FINANCIAL STATEMENTS.
From an abstract of the net produce of the revenue in the years ending the 5th of January, 1815, and the 5th of January, 1816, the amount appeared to be £66,443,802, showing an excess of £1,013,821 over that of the preceding year. But notwithstanding this excess the chancellor of the exchequer announced his intention of proposing an income-tax of five per cent., there being no mode, he observed, less oppressive, or so economical. With a view of gaining over the great mass of the people, he declared himself ready to exempt all incomes under £150 per annum, and farms paying less than that sum in rent. But the people were not thus to be bribed. Such a storm of opposition was raised against it by the nation at large that when a motion for the continuance of the income-tax was made, it was negatived by two hundred and thirty-eight against two hundred and thirty one. Thus defeated, the chancellor of the exchequer had recourse to a loan; and this loan was increased by £2,000,000, by the voluntary relinquishment of the war-tax on malt, which tax was relinquished in order to afford some relief to the agriculturists, who were at this time labouring under great distress. In bringing forward the budget on the 27th of May, the chancellor of the exchequer announced that the surplus of the preceding year’s grants in hand amounted to £5,663,755. The supplies for the year were estimated at £39,400,000, and the ways and means to meet them as deficient about £2,500,000; which deficiency was made up by a loan of £3,000,000, obtained from the directors of the Bank of England, at three per cent. The amount of the army estimates provoked a long and vehement discussion; but ministers were successful in their favourite object of maintaining a large standing army, their principal argument being that the situation of the continent rendered such a measure necessary. The number voted was 176,615 men, including 30,000 stationed in France; and a vote of 33,000 men for the navy was also agreed to, after a violent debate. Out of the large military force voted 25,000 men were to be stationed in Ireland, in order to keep that country in awe. The necessity of such a force naturally excited some surprise, and led to some animadversions on the measures of the existing cabinet. But no cabinet: which has ever existed can fairly be charged with all the evils and the abuses which have plagued that country. Generally speaking, these evils and abuses have arisen from the Irish people themselves, their factious spirit having elicited the severe laws enacted to preserve peace. Mr. Peel, who had lately commenced his political career, justly ascribed the disturbances in Ireland to a systematic violation of all laws, which loudly called for the introduction of a military force. The general routine of motions for inquiry into the state of Ireland, and the repeal of Catholic disabilities were followed by their usual results; but a measure of some importance—the consolidation of the British and Irish exchequers—was effected in the course of this session. A bill was also passed for a new silver coinage.