PITT’S FINANCIAL STATEMENT.
On the 11th of March Pitt brought forward his budget for the current year: estimating the expenses at £11,182,213, and that of the ways and means at £8,299,696. He proposed to raise the deficiency by loan, and to defray the interest by rendering permanent some of the temporary taxes imposed on account of the Spanish armament. In his speech Pitt made some remarks which show that he had then no idea of the subsequent enormous increase of the national debt and national taxation. He observed:—“I do not think it useless to suggest some observations with respect to this war in which we are engaged. The excess of the permanent revenue, if kept up, is not less than £900,000 above the peace establishment; which, even if destroyed by war, will leave the country in possession of all its ordinary revenue. This £900,000 I am desirous to leave as a security against those contingencies to which war is liable.” The sum borrowed was £4,500,000, and the terms were that for every seventy-two pounds advanced, the lender should be entitled to one hundred pound stock, bearing interest at three per cent. Pitt said that he expected to have made better terms for the loan, but he had not received two offers for it. Among other resources, the sum of £675,000 was to be raised by lottery, which was warmly opposed, but which, after a debate wherein several regulations were laid down to diminish the practice of insurance, received the consent of the house.