PITT’S FINANCIAL MEASURES.
Early in this session, Pitt brought in three several bills for the better auditing and examining the public accounts, and for the regulation and reform of the public offices, all which bills passed with great applause; though not without some stern opposition. In connexion with this subject he mentioned, that, from an inquiry which had been instituted into the accounts of different persons from whom the sum of £40,000,000 was due to the exchequer, £257,000 was ready to be paid: he also mentioned that further sums would be recovered still, as the examination of accounts proceeded. On the 11th of April, Pitt likewise made a communication which was at once satisfactory to the house, and creditable to his financial abilities. In moving for an account of the net produce of the taxes in the quarters ending January 5th and April 5th, for the two last years, he said, that the bills passed last session for the prevention of smuggling, and the regulations adopted for the collection and management of the different branches of revenue, had worked so well that, together with the extension of trade and commerce, they had already produced such an increase in the produce of the taxes as to justify a hope that the income of the country, would, in the next year, not only equal the expenditure, but afford a surplus, which might be applied to the gradual liquidation of the debt. Yet with such a prospect Pitt found himself compelled to call for more taxes from the house. He opened the budget on the 9th of May, and in doing so he said that the supplies which had been voted amounted to £9,737,868; and that the ways and means fell short of that sum by about £1,000,000, which deficiency must be made good by new taxes. Accordingly, several new taxes were proposed; among which was a tax upon female servants, calculated to produce £140,000, and an additional tax upon servants, calculated to produce, in addition to the former one, about £35,000. Pitt also proposed a tax on retail shops, calculated at £120,000 per annum; a tax which proved particularly obnoxious, as was also that on servants. Most of the taxes which Pitt proposed, indeed, encountered much opposition; but the bills enacting them were carried after several divisions, with, however, some modifications, in order to obviate some of the principal objections. The modifications introduced were likely to render them less productive than Pitt originally expected; and to supply this deficiency, taxes on attorneys and on warrants were imposed; the game duty was increased, and coach-makers were obliged to take out a license. One great cause which led to these new imposts proceeded from the remaining part of the floating arrear of debt, consisting of navy bills and ordnance debentures, at five per cent, stock, the interest of which amounted to about £400,000 per annum. Pitt was led to the adoption of this measure because it was found that these bills and debentures had a great effect in depressing the public securities.