■■'i±;::x.r.yt-:. :C::ivr„-;,-.: ;;wa.': :;.--: 5Jjtrr.i-;:".';:'-:^3!:'4::-.;.;,t;. ^. :"j[:'„':!~''.;:'.t.-iM'^''v : •;ii';:>:r,,;,i:, ■'. ■'■ 1.71.', U'i>'«v-fy • . Yr':- i!.;;t"d::' HiiiMii^-' 4)tix^//,:;r^vn'-^;: '•"'--mi!^ k ■'■•m4i:^:.: THE UNIVERSITY OF ILLINOIS LIBRARY 33S B875 ;'H^'^- ^M' OUTLINES OF A PLAN OF FINANCE PROPOSED TO BE SUBMITTED TO PARLIAMENT. 1813, ^ ^ T^ROM the period of the complete introduction ■*- of the Funding System in the early part of the last century, to the close of the American War, the object of our measures of J'inance during War appeared to be only to provide for the immediate expenses of the year, by borrowing such Sums as Mere necessary for any extraordinary charge in- cun-ed, and by imposing such Taxes as might meet the interest of the Loan, leaving to the period of Peace the consideration of any provision for the repayment of Debt; and this being attempted at irregular periods and on no permanent system, was never carried into effectual execution ; tlie total amount of Debt redeemed between the Peace of Utrecht and the close of the American War he'nvj^ no more than £. 8,330,000. The accumulated expenses of the American war, and the depressed state of Public Credit and of the Revenue at the close of that War, impressed on the vigorous mind of Mr. Pitt the necessity of adopting a more provident system, of which he laid the basis, with admirable judgment, in the Sinking Fund Act-^ of 1786 and 179'2. B At 2- At the commencement of the War of the French revolution, Mr. Pitt thought it sufficient, to meet the charge of mihtary and naval expense by Loans, accompanied by that provision for gradual redemp- tion, \Ahich had been established by the Act of 1792. The increased expenses of the War, and the pros- pect of its long continuance, induced him however, in 1707, to aim at the most efficacious system by which a long duration of War can be supported, that of equalizing the Income with the Expenditure of the Country. For this purpose he proposed, in 1798, the esta- blishment of a general Tax on Income ; intended, with the aid of some other War Taxes, to provide within the year, for a considerable part of the public expenses, and also to repay within a few years after the conclusion of peace, all Debt contracted beyond the amount of the Sinking Fund in each year. The plans adopted for increasing the National Income upon the renewal of the War, by Lord Sidmouth, and afterwards by Lord Grenville and Lord Henry Petty, in 1803, 4, and 6, were on a much larger scale ; and there is every appearance that the income of the Nation, might at this time have equalled or exceeded its expenditure, if the necessity of a large increase in our foreign expenses had not arisen. The total amount of the public Expenditure, ex- clusive of the Sinking Fund, was on an average of the 3 the years 1806 and 1807, about ^T. 61,600,000. The Income of 1807 (taking tlie Property Tax, ac- cordhig to its assessment, at about £. 1 1,400,000.) was about £. 59,700,000. The net produce of the public Income, on an average of the years 1809, 1810 and 1811, deducting the arrears of Property Tax paid in beyond the assessment of each year, was about £. 64,000,000. whicli, with the addition of the Taxes imposed in 1811 and 1812, would appear to leave a considerable surplus beyond the amount of the Expenditure of 1807; but to tliis Expenditure must be added tlie increased charge of unredeemed Debt since that year. This amounts to about £. 2,300,000. which, added to the beforementioned sum of ;^. 6 1,600,000. being the Expenditure of 1 807, makes together nearly the above sum of £. 64,oroo,ooo. The Expenditure of the same years 1 809, 1810 and 1811, amounted it is true, on an average, to nearly ;^. 73,000,000. and that of the year 1812 may be estimated at about ^.81,000,000. exclu- sively of the repayment of Exchequer Bills and Loyalty Loan. The amount therefore of the sum to be provided, in order to equalize the receipt and expenditure of Great Britain, on an average of tlie years 1809, 1810 and 1811, allowing for the increased charge of unredeemed Debt, may be estimatrd ^^ £• 9,t)00,ooo. or, taking the Expenditure at B 2 ^.81,000,000. £. 8 1,000,000. at about £. 17,000,000. from which sums must however be deducted the future pro- duce of the Taxes imposed in i8u and 1812, which may be estimated at about £. 2,500,000. and which would reduce the former sum to ;^. 6,500,000. and the latter to £. 14,500,000. To raise even the lowest of these sums by an im- mediate imposition of new Taxes, in addition to the great exertions already made, would, however, be considered as a very heavy burden ; and one, the severity of which might be felt still more sensibly, from an apprehension, by no means unreasonable, that such a sacrifice might eventually prove to have been unnecessary, as many supposable and even probable cases may arise during the continuance of the War, in which it would be possible very con- siderably to reduce our expenses. Nothing more, therefore, can be expected as a permanent War system, than to provide for such a s;cale of Expense as must necessarily arise out of the state of War, without including that great increase which has been occasioned by our extraordinary exertions abroad in the last four years, and which, in wliatever way it may appear to the w isdom of Parliament most proper to provide for it, must be considered as of only an occasional nature. In the foregoing Stcitemcnt it is assumed, that the Sinking Fund is no portion of the national expendi- ture. In fact, by cancelling a certain portion of Debt in each vear, it reduces the Debt really incurred, incurred, to the amount in w liich the sum borrowed exceeds the sum to be redeemed. It is evident indeed, that whether the Fund is applied in the purchase of stock already existing, or in reducing the amount of stock to be created, the effect will be nearly the same; and the equalization of the public income and expenditure may consequently be considered as a primary advantage of the Sinking Fund, no less than the actual redemption of Debt. The former of these objects, so far as is requisite to meet that part of the expenses of the War, which may be considered as necessarily permanent, appears, by the foregoing Statement, to have been already accomplished. It has, indeed, been effe6led by means m hich, while they shew the extent of the resources of the Country, and evince its firm and unshaken spirit, point out at the same time the expediency of not calling for any further sacrifices which may be avoidable: for this great object has, in fact, been accomplished by the extraordinary payment of more than 200 ^Millions of War Taxes. This unexampled exertion may be considered as no less powerfully co-operating with the Sinking Fund, in its other great object of the reduction of the Debt, since the creation of a new Debt to an equal amount has thereby been avoided. These considerations may be thought sufficient to point out the general expediency of any altera- tion of the present arrangement of the Sinking Fund, which, without violating tlie provisions of the 6 the Act of 1 792, may diminish the weight of those further burdens, which the progress of the War may still impose upon the Nation ; and with this ▼iew, it may be proper to advert to the remarkable period at which the Redemption of the Debt has actually arrived. When the establishment of the Sinking Fund was proposed by Mr. Pitt, in 1786, the Debt amounted to near ;^. 240,000,000*^ ; a sum, of which, few then living ever hoped to see the Re- demption, but which, by the steady perseverance of Parliament, in this important measure, has al- ready been redeemed. It is true, that this Redemption has been effected, not solely by the operation of the Sinking Fund established in 1786, but in great part by the pro- vision made for the redemption of Loans since contracted, and also by the redemption of the Land Tax, and, in some degree, by the purchase of Life Annuities. These additional exertions shew the spirit and perseverance with which the original system has been carried into execution, amidst all the difficulties of an expensive and protracted War- fare. The separation, kept up, for purposes of account, between the original Sinking Fund of 1786 and the Additions subsequently made to it, is, however, only nominal ; it neither has been, nor can be attended to in practice ; because the whole of the Debt contracted since the establishment of the Sinking Fund, having been borrowed upon the * /. 238,231,248. Old 7 Old Stocks, and no distinction made between the Old and the New Proprietors, the whole Debt is considered as One indiscriminate mass, to which the purchases made by the Sinking Fund are equally applii^able. No right of priority of redemption can exist in any particular class of Stockholders, nor can any conditions of repayment be claimed (except in the instance of the Five-per-cent Loan of 1 797) beyond those laid down in the Act of 1792, under the faith of which all subsequent Loans may be considered as contracted. By that Act, provision is to be made for the redemption, within 45 years, of all Debts subse- quently created ; and, within this limit. Parliament has tlie power to regulate the mode of the redemp- tion at its discretion ; and has in fact exercised that discretion in several instances. In the years 1798, 1799 and 1800, for example, no provision was made for the immediate reduction of that part of the Loans which was charged upon the Income Tax ; but it was intended that those sums should be redeemed by a prolongation of that Tax in time of Peace. In 1 802, when the Income Tax was repealed, and other Funds were provided for defraying the Interest of those Loans, it was again thought unnecessary to make imme- diate provision for the redemption of the Prin- cipal, which was left to be redeemed by the pro- longed operation of the Sinicing Funds already existins. It 8 It may therefore be considered as decided, not only by the recorded opinion, but by the established practice of Parliament, that while provision is made, in any manner, for the redemption of each respective portion of the Public Debt, within 45 years from the time of its being created, the enactments of the Act of 1 792 are complied with. It would consequently be equally consistent with the Act of 1792, either to redeem any number of Loans, by applying to the separate redemption of each the distinct portion of Sinking Fund created at the time of its being contracted, or by applying the whole Fund, in the first instance, to the total redemption of the first contracted Loan, and after- wards to that of the several succeeding Loans in their respective order; so that each of them should be redeemed within 45 years from its being raised. This second mode would, however, be attended with important advantages. In the fiist mode, the whole charge of Interest and Sinking Fund, occasioned by any number of successive Loans, is appropriated, without any pos- sible relief to the Public, until the whole of one of the Loans shall be completely redeemed by the exclusive operation of the One-per-cent origi- nally attached to it ; which is not likely to happen in much less than 40 years, and may exceed that term. But in the latter case, several of the Loans first contracted w ill, in the event of a w ar of consi- derable 9 derable duration, though much short of 40 yeai-s, have been redeemed previously to the conchision of the War, and will have furnished, to a considerable extent, the means of providing for afresh charge; and this Resource will be continually increasing, in |>roportion to the duration of the War. Another advantage will be, that the Redemption ef the Debt, being more gradually diffused over the whole period, will produce le: s alteration in the state of property. This successive Redemption is indeed a point of no small importance to the regulation of the Money-market, as the rate of interest and the value of money might be very inconveniently affected, by the too rapid increase or the too sudden reduction of the sums brouiiht into circulation by the Sinking Fund. It should not therefore be suffered to accumulate for too lon^ a period ; while, on the other hand, it should not be too much diuihiished by extinguishing at once too large a portion of the Public Debt. These con- siderations appear to have occasioned that provision of tlie original Sinking Fund Act of 1786, by which its accumulation at compound interest was limited to Four Alillions; and they will be still more effec- tually provided lor, by the mode of successive re- dem})tion, which has been pointed out: wliile another advantage, attending it, would be, that through- out nearly the whole period of its operation, a much smaller portion of the national resources would be occupied in providing for the Public Debt. C: The 10 The point at which we are now arrived in the Redemption of the Debt, affords a most favourable opportunity for the adoption of this mode ; which would have been originally preferable, and which the actual duration of the War, and the prospect of its possible further continuance, render at present peculiarly advantageous. l^pon these principles, it is the object of this paper to propose a Plan, by which a gradual and equable Reduction of Debt may be provided for, with great immediate advantage t6 the Public. It is only necessdry to enact, that the Debt Jh'st contracted shall be deemed to be first paid off; whether purchased by the Sinking Fund originally provided for its redemption, or by any other. It has already been shown, that this supposition involves no absurdity, the old Stocks and the additions to them being so mixed, as to render all discrimina- tion impossible ; and it is surely very allowable in practice to assume that any given portion of the Public Debt is discharged, when an equal sum, funded in the same securities, has been paid off. A sum equal to the Capital of the whole Public Debt existing in 1786, having already been pur- chased by the Commissioners, or transferred for the redemption of Land Tax, or the purchg.se of Life Annuities, the execution of this Plan will only re- quire, with regard either to this Sum, or to any Debt hereafter to be redeemed, that a Certificate of such redemption 11 redemption shall be published in the Gazette, and laid before Parliament by the Commissioners ; and that, thereupon, the Stock so redeemed and stnnd- ing in the names of the Commissioners, shall be at tlie disposal of Parliament, and liable to be can- celled, in such proportions and at such times as Parliament may direct, to such an amount as may be necessary for charging, upon the same securities, the Dividend and Sinking Fund of any Loan which may have been contracted for the Public Service ; but that the u'Jiole Sink'nig Fund created by. the Act of 1786, or by any subse- quent Act, shall be continued and applied, until the total Redemption of all Debt now existing or to be created during the present War. In order, how- ever, effectually to secure the means of redeeming all future Loans within forty-live years, and to pre- serve a proper proportion between the Sinking Fund and the Unredeemed Debt, it will be expedient to enact, that whenever the sum borrowed in any year shall exceed the sum to be paid off", a Sinking Fund shall be provided for the excess of Loan, equal to one half of its interest; and for the remainder of the Loan (or tor 'the whole, if hot exceeding the amount to be redeemed within the year) a Sinking Fund of One-percent, conformably to the Act of 1792. It may also be observed, that as this arrangement involves the repeal of those provisions of the Act c 2 of 12 of 1802, under wliich the wliole Sinking Fund thea existing was directed to accumulate at Compound Interest, till the complete redemption of the debt Mhich then remained unredeemed, it will be proper to make good to the Sinking Fund the annual sum of ;^. 870,000. which would have been appropriated to the redemption of the different sums provided for in 1802, if that consolidation had not taken place, and if those sums had been accompanied by the usual redeeming Fund of One-per-cent. And while, in this respect, the proposed Plan will revert to the original arrangements of the Sinking Fund, it will also conform to them by returning, Mith much greater advantage, to the principle of those provisions, by which relief would before this time have been ob- tained to the Public by the limitation of the Sinking Fund, as established by the Act of 1786, and then restricted in its accumulation to the annual sum of Four Millions. In connexion with this part of the subjeft, should be mentioned the great increase of the Debt in Unprovided Exchequer Bills, of late years ; which may be considered as a departure from the spirit of the' Sinking Fund A6t of 1 792. It was certainly the intention of that A61, that every increase of Public Debt, except mere temporary anticipations of in- come, should have a provision made for its ex- tinction, at the time when it was incurred. But large sums, now amounting in the whole to ;^. 26,000,000. 13 £. 26,000,000. have been raised at different times, and continued from year to year, in the shape of Exchequer Bills, without any provision for the Extinction of the Debt so created. To remedy this inconvenience, the most proper method appears to be, that a Sum should be annu- ally granted to tb.e Commissioners for the reduction of the National Debt, equal to One-per-cent on all Unprovided Exchequer Bills outstanding on the 5 th of January last, and should continue to be annually issued till they shall be funded, or other- wise permanently provided for. It is not probable that these Bills will ultimately be redeemed, other- wise than by conversion into Funded Debt; in which case the provision now made for their Re- demption, will be an anticipation of the Sinking Fund wliich would then be provided. The mode of exercising this discretionary power of Parliament to cancel such portions of Debt as shall have been redeemed, may be varied as cii'- cumstances may require; but, during War, that which has been pointed out, appears to be most generally advantageous. The effect of its adoption will therefore be stated in the first instance; after which it will be proper to take a view of the most beneficial application of Mhich the principles of the Plan may appear to be capable, on the. supposition of Peace. It 14 It is not intended to offer any opinion of the amount of the Loans to be raised in future in the event of the continuance of the War : but for the purpose of illustrating the operation of the Proposed Plan in comparison with that of the Present System, in a variety of cases, Tables have been annexed, shewing the effects of each on different suppo- sitions. In the first it is assumed that the Loans in future, for a great number of years, will be equal to that raised in 1812, which, including the Exchequer Bills funded, amounted to /, 28,000,000. To fund this sum at 5 per cent for four years to come, would, according to the present System, re- quire the imposition of new Taxes to the amount of nearly £. 7,500,000. ; and in the whole, to the year 1 830, about which time the Debt consolidated in 1802, would, at that rate of interest, be redeemed by the System now existing. Taxes would be required, supposing the War to last so long, to the amount of upwards of £. 31,000,000. But according to the New Plan, it would require no Taxes for the next four years, except about ;^. 1,100,000. in the present year, for the purpose of making those immediate additions to the Sinking Fund, which have been above specified: and in the whole, to 1830, only about £. 18,000,000. would be required. The 15 The whole amount of the Debt now existing would, by the present mode, be redeemed about 1845; by the New Plah, about 1837. The Sinking Fund will be much greater accord- ing to the present Plan, than by that proposed, till about the year 1830, when the Consolidated Sinking Fund of 1802 will fall in, and an annual sum of Twenty-one ]\Iillions will be at once taken from it. I'heir subsequent progress will correspond more nearly, as the successive extinction of Loans will operate on both. The New Plan will, how- ever, continue more equable and uniform in its progress. If the Sum necessary to be raised should exceed £. 28,000,000. the advantages of the New Plan, in point of Taxation, would be somewhat diminished ; but the redemption of the existing Debt would be accelerated, and the Sinking Fund would increase more rapidly j and opposite effects would of course be produced, if the sums borrowed were diminished, or if they were obtained at a rate of interest below £. 5. per cent. This is shewn by Tables pointing ^ "/^I's. out the effects of a succession of Loans of c 1^ j £. 25,000,000. and of £. 1 2,000,000. respectively, which prove that in the latter case no Taxes would be required, except those provided in the first year, till the complete redemption of the existing Debt. It may however reasonably be hoped, that even in the event of a continuance of the present rate of expense, 16 expense, the cessation of the imposition of Taxes for some years, would have a considerable effect in improving the existing Revenue, and conse- quently in lessening the amount to be borrowed. 1 his has been in some degree experienced even in consequence of the partial relief from additional Taxes, which has taken place since the year 1 806. It should also be remarked, that such a saving of Permanent Taxes would create a comparative facility of increasing the War Taxes, if such a measure should be thought advisable, as it probably may be in the event of an increase of expense or even of any considerable duration of its present amount. How far this may be expected, it \AOuld be rash to decide, and the supposition of any particular sum is assumed for illustration only, but it is by no means essential to the system ilselt^ which will be found capable of being adapted to every variety of circumstances which can be expected to arise. In the event of Peace, the Sinking Fund would continue to accumulate at compound interest as at present, unless the inconveniences arising from the too rapid diminution of the rate of interest, should induce Parliament to interfere by ordering the Stock purchased by the Commissioners to be cancelled. This kind of interruption is not however peculiar to the New System ; but must equally take place under the present mode of redemption, whenever its pro- gress should be found to be too rapid. In case the 17 the present mode of Redemption should be adhered to, such a change, whenever it might take place, would, however, be attended with the disadvantage of appearing to be a Deviation from the established principles of the Sinking Fund, while in the former it would obviously be a Consequence flowing from them. In either case it is highly important that sufficient security should be preserved for the ulti- mate Redemption of the Debt within 45 years from its creation, according to the provisions of the Act of 1792. But the principal advantage of the proposed Plan, in time of peace, Avould be the facility of keeping in reserve the means of funding a large sum (suppose £. 100,000,000.) as a Resource in case of the re- newal of hostilities. Tliis Fund, which would be formed in a few years by the redeemed Stock standing in the names of the Commissioners, would be continually increasing, unless checked in the nianncr above mentioned ; and in no case should it be reduced below such a sum as may be thought amply sufficient to support the confi- dence of the Country at home, and to maintain its dignity abroad. It would, indeed, be such a Trea- sure, as no other Country has ever possessed, and the first example of an immense accumulation of Public Property, formed without the impoverish- ment of any individual, or any embarrassment of the general circulation. — For the sake of illustrating this D jnlll 18 part of the subject, a Table is annexed, which shews the appHcation of the Plan to alternate periods of War and Peace. It n)ay be observed, in favour of this Plan, that it is less liable than any other modification of the Sink- ing Fund, to be abused as a precedent for encroach- ment upon it ; not only because it arises out of the principles of the Sinking Fund itself, but because it turns entirely on the application of the Stock pur- chased by the Commissioners, which must, in any possible arrangement of the Sinking Fund, be can- celled, sooner or later ; the only question being as to time and mode, In considering this subject, we must not forget that the great and ultimate object of the Sinking Fund is, to relieve the Nation from the burden of Taxes which would be entailed upon it by the inde- finite extension of the Public Debt. It answers other collateral purposes of considerable importance ; but this is its direct and immediate object. Now, as it cannot be less important to prevent the immediate Increase of Taxes, than to provide for their future possible Reduction, that would seem to be the best arrangement of a Sinking Fund, which, while it provided for the ultimate discharge of Debt within a certain moderate period, aflforded the earliest relief to the Public, and limited the maximum of total charge within the narrowest compass. Such 19 Such are the leading considerations which have suggested the foregoing Plan, and the objects which it has been intended to effect. There is, however, no wish to disguise the weight, which the political circumstances of the present moment have had in recommending it ; but, on the contrary, a very con- fident persuasion, that the more fully those cir- cumstances are investigated, the more they will be found to enforce the expediency of such a System. THE 20 THE following Tables, marked A. 1. — A. 2. — A. 3. B. 1.— B. 2.— B. 3. C. l.~C. 2.-C. 3. D. ].— D. 2.— D. 3. ARE INTENDED TO GIVE A comparative View of The Existing System, and, The Proposed Plan ; so far as relates to the Amount of Taxes to be imposed in each Year, — The Amount of the Sinking Fund in each Year, — and, The successive Redemption of all Funded Debt— on different Suppositions. THOSE Parts of them which relate to the Proposed Plan, all assume that an annual Sum of j^, 867,963. equal to one-per-cent on the amount of the Stock provided for in 1S02, and on which no Sinking Fund was then created, will be added to the Sinking Fund, and provided for by new Per- manent Taxes: and also, that ;^. 260,000. a year will b,6"6'4 9,333,330 11,199,996 13,06"6\6'6'2 14,933,328 16,733,328 18,533,328 20,333,328 22,133,328 23,933,328 25,733.32S 27,533,328 29,333.328 31,133,328 31,133,328 31,133,328 31,133,328 31,133,328 31,133,328 31,133,328 31,133,328 31,133,328 1,127,96: 1,290,206 676,775 2,008,3.:.3 1,995,833 1,987,500 624,431 1,158,356 1,979.166 1,095,316 618,013 1,962,500 210,342 1,326,662 886,706 1,045,266 724,656 1,068,288 1,163,211 972,766 434,563 1,127,963 1,127,.Q63 1,127,963 1,1 27,963 2,418,169 3,094,g44 5,103,277 7,099,110 9,086,610 9,086,()10 9,711,041 10,869,397 12,848,563 13,943,879 14,561,892 16.524,392 16,734,734 18,061,396 18,948,102 19,993,36\S 20,718,024 21,786,312 22,949,523 23,922,289 24,356,832 E .\ C E S S ol' TAXi:S, according lo The Eiisting Hiistem, 738,703 2,605,369 4,472,035 6,338,701 6,915,161 8,105,052 7,963,385 7,834,218 7,646,718 9,446,718 10,622,287 1 1 ,263,93 1 11,084,765 11,78.9,449 12,971,436 12,808,936 14,398,594 13,071,932 12,185,226 11,139,960 10,415,304 9,347,016 8,183,805 7,211,039 6,776,476 • In 18.'1 , the War Taxes pledged for tlie LrMtn of 1807 will, according to the r.xiitiug Sjstfin at £. 5. per cciil, be set at liberty by the Rcdciuption of that Loan, all.) again become ai)plicable to the Service of the year. The future Annual Loans are therefore reduced to ^.'J7,000,000. and the Charge thereby occasioned to;(;.l,800,0O,C)f)0" l,Wi6',6!)Y5 1 ,6'G('.t)i ." l,6o6\(>o() 1 ,0oo,oo'6' l,(iOO,000 1,000,000 l,()00,OvO 1,600,000 1,(;00,0''0 1,60(>C00 1,000,000 1,()00,000 1,600,000 Total. : -.J3,332 6,6o;),6(^4 8,333,33' 9,'9i,,oo(^ 11,66"6,6' 2 13,333,.'>2 U 933,328 1 6,533,32^ .8,133,328 19,733,32.s 21,333,328 22,933,.-'2S 24,633,.i28 26',133,32N 27,733,32>'- 27,733,328 27.733,128 27,733,328 27,733,328 27,733,328 27,733,328 27,733,328 27.733,328 27,-33,3 -8 27,733,328 TROPO^ED PLAN. An ual. ,127,963 156,872 455,942 1,787,-00 1,770,166 1 ,766,666 1,086,931 858,333 9.}3,356 882,810 1.750,000 397.179 1,7 4 1,66 J 1,099,50-1 670,039 832,766" 1,147,940 1,080,882 843,288 942,37 8 747,766" 209,563 Total. 1,127,963 1,127.963 1,127,963 1.127,963 1,284,835 1,740.777 5,528,277 5,307,445 7,074,109 7,074,109 8,161,040 9.019,373 9,952,729 10,835,545 12,585,545 12,982,724 1 4,724,390 14,724,390 15,823,894 16,493,933 17,326,699 18,474,639 19,555,521 20,398,809 21,341,187 22.088,9.^3 22,298,516 EXCESS of TAXES, according to The Existing Stisiem. 538,703 2,205.369 3,872,035 5,538,701 7,048,495 8,259,219 8,138,385 8,025,885 7,859,219 9,459219 9,.972,288 10,713,955 11,380,599 12,097,783 11,947,783 13,150,604 13,008,938 13,008,938 11,909,434 11,239,395 10,406,629 9,258,689 8,177,807 7,334,519 6,392,141 5,6"4-4,375 5,434,812 • In 1821, the WarTae.s pledged for the Loan of 1807 will, according to the Existing System at £.5' per c r.UiiD, be set at liberty by the redemption of that I.oiin, and again hpconie applicable to the Service ol llic vear. Ihe future annual Loans are thirefore n ilucid lo £. ;;^4, 000,000. and the ( harge thereby occasioned to £. 1,600,000.; and frani the year 18^9, it is supposed thai ihe Loans will be charged upon the Funds appropriated to the Cciisf)li0, and the several Loans which will fall hi after that year ; and therefore no further Taxes will be necfssary. 26 Table, E .2. Fund at the V^ of August in Estimated Amount of the Sinking each Year, according to the Existing System, and according to the Proposed Plan; upon the foregoing Suppositions. 1 Es:isting Si/stc?n. Proposed Plan *. * Throughout 1813 - - 13,269,958 14,397,921 1814- - 14,370,955 13,779,900 this Column, the 1815 - - 15,527,002 13,130,770 Sinking Fund is 1816- - 16,740,851 12,448,975 shewn as in- 1817 - - 18,015,392 11,732,673 creased hj the addition of 1818 - - 19,353,660 11,145,063 1819 - - 20,758,842 10,841,888 £. 1,127,963. 1820 - - 22,234,283 11,921,482 proposed to be 1821 - - 22.589,041 13,046,722 made in the pre- 1822- - 24,139,123 14,215,724 sent year. j 1823 - - 25,766,079 13,588,593 ' 1824 - - 27,474,382 14,071,175 1825 - - 29,268,101 14,338,066 1826 - - 31,151,506 14,697,076 ■ 1827- - 33,129,081 15.021,178 1828 - - 35,205,535 16,272,236 1829- - 37,385,811 16,165,802 1830- - 18,388,582 17,465,758 1831 - - 19,728,011 17,002,379 1832- - 20,491,274 17,670,310 1833 - - 21,935,837 17,920,908 1834 - - 21,188,568 18,354,899 1835 - - 21,472,796" 19,141,730 1836 - - 22,966,435 19,897,909 1837 - - 24,522,284 20,442,631 1838 - - 26,168,39s 21,118,842 1839- - 27,896,817 21,624,938 1840- - 29,711,657 1841 - - 31,617,239 1842- - 33,618,100 1843 - - 33,670,27s 1844 - - 33,107,376 1845 - - 34,000,158 In 1830, the Sinking Fnnd, according to the Existing System, is reduced from ;C- 39,675,101. to /;. 1 8,388,582. in consequence of the Redemption of the Debts consolidated by the Act of 180'2. A Rt-duction of a similar nature, but of smaller Amount, takes place on the Redemption of each subsequent Loan, the Period of which may be found in Table, A. 3. 27 Table, B. 3. Statement of the Periods of Redemption of the Funded Debt contracted prior to 1813, according to the Existing System, and according to the Proposed Plan ; continuing the foregoing Sup- positions. LOAN S. Exisling System. Proposed Plan. All prior to - - - ijgs 1830 1313 Loan of - - - 1793 do 1813 1794 (1° 1814 1795 d° 1816" I79G d° 1818 1797 d° 1822 179s d° 1824 1799 d« 1825 1800 d" 182(5 1801 d° 1828 1802 d" 1830 1803 1832 1830 1804 1834. 1831 1805 1834 1832 I8O6 1835 1833 , „_ y War Tax Loan ^^^' {Supp/Loan - 1821 1834 1837 1834 1808 1844 1835 1809 1843 1836" 1810 1843 1837 1811 1845 1838 1812 1844 1839 N.B. Supposing no further Loans to be contracted after the total redemption of ihe Debt existing prior to 1813, and the redemption of Debt to proceed thenceforward at £.3. per cent compound interest, the Debt remaining unre- deemed, in the year 1845, according to the Existing S3 item, would be wholly redeemed in the year 1891. And the Debt remaininp unredeemed in 1839, according to the Proposed Plan, would be wholly redeemed in the year 187'i!. National Debt Office, 7 Feb. 25th, 1813. 5 S. H I G H A M. 28 29 Table, C. 1. Estimated Annual and Total Amount of New Taxes, to be imposed according to the Existing System, and according to the Proposed Plan ; on the Supposition ot Annual Loans of 12 Millions at £.3. per cent, until the Picdemption of all Funded Debt created prior to 1813. EXCESS EXCESS = ^s = 1° EXISTING PROPOSED of of i-5 ! 5^ a TAXES, TAXES, m 'li SYSTEAL PLAN. according accordinji ^ ^ to Tl.e to The MS .2 / ^~ S ( ^ - Annual. Total. Annual. Total. Existing System. Proposed Pltmi. ^3 = 1813 480,000 480,000 1,127,963 1,127,963 647,963 . 647,96* 1814 480,000 960,000 - 1,127,963 . - - 167,963 - 815,926 1815 480,000 1,440,000 1,127,963 312,037 - - 503,889 1816 480,000j 1,9-20,000 - 1,127,963 792,037 - - 288,148 — 1817 480,00ol 2,400,000 _ 1,127,963 1,«7 2,037 . 1,560,185 — 1818 480,000 2,880,000 . 1,127,963 1,75'2.037 . . 3,312,222 — 1819 480,000: 3,360,000 - 1,127,963 '2,232,037 . . 5,.5i4,259 — 1820 480,000 3,840,000 - 1,127,963 2,712,037 - - 8,256,296 — 1821 480,000 4,320.000 . 1,127,963 3.192,037 . 11,448,333 — 182'i 480,000 4,800,000 . 1,127,963 3.672,037 . 15 120,370 — IQ23 480,000 5,280,000 . 1 ,1 '27,963 4,152,037 - - 19,272,407 — 1R24 480,0(K)' 5,760,000 - 1,127.963 4,632,037 - . 23,904,444 — 18^25 480,000 6,240,000 - 1,127,693 5,112,037 - t'9,016,481 — •18i;6 4t0,000' 6,680,000 - 1,1 '27,960 5,552,037 . 34,568,518 — 18<7 4t0,00ol 7,1 '20,000 1,127,963 5,992,037 - - 4(l,.SdO,555 — 18'28 440.000 7,.5o0,000 - 1,127.963 6,432,037 - - 46,992,592 — I8'29 440,000 8,000,000 . 1,127,963 6,872,037 . 53,864,629 — 1830 440,000 8,444,000 - 1,1 '27,963 7,312,037 • - 61,176,666 — 1831 440,000 8.880,000 . 1,127,963 7,752,037 _ 68,928,703 — 1832 440,000 9,:520,00O - 1,127.963 8,192 0.37 . . 77,120,740 — 1833 440.000 9,760.000 - 1,127,963 8,632,037 - 85,752,777 — 1234 440.000 10.200,000 - 1,127,963 9,072,037 . 94,824.814; — 183,5 440,000 10.640,000 . 1.127,96.1 9,512,037 . - 104,336,851' — 1836 440.000 1 1 ,080,000 . 1,127,963 9,95-2,037 . 114.288,8881 — 1837 440.000 11,520,000 - 1,127,963 10,392,037 . - 124,680,925; — 1838 440,0O0|l 1,960,000 . 1,127,963 10,832,037 . - 135,5 1'2,96!<; — 1839 4^10,000 12,400,000 . 1,127,963 11,272,037 - 146,784,999 — 1840 440,000 12,840,000 " 1,127,963 11,712,037 ■ ' 158,497,036 — • III 1826, the War Taxes pledeed for the Loan 1807 will, according to the Existiug System at ,^. 3. per cent, be set at liberty by the redeiuplion ot that Loan, and' apain become applicable to the Service of the year. The future annual Loans are therefore reduced to ,^. 11,000,000. and the Charge thereby occasioned to ;^. 440,000 ; and from the year 1840, it is supposed that tiie Loans will be charged upon the Funds apprupriatcd to the Consolidated Sinking Finid of 1802, N^hich will fall in in 1841, and the several I-uans which will fall in after that year ; and therefore no further Taxes will be necessary. The rate of ,C- 3- P^"" cent is assumed on the aboveinentioned snpposiiions, as •.hewing nearlv tlie latest period to which the Redemption could be protracted, according to the Proposed Plan. .'^0 Tabic, C. 2. Ksiimnicd Ainouul of the SINKING FUND at the 1^' Aufjust in each Year, according to tin' l-Aisiin;;; .Sysieiii, and according to the Proposed Flan; upon the ((irc^oinc Suppositions. Kw'sN'f/i; Sm^lrm. Pi-nj),M>td Plun.\ t Throughout 1«1.> - - J 3, HO, 49.1 14,2 8,4,58 tiilt - - 18)S - - 13,(-.58,3()0 14,191,6 -.8 14,322,111 M, 377 374 thisColunin,tlK- 1H16 - - 14,741,007 14,4.34,295 Sinking Fund is ] i! 1 7 - - I,\.3(t6,fi37 14,492,923 'hewn as in- Uil8 - 15,889,642 14. .553,310 creased by the 1819 - - 16,489931 14,61.5,509 adHuion ot 1820 - - 17,108,228 14,679,.571 ;C. 1,127,963. 18-^1 - - 17,7My,074 14,74.3,561 I8w'2 . - 18,401,026 14,81,3,527 proposed to be 1 8'i3 - - 19,076,656 14,883,532 made in the 18'M - - IH'J.T - - 19.772,555 2(),489,.)31 14,955,6,37 15,029,906 present year. 1826 - - 20,0;i3,75.> 15,106,403 18. '7 - - 20,7-;8,067 1.5,1 5,195 1 8'i8 - - 21,483 808 15,266,350 1 HV9 - - 22,211.622 15,349,940 1850 - - 23,022,170 15,436,038 18.51 - - 23,826,155 15,524,719 18:^2 - - 24,6.54,219 1.5,616,060 1833 - - 25,.50?,143 1.5,710,141 1834 - - 26,385,659 15,807,045 1836 - - 27,290,528 15,906,856 1836 28,222,.543 16,009,661 1837 - - 29,182,519 16,11.5,550 1838 - - 30,171,294 J 6,224,6 16 1839 - - 31,189,732 16,336,954 1840 - - .32,238,723 16,452,662 t 1841 - - 12,032,665 16,,57 1,841 1842 - - 12,.506,944 16,694,.596 1843 - - 12,995,452 16,821,033 1844 - - 12,855,478 16,951,263 1845 - - 13,354 442 17,085,400 1846 - - 13,868,375 17,223,.562 1847 - . 12,133,666 17,36.5,868 1848 - - 12,610,975 17,512,444 1849 - - 13,102,604 17,663,117 1850 - - 12,413,782 17,818,919 1851 - - 12,899,495 17,979.086 1852 - - 1.3,.399.779 18,144,058 1853 - - 13,902,600 18,313,979 1854 - - 14.432,978 18,488,998 1855 - - 14,979,267 1856 - - 15.541,945 1857 - - 16,121,503 1858 - - 16,718,448 1859 - - 17,333,301 1860 - - 17,966,600 1861 - - 18,618,898 1 862 - - 18,206,103 1863 - - 17,901.520 1864 - - 16,658,166 1865 - - 16,498,494 1866 - - 15,924.162 r r l.h!^ i;'^ ^""''' ^'^^^of^'"? to the Existing System, is reduced fron, £. 33,319.184. to £. 12,032,665. in consequence of the "Redemption of the Debts consohdated by the Act of 1802.-A Reduction of a similar nature, but of sinaller aM.ount. takes place ..n the Redemption of each subsequent Loan, the , Period of which may be lound i \ Table, C. 3. 31 Table, C. 3. _< Statement of the Periods of Rede iii|)tion of t!\e Fundkd Dkut contracted prior to 1813, according to the Existing S3 stem, and according to the Proposed Plan; continuing tlie foregoing Sup- positions. L A N S. Existing System. Proposed Plan. All prior to - - - l79-i 1841 1814 Loan of - - - - 1793 d" 1814 17.94 d" 181.5 17.93 (i° 1817 1796' (l» 1821 17.97 d" 1 S2() 1799 d° 1 .S28 17.99 d" 1830 1 8U0 d" 1832 l.SOl d° 183.5 1S()'2 d» 1838 1803 ISU 1839 1804 1847 1840 1805 ISI7 1842 1806' ISJO 1844 1 807 jc^'^'^r ^''^" I Suppi' Loan 1825" 1845 18,33 1815 1808 180'. 5 IS-K) 1 S09 18()"2 1848 1810 1N()3 18.)0 1811 1 8')() 18.51 1812 1 86"4 1854 N. B. Supposing 110 furtlier Lonns to be contracted after liic total rcdempiion of tlic Ptht existing j>rior to l.'tlj, and the redi'ni|iliiin of Debt to proceed tlun e- forwurd at ,f. .3. per cent, cuinpound intereiil, the i^ebt remaining unredeemed, in I'.w ^ear lo(56. according to liie Existing System, %*ould be wlioll^ redeemed in the year 1"12. And" the Debt remaining unredeemed in IRjt, according to the I'roj-osed Plan, HMiiJd be wholly redeemed in the year 1875. National Debt Ollkp, 7 c u m 11 i vr 25th Feb. 1815. J S. UIUJIAM. 32 S3 Table, D. i. ;imated Annual and Total Amount of New Taxes to be niposed according to the Existing System, and according to the 'roposed Plan; on the Supposition of the continuance of War intil the year 1820, and from thence to be succeeded by alternate Periods of Ten Years of Peace and War. —Annual Loans of ^.25,000,000. at j^.5.percenlunj during War: Interest at £A. per :entum during Peace. '1813 I 1814 1815 ' 1816 I 1817 I 1818 v-isiy ,1820 11821 1822 1823 1824 , 1825 1 82() 1827 1828 1829 1830 1831 1832 1833 1834 1835 1836 1837 1838 1839 EXISTING SYSTEM. l,666,6'66 1, 666,666 1 ,666,66'6 1 ,666,666 1 ,666,666 1,666,666 1,666,666 1 ,600,000 1,600,000 Total. ], 666,666 3,333,332 4^.999,99^ 6,666,664 8,333,330 9,999,996 11,666,662 :., 666,662 11,666,662 11,666,662 11,666,662 1 1 ,666,6()"2 11,666,662 11,666,662 11,666,662 11,666.662 11,666,662 13,266,662 i4,8->6,662 14,866,662 14,866,662 14,866,662 14,866,662 14,866,662 1 4,866,662 14,866,662 14,866,662 PROPOSED PLAN. Aitnual. Total 1,127,963 156,872 455,942 1,787,500 917,19^ 1,118,382 880,738 979,878 1,127,963 1,127,963 1,1 27963 1,127,963 1,284,835 1,740,777 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 3,528,277 4,445,476 5,563,858 6,444,646 7,424,524 EXCESS of TAXES, according to The Existing System. 538,703 2,205,369 3,872,035 5,538,701 7,048,495 8,259.219 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 8,138,385 9,738,385 11,338,385 1 1,338,385 11,338,385 11,338,385 11,338,385 10,421,186 9,302,804 8,422,016 7,442,138 In 1821, ih." War Taxes pierigrd for the Loan 1807 will, according to the Existing ystcm a( £.5. per cent, be s»i at liberty by the Redemption ot that Loan, aiid gain become applicable to the Service' of the Year. The future Annual Loans re therefore reduced to £. i!4,O0O,OOO, and the Charge thereby occasioned to '.1,600,000.; and from the year 1831, it is supposed that the Loans will be barged ui,on the Funds appropriated to the Consolidated Sinking Fund of 1802. '■ 11 fall in ill 183i;, and the several Loans which will fall in after that 3 car ; Inch nd therefore no further Taxes will be necessary. 34 Table, D. 2. Estimated Amount of the Sinking Fund at the P' of Augus in each Year, according to the Existing System, and accordin to the Proposed Plan, upon the foregoing Suppositions. Existing System. Proposed Plan*. •Throughout 1813 - - 13,269,958 14,397,921 1814 • - 14,3/0,955 13,779,900 this Column, the 1815 - - 15,527,002 13,130,770 Sinking Fund I8I6- - 16,740,851 12,448,975 is »hewn as in- 1817 - - 18,015,392 11,732,673 creased hy the 1818 - - 19,353,660 11,145,063 addition of I8I9 - - 20,758,842 10,841,888 ,C. 1,127,963. 1820- - 22,234,283 11,921,482 proposed to be made in the 1821 - - 21,929,799 12,398,341 present year. 1822- - 22,806,990 12,894,274 1823- - 23,719,269 13,410,044 1824- - 24,668,039 13,946,445 1825 - - 25,654,760 14,504,302 1826- - 26,680,950 15,084,474 1827 - - 27,748,188 15,687,852 J 828 - - 28,858,115 16,315,366 1829- - 30,012,439 16,967,980 1830- - 31,212,936 17,6^6,699 1831 - - 33,193,582 17,192,575 tl832- - 13,986,742 16,715,537 1S33 - - 15,106,079 16,214,438 1 834 - - 15,638,245 15,68S,076 1835 - - 16,003,485 15,135,188 1836 - - 15,796,271 14,554,447 1 837 - - 15,810,884 14,907,520 1838- - 17,021,428 15,489,488 1839- - 18,280,027 15,851,289 1840 - - 19,614,028 16,335,433 1841 - - 20,398,589 16,988,850 1842 - - 21,214,532 17,668,404 1843 - - 22,063,113 18,375,140 1844 - - 22,945,637 1 845 - - 23,863,462 1846 - - 22,769,273 ' 1847- - 21,786,344 1848- - 21,885,081 1849- - 21,577,898 t In 1832, the Sinking Fund, according to the Existing Sj'stem, isreduced from £. 33,273,261. to ;^. 13,986,742. in coi.sequence of the redemption of the Debts consolidated by the Act of 1802. A Reduction of a similar nature, but of smaller Amount, takes place on the Redemption of each subsequent Loan, the Period of which may be found in Table, C. 3. 35 Table, D. 3. Statement of the Periods of Redemption of the Fundei» Debt contracted prior to 1813, according to the Existing System, and according to the Proposed I'lan ; continuing the foregoing Suppositions. LOANS. All prior to - Loan of - - - 1793 - 1793 1794 1796' 1797 1798 1799 1800 , «801 1802 1803 1804 1805 ISO6 I8O7 C War Tax Loan ( Suppy Loan Exiating Si/stetn. 1808 I8O9 1810 1811 1812 1832 d» d» d» d» d° d» d» d" d« d» 1834 1835 1830" 1837 1821 1839 1848 1846' 1846 1849 1847 Proposed Plan. 1813 1813 1814 18 16 1818 1823 1825 1826" 1828 1830 1831 1832 1833 1834 1835 1836 1836' 1837 1838 1839 1841 1843 N. B. Supposing no further Loans to be contracted after the total redemption of the Debt existing prior to 1813, and tlie redemption of Debt to proceed thencefor- ward at^. 3. percent compound interest, the Debt remaining unredeemed, in ihe year 1849, according to tlie Existing System, would be wholly redeemed in the year 1883. And the Debt remaining unredeemed in 1843, according to the Proposed Pl«n, would be wholly redeemed in the yeaf 1869. National Debt Office, 25lhFeb'^ 1813. S. HIGIIAM. 3a Lute Hansard ic Sons, near Lincoln's-Inn Fields, London. 37 March 1813. FINANCE. 0-) npH AT the Total Capital of the Funded Debt -*- of Great Britahij on the 5th January 1786, was ;^. 238,231,248. 5. "2 1.; that Provision was made for the gradual Reduction thereof, by an Act passed in the same year ; and that further Pro- vision has been made by several Acts since passed, for the more effectual Reduction of the said Debt, and of the Public Debt since contracted. (2.) — That by virtue of the said Acts, the Sum oi £. 238,350,143. 18. 1. exceeding the said Sum of jC- 238,231,248. 5. 2|, by ;^. 11 8,895. 12. loi; had, on or before the 1st March 1813, been ac- tually purchased by the Commissioners for the Reduction of the National Debt, or transferred to the said Commissioners, for the Redemption of Land Tax, or for the Purchase of Life Annuities. (3.) — That it is expedient now to declare, that a Sum of Capital Stock, equal to the Total Capital c; df 38 of the Public Debt existing on the said 5th January 1786, hath been purchased or transferred as afore? said ; and, so soon as further Sums of the Public Debt shall have been so purchased or transferred, making, in tlie whole, an Amount of Annual Charge of the Public Debt so purchased or transferred, cqunl to the whole Annual Charge of the Public Debt existing on the said 5th day of January 1786; to declare further, that an Amount of Public Debt, equal to the whole Capital and Charge of the Public Debt existing on the said 5th day of January 1786, hath been satisfied and dis- charged ; and that, in like manner, an Amount of Public Debt equal to the Capital and Charge of (every Loan contracted since the said 5th January 1786 shall, successively and in its proper order, be deemed and declared to be wholly satisfied and discharged, when and as soon as a further Amount of Capital Stock, not less than the Capital of such Loan, and producing an Interest equal to the Dividends thereupon, shall be so redeemed or transferred. (4.) — That, after such Declaration as aforesaid, the Capital Stock purchased by the said Commis- sioners, and standing in their names in the Books of the Governor and Company of the Bank oi England and of the South Sea Company, shall from time to tine be cancelled, as if the same had been trans- lenL^d for the Redemption of Land Tax ; at such times, 89 times, and in such proportions, not exceeding the amount of Debt so declared to be satisfied and dis- charged (after reserving tl-^reout any Sum or Sums necessary to make Provision for th Payment of all Life Annuities chargeable thjreupon) as shall be direfted by any A6; or A6ls of Parliament to be passed for such purpose ; in order to make Pro- vision for the Charn;e of any Loan or Loans there- after to be conU'aCted, upon the same Funds or Securities as are chargeable with the said Stock, so declared to be satisfied and redeemed. (5.) — That, in order more effectually to secure the Redemption of the Public Debt, conformably to the Provisions of the Act of the 3 2d Geo. IIL cap. 55. it is expedient to enaft that all Sums grant- ed for the Reduction thereof, by the several Acts aforesaid, should be further continued and made applicable to the Reduction of all Public Debt, now existing, or which may be hereafter contracted, during the present War. (6.) — That, in order to carry into effect the Provisions of the Acts of the 3 •2d and 42d of the King, for redeemino; every part of the National Debt \\ ithin tiie Period of 45 Years from the time of its Creation, it is also expedient that, in future, ^vhene^'er tlie Amount of the Sum to be raised, by Loan, or by any other addition to the Public funded Debt, shall in any Year exceed the Sum G 2 estimated 40 estimated to be applicable in the same Year to the Reduction of the Public Debt, an annual Sum, equal to One Half of the Interest of tlie Excess of the said Loan or other addition, beyond the Sum so estimated to be applicable, shall be set apart out of the IVIonies composing the Consolidated Fund of Great Britain, and shall be issued at the Receipt of the Exchequer, to the Governor and Company of the Bank of England, to be by them placed to the Account of the Commissioners for the Reduction of the National Debt; and upon the Remainder of such Loan or other addition, the annual Sum of One Per Cent on the Capital there- of, according to the Provisions of the said Act of the 3 2d year of His present Majesty. (7.) — That, in order to prevent the Increase of the Public Debt by means of Exchequer Bills annually renewed, it is expedient that, on the 5th January in every year, an Account be taken of all Exchequer Bills outstanding and charged upon Funds not deemed capable of making good the same, witliin one year from such 5th of January, and that a Sum equal to One Per Cent thereupon be granted out oi tlie Supplies of such year, to the said Commissioners for the Reduction of the National Debt. (8.) — That it is expedient that so much of tlie Act passed in the 42d year of the Reign of His prfe- seiit 41 sent Majesty (42 Geo. 3. cap. 71.) as directs that all Monies whatever, which shall be placed from time to time to the Account of the said Commis- sioners, by virtue of either of the therein recited Acts (except so far as the same are hereby repealed) or by virtue of this Act, shall and are hereby appropriated, and shall accumulate in man- ner directed by the said Acts, for the Reduction of the National Debt of Great Britain ; and shall be from time to time applied by the said Commis- sioners, pursuant to the Directions, and under and according to the Restrictions and Provisions, of the said therein recited Acts ; either in Payment for the Redemption or in the Purchase of the several redeemable Public Annuities of Gi^eat Britain^ until the wliole of the perpetual Redeemable An- nuities, now charged upon the Public Funds of Great Britain, including such Charge as has arisen, or may arise, on any Loan made in Great Bi^itcin, before the parsing of this Act ; and also such Charge as shall arise by any Annuities, Interests and Dii'idends, payable in consequence of any Loans made chargeable on the Consolidated Fund, by an Act passed in this Session of Parliament, intituled, '' An Act for repealing the Duties on " Income, for the eliectual Collection of Arrears " of the said Duties, and accounting for the same, " and for ciiarging the Annuities specifically charged '' thereon upon the Consoiidatod Fund of Great ■■ Brii'din.^' 4S " Britain^'' shall have been completely redeemed or purchased, should be repealed. (9). — That it is expedient to make Provision, that an annual Sum of £. 867,963. being equal to One Per Cent on the Capital Stock created in respect of several Loans raised by virtue of divers Acts passed in the 38th, 39th, 39th and 40th, and 42d years of His present Majesty, and for the Interest and Charges of which Provision was made in the said 42d year of His Majesty, shall be set apart out of the Monies composing the Consoli- dated Fund of Great Britain, and shall be issued at the Receipt of the Exchequer, to the Governor and Company of the Bank of England, to be by them issued to the Commissioners for the Reduction of the National Debt. (10.) — That it is expedient to make furtlier Provision for the more eftectual and speedy Re- demption of the Land Tax. Luke Hansard & Sons, Hear Liucoln's-Inn Fields, Londoru ^■wT/^'m' ^-s \ r ■.'■'•tf'l«! SSsl?T??lLTlN01S-UHBAr.« 3 0112 062406746 11 W^^ Pliiii if ■ssfiiiipisi;