^K»-^ THE UNIVERSITY OF Illinois' LIBRARY 33Z B875 V.5 '^WKm THE SUBSTANCE OF A SPEECH MADE BY LORD AUCKLAND, ON MONDAY THE SECOND DAY OF MAY, 1796, ON THE OCCASION OF A MOTION MADE BY THE MARQUIS OF LANSDOWN, A NEW EDITION. LONDON: Printed for J, Walter, Charing-Cross, 1796. The following Papers and Accounts were laid before th^ Houfe of Lords, furfuant to their Lordjhips Orders and Addre[fes of the 2 iji March and of the 'jth^ 8//6, nth and j^th April 1796. ALN account of all the fums of money that have been ijfued by the Barrack-Majier General, ^c. for the ereBion of Barracks in Great Britain^ fpecifying the places in which fuch Barracks have been ereBed^ and the fums ex- pended upon each, and for providing bedding, furniture and utetfls for the fame, from the ifl day of January 1790 to the iji day of De- cember 1795. Together with an account of all fums of money due upon the fame account -, and aljo an ejlimate of the fums necejfary for com- pleting fuch Barracks as are now building, or are intended to be built. B An ■ ( 6 ) An account of all fums of money that have been ijfued for the ereBion of Barracks by the Barrack-Majler General in Guernfey and jfer- fey^ fpecfying the places at 'which fiich Barracks have been ereBedy and the fums expended upon each; for providing bedding, furniture and utenfils for the fame, from the ijl January 1790 to the ijl December 1795. An account of the niunber of Infantry and Cavalry for which the feveral Barracks in Great Britain^ Jerfey and Guernfey are to be provided. An account of the number and names of the feveral ojicers, with their refpeBive falariesy who have been appointed to fuper intend the feve-^ ral Barracks : — And alfo of all Barrack" Mafiers who hav}e been appointed in Great Bri" tain, Jerfey and Guernfey^ together with tbe date of their appointments. An account of all fums of money that have been ijfued by the Board of Ordnance for the ereBion of Barraqks in Great Britain, Jerfey and Guernfey, Alfii an eftimate of the fums necejfary ( 7 ) necejfaryfor the completing fiich as are now building or intended to be built. An accou72t of the Extraordinary Expe7ices of the Army^ incurred and paid by the Fay- maJier-General of His Majefys Forces, from the 2^th December 1794, to the 24^/6 December 1795, both inclufive, difinguiJJjing the different dates when the fame were incurred, and when paid. An ejlimate of the Debt of His Majefiys Navy as it food on the ^ifl December 1795, together with the intereft payable on the fame. An account of the unprovided Services be- longing to the Office of Ordnance, as they food en the 'Tflft December 1795. An account of the amount of 'Treafury War^ rants outfianding on the 10th OBober 1795, and ^th fannary 1796, diftinguifiing each period. An account of the Bills of Exchange ac- cepted by, or by the direBion, or on the account of the Lords Commifjioners of His Majefys B 2 Treafuryy 4 ( 8 ) 'Treafury^ made payable and paid at the Bank of England, from the iji of January 1795 to the 317? day of March 1796, difinguifii7tg the dates thereof by ivhom drawn, to whom payable, and at what period. An Account of the I'otal net produce of the 'Taxes for one year, endmg t^th of January 1796, difiinguifding the amoiiut of each quarter. An Account of the Stock of Wine in the hands of the Traders, as far as the fame can be afcer^ tained on the 2^th February 1795. An Account of Exchequer Bills outftanding on the loth OSlober, and the 3 ifl December 1795* difinguiflding each period, and fating on what account iffued. An Account of the Amount of Interefi ificur- red on Exchequer Bills between the ^th January lygS ^^^ f^^ 5^^ of January 1796. An Account of the Amount of Money- ad- 'vanced for the Public Service by the Bank of England, atid outfanding on the icth OBcber ^795* ^^^ ^^^ 5^^ January 1796, dijtinguif> ing each period, . i:i*xov.i. . An ( 9 ) An account JJ^ewing to what purpofes the Money given for the Service of the Navy for the year ijg^ was aBually applied ^ and the dates- of the fever al payments. An accoimt Jhewifig to wJoat purpofes the money given for the Service of the Army for the year 1795 '^^•^ aclnally applied ^ and the dates of the (everal payments, Aftatement of the various fervices for which 7noney was appropriated by Parliamenty and ijfued from the Exchequer) which rejnained un- fatisfied at Midfummer 1794, dijiinguijhifig the different heaJj of public fervice, and the fums due on each. Aftatement of the various fervices in which money has been appropriated by Parliament and iffued from the Rx chequer in the years 1793 ciJid 1794, which remained unfatisfied at Midfummer 179.5, diftinguiftiing the different heads of public Tervice-i and the fums due upon each. An account af the 'Total Value of the Imports into and Exports from Great Bri- tain, in the Tears 1792, I793> i794» ^795> diflinguifhing each year^ and alfo diftinguiO^ing each kingdom, ft ate, and colony, front wloence im- ported and to which exported, B 3 An ( lo ) An Account of the Total Amount of Bills re^ gijhred on the Coiirfe of the Na^-oy^from the ^iji. of December lyg^ to the ^ijl of March 1796. An Account of the T'otal A?nount of Bills re^ gijiered on the Courfe of the ViSliialltng^ from the i\fi of December 1795 tothe^if of March 1796. An Account of all Bills for Freight ofTranf- portSi Contingencies for that Service, or for Mif- ccllaneous Services by order of the Lords of the Treafury entered on their courfe, from the '^ifl of December ij()^to the 31/? of March 1796. An Account of the I'otal Net Produce of the Taxes for one year, enditig the ^th of April 1796, difiinguijloing each quarter. An Account of the Income and Charges upon the Cojifolidated Fu7id for Five garters, ending on the ^th of April 1796, dijiinguijlmig each quarter. An Account of all Sums of Money granted by Parliament fj2ce the 2()th October lygSt ^nd ex- pended before the ^th of April 1796, with a Statement of the Services to which they were applied, Alt ( II ) \An Account poewi7ig how the Money ghefi for the Service of the Tear 1795 has been difpofed of'j difiingiiijhing under the federal heads until the ^th day. of April 1 796, and the parts remain-^ ing unfatisfedy with the deficiency thereof A Copy of the ContraB or ContraSls entered into in the months of Augufi, September, or OBo^ ber 1795, between the Co^nmifjioners of His Ma-^ jeftys ^ran/port Ofiice, and the Owners of vari^ Qus Eafi India Jhips for conveying T'roops to the Wefi Indies* An Accoufit of the Total Value of the Imports into and Exports from Great Britain in the laji VTen Tears, difiinguifhing each Tear, An Account of all Bills payable in November and December lyg^y drawn on the 'Treafury \ fpecifying by whom drawn, to whom payable^ when due, and when adlually paid. B 4 And ( 12 ) And on Monday the 2d May, the Marquis of Lansdown made thefollowng motion : " That as we fee no effe6lual fteps taken " to realize thofe meafures of reform for " which the prefent minifters, at their en- " trance into office, ftood ftrongly pledged " to the public; or thofe earneflly recom- " mended in the reports upon the table by " twQ boards of commiflioners both ap- " pointed by Parhameht, "It is incumbent on this Houfe to en- ." quire into the caufe of fo extraordinary ** an omiffion 3 as well as " Whether any new offices have fmce ** been created ? " Whether any old falaries have been in- *' creafed on flight pretences ? " Whether any falaries have been granted " for fpecial purpofes, and continued, though *' the reafons for them have ceafed ? " Whether any warrants for beneficial " grants have been dire£ledj and on the " whole, • " Whether the public expences have ,*' increafed ' beyond the fupplies annually " granted by Parliament ? " This. ( 13 ) " This, which would be a duty incum- " bent upon Padiament were the exiting " war ever fo neceiTary, juft, and fuccefsful, ** is become moll urgent and indifpenfible " in a conteft at once bloody and expenfive " beyond example, without plan or objecV, " except fuch obje6ls as the mifcondu6l of " the war firit created, attended with a " wafte of money profufe almofi: beyond " imagination, which has already reduced '' our trade to a dependence on the very " warfare which is fundamentally deftroy- " ing it J and has fo exhaufted our refources ** as to drive us to the wretched expedient " of reviving taxes which were a few years " fmce repealed on the ground of thereby " increafing the revenue, an effe6l which " that repeal produced, and a policy which " muft therefore, on the return of peace, " be again reforted to, and which will con- ** fequently bring with it the neceffity of " finding new taxes, if new and produdlive " taxes can be invented in our then ex- " haufted ftate. " In a fituation fo alarming, and fo ma- " nifeftly tending to deftroy, the confidence " of the people in parliament, which (as *' eveiy refie(5ting man muil have v/ith deep " concer/j ( H ) " concern obferved) has for fome years " paft been rapidly on the decHne; it be- •' hoves Parliament, by a timely revival of " its ancient energy and integrity, to con- " vince the people that their conftitutional " guardians are avi^ake to the common *' danger, and are determined to come for- " ward with fuch firm meafures of public '' order and reform, as will effe61:ually re- " lieve the fubjecl, and remedy evils which, " if ftill fuffered to accumulate, will be paft " all remedy and muft inevitably terminate " in public confuhon." A debate enfuedy In the courfe of 'whkh Lord Auckland [poke to the folhwhig effeSi : My ( 15 ) My Lords, I came to the Houfe this day, difpoied and not unprepared (as far as long pra6lkc and experience in fuch fubje(5ls, with the aid of ample materials and fome induftry, could prepare me) to enter at large into the difculTion of the expences of the prefent war, and of the debts, revenues, and re- fources of the kingdom. I certainly was not fmguiar in fuppofmg that the mafs of papers coUefted upon your table was meant for fuch a difculTion. The noble Marquis however, has thought proper to confine himfelf, for the prefent, to obfervations refpefting the redu6lion of cer- tain offices, the mode of paying the army, the fimxplifying of loans, the abolition of patent places in tlie cuftoms, tlie new bar- racks, the appointment of a tranfport board, and a prefent of money fuppofed to have been made to the Dey of Algiers. I would not intentionally undervalue pro- pofitions coming from fo high a quarter, and liable in their nature to be confidered as fit objedts for the attention of Parliament. But furely, my Lords, when the points al- luded to are compared with the extennve interells and expe<5lations of the day, I may be ( i6 ) be permitted, with all due rcfpe«5l to the noble Mover, to borrow an expreflion of his own, and to fay, that he has called upon us " to make a great account of fmall «* matters." Be this however as it may ; I do not mean to enter into any of the particulars in quef- tion. Whether they are matters of charge, or of enquiry, and whatever may be their intrinfic value and importance, they have already been forcibly and fully anfwered by the noble Lord who fpoke fecond in the debate. The noble Marquis cloied his fpeech with a wifh, that all difculTion of the finances, and of the general fituation of the kingdom, might be poftponed to a fubfequent day. I could hav^ acceded to that intimation readily and with-^ out referve, if the noble Marquis had con-» fined his motion to the fame limits within which he confined his fpeech. But, my Lords, there are expreflions in that motion by which I feel myfelf irrefifti^ bly impelled to fland forward, and to call for your moil ferious attention. It is propofed to us to declare : " That " ouf trade is reduced to a dependence on " the very warfare which is fundamentally " dellroying ( 17 ) " deftroying it, and has fo exhaufted our re- *' fources as to drive us to the wretched ex- *' pedient of reviving taxes which were a few " years fince repealed, on the ground of *' thereby increahng the revenue ; an effect ** which that repeal produced, and a policy ** which muft therefore again be reforted to " on the return of peace ^ and which will ** confequently bring with it the necefTity of *« finding new taxes, if new and produftive <* taxes can be invented in our then exhauft- «* ed flate. " That in a fituatlon fo alarming, and fo *' manifellly tending to deftroy the confidence " of the people in Parliament," " it behoves " Parliament by a timely revival of its an- ^- cient energy and integrity, to convince the *' people, &c." I will not quarrel, my Lords, with the exhortation to " a timely revival of " your ancient energy and integrity : ** The deep refpecl fo juftly felt towards you by the whole Britifh empire places you in a point of view paramount to fuch infmuations. I am only concerned that the noble Marquis, pofTefling ^in fo eminent a degree all the powers of language, fhould have been hurried into the adoption of ( i8 ) of a phrafe, which, on better reflection, he muft difapprove. . But, my Lords, I ftrongly and from my heart object' to the other expreffions, as pur- porting to convey to the Public (and that too without any proof or previous enquiry) a parhamentary declaration, grofsly injurious to ourfelves, depreciating the national credit, difheartening to the nation, and encour-a- ging to our enemies. I feel it a facred duty incumbent on me to refift, as far as God has given me faculties to refift, the tendency and mifchief of fuch an imprefTion. Under the influence of this fentiment, it fhall be my endeavour to ftate our ac- £hial fituation to your Lordfliips. It would not be my vv^iih, even if I had powers to accomplifh it, to lead you into opinions more favourable than the truth will jufcify: but I am ftrongly delirous' that our fituation fnould be feen as it really is; and I embrace, with earneftnefs, the occafion of exhibiting it in a fair and full point of view. — -In the difcharge of a duty fo important, I fliall abftain from details and minute calculations which might fatigue the attention. If the accuracy of my por- tions fhould be doubted, I Ihall at any time be ( 19 ) be ready to repeat them, to explain them, and to produce the documents on which they are grounded. I ihali accordingly read to your Lordfhips one of the papers which I had prepared for the expefled debate of this day *. "A com- " parative View of certain public Circum- " fiances in the refpeftive Periods of 1783-4 " and 1795-6.;" fubmitting upon each article flich remaiks as I conceive to be material; and mentioning the particulars diftinftly, that a note may be taken of them if it fhould be wifhed. This fubjecl has been rendered in fome de- gree familiar not only to your Lordfhips, but to the whole country, by the diftin6l and nume- rous ftatements of the public accounts, which during the laft ten years, have been brought forward and printed, with a candour and li-^ berality beyond all example in the hillory of Parliament. I have felecled the year 1783, as having been the firfl of the lafl peace 5 and cer- tainly I take -no advantage in comparing with a firft year of peace the fourth year of an unfinirned war. It is the epoch from ♦ See the Paper annexed. which ( 20 ) which the trade, revenue and refources of this country have rifen, gradually and pro- greflively, to„ their prefent unparallelled height, v^ithout any interruption from the circumllances, magnitude, alarms, and ex- pences of the prefent war : a war, my Lords, fi^r more dangerous than that which wefuf- tained againft the united efforts of France, Spain, Holland, and North America : a war in which our enemies are entirely exhaufting their capital, and expending even the whole value of their foil; and to which they have facrificed their finance, commerce and popu- lation, in the vain hope of finding the means of our ruin. The firfl article relates to the public funds : ** The price of the 3 per cent, confols. "January 27, 1783, was - £. S5 " Ditto, May 2, 1796, - - 66 Such is the difference of the price of funded property, in favour of the pre- fent period, in a country defcribed by the motion to be reduced in trade, exhaufled in refources, without confidence in its go- vernment, and approaching to public con- fufion. In the firft period (of peace) the price was 55; in the latter period (of war) the price is 66. In contemplating this ( 21 ) tins difterence, we fhall derive additional fl- tisfaftion from recolle61ing that it has arifen notwithftanding the preffure refulting from an addition of at leaft no millions, which have been funded fnice the firfl period, for difcharging the out-ftanding debts of the laft war, and for providing for the expences of the prefent war. The next article to which I requefl your Lordfhips attention is the comparative price of India flock : " The price of India ilock, " January 27, 1784, was - X- ^21 "Ditto, May 2, 1796, - >C- 209 It is no contradi6tion to the conclufion which I mean to draw from the difference of thofe prices, that the dividends of the company have been raifed fince the firfl: period. If the dividends had not refled on the folid ground of great and increafmg profperity, they would only have contributed, after a certain interval, to deprefs the ftock inflead of raifuig it. I proceed to the confideration ©f our im- ports and exports. « The totsl value of imports in 1783, ^, 13,325>O0O *' Ditto in 1795 (including prixe goods to « the amount of ^. 907,000), - £. 22,175,000 C ' I admit ( « ) I admit that the documents which purport to give vakiations of our imports and exports are necellarily imperfe6l, and particularly io with refpe6l to the latter. Still however they are fufficient for the prefent objedls of com- parifon, being drawn from the fame ilata equally applied to the different periods meant to be compared. Befides, it is well known that the inaccuracy of thofe accounts, fo far as it prevails, confifts chiefly in ftating the general bulk of articles below their real value. The effect, therefore, of that inaccuracy, operating here upon the larger quantities* tends to diminifh, and not to fwell, the ba- lance of the valuations which I am oppofmg to each other. " The total of exports, in 1 78 3 , ;(^. 1 4,74 1 ,000 " Ditto in 1795, - - >r. 27,270,000 I take the occafion to remark, that this great increafe in our export trade has been almoll: regularly progreflive, from 1783 to the prefent year. An ignorance of that cir- cumftance, in the minds of fome obfervers, led to ffrange conje6lures, when the valua- tion of the lafl: year's exports was made public. The fupply of cloathing and provifions to our army was affigned as having contributed to fwell • ( 23 ) fwell the account J but thofe articles were fent in the King's Tranfports, which take no clearances from the Cuftom-houfes 5 and confequently, whatever may have been their value, it formed no part of the total be- fore ftated. It was a notion equally ill- founded, that bullion was included. As f^r as I have been able to analyfe the account, I can venture to fay, that it is compofed of a proportionable increafe in the feveral articles of produce, manufafture, and foreign mer- chandize, which ordinarily compofe oUr ex- port trade i And here alfo I fnould remark, that the real value of the Britifn manufa6lures ex- ported, in general greatly exceeds the valuation ftated in the Infpe^lor-General's accounts. Your Lordfliips will have obferved, in the papers upon your table, that the exports to Germany rofe lad year to the value of eight miUions fterUng. This alone is a ftrong inftance of our increafing commerce. For though it mull happen, for obvious reafons, that in all wars our exports increafe to coun- tries in the neighbourhood of the enemy, that circumftaiice will not account for the great rife in the exports to Germany: the rife is much more than equal to the average C 2 annual ( 24 ) annual valuation of our whole export trade, in time of peace, to Holland, Flanders, and France, colle^lively. I am next to fubmit to your Lordfliips the mod important criterion of our commercial profperity j I mean the comparative exports of Britifli manufactures, and alfo of foreign produce. " Value of Britifh manufadures " exported in 1783, - /^.io,409,ooo " Ditto in 1795, - X-i6'526,ooo Here then we find, in the laft year (a period of war), compared with 1783 (a pe- riod of peace), an increafe, to the amount of fix millions fterling, in the exports of Britifh manufa6lures ; and this from a coun- try ftated, in the motion, to be exhaufted in its refources, and driven to " wretched expe- dients 1" " Foreign produce exported in " 1783, - - X. 4,332,000 " Ditto in 1795, - jC- 10,743,000 Here alfo we fee an increafe to the amount of fix millions fterling. I admit that it may have refulted in part from the ruin of the commerce of our enemies, and from the pof- feflions of which we have deprived them; but ( 25 ) but it is not the lefs an inftance of our comparative profperity. In the increafe of our imports we find a remarkable proof of the flourifhing flate of of a principal manufaclure : " Cotton wool imported on the lbs. " average of five years in 1783, 7,000,000 " Ditto - - in 1795, 28,000,000 And here it ihould be obferved, that though our cotton manufaflures have made and are making fo rapid a progrefs, it appears by the moft fatisfadlory evidence, both from the in- terior of the kingdom, and from the Cuftom- houfe, that the woollen, iron, potteiy and other principal trades, are greatly increafed, for the purpofes both of home confumption and of exportation i and that the filk mia- nufaC-3'363>8oo "Ditto for 1795, - -?I jT. 7,718,265 I muft now, my Lords, requefl your at- tention to the profperous ftatements of our navigation. " Total number of Britifh Ships which entered inwards " at the Ports of Great Britain, or cleared outwards." INWARDS. OUTWARDS. Vejfels. Tons. 1783, — 7,690 — 812,960 Vejfels. Tons. 7,729— 870,270 1795,-10,174—1,262,568 I 10,133—1,164,910. Though the increafe in the number of Britifli fhips is here fo large, yet it will occur to all who hear me, that it would have been ftill larger, if the circumftances of the war had not required aconfiderable proportion of mer- chant fliips to be employed in the tranfport fervice, and compelled us, to a certain extent, to make a temporary ufe of foreign bottoms. The progreflive increafe of our mercantile {hipping, may be more clearly fnewn by the accounts which have been kept under the Regifter A61, beft known by the name of the noble Lord who introduced it. As that a6l was not in full effect till the year 1789, I C 4 cannot ( 28 ) cannot carry the comparifon to an earlier pe- riod. But here let it be remarked, that in 1789 we were indifputably in a ilate of high profperity and of peace" ^ and yet fince that period, if we extend our views to the whole of the Britifh empire, we fhall find that our increafe, both in fliipping and ton- nage, has been in the proportion of about fixteen to fourteen. " Total number of vefTels belonging to the " Britifli Empire. Vejfeh, Tojis. Men, " 1789, — 14,310 — i,395,o74-'-io8,962 " 1794, — 16,802 — 1,589,162 — 1 19,194, I now come to a general comparative ftatement of our finances at the refpe6live periods in queftion, beginning with the amount of the permanent taxes : ^' Amount of permanent taxes " on a three year's average " to 5tb January 1784 £. 9,876,000 y Amount of the fame taxes, " after making allowances, *' as far as they can becalcu- " lated, for the intermedi- :* ate changes and arrange-. - 1[ ments { 29 ) " ments of the revenue J and " alfo for the taxes impofed " in 1784, 1785, 1786, and *' 17B95 as well as for the " profit gained by the eon- " folidation of the cuftoms " and excife duties ; on a " thi*ee year*s average to the « 5th January 1796, - ;C-i2,38i,ooo Exhibiting, amidfl the failure of refources, and the difafbrous circumftances afcribed to us by the motion on the table, an increafe of nearly one fourth in the a61ual produce of the identical taxes of 1783, to many of which the weight of new impofls has fmce been added. The next obje6t is the amount ©f the unfunded debt. " Navy debt outftanding and " unprovided in Decem- *^beri783, - - £.is^s^^^7^7 (If taken in December 1782, when the Noble Marquis was at the head of the Trea- fuiy, it was ^,i/^,2oj,/^i/^.) " Navy debt outftanding and " unprovided on 2d May *' 1796, only - - ;^.2, 300,000 being ( 3° ) being little more than the floating navy debt in 1 79 1 , a period of acknowledged profperity and profound peace. I would not be under- ftood here to conceal that there exifted in laft December a navy debt to the amount of near £.1 1,000,000 which was not funded ^ but, for a large proportion of it, taxes had even then been provided. The recent difcharge of a part of that debt for the purpofe of fa- cilitating public credit, is at once a proof of our refources, and of the wifdom and energy which have diftinguiflied Parliament in all the exigencies of the prefent war. The next account which I fliall mention to your Lordfliips will be that of the Bank advances, in order to fliew that the idea of our being aided by extraordinary anticipa- tions is without foundation : Bank advances, April 5th, 1783, - - £.ii,2jg,oco Do. May 2d, 1796,^^1 1,132,000 Of which laft fum provifion has a61u- ally been made for funding - - ^f. 5,030,000 ^.6, 102,000 A further ( 31 ) A further ftriking contraft of public clr- cumftances in the periods compared will be fcen in the following ftatement : " Amount of outftanding de- " mands and floating and un- *' funded debt in Jan. 1784 " (exclufive of two millions ** to American fufFerers, the " debentures for which have ** been annually paying off, " and will this year be dif- " charged within 8o,oool.) £. 27,000,000 I have no fum to place in oppofitlon to this amount of twenty feven millions flerling. Eftimating the debts a6lually outftanding *, and throwing into the oppofite fcale the whole fupplies for which taxes are already found, I may flate that certainly there is no out- flanding balance of debt unprovided for at this day J fuch and fo efficient have been the meafures adopted and purfued for pre- venting an accumulation of unfunded debt! If, indeed, the eilimate were extended to January 1797, the conje^lure would be utterly * It will not eafily be believed that this paffage can have been conflrued, by any man of fenfe or informaticn, into an ^ffertion, there are " neither outftanding debts and de- piands, nor any floating and unfunded debt." unceitain. ( 32 ) uncertain. The refult muil depend upon the extent of the navy debt, and of tlie extraor- dinaries of the army to be incurred in the courfe of the prefent year ; and it is poffible that the outilanding debt might then amount to fix or feven milhons. Adverting to the finking fund I have nothing to ftate under that head in 1783. There did not then exift the means of a finking fund. On the contrary, " there was a deficiency of revenue, to the amount of at leaft £. 2,000,000, below the peace ef- tabiifliment, fupponng it to have amounted to fifteen minions. The amount of permanent taxes for the year 1783, was jT.i 0,1 94,000 Allowed for a farther eflimated produce of the taxes impofed in 1782 and 1783, 256,000 Land and malt, - - 2,550,000 Wanting to complete the fuppofed amount of the peace eflabliHi- ment, ^ _ - ^.2,000,000 >r. 15,000,000. Very different is the flatement for the 2d May, 1796. At this day the finking fund is above ( 33 ) above ^f. 2,400,000, (without taking credit for ;,(*. 200,000 annually voted in addition.) And I am prepared to fhew, whenever a proper occafion may arife, that, exclufive of fo large a finking fund, which is hourly aug- menting itfelf, there is, by the actual eila- blifhed taxes, even under the abfurd fuppo- fition that they will not be more produ6live in peace than they are in war, fuch a balance of revenue as, together with the aid to be ex- pelled from the Eaft India participation and the lottery, will furnifh one million annuall)^, beyond the peace eftabliiliment above ftated of jf. 1 5,000,000, over and above the interefl for the additional debt incurred by the prefent war. If it lliould be obje6led tlrat the future peace cllablifhment would neceiTarily exceed the fup- pofed amount ; fall the furplus which I have ftated would be applicable to it, in the whole or in part, without any interruption to the progrefs making in the difcharge of the debt. I am aware that the necellity of an en- larged peace eilablilliment may arife; but on the other hand the favourable contingen- cies of peace may be expefted to give a pro- portionable increafe of revenue. In a word, my Lords, if my computation is accurate, there will remain a furplus of £. 1,000,000 (be- yond ( 34 ) yond the finking fund and its growing pro* duce), over and above all charges, applicable to fuch fervices as our pofition on the return of peace may make expedient. With refpeft to the finking fund, your Lordihips will recolle6t that the annual mil- lion, fet apart in 1786, is to be inviolably applied to the redu6lion of the debt, till the accumulation, with other acceiTions and ex* piring annuities, fliall amount tOj/].4,ooo,ooo a year, from which period there will revert annually to the difpofal of parliament, taxes equal to the intereft of whatever part of the national debt may be repurchafed by the ap- plication of four millions a year. Your Lord- fhips are farther aware that the other branch of the finking fund was eflablifhed in 1792 ; in confequence of which, an addition of one per cent, of the capital is now provided, for the gradual difcharge of every new debt cre- ated. In other words, a moft falutary fyflem has been introduced, by which the increafe of revenue is required to be greater than the charge of intereft to be paid for new loans ; and that increafe, at the rate of the loans made in the prefent war, has amounted to about one fixth of the whole charge. Thus it is that ^.750,000 a year of the taxes voted in this ( 35 ) this war are applicable not to the expeiics of the war, but to the reduftion of the new debt incurred ; which will difcharge the whole of that new debt (eftimating the rate of money at four per cent.) v/ithin a period of forty-one years, when a fartlier difpofable income of ;^. 4,500,000 a year will revert to the public. About nineteen millions of capital are now redeemed by the operation of the linking fund fctapart in 1786. Six millions more will be redeemed in about three years, and the five per cents will then be redeemable. The redu6lion already made is more than three times as grer^t as the whole reduftion that was effected in the period of peace between 1763 and 1775. (And that redu6lion is ex- clufive of the expence of the Spaniili arma- ment in 1790, to the amount of ^. 1,830,000, which has been defrayed by a feparate provi- fion.) It is an important refult of this fyflem, that the whole of the perpetual annuities are in effe6t converted into annuities for terms of years, varying as to the courfe of redemption, from fifty-four to thirty-nine years ; and it is found in the progrefs of this operation, that the daily and increafmg payments for the ca- pital redeemed, have the m.oft beneficial effe6):s in money tranfadlions and upon public credit. I abflain ( 36 ) I abftain from entering into the confi-* deration of the expences occafioned by this wai* comparatively with former wars, or of the produ6livenefs of the taxes, or of their tendency to bear more or lefs heavily on the bulk of the people. I fhall be ready to difcufs thofe fubje6ts at a proper time : hot, however, as an advocate for war : The Noble Marquis cannot fee the inconveni- encies and difficulties of fo extenfive a war as the prefent with more concern than I do. But I fee alfo the neceffity of that war j and therefore I derive great confolation from the fenfe and conviftion which I entertain of our ability to fupport it. And furely it is moft important not only to appreciate fairly Dur own flrength and refources, but to fhew that we may look forward with a well- founded confidence to the farther ufe of that ftrength and of thofe refources, if the per- verfenefs of the enemy ibould make it ex- pedient for us to employ them. I fhall clofe this comparative account by a flriking and important ftatement. " Amount ( 37 ) ^* Amount of revenue (in- " eluding the land and malt) '' below the computed ex- " penditure on a peace " ellablilhment of fifteen "millions - - 1783 ;^. 2^000,000 *' Ditto above the computed ex- " penditure on a limilar " peace eflablifhment, with " the addition of increafed *' charges for the debt in- " cur red by the prefent " war, - - 1795, ^.3,400,000 If we compare the excefs of 1796 (X3j4oo,ooo) with the deficiency of 1783 (;(^. 2, 000,000), the difference of revenue in favour of the latter period will be ^.5,400,000. Your Lordfhips cannot fail to have remark- ed, that all thefe objects converge in a remark- able manner towards the fame conclufion : the coincidence is an irrefragable proof that they all fpring from the fame fource, the real ' profperity of the country. If there is any inaccuracy in my fcatements, I am per- fuaded it is inconfiderable and certainly it is not intentional. D ' Fa£ls; ( 38 ] Fa6ls, fuch as thefe, my Lords, greatly outweigh all the declamations that the genius and eloquence of mankind can produce. I Ihall leave them therefore without comment; they fufficiently enforce themfelves. They are unequivocal proofs of the refources of the kingdom ; no man can look with an un- prejudiced eye at fuch flatements, and not per- ceive that this country has increafed in prof- perity even under the prefTure of the war. To what, under the prote6lion and favor of Divine Providence, (hall fuch profperity be afcribed ? To our naval fuperiority and fuccefies; to our conquefts in the Eaft and Well Indies ) to the acquifition of new markets i to the enterpriftng fpirit of our merchants ; to the improvements of our manufaftures J to the energy of our coun^ trymen in arts and in arms -, to the union of liberty v/ith law j to the national chara6ler cherifhed by, and cherifhing, the principles of our inimitable conftitution ; that confti- tution, v/hich it has been the object of our enemies to deftroy, by means and efforts utterly deflru6t:ive to themfelves j that con- ftitution Vv^hich it is the great purpofe of our ftruggles, in this jufl and neceflary war, to prefervc and to maintain, ( 39 ) A Comparative View of certain Public Cir- CUmilances in the refpe6live Periods of 1783-4 and 1795-6. Price of the 2 per cent. Confol. Jan.l']^ 1784 — 55/. Ditto May 2, 1796 — 66/i Price of India Jiock^ — — Jan. 2'J^ 1 784 — 12l/. Ditto May 2, 1796 — 209/i Total Value of Imports in I'j^^ — — IS^S^SjOOO^* Ditto in 1795, including} . Prize Goods to the Jinount c/ 907,000/; 3 ^^y^75^°°Oh Total Fahrs of Experts in ijS^ — — 14,741,000/. Ditto in ijgs — — 27,270,000/* Falue of Britijh ManufaSlnres exported in 1783 — — — — — — 10,409,000/. ritto in 1795 — — — — 16,526,000/. Foreign produce exported in 1783 — — 4,332,000/. Ditto in 1795 — — 10,743,000/, Cotton Wool imported on the average of five years to 1783 inclufwe — — — 7,000,OOo/^j. Ditto to 1794 inclufive — — — 28,COO,OCO/^^. Value of Britijh merchandize exported to the Eajl Indies in l']%l — — — — 621,921/. Ditto in ijgs — "— — — — - 2,229,444/. D 2 Ntt ( 40 ) Net revenues of the different fettlements of the Eaji India Company above the charges in — — — — 1783 None. Ditto in — — — — 1795* 2j000,000/. Amount of EaJi India Company^ s Sales 1783 3,363,800/. Ditto 1795 7,718,265/. Britijh Jhips entered inwards, 1783 Ditto 1795 7690 812,960 10174 1,262,568 Briiijh Jhips cleared outwards 1783 7729 870,270 Ditto 1795 10133 iji64>9io Total number of Jhips belong- ing to the Britijh empire in — — 1789 14,310 1,395,074 108,962 Ditto 1794 16,802 1,589,162 119,194 Amount of permanent taxes on a three years average to the ^th of January, 1784 9,876,000/. Atnount of the fame taxes, after making all allowances for the intermediate changes and arrangements of the revenue, on a three years average to the ^th Jan. 1796 12,381,000/. * This fum was ftated at £. 2,600,000. It is now reduced in confequence of a corre<£t«d eftimate of the net revenues and charges of the Prefidencies of Fort William, Fort St. George, and Bombay, for 1795-6, which was laid before the Houfe of Commons on the 6th of May. NavyS ( 41 ) N'avy debt outflanding and unprovided in December 1783 — — — ISjSIO?/^;/^ Ditto^ id May, 1796 — — — 2,300,000/* ■ ~ Bank advances, Jprtl <,th, 1783 — 11,279,000/. Bank advances. May id, 1796 11,132,000/. Of zvhich laji fum provifion has aSfually been made for funding 5,030,000/. 6,102,000/. Amount of outjianding debts and demands, and floating and unfunded debt, in "Janu- ary 1784 [excluflve of two millions to jfmerican fiiflferers, the debentures for which have fmce been difcharged) — 27,000,000/. Ditto, May 2d, 1796 — — None, Sinking fund in 1783, ■ ■ Ditto, May 2d, i-jc^b — — 2,400,000/. Amount of revenue {including the land and malt) below the computed expenditure on a peace eflablijhment of 15 millions in 1783 2,000,000/, Amount of revenue (including the land and malt) above the computed expe?iditure on a fimilar peace eftablifmient, with the ad~ dition of increafed charges for the debt incurred by the prefent war in ijgs 3,400,000/. FINIS. < viv. mm'M %i