January, cipal sum of The Funded Debt, Equal at 5 per cent. to the prin ended 5th of TWO THOUSAND FIVE HUNDRED MILLIONS, which is one hundred and forty-seven millions, six hundred and forty thousand pounds less than Dr. Colquhoun's estimate. bag egnillide The public obligations, in respect of the national debt, separate into four divisions; namely,illim eno yxia box berbaud eno base bed b suor one agnillide suot abquog own-in ni 1819, was 797,401,149 ads by AT The Unfunded Debt, taking for the on 5th January, 1819, and taking average of the year, the amount bu gnivsed Colquhoun on the Wealth, Power, and Resources of the British Empire. zd Edit. p. 55. nsm 975W nornstar bebish bis 18913 Or For the advantage of simplicity in treating the subject, regard is not had to the partial deviation from the principle of the Sinking Fund which has been made in aid of the supplies for the present year (ABJ) nougie 21 2,079,683 16 18 31 153 11 Being a charge of forty-seven millions eight hundred and fiftynine thousand nine hundred and eighty-seven pounds, fifteen shillings, and eleven pence half-penny, (not including the 1 heavy charges of collection,) in respect of a principal sum of one thousand one hundred and sixty-one millions, eight hundred and three thousand two hundred and ninety-two pounds four shillings and three-pence, and annuities for lives or for terms of years, in respect of which a principal sum of debt does not appear. The Sinking Fund, as to which the first mentioned charge of 15,620,5031. 7s. 5 d has arisen, is required with reference to the Funded and Unfunded Debt, only if the debt were provided for by other means, the demand on the public, in that respect, would cease and determine. To provide for the liquidation of the funded and unfunded debt, it is proposed, first, All private property in the United Kingdom, including all claims on the Government, in respect of money lent and advanced, (not being the property of ex-resident Foreigners,) be declared, by the legislature, liable and subject to a contribution of fifteen per cent. By which measure, taking The private property, at The Funded Debt, at Allow for claims of ex-resident Foreigners · 797,401,119 0 101 15,000,000 00 The Unfunded Debt, at £2,500,000,000 0 6 782,401,119 0 101 51,992,095 14 2 Leaving £349,234,232 10 11 To be provided from the following means and resources. If a clear and decided intention were manifested by the degislature to liquidate the national debt, sonthes basiso proposed it is anticipated that government stocks of every description, would advance to 100. Sums of money, varying from Sums of small to great, are in daily course of accumulation in the United Kingdom, as well by public bodies as by individuals, which are the constant subject of investment: in the contemplated event of the advance of all government stock to 100, a considerable proportion of such monies, would be tendered to the British Government, without the intervention of third parties (as in the instance" of a contract for a general loan) and without the creation of a principal debt, exceeding the principal sum advanced, to be secured by transferable debentures, or otherwise, at an interest' of three pounds per annum for the one hundred pounds advanced; which would equal the produce of the same sum, if laid out in the purchase of 3 per cent. stock, at 100. It will be admitted, that the security of the British Government for the payment of the interest of money, is desirable: if that security be not found in the public market, it will be sought at the hand of the Government: the conditions of a loan, if money be not required, in given sums, at stated times; if accepted, at a moment of convenience to the lender, will be prescribed by the borrower, by the Government, and not by the lender; and it is as clear as any prospective view of the nature of the question under consideration can be, that in the event of the measures now proposed being adopted, the facilities for the payment of the portion of the public debt, not otherwise provided for, arising from new and proffered loans of money, at a moderate rate of interest, would be very considerable. It is proposed, that all monies, so lent, shall be applied in discharge of the principal of the present debt; a fresh debt, will, indeed, thus, be created, but, without the obligation to continue the present Sinking Fund, and not exceeding the amount of the principal of debt, not otherwise provided for. Other means and resources, with reference to the reduction, either of the capital of the original debt, or of the supposed newly created debt, are presented for consideration, namely: The contribution to be made in respect of British Colonial, and Asiatic property, so far as the same can be brought under the cognisance of the British legislature by an income tax, in respect thereof or otherwise. A contribution in respect of property to be acquired within the United Kingdom, after the date of the first general assessment, that is to say, an income tax on all clear nett income, after the deduction of expenditure of every description. The surplus of taxes, which may be so regulated as to amount to a considerable sum, without preventing the large and liberal relief, immediately required. The amount of stock which may for ever remain unclaimed. The contribution of 15 per cent. on the probable greater amount of property, within the United Kingdom, than the sum of 2,500 millions, already mentioned. The examination in detail, of these latter particulars will not now be deemed necessary: it must be obvious, that, in combination, they present the means of completing the liquidation of the public debt; opinion may vary as to the expediency of exerting all those means; opinion may vary as to the selection of the means, if the whole be not exerted; but it is not questionable, that the means suggested, would be fully equal to the purpose of liquidating the debt, not otherwise provided for, taking the amount at 350 millions. The following are the operative means, by which it is conceived, that the contribution or levy of 15 per cent. on the property actually within the kingdom, may be rendered practicable and safe; it would not be prudent, if practicable, to carry the whole into effect, as respects the levy of money, at one moment of time, and the modes to be proposed, embrace considerations, which not only guard against that inconvenience, but which, it is presumed, will exhibit the whole measure in a more advantageous point of view than may have been anticipated. In respect of the stock-holder, annuitant for lives or for terms of years, and creditor on unfunded government securities, no more would be necessary, than the abatement of 15 per cent. from the capital stock or numerical amount of the claim of each individual, and the like reduction of annuity or interest. In respect of persons liable and subject to assessment on landed or other property, such persons being also public creditors, the cancelling of stock or other debt, to an amount equal to the sum of their respective assessments, would satisfy the demand upon each. In respect of persons liable and subject to an assessment on landed or other property, such persons not enjoying the facility mentioned in the preceding paragraph, the levy of the contribution must be accommodated to the respective circumstances of the several parties. With regard to many, facilities would undoubtedly be presented, by floating balances, by monies invested in foreign funds, by monies lent on mortgage, by the early and convenient sale of property, and by other means. But it must, necessarily, happen, that a large amount, in the aggregate, would be required from persons not possessing any other property than the immediate subject of the assessment: such persons may be classed thus: Mines, and 1st Class.-Proprietors of Lands, Dwelling-Houses, Min au Canals,ylno blow buigin S 2d Class. Manufacturers, Ship Owners, Merchants, Traders, Farmers, and other noi no bamboo and others 200 nome s It is suggested That the term of ten years might be allowed to the first class, alloween blow for the payment of the principal sum to be assessed; interest to be payable in the mean time, on the principal unpaid, at the rate of 5 per cent. per annum, by half yearly payments; or, if the principal sum remain unpaid after the expiration of ten years, the rater of interest to be increased to 6 per cent. until the principal be paid. That the assessment on the latter class, should be payable by equal instalments in each of the first five following years; in the mean time, interest to be payable on the principal sum assessed, at the like rate of 5 per cent. by half yearly payments; discretionary powers being vested in commissioners to extend the time of pay ment of the principal sum, but not in pildug ad That the inquisition into the estate and property every individual is objectionable, in principle, and would be inconvenient, in practice, og bliss of on That the advance of all government stock to 100, would give 12 318 213 gejoqque) Tsubivis an advantage to the stock-holder, more than equivalent to the sum of his contribution of 15 per cent.; that he would derive a direct benefit, instead of bearing the burthen of the assessment, in 10 common with the landed proprietor and commercial capitalist.f That the want of the secur07 sepan would be severely felt, by the aged, the infirm, the minor; by corporate and other public bodies, by charitable institutions, and by commercial capitalists. 905 of nos vibstduobay at subivibal yeye, to regorg These objections, are, severally, of apparent weight, and it is not possible, in an imperfect state of society, to devise any com prehensive range of action, whicula action, wholly free from difficulty; it is, however, conceived, that each particular objected, will admit a satis factory answer. aviasis,lo ancom Capital cannot be, directly, either increased or diminished by the liquidation of the public debt, by the means proposed; the stock-holder, of public annuitant, as such, is not a capitalists insybe 90 90 2018 1 : 39159 001 effect, a redeemable Property Tax. |