progress of redemption, be found in their care from 20 to 30 millions of stock. We had raised by loans in the present year, no less a sum than 45,500,000l. The House would consider the prospect before us less gloomy than it might otherwise appear when he stated that it was probable, for the reasons which he had assigned, that in the next year the loan required would not exceed 20 millions, and from 20 to 30 millions of stock would be applicable in the hands of the commissioners. But what had induced ministers to prefer having recourse to a public loan, rather than to a more onerous, though a more provident and certain mode of meeting the exigencies of the case, was this-they had reason to hope the contest might be short. In whatever light the subject was viewed, whether we supposed the government of Bonaparte was only established over France by the domineering power of a mutinous army, or whether it was assumed that he was invested with the sovereign authority by the suffrages of the nation at large in the present instance, it could not affect the measures which it had become necessary for England to adopt. Placed in that situation which we occupied, and deeply pledged in respect both of honour and of interest to support at any hazard the system upon which the peace of Europe had been restored, we could not but join with the Confederated Powers to give France encouragement to declare herself, and to enable the Royal party to struggle for the liberty of their country before its present Chief should be in possession of its whole resources. How far the enterprise might succeed, he could not say. But hearing as he did, in many parts of France, murmurs half suppressed, and seeing in others open hostilities against the ruling power, he could not but cherish a belief that the real supporters of Bonaparte were very few indeed, beyond the limits of the Army, which had been accustomed to live under his banners. But supposing, for the misery of mankind, and most of all for that of France, that, carried away by her lust for military triumphs, she should prefer a warlike chief to lead her armies to the conquest of Europe, and that for such a character, she had deliberately rejected a mild and moderate government, terrible as it might be to combat the whole strength of France embodied under such a leader, such a consideration would make little difference with respect to the measures that ought to be pursued. Greater means ought, in fact, to be put forth, and more intense energy exerted to crush a Government, in its nature inimical to all other governments. He was unwilling to believe that France had acted such a part; that she had rejected the sway of a moderate and legal prince, for one who ruled without law, and who even now trampled on the constitution he so recently pretended to establish. Such a power must be combated. It must find its end in internal discord or by external force, or it would never rest satisfied till its military domination extended over the whole of Europe. He would not however suffer himself to be led into the discussion of topics, however interesting and important, which were not immediately under the consideration of the Committee, and was not aware that he had omitted to state any thing necessarily connected with the business of this evening; but he should hold him self ready to offer any further explanation which might be required by the Committee. He then moved his first resolution, which was, "That, towards raising the Supply granted to his Majesty, the sum of 36 millions be raised by Annuities, whereof the charges of 27 millions are to be defrayed on the part of Great Britain, and 9 millions on the part of Ireland." May 27th, 1816. Mr. VANSITTART, before he took a view of the Supplies and Ways and Means for the year, stated the course which had been taken with the Bank; which was to advance the sum of three millions, at three per cent. on the condition that the Corporation should be permitted to extend their capital to fifteen millions; with a further proposition, that their promissory notes should continue to be received in payments made at the Treasury. By this plan, the Bank would divide something more than three millions of their own money, its capital would be increased, which he thought quite proper when such an increase in the issue of paper had taken place, and the public would obtain a large sum at the low rate of three per cent.-Proceeding to the Supplies for the year, the Expenditure would stand thus: Total Amount of the Army Miscellaneous Service -Navy The annual charge of the National ing a total debt of 39,302,000l. to this year might be taken at 3,500,000l. The Bank Advance of 6,000,000, the Lottery 200,000%., and the surplus of the Unapplied Grants, which amounted to 5,663,000. The right hon. gentleman here explained the cause of the magnitude of this sum, which he had on a former occasion estimat ed at only three millions.-The Committee, he said, knew that an the Unclaimed Dividends with the arrangement was made respecting Bank. It was found, that a sum of about 301,000l. was available for the public service. The Bank stood in the double capacity of agents for the public and for stockhold. ers. They, it was clear, had no L.10,564,000 right to retain money in their hands which was not likely to be called for. It therefore appeared to him proper to transfer the sums in their hands over for the public service; meaning to include all Stock up to the last ten years unclaimed, and providing that a re 9,434,000 To these sums various minor ones were to be added, among them, for an intended new Silver Coinage, about 500,000/-all these gister should be kept, at the Office, of the Commissioner, of each person's Stock, so that, in the event of a claim, not the least difficulty would occur. The next item was the small balance in the Exchequer, about 140,000. this would be made available for the public service. There was no intention, therefore, to increase the unfunded Debt, but rather to decrease it. He then proceeded to recapitulate the several items of Ways and Means to meet the expenditure. Twelve millions had already been granted by the House in Exchequer Bills: and he should propose a further Vote of one million to meet the Debentures, making together 13 millions in Exchequer Bills, to meet the Property Tax deficiency and the deficiency of the Malt Tax. There would be the Bank Advance of six millions; 2,500,000 in Exchequer Bills; a further advance of three millions from the Bank; 440,000l. in unclaimed Dividends, and some other surplus. Thus the only new unfunded Debt which would be created-and they could scarcely be called unfunded Debt, as it would be charged on the Consolidated Fund. The whole of the new Debt created this year would be: First, six millions advanced by the Bank, a second advance also by the Bank of three millions, and 2,500,000l. in Exchequer Bills, making together 11,500,0002.: whilst we should, in the course of the year, pay off upwards of 14 millions; and even taking the Irish Account, the sum paid off this year would exceed that borrowed by 2,951,000l. This, he trusted, would be found a most satisfactory view. He believed it had very seldom occurred that it VOL. I. had been found practicable to reduce the public debt immediately after the close of a long war, before the nation had properly got to its peace establishment. Instead of being able to do this, it had commonly been necessary to call for large loans in the first year of peace. Under such circumstances, though the state of the country was not every thing he could wish, he was so far from feeling apprehension, that he could see nothing to fear, and every thing to hope, from the wisdom, firmness, and moderation of Parliament. He had now to explain the manner in which he proposed to pay the interest of the money borrowed for the service of the year. The charge incurred by the first advance of the Bank was 300,000l. the second 120,000l. total 420,000%., of this only 120,000l. would be charged on the Consolidated Fund. The Soap Tax would produce about 200,000l., and the new duties on butter and cheese about 100,000/. if the trade continued as at present, or allowing for its falling off about 50 or 60,000l. He further had it in contemplation to submit to the consideration of the House, a new arrangement with respect to the drawbacks on sugar, the produce of which, added to the 250 or 260,000l. which he calculated on deriving from the sources already mentioned, would be more than enough to provide for the charge created by the interest on money borrowed. He concluded by moving that the Committee should accept and agree to the proposition of the Bank Company, granting a loan of three millions on the condition that they might extend their capital. 3 E AMERICAN FINANCE. Extract of a Report of the late Secretary of the Treasury, to the Presi dent of the United States; accompanying a Message from the President, to both Houses of Congress, made December 3, 1816. THE Secretary of the Treasury has the honour to submit to the President of the United States the following general sketch of the finances, with reference to the 1st of August, 1816, comprehending I. A view of the sources of revenue, and the objects of public expenditure. II. A view of the fiscal measures during 1816. I. A view of the sources of revenue, and the objects of public expenditure. REVENUE. The return of peace enabling the legislature to alleviate the burdens imposed by the necessities of the war, congress, during the last session, discontinued, or reduced,' the following duties and taxes: 1. The acts imposing duties upon articles of domestic manufacture, were repealed. 2. The acts imposing duties on furniture and watches, were repealed. 3. The duties imposed on licenses to retailers of foreign merchandise, &c. were repealed. 4. The duties imposed on spirits, distilled within the United States, were reduced, and the collection modified. 5. The rates of postage, were reduced. 6. The direct tax was reduced from 6,000,000 of dollars to 3,000,000 of dollars, and was imposed for one year only. 7. The double duties on merchandise imported were discontinued, and a new tariff established. The discontinuance and reduc tion of the duties and taxes, (independent of the impost,) may be estimated at the annual amount of $8,000,000; with the contingent diminution of 3,000,000 more, if the direct tax should not be continued after the year 1816. But, the remaining sources of revenue were ample for the maintenance of the public credit, and the prosecution of a liberal and provident policy. They consist1. Of the customs, including the duty upon salt, according to the new tariff of duties. 2. Of the direct tax imposed for 1816. 3. Of the internal duties on 5. Of the product of fines, pe- To these sources of revenue, must be added the auxiliary authority to issue treasury notes of vari. ous denominations, and to receive money upon loan. The authority was necessary, in anticipation of the revenue, throughout the year 1815, to meet the arrearages of the war expenditures; to discharge the floating public debt of treasury notes and temporary loans, and to pay the instalments of the principal and the interest of the funded public debt. But the treasury would no longer require the aid of loans, or treasury notes, if the facilities of transferring its funds, from place to place, had not been destroyed when the national currency became extinct. The committee of ways and means have heretofore estimated the annual product of the customs, according to the new tariff of duties, at about the sum of 17,000,000 dollars, and although, for the present year, the amount will be much greater, in consequence of the late excessive importations, the estimate of the committee may be accepted as a just measure of the permanent annual product of the customs, for the purposes of a peace establishment. The annual product of the direct tax, the internal revenues, and the sales of public lands, has, in like manner, been estimated at about the sum of 7,000,000 dollars; making, upon this general view, and supposing a continuance of the direct tax, a permanent annual revenue of about 24,000,000 dollars. EXPENDITURE. It is not intended, in this preliminary view of the objects of public expenditure, to embrace the temporary objects, arising from the war, but those only of a permanent nature, upon a peace establishment; and which have heretofore been estimated at an annual aggregate of about 24,000,000 dollars. 1. For civil, diplomatic and mis cellaneous expenses. 2. For military expenses, inclu ding the Indian department 3. For the naval expenses, in cluding the annual appropria- 4. For the instalments and in- It is proper to remark, that temporary loans and treasury notes, issued under the authority of acts passed prior to December, 1814, were charged on the sinking fund; but as the current revenue will afford the means to satisfy those demands, in the course of a few months, the floating debt is not enumerated with the objects of annual expenditure. It is also proper to remark, that the principal of the Louisiana stock is reimburseable at the treasury of the United States, in four annual instalments, commencing in 1818; and that, by the operation of the sinking fund, the old six per cent. stock will be extinguished in 1818; the deferred stock in 1824; and the Louisiana stock in 1822. The stock created on account of the war debt is charged upon the sinking fund, and becomes redeemable at various periods, between the years 1825 and 1828. For the details connected with this general view of the sources of revenue, and the objects of public expenditure, it is sufficient to refer to the annual report from the treasury department, dated the 6th of December, 1815; the report on the subject of the new tariff of duties, dated the 12th of February, 1816; and the report of the committee of ways and means, dated the 9th day of January, 1816. The sequel of the present |