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Commons Chamber

Volume 23: debated on Thursday 9 July 1812

House of Commons

Thursday, July 9, 1812.

Sir Thomas Turton's Financial Resolutions

said, he did not rise for the purpose of submitting to the House for their discussion, at that time, the Financial Resolutions of which he had already given notice. He admitted that no measure had been resorted to since the new financial arrangements, which he could fairly consider as objectionable. He rose now merely for the purpose of reading his Resolutions, which he believed would be of incalculable be- nefit if finally adopted, and systematically adhered to. He then rose to give notice that he would on Monday next, move that the House do proceed to take the said Resolutions into consideration; the Resolutions were then read by the hon. baronet pro forma, as follow:

1. "That the amount of the capital funded debt of Great Britain, on the 1st day of February, 1802, was 536,657,603l. 6s.d. exclusive of annuities for lives or for terms of years, to the amount of 1,081,357l. 19s.d.;—of which there had been purchased by the commissioners for redeeming the national debt, 59,588,904l.; and transferred to the said commissioners, for land tax redeemed, 18,001,148l. 5s 5d.; and annuities had fallen in, amounting to 79,880l. 14s. 6d. reducing the debt to 459,067,551l. 1s.d. and the annuities to 1,001,477l. 4s. 7¾d.

2. "That the amount of the capital funded debt of Ireland, payable in Great Britain, on the 1st February, 1802, was 19,708,750l.; of which there had been redeemed by the said commissioners 786,407l.; leaving the debt of Ireland at 18,922,343l.

3. "That the amount of the capital funded debt of Great Britain, on the 1st February 1812, was 747,429,339l. 11s.d. being an increase of the debt since 1802 of 204,237,812l. 18s.d. of which there has been transferred to the commissioners, by reason of land tax redeemed, 23,941,057l. 6s. 7d.; and for the purchase of life annuities, 1,606,040l.; which sums, together with 189,538,480l. purchased by the commissioners for redeeming the national debt, leave the total amount of debt on the 1st February 1812, 556,284,819l. 0s. 11¾d.

4. "That the amount of the capital funded debt of Ireland, on the 1st February 1812, was 61,274,250l.; being an increase of the debt, since 1802, of 41,565,500l.; of which there has been redeemed by the commissioners, 9,085,958l.; leaving the total funded debt of Ireland, 52,188,292l.

5. "That the loans to the emperor of Germany, forming part of the funded debt of Great Britain, amount to 7,502,633l. 6s. 8d.; of which there has been redeemed by the said commissioners, 1,234,514l.; leaving the debt unredeemed, on the 1st February 1812, 6,268,119l. 6s. 8d.

6. "That the loan to the prince regent of Portugal amounted, on the 1st February 1812, to 895,522l. 7s. 9d.; of which there has been redeemed by the commissioners, 118,568l.; leaving an unredeemed debt of 776,954l. 7s. 9d.

7. "That the funded debt created in 1807 by the 47th of the present King, and charged on war taxes, amounts to 18,072,000l.; of which, 4,968,107l. has been redeemed by the commissioners for reduction of debt; leaving of unredeemed debt charged on war taxes, 13,103,893l.

8. "That the total of funded debt, consisting of the foregoing items, and unredeemed on the 1st February 1812, amounts to 615,518,185l. 5s.d.

9. "That the annual interest of the said debt is 20,749,828l. 14s.d. and the total charge thereof, including expences of management, &c. 35,608,615l. 1s. 5d.

10. "That the amount of unfunded debt of Great Britain on the 5th January 1804, was 23,787,251l. 15s.d.; in 1805, 31,515,548l. 3s.d.; and on the 5th January 1812 (including outstanding demands at that date) 54,038,059l. 14s.d. being an increase of the unfunded debt, compared with the year 1804, of 30,250,807l. 19s.d., and making the amount of the funded and unfunded debt at the commencement of the present year 669,556,245l.

11. "That the amount of money raised for the service of the year ending 5th January 1804, was 58,500,915l. 11s. 10¼d. and of the year ending 5th January 1812, 105,718,682l. 13s.d. being an increase in that period of 47,217,767l. 1s.d.

That the net produce of the permanent taxes, on the 5th January 1802, was 14,497,000l. and in the year ending 5th April 1812, 40,986,860l. 16s. 10½d. being an increase of 26,689,000l.

12. "That the amount of the war taxes in the year ending 5th April 1812, was 21,999,550l. 9s.d. making the net sum raised by taxes in that year 62,986,411l. 6s.d.

13. "That, under the financial difficulties of the country, and the great pressure of taxation on the subject, it becomes the bounden duty of parliament to recommend, and of ministers to practise, the most rigid economy in every department of the state; and, above all things, to use every endeavour (without endangering the security or compromising the honour of the country) to procure to the people the restoration of the blessings of peace, as the only effectual means of relieving the burdens of the country, or of averting the (otherwise) inevitable ruin of its finances, if the same scale of expenditure be continued for a much longer time."

gave notice of his intention of moving a series of counter Resolutions to those proposed by the hon. baronet.