A A ^^^_ so o 5 7 EGION 9 1 AL LIB III 7 RARY 3 5 FACILIT 4 «^— ^— -< 1 f ; ■ T II Q BUDGET. Inscribed to the MAN, WHO THINKS HIMSELF MINISTER. Emcndare iuos quamvh Faust ine libdlos Non multce poterunt, una litura p&teft. The SECOND EDITIO R L O N D N: Printed for J. ALMON, oppofite Burlington- Hbufe in Ticca MDCCLXIV. (Price ONE SHILLING.) *P -^ r/^J u v CALIF ZO^fi SANTA BAliBAJU & ® & ^ & $ & & & & 8 )B( ® & ^ & $ X * A ® M THE BUDGET. j^^J^R OBSERVE that the adminiftration has conde- %K ,^^^J2 fcended, by an advertifement in the public papers, ?/K l M& to explain the Budget to the meaneft capacity ; I 5$ 3R£ ^. fuppofe they are fo proud of their performances, klPOBL^ that they think the like was never done before j and to be fure the wonders of the Budget muft needs make the ignorant ftare, and admire the tranfcendent talents of the miniftry, who have advertifed fuch miracles. That the adminiftration mould fubmit to fo humiliating a condefcenfion, to catch at a little popular applaufe from the ignorant, is not furprifing; when it is confidered how very low they are fallen in the public efleem ; but really they ihould at leaft have confined themfelves within the bounds of truth. To fay that they have paid off a great deal of the debt contracted in the late war, is a mif-reprefentation j that the eftabliihment of the army is lefs than after the laft peace, is not true j that the finking fund has been encreafed 39 1,000/. by the fmuggling cutters upon 1,400,000 /. of tea, is falfe, incormftent, and impoiTible. Yet I mould not think it fair to charge the B adminiftration ( 4 ) adminiilration upon news-paper intelligences*, if the farr doctrines had not been publickly and univerfally countenanced. I (hall follow the order of this ministerial advertifement, a few notes upon the following articles, viz. Debts paid off. Eilablifhment of the army. Eftablilhment of the navy. Encreafeof the cuftoms from the fmuggling cutters. The anticipation of the Unking fund. This * Tlie following advertifement was Inferted In the news-papers on March 20, 1764. It is with great pleafure that I congratulate the public on the difappointment of thofe, who, by keeping their money from coming to market, by checking the fublcription of the navy bills, by circulating reports of a loan and a new lottery, and other ar's of the fame kind, hoped to profit by the public diftrefs. The ftate of the fupplies, and the ways and means for this year, have now been made public; but as the exact fums may not be in every body's hai , I thought it might be agreeable to you to be enabled to furnifh your readers with an account of them, which I believe is tolerably correct. Of the unfortunate debt contracted during the laft war, the government will this year pay off 2,771,867!. 13s. 6d. viz. German extras < ■ Navy debt — — — — — — — Army extraordinaries 1 — — Deficiencies of land and malt Dedommagement to the landgrave of HefFe ■ Deficiency of funds to be replaced to the finking fund — Deficiency of grants for 1763 ■ — Advance in confequence of addrefles — 2,771,867 13 6 The peace eftablifhment for the navy, which is the moft conftitutional force, and the beft fecurity for Great Britain, is much enlarged, amounting to 1 )443>5^81. us. rj(i. the fame number of fcamen being retained in the fervice as 1. s. d. 500,000 650,000 9 8 7>434 15 6 300,000 50,000 !47>593 18 129,4.89 7>35° ( 5 ) This minifterial advertifer, to have dealt impartially, fhould have let us know that nothing -has been done this year, during the adminiftration of our very laborious Chancellor of the Exche- quer, but what always comes of courfe in the routine of office, and was very fuccefsfuJfy accomplished the lad: year, by a gentle- man who never pretended to any great flail in finances. Army extraqrdinaries of the preceding year, dedommagements, de- ficiencies replaced to the finking fund, deficiencies of the grants of the preceding year, together with deficiencies of land and malt, which are fo pompoufly called debts contracted in the ! unfortunate war, are all of them articles provided for as they ai : alnioft as was voted lad year, and ioo,oool. more than ufual being employed in fhip- building, in order to keep our navy on a footing to be refpecled by all Europe. The cftablifhmentof the army is not increafed, it is even lefs, and the ftaff much lefs than at the 1 aft peace ; for though the whole fum is 1,509,3131. 14s. yet it is to be obferved, that the forces, ordnance, and ftaff in America, 295,833-1. the half-pay lift is 158,2501. and Chellea hofpital, &c. 1 22, 125 1. 1 he two laft articles of which are deducted, being properly the tail of the war. The mifcellaneous articles ofexpenccs amount to 295,354.1. 2 s. viz. Government of Nova Scotia — Ditto Weft Florida — _- __ Ditto Eaft Florida — Dit o Georgia — Militia — _ African Forts — _ Foundling hofpital , _ Princefs of Brunfwick's fortune Subfidy to the court of Brunfwick ■ Britift Mufeum . . Mr. Blake _ General Purvey of America , Pav ing the ftreets . , . 5>7 3 H 5,700 5,700 4,031 8 80,000 2O,C0O 39,000 80, 4-3>9°i 2,000 ■• 2,500 (J 1,818 5,000 295»35+ 2 BefiJes this, the government found 1,800,000 of exchequer bills at fuch a ^u nt 'u aS t0 WClgh d ° Wn With them thc whole build »ng of public credit. 1 his they have provided for, bv transferring one million of them to thc Bank for two years, wrth a reduftion of a fourth part of the intereft on them. 1 he other 800,000 old exchequer bills are to be paid off by ifluine new ones for the like fum. So ( 6 ) almbft annually from the revolution, and particularly to a much Greater amount the laft year than the prefent. As to the navy debt, above a million and a half ufed always to be provided for, during the war, but the laft year, it was all thrown upon the linking fund, and by the prefent minifter kept there this year. But when the current expences between one year and another, are called by a name that never was thought of for them before, viz. debts, one would not proftitute a ferious argument for an anfwer ; the only reply they deferve is the argument ad homines* to tell them that even according to their own pretentions, they have not done fo much as their neighbours. However, at all ad- ventures So that the whole ftate of the fupply is this Debt paid > ■ — — — - Exchequer Bills — — — — - — — Eftablifhment for the navy - ■» ■ - Ditto army ■ Mifcellaneous articles ■ — — 2,771,867 13 6 1,800,000 1,44.3,568 II 9 l ^S°9^3 H 2 95^353 c 7,820,102 19 3 To raifethis large neceflary fum, the government hath notopprefTed the fubjecl with one additional tax : it hath not encouraged thefpirit of gaming by accepting „ lottery, or taking to itfelf the not unpleaiing power of difpofmg of tickets, commifli ms, and fubferiptions. It has avoided going to market for money, at a time, when, though it might have been advantageous to individuals, it muft have been very detrimental to the public. The ways and means are faid to be thefe ; Land-tax and malt ■ ■ ■ — hequer bills taken by the Bank — — — - — New Exchequer bills to be iffued — — — Of the bank for the renewal of their contract, which is by much the mofr. beneficial bargain for the public which was ever made with them ■ — — — — Savings under the head of extras ■ Militia money ■ < — Annuity fund, 1761 To this account, and for the public fervice, the prefent government has brought to account what had fo long been un- accounted for, fo long a difgrace to the fervice, and the reproach of adminiftration, viz. 2,750,000 1,000,000 8co,coo c 110,000 165,558 3 150,000 3>497 9 9 The (7) ventures we have a right toexpedt, that thofe who boaft of ha- di&harged a large portion of the unfortunate debt, will 1 debts or deficiencies, on accountjrf the fervice of that very - when they make this boaft • yet f fear the mini iter (who-, may be in October) will find the finking fund half a million in arrean We are fure he will have, 8oc,ooo of exchequer bills iflued in this feifions, to provide for next winter- and the mini, in the year 1766 will have to difcharge, the million advanced bv the bank to the prefent minifter, for the fervice of this miraculous year. Our panegyrift has chofen but ill to afcribe fuch ridiculous pretenfions of merit to his patron, while he has under this very head of debts paid off, left unnoticed the only truant rav of ceconomy that has wander'd from the exchequer. The army extraordinaries verified and allowed this year amounted 10987,434/. 15s. 6d. , p T ths. Now fome other flovenly mi- nifter would have indifcreetly thrown in the odd rVths of a far- thing, to have made a round fum, without dreamino- f this The favingof non-efte&ive men, which in the preient vear is 140,000 To this the bounty of the king, who having delivered his fubjecls from the calamities, thus fhews his earneft wifh to deliver them from the burthen of the war, has added, be- ing the produce of the French prizes taken before the de- claration of war 700,000 o The king has freed the public from thcexpence of all the new governments except that of the Floridas (N. B. By giv- ing them up.) And to make up the deficiency, the government has taken, with peculiar propriety, from the finking fund (which was increafed this year 391,0001. by an addition of 1,400,0001b. of tea, having, by means of the cutters, been brought to pay the duty) the furplus of that fund is ■ 2,000 000 So the total of the ways and means is — — — •*,8i" Os" 12 q The total of fupply 7,'820,'oo2 19 3 It is true, that the whole fupply is faid to be 7,820,1041. 15s. icd. and by this account it amounts only to 7,820,1021. 19s. 3d. But as this deficiency is not quite 2L and proceeds from the omiflion of fomc millings in the lai fums, which were omitted at the time of taking them down, it is fufncicm"to have mentioned it only. C hair- ( 8 ) hair-brcadth efcape from bankruptcy; but happily for us, our vigilant adminiftration, upon this emergency lummoned all hands aloft, and with aftonifhing labour, ceconomy, expertnefs in fractions, and higgling with a fiquis for T Vths of a farthing, have difcharged an immenfe load of debt, and redeemed their country from bankruptcy. The faving of courfe goes to the finking fund, which, upon the ftrength of it, is mortgaged for two millions. When this great boafting is made of debts paid off, it only ferves to remind us of what more able minifters have done, and thereby to make the pretenfions of the prefent adminiftration the more ridiculous. If a minfter would acquire the merit of pay- ing off the debt, it muft be done either by improving the re- venue, or by leffening the intereft of the debt. Sir Robert Walpole improved the revenue in many branches, and would have done it in more ; he fettled the funds, and reduced intereft, fo as to get a finking fund which during his admini- ftration produced above 20,000,000 /. with part of this he reduced the national debt, and with the remainder he pro- vided for fuch extra-fervices, as muft otherwife have created new debts, or have kept the land-tax at four millings in the pound. Mr. Felham encreafed the revenue by judicious re- gulations upon many branches, and added 6oo,oco/. a year to the finking fund by the reduction of intereft. Now let us fee what modern minifters have done ; the ftocks have fallen 10 per cent, under their adminiftration ; (though they rife upon every rumour of a change) fo that there is no chance of any reduction} and the finking fund was diminifhed 250,000/. per annum the laft year, which defect the minifter of the prefent year has adopted, inftead of applying a remedy ; fo that their handy work has been, to raife the rate of intereft, and to impair the finking fund, inftead of raifing the finking fund and lowering intereft. Oh ! but they fay, former minifters had a large fcope, but every fund of improvement is exhaufted now; I reply, that the fame fuperiority of talents and labour, which fet (9 ) fet Sir Robert Walpole and Mr. Pclham above their perlbnal ri- vals, in their own times, would have held in derifion the little pride and vain boafting, of modern temporary minifters who think to rival their Fame. Belides, it is very apparent that modern minifters take a malicious delight in dwelling upon the public calamities and diftrefs arifing from the war, and infulting their country under them, in revenge for our having put the conduct of public meafures into other hands than theirs 3 thinking that when the next war breaks out, we mail ju ft have fmarted enough for the glories that are pail, to make us lefs refractory under their future ignominious adminiftration. As to the eftablifhment of the army, that is not a queftion of pence and farthings, but a ftate queftion of fecurity at home and dignity abroad, therefore I do not infill: any farther upon the argu- ment that the expence of the army this year is i, ^oo,oco, whereas upon the average of the late peace it was but 1,260,000, than to fuggeft that the minifter has no right to jay it is lefs. An over- proportion of officers to men upon the eftablifhment, is certain !y the true policy for a country which has concluded a peace hollow and unlikely to be permanent. This doctrine I know is favourable to minifters j but thofe minifters who do not think this country to be in peril of another war, have no right to that argument ; and therefore they ftand convicted of approving it, became it enlarges their patronage with more commiilions to bellow ; es- pecially fuch of them as have at any time mown reluctance to a plan of advancing to each vacant commiiTion from the half-pay ; or have advifed the diimiftion of officers, with >ut imputation upon their military conduct. But much merit is claimed from the expence bellowed li- the navy by a great number of men employed in the fmuj . cutters. Now I confefs to me it feems, that however coni tutional a large marine may be, we run lefs rifque by a n. moderate provifion there, becaufe Jailors difmiftld from the pub- lic fervice do ftill continue failors, in the merchant fcrvice, and are always ready at hand when a war breaks cur. But let me ( 1° ) me aik whether a little attention would not be well-bellowed upon our fhips themfelves, which, if left to decay, are not fo caiiiy recovered, as our failors are from the merchant fervice. Perhaps it might be as well if the profits of the ifland of St. John were to be applied to the repairs of mips (which I am told are going to decay in a lamentable manner) as foliciting it in a private grant. With regard to the fmuggling cutters, I cannot allow them much merit as providing employment for failors, who would otherwife be employed in the merchant fervice, with- out any expence to the public, more efpecially as the fmugg- ling fervice itielf is liable to fome difcreditable fuggeftions ; and for meritorious officers, it is equally to be confidered, that the fervice is not of the moft honourable kind : But it is very plain that the admin iftration prefer the beneficial patronage of fifty fmuggling cutters, for fuch officers who have great interefr, to procure them, while they have turned a deaf ear to the voice which faid Date obolum Belifario. A thoufand lieutenants who lblicited but 6 d. a day additional to their half-pay, are, after all their prodigal fervices (for want of what is called intereit) caitoff, to languifh in penury, and to hide their heads in thank- lefs oblivion §>uis tali a fan do Myrmidonum, Dolopumve, aut duri miles Uliflei, ^empcrct a lacrymis f Now let us confider how much the revenue has been encreafed by thefe fmuggling cutters. It is pretended that the cuftoms have been encreafed 391,000/. in the article of tea. This affertion is too ridiculous to deferve an anfwer, becaufe it is notorious, that whatever the cuftoms have produced this year more than the preceding, has arifen from a large quantity of wine fent hither upon the late invafion of Portugal, and a large quantity of fugar, fent home from thofe iilands which were reftored to the French in fuch a hurry. However as this is an affertion calculated to miflead, it mail not go unanfwered. In the ( II ) the firft place, the whole produce of the cuiloms upon tea is but about 2ic,oool. a year, which is the duty upon about 4,000,000 pounds weight. Then I beg to know by what kind of arith- metic the treafury would perfuade us, that the fuppofed addition of 1, 400, co j pounds weight would yield to the cuiloms 391,0001. In the fecond place, the cuiloms upon tea amount very nearly to one half of the excife upon tea, fo that we may judge of the one by the other : the produce of the excife upon tea, as may be {cen in the aggregate and general fund accounts, has been as follows : Year ending October 1760 459,446 1761 -460,668 1762. 444,170 1763 47 8 >45 S Now the mighty matter is come out; the excife is higher by about i8,oool. than it was in the years 1760 and 1761 , and therefore the encreafe upon the cuftoms is about half this, viz. 8000 or 9000I. for this year above the average. I beg to compare this account with that of the cuftoms upon tea after the late peace in 1748, to mew what other miniftcrs have done : Year ending Midfummcr 1748 ■ 93,850 1749 ■ 82,675 J 750 158,000 1751 118,799 1752 150,697 J 753 io6,S35 *754 *37>7 3 Let our temporary minifter perufe this account, and d boaft of his having encreafed the revenue of the cuftoms, to the amount of 9000 /. per annum by his favourite fmuggling cutters. D I • ( 12 ) In the next place I dial I (hew that the cuftoms have been encreafed in thofe branches which include no duty upon tea, as upon the following. 1762 1763 Import upon wines and vinegar 64,776 84,949 Impoft upon wines 1745 — — 55,874 67,410 Impoft upon tobacco — — 82,894 93o5i Import of 1690 ' ■ — > 77,774. 127,496 281,318 373> 2 ° 6 If upon fo fmall a proportion of the curtoms (at the fame time including no duty upon fugar) there has been fo great an encreafe, let us imagine when the encreafe is computed upon the whole amount of the duties upon thefe articles, and upon fugar, what there will be left to attribute to the encreafed revenue of tea. — And after all, what is it but an infult upon the underftandings of the uninformed, for the minirter to claim any merit to his adminiftration, becaufe the curtoms have produced 4CO,oool. mere in anyone year than the preceding, than which nothing is more common. So grofs an impofition cannot be treated with fufficient contempt, becaufe it puts the rniniftfy upon the footing of a notorious impoftor. Here follows the account of the cuftoms for four years as a fpecimen of their fkicluation : Year ending Midfummer 1760 2,299,903 1761 1,512,000 1762 1,763,633 !7 6 3 2 >*74>55^ Now let them plead ignorance in thofe points where they have boarted of their knowledge, or confels themfelves guilty of an intended impofition. I hope that I have now proved that the encreafe of the cuftoms does not arile from tea, that it is impoftible it mould; likewife, that I have pointed out the branches ( i3 ) branches upon which the encreafe has arifen ; and laftly, that the encreafe, fuch as it is, cannot' at all be depended u, being permanent, as it is nothing more than according to ufual fluctuation of the cufloms, and what might natural expected after two years that were below y ,. If any thing can be more abfurd or ridiculous than the afler- tiori of this improvement of the cuftoms by fmuggling cutt< it is the application of it. The cuftoms were cafually ec 4io,oool. between Midfummer 1762 and Midfummer 1763, therefore the minifter with peculiar propriety charges 4co,oooT. extraordinary upon the growing produce of the finking fund between October 1763 and October 1764, a year and a quar- ter after — There is a minifterial fyllogiim for you ! I do not pique myfelf upon any great accuracy of llilc or elegant competition in thefe notes, becaufe they are merely fuch as drop from my pen as I go on ; but as to tigu eftimates, averages, as any one might be inclined to put lefs confidence in them, if they were done extempore or In a hurry, I mutt therefore beg leave to fay, that they have lain by me for fome years, and confequently have been examined with accu- racy and deliberation, otherwife I mould not have thought of ltarting thefe fort of queftions out of hand, more efpecially I fhould have kept clear of what I mail now confider for the next point, viz Whether the finking fund can be fuppofed to produce the fum that is charged upon it for this year ? i mean to offer an argument upon this head to the Treafurv-bench, and if they will forgive my difturbing their golden dreams, I wiib th would rub their eyes and perufe the following eftimate. I fliall take it for granted that fome of them hav [, that the finking fund coniifts of certain furpluffes I m the Aggregate, South-fea, and General funds j of feveral lidated duties, and of monies carried to this fui fupplies of the year. I will irate all th ratcly. T produce of the furpluffes upon an average of fi; October 1763 amounts to 1,938,727 1. after dedu ( >4) of the land-tax of 1758, which was carried to the furplufTes in October 1760, and likewife deducting the fpirit duties of the 33d George II. Thefe laft are to be deducted from the furplufTes, be- cauie I mall take their eftimate in the place where they ftand now, viz. among the confolidated duties, elfe they would be twice told. The proof follows : Net furplufTes Total furplufTes as they are ftated in the accounts upon the table. 1758 1,835,043 1759 1,831,260 176c 2,308,506 1761 — 2,301,527 1762 1,768,242 *7 6 3 2,209,434 12,254,012 Spirit duties to be de- ducted, together with the land-tax 1758. 132,812 119,375 Land tax 1758 327>33 6 42,125 1,835,043 1,831,260 2,056,319 i,974,i9 x 1,726,117 2,209,434 621,648 11,632,364 Average produce of the furplufTes 1,938,727 In the next place we muft take the average of the confolidated duties upon a medium of fix years. Duty on wrought plate 1720 — — — Stamps 1 731 ' Surplus of the fpirit duty 16 and 17 Geo. II Ditto on wines 1745 ■ Ditto on glafs and fpirituous liquors Ditto on houfes — — -— Coach duty —— — ' Subfidy 1747 Duty on fweets - — — Plate licences Surplus of the duties upon foap, paper and coals 17 14 Ditto on coals 17 19 - Beer licences, cards, and plate bv 29 Geo. II. Salt Stamps, wine licences, coals exported, and fpirit licences 30 Geo. II. ' Subfidy 1759 — • Spirit duties 24 Geo. II. Ditto by 33 Geo. II. ■■■■ ■ Ditto by 2 Geo. III. Houfe duty 2 Geo. III. - — — Three-penny maltduty — — • •■ Beer duty 1761 ■ ■ ■ » 100 3i,30O 24,200 45,000 24,900 J 15,300 54,000 318,600 6,200 6,700 48,300 24,800 75,400 227,700 ICO,IOO 223,100 46,800 299,500 60,000 29,100 1 33o,ooo 372,000 Total 2,463,100 ( '5) Ettimate of the growing produce of the finking fund from October 1763 to October 1764. Byfurplufles 1,938,000 By confolidated duties 2,463,000 From the fupplics — _ i47'Oc Q Total eftimated produce 4,548,000 The charges upon the finking fund are To pay confolidated annuities • 645,550 To pay reduced annuities ■ — 54°>994 To pay 4 per cent, annuities — — — ^ I4 '/« 4 To pay long annuities 1 762 with charges 121,680 Zxper cent, annuities 1756 - — 53'34 2 South fea annuities 1 75 1 • 64,180 Life annuities 1757 ■ ■ 35> 212 Navy annuities 140,000 Three quarters of a year's annuity granted 1 7 6 1 ■ 3 7 2 >°°° Befic iencies of funds eftimated at * oc ,c c o Money remaining unpaid for the fervice of 1763 67,823 Total 2,955,021 Thefe are the premifes from which we may come to a clear ftate of the queftion, whether the finking fund be anticipated for more than it will yield or not, for we have only to iub- ftracl the charges upon this fund, from the eftimated pro- duce of it, and the remainder will be the amount of the dif- pofeable money within the year. Total eftimated produce . — 4,548,000 Total charge previous to the vote of 2,000,000 for 1764 — — 2,955,000 Difpofeable money according to eftimate between Octo- — — ber 1763 andi 64 i,593> cc ° Deficiency of the finking fund at the end of the year according to eitimate, being what its produce will fall fliort of thetwo millions charged upon it ■ 407,000 E & ( i6 ) It appears then by this eftimate *, that the probable deficiency of the linking fund at the end of the year will be 400,000 1. and this upon an average computation, which however is more than the adminifti ation can in ftrictnefs of argument claim in the cafe before us, becaufe as the laft year was above /w, the rifing year is likely to fall below ; but as I do not mean to be captious, nor have any occafion to fcrew the argument as tight as it will bear, I make no account of this: on the contrary, wherever a fund has fallen remarkably below/^r,I have reftored it to its ufual average, as upon the -three-penny malt duty, which I have fet at its full average, according to the eftimate of the annual malt duty, by which we may judge ; and I have done this without fetting any thing off from the account where the cafual produce of any branch has been remarkably high. It muft likewife be confi- dered, that as thefe elf imates go back to years previous to many of the new duties laid on during the war, the average of old duties from this time forward is more likely to fall than to continue as before; but I have made this whole eftimate with a liberal hand, to take away any pretence from the mininry for retorting the * I (hall put all the explanatory remarks that occurto me relating to the above eftimate promifcuoufly into one note. With regard then to the firft branch, viz. furplufies, the average of them will be rather lower than I have ftated, be- caufe the new cuftoms and excifeslaid on during the war will impair their pro- duce ; and this will more particularly be the cafe with the civil lift funds, the two great branches of which be ng an excife upon beer, and what is called the new lubfidy, will doubtlefs be impaired by the fubfidy of 1759, arid the new beer dutv of 1761. It muft be obferved .hat I have made no alteration in the eftimate of the furplus of the aggregate fund, on account of the civil li i revenues going thither fince the death of the late king, becaufe they carry as much additional cl ar-c ;:pon that fund, as they do of revenue to it, or upon an average rather more; f( r it app< ars, I hat the civil lift funds upon an average of 33 years during the late king's reign, produced but 793,400/. per annum, the fum total of their produce being 26,182,9811. as appears by a paper prefented after the death of the late king. — As to the 119,000!. of the land-tax of 175S deducted out of the fur- plufies, that requires no apology, for if the produce of the linking fund is to de- pend .1 < n fuch contingence, we are in a deplorable way; nothing like it ever happened before, nor is likely to happen again. As to the consolidated duties, I can fay no more than that the chief of them are takenupon an average of fix years, and fuch of them as have notbeen granted fo long, I have taken upon the longeft term ( i7 ) the accufation upon me, viz. that I have likcwiie made a falla- cious eftimate. For if I could have prevailed upon myfelf to have followed their own example, the deficiency would havecomc out double. I mud: here point out a notable piece of minifterial craft with regard to the beer duty of 1761, as it will explain the motive for annexing it to the linking fund from Chriftmas laft. I have cftimated the produce of this duty between Chriftmas and October at 372,0001. as I have charged it with three quarters of a year's annuity, viz. 372,0001. likewife, becaufe fo much will be due then; but itmuft be obferved, that the pay-days of this annuity arc Midfummer and Chriftmas j therefore between this time and October, there will be only one half-year's payment to be made, by which means theminifter will apply the furplus produce of the duty above one half year's payment, to the current fervice of this year, and leave the produce of the remain- ing quarter from October to Chriftmas, to be anfwerable for a half year's payment due at Chriftmas. And if the beer duty had J not term that could be had. The duty upon houfes granted in the year 1762 was ex- pected, I know, to produce a great deal more than it has, but as the produce of i 1 for the fecond year amounts but to 29,1001. 1 could not think myfelfjufhnedto let it down for more, merely upon a vague eftimate, and contrary to the experience of a fecond year's produce. The new beer duty of 176 1 upon the average of the fecond and third years (the produce of a firft year is fo vague that it ought never to be taken into any eftimate) in which it may be fuppofed to be got into fomething of a fettled way of producing, has amounted to about 522,00c/. per annum : now it has been a point of fome difficulty with me to determine, what proportion of this I mould fet down for the produce of this duty between Chn I - mas and October, which term includes two fummcr quarters, and confequently will not receive any thing like three-quarters of the whole produce of the duty; becaufe the winter is the time for brewing, and the October quarter may very well be fuppofed tobring in a third, part of the wholeyear's income. I o fettle this therefore as equitably as I could, I have allowed 372,000!. which .sjuft between two-thirds and three-quarters, and correfponds exactly with the amount oJ three quarters of a year's annuity charged upon this fund, which wil Chriftmas and October. I think there can b to this, which feems to be fair on both fides, as well as fupport eftimate of deficiencies, which is let at ioo,oool. I ficiency of the duty upon officers and pennons at 50,000! the wine and cyder at 50,000!. more, ( «8 ) not been carried to the finking fund from Chiifhms laft, ib far from any chance of receiving the benefit of any furplus upon this duty to the amount of 124,0001. between this time and October (which is a fallacy that the prefent minifler hopes to avail himfelf of) that the probable furplus on the 5th of January, 1765, would amount to about 30,000 or 40,000 1. but this would not have ferved the purpofe of the prefent year. The amount of which piece of legerdemain is neither more or lefs than this, If the minifter can but fcramble through this winter by exhauft- ing every temporary and deceitful expedient, he confiders it as a matter of no concern to him, in what condition the revenue will be found in October, or what difficulties he may throw upon the fhoulders of another man, provided he can fliift them off from his own. Now that we are upon the topic of the finking fund, I will ftate my idea of it in a very few words. I fhall hope to ex- prefs myfelfin fuch a manner that a plain man may underftand me j as to people in office, I defpair; for, in general, they are fo involved in technicalities, that they cannot fee a thing, unlefs it be in a mift, Total permanent revenue (excluding the land tax, a?id annual malt tax). Cuftoms « 2,000,000 Excifes(exclufive of the annual malt duty 4,000,000 Stamps, houfe duty, fait, offices and pen- fions, port-office, beer licences, and other fmall branches 1,000,000 Total permanent revenue nett(exclufive of the land tax, and annual malt- tax)* i ' 7,000,000 Charges *If any one would know the fum total raifed within the year, he muft add the nctt produceof the land and malt to the perpetual duties, and then it will ftand thus, By perpetual duties, as ftated above « 7,000,000 Nett produce of land at 4s. and malt, about — 2,450,000 Total money raifed within the year ■ » 9,450,000 ( 19) Charges upon the national revenue. • To the civil lift — ; 800,000 To the intereft of the funded national debt , 4*548,835 To the intereft of the navy b>Us charged fro tempore upon the finking fund ■ — 140,000 To the intereft of about 6,000,000 1. of outftanding debts at the rate of 4 per cent, which muft diredly or eventually come out of the permanent revenue 240,000 Total charge 5>7 28 > b 35 The total charge dedu&ed from the total permanent revenue, leaves the total difpofeable money or finking fund ■ 1,271,165 I have now gone through the topics, which I propofed ori- ginally to difcufs 3 but I cannot conclude without a few re- marks upon the general ftate of our affairs. There is a degree of m e in the prefent m againft their c y that is beyond example. They forced themtelves by violence and intrigue into the conduct of public affairs, at a time when I am fure the general voice of their country was loudly againft them. They came in, to expofe the pretended nakednefs of their country, to an enemy who was at the hit gafp They vilified our advantages ; they falfified our ntuation* they proclaimed our diftrefs in the moft exaggerated terms, when that very diftrefs, compared with the real calamities of our enemies, was triumph. Upon that fatal day, when this fyftem of miniftry came to the helm, was firft promulged the deflation and debility of this country. Inftead of (hewing to our enemies the hopcleflhefs of their fituation, they gave them encouragement to expect anuniverfal confufion here; minifter lying in wait to perplex minifter ; brother to fupplant brother ; and the whole fyftem of affairs thrown into a treacherous confternation, Ad- J p vertifements < 2°) vertifements went to the enemy, that, if they would hold their breath but a few hours, we would raife the clamour for peace here; inftead of telling them, that we had at that moment the funds for two years to come*, (which at the pinch of a war is the point gained) and therefore that they could have nothing to hope for, but frill to be beaten for two compleat years, by an enemy in the full career of victory. Neither could this prove a vain boaft, for the faculties of this country were fo far from be- ing exhaufted, that, at that hour, we were provided with funds for more money than all our previous fuccefles had coft us : in- fomuch, that, on the 1 8th of December, 1760, the parliament having provided twelve millions for the next year, we ftill left another fund capable of producing twelve millions more, to be poftponed for the fervice of a farther year, being thus fuper- abundantly provided. In this height of glory did the evil genius of this country aim the fatal blow, which has reduced it to be faithlefs and friendlefs throughout the world. But ftill our fate would not relent ; left public credit mould once more hold up its head, thefe minifters have held the fame deadly hand over their country. T-hey will do nothing themfelves, they will not ftir a finger to relieve us, they will flay till they have feized every beneficial patent and reverfion, and we may be fure that they will not alarm the country by any tax, however neceflary it may be, or however eafily it might have been carried by other mini- fters, whofe credit ftands high in their country. If they can riot in the public fpoils for a few hours, they regard not the confequences, either of public bankruptcy from their neglect of the revenue in the proper feafon, or the difcontents which they have befpoke againft the next adminiftration, who muft either patiently fubmit to the bankruptcy of their country, or lay frefh taxes in cold blood. In fhort, this m act upon * Viz. The beer duty granted in December 1760, and the fpirit duties, •which had been granted the preceding feflion, but were poftponed for the fer- vice of the year 1762. ( 21 ) upon the principle of a fet of (h s, who have laid a bett that their country will expire of the wounds fhe has received in the late war, and therefore will not allow it the fair play to fend for a furgeon. Have not the miniflry boafled that they would raifc the flocks by difappointing the fchemes of thofe who expected to bring their money to a good market, and to profit by the public diftrefs ; yet the flocks have not rifen lince the minifler has declared his intentions againft borrowing : for who can avoid feeing that the evil is only put off till to-morrow. As long as there is fo large a quantity of debt unprovided for, and which the minifler declares he will not provide for, public credit will languifh, while neither the vaunting of minifters nor then- threats will afford any fupport. Has not the minifler told the proprietors of navy-bills, that their not fubferibing to the 4 per cent, annuities was faction ? Has not the fharp vengeance of parliament been held out againfl them as deli?iqucnts ? Have they not been threatened to be paffed over in the courfe of pay- ment, contrary to the exprefs terms of their contract? Have we not heard this proportion enforced upon adiftinction between the faith of parliament, and the honour of parliament ? Does not this diftinction afford an encouraging profpeci to public credit ? I hope the faith of parliament and the honour of parliament will be for ever one -, although we have experience that the faith of parliament and the honour of minifters are to each other as light and darknefs. What meeting was that which was called of the pretended proprietors of navy-bills in January lafl ? How many of them figned a petition to the treafury, re- lating to unfubferibed navy-bills, who were not actually in poffeflion of any at that time ? What is the great cauie of re- fentment and threats for the non-fubferibers of navy- bills made out before December, 1762 ? Plainly this, that the con- tractors, who, fince that time, have taken their naw-bills of the prefent adminiflration, might be brought forward in the courfe of payment as a reward for all their obedience ; while thofe who had made contracts with the former adminiflration were to feel the hand of tyranny and oppreflion. Yet, was not every one at li- berty ( 22 ) berty to chufe whether lie would fubfcribe ? or, if thefe proprie- tors of navy-bills are to be compelled to fubfcribe whether they will or no, why is not this principle extended to all the proprietors of the funds ? Let the minifter publim his edict, that, if they will not be contented to give up half their principal, they fhall never be paid at all, either principal or intereft. In God's name, if public faith is to be violated, let it not be done for a trifle : Be bold j fpunge out half the debt, and annex the intereft to the linking fund. Our minifters boaft that they have raifed the fupplies this year without any additional tax. Now, other people fee all this in a very different light ; for the miniftry have only poftponed the necefTary provifions, they have left near ten. millions of outftanding debt, which, till it is funded, will infallibly deprefs all the other flocks ; we fee that it does fo, as they are at this moment 15 per cent, below par, and this I call a tax upon all flock-holders. Afk the monied intereft, whether the prefent miniftry has laid any tax ? and they will tell you, that their property is worfe by 20,000,000 £. than it would be if minifters would do their duty; and if this is not a tax, let the minifter give his defini- tion of taxing. Then go to the landed intereft, and enquire what merit the miniftry are to claim with them. Their merit is this: that they will not exert themfelves to provide for the ne~ ceffities of the ftate by a plan of diftributing the burthen, and therefore have thrown the whole upon the fhoulders of the landed man ; rather than ftir themfelves to effectuate any plan, by which the landed gentlemen might have to pay no more than their refpective proportions, according to their way of living, they have transferred the whole upon the land, which from henceforward can have no chance of paying lefs than 9 four millings in the pound. That the landed men may fee how decided and hopelefs their fate is, I fhall ftate the current expence, and the annual provifion that there is to fupport it. The ( 23 ) The avowed peace eflabliihment amounts to — 1 ,cco and Mean 13" land at 4s. and malt, which will yield nett about 2,450/. By the finking fund, which, till feme farther proviiion be made for the outstanding debt, will yield no more than about ■ 1,270,000 Total annual provifion for the current expence, during the time of peace, including the land tax at 4s. 3>7 20 > The furplus being about 220,000 /\ is to anfwer all con- tingent expencesj fuch as an occalional fubfidy, a fleet pf ob- servation, and a variety of incidental matters, which in the moil peaceable times mull: occur : in the next place, it is to be applied to the payment of near ten millions of outstand- ing debt, which indeed half a century of undifturbed peace i, poffibly accomplish j and, at the end of this period, the land-ra.: may ftand fome chance of being reduced a few pence below 1 (hillings in the pound. If the landed gentlemen are well plea to take the whole burthen upon their own eftates, (being a mortgage of a million per annum) inftead of paying their mare of any tax according to their domefticconfumption, I hope they have at length met with a minifter to their perfect content. FINIS. BOOKS printed by J. Almon in Piccadilly. I. A LL Mr. CHURCHILL'S PIECES: Alfo his Sermons. II. A LETTER from ALBEMARLE-STREET to the COCOA-TREE, in Quarto, Price 2s. fecond Edition. %* This Piece is extremely proper to be read by all thofe who who have the BUDGET, as it is not only, in part, upon the fame Subject ; but as the BUDGET may, in feme Mealure, be confidered as a Sequel to it. III. A Collection of the mod INTERESTING LETTERS on the Government, Liberty and Constitution of E. that orrne luicnan ui jl-viuuuhi. ^„i.w*vn. 7 ~ ----- - --. with a great Number of original Remarks and Notes. In I Vols. Price 9s. bound, or 7s. 6d. fewed. %,* In thefe Volumes are contained alWhe Authentic Papers relative to the North Briton and the Cafe of Mr. Wilk examined with the originals. IV. A Review of Lord Bute's Administration, Price 2s. V. An Appendix to the Review of Mr. Pitt's, Price is. VI. An History of that Parliament which committed Sir Robert Walpole to the Tower, expelled him the Houfe of Com- mons, and approved of the infamous Peace of Utrecht. Written by Sir Robert Walpole, afterwards Earl of Orford, Price is. 6d. VII. A Letter to the Right Hon. George Grenville, Price is 6d. Fourth Edition, 3 1205 02446 8520 THE LIBRARY UNIVERSITY OF CALIIORNIA ^u 1 -; i< Santa Barbara 4 3 //£ THIS BOOK IS DUE ON THE LAST DATE STAMPED BELOW. !■• IL'T, Series 9 182