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taxes were great, and burdens heavy, the means of procuring the neceffaries, and all the reasonable comforts of life, were easier to be obtained, and enjoyed in greater fecurity, than any other under the fun.

On the other operation of finance, that of railing one million five hundred thousand pounds by exchequer bills; he begged the indulgence of the Houle, to permit him to explain himfelf, how that loan could with propriety be encreased. The circumftance on which it depended, was not, he allow ed, properly before the Houfe; but it was connected with it, and was this. In the year 1773, government iffued one milion four hundred thousand pounds exchequer bills, to enable the Eaft India company to discharge its engagements to the bank, and to extricate it out of its other difficulties. One million one hundred thousand pounds of which has been fince paid, fo that three hundred thousand pounds only of that loan now remained in circulation, which gave government a favourable opportunity of iffuing two hundred and fifty thousand pounds worth more than they did laft year without running the risk of a glutted mar. ket. On this ground, therefore, it was, that he encreafed the exchequer bills two hundred and fifty thousand pounds, that is, from one million two hundred and fifty thousand pounds, to one million five hundred thousand pounds.

He repeated that the money to be borrowed and funded, would be two millions one hundred and fifty thoufand pounds. In this operation, he had two points principally in view; one was to make the beft bargain he could for the public; the other, to give the ftock holder a reasonable profit and encouragement to fubfcribe: both thofe he flattered himfelf would be fatisfactorily obtained. It is true, there would be a nominal lofs to the public of 15 per cent. but it could not poffibly be otherwife, nevertheless the fubfcriber would be no real gainer, on account of the very low price of stock; for the premium of feven pounds ten fhillings on every hundred pounds fubfcribed, and the profit on the lottery tickets, would not amount to more than a fair market price, or equivaJent.

The intereft on the ftock would be

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fixty-four thousand pounds; and as it was not meant to load the finking fund with any burdens, for which it does not stand abfolutely engaged, the intereft money, as he observed before, muft be raised and paid by new taxes.

Taxes, he obferved, in all countries, fhould, as much as it was practicable with any profpect of fuccefs, be laid upon luxury and the elegant conveniences of life: in countries particularly the trade and confequent opulence of which, depended upon the wildom of its commercial regalations, In the taxes he now meant to submit to the confideration of the committee, he intended to keep this great object steadily in view. He was aware, that when great fums were wanted, such a mode of procuring them would not anfwer, becaufe, not being proportioned to the magnitude of the demand, in fuch cafes, the burdens muft be borne by the bulk of the people, who were only capable of bearing them; but in every financial operation, fimilar to the prefent, luxuries ought to be taxed, in preference to the neceffaries of life; the rich, idle, and diffipated, in preference to the laborious, induftrious, and neceffi tous; befides, another powerful confideration pointed out the propriety of fucha conduct, because every tax, that tends to enhance the value of our native manufactures at foreign markets, ought to be ftudiously avoided, for in fuch cafes, we run the risk of not only lofing the tax, but the manufacture, which was the object of it.

The tax on four-wheeled carriages, though vehicles of neceflary convenience, as well as luxury, might, on the grounds of taxation now explained, be properly considered solely as a luxury, because none kept them, but fuch as were really or nominally opulent. The tax upon two wheeled carriages came under the fame defcription, in a fecondary degree; but on infpecting into the produce of the last mentioned tax, it was difcovered, that it decreafed while the former proportionably encreased. The number of fourwheeled carriages, he informed the committee, which paid the last year, was 18,600; but fuppofing that gentlemen who had feveral, would lay down one or more of them; or that a confiderable number of four-wheeled carriages

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carriages might from other caufes actually decrease, he would, in his computation, ftrike off fixteen hundred, fo that the number, at the most moderate eftimate, might be computed at feventeen thousand, which, at twenty thillings each, would produce feven thousand pounds.

The next proper object of taxation, would be ftage coaches and machines. He faid, that gentlemen who paid the tax for their own carriages, thought it a little fevere that hackney carriages fhould be exempted; particularly when they faw four, five or fix infides, and eight or ten outfides daily paffing them on the road, without contributing a fhilling towards the public expence. The number he fuppofed amounted to about four hundred, tho' he had fome reason to believe theywere confiderably more, which at five pounds each, would produce two thousand pounds a year.

There had been already stamp duties impofed upon all deeds and paper writings fealed; but he imagined from the ealy manner in which thofe duties were collected, the benefits that are supposed to mutually arise to the parties at the time, with the fmallness of the demand, rendered them a very proper object of taxation, and fit to bear an additional fhilling. The fhilling ftamp laid on in 1736, produced he faid the last year thirty-two thoufand pounds; but taking the average number to be thirty thoufand, the additional fhilling he propofed to lay on, would bring thirty thousand pounds into the Exchequer.

Cards and dice were known he faid to be juft objects of taxation, in the lift of luxuries. One hundred fixty four thousand packs of cards had been ftamped the last year, which at fixpence each would produce four thousand pounds and upwards, including the half crown ftamp intended to be impofed upon dice; there were fixteen hundred pair ftamped the laft year, which at half a crown would produce two hundred pounds.

News-papers in general, he thought very proper objects of taxation. He faid it was the opinion of many, that they do more harm than good, while others thought them of great public benefit, and utility. For his part, he did not at prefent pretend to decide upon this effect, one way or the other;

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yet he could not help remarking, that they inculcated one thing, which could be contradicted by aimoft univerfal experience, which was, that the liberties of this country were in danger, from cruel, ambitious and tyrannic minifters, when under this terrible oppreffive and tyrannic government, newswriters were daily permitted to mifre prefent the public conduct, and to unjustly afperfe and calumniate the characters of those very men with confidence and impunity. He faid he would inform the Committee of a fact that muft afte nish them; it was fcarce to be credited, that thofe calumnies and falfhoods were propagated in the courfe of a year, in no less than 12,230,000 News-papers, as appeared by the last returns received from the Stamp Office. It was difficult to determine whence this avidity for reading News-papers arofe. He could not fay, that it was from a thirst of knowledge or improvement. He prefumed therefore, it was from a defire of knowing what was paffing, of wasting and mif-fpending half an hour, that lay heavy on their hands, or from an idle, vain, trifling curiofity.-Let the reafon however be what it might, it was a fpecies of luxury, that ought to be taxed, and from the ungovernable propenfity just mentioned, would, he made no doubt, well bear it.-He faid, by the last returns into the Stamp Office, the amount of the penny ftamp was fifty thousand pounds. He propofed to lay on an additional halfpenny, which, if the fale were to continue the fame, would produce twenty-five thoufand pounds: but as the fale might fuffer fome diminution, fo as to encrease the returns of papers unfold at the Stamp Office, which decrease of fale muft of courfe affect the penny ftamp, he would compute the additi onal tax at no more than eighteen thousand pounds per annum. Taking thofe feveral fums together, they would be found to make about feventy or feventy-two thousand pounds, from which the intereft of the propofed loan, fixty-four thousand pounds, being deducted, there would remain a furplus of fix thoufand pounds to be carried to the credit of the finking fund, provided the taxes propofed fhould pro duce the fums now ftated.

He next reminded the committee, that while new taxes were confeffed 4 D 2

on

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on all hands to wear a very difagreeable appearance, that they were in the prefent inftance the creature of neceffity; a neceffity however, he flattered himself, that would terminate happily to the honour of this country, to the restoration of peace and governmental protection of America, and to the mutual profperity and advantage of both. That he was proud to repeat with pleasure, because he was authorized by truth, that the power and wealth of this country were great, and its fpirit high, unbroken, and undifmayed; notwithstanding the pains that had been taken, day after day in that Houfe, to depreciate one, and traduce and vilify the other. Though Englishmen were degradingly held out to the eyes of the public, and all Europe, as tame, daftardly, and fpiritlefs; though this country had been defcribed by the fame persons, almost finally exhaufted, borne down by taxes, and on the eve of a general bankruptcy; though the disappointments of the laft campaign had been with a kind of malignant pleasure magnified into fo many actual defeats; and though America had been reprefented by them to be the feat of virtue, liberty, courage, and the most unexampled heroifm; he trufted fill, that Britain had the spirit left to affert her rights, to refent the unprovoked, ungrateful in fults he had received, and to convince her public and domeftic enemies, that as he had the will, fo the had the means of repairing her injured honour. When this country was roufed to a proper fenfe of her injuries, the never failed to chaftife the infolence or treachery of her foes, whether foreign or domeftic. However flow or indecifive the might have been in the beginning, which was an inevitable confequence arifing from the nature of the conftitution, experience had repeatedly taught her enemies to their cot, that fhe was not to be injured or infulted with impunity.

He obferved, that the propofed loan would turn out more advantageous to the public, than it would have done a few days fince, because the 3 per cent. confolidated annuities, had fallen an or 4 per cent. within three or four days, on account of a pretended, he prefumed, fabricated account, faid to be received from Jamaica, of the hof

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tile preparations of the French and Spaniards in that quarter, in confequence of which, the Governor thought it neceffary to iffue a proclamation to put the island under martial law, in order to collect its military and established force for its defence. He could not think of paffing over fuch a report entirely in filence, or fuffering it to remain uncontradicted. This one circumftance alone, if there were not innumerable others, was fufficient to fhew its fallacy, and detect the impofture, which is, that the Governor would never have permitted the veffel to fail for Europe, which was faid to have brought over this pretended intelligence, without fending an account of it to Government. He was afhamed to trespass on the patience of the committee; he could only overthrow it by one clear compendious anfwer, that it was totally falfe, and unworthy of public attention.

The bank of England, its fupport, and refources in feafons of difficulty, and the general state of public credit, were the next objects that drew his attention. He contended, that the bank of England was no lefs fupported by its own ability, than its strict adherence to its engagements, and its unfullied, unfpotted, punctilicus adherence to all its engagements, and prefervation of public faith. These, he faid, were matters fo well known, that they not only fecured to it a credit and reputation within the island, and the empire at large, but throughout the mercantile and trading world. He alluded to the political and financial difquifitions of Doctor Price and Lord Stair, feveral of whofe argu. ments were built on mere hypothetical reafonings, he faid, or on facts mifftated or misconceived. Thofe kind of inquiries frequently, he allowed, contained matter well worthy of public and private attention; but there was one obfervation that experience uniformly taught him on their pėrufal; that however their facts might be true, their reafonings plaufible, and their conclufions apparently pertinent and juft, their predictions on the whole were feldom verified by the event.When even men, the beft verfed in bufinefs, occupying the most weighty and refponfible stations, trained in all

the

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the details of office, having indeed the whole fubje&t, from its very origin to its conclufion, as it were before them within a fingle glance of their eye; whenever they quitted practice for theory, probability for fact, and remote fpeculation for actual experience, they were no lefs liable to fall into error than more abstract reafoners. Such was the cafe of a great minifter, who had long fat in that houfe, (Sir Robert Walpole, created, on his refignation in 1742, Earl of Orford) and who was often heard to say, that whenever the national debt amounted to a hundred millions, it would become bankrupt, and would confequently be undone. The event falfified the prediction of that able ftatefman, for in lefs than thirty years after pronouncing this authoritative fentence, the nation owed nearly one hundred and fifty millions, and was neither bankrupt nor undone.

He faid great pains had been taken in print to decry the Bank and depreciate its credit; but he hoped the attempt would prove as fruitless as he was convinced the charge was illfounded. It had been called a bubble; but to apply the words ufed on another occafion, if the Bank was a bub ble, fo was the world.-Many arguments had been used both within and without doors to prove that an improper connection fubfifted between Government and the Bank, which gave the minister a dangerous influence over that company; if by the minifter was meant the firft commiffioner of the Treafury, he could fairly anfwer, that no fuch influence exifted; if it had, he hoped he would exert it to effect the best purposes, in procuring the welfare of the public. It was afferted too, that the Bank had joined adminiftration against the people, than which nothing could be more fallacious and abfurd, both in point of fact and application; for by fup. porting and co-operating with government, they effentially ferved the people. -He need not adduce a ftronger proof of the abfordity of the charge, than this fingle fuppofition, that the people by their reprefentatives in parliament, fhould withdraw their confidence and fupport from their prefent adminiftra tion but for one day; he would pledge himself that thevery next the individuals

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who compofe it, would have no more influence or intereft with the Bank, than any other fet of men whatever On the whole, he could not, he said, recollect a fingle inftance in which the Bank had affitted government, which was in fact affifting the public, but in circulating the Exchequer and Navy bills.-That neceffary accommodation threw them with more facility into circulation, brought them to market with greater advantage, and lowered by that means the premium full balf per cent.

It might be objected, that the fums already granted, and the fervices already provided for, would not be fufficient, particularly that no provifion had been made for the army extraor dinaries, which by the experience of laft campaign, as well as all preceding ones, would be a certain expence. He forefaw the objection, and if something material had not prevented him, he meant to have taken his Majefty's directions on that point. He would however take the earlieft opportunity to mention it to his Majefty, the confequence of which he presumed would be, having it in charge to deliver a meffage to that houfe, defiring a vote of credit the next day.

The events of war he faid were uncertain; he had nevertheless every reafon to be fatisfied that fuch meafures had been refolved on and were, meant to be carried into execution, as would bring America back to a sense of her duty, and to that ftate of conftitutional obedience, which he owed this country. There was nothing he more carnefly defired, nor nothing he more fincerely wifhed to avoid, than to be obliged to compel either, by force of arms, were it poffible to effect it otherwife.-He defired accommodation, in preference to trufting to the events of war, if it could be obtained confiftently with the dignity and honour of the nation, and the legifltive rights of parliament.-He was heartily difpofed to accommodate or treat with America in the pureft principles of tenderness and affection, but he trusted to the fpirit of the people of this country, that they would not fubmit to behold their most valuable and important rights wrefted from them before their face, by open force, violence and rebellion, but that they

would

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would call forth that strength, which was known at all times to be invincible when fully exerted.

In reply to a paffage on Dr. Price's pamphlet on Civil Liberty, which treated of the dangerous itate of paper credit, and which threw out fome conjectures relative to the amount of the current fpecie of the kingdom, he faid that the writer was totally mistaken; for fo far from the current fpecie decreafing, he was confident and could prove that it had confiderably encreafed within the last fifty years. He faid nine millions had been coined fince the calling in of the gold at the Tower; that four millions of light and cut gold remained at the Bank ready for coining; that the next proclamation would at least bring in three millions; that the heavy old gold in circulation might reafonably be eftimated at a million; and that the filver coin was never computed at less than three millions; the whole of which amounting to twenty millions, was at leaft five millions more than any accurate authoritative computation of the current fpecie of this kingdom had ever amounted to.

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He concluded a speech of full three hours long, with a grand political and minifterial varnish, in which he returned once more to the wealth, ftrength and high spirit of the nation when roufed; obferving what a pitiful aukward figure we made at the commencement of the late war; marking frong y at the fame time the illfounded predictions and exaggerated mifconceived picture, drawn by the grand estimator of the times (Dr. Brown) and reminded the committee how vigorously we fupported that war, which was fo feebly and difgracefully commenced, and how gloriously and honourably it was terminated.

Several of the gentlemen (Meffrs. Barre, Fox and G. Johnftone) fuppofed to be alluded to in the Minister's fpeech, which afferted that the nation had been vilified, its spirit and ability queftioned, its condition mifreprefented, and feveral unfavourable and mortifying comparisons made between it and America, rofe to exculpate themfelves; they directly denied the charges thus obliquely, and they faid, infidiously made, It was not, that

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this country wanted courage, and fpirit; but it was that the war was unpopular, and the people in contęquence of its injuftice and unpopularity, were languid, divided, and irrefolute. They obferved, it was happy for Minifters that the people were thus affected, for if it had been a foreign war, fupported by the public voice, that had proved thus unfuccefsful, they would probably, ere then, have anfwered for it with their heads.-They complained, and with great juflice in our opinion, of the conduct of the Minifter. It was well obferved by them, how very unfair it was, for the Minister by his influence and agents, to but out strangers during the whole courfe of that feffion almoft, but that day; and on that day, when those who were to be worked upon were prefent, to make charges which it was impoffible to dif prove, at least to the fatisfaction of those on whom they were intended to make an impreffion.-For three months, on a ftretch, the public are precluded from knowing a fyllable that paffed within thefe walls; at the end of that period, they are admitted purely to mislead them, by informing them of matters which never passed. They urged, it was no lefs unparliamentary, than uncandid, that the doors were opened merely to let the public hear the Minister pronounce his own Eulogium, to misrepresent his adverfaries, to mislead his auditors, and to create a popular difapprobation of his oppofers, upon facts as illfounded as the conclufions, were the premifes true, would have been forced, unnatural and unjuft.-It was urged with remarkable propriety, that the gallery, as far as the perfonal convenience of the members would permit, ought to be left open for the admiffion of ftrangers; that the pretence of the not difpenfing with a tanding order, was a trite abfurd fubterfuge; and that it was plain, that the rigid obfervance of the order of late, was not fo much the fenfe of the House as of a few individuals, and their fubordinate inftruments.

The fpeaker feeling himself very fenfibly burt by what was now objected, faid he could not fit filent and hear the shutting of the gallery doors against ftrangers, imputed to him; that what

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