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about to be fubmitted to the confideration of the House, was of the most effential confequence, and embraced the greatest poffible variety of interefts, it was his opinion it should meet with the fulleft and most mature difcuffion. He would therefore hint the propriety of the Houfe being called over previous to their ultimate determination on this queftion.

Mr. Hobhoufe faid that for more reafons than one he did not rife the preceding night to deliver any opinion upon the nature and tendency of the meafure that was now to occupy the attention of the Houfe. In the first place he was not fo vain as to prefume offering his objections at a moment when the minds of Gentlemen muft have been dazzled and biaffed by the very brilliant and eloquent speech, in which the meafure, to which he was defirous to object, had been introduced and recommended. And in the fecond place, he was anxious to bestow a due degree of attention upon the subject, and coolly examine how it was likely to operate, whether to the advantage or injury of the country, before he attempted to enter on any thing like a difcuffion of the measure. His mind was deeply ftruck in the first inftance by reflecting how frequently the financial fchemes of the right hon. Gentleman were known to prove abortive. In the fhop tax, and in the watch tax, he had obftinately perfifted. Both, however, the right hon. Gentleman was afterwards compelled to relinquish, and although the watch tax had been repealed, yet it had given a mortal blow to the trade. To the fcheme of the Affefled Taxes, last year, the right hon. Gentleman was as fondly and as firmly wedded. But he now finds, and confeffes, that the refources he expected from them have failed, and that they by no means have come up to his full expectations. Indeed, when the fubject of the Affeffed Taxes had firft arrefted the attention of the Houfe, there were two questions upon which he bestowed much confideration, but upon which he found it difficult to make up his mind. First, whether it were advantageous for the country that the neceffary fupplies for the fervice of the year fhould be raised within the year; and whether the funding fyftem should be in part, or wholly abandoned? His objections to the funding fyftem were very great-it involved great inconveniences, and in his mind it would have been for the intereft of the country that it had never been adopted. It has been, if not the parent, at least the fofterer of many unneceffary wars, which wars might have been prevented, if the fupplies necellary for carrying them on had been called for and raifed within the

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year; for if the people were made to feel, on the breaking out of a war, the full preffure of the burthens which it was likely to draw down upon them, they would not be so easily deluded as they are now; or fo patiently made the fport and tool of a minister's ambition. Befides, attempts to borrow money invariably diftreffes the Stocks, and by being often repeated, ultimately lead to national ruin.

Great also were the evils that refulted from endeavouring to raise the fupplies within the year, and firong confequently were his objections to fuch a fyftem; it was a system that went directly to opprefs and annihilate the middling ranks of fociety; it would compel them to relinquith the fituation which they were wont to fill in the country, and to forego the moderate comforts to which they had been used; in a word, they must cease to form a diftinct clafs in the community, where two orders only could henceforward be discoverable; that of the eminently wealthy, and of the miferably indigent. Moreover, by endeavours to raife fuch large fums of money within the year, a moft ferious and fevere blow would be ftruck at our manufactures, and by thus injuring our manufactures, the moft material injury would be done to the fource from which flow the means of paying the public Greditor. On the comparative evils of the two fyftems, he could not well balance his mind; but, on the grounds which he had urged for rejecting them, he thought himself justified in oppofing the bringing up of the report. He fhould never confent to fee income made the criterion of taxation, or the expenditure of property, which only tended to screen the avaricious, or to favour the indolent. To tax income indifcriminately, would be a moft flagrant injuftice; for one man may poffefs a fixed eftate of one thoufand pounds per annum, and another a fimilar income, but from variable means. What more different than the two fituations when they come to be taxed as now propofed? Two merchants may alfo gain a thousand pounds annually by their refpective trades, but their mode of purfuing their trades may be widely different; one may be exposed to an expenditure in far greater proportion than the other, either from the extent of his buildings, or the multiplicity of his machinery; to tax them alike, muft therefore be acknowledged to be highly unjust: and if property only is to be taxed, that also would argue an equal degree of injuftice; for one man may have a property equal to that of another, while the income arifing from it is far from being the fame. On thefe grounds he could not bring himself to believe,

believe, that either property, income, or expenditure, should folely and exclufively be taxed; fuch a basis of taxation would, in his opinion, be highly unjustifiable; and the most unquestionable one that could be laid, appeared to him to be that which would affect the full and joint refult of all three, of property, of income, and expenditure. To a tax upon income he had one very heavy and urgent objection: it was a tax that would ftrike with peculiar force at industry, and the fruits of induftry; while indolence was left untouched and encouraged and what must be the natural confequence of this difcouragement of industry? Does it not tend to weaken that elafticity, and relax thofe fprings, that give life and activity to every branch of trade, commerce, agriculture, &c. &c. A merchant may take from his income, and place part of it in the stocks, and thus make it reproductive; but what must be his means in his refources on the fuppofition of the prefent fyftem. The opinion he entertained upon this point, was ably expreffed by an eminent writer on political economy (Sir James Stuart), and as the paffage that contained it was very fhort, he hoped he might be permitted to read it; it runs nearly as follows-" As to the pure profits on trade, although they appear to be income, yet I confider them merely as flock, and therefore they ought not to be taxed. They may be faid to refemble the annual fhoots of a tree, which encrease the mafs, but are very different from the fruit and feed." Thus the tax now propofed will not only weaken the tree, but if adopted and perfifted in, will finally impel us to cut down the tree, that we may more eafily get at the fruit: This he felt to be an infuperable objection to the principle of the tax; nor did he ground his objection upon the idea that it was a violation of the public faith. While money remained in the funds, the dividend must be paid without any diminution; but when it is in the pocket of the ftockholder, then it becomes liable to taxation--but not before, without a violation of the public faith. But the most flagrant injuftice of all that marked the face of this propo fition was, that the man who poffeffed 2col. per annum, thould be equally compelled to pay his ten per cent, as the man who rioted in the enjoyment of 40,000l yearly income ! But there were doubtlefs many points which fubfequent alterations and amendments might foften down. Here, however, he would be glad to know, if the commiffioners employed in levying this tax, are to have a poundage, or a stipend, like fome other commiffioners, out of, and proportionate

to, the quantity of the tax they gather. This would unquestionably act as a great ftimulus even on the minds of the refpectable perfons who were to be selected for that purpose, and to whom merchants, when they thought themselves furcharged, would be under the obligation of opening their books. In this light furely the meafure was cruel and oppreffive, and carried with it all the hideous features of a requifition. As to the productiveness of this new financial project, he would not hesitate to fay, that it was likely to bring in more than the affeffed taxes, because there were many, and thofe even very confcientious perfons, who, under the operation of that fyftem, did not pay a tenth, because they were not expofed to be put on their oath. But whatever the right hon. Gentleman may expect, there may be great evasion even under the operation of the new fcheme; for fuppofe a perfon to have mortgaged his eftate, and taken up a profeffion, is he not free to chufe what mode he pleases of paying his debts? May he not make over his eftates to trustees, and thus reduce his income? How then can the tax affect him?

These were but a few of the objections that preffed upon his mind against the measure in question, but for the prefent he would reft here, only requesting, before he concluded, to be allowed to fay a word on the ufes for which, this bold attempt has been embarked in-and what was its profefled and prominent ufe? Was it not the continuance of this juft and neceffary war? On the propriety of these epithets, his opinion was long fince expreffed to the Houfe, and he would again repeat it, and fay, that the origin of the war was on our part an act of aggreffion; that many opportunities had fince occurred for bringing it to a conclufion, but that they were either loft or converted to no wife ufe; we are, therefore, ftill blindly to perfevere in carrying on the war, and that on a more extenfive and expenfive fcale than before. We are not only to fübfidize foreign powers, but we are also to send over bodies of our troops to co-operate in their military expeditions. He was forry to be compelled to employ a strong and coarfe expreffion, but really he did not expect to hear any thing fo abfurd from minifters as, that after the fatal experience and fatal fruits of all their errors, they would now propofe fo monftrous a fcheme, of taxation, and that merely to gratify the Quixotifm of delivering Europe from the yoke of France.

Mr. C. W. Taylor begged leave to state a few ideas upon the fubject in question. It went to propose a tax upon income,

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and the obvious operation of fuch a tax, muft lead to an enquiry and expofure of the ftate of each perfon's income; it was his opinion, that this enquiry fhould take place before the bill went to be put in force; the appointed period for which he understood to be the 5th of April next. He would alfo fubmit to the House the propriety of appointing the commiflioners immediately, that they might receive the ftatements which the bill went afterwards to require, and fuch voluntary declarations of income as merchants particularly would be inclined to make before any enquiry was inftituted; for merchants would doubtlefs agree even to large fums from their own voluntary impulfe, rather than after enquiry perhaps be compelled to expofe their books. The plan, in his opinion, was a good one, and it was but juftice to the ftockholder to make every exertion to raife the funds. The flockholder ought principally to be confidered; for in the fixth year of the war, the price of land continued as high as ever, while the ftockholder, at many periods of it, had loft near one half of his property. The ftockholder was often compelled to fell out ftuck at any price, for the purposes, for example, of paying legacies, marriage portions, &c. Thus he inay be under the neceffity of felling at 53, or perhaps 44, what he bought in at 98; while the landholder now may receive as high a price as at the commencement of the war.

The Solicitor General faid, that there would be no delay in appointing the commiffioners, and as to voluntary declarations of income, there would be a claufe in the bill for admitting them.

Mr. Fanes profeffed himself a friend to the principle of the measure, but he feared its execution would involve many dif ficulties and inconveniences. He indeed last year had the honour of fuggefting a fimilar meafure; but notwithstanding the brilliant fpeech which fill vibrated in his ear, and in which the right hon. Gentleman had opened his plan and avowed the generous defign of fuccouring oppreffed Europe, yet he could not bind himself to vote for the measure fhould the commiffioners be armed with any power to trench in the leaft on the priviledges of the people of England. He never liked any thing that looked like an inquifition. Theory and practice were well known to be often at variance, and though he approved the principle of the measure propofed, yet he would not be bound to adopt it if its execution gave rife to the difficulties which he foreboded. At all events he trufted VOL 1. 1798. that

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