Sir Robert Walpole stood up and spoke as follows:—
Mr. Speaker,
As there is nothing his Majesty has more at heart than the giving all possible ease to his subjects; so, whenever he is necessarily obliged to desire assistance from them for the immediate support of the government, he desires that they would choose those ways and means for raising the annual supplies, which are least burthensome to the people, and which makes the load fall equally upon the subjects in general. When money is to be raised for the public good, for the security of all, he thinks that every one ought to contribute his share, in proportion to the benefit that he is thereby to receive.
As to the manner, sir, of raising taxes upon the people, it is a certain maxim that that tax which is the most equal and the most general, is the most just, and the least burthensome. Where every man contributes a small share, a great sum may be raised for the public service, without any man's being sensible of what he pays; whereas a small sum, raised upon a few, lies heavy upon each particular man, and is the more grievous, in that it is unjust; for where the benefit is mutual, the expense ought to be in common. Of all the taxes I ever could think of, there is not one more general nor one less felt, than that of the duty upon salt. The duty upon salt is a tax that every man in the nation contributes to according to his circumstances and condition in life; every subject contributes something; if he be a poor man, he contributes so small a trifle, it will hardly bear a name; if he be rich, he lives more luxuriously, and consequently contributes more; and if he be a man of a great estate, he keeps a great number of servants, and must therefore contribute a great deal. Upon the other hand, there is no tax that ever was laid upon the people of this nation, that is more unjust and unequal than the Land Tax. The landholders bear but a small proportion to the people of this nation, or of any nation; yet no man contributes any the least share to this tax, but he that is possessed of a land estate; and yet this tax has been continued without intermission for above these 40 years.
10. Pitt's Sinking Fund Act [Statutes, 26 Geo. III, 31], 1786.
An Act for vesting certain sums in commissioners, at the end of every quarter of a year, to be by them applied to the reduction of the national debt.
[£250,000 is to be set apart quarterly out of the sinking fund.]
IV. Provided always, and be it enacted by the authority aforesaid, that if at any time it should happen, that at the end of the year ending the fifth day of January, one thousand seven hundred and eighty seven, or at the end of any future year, computed as aforesaid, after provision shall have been made for all payments for which monies are previously to be set apart or issued according to the directions of this act, the said surpluses, excesses, and overplus monies, composing the sinking fund, shall not be sufficient to make good as well all such deficiencies as shall have arisen during such year, as the payment of the sum of two hundred and fifty thousand pounds then due, in every such case, the amount of such deficiency or deficiencies, whether the same shall have arisen in any preceding quarter or quarters within such year, or in the quarter ending on the fifth day of January on which such year shall end, shall not be carried forward as a charge on the said sinking fund at the end of the next succeeding quarter, but shall be made good out of any aids or supplies which shall be or shall have been granted by parliament for the service of the then current year; and the amount of such deficiency or deficiencies so to be made good, shall be issued to the governor and company of the bank of England, in the manner hereinafter directed, within ten days after monies sufficient to answer the same shall have been paid into his Majesty's receipt of exchequer, on account of any such aids or supplies.
V. And be it further enacted by the authority aforesaid, that the monies so set apart, at the end of any quarter of a year ending as aforesaid, or of any year computed as aforesaid either for the payment of the sum of two hundred and fifty thousand pounds due at the end of such quarter, or of any part thereof, or for making good such deficiency or deficiencies as aforesaid, shall forthwith be issued and paid to the governor and company of the bank of England, and shall by them be placed to an account to be raised in their books, and to be intituled, The account of the commissioners appointed by act of parliament for applying certain sums of money annually to the reduction at the national debt: and that as well all such monies, as any other monies which shall be paid to the governor and company of the bank of England by virtue of this act, to be placed to the said account, shall be applied by the commissioners hereinafter appointed towards the reduction of the national debt, in the manner hereinafter directed, and to no other intent or purpose, and in no other manner whatever.
X. And be it further enacted by the authority aforesaid, that all monies whatever, which shall be placed from time to time to the account of the said commissioners by virtue of this act, shall be applied by them either in payments for the redemption of such redeemable public annuities as shall be at or above par, in such manner and at such periods as shall be directed by any future act or acts of parliament, or to the purchase of any public annuities below par in the manner hereinafter directed.