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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 773: FINANCIAL STATEMENT.
By Edward Farr
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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.

FINANCIAL STATEMENT.

A series of financial resolutions was moved by Mr. Vansittart on the 3rd of June. These resolutions stated, that by the removal of certain taxes, the revenue of Great Britain was reduced by £18,000,000; that the interest and charge of the funded and unfunded debt of Ireland exceeded the whole revenue of the country by £1,800,000; that it was necessary to provide, by a loan or other means, for the service of the present year, the sum of £13,000,000, which, deducted from the sinking-fund of £15,000,000, reduced it to £2,000,000; and that for the purpose of raising this sinking-fund to £5,000,000, it was necessary to impose annually the amount of £3,000,000. This sum parliament agreed to raise by a large duty on foreign wools, and by smaller duties on other articles, such as tobacco, tea, coffee, and cocoa-nuts. Two loans of £12,000,000 each were also raised; one of them supplied by monied men, the other derived from the sinking-fund. Out of these sums there was to be a surplus, of which £5,000,000 were to go towards the repayment of the debt due to the Bank, as recommended by parliament previous to the resumption of cash-payments; and £5,597,000 to the reduction of the unfunded debt. “In adopting this course,” the speaker observed to the prince regent at the close of the session, “his majesty’s faithful commons did not conceal from themselves that they were calling upon the nation for a great exertion; but well knowing that honour, character, and independence have at all times been the first and dearest objects of the hearts of Englishmen, we feel assured that there was no difficulty that the country would not encounter, no pressure to which she would not cheerfully submit, in order to maintain pure and unimpaired that which has never yet been shaken or sullied—her public credit and good faith.”