Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Report Of The Proceedings Of The British Parliament.
57 and a half , at the rate of 23 years purchase ; at 60 , at the rate of 24 . years purchase . The scale is thus taken , that the public may have the compleat ' advantage of four years purchase between the 3 per cents , and the sale of the land-tax . This will give a clear profit of eight millions of money ; which sum being likewise invested , will produce an annual income of 4 60 , 000 ! . t iking the price of the 3 per cents , at an average of 53 . Thus will the public redeem about 80 millions of 3 centsielding an annuity of 2 . 400000 ! . per anum ,
per , y , in lieu of the annual grant of two millions from the land-tax , and all the expences of collection . By this p lan , gentlemen must perceive that So millions of public debt would be taken out of the market , the advantages derived from which were too obvious to need any comment . He was aware that one objection would be made to this plan , and that was the taking away from Parliament one of its most constitutional checks on the Crown , that of tbe power of annually voting the supplies to his Majesty . He felt the force certainly of
the objection , and consequently had provided accordingly for it ; it was his intention to obviate such objection by still preserving the controu ! of Parliament over the public money , though as to the thing itself there might be some variation . He next adverted to the inequality of the land tax : but no gentleman would this day , he said , call for a reparation of that which had remained unaltered since the revolution . If after 100 years the wisdom of" Parliament did not think it expedient to equalize that tax , it could not be
expected that at this moment he was prepared to hazard the experiment . However he lamented the inequality , yet he said he was not certainly prepared to offer a remedy , nor did he think that it would be wise , equitable , fair , or popular , in many instances , to aft retrospectively in producing that equalization , which so many gentlemen seemed to desire . He next called the attention of the house to the redemption of the tax . He , said that it would be the means of calling forth the property of the countryand from those who
, had the deepest stake in the kingdom , namely , the landed gentlemen . _ The _ mode he proposed of redeeming it was by instalments , the liquidation of which was to be confined to five years ; but in case the owner of the land was unwilling to redeem the tax , in such case others would have the liberty of purchasing it , still leaving the owner of the land the power of redemption for a time to be limited . Mr . Pitt , after a few observations , read his
resolutions , consisting of 16 in number . Lord Sheffield said , the propositions of the Rig ht Hon . Gentleman were the most extraordinary and unjust he ever heard . How , he asked , when gentlemen found a difficulty in paying their assessed taxes , could he suppose that their income would afford them the means to redeem their land-tax ? Who would lend them money , he asked , for any such purpose ? It was nothing more than putting the estate of every gentleman in the country tip to public
sale , to be bid for by country attornies . Mr . Tierney said , he could not give his assent to the propositions of the Hon . Gentleman , which went to shake the fundamental princip les of the constitution . The committee must perceive the advantage given to commercial men in preference to the land-holder ; for there was a connection between the latter and his Majesty ' s ministers , that must be of the most dangerous - consequences to the constitution of the country .
SLAVE TRADE . Tuesday , 3 . Mr . Wilberforce observed , this subjeft had been so often discussed , and the cruelties practised so often specified , fhnt lie had little new to offer . He therefore moved that the house should now resolve itself into a Committee to consider of the abolition of the African Slave trade . Messrs . Pitt , Canning , Thornton , Buxton , Hobhouse , ancl Fox supported Mr . Wilberforce . Mr . Edwards and Colonel G . iscoigne opposed him . On a division the numbers were—for the motion 83—against it S 7 . [ TO BE nEGULAnLY CONTINUED . ]
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Report Of The Proceedings Of The British Parliament.
57 and a half , at the rate of 23 years purchase ; at 60 , at the rate of 24 . years purchase . The scale is thus taken , that the public may have the compleat ' advantage of four years purchase between the 3 per cents , and the sale of the land-tax . This will give a clear profit of eight millions of money ; which sum being likewise invested , will produce an annual income of 4 60 , 000 ! . t iking the price of the 3 per cents , at an average of 53 . Thus will the public redeem about 80 millions of 3 centsielding an annuity of 2 . 400000 ! . per anum ,
per , y , in lieu of the annual grant of two millions from the land-tax , and all the expences of collection . By this p lan , gentlemen must perceive that So millions of public debt would be taken out of the market , the advantages derived from which were too obvious to need any comment . He was aware that one objection would be made to this plan , and that was the taking away from Parliament one of its most constitutional checks on the Crown , that of tbe power of annually voting the supplies to his Majesty . He felt the force certainly of
the objection , and consequently had provided accordingly for it ; it was his intention to obviate such objection by still preserving the controu ! of Parliament over the public money , though as to the thing itself there might be some variation . He next adverted to the inequality of the land tax : but no gentleman would this day , he said , call for a reparation of that which had remained unaltered since the revolution . If after 100 years the wisdom of" Parliament did not think it expedient to equalize that tax , it could not be
expected that at this moment he was prepared to hazard the experiment . However he lamented the inequality , yet he said he was not certainly prepared to offer a remedy , nor did he think that it would be wise , equitable , fair , or popular , in many instances , to aft retrospectively in producing that equalization , which so many gentlemen seemed to desire . He next called the attention of the house to the redemption of the tax . He , said that it would be the means of calling forth the property of the countryand from those who
, had the deepest stake in the kingdom , namely , the landed gentlemen . _ The _ mode he proposed of redeeming it was by instalments , the liquidation of which was to be confined to five years ; but in case the owner of the land was unwilling to redeem the tax , in such case others would have the liberty of purchasing it , still leaving the owner of the land the power of redemption for a time to be limited . Mr . Pitt , after a few observations , read his
resolutions , consisting of 16 in number . Lord Sheffield said , the propositions of the Rig ht Hon . Gentleman were the most extraordinary and unjust he ever heard . How , he asked , when gentlemen found a difficulty in paying their assessed taxes , could he suppose that their income would afford them the means to redeem their land-tax ? Who would lend them money , he asked , for any such purpose ? It was nothing more than putting the estate of every gentleman in the country tip to public
sale , to be bid for by country attornies . Mr . Tierney said , he could not give his assent to the propositions of the Hon . Gentleman , which went to shake the fundamental princip les of the constitution . The committee must perceive the advantage given to commercial men in preference to the land-holder ; for there was a connection between the latter and his Majesty ' s ministers , that must be of the most dangerous - consequences to the constitution of the country .
SLAVE TRADE . Tuesday , 3 . Mr . Wilberforce observed , this subjeft had been so often discussed , and the cruelties practised so often specified , fhnt lie had little new to offer . He therefore moved that the house should now resolve itself into a Committee to consider of the abolition of the African Slave trade . Messrs . Pitt , Canning , Thornton , Buxton , Hobhouse , ancl Fox supported Mr . Wilberforce . Mr . Edwards and Colonel G . iscoigne opposed him . On a division the numbers were—for the motion 83—against it S 7 . [ TO BE nEGULAnLY CONTINUED . ]