He obferved, that much art had been used, both at home and abroad, by the enemies of this country (declaring at the fame time that he had no particular perfons in view) to deprefs the credit of the nation, and even to prevent the loan from being obtained altogether; for this reafon he wished the advantage to the fubfcribers might be confiderable; for that it was better to grant ample terms than to risk a bargain that might ultimately tend to our difcredit. He therefore thought it both juft and wife to give the fubfcribers fuch a bargain as might turn out a profitable one. That he had held out no falfe colours to the lenders, nor let one fyllable efcape him in regard to the probability of a war with France, the apprehenfion of which had lately fo deeply affected the public funds that they might not have it in their power to reproach him with events that might happen; that they therefore knowingly run the risk of that contingency; that he rather chofe to borrow upon worse terms, than to hold forth flattering hopes of any kind whatever.; that feveral reafons might be affigned for the present scarcity of money befides the rumour of an approaching war; fuch as the extravagant fpeculations many of our merchants had Though the above figures (it is believed) are accurate, or to a trifle fo, yet it is very certain, from authentic and incontrovertible documents, that the nett receipt of the customs for the year 1776 decreased from the nett receipt for the year 1775 in the amazing fum of 1,075,960l. No excess in the excife, through the profufions of the war, or in any other branches of the revenue, could compenfate, or nearly compenfate, this diminution. It is therefore to be prefumed, that this period is not even yet brought forward into the public accounts; and that the produce is lying fomewhere, unaccounted for by the collectors or receivers. By indulgences of this kind, fhewn to those entrusted with public money, thefe offices, with apparently trifling falaries, become the moft beneficial the Treafury have to bestow; and obfcure people, much to the disgrace of the finance-adminiftration, and to the prejudice of the public, (who are always in advance, and pay dearly for every fhilling they are in advance,) acquire, foon and undefervedly, princely fortunes in them, free even from the envy and the anxious uncertainties that ever attend on the offices of the more confpicuous minifters of state. lately lately run into with regard to the ceded iflands, and the prevailing fashion of enjoying their fortunes immédiately, or rather by anticipation: that, befides, giving good terms now fecured our credit in future; that the ftocks, he apprehended, would not be lower were a war actually declared; and that the money was actually fubfcribed by fubftantial men, who were themfelves able to advance it.. With regard to the annuity part of the loan, he observed, that it was better, and more advantageous to the public, to grant it for 30 years than for a longer term, as the long annuities, of which there were above 82 years to run, fold now at 20 years purchase. And as it might better fuit fome perfons to have their annuities converted into a life annuity, and which would be of no prejudice to the public, he meant to put it in their option, before the 22d of December, to do fo. Among many other particulars, he took notice of the experiment he had made of criminal labour upon the Thames, which had answered beyond all expectation; and hinted at a farther extenfion of the plan over the whole kingdom; and that, to eafe the counties, it might be advisable to bring to a fale fuch of the royal forefts as were now of little or no ufe, either for the growth of timber, or for royal grandeur. In the course of his Lordship's fpeech, which lafted near two hours, he took occafion to observe upon the extenfive refources of this country, notwithstanding the defpondency of fome individuals; in particular, feveral acceffions the finkingfund would receive within a few years, fuch as 140,000l. of Exchequer annuities, between the years 1792 and 1798; and therefore, that in general it was better to borrow on higher terms, in a way that should in a course of years be adding to that fund. His Lordship gave what he faid was a very pleasing picture of the ftrength, wealth, and Itability, of this country. His Lordship did not enter upon the fubject of the new taxes; but faid he fhould explain them on Monday next, the 9th. March 9. Lord Narth, in the committee of fupply, opened his fpeech by acquainting the Houfe that the intereft to be provided for was 330,ocol.; that to pay this it was neceffary to provide a productive tax; that it was difficult to fix on any that would not be, in fome degree, unequal; that he wished to avoid burthening the lower ranks of people; that it was not eafy to come at the real property of individuals; but that that one ground of judging of this, which prevailed in all nations, was by the expence at which they lived; and this, though it might not anfwer in every fingle inftance, was yet a very good general rule; that laying the tax upon the confumption of commodities was both equal and palatable, as the refentment of the perfon taxed fell on the dealer, and not on the officer of the revenue; that the taxes on coaches, on fervants, and on houses, were proper and eligible, as they were vifible figns of ability to pay them; that a tax on bricks and tiles had formerly been thought of and rejected; as likewife taxing houfes by the extent of their fronts, or by the number of their chimnies, which was the fame as hearthmoney, neither of which afforded a just estimate of the value of the house. He propofed therefore to exempt all houfes under the rent of 51. per annum from all taxation; that all houses from 5 to 50l. fhould be rated at 6d. in the pound, and from 50%. and upwards at Is. to be paid by the occupier; that this tax might be levied by thofe who collected the window-tax, with a little additional affiftance for a year or two, till the rates were fully adjusted. He then proceeded, by the affiftance of the window-tax, to form a computation what the present tax would raife; which he reckoned as follows: In England and Wales, In all 259000 5000 264000 He then propofed an additional tax on all wines imported, viz. eight guineas per tun, or 2d. a bottle, on all French wines; and four guineas per tun, or id. a bottle, on all other wine; which his Lordship computed would amount to 72,558%, in the whole 336,558 viz. 6.5581. above the fum wanted. The following is his Lordship's calculation of the produce of the above taxes. House Tax. 24,000 houses in London, Weftminster, and Mid dlefex, between 50l. and 51. a year, 30,900 ditto, above 50l. per ann. 190,000 houfes in England and Wales, comprized at 15. on an average, 17,000 houfes in Scotland, 14750 193500 71250 5000 *284000 * His Lordship faid he should only ftate this at 284,000%. His Lordship concluded with obferving, that it was no very agreeable employment to propose taxes of any kind; that it was a measure neceffary in point of honour, not a point of pleasure; but that he thought it more honourable not to decline any duty of his office whilft he held it, however difagreeable. Some debate enfued. The gentlemen in oppofition faw it in a very contrary light, and confidered it as highly oppreffive and difproportionate. It was not, they faid, from the rent of an house altogether, that we can judge of the circumstances of the tenant; fince we fee that tradefmen of every dénomi- · nation are obliged, through neceffity, to poffefs houses commodioufly fituated, however highly rented, and to whom an additional out-going of a fhilling in the pound will be of material injury. In feveral parishes of London and Westminster, the houses are burthened by the land-tax, poor-rates, windowtax, pavement, lights, watch, &c. &c. to the amount of eight fhillings in the pound, and upwards; and it so happens, that the parties moft heavily burthened are the leaft able to bear it. The wine tax was oppofed only with regard to the Oporto, as it affected the commercial alliance fubfifting between Portugal and us, and might produce a tax there on the importation of British manufactures. About half after seven, however, the motion for leave to bring in the bills paffed without a divifion. This being difpofed of, Mr. Gilbert then made his promifed motion, which was, "That the better to enable his Majefty to vindicate the honour and dignity of his crown, and the dominions thereunto belonging, in the prefent exigency of affairs, there be granted to his Majefty one-fourth part of the nett annual income upon the falaries, fees, and perquifites of all offices under the crown (except thofe held by the Speaker of the House of Commons, the Chancellor or Commiffioners of the Great Seal, Seal, the Judges, Minifters to foreign parts, Commiffioners, Officers in the army and navy, and all others that do not produce a clear income of 200l. per annum to the person or perfons enjoying the fame); and alfo of all annuities, penfions, ftipends, or other yearly penfions iffuing out of the Exchequer, or any branch of his Majefty's revenues, after deducting all fees and taxes thereon by authority of Parliament; to commence from 25th March 1778, and to continue for one year, and during the continuance of the American war*." The committee divided upon this motion, when 100 were for it, and 82 against it. March 10. The refolutions of yesterday were reported, and all agreed to, except Mr. Gilbert's motion, upon which the Houfe divided, 141 for it, and 147 against it. March 11. Mr. Sawbridge made his annual motion for fhortening the duration of Parliaments. The queftion was called for, and the House divided; for the question 33, against it 83. The House refolved itself into a committee on the fate of the nation. The fubject this day was the ftate of the navy. The following is the fubftance of the most material papers which were referred to the confideration of the committee: State and condition of his Majefty's fhips and veffels of war in Great Britain and Ireland, and on channel fervice, November 27th, 1777, according to the feveral weekly accounts delivered in to the Houfe of Commons by the Admiraltyoffice; being 205 fail, whofe proper war-complement amounts to 34,996 feamen and marines. Complement. Seamen mußtered. Marines must. Ships' names. * These last words in Italics were added by way of amendment. Ardent, |