, would make the whole number and feeling, which ought never to be extinguished in the bosoms of our soldiery. He would now proceed to state the force intended to be maintained in our different colonial establishments. The garrisons of Gibraltar, Malta, and the Ionian Islands would require 11,000 [Hear, hear! from the opposition.] That establishment might appear somewhat large, but it should be recollected, that it was always necessary to keep up a greater force in places which had recently come under our dominion, and where the dissimilarity of manners, habits, and opinions was considerable, than in possessions which, by long connexion, had in some measure assimilated themselves to our political forms. In the different parts of America, including the Canadas, Nova Scotia, New Brunswick, and the Bahama Islands, there would be 10,000 men; in the West Indies 13,000; four thousand in Jamaica, and the other nine in the remaining islands; at the Cape of Good Hope 3,000; at Mauritius 3,000; and 3,000 at Ceylon. It should be observed, that a part of those establishments consisted of colonial troops, and in the West Indies of black regiments. Formerly it had been the custom to compose them entirely of British; but by the present mode of embodying the natives, there was a saving of British lives to a prodigious extent, as they were able to perform services and endure fatigues, which, from the nature of the climate and other causes, generally proved so fatal to the British. In every point of view, therefore, whether with respect to economy, policy, or humanity, such a mixed establishment was highly desirable; though, as the native troops were not so completely effective as the British, it was found necessary to keep a larger number of them on foot. The garrison of St. Helena would have 1200, the coast of Africa 1000, and 800 for New South Wales, making a total aggregate of 99,000 troops upon the British and Irish establishments. In naming that amount he was to be understood as speaking of the gross establishments to be kept up, and not the actual effective force; for if from the 99,000 nominal force that portion were to be deducted which would not be effective, there would not remain more than from 85 to 90,000 troops. The force serving in France, and to be maintained there for a limited time, amounted to 28,000, exclusive of artillery, which being (VOL. XXXII.) 30,000. In India there was to be 20,000; but for the expenses of that force the company were to provide, and for the support of the force in France no vote would be required from parliament, because the expense was to be defrayed out of the contributions to be paid from the French government to this country. With respect to those contributions, he knew that some doubts of their security existed : but if they might judge of the future from the past, there was every reason to be satisfied upon that head. Up to the present day, those contributions had been most regularly and most punctually paid. In the course of the last year, 700,000/. of the money received from France had been applied to the public services of this country; and it was intended to apply the whole to the public service, except such part of them as would be honourably bestowed upon the army, in the way of prize money, for their great and unparalleled exploits. He mentioned those cir cumstances, because, he believed that in point of law, the contributions of the French government would be of a similar nature with the droits of the Crown, and become the personal property of the sovereign.-[Hear, hear! from the opposition benches.] He would repeat his assertion, that unless he was much mistaken, which if he were, some honourable member might prove, those contributions strictly belonged to the Crown in that quality; but his royal highness the Prince Regent had determined that so considerable a sum, and one so honourably acquired, should be applied to the public service of the country, and in no other manner, with the exception which he had already stated, of a donation to the army as prize money. The amount of that donation would be about one million sterling, to be distributed among the British, Dutch, Hanoverian, Brunswick, and other troops composing the army of the duke of Wellington. He calculated that about 800,000%. would be received in the course of the present year, and of these as well as all other receipts of the same nature regular accounts would be laid before parliament. The total amount of the army estimates under this head, including many temporary establishments, and exclusive of the extraordinaries, would be nearly 9,300,000. The commissariat establishment was estimated at 680,000l.: barracks, 258,000/; and the extraordinaries at about 2,000,000/. (2 C) |