expence. But there is another ob- mean to avoid another evil which ject to be attended to: whatever has taken place in all former wars degree of exertion may be made in the accumulation of an unfund, the present contest, which involves ed debt. I therefore intend to the dearest and most sacred objects, bring the unfunded debt every year still we must not allow ourselves, to a distinct account. In conforto neglect what likewise involves mity with this principle, I shall in it the permanent interests of propose the payment of the navy ourselves and our posterity. I not debt, in order to reduce it to the only mean still to employ the an: eltablishment mentioned by the nual million for the reduction of committee in their report last year, the national debt, but likewise the I shall now proceed in the usual fum of 200,000l, which was last way to state, first, the total amount year understood to be set apart for of the supply, and the total amount that purpose, so as to provide, even of the ways and means, distin, during the continuance of the guishing the excesses of the ferwar, for the lessening of the debt vices, and of the resources, by compound interest. Į likewise SUPPLY. NAVY. 25,000 feamen, including marines - - £ 1,300,000 o 20,000 ditto - 1,040,000 o a Ordinary 069,205 5 10 Extraordinary 387,710 00 - 1,056,915 5 10 Excess of navy debt beyond the estimate of the committee : 575.000 0 0 Total 3,971,915 5 10 DEFICIENCY OF GRANTS al for Arifing from interest on exchequer bills, lottery, deficiency of ways and means Diciency of land and malt the to be made annually to the sinking fund he had Diciple With regard to the expence of the nary, for which 45,000 seamen had cid been already voted, Mr. Pitt laid, that he would by no means have it onderstood that these are the whole number which may be neceflary to the ke employed--thefe fums, however, constitute the whole of the supply fport 2 in the ordinary mode of the estimate; to which is to be added such a difu, as the committee may think proper to allow for the latitude of heita naiseleen, and unavoidable expences. If the fituation of this country. fhould lead us to take an efficient part along with our numerous allies, in carming on offensive operations against the enemy, he observed, that zes cida cokderable encrease of expence in our military establishment will be Extetlary. Hitherto we had hired none but the Hanoverian troops ; jur , in this case, we may have occafion to employ a considerable body of other foreign troops in order to press, on all sides, the common eneDj. Sone additional expence will be incurred by domettic encampments. An increase will also accrue in the sum allowed to the loyalisis, teatre of whom have been tent to Canada. A loss may perhaps accrue in the lottery, on account of certain regulations which it has been found necessary to make. It is, therefore, my opinion, that a confi10,000 bezble fum 1hould be let apart to enable bis majelty to provide for the zxpected occurrences of a war, and defray its exigencies as they 36.915 nie . So many are the contingencies of a war, that, whatever fum may be voted for this purpose, I will not pledge mytelf for its fufficiciency. In other wars, let it be recollected, that, after the sums al bosted for them had been expended, very considerable debts were troazht forward to be defrayed at a future period. After endeavour21.91 ing to take every thing into the account, and to calculate as exactly al can, I will not pretend to state the precise sum; but I would not propose less than a million and an half Thould be given to his Majesty with a view to contingencies. The mode of giving it, I would suggeit Joti be by exchequer bills upon a vo:e of credit ; but as I do not with 9:54 de oumber of exchequer bills in circulation to be increated, I would literie propose to pay off a million and half of those which are now 3,53 in cridation. The total of these lums amounts to 11,182,2131. 35. Sd. Iu defray these expences, Mr. Pitt proposed the following WAYS AND MEANS. £ 2000,000 750,000 Furplus of consolidated fund on 5th Jan. 1793 435,696 Surplus of consolidated fund on April 5, 1794, viz. expe&cd furplus on sth April, 1793 2744,000 Expected surplus of the four quarters to 5th April, 1794, efti Carried over 3,459,696 H4 Brought over 3,4659.696 mated on the four years average as below, after dedu&ing 220,000). for duties to be appropriated to pay the interest of money to be borrowed • £ 2,185,000 Interest money to be repaid 250,000 Money to be paid by the East-India Company 500,000 Money from the commissioners for the national debt, includ ing the annual contribution of 200,oool. - - 1,650,000 Continuation of temporary taxes - 255,000 Total of ways and means - - £ 8,299,696 That part of the statement which relates to the surplus of the consolidated fund, on the 5th of January last, Mr. Pitt thought must afford much satisfaction. It would be recollected that the expences of 1792 were to be defrayed by the amount of the revenue to the 5th of April, 1793 ; but it happens that the expences were not only defrayed on the 5th of January 1793, but a furplus actually remained; consequently the produce of the quarter ending on the 5th of April, is applicable to the exigencies of the present year; of the produce of this quarter 435,000l, have been already voted. Supposing it to be as favourable as it has been in former years, 274,000l. will remain of this quarter, in addition to the 435,000l. of which the nation will bave to avail itself. Still, however, he proposed to carry on the year from the 5th of April, 1793, to the 5th of April, 1794. However sanguine in his own expectations of the flourishing ítate of the revenue, he always wished, he said, to be moderate in his calculations; and therefore had, upon former occasions, as at present, taken it upon the average of the four last years. It was his intention to continue those temporary taxes which were imposed upon occasion of the Spanish armament, and which expire at different periods. They had been found to be attended with no particular inconvenience to the country, and would consequently be submitted to with less reluctance than any fresh impofts. These amount to 255,000l. which sum he should henceforth propose to consider as part of the supply. The aid which he had now to suggest was, wbat often has been treated at beit as precarious and uncertain, namely, the afliftance which he finances of this country would derive from India. This aflistance had been pledged to him; and he was happy to say would soon be fulfilled; as in 1794, a sum of not less than 500,000l. from the finances of India, would be applicable to the expences of this country. He acknowledged, however, that, after every other resource, he must depend upon a loan of 2,900,000l. concerning which he had not made any proposals, because he considered it to be a previous duty to submit this statement to the public, in order to avoid any thing that might have the appearance of deception. The sum of 240,0qol. which would be necessary to pay the interest of the loan, he proposed to supply from the taxes imposed on occasion of the Spanish armament. Thele taxes were of two kinds, some of them temporary, and others perpetual. On these the additional tax on bills and the game duty, amounted to 85,000l, The The tax of one penny per gallon on all British spirits, produced a fum of 112,000l. Another of these was the addition of 10 per cent. upon lafleised taxes, which amounted to about 90,000l, making upon the bathole a sum of 287,000l. Mr. Pitt then offered to the attention of the ommittee a general ftatement of the whole lubject in one connected point of view. GENERAL STATEMENT, £11,182,213 8,299,696 2,882,517 Add, money from commissioners 1,650,000 £4,532,517 say 4,500,000 4,500,000l. at 75 per cent. is equal to £6,000,000 6,000,00ol. at 3 per cent, is equal to £ 180,000 60,000 f this favo £240,000 is to ara £ 90,000 Temporary 112,000 10 per cent. on afferred taxes British spirits SOWS Sils and receips is wil Cane duty , ULARI taxes to be continued. 68,000 sich weite £ 287,000 imod expire Such, continued the chancellor country in poffeffion of all its ordino paris cf the exchequer, is the statement nary revenue. I have, however, on which I submit to the committee. taken care not to found any calcuE1095 It is apparent that I have stated an lation upon it, because I was deEtoftemple provision, in point of ex- firous to leave it as a security against teu bara pence , with a view to an extended those contingencies to which war force finale of operations, as well as for is liable. The committee will perthe unforeseen and extraordinary ceive, from the ftatements I have cearrences which may arise dur- submitted to them, that even, if ing the war, while, at the same the itruggle, in which we are eiTv. Frite, I have attended to the object gaged, thould last beyond the preDuke keeping down the unfunded fent year, we thall be able to carry zde 20 debt, and applying the annual sur. it on during the next without any obest plus to the extinction of the fund- additional burthen. Mr. Pitt said, de bered debt. The excess of the per- he had been careful not to state nuk bermanent revenue, if kept up, is no there encouragements to war in less than 900,000 l. above the peace any of the previous discussions, and establithment, which even, if ex- that if we considered war as neclub . O bauted by war, will leave the ceffary, we were bour:d to meet it, e Decor even to its utmost extent. After hundred thousand pounds; this, a very splendid and powerful ar- Mr. Sheridan said, was proved by gument, in support of that necef- facts and figures to be a most grois tity, he concluded by bringing fallacy, and nothing was so danforward several resolutions, in gerous as buoying up people's which he claimed, as he expected hopes, and making them careless to obtain, the support of the of the consequences of war by such House. delusions. He took the produce of Mr. Sheridan said, that as the last year up to the 5th of January, country was now engaged in war, as stated by the chancellor of the it would be inconsistent with good exchequer, and the papers on the sense and found policy not to give table: including the land and malt an upanimous asient to the propo- tax, the total income of this year fitions which had just bcen offered would be something short of to the House. Yet, at the same time, 17,000,000l. This, said the right the eloquent appeal to the passions honourable gentleman, is 900,oool. with which the minister concluded more than necessary for a peace his speech, difpored him to suspect establishment, and therefore we that there was some weakness to might reckon on 900,000 l. when. cover, or some error to disguise in ever peace should arrive. Ten the fuljed before them. He was years had passed since the Amerithe more led into the apprehension can war, and never had this year of by some very alarming hints the peace establishment arrived! Not right honourable gentleman had one single year in which our exdropped respecting new connec- penditure had been less than seven. tions still to be formed. It seemech teen millions. Were we ever likely the expensive corps of 12,000 Ha- to see it less ? Were rigorous renoverians were not the only foreign duction in all our military services troops we were to pay: new fub- likely to be the characteristic of a lidies and foreign mercenaries were future peace ? and when that peaco announced, and in a manner that was obtained, was another tenseemed to avow that government years interval to take place before was adopting the general principles the establishments were to be afand views of the Austrian and fected by it! To hold out such Prussian confederacy, which he hopes was trifling with the counhad hitherto flattered himself had try, and not following the open not been the case, whatever had dealing which the minister called been the wishes and arguments of for and recommended. The im. some individuals in that Houte. probability of our revenue continu, Mr. Sheridan agreed that Mr. ing at its pretent ftandard was also litt had not overloaded our avec a matter of serious consideration. rage income; but he gave the most The more general the war, the decided contradiction to his state- more would all foreign merchants ment, that if peace had continued, be disturbed, and commercial capi. or whenever peace was restored, tals be withheld from their objects; there would be a balance, after and there was no town in Europe paying the peace establishment and where this would not interfere with the surplus million, of pearly nine the trade and manufactures, and conte, |