FINANCIAL STATEMENTS.
GEORGE IV. 1826—1827
The chancellor of the exchequer opened the budget on the 13th of March. In doing so he took a large review of the whole financial system, particularly of reductions which during several years had been made in taxation, and of the effect of these reductions in the productiveness of the revenue. His statements for the year partook of the favourable character which they had sustained for the last three years, although he admitted that he must make allowance for some loss in various branches of revenue, consequent on the present state of public embarrassment. After all the deductions, however, he reckoned the probable produce of the year before him at not less than £57,000,000, while he calculated on the whole expenditure at £56,328,421. This statement, holding out much happier prospects than, from the distress which prevailed in the country, could have been anticipated, was received by the house with general satisfaction. Mr. Maberly and Mr. Hume, however, maintained not only that there had been no reduction of the public debt, but that there had been an actual increase both in the capital, and in the annual charge, and that taxation had been raised instead of being diminished. They alleged that the capital of the debt had been increased by the enormous sum of £61,646,000 between 1819 and 1826, and that the annual charge had grown in proportion. This assertion, however, rested on an obvious fallacy, arising out of a total misapprehension of the nature of what is called the dead-weight scheme, and of the arrangements which, in pursuance of it, had been made with the Bank for discharging part of the half-pay and pension list. Mr. Hume’s assertion, that taxation had increased during the last three years was still more erroneous; for the chancellor of the exchequer in his statements proved to demonstration, by actual figures, that from 1816 to 1825 taxes had been reduced to the large amount of £27,522,000, and that no new taxes had been imposed. Subsequently the state of the public debt underwent much discussion, the great questions being not whether it ought or might be reduced, but what was its actual amount, and whether, in point of fact, any diminution of it had been effected during late years. The amount of the army, navy, and civil estimates was also censured by Messrs. Maberly and Hume with other members, but the necessary supplies of the year were readily voted.