If again we

that period nearly in the proportion of two to one. look at the exports, which afford a better test of wealth, we fhall find that in 1784 they amounted to 10,409,713l. and in 1799 to 19,771,510l. affording an increase of more than nine millions, being again nearly double on the comparative view of thofe different periods. Looking at the average of fix years of war in 1784, and fix years of war in 1799, in the first of those periods our exports are 8,616,660l. in the last 17,154,3231. making an increase of 8,537,6631. When we turn our eyes to the ftate of our exports in foreign' merchandize, the profpect is ftill more flattering. In 1784, the total amount of foreign merchandize exported was 4,332,9091. and on an average of fix years, ending the 5th of January, 1784, was 4,263,9301. In January, 1799, our foreign exports`amounted to 14,028,000l. being an increase of 3 or 4 times what it was in 1784; and if again we take the average of fix years of war ending in 1784, and of fix years ending in 1799, the amount of the average exports in the latter year being 10,791,000l. we fee an increase as three to one. If, therefore, we look to the exports and imports, we fee that they are increased beyond all comparifon. I come next, Sir, to the refolutions that relate to the expences within the year; and undoubtedly our expences are great and heavy. We have been obliged to impofe taxes which produce a preffure on many claffes which I regret and lament; but ftill I cannot but regard it as the best proof of wealth, that the country is able to bear its increased burdens without undermining its capital or endangering its credit. The honourable gen-"

tleman and myself do not materially differ in the statement we make of the expences; fome trifling difference will, undoubtedly, be observed to prevail between us, but they are unimportant. In the first place, I must deduct fomething for the Imperial Loan, because I cannot recognize the principle that the intereft of it never will be paid, until I have proofs before me that the Emperor will not keep his faith. The amount of the expences of the year 1799 is 59,389,2021.; and comparing that fum with the net expenditure, as stated by me when I laid the ways and means before the House, I believe it will be feen that I was pretty correct. But if that expenditure is great, great alfo must be the wealth of that country which fupports it, and still goes on increafing in wealth and power. However, you will perceive, Sir, that by my fixteen refolutions I provide for the whole of the expences of the year, with the late tax on Income, the tax on Imports and Exports, Inftalment on Aid, Surplus of Confolidated Fund, Repayments from Grenada, Imprefts and Lottery, the Loan of 15,000,000l. a Loan of

3,000,000l. for Ireland, and 3,000,000l, of Exchequer Bills. I admit that the expenditure is great; I admit the country muft feel it; but if we find it defrayed without checking the adventurous spirit and commercial industry of the people, our prospect is confelfedly flattering. With respect to the expenditure after the war, what that is to amount to will greatly depend upon events which we cannot forefee, and on the wifdom of the Legislature. No doubt. the fum will be great; but gentlemen must remember, that before the last peace a vaft fum was voted for repairing the navy, the expences of an armament, and the fum voted to the American Loyalifts. These are the points of difference between the honourable gen.. tleman and myself. But when fortunately we are again on a peace establishment, fuch articles of expenditure will not call for provi fion; or if our navy does require repair, its prefent condition, and its condition at the period above named, are effentially different. I fhall take the expence of the peace establishment at 24,000,000l. and I fhall obferve here, that I have no objection to adopting the language of the honourable gentleman, by adding, "exclufive of the expences of winding up the war." But I defire to obferve that the winding up cannot very much increase the regular expenditure. Now, as to the means of the country to fupport itself, and to redeem the accumulated debt of thirty-five millions, I beg leave to remark, that although the Income tax is now taken at 7,500,000l. I fhall estimate it at 10,000,000l. what it was originally stated at, and that because we are not yet able to afcertain what will be the produce of a new tax, and farther, because I think we ought to take steps to make it productive to the amount required. I wish to be underftood. The reason I fhould recommend it to the Houfe to take fuch freps would be to prevent a greater mifchief-the increafing the burdens of the nation. But I hope, Sir, the tax will be found to yield its full amount by merely altering the mode of collecting it; and here I must fay, that if any evasion should be traced, it ought to be rigorously corrected; and fo neceffary do I confider the tax, that I should even propose to raise the rate, fo as to produce its full amount. In proceeding to confider what would be the expenditure, or rather what would be the taxes to be raised in peace, I must add, that while I admit 24,000,000l. there is included in it 10,000,000l. not as expence, but which is to be confidered as a fund to reduce the debt, to liquidate the 35,000,000. already alluded to. However, I have no objection to the honourable gentleman's refolution, in which he states the time when, according to it, the 35,000,000l. will be redeemed, because I with the country to fee how differently it will be burdened by raising 7,500,0001.

inftead of 10,000,000l. The honourable gentleman fuppofes that that debt will be paid off when the funds are at feventy per cent.; but I have other expectations. I think I have clearly demonstrated, that however great may be our expences, our refources are still greater; and I may add, that the expences of the enemy are in every refpect great beyond their means, and out of all comparifon greater than out expences. I think it unnecessary to argue this point, for the general voice of the country is loud for every honourable and patriotic exercife; and if our exertions have been great, I am convinced they will increase in any neceffary proportion to the danger that may affail us, moft effectually to repel an audacious and reftlefs enemy. Feeling, therefore, the fituation of the country, I thought it my duty to fhew the world what was our wealth, and what our refources; and being perfuaded of the immenfity of both, I could not agree to the refolutions of the honourable gentleman. For the fame reafon I thought it neceffary to add to thofe refolutions. The honourable gentleman has stated his apprehenfion, that when the war is over, the country will repine at its burdens, and will think it hard to continue four or five years fubject to the tax on Income; but gentlemen will be at pains to inform the country of its real fituation. If, instead of gloomy pictures, we exhibit the real face of our affairs; if told, that in point of fact, by continuing that tax, they fave taxes for thirty-five years, (for fo long muft it be before the 35,000,000l. could be redeemed); if gentlemen will do this, I am convinced we fhall not hear repining; we shall find that patriotifm prevail which so much distinguishes our nation; we shall fee them refufe to fupprefs the warmth of their zeal, or relax the ardour of their patriotism; and to fupport fuch a tax for fuch purpofes is worthy of any Community and of any Legiflature. Suppofing, however, that the price of stocks fhould, at the conclufion of peace, be fuch as is calculated, ftill I have the fatisfaction of knowing that we have 4,500,000l. for the redemption of our National Debt.-Mr. Pitt then obferved, that by the means fuggefted we should free pofterity from the burdens which our forefathers had shifted from themselves; and there was no man who muft not fee with pleasure that the refources of the empire will thus be ftrengthened, and that the country would by this plan be free from every apprehenfion of any of thofe confequences upon which our enemies had placed their chief reliance when they meditated our deftruction. It must afford a peculiar degree of fatisfaction to contemplate, that according to this plan the whole of the debt incurred in the courfe of the prefent war would be extinguished in the year 1840, provided that within that period the country would paVOL. IX.

N

tiently bear the prefent taxes; and great as those burdens were, if gentlemen would look forward to the relief which the sustaining of them would afford to themfelves, as well as to their pofterity, he was fure that he had faid enough to fatisfy every man that it was ultimately to his advantage to acquiefce cheerfully in the plan he propofed. He truffed, therefore, that this view of the subject would be fatisfactory and encouraging to thofe who had hitherto been in the habit of defponding at the idea of the probability of a failure in the finances of the country. He trusted that gentlemen would perceive, that if the National Debt had increased, the wealth of the country had increafed in the fame proportion; nay, he could confidently ftate, that the trade of the country had increafed in more than a double proportion. Upon the whole he could affure the Committee, that every fource of wealth and ftrength was in a more flourishing ftate than the moft fanguine expectations could have anticipated. The hopes of our inveterate enemies were now completely blafted. The perfevering fpirit of a brave and generous people, the readiness with which every facrifice was made, and the energy of its Parliament, had left this country in that fituation in which he hoped it would ever continue, that of being the admiration and the bulwark of the whole world. Mr. Chancellor Pitt then concluded with moving his refolutions.

Mr. TIERNEY faid, the last thing he fhould be inclined to do would be to fay any thing to excite defpondency in the people of this country; but when he heard fuch extravagant notions refpecting the profperity of the country, he thought it right to promote a little fober reflection. There appeared to him a middle path between defpondency and extravagant expectation, which it was the duty of every Member to purfue; and it was upon that ground he brought forward the prefent motion. He could not fay that the amendments made by the right honourable gentleman had afforded him any pleasure, because he was pleafed to find his statements verified; but ftill it was fome fatisfaction to him to know that he could not be accused of having brought any unfounded ftatement before the Houfe. However, he claimed no other merit upon this occafion than that of being an industrious inveftigator. After adverting to the first refolution to the National Debt, he faid, that the right honourable gentleman had contended that the money which had been raifed for Ireland could not be confidered as a burden upon England. He could not fee the queftion in the fame point of view, becaufe he thought the money advanced for Ireland was as much an incumbrance upon this country as the money advanced to the Emperor.

With refpect to the Sinking Fund, there was no man in the House that gave the right honourable gentleman more credit for that meafure than he did; he always thought it the brightest feature in his character; and as to the manner in which the right honourable gentleman had amended that refolution, he certainly fhould not object to it, though there was much ingenuity upon the occafion. Mr. Tierney then proceeded to comment flightly upon feveral of the Refolutions, and ftated that he had no great objections to the amendments which had been propofed. He was very ready to admit the flourishing state of the revenue, but it certainly was fubject of aftonishment to him, and he believed it exceeded the most fanguine expectations of the right honourable gentleman himfelf-But it was clear that much of that profperity arofe from the crippled ftate of France and Holland; and it was equally clear, that after the war a confiderable part of our trade muft revert back to thefe countries; though at present, as far as related to trade, they were crafed from the map of Europe. But he was afraid that our burdens were rather of a more permanent nature than our profperity. The right honourable gentleman had year after year ftated, in the most eloquent manner, the increafed profperity of the country; but he had always found fome want, that operated as a fet-off to the increase of profperity in future he should be glad if the right honourable gentleman could find a little furplus profperity. In fpeaking of the probable expences after a war, he had compared the first five years after the conclufion of this war to the first five years after the conclufion of laft war; but the right honourable gentleman had objected to that comparison, and had stated that there were charges at the conclufion of the laft war which would not occur at the conclufion of the prefent, fuch as the allowance to American Loyalifts; but it appeared to him that expences of a fimilar nature would probably occur after the prefent war; for if the Nobility and Clergy of France were not reftored, he fuppofed the generofity of Parliament would not leave them entirely without fupport.

Mr. Tierney then adverted to the amended refolution which respected the amount of the Tax upon Income, which the right honourable gentleman ftated at feven millions and a half (not that he himfelf believed it would amount even to that fum), although the act applied ten millions from this fource for the fervice of the year.' This was not the only inftance in which the right honourable gentleman had been grofsly miftaken in his calculations: the preceding year the Affeffed Taxes, which had been estimated at feven millions, only produced four and a half. He would therefore propose to amend the right honourable gentleman's refolution to this effect,