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Un des symboles suivants apparaVtra sur la dernidre image de cheque microfiche, selon le cas: le symboie — ► signifie "A SUIVRE ', le symbols V signifie "FIN". Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included In one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., pejvent dtre fiimte tk des taux de reduction diffirents. Lorsque la document est trop grand pour dtre reproduit en un seul clich6, 11 est fiimi A partir de Tangle sup6rieur gauche, de gauche d droits, et de haut en bas. en prenant le nombre d'images ndcessaire. Les diagrammes suivants lllustrent la m6thode. 1 2 3 1 2 3 4 5 6 AN INQUIRY INTO THE STATE OF THE FINANCES OF GREAT BRITAIN; ii IN ANSWER T O '1 Mr. morgan's FACTS. By NICHOLAS VANSITTART, Eso, LONDON: PRINTED FOR J. OWEN, NO. l68, PICCADILLY. M. DCCXCVI, y.i . K'v^J. ^*"r<«^B*' ^^^.«M-'j«iti£i«l6dtM} ■ .fc-.._-^ .-r.-*:., ttofxi-.^ii; '■ \ - iltm ,..^v AN INQUIRY, &c. ABOUT two years ago I had occa- sion, in answer to the gloomy pre- di(ilions of Jasper Wilson, to take a cursory view of the resources of the Na- tion, and to examine the general state of its Commerce and Finances. I then en- deavoured to shew " on how vain a foundation the fears of the desponding rested," and the events of the moment- ous and important period which has since elapsed, had 'm my opinion so B proved ( ) proved the corret-liiessof my statements, iind tlic justice of my conclusions, that I littlf txpcflcd to have hcvn ai^aiii ♦ ailed utH»n to defend them. A work, however has lately appeared, not in the form ct a Newspaper Essay, or an ancj- iiymous Pain|'hlct, but of a i^ra\e discus- sion, the avow ed produi.'tlion of a Gentle- man ot :icknowledi;ed talents, and who ma\ even rank \xrv Ki^j-h amouir Statcsjncfu if his own definition of the sciences of Go\ernment and Finance be just---///.?/ the one requires onlv a little Common Srnse^ f.'}::ithc other nrJv a little commo'/i Arithmetic, Jn that work, supported bv the authority of Mr. Morgan's name, and impressed on the public attention by the solemnitv of its title, "' ¥.:Sls aJilressed to the serious (itiefhion nf the People of Great Britain^^^ the same strain prevails, of lamentation ;uid despondence, which distinguished Jasper Wilson's florid declamations. Fdcfs are always valuable, but I believe the reaiyi/tYj to be \\idely diiierent from Mr- i ( D ) Mr. Morgan's statement ; and T should lament on much better grounds than any concern for my reputation as an Author, if such fath were true, as the inevitable Bankruptcy and approaching ruin of my Country. Mr. Mo RG AN declines enterin 2: into anv inquiry as to the justice and necessity of the War, though it seems reasonable to have entered into some such inquiry before he charged the Ministry ^' with en ;r, misconduct, wickedness and inca- pacity. But as I have already laid my opinion on those points before the Pub- lic, I can have no obje6lion nov%^ to fol- low his example, in separating them from the present discussion. He likewise de- clines " entering into a description of the carnai2;e and miseries bv which this War has been so peculiarly distinguished, and which must sicken every friend of huma- nity, well know^ing that considerations * Sec Preface to Fa(ftr., &c, JB 2 of ( 4 ) of this kind seldom influence the Coun- cils of Statesmen, or even sufTiciently rouse the indignation of a People, who,'* he observes, '' do not begin seriously to feel for the miseries of their fellow-crea- tures, till misfortune presses immediately on themselves." After thanking Mr. Morgan, in the name of the Nation, for his compliment to our Benevolence, I shall dismiss this subject also, because I believe the true authors of the carnage and miseries are sufficiently known and detested already. Having just hinted at these prelimina- ry points in his Preface, he observes (in his second page), that the warmest ad- vocates for the War, acknowledge its prcspecl at present to be neither encou- raging nor consolatory. On this part of the subjc6l, he says he feels no disposi- tion to enter ; though he cannot forbear slightly recurring to it afterwards, and asking (p. ii), " whether our Debts have ^'i ( 5 ) l- 7 y have been compensated by the value of our Conquests in Corsica, Isle Dieu, and elscxvhereV It may be remarked, that eiscivhcre is xi word of comprehensive meaning, and includes Martinique, 'I'o- bago, all the principal Posts in St. Do- mingo, the French Settlements on the Continent of India, Malacca, Cochin, Ceylon, and the Cape of Good Hope. But as I never attempted, nor wished to defend the War on account of the ad- vantages of Conquest, and as Mr. Mor- gan declares his design is not to examine the operations of the JVar Minister, but those of the Minister of Finance^ I shall confine myself to the same line of discus- sion. Mr. Morgan enters upon his priivji- pal subjc6l by observing, that " it is a melancholy truth, that every War i]i which we have been engaged for the last century, has uniformly been more ex- pensive than any that had preceded it/* It ( 6 ) It is certain that the cxpeiices of War, like all other cxpcnces, must increase in proportion to the advanced price of those articles which the Government is obliged to pi'rchase*; and it is no more possible for the Government, than for an indivi- dual, to maintain any Establishment now, on the same income which was sufficient to support it a certain number of years ago. Mr. Morgan proceeds to observe, *' that tlie American War was considered *' as having reached the highest point of *' profusion; and that neither the Credit *' nor the Rcsourccsof the Nation (p. 3), " could survive a repetition, much less *• an aggravation, of the evil: but that *' the experience of the three last years *' had shewn, that the limits of our Ex-. *' pcnditure were at a much greater dis- " tance, than the extravagance even of I 1 , i * Naval Stores are at this time, on the whole, considera- bly more than 35I. per cent, higher than in the American War; and Vidualling Stores have probably risen in their price in a still greater proportion. Ship-building has increased about 15I. per cent. '' that ■BE. ( 7 ) * k i i ic thai War had taught us to place them. Of thist'adl no douht can he entertain- ed hy any [)crs()n who is the least ac- quainted with Puhlic Aftairs; and the following Statements arc given, not with the view of [)r()ving what is al- ready so well known, hut in order to ' point out the enormous magnitude of the sum Iw which tlie Expences of the four first years of the present, have ex- ceeded tliose of the same t^rm in the American War.'* ■'I At the hazard of heing considered by Mr. Morgan as a person not the least acquainted with Public Affairs, I venture not only to doubt, but to deny these asser-? tions; appealing at the same time to his candour, whether it be fair to bring the years 1776 and 1777, in which we were only engaged in a contest with our Ame- rican Colonies, whose Revolt was then unsupported by any Foreign Power, into comparison with the exertions of the pre- sent ( 8 ) sent War: In 1776, only 10,000 addi- tional Seamen were voted ; and so small ;^a increase of expcnce was thought ne- cessary, that it appears by Mr. Mor- gan's own statement (page 14), that the Sum borrowed did not exceed i ,827,500!. In 1777? the Contest beyond the Atlantic became more alarming in its appearance ; but it v/as not till about the middle of 17*" 8 tliat Hostilities with France com- mcnccd» The first Campaign of the pre- sent W':-!!; bciran as carlv in the year as the juoiith of Febi-uarv ; but on that cir- cumstance I shall lay no stress. I am wil- linii to enter into a fair coir, narison of the Expcnccsof ti\e four years, commencing with 177S, and of the four years, com- mencing with 1793, arguing on a suppo- sition that the Expences of the present year are provided for, 1 b.ave in Table 1. stated the Estiniates of each year ; but I shall by no means admit that a fair comparison can from thence be formed of the actual Expence in the two periods. . In ■ V if' ( 9 ) In the American War the Floatins: Debt of the Navy and Ordnance accumidatcd in an irregular manner, and the defi- ciencies of one year not being provided for in the next, the Unfunded Debt increased by the end of the War :o the immense extent of twenty-seven mil- lions*. In the present War, all the Ex- traordinary Expences of every year, as far as thev could be ascertained, have been carried to account in the next Supply, so that no accumulation of Unfunded Debt has been suffered to remain, beyond the ascertained and avowed amount for which Taxes have been pro- vided. I shall not here enter into any detail of the -various benefits result- inf»: from this excellent arransement.-— They are indeed sufficiently obvious to every one who considers the ad- vantage of going to market with ready money, instead of paying in Promissory Notes, at a considerable discount. I shall only observe, that adding to the Estimates * The exadl sum was 26,867,093!, c the ■SS! it ( 10 ) the increase of Navy Debt and Ordnance Debentures incurred in the American War, and a fair proportion of the Floating Debt unprovided for at the close of that War, the amount will be found to exceed the largest statement of the Expences of the present War. Leaving this statement without further comment, I shall proceed to consider the amount of the Debt incurred in the present War. This Mr. Morgan represents as more than t^oulf/e the Debt incurred during the same period, in the most expensive War that had ever been carried on by this Country. Table II. will shew the exa6t amount of the Funds created during the periods we are comparing, the Annuities being includ- ed in both. Here Mr. Morgan at- tempts to add the Imperial Loan, as if a possible eventual charge was to be considered as a debt incurred in the first instance. Except protesting against this do6lrine of Mr. Morgan's, that the Surety for a Debt is the immedtat.^ Debtor, ■,i: Mw ( 'I ) Debtor, I do not much differ from this part of his account. But his statement of the Unfunded Debt is of a singular nature indeed : In this instance his Fancy had more room to display itself, and he has given it full scope. With regard to the Debt of the present War, on the first article I have only to observe, that the five millions of Navy Debt are intended to be funded, and that there exist adequate Funds for defraying the Interest, so that they only differ from a Funded Debt in not being regularly reduced into Stock. The next article is a curious one, " Vote of Credit---four millions.'* 2,500,000!. were indeed raised by a Vote of Credit last year, and provided for in the Sup- plies in December, so that they are no longer any ^ef^/, and the other 1,500,0001. to the best of my knowledge, never had any existence at all. The next article even improves upon this ; it is a debt of " one million not paid by the East India Company, but taken as part of the Sup- plies in 1794 and' 1795." The Govern- c 2 ment f^^^' m ( '3 ) ment not receiving this sum, to which it was entitled, was obliged to raise the Money bv other means, and it still continues due ; so that instead of a Debt, it is a6tually a Credit, which I have no doubt the Government will sooner or later realize. The last ar- ticle is that of Exchequer Bills ; but as 5,500,0001. were {cept circulating in time of Peace, it is only the amount exceeding that sum, which can be con- sidered as a debt occasioned by the War ; so that Mr. Morgan's Budget of ^, 16,000,000 Is filled up by Debt already provided for - j^. 5;, 000,000 Imaginary Debt - - 9,500,000 A(5lual Credit 1,000,000 i' 15,500,000 Which leaves the Excess of real Unfunded Debt no more than - - *j^. 500,000 This statement requires no observa- tions, nor is it easy to make such upon it as are consistent with my respe6l for Mr. Morgan. But in his improved Edi- tion he so far attempts to account for it, * Which is the Excess of Exchequer Bills, including tlic Vote of Credit, beyond those issued and usually circulatc4 in time of Peace. as ml ( 13 ) as to enumerate a variety of articles, which he says " may not only be placed " against the Unfunded Debt incurred *' previous to HostiUties, but so far ex- " ceed it as to carry the Expence of the *' War to one hundred millions, exclu- *' sive of the Impcrijd Loan."" The only real article unprovided for, of those in- cluded in his enumeration, is 1,500,000!. Navy Debt, incurred beyond the sum in- tended to be funded, to which I will add, for the sake of a clear view of the total Expence, 2,500,0001., which has been stated as likely to be added to the Navy Debt in the course of the year. I will further allow between live and six mil- lions for future miscellaneous and extra- ordinary Expences. As to the new imaginary articles by \yhich he supports his old ones, I shall leave them to share the same fate, and only observe, that the utmost Expence, as far as it can yet be foreseen, will not exceed at the end of this year, sixty-five, or at the utmost seventy millions. If the Expences of the JVar mean the Money spent in it, as Com- mon ; ii '. lii ( '4 ) moil Sense seems to require, he must re- sort to his fund of imaginary articles, for five and thirty, or at least thirty millions, to make up his calculation/^ But if in defiance of the common meaning of words, Mr. Morgan intends to state all the Stock created in the War as so much money a6lually expended, his exagger- ations will only amount to about twelve millions. And this naturally leads me to consider the Loans raised in each period, with a general view of the National Debt, and to examine the plan adopted for its reduilion. * The money raised by Loans during the War, amounts to The Navy Debt funded in 1794 and lyg^, Navy Debt about to be funded, Further increase of Navy Debt, Expeded increase of ditto within the year. Increase of Exchequer Bills, /. 5 1,500,000 - 5>n6,42i 5,000,000 1,500,000 2,500,000 500,000 /. 64,536,422 Allow fcr possible Excess, for Contingencies, and Extraordinaries, to 31st Dec. 1796, - 9,463,578 ;^. 70,000,003 It 1 :U t i ( '5 ) It has always been a favourite amuse- ment, and sometimes an useful occupa- tion, of men ^'el^scd in calculation, to sj)eculate on subje6ls of Finance. The infallible schemes devised by young Po- liticians for paying off the National Debt, arc as numerous as the impreg- nable Fortresses tra:ed on papc ' by young Engineers : nor have I any doubt, that of the 36,000 plans lately laid be- fore the French Committee of Finance, for redeeming the Assignats,a great num- ber ap]-)earcd demonstrably true to their inventors, and extremely plausible to those vv ho took them into consideration. Hut one is naturallv unvvillino: to believe that Vauban has built on a false foun- dation, or that Dr. Price, and the heir of his talents and his prificiples^ have cal- culated on fallacious grounds. Espe- cially when one considers the magisterial consequence with which they pronounce their Decrees, and the dignified autho- rity with which Ministers are arraigned for not attending sufficiently to their suggestions. Yet I am compelled to ob- serve, I'! i;l 1 ! I ff' I ( '6 ) serve, tliat these Gentlemen seem to have contented themselves with specula- tions m their closets, witliout much in- quiry among men of business, into the pni6licability of executing their plans. It no dorht arises from this abstrac'^ion from the aif'airs of common life, and not from any wilful misrepresentation, that Mr. Morgan, blaming Mr. Pitt for borrowing on terms less favourable to the Public than his Predecessor in Office, selects as a fair comparison, four years in which only 14,760,0001. were raised by T^oans, to oppose to four in which 51 millions and a half have been borrowed. I shall therefore take the same four years of the American War, of which I have already stated the Expences ; not be- cause they are more favourable to my argument, but because they arc more just ; for I shall pi >. sently shew, that they are much less favourable than a fair comparison would require. Table III. shews the Money borrowed, and the Stock created during the two periods I have ( '7 ) I have compared, by which it appears that Lord North, for thirty-seven mil- lions borrowed, gave upwards of fifty- seven millions of Stock : Mr. Pitt, for something less than fifty-four millions nine hundred thousand pounds, gave only seventy-eight millions ; so that, according to Mr. Morgan's method of calculation, the larger sum was bor- rowed on more favourable terms than the smaller, by about six millions. One of our most distinguished Statesmen dif- fers indeed so totally from Mr. Morgan's ideas, as to have stated his opinion, that the Capital Stock created is a matter of perfe6l indifference, and that the only circumstance to be attended to, is the In- terest paid. The same Table will shew the rate of Interest on each of the Loans in these periods ; and the result of my comparison will be no less satis* factory to Mr. Fox than Mr. Morgan. ■ W 1 1 rJ n ii The average rate of Interest from 1778 to 1781, was - . - - /'S »3 5t That of the Loans during the present War 4 10 Difference in favour of the present War - £• i i 8 It ( iS ) It is necessary to remark, in order to prevent any mistake that might arise from inattention to this circumstance, that in the years of the American War to which I refer, the I^ottery ^^\^s given as a part of the bonus to the Subscribers to the Loan ; I have therefore considered the profit arising from the I^ottery, as so much additional Principal, the Interest of which, as making a part of the Interest of the Loan, is brought to ac- count in Table IlL before referred to. h\ the present War, the Lottery having been applied to other public purposes, does not produce any addition of the same sort. I must likewise observe, that I by no means intend in this comparison to censure Lord North, who probably did the best the situation of Pubhc Credit then admitted ; but I must nevertheless maintain, that the terms of the late Loans, considering they were contra6led at a time when the National Debt was increased near loo millions, are :-v ' ■ •: - . . ■■,/..■ ' a dc- ( '9 ) a decisive proof either of cxtraordr- nary prosperity in the State, or abihty ill the Minister. Mr. Morgan, how- ever, exclusive of all comparisons, criticizes the Loans of the present War very severely, and not content with censuring them, he foresees much worse to come. With his future Loans, the mere phantoms of his imagina- tion, I can have nothing to do, but with regard to the one last contracted, T am sure Mr. Morgan cannot have conversed with any man of business. He takes it for granted that Mr. Pitt could have made this at the rate of 120I. of 4I. per cent. Stock, for every lool. borrowed ; that is, that instead of the present principal and interest^ and a bonus which he estimates at 7I. 13s. 8d. half- }>cnny, the Lenders would have agreed to 8s. 6d. per cent, more interest^ 25 per cent, less capital, and no bonus at all. When Mr. Morgan produces the Hst of Bankers that \vould have subscribed '1 1 1 ii'il D 2 to BOB ( 20 ) to such a r>oan, it will be time eaongli- to discuss the merits of it with him. ' As the last Loan is the only one which Mr. Morgan has chosen to examine, I shall now proceed in his own order, to inquire into the total amount of the Na- tional Debt. The general account of the Funded Debt on the 5th of January, 1796, without making any deduction for what has been purchased by the Com- missioners for reducing the National Debt, amounts to--- Principal. Interest. Management* Stock created before Jan. 5;, 1784 - /. 2 1 r, 36.^254. 7,9^7,231 toi,%i\ Between Jan. 5', 1784, and Jan. 5, 1788 - 26,867,993 1,209,939 12,950 Since Jan. 5, 1788 47,536,423 2,284,209 25,204 In 1796* - - 26,100,000 783,000 iIj745 /. 31 1,847,670 12,214,379 157,725 * There is no account of this yet in the Exchequer, bet it must be nearly as here stated. To * ! ( 21 ) To this should be added fivc /millions o( Navy Debt provided for, but not yet funded"; 500,000!. increase in Exchccjuer Bills ; 1,500,000!. Navy Debt already Incurred ; and 2,500,000!. estimated for tlie Expences of the present year, which will complete the view of tlie pub!ic in- cumbrances beyond tlic Floating Debt in time of Peace, except as far as any in- crease may arise from Extraordinary Ex- pences not yet ascertained. <# In this Statement, the Annuities of all kinds arc included in tlie Interest, as being periodical yearly payments, but not in tlie Principal : in the first place, because they will expire of themselves after a certain time ; and secondly, be- cause they have no precise and definite Capital. ' cM ' I' }< '1 't.., Mr* Morgan, by calculating the value of the Annuities, increases the Capital of the Debt about twenty-five millions.— His ( ) !i-^' His calculations are of an unfavourable kind, but I shall not dispute them, as I admit the Annuities to be a real part of the Debt, though not capable of being reduced to any exa Hi' •1; sure and much intricate calculation; but of obviating the natural conclusion, thrit the Minister must necessarily be wrong in adopting the weakest of the plans, and still more so in mutilating it. On the two not adopted I shall only observe at present, that w^hatever might be their merit in other respects, they required an addition of 600, oool. a year in new taxes to be imposed within five years. This was thought improper, if not imprac- ticable, at that time (1786) by the Mi- nister ; more so I believe by the Nation, but most of all by Dr. Price and Mr. Morgan themselves, who have contend- ed ever since, that the Revenue v/as above a million yearly deficient ; so thvUt to have executed either of these plans, new Taxes must annually have been imposed to the amount of at least 1,600, cool, The third plan (which however was no new invention or discovery, being nothing more than a calculation of the eflecl of appl) ing a million annually in the purchase of Stock) wa5 in sub<^ , Stancg ( 29 ) stance adopted, but some alterations were made, which entitle it, in Mr. Morgan 'h opinion, to no better terms than mut'ilaicJ, impotent and dcfeHive ; yet he is never more vehement on any occasion than in the reproaches he addresses to AJr. Pitt, for not attributing the merit of this im- potent phm to Dr. Price. Surely if Mr. Pitt spoiled the plan, he made it his own, and it would have been an injustice to Dr. Price to make him pass for the Author of it. Before I examine the ef- fect which this mutilated ^XdAi^ under Mr. Pitt's negligent and unskilful management ^ has produced, I must state a few general observations on the subje6l. The Cal- culators of plans for reducing the Na- tional Debt, never attend to any thing but the quickest possible means of pay- ment. As Calculators^ they do right; hut \\'hen they arraign Ministers with such dogmatical haughtiness for not following their systems, it is proper to ask if an enlightened Minister has not ^ome other considerations to attend to. The i 1; iSil !;^!i i:,i*^ ( 3° ) (I '■; The National Debt is indeed, In o/i^ point of view, a charge upoji the gene- ral mass of National Proj)erty, which is defrayed by dedu6ling a certain })or- tion of every man's income by means of taxation: In miotlier^ it constitutes the property, and furnishes the income of a great and respectable class of the Inha- bitants of the Country: In a third, it is a deposit for Capital not otherwise em- ployed i ' : ,1' l|:ii>!iir The extinclion of the Debt is not, how- ever, by any means the only purpose which the Redeeming Fund is found to answer : it reo;ulatcs in a considerable de^cree the ordinary rate of Interest, and the general State of Credit as well private as public* By producing a regular and steady supply of money in the market, it prevents great and sudden fluctuations, and coun* teracls fraudulent combinations to influ- ence the price of Stock. That these are obje6ts of great importance in a Com- mercial Country, Mr. Morgan will not ( 3' ) not deny ; nor has he attempted to shew, that in any of these points of view it has proved impotent and defective. I) t Of its effe6l in supporting PubUc Cre- dit, no stronger evidence can be given, than the comparison before stated of the Loans in the last War and the present : it will be difficult otherwise to account for the reduced rate of Interest at which the Money has been obtained. If this be true (and I only give it as a conjecture on which every Reader will form his own conclusion), the Public are indebted to Mr. Pitt's 7nut Hated plan for saving a perpetual Annuity of ;^. 585,812, worth, at 4 per cent.* a capital of 14,646,312!, But how far Mr. Pitt has mutilated Dr. Price's plan, w^ith regard even to the Rcr demption, appears from a comparison of the first seven years of the calculation in Mr. Morgan's book, with the sum ac- * I consider 4 per Cent, as nearly the general averngc of Interest in a series of years. tually ;1. : ' Ill {; ill irii ( 3^ ) tually redeemed by the Commissioncrj}, which was, - - £- io,iOij,j^6:y The siiai, as calculated by Dr. Price - - 9,1 12,705 iialance in favour of the a6lual payments, -• ^•996,695 And if the comparison was carried down to the present time, its result would be still more favourable. But Mr. Morgan imputes blame to the Comimissioners for having con- stantly purchased Stock, except in one instance, in the three per cents.--- Now, as the 3 per cent. Funds always bear a greater proportional price than the l'\inds which pay a higher rate of In- terest, he reproaches the Commissioner^} with having laid out the Public Money in purchasing that Stock which was dearest in proportion to its real value. What other Reasons the Commissioners might have, 1 do not know ; but there are three so obvious, that I am astonished Mr. Mor- gan VI ■I ( 33 ) GAN should not have attended to them. First, that by purchasing that Stock of which the greatest nominal Capital could be bought for the same price, a greater progress would be made towards en- abUng the Commissioners to pay off the 5 per cents, at par, or, which would probably be more eligible, to reduce the interest of them * : this alone might b^ much more than equivalent to the n'^aking purchases a little more advanta- geous in the mean time. The second is, that the 4 per cents, forming a much smaller Capital than the 3 per cents, thp market would have been much more affe6ted by purchases made in that Stock ; and any continuance of purchases in it, would probably have brought up their price to par ; and considering merely the interest, the average rates at . which the Commissioners have pur- chased have been equally advantageous , • It will be recollected, that these objefts are not «t* talnable till zjjOOOiOool. of the 3 or 4 per cenW- shall, have been redeemed. , . „ F " with 't '; 1 t 'li m 'I i U I , ( 34 ; with the hiiylng 4 j)cr cents, at par, siiu:c those ]>urchases have, at an avci-a^»;c, scarcely exceeded 75 j)er cent. The third reason is, that as the Stoi k-holders are not ohhged to accept less than 100 per cei)t. for any species of Stock, it is the interest of tlie Fiihlic to redeem the Capital of the f )el)t while it hears a |)rice much helow par, tliat they may not he ohhged afterwards to j)ay for it at P^r. Thus, between 1 786 and 1792, the 3 I'.er cents, rose 27 one-half per cent; and had Peace continued, w ould in all pro- bability have risen to par ; after wdiich I all6w^ it would have been the business of the Commissioners to redeem the Stock which bore the highest rate, unless a bar- gain had been made for reducing the In- terest. ' ^ • ; :• •• ' • . ; As Mr. Morgan has taken no notice of these reasons, I cannot but think the Commissioners had some better motive for purchasing 3 per cents, than a wish " to appear to make a progress in dis- .1: (( charging ( 35 ) '* c:har;T;ingthc Debt, while that proo^rcss " has in fa6l been retarded." n '» The single instance in which tlie Sink- ing Fund has been apphed in pnr- chasing 4 jKr cents. Mr. Morgan seems to consider as something mysterious f; nothing liowevcr can be more easily ex- plained : It had been found that at these times when the 3 per cent. Consolidat- ed Amuiities were shut, and the Com- missioners ^\erc consequently under the necessity of purchasing 3 per cent. Re- duced, the ]')ricc of the latter invariably rose, as there is always much less of that- Stock on sale, on account of the smallness of its Capital. This circum- stance having been observed, the Com- missioners last year, at a time when the 3 per cent. Consols were shut, dire6ted their purchases to be made in the 4 per cents, in order to prevent that loss to the Public which would have arisen + See Fads, p. 1 8. F a j«^ i! % J : li ii from t V 3« ) :i*|i m from buying the 3 per cent. Reduced at an advanced price. As to the omission of reducing the 4 per cents, m 1792, at the time they had risen to 96, I can only say, that as there was a general expe6tation of the conti- nuance of Peace, and of their consequent- ly rising ^ till higher, the Minister seems to havCwaited to take advantage of the most favourable opportunity ; in which he was certainly guilty of not foreseeing what vo- ^on^ foresaw^ ; It would be doing great injustice to Mr. Pitt's measures, to omit all men- tion, as Mr. Morgan has done, inad- vertently no doubt ^ of the additional sum of one per cent, on the Capital of the Stock created, which, in consequence of an A61 of Piarliament proposed by him, is pro- vided in all the new Loans. It required some hardiness of resolution, to propose that a Nation so distressed and oveibur- dened as Mr, Morgan represents this to be. — agWiiaiifjii ( n ) T^e, should expose itself to an ad- ditional annual charge, which has ac- tually amounted to 770,000!. in order to avoid entailing their debts upon posterity (see Table IV.) ; and some fertility of resource was necessary, to find the means of raisinjr four millions annu- ally, by additional Taxes, when all the evident obje6ls of taxation seemed ex* hausted. Nor is less praise due to the regulation by which the produce of the new Taxes is submitted in a distin6t and separate form, to the scrutinizing eyes of Parliament, rendering it impossible to confound the new resources with the old, and to conceal deficiencies in a confused mass of Accounts. What the aftual pro- duce of the Ta!k:es imposed during the War, has been, I shall have occasion hereafter to state ; but must here make yome short remarks on the general sys- tem of funding, and the particular plan adopted by Mr. Pitt^ . < 1 1': '^\\ " ilii I,' i. ' 'I Those ( 3S ) ' ) n '] ■Al' Those who contend that a Capital ought never to be created in funding be- yond the sum actually received, do not sufficiently consider how averse the Len- ders would he to advance their Money upon a Stock which might in the course be paid off, or reduced. They naturally require either, that their Stock should be made irredeemable a certain number of years, or that some other advantage should be given to them adequate to their risque. This was found necessary when the i'^:' < Bills wxre funded in 5 per cent. Stock in 1 784 and 1 785, and even wath that sti- pulation, and the little probability that then appeared of their being ever paid off, the Holders of the Bills wrere unwil- ling to subscribe. It is besides, always an obje6l with the Money Lenders, to speculate on the chance of the Funds ris- ing considerably . in case of any favoura?- ble event, and for this chance they will often give a consideration more than ade - quate. On Lit C 39 ) ii' » On the other hand, the additibh of a large nominal Capital to" th^" Ncitional Debt, is not only discouraging hi it8> which each has been employed. Wercj Mr. Morgan's assertions therefore truq, that " the Expences of the four first " years of the present War are t\yo-thirds " greater than those of the four first *' years of tlie most extravagant War iq. ' ' which this Country had ever been eu- *' gaged ;" and that the " Debt incurred *' by the present War is ffiore thari *' double that incurred during the same " period," (both of which assertions, or, as Mr. Morgan chuses to call them, fa^s, are totally destitute of foundation), still the Administration might deserve the praise of frugality, if the Force they* employed was increased in a still greater proportion. I mean therefore to compare the Force employed by Land ^d Seaj during the four years chosen by Mr, o Morgan* I LI ^:\\ 11^ .• '. ;lN :ii III ^li If ( 42 ) Morgan, with that which has been maintained during the three last and the present year. H\ A comparative statement of the Naval Force employed in each of the jocriods alluded to, will be seen in Table V. ; but to form an accurate idea of the im- provement of our Fleet, it must also be recolle6led, that the number of three - decked Ships has been very much in- creased, and the new Vessels of almost every rate nstru6led on a much larger scale than formerly. Two new classes of ships have indeed been added to our Navy, that of eighty-gun Ships on two decks, and that of large and powerful Frigates carrying eighteen or twenty-four pounders upon their main decks. And this circumstance I mention the rather, as it must recall to Mr. Morgan's mind the pleasure which he in common with every oilier Englishman must feel, in re- colle6ling how many fine Ships of each of these descriptions have been transferred from ~~ ^L^^^ ( 43 ) from the Navy of our Enemies to our own. The increase of the Army has been still more extraordinary, as may be seen also in Table V. ; and in a com- parison of Expence, it is particularly to be observed, that the Cavalry have been augmented in a still greater pro- portion than the Infantry. But exclu- sive of the addition to the regular Fo»-ces of the Kingdom, a defence of a new and unusual kind has been created, in the va- rious Corps of Volunteers, not less im- portant t© the preservation of internal tranquillity than to the prote6tion of the Country against a Foreign Invader. :ii: :ii] m \l ;ii II It ought likewise to be considered as a circumstance of great consequence in in- creasing the necessary Expenditure, that in the present War our x^rmaments have been rapid beyond all former example. In the American War, we began with a small force, and gradually increased it in G z pro- I ( 44 ) propdrti6n as the number of onr Enemies augmented. In the present instance, the tempest burst suddenly over our lieads, and our preservation depended upon im- mediate exertion. We were called upon to pass instantly from a weak Peace Establishment, to the utmost clForts of our Military and Naval strength. Having compared the Force employed in the present War with the Charge it has occasioned, I shall proceed to consider that Expence in another point of view, not Ifess important- --a comparison with the Expenditure of our Enemies. For when two great Powers are engaged in War, their Expences must necessarily be invsome degree proportionate and reciprocal. --- Every exertion on the one part must be Apposed by an effort on the other ; and though much may be saved by accuracy and economy, it is impossible that the vigour of Military Operations should be increased without a corresponding in- crease of Expence. I mean therefore to shew. ( 45 ) shew, that in every former War. for more than a Century (as far as 1 have been able to procure any account), our Expcncesbore a much hirgcr proportion to those of our Enemies than in the present. \i The Naval and Military Kxpences of Kjno "WiLLiAM'sWar with France, induding Ordnance, amounted yearly to about The Expences of the same kind, of Louis XIV. during the same time, to about The average Expences of the Succession War, were about - , * - Thoseof Louis XIV. at the same time, about , • •• • /. 4*227,000 7,690,009 5,100,000 9,000,000 It must however be observed, that Great Britain was far from holding that distinguished rank in the Alhance against Louis the XlVth, which she maintajns in the present Confederacy against the French Repubhc. The extraordinary Expences of the Dutch in King Wil- liam's War, exceeded those of England about 150,000!. per annum. .. ■■ .. .■. The 1: - -it /. 8,500,000 1 1,100,000 ( 46 ; The average F,xjh.micc3 of tlic War with France and Spain, from 1744 to 1748, were about The average Expences of the War from 1756 to '763, were about The Expences of France during the same time, were about - _ - The Ex}x"nces of the American War were yearly about - - - * 23,200,000 Those of France in the same time - 15,000,000 No accounts arc to be met with, at all to be depended upon, of the Expences of Spain, Holland or America : the latter indeed were chiefly defrayed by Paper Money, extremely uncertain in its value. It is not possible to estimate with any accuracy, the Expences oF the French in the present War, as they have also been principally discharged in a paper currency , the value of which cannot be easily ascer- tained at every period of its emission. But when the immense amount of that Paper Money is considered, and we add to it the vast sums raised by Contributions in the Conquered Countries, and by various modes of plunder and confiscation at home, it w^ill be difficult to suppose the real value of their Expences short of * See Sir John Sinclair's History of the Revenue. eighty ( 47 ) eighty millions sterling a-year, since tlie commencement of the War-f. But the magnitude of the sum expended is a trif- ling evil, compared with the means hy which it has heen raised : the Capital of a mighty Nation has heen therehy nearly exhausted, its Commerce ruined, its in- + Le Coulteux cstimatcti, last November, the real value of all the Assignats then in circulation, to have amounted, according to the rate of depreciation at the time of their respcdive issues, to five milliards, or upwards of 200 millions sterling %. To this must be added, all the confiscations, both of land and moveables, the requisitions of cash and cfi'ccis of every kind, the Dutch Subsidy, and all the sums extorted in the Netherlands and Germany ; but those who arc inclined to pursue this sub- jcfl, will find ample and accurate information in Mr. D'lvERiNois' State of the Fiiianccs of France. Since that Estimate was made, the acknowledged amount of Assignats has been swelled by no less a sum than 20 milliards ; a Forced Loan, as far as has been found prac- ticable, has been carried into cnccl, which was calculated to produce 24 millions sterling ; and by the last accounts received from France, we find, that in the Debate of 23d February, Dubois de Crance states, that 1500 millions of livres in specie (about 60 millions sterling), will be necessary to be raised for the next Campaign, which is exclusive of the Navy and all other charges. !J The nominal value of tliese Assignats was at least 2o milliards. dustry I ^ C 48 ) dustry destroyed, and Property within it reduced alinobt to any empty name. Having considered the Expenccs of the War, and the Debt occasioned by them, ^Ir. ?vIoRGAN proceeds to make some Miscellaneous Observations, equally accu- rate and equally consolatory with his re- marks -^n these Gubje6ls. lie obsor\ es, that " from the first establishment of the *' Consolidated Fund in 1786, the Ex- *' penditure has invariably exceeded the *' Re^aniuc." The deficiencies in the s' '* years preceding the War amiOunted lkj " Seven Millions nearlv, which were ** supplied by Loans and extraordinary *' Receipts." For the proof of this, he refers to his Review of Dr. Price's Writings (p. ^-j)^ where indeed we meet with an extraordinary attempt to shev/ that the deficiency of the Revenue in five years preceding 1 79 1, amounted to no lei;s than 6,380,000!. This must not a little have astonished the Nadon, who ha > been informed by the Selc6l Com- mittee ■ ( 49 ) mittcc (from whose Rci)ort Mr. Mor- <;.\N professes to have taken his mate- rials), that ill these years 4,750,000!. Iiad been employed in the (hschargc of tiic National Deht, and tliat the new Debt amounted only to - - /J. 1,7^9,589 viz. T.oan by Tontine in 1789 1,002,14.0 Ditto by Short Annnities - 187,000 Unfunded Debt of various kinds 600,449 The statement in Table VI. \\ 111 immediately explain the mystery ; and the difference between that statenK-nt and Mr. Morgan's, will be found to arise merely from my having Ibllowed the only method wliich I'c considers as intellini- blc and honest.* 1 have stated the whole Expenditure of each year separately, and shewn the sources distinclly from whence that Expenditure was defrayed : while Mr. Morgan strikes out of his account of Income, all those that he calls extra- ordinary resources, though he inserts the whole amount of th-^ Expcnccs, * See Review, i<:c. p. 63. H which ■Jl, h Hi ,N '^KT7 rTT^f* in ( 50 ) which inchides many articles of an occa- sional and extraordinary nature. If it be said that those sources of income were omitted because they CQuld not be ex- pected to occur again, why is the Lot- tery excluded, which, whether a wise resource or not, experience has shewn to be very usual, and one which it will be always in the power of Administration to employ. It is bcsidec not immaterial to notice, that the following temporary and occa- sional articles are included by Mr. Mor- gan, in his account of die ordinary Peace Establishment. To the American Loyalists Hastings's 1 rial, Foreign Seem Service, Prince's and Civil List Debts, New South Wales, &c. Armament in 1787 Loan to the S'r.\rTnoLDER, dedudlinsr what was repr.ia, Extraordinary Naval Expences, occasioned by the ships put on the stocks, and im- provements uniicrtakcn in the Dock.. vards during the American War, in 1786 In this part of the account I cannot pretend to exactness. 1788 1789 1790 Expcnce of Fortifications and Buildings by tlie Ordnance jC' i,3$^j21^ 927,673 387,000 4ii),ooo 189,000 172,000 276,000 222,425 £'h33hoS9 Mr. M - ( 51 ) . Mr. Morgan gives no statement of the accounts of 1791 c.nd 1792, though he throws out some conjectures concerning them ; but as I entirely agree with him, " that it is wiser to ground our faith on " what lie has proved^ than what he has " prophesied," I shall merely again refer to Table VI. which will complete the pi6lure of his Seven Millions Defi- ciency, But the succeeding observations are still more alarming ; and as they are in some degree obscure, it is necessary to quote a pretty long passage, that I may not run any risk of misrepresenting Mr. Morgan's meaning, by attempting to abridge it. " In the last three years, though additional ** Taxes have been laid to tie amount of four millions, these 'xleficicncies have constantly increased, so as in the present year to tali very little short of two millions. It is probable, " therefore, that Annual Loflns will become necessary in future to provide for the ordinary Expencesof aPeace Establishment ; and these Loans, by requiring new Taxes, will produce further deficiencies, so thiit by borrowing each year, not only to pay the deficiencies ofthepre- H 2 " ceding I tt <( (C 4( <( <( <( iC « ( 5^~ J ■ ft.' I . ii •" ceding y car, bvit also the intercrt on the defi- ciencies in former years, the National Del )i. will be Increasing at Compound Interest inthc same manner as it is reduced, but with this alarming difference, that the operations in the one case are ten times more powerful than in "• the other. *' If these are likely to be the effeds of ihc I^ubhc Debt with the Expenditure only of a Peace Establishment, or on the supposition that the War were nnmedlately closed, what must be the consequences of obstinately per- sisting in a system of prolusion, which, if long continued, would ruin any Country, liovvever unimpaired its strength and resources. i( " That the deficiency in the Revenue pro- *' ceeds chiefly from the disiressed and overbur- " tlitned state of the Nation, is self-evident : " but it must also be acknowledged, vhat itpro- " ceeds in some degree from tlie nature of the " Taxes which have lately been imposed. These, *' in order to render the War less obnoxious, " have been laid in such a manner as to cause the " least immediate pressure on the poorer part of " the people. Now as this class constitutes the " great bulk ot the Nation, (and if the present " War continues, is likely to constitute a'much " greater) it is obvious that a Tax Vvhichis not " immediately paid by them can never be effi- cient. Such Taxes as those for Licences to wear Hair-powder, to kill Game, &c. may do to fill up the column of Ways and Means in a Minister's Budget, but their produce, compared with the serious magnitude of " the <,( a a ) l'^ \i a the public exigencies, must always be trilling and contemptible." It is impossible to read this without longing for an opportunity to ask Mr. Morgan where he made all these ter- rible discoveries ? I cannot but wish he had at least produced some proof oifaBs so strange and so important. I am al- most afraid to avow, in opposition to so positive an assertion, that on the autho- rity of every thing I have seen or heard for these three years, and on that of the most auther.tic Statements I have been able to procure, the whole of this repre- sentation is entirely false, except one cir- cumstance, which Mr. Morgan, in kindness to t^^e Minister, has disclosed, *' that the late Taxes have been laid in such a manner, as tu cause the least im- mediate pressure on the poorer part of the people." Mr. Morgan indeed ap- prehends, that this attention has render- ed them unproductive, or, ii his own polite phrase, *' trifling ana contemp- tible." Hi V 1 ii I m I am happy to have it in my power to console il til \\ ( 54 ) console Mr. Morgan, by stating the pro- duce of these trijling Taxes, by which it will appear, that though the poor have been spared, and the rich, I hope, not heavily burdened, the public necessities have been amply provided for. The same Statements will shew the truth of Mr. Morgan's assertion, of the increas- ing deficiency in the Revenue, and prove that his Two Millions last year have ex- a6lly as much real existence as his Seven Millions during the Peace. As to the future Annual Loans, which are, accord- ing to Mr. Morgan, to be contradled as well in time of Peace as War, that being matter of prophecy^ I shall leave it to the undisturbed possession of such regard as may be thought due to it. I must, however, observe, that it is not a little singular, that Mr. Morgan should charge Mr. Pitt with imitating the error of Mr. Neckar, in France, that of car- rying on a War without imposing a new Tax, by borrowing immense sums an- nually, and endeavouring to provide for them by the ineffectual means of occonomy. I hope and believe Mr. Pitt is as de- sirous ( 55 ) sirous as Mr. Neckar of carrying the means of oecononv as far as they will go ; but with what justice he is charged with imposing no new Taxes, the Public do not need the aid of my statement to judge. Successful would he be, indeed, if all the Nation felt them no more than Mr. Morgan seems to do. But here again it will afford additional satisfaction to look a little back to former times, and recall to memory, that the Taxes imposed during the American War, from 1774 to 1783, produced an annual increase of Revenue of only - - ;(". i?755'259 while the Interest of the Debt contracted in the same pe- riod amounted to - - 4,864,000 leaving an annual deficiency of - - - - 3,108,000 I 'F While the Taxes imposed during the present Contest, unparalleled in its dan- gers, and unequalled in the force exerted by the contending Powers, have not only afforded sufficient to defray the Interest of the sums borrovved, but to discharge, ni I: ( 56 ) in a period of thirty-nine years, thd Principal of the Debt itself.* Heated with the subject, Mr. Morgan" however ooes on accumuhitini*; debt upon debt, and calamity on cahiniity, till he exclaims " with two Loans in one year, '' amoLintint; to Thirty-six Millions Ster- *' ling; with a Loan also in the same * Compnrtson of the Interest and Charc^e"; of tlic additions made to tl^- National Debt since 1786, inciuaing i per cent. ;innually raised to liquidate the Principal of them, with the produce of the ""I'axcs imposed to answer those charges in the year ending Odlobcr 10, ^795. Year"!. 1788. Interest and Charges ol'i Loan by Annuity 1793 • lii^'CSt and^ Ch-rges ot s- Loan J 1794. Interest and" Charges of j Loan Teh, 59,473 252,812 773,324 *^^^-''chSer's^'^^7,4iii Produce of < Taxes J Produce of Taxes Produce ofj Taxes, in- 'i eluding the I I'axcs oi / i:'9i con- luiut-d Produce of~ Taxes from Feb. j^l, 23 to oa, I 10, J ■£■ Surphis of Dcfici- Taxes. cncy. 132,885 73,411 -. 226,194. to. a6,6iS 829,876 56,555 — 040,773 |i!' .11 The Hair Powder Tax, whir\ Mr. Morgan singles out aspr-:icularly co?itemptrbh'y w ., taken at 2io,oool. and has produced 208,700!. — The \ccount laid before the Hou;>e of (ommons made its prod .^e about 2o,oool. less, owing to sense of the reiurns froai ihe Country not being come in. i Another criterion i>ot less important, may be derived from the produce of the internal Taxes, which fallir.jj; on alir.ost ^,evcry article of consumption, excepting these of immediate and absolute neces- sity, furnish a pretty certain nidication "^ That tlic increase of Trade in the s'^concl Port in Enghind has kept pace with that in the first, will sufliciently appear from the following comparison of the number of Ships which have paid the Dock-duties at Liverpool io diflcrent years : Number Amount ot' Ships-. of Duties. Average of the years 1752 to 1755 inclusive, " No account. £-'^°5'i Average of the years 1773 to 1775 inclusive, - - 2254 - - 5229 Average of the years 1783 to 1792 inclusive, - - 3418 - - 8928 Average of the years 1793 to 1795 inclusive, - - 4114 - - 10,84* ■ of i' T !'r 1 I 1 > ( 64 ) "Cf the comforts or necessities of the t'eo- ple. Accordingly it has always been found, that when the burdens of the State bore heavily on the Nation, the income of these Taxes gradually declined, and that efFe6l has been considered as so con- stant during War, as scarcely to aflbrd any reason for apprehension, because it was supposed it would recover of itself after the return of Peace. But if during the prcsentWar , their j)roduce has scarcely diminished, notwithstanding the great additions made to them, it affords a most extraordinary proof that the general mass of National Property has increased to a degree not only capable of bearing its former burdens, but of supporting so great an additional weight, without in- juring the happiness of the People -f. ■i I have before had occasion to state the produce of the Permanent Taxes to the commencement of the War. Iif i79'3; it amounted to i3,95'3,oool. ' 1794. - -. 13,827,000!. 1795: - - r3,4i 8,7271. A very produftive branch of Revenue was cut ofF in 1795', by the stoppage of the Distilleries, which would account for a greater diminution. Mr. ( 6i > Mr. Morgan has indeed, in his im- proved Edition, disclosed the secret of this extraordinary produce of the Taxes^ lie tells lis (p. 48), " it is obvious, that '* the greater the profusion of Public '* Money, the greater must be the pro- *' duce of the Public Revenue. In the " present War, whicii exceeds all that '* ever preceded it in the enormity of its *' Expence, the Revenue must of course * ' be increased in a higher degree than in '* any other War, and consequently " whenever it terminates, the deficiency *' must be so rriuch the more alarming." This is a reason for continuing the War^ which its warmest advocates certainly ne- ver thought of, A discovery concealed from the ignorant Ministers, the Cecils and the Sullys of former times, and re- served for the enlightened Statesmen of Dr. Price's School. If the Excise and Customs sunk a third before the Peace of P^ysv/icl:, it was because the Wars in Flanders and Ireland were not suffi- ciently expensive ; if the Taxes declined K in ( 66 ) ill the American War, it was only be- cause the Ministry were too oeconomi- cal. But by what strange accident can it have happened, that though the Rulers of the French Republic have spent twenty millions a year for their Civil list, and sixty for the W^r, yet th& Taxes in France have scarce produ- ced any thing at a.11 ? I hope Mr. Morgan will tell us in his next im- proved Edition, whether they have been too frugaL As he " feels no pleasure in anticipating evil,''* I almost wish he had left us under the happy delusion, that the return of Peace would be as fa-» vourable to the Public Revenue as to thQ property acquired by private industry, .lit Mr. Morgan is indeed so sceptical, with regard to the Property of the Nation*, as to estimate the Rental of England at only eighteen millions. For this statement he gives us no proof, except the very strange one, that the Land-Tax chartered not * Fads, p. 24, only ( 6; ) fjhly on lands and houses, but also ori the growing produce of the Place and Pen- sioH List, produces about 1,900,000!. a year. Can it possibly be necessary to in- form Mr. Morgan, or can he possibly suppose his Readers ignorant, that the Land -Tax is assessed according to an invariable rate established above a cen- tury ago ? It is well known to have been so Unequally distributed at first, as to afford no adequate criterion of the Pro- pertv of the Nation even at that time ; am' (;as not been changed at all on ac- count of any improvements since. But Mr. Morgan's hint respe6ting Places and Pens io?ts<, makes it not improper to remind hirtl that the redu(^ion of the Pension List, and the abolition of use- less Places under the present Administra- tion, far exceeds the amount of any in- crease of Offices which the necessity of the Public Service has reqr.lred during the same period : and that even some C)f those Offices will be found, on in- quiry, to have produced a diminution of K 2 influence, "1 ! ( 68 ) influence, and saving of expence, wnich, of itself, much more than counterba* lances the charge brpqght on the Pubhc *. The * All th^ Provisions, ?nd Stores of every kind, which used to be furnished by Contraft, or on Commission, by various Persons, are now purchased by the Commissioners of the Victualling, and the Commissioners for Transports. The amount of Siims paid to Individuals for such Services from 1778 to 1783, was upwards of 17,000,000!. Offices abolished under the Civil List Ad. No. /. Above the value of j[^. 500 per Annum 37 - 43,600 Under ditto - - _ _ 57 _ 13,900 Officpf, abolished under Treasury Regulations. No. £, "Above the value of ^. 500 per Annum 3 - 2,156 Under ditto - - - 141 - 11,469 144 >C- 131625 Offices substituted in lieu of those abolished. No. £, Above the value of£. 500 per Annum Under ditto - - _ - 5 SI 3yS3'^ No. Number of Offices suppressed 278 Ditto substituted. Saving*; by Exchequer Offices Ditto by \uditprs of Imprests 62 216 62 £. 10,909 Annual Value. 10,909 ^.60,216 /. 25,000 32,000 £. 57,000 Sinecure "f^ X 69 ) ^ The Estimates of the celebrated GiiE- ooRY King, make the Rental of the Na- tion, about the time the Land-Tax was imposed, 13 millions, at the following Rates, viz. Arable Land, - . ^. o ? 6 per Acr?, Pasture and Meadow, - 088 Woods and Coppices, - 050 Forests, Parks and Commons, 038 Heaths, Moors, Sec. - 010 Let those who are acquainted with the value of Land in the present day, de- cide whether the Chancellor of the Ex- Slnccurc Offices in Customs, held by persons not resident, which have been suppressed by Mr. Pitt as the Pos- sessors have died. Vacant To fall in No, 124 Annual Value. £. 1 1,000 38,000 X-49«ooo Redudlion of Excise Officers since 17S3. -^65 reduced - £• 12,345 300 added for Tobacco, See. 465 Pensions reduced since 1783, ;(^. 50,000 a Year. chequer n •"» i( w iiuiii^^^pwiiFwir^^ Jl y •'.'w »■ •!■■ "-i^ 'J m."- "WBi^f^»^^WI^?W'^f--^("'- ( 70 ) * J, ;i cKequcr overstated the a6luai Rental of England at twenty-five millions, even making no allo'vance for the vast tra(!tl'*i of Land which have either been recovered from the Waste, or brought into impro- ved cultivaticn, within this Century. About the same time 1 have been speak- ing of, Dave N A NT computed the Ren- tal of this Kingdom to have increased iiince the year f6oo, from six millions to at least fourteen ; and I scarcely need bbservcj that in all the visible tokens of public improvements, the present Cen- tury has greatly excelled the lasti I knew no more than Mr. MoIigan, on what grounds Mr. Pitt estimated the Personal Property, of the Nation; but believing, for the reasons I have men- tioned, that he very wisely kept much within the truth in valuing the Land, and having seen Estimates which ap- pear to m.e judicious a^nd reasonable, and which mir:h exceed the amount he men- tioned, am persuaded that in the other instance ( 7t ) instance he was not less moderate ami cautious. It might also he proper to Inquire into the state of Public Credit, but hav- ing already had occasion to discuss that subjedt, in speaking of the Loans con- tra6led during the War, I shall .^ake nq farther mention of it here. Of the general mass of Income which, the People, colle6tively considered, de-? rive either from their industry or t:heij? possessions, a certain part is employed in supplying them with the necessaries of life. Upon this no part of the burdens of the State can fall, except in Govern- ments of grievous tyranny, such as a^ short time ago existed (if it does not still exist), in France. And even in that case, they cannot fall upon the income so ern- ployed, till they have nearly exhausted that which was appropriated to any other purpose, Anothef ( -i ) Aiiouier part furnislies the convc- iiicncies and comforts of the individuals, and atfbrvls their luxuries of whatever nature, wlicther more or less refmed. On this part, the great bulk of the taxes ill this Nation falls : and it must give the grccitest satisfa6lion to every friend of his Country, to obseiVe, that notwithstand- ing the increase of the Public Charges, the use of such articles as fall under this description has not diminished*^ ' ' * The assescv.! Taxes on Carriages, Horses, Servants, Ac. apply to the articles which are most generally consi- derctl ai Luxuries ; I shall therefore give a stateinent ot" the Assessed Taxes since the commencement of the War, iiot induding Rny of the New Duties. llouses and Vv indows, ^ including Commu- I793' 1794. 1795' tdtion '"' - Male Scrvimts Horses .Carriages *! en per Cent. 1,048,918 1,058,256 1,060,754 92,856 92,900 92*155 110,132 1 09,656 110,349 187,641 188,899 192,55^ 91,602 92,200 93>227 ,C. 1,531,149 i,54T.,9ii 1,555,044 A third ( 73 ) A third part of the general Income is employed in procuring comforts of a sub- stantial and permanent nature, as build- ings and furniture ; and in these the ap- pearance of the country furnishes no ])roof of decay. It is true, that some un- dertakings of this kind have been sus- pended, but they will be commonly found to be such as had been attempted on too adventurous a speculation. Another mode in which the Income of the Nation is employed, is to replace, and in favourable times to increase, the Capital vested in Trade. Axid here, in- stead of any diminution, the Table of Exports and Imports will furnish deci- sive proofs of a rapid increase ; for it is impossible for Trade to extend without an augmentation either of actual Capital, or, which is equally a proof of National Prosperity, of solid and substantial Credit. The last employment of Income I shall take notice of, is in undertakings which L facilitate ( 7+ ) facilitate the general intercourse of the Country, and augment t'ne means of ren- dering it produdbvc, and of turning the industry of the People to advantage. In this chiss mav he phiced, the Inclosure of Wastes, the formation of Manufa6luring Estahlishments, and the Improvement of Roads, 1 larhours and Canals. A nd these are works of permanent advantage, ex- tending the hlessings of trade and plenty to future generations. By Undertakings like these, I have shewn the present War (fonnulahlc as i really is, and disastrous as it has been represented), to have been distinguislied beyond the most flourishing years of Peace. t From all these circumstances, 1 can- not avoid dra\vin<;, the conclusion, that amidst all the alarm:; and dilliculties of so terrible a \\'arfare, the prosperity of the Country has not materially suffered, however we may regret tlie necessity which forced us unavoidably into the contest, and now compels us to the con- tinuance ■^f^»^^ffT^"^ ( 75 ) tinuance of it. But surely it will ever be remembered among the most signal blessings v nich have attended this fa- voured Isle, that in a time like the ])reseut, we are able to look Ibr Peace with confidence, or for War with- out alarm. History will record the events of the struggle in which Great Britain has repelled the gigantic efforts of the Modern Vandals, armed with all the arts of destru6tion, and inflamed with the spirit of universal desolation. And future Statesmen will investigate the causes which enabled her, without ex- hausting her ordinary resources, to with- stand an Enemy, who, casting aw^ay every idea of self-preservation-, consumed his own vitals in his efforts to annoy the Foe. FINIS. ▼ I'll Ml: Tt M r • ■ W • *< •^ f V ' f7 I f- T.{^! .V «.. »., V . i Kiry, inc # Service Army Ordnance Ktry, in< Service Army Ordnance Kary, im Service Army Ordnance Kavy, in Service Army Ordnance ^f EMlm.it(fi I he t re WW»l»Mr» »■«»<»» I. «>«.,-»* , .v- W Uf m 1778. Kary, including Ordnance for Sea Service - - - - Army Ordnance •779- Navy, including Ordnance for Sea Service .... Army Ordnance 17R0. Nary, including Ordnance for St .1 Service . . . - Army Ordnance T A B L r: £. 5,001,895 16 o 5,833,666 i; II I 683,299 16 6 17^1. Kavy, including Ordn.inc* for Se.i Service . . - - Army Ordnance 4,^89,069 6 I 6,013,082 5 11] 9'7.37+ 8 9 7,oo3,2J'4 7 7 6,>-S9,oKo 3 7 1 1,049,602 10 10 J<.93^>.277 ) 8 7,723,912 4 II 1,316,484 7 I EMimafj-#»»»P » Ojil'ur.'.c ;,:.". Ml II 3 <',4. :''.>'''0 o 9}. 6.3»J.>2j 3 9 ii/'74,,mS 17 «/ 2,321,010 13 10 7,071,000 o o t;,o>i,44: o o '.744.47« » I I\:iiT!.itt' of tho fust four Vcirs of til'' IMc^el\t War . . ^'. 6c,:ci,9>) 17 o / I I I ; 1 ^^^RENCII WAR, ^'*^^' ■ ',3,19 1 > I * i. I A'ntv. i :'iy!KiiK-y^''m)^-si^.^4iiifjiim,'i^ipj§(^-Ms^^ A. ~S FT- fcOM'..\\!n.N ()|- r.Ml \^i "IN li'i: ioTR \\\>,^\ YI.AIISOI Till; I..\TK AMKRICAN AND F^FN'CII WAR, \'. mi ri.v)>r, oi Tin. rREs;\-i K<)' t'.ii licr loi 1 1 |.i i! I. N .N |.. . :,. t . . Al M.V, lit I » ll|i .|C |- >'i ■ 'ilpiiific |ii M» I li.l (, r Oi.l H ( sllM ..!(■ J.t l>i ,•• I >: I III I Incrr.i%c iii 1) I" 4.4 : J,o>) re ,; .11 > . II'. 1 I 'm Ot.'i IV t •4-.i''J {i iiiv. I\ I ^'i 1 I'r — - / ' i.'f 1*1. 1'f I C)i<< •l(. 'ii.ii;. It ^tUyn 1)10 to » I II I -S I lncif.i:c o) Dclit •4-J.' <■■■.'-■ ■I') Vi..-. .... !■; I,,.,; Ol.lrn Nil S n S-i \ I. f N..V V hi •! |l I I - - Al i.y, tij t:;..i . :r Onliu'icr, liv ctnojie ]ncica>e of DcLt • ■ / Hi'.,. ;.ii •i-.-:r.?'7 j,c;i,i''6 /. 14 fiiu.S'i.j £. 0j,84f,,oj( irtf- • 111 S'j' y iJrlit 111 V hull »• iilii jric« to it ci.ii'it III I rri: Jiroiiglil /"• o»;,8:i 4.4 i Olilnjnrt iinpr.n : In) rxp'iir rj 1.^9') III cioiini i-v:j A« tlir »lm> r •nc'iiiii', (iKfii finm llir Uipiri of llie Cnminittff if I yH:, is/r». fftifj/p irry twftm^lfif^ ami niiny Ui ir aicuunti <(rre Kill! I IK MiiJiiif;, II >kill lir liri C'>.ary Io i.-' I a shift of the I'liixii )r () >>l l( fl at "yvi/ n tlif end of iS. War, i.ip pose CJ(.li \iar • /;. 1,500,000 6,0CO,0CO /. 11, »S 1, 944 De.Iiii^ Trsif r»t><.;i-'imfiU ol N:iVy, Al mv , iii'l Oiil- njiKf, as >i*ieil In tlie Coitiiniitft of i7Ps, for 4 years at },j.:o,(.col. per ■nuuni ... Ti'il incifjsi iif Vi»il iiiil Mililaiy ci[iciKC ill 4 r- ;».'»; «<'- C- 14,000,000 C- f'4,i»7.i/': y.iiu.iiilin-. M lirfnre C- \ • I • ii.-.:r Lxiirfoiiiiiiirici piovi.l(i| for '" '/'U Oi.'iuiiii, liv e-iim.iif . I'lijiiin i.lnl I liiri;r^biPii)fht to f. I uiini 1,1 1 ; .^^ >,i,f)8, — ^".6; iW 7i;},;(.0 4i77'.3''4 041,171 i,4S',Oj7 j^-iJiSNi^-v* '7')4- N.:vy, !y niin.jlr . I- iri r III N.uv 1>, lit .\.IV\ I.V'.il lllll.lij . v;:?.Mi l.m f.. ■(.to; )' » y I \tio.,i' 1.1 ir. Ill , ri. . ,1 n : l-ij I r () nil,.,! I •V ri I'l'i'r *..,'S Bf. '> ■;-•) ','i V •iNii'K: /: 1 I •• y, I V IVlit n 1. 11 . !■ ' I '. • '. to at iui:iii ill N< I !'>!((. r :lit I.' ■■j.'^ir ■ S,i I. 3,; J ■ /- " ,ftc' n« -- ".i5."'J''J .'4; C- :4i'/:').4/j .7,/.. \.ivy, liy itiiiri.ilr • ' £ 7,'5'»,oco liicr j la>i )car Dtliifl Peace Eit.nbli'htrfnt III N'avy, Ainiy, ami Unt- lUiiir, at ktaicil liv iiic /;.3,;c?,oco 3,t'4S9')-> ( oiiiiiiiitie III ■7i;i for )..ni, at 4,nj,b4il. l'*' C- 74 O'JJ f- ?.'4i'>,<)ja X- Jy.i'-i-'P /• 1 6,40 M^ Tfiul incrrtsenf Naval gml .Miliia trait ry capenie in 4 /^. 6s,7i6..;i» \\ni\c.\ r »-:• \ |VI f. I I jO,oocl. »::<; ; [yr CVn j^i.qool. tlu-i at '7^ 4 ptr C\ rtl 217,500 1. Zl VI' .11 yr.»rs, } 1 -> 1 . ' p ' f « 1 ■ 1 4 1 'T Cci it I' A i; L f: (<» I 7K) in.!.. i\i>. Frrt ij'..!. Ill f, '. -- J ^ |vi f. tit. *^ro. k . /'. ''■I'^'^r, '03 i-Jo.'.oo Ij0,fx>cl. fvr \f.ii. I >r ;o\« •' , \.ilur»i then .It . . :,;r;,S(»o i^'-.'.no ; jvr tVm. Stcn'c j'»i,;ool. for :'j \firv, xiIiimI tljcn at - ;,coo.oc-> :ic,c;o ;,'y:i.)'-^ :^:.;^o 17*^0. 4 per C\nt. t^iDwk. -^ - '. '.'.:-:, 'jzo 217.500I. .1 )r.ir t-iitn.iri .! „• >r.trs, * .jUiciI .It 1 ' / " 3 ) '^^ i->^ I. 4 I'T Ctlit. •tS.-j.coo - ' 7^;.)00 2l,6jO,COO <'4'<,000 4,;co,cco ij:,C3o /.'• ;4m2.'.;5) -'.v^r.j'^i 1 1 / - I < - > r -^ ^. ;:,.;•-•">; :.r«'"» Navy fundc 1794& 17c ^mm TAHLE IV. Money botrowf J. I'i;>if»lrr'we4. muI i- llwJtt J. 1778 — ^. 6,cco,ooo 1779 — 7iOoo,eoo 1 7^0 — . 12,000,000 17^1 — 12,000,000 £. 37,000,000 »7^3— /• 4.?oo,ooo t79+ — M, 000,000 179?— iH,ooc,ooo 1796- iR,oo,ooo jC* 5i,jor,ooo N.ivy funded in 1 7(^4 & 1795 - j, 108,098 ^.54,.S.yj5,098 »o,974.>»o 11, ceo, coo k .• • I • • - . .'I. . . . — [ u — ? "i 4 /:• 57.^^5 .370 /-. 6,2^0 .000 I?.'^')T j.'j 2j,szj; .••:'- 27.35' .33^ — /-^ I 4 — 1110 — 4 If 10 — 4 'I o JL' 7 N i - .' • 3* ) 3.>3'''.4-'i r- J *' «< IMAGE EVALUATION TEST TARGET (MT-3) ■^^^^'^^ 2^ ^f '^ ^^.w c/^ (/^ LO 1= 1.25 ^1^ IIM 2.2 1^ 1^ IAS 120 6" U 11 1.6 V] <^ ^y >^^ '/ Saences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 fv 4V '^.^ ^^\ -^^ '^\ ^ r/. O"^ 7 \ \ In the follov .inj in I 7< to 9,68ol. Sum '795- '794. ii.c '795- |8,< 1796. iH,< 5'» 3.' c^ 55. T A B L K \ In the following Accnunf, the Intrrf^t and Cliargos on Sums Iwrrouci!, inchi .TiiJ in i7(>^, ^«^i ^M. An>l tlir i |vr Ccnr. on the Long Annuities i» int 109,680!. in I7«)J, to I J, SJ5I. and in 1796, 108,500!. Sumi hr>rrowf J Intrrftt Jnd I h itj.-t OM Sumi borruweJ. 1 prr Crnt. on humi boirut^cJ. Whole Chir^f* in ii»nifquriiie i>t Sumtboirovk. •793- 4,500,000 190,312 62,500 252,812 '794. 1 1,000,000 509,685 HT.'^'o 656,86; '795- 18,000,000 877,261 2^.83; 1,130,096 1796. iH.ooo.ooo 51,500,000 «> 3,901 269,000 1,122,901 ».43'.»59 73'.5«J 3i'62,67+ .i.n^'.4" Capital of Navy Tola! Cajuial bo Bills. rrowcJ or fur»deJ ; whicl) in ^lock .55,036,422 U i r A B L !•: \' . ■>ijm«; Iwrrnwfi!, inchnlr tlir I.niif» Annuities uhiih vrcrc in i-')4, ^. ;,4^,«1. in r;^;, K^>,4'^'il. -ong Annuiiic* i» invludi\l in tlic i |vr Cent, on the Sums borroAcJ, juj atr ikhcJ in fj^ju 3I. Whole Chirsf* in ti»nifqunuf *'t Sumtboirovk. tj. 2$2,KlZ 6^6,865 1,130,096 1,122.901 3i'62,67+ Ciriijl (ffiffl Inffffit of Ci. I |rr Cfnt on liil'i. «.\. ithit £' Jo'iM" /. 1,926,^25 97,143 i/)o<},*^97 81,219 i7>^.4'* Hill*. /:. ;>i'.j''.? Ulv.'r ftnrtr <|| 111 . ^.tn( .'« j» y /. J9,2^),- Ii6,4;'< ^'.'.:7>- 'I" "«t ("^.at^e > i» • frr J uii ' '■, 4 111 N j» y ill,.l li.i) IcJ. 2^2, 81Z 77^.12J ».:.'7«4'3 1, 1 2 2, 90 r 3'37^H9 ; which in ^lock i:» in 5 jHT LVntt. 4 |yr Cent';. 3jxrCcnf<. Total. j,5j^,422 b',7)C.coo 61,350,0^3 73,636,000 I co> Mt T>rpn I St 1"> lir;! r \ COMTARISOV (>1 7 in: N \YV DlRINc Mlirs IN CO.\TMI.SMi\. ?^f % of ^'.1, « III fl V - . f ■/ '^^ 1 » • t r'l -■■ Sj 20 tJ7 l»o z; itSo - '\^ »7 ' '.? f;i ;>i •:'*' sr. l-^ ii6 f,o 11 I I St l\l»r;;.uv •;-S * I ::-; — •,'i -. 1'. ».'•!» 10 ),r r J COMrARlSCl i4?,'').;o I SI K'l r A i; [. r: vi. WV DlRINc, •im: AMLRIC/W AND TilP. PRl'SKNT WAR. \. If. C r-r* ; < ^ A •|- . 4 * • • r^ 7 l*o ^7'y ? ';» .V4 f,o >'0 SMIiS IN C'O.MMISMON. 1st l)i\c;n!;cr i^'* j ■sj 17'i; —10+ i*t frhiuary i;f/, — loS Mi r8 COMPARISON' OF TlIK ARMY. i4j/)jo isi ttlriiary 1793 — 4i.i»3 •794 — J^'.3*^<) i:us — >j6|I3' 17/' — »24,«C6 K'rciqti Troop'' i'> 179J 7 1 :o y'' 9 1 i z ^4 iR 1;^ 79 t8 .}6 S6 3»9 36g M »,, 24,icS Lvvil Vtfluautii. ^f.-t*^; n;,^76 3 '*.•'. J i^'4.3:j Cav.i!ry . 3,577 39.4 '9 164, 1H5 Infjntry - 7,943 - ^'•07J ,r '\ J '7^7- AM \.\i-; «liir • - IjlK 17H.;. FVITNDlriRK. o^S Sc.uvl |,v Mr. .Murj{jii . . / 1- 0,0 »Ai X". «'\da l.<)(t<. Korci Puhli Kxrr^^^TTlRK. ,^50 inJu.ling Si.ikiiig Kuiul N.ivy . . _ Annv < )ri!iv!noc Mi-irll.iru'ou* IXrKK-ntv ol Grant* jC- ii,4ji,<5o9 2,131,000 1,^51,000 44 j. 000 694^)00 Jo7,oco £. 16,759,609 I i»»im! imi am iim m mmB$mk ', i \ U J^ l^ f fNCOMi:. S'lfCtl l>y Mr. Mor:;.in /ill l.oiirr) \ .iri(>»i\ jvivmcnts of M»>ih*)* »li'r \n (ii>\frtniiciit Moi\r\ atui un.ipplic>r .1 <)^,')0^ <<\ i'K n.iTv»«"»l, ni'tih tli'«<' ji.ir ... /. ir.,69l l.MlKTV I n.'pplir^l (jrjMtt Tublic Money rcpaii? Deficiency 17>r;jiM . - /■ •'^/'v^'-TTi '; ^»; 2 -JO, o no /. i6,6.)8,77X INCOMK. Statcil by Mr. Morg.in y\(M 5 ;d Week I.uHi'ry . - - Foreign Loan ri'j'':iivl TuMit Moiic) fkp.aJ 1790. )\v}\\nn \\T., ^. l6,l)4iOOO SlaiiHlby Mr. Mfr^'in, i- .. iu- I'^ji'iT"* ''^^" •'' \rmi'r;it wlirth 277, '>iy) \*.i> pru\ ii'.i\l 1 jr in ihc j 34,0) Il.•^f\c.lr ... /*• i^'f')' ♦.><)7 . 27i,*^4'» StiipUi.% . - « . 2i>,\n 1; Li /. 17,1 II, 4 ;o /. 17.1 ;i,4 10 1 INCOMK Porni.u.' It 'I .i\o> f..iiut ,niJ M.»lt I7<>:. wwsmw \0'. /. I |, 5 ^ i,rco Cli.tr<.^ N ( !i (."«!'.» li;v4 '^iiiki ■; hi!'.>l - /.'• 1 : . 5 ' ' '^ ■') j ;i i.^oo Arcn - . - - •.'•;. •:>J I N'..\ > j.,-^^, c-)j / . i7,.';4,?oo ( )rJn.i:'vi.- ... . .\::,-ao I^ 4cr',coo ^'i^n II.Mirrni'. Aili'iitiui n» >inkiij; FurJ I' V S'.iTpKs < I J *^i / i;,:' pr o Si i /\ IJJ^ L, V il. IVCOMK. AM l."Mir\ PiiMu Nt'i.fv ff)\iiil Difuicrcy 1 M'i M)HrP.!:. IVCOMK. /"• i'^/",^'.;;' '; Siairill.y Mr. Muig.m j Adtl Lottery l.n:iM . . . I't^.ipi li«'l (ir.iti*-, 4"ic, l'ul)Hv. Mo N.uy .... J, 131, 000 Arii\\ £. !6,<)i?,;«)7 /. 17,1 ti,4 ?o I .1. Nii-^i-ll.uu*Oi:s IXlicicntv oi Grant* Surj'lus 44j,ooo 694^^00 207, oco I3<),64i £. i6,9,z5o The Sp.inish Armament Taxes are Icli out on both siJci of ihc Account. I, • I ;. :oj I I. ,-•,, i .}:.',-,( I^^"''" '<'i' y '7*^7 fc-r,cc;o t 'iiltn ! ! I)il)t ill 7 >i.ir> Kunvlckl .!i*M> ill i!l(u» (;«S,^'t;ij Slim « I IVlKtnuiej Dv'J.ua Siirj'!uN.L-» 1, 0^^907 / i;,/' p: o * K« . ! Hi li, i tcv ill 7 w..r$ St.itcJ In- .Mr. Mcro.in /;.i7,,v'i7 ^l.rl>lu» 17K6 f >.],\,fu^> - - iC''»7'"»+3* - /"..'-'}.•> 17 - ./". 7,C/>'"'>ior)0 N. V. In »7';: '1 j .>.. ^\vi.- iAim