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shall be subject to an abatement in the manner in fuch cases directed by the Act of the present session of Parliament,
" That it is the opinion of this Committee, that where any manors, nessuages, or tenements, which now are rated together, and chargeable with the payment of one gross sum by way of land tax shall be separated or divided, and come into the pofseflion of different persons prior to the time when such manors, mefluages, or tenements, hall be exonerated therefrom; then the commila fioners of land iax acting in or for the division wherein such land tax shall be charged, thalt cause such land tax to be apportioned as between such períons respectiveiy, according to the value of their respective estates, and to asiess and charge the proportions in which their respective eftates shall bear and sustain the same; and in case any one of such persons Thall, after such appointment, be compelled to pay the whole of the said land tax, or more than his due proportion thereof, such person shall be reimbursed by the person who, under such assessinent, ought to have paid she same, such sum or soms of money as he or she shall have been compelled to pay over and above his due proportion of such land tax, with the like remedy for the recovery thereof as landlords have for the recuvery of rent in arrear.
" That it is the opinion of this Committee, that the land tax purchased shall not be subje& to redemption until the period when the dividends arising from the purchases of stock made by the commillioners for the reductions of such part of the national debt which existed before the commencement of the present war, Thall, according to the true intent and meaning of the Acts now in force, ceale to accumulate, and be considered as redeemed, and in the dispostion of Parliament; and that after that period, and at any ti ne during three years then next ensuing, every person being in the poression of, or beneficially entitled to, any manors, mer. Suages, or tenements, charged with any land tax which shall have been purchased, shall, in the order in which they respectively hall be entitled to the benefit of redeeming their land tax, according to the rate of preference for such redemption, be entitled to treat with the commissioners to be appointed for the redemption of such land tax, or any part or parcel thereof, in such and the like manner in all respects as he might have done within the period to be first limited; provided that notice in writing be given to the receiver-general, specifying the amount of the land tax fo redeemed, who hail cause notice thereof to be given to the original purchaser, his heirs, executors, administrators, or assigns, and all payments to luch original purchaser on account of such land tax shall cease and determine from the end of the quarter of the year next ensuing luch purchase; and that the commissioners for the reduction of the national debt, on application made to them by the original purchaser, bis heirs, executors, administrators, or alligns, and on production to the said commissioners of the original contract of purchase, and of the notice given to such purchafer, his heirs, executors, ad. miniftrators, or afligns, by the receiver-general, of the redemp. tion of such land tax, shall either transfer to him so inuch capital stock in the three per centum annuities as shall have been transferred by such original purchaser, his heirs, executors, admiuiftrators, or asigns, as the consideration for the purchase of such land tax, or at his option so much money as the capital stock so transferred was worth ai the time of the first purchase, and such contract shallthereupon be determined, and of no effect; and that whenever any land tax purchased thall be afterwards redeemed, the manors, mel. suages, or tenements, comprised in such contract, shall be wholly freed and exonerated from the land tax charged thereon, and from all further a fleffincnts thereof,
" That it is the opinion of this Committee, that whenerer in any parish or place the whole of the land tax charged upon the manors, meffuades, or tenements in such parith or place shall have · been redeemed, and all the manors, messuages, or tenements, in such parish or place ihail be exonerated from the payment of any fum or sums of money as land tax, all affefinents in such parish or place shall cease and determine.
" That it is the opinion of this Committee, that when any ca. pital stock of the 31. per cent. Bank annuitics (all be transferred to the commissioners for the reduction of the national debt, the interest or dividend which would have been payable on such Rock, fhall, from thenceforth, cease to be issued from the receipt of the Exchequer, or to be charged on the consolidated fund ; and the money which would have been applicable to the payment thereof shall remain and be a part of the growing produce of the conídli. dated fund to be applied in such manner as Parliament shall, from time to time, direct.
“ That it is the opinion of this Committee, that in all cases where the land tax on any manors, messuages, or tenements, thall have been redeemed by perfons entitled to preference, such ma. nors, mesluages, or tenements, thall from thenceforth for ever be free and discharged from any tax other than such as shall be inposed thereon, in proportion to the annual value of the fame, in common with all other property of the fame description : Provided always, that in estimating the value of such property the annual amount of the land tax fo redeemed shall be deducted therefron, and that in all other respects the value of such property shall be eftimated in like manner, and according to the same regulations as Thall be applied to property of a like description, the land tax on which shall not have been so redeemed.
" That it is the opinion of this Committee, that the foweral duties imposed on malt, 27 G. 3d, and on sugar by the acts of 27th, 34th, and 37th G. 3d, and on tobacco and fnuff, 29ch G. 3d, shall continue in force till the fifth day of April, one thou. fand seven hundred and ninety-nine, and no longer, but thall from thenceforth ceale and determine, except as to arrears due or to grow due, unless the same thall be fpecially continued by Parliament."
Lord Sheffield said, that the measure now before the House was the most extraordinary, the most rash, and the very worst that ever was propofed to Parliament, le appeared to him to be
a more unjust measure than if the last assessment had been quadrupled and offered up for sale. It appeared to him to be an insult to the understandings of men to say, that they may borrow money to buy up the land tax, when it was well known that men could not borrow the money to pay the asseiled taxes already imposed. For these reasons, he did not see how he could acquiefce in this measure. But this was not the time for entering at large into the question.
Mr. Tierney said, he agreed with the Noble Lord who spoke last, that this was not a fit time to enter fully into the discussion of the measure now before the House; and indeed he thould not think he acted with decency, if he did not avail himself of the suggestion of the Chancellor of the Exchequer, to take time to conlider of this important buliness. Besides he knew how unfavourable an hour for a speech fix o'clock was. But he must, however, make a few observations, under whatever disadvantages he might Jabour. The Chancellor of the Exchequer had so happy a talent at construing silence into approbation of his measures, or rather, of construing silence into una. nimity, that it became necefsary for him to thwart that artifice, and to take care, that when he came hereafter to speak more at large upon the subject, the Minister should not have it in his power to say he was opposing a measure in detail, to which he had affented in the opening. This measure struck him at present as a measure to which he could never affent. He thought it struck at the principles which were the foundation of our fecurity in the poffefsion of property. It was a measure from which the Minister himself, although not a very timid man, with regard to questions and schemes of finance, did not expect much pecuniary advantage in any way, except in increafing the price of the funds. It was true, if the plan succeeded to its full extent, the public would benefit 400,000l. a year, for the Minister stated it to be fo; but the Committee muit perceive at once, from the manner in which the Right Honourable Gentleman had stated it, that he himself, who was not one of those who were the least sanguine in his expectations upon these subjects, did not expect any such effect from the measure ; he did not say that the scheme was very favourable to the landed Gentlemen, nor that its operation would be very rapid, for he had stated it as the work of many years to bring it to maturity ; nor did it appear that the Country Gentleman could ever have the full benefit of the plan, whatever that might be, unless he had a sufficient capital to redeem the tax.
With respect to the stockholder, he did on a former occafion lay down a position which he would again maintain to be true, that nothing could fo directly tend to endanger the stock as any attempt to give it assistance by sthemes of finance N , 21. **
of any kind. That the best security the stock-holder can have is his bond. Let him be content with the punctual receipt of his dividend, for, to that, with all its inconveniences, he was bound to submit, and in that, with all its advantages, the legislature was bound to protect him. He could not conceive but that this measure was intended to give to the stock-holder improper affiftance, but it would not have even that effect. This the Committee would see by looking at what was the effect of the rumour of this measure, which was on Thursday last : the Bill was not yet pasied; but there was an opinion entertained out of doors, no matter how erroneous, but there was an opinion entertained by some weak people, that whatever the Chan. cellor of the Exchequer proposed was precisely the same thing as if it had passed into an Act of Parliament. This he knew to be an erroncous opinion, but many men had already taken this meafure up as if it had passed both Houses of Parliament, and had acted accordingly, and therefore it was fair to look at the effect it had upon the stocks. Had it improved much the condition of stock-holders? He spoke in the presence of many Gentlemen who were just come out of the city, and who were very good judges of what was passing in it in money affairs, and he should be glad to hear them state what beneficial effect this measure had had upon the funds. He could go no further, for he would say he believed it would have a contrary effect upon the funds. Some Gentlemen might perhaps run away with an idea that this measure was for a redemption of stock, like that of the plan for the reduction of the National Debt. He denied that there was the lightest fimilarity between them. The stock purchased by the Commissioners for the reduction of the National Debt was so far a relief to the funds by taking so much away from the market, and that stock was not funded in any other shape so as to be a burden upon the public. This was to withdraw, according to the Minister's calculation, about forty millions of capital out of the funds ; but he maintained that even if it did, and that was conceding a great deal too much, it could never be so beneficial to the country, as if it was left to be employed in agricultural pursuits, or applied as the owners pleased in the purchase of stock. When the Commissioners shall have purchased this stock under the provisions of this plan, the stock would not vanish, the substance of the public burden would be still the same. It was only taking eighty millions nominally out of
Change Alley for a while, and to enable monied men to enlarge their capital by speculations. It was a more traffic in a marketable commodity, and had nothing to do with any permanent relief to the funds; and, unless there was a mass of fuperfluous wealth in the country, the landed proprietor could ne
ver have any relief by this measure, because without great
id it be expected to answer, except that of gaining for the Inilter a temporary popularity among the monied men? He had long observed, that every financial measure proposed by om bad had this tendency, and it was the duty of the House, specially at a period like the present, to watch and endeavour to put a Itop to the growing connexion between Government and the monied interest. But as far as this measure went to Felieve the exigencies of Goveroment, he saw no prospect of Its being liccerstul. As to the manner in which the land owet must be affected, he would not then enter on that part of
bject, though a great deal might be said upon it: but it 0. be taken up by abler men than him, aod to them he
would leave it.
faid, that he had satisfactory. Her had been voted,
? was one point more, and that was a point upon the tutional tendency of this measure.. The Minister feeling, could not help feeling, that it was a point that must he House with alarm, that they must feel a jealousy at amat the sum of money which had been annually voted
paying the army and navy was to be made perpetual, hat he had an answer to that objection which would be lory. He first said that the money to be thus applied been voted, from vear to vear,- for near a century ; an with, which he was neither satisfied himself, nor ex
House to be satisfied with it. It would be extraorThey were ; because it was taking away the power of
le over a vast sum annually of the public money; Maps he recollected that he had, during the ficting of ait, applied a million and a half of the public money applying to Parliament upon the subject. The 5 B 2
dinary if they were ; that House over a v? and perhaps he reco Parliament, app! without applying