WeRead Powered by ReaderPub
The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria cover

The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria

Chapter 460: PITT’S FINANCIAL STATEMENT.
By Edward Farr
Open in WeRead

Explore more books like this:

History - BritishHistory - Modern (1750+)History - RoyaltyHistory - Warfare

About This Book

The volume traces British political, parliamentary, and military developments from the accession of George III through the early nineteenth century, chronicling changes of ministry and cabinet, debates over colonial taxation and the American conflict, parliamentary controversies involving figures such as Wilkes and Warren Hastings, questions of Catholic relief and slave-trade abolition, and responses to the French Revolution and Napoleonic wars, including major naval and continental campaigns, the union with Ireland, and domestic legislation on finance, civil liberties, and parliamentary reform.

PITT’S FINANCIAL STATEMENT.

On the 11th of March Pitt brought forward his budget for the current year: estimating the expenses at £11,182,213, and that of the ways and means at £8,299,696. He proposed to raise the deficiency by loan, and to defray the interest by rendering permanent some of the temporary taxes imposed on account of the Spanish armament. In his speech Pitt made some remarks which show that he had then no idea of the subsequent enormous increase of the national debt and national taxation. He observed:—“I do not think it useless to suggest some observations with respect to this war in which we are engaged. The excess of the permanent revenue, if kept up, is not less than £900,000 above the peace establishment; which, even if destroyed by war, will leave the country in possession of all its ordinary revenue. This £900,000 I am desirous to leave as a security against those contingencies to which war is liable.” The sum borrowed was £4,500,000, and the terms were that for every seventy-two pounds advanced, the lender should be entitled to one hundred pound stock, bearing interest at three per cent. Pitt said that he expected to have made better terms for the loan, but he had not received two offers for it. Among other resources, the sum of £675,000 was to be raised by lottery, which was warmly opposed, but which, after a debate wherein several regulations were laid down to diminish the practice of insurance, received the consent of the house.