parliament possessed before, it would have a greater check over the public revenue than it had at that moment. It had been objected to this plan, he said, that the land tax, which it was the object of this measure to perpetuate, was in many instances so unequal as to amount absolutely to an abuse; and to perpetuate an abuse was certainly a great evil. Many gentlemen had stated to him, that if the land tax was at present equal in its operation, they would consent to this measure; but they could not give their consent to make abuses more permanent than they were. To these objections he answered, that if gentlemen had seen the tax voted from year to year, for near a century, without any attempt being made to correct this inequality, he thought it was not unfair to conclude, that as long as the land tax continued, it was as likely to continue under its present arrangement by annual votes, as it would be if rendered perpetual. This observation he wished to put strongly to the good sense of the house. As estates had descended from band to hand for near a century, with the inequalities originally instituted in the land tax, it would be exceedingly difficult to impose new valuations upon property. It had been said, that this regulation would lead to a new land tax: suppose a new land tax should be imposed; it was clear that it could not be imposed upon any estate which had been discharged of the old, in any other proportion than it would be upon any other estate upon which the old land tax still remained, except that the amount of the land tax, at the time it was redeemed, should be deduct d from the estate, otherwise the operation of it would be unfair. He contended, that by this plan, all persons who redeemed

their land tax would be fully as safe from any additional burden as those who had not redeemed it. With respect to the operation which this measure would have upon landed gentlemen, supposing that other persons purchased the land tax which attached upon their estates, he remarked, that this objection was founded upon an idea, that every gentleman possessing a landed estate might not be able to purchase his land tax. In the plan which he had to propose, every advantage would be given to the owner of the estate, not only to induce him to purchase the land tax, but to facilitate his effecting that object. But if within a certain time (which the committee would hereafter limit) the owner of the land should not be able to purchase, provision would be made, that even in that case, their situation, or that of their heirs, should not be left entirely hopeless; but that a farther period should be allowed them, to take advantage of the purchase. With respect to the terms of the purchase, it was proposed, that the payment should be regulated by the price of stock; and that the payment should never be made in money, but always in a transfer of stock. This was unquestionably as good a mode of payment as if it was paid in money, and would have the effect of saving the interest, and would accommodate itself to every fluctuation of the stocks. Suppose the stocks were taken at 50, which was about the price at which they now were, the interest which a person might make of money in the funds was 6 per cent.; and consequently the number. of years purchase was between sixteen and seventeen years. He meant that the land tax should be taken at twenty years purchase. From this statement it would appear, that

there

there would be a transfer of forty pounds of stock for every one pound of land tax redeemed. Upon this principle, if the stocks were at 75, then it would be at thirty-years purchase, and so on, always making a difference of one year's purchase for every 21 per cent. variation in the stocks; and the result of the whole of this measure would be that the public would gain one fifth, or 400,000l. As for landed gentlemen, supposing them capable of purchasing their tax, he thought that giving them an opportunity of doing it at twenty years purchase was a sufficient temptation to in dace them to make the purchase; and, on the other hand, it was a considerable advantage to the pub lic to sell the land tax at twenty years purchase, while others were redeeming the stock at the rate of between sixteen and seventeen years purchase. He admitted, that there was a difference between funded and landed security, in point of value; landed property was hardly ever sold for less than from twenty eight to thirty years purchase; whereas funded property was at about sixteen or seventeen years. It was therefore obvious that great advantages were given to the purchaser when he was given that which was equivalent to landed property at twenty years purchase; the share, therefore, asked for the pubHe, was little, while the advantage it afforded to the individual was great, if it was to be called landed security; but he did not mean to say it was in every respect the same, because it was an unimprovable estate. It was his intention to give every possible advantage to the holders of land, and of course to exclude strangers from purchasing the tax. For this purpose it was proposed to give a power to every

man who had even a temporary right to the estate, to secure on the estate the money which he might borrow for that purpose, thus to put the tenant in tail and the tes nant for life in the same situation with the tenant in fee; and it was also proposed to give a power of selling part of a settled estate to free the rest from the burden of the tax. If the owner was not able to redeem the tax, then it was proposed that he should not be per mitted to redeem it till that period when the monied men would have the least objection to return to the possession of stock: the period he would fix would be, when the old sinking fund should be at what was called the maximum, that is, when the interest was no longer to go on in a compound ratio; this would be when the old sinking fund would amount to 4,200,000l. annually. If then the country should be able to get through the difficul ties of the present moment, they had a right to look forward with confidence; they would soon arrive at a period at which they would have a sinking fund of between seven and eight millions, applicable annually to the reduction of the national debt. When that happened there must be an end of all difficulties respecting the public credit; there would then be an end of all difference between landed and funded property. spoke to the fluctuation which the land tax on particular estates was liable. By the mode of division pointed out in the land-tax act, the charge on particular dis tricts continued unaltered; but this was not the case within the districts; there alterations would be found to take place. He believed, however, that in most partof the kingdom the operation of

He next

the

the repartition of the charge on individual estates was very little. The places most liable to variation were towns, and parts where new buildings were establishing. In the metropolis it was very consider able. In Mary-la-bonne the tax was every day lighter. Where a change was likely to take place, it was thought most adviseable to suffer the proprietor to redeem it at its present rate, and he might then wave the advantage in the event of an increase in the tax, and submit to the loss which he would sustain by an abatement; or he might, if the commissioners thought proper, go on receiving the difference between the present and future rates of the receiver-general, in case of an increase, and settling with the parish in the other alternative. It might happen that a purchaser might contract not only for the land tax of individual estates, but also for that of a district, in which case no fluctuation would arise.

Such were the outlines of a plan, the details of which were necessari ly long. Mr. Pitt concluded with proposing fifteen resolutions, which, as they formed the stratum of the bill, are inserted here.

I. That it is the opinion of this committee, that the several and respective sums of money charged by virtue of an act of the present session of parliament, intituled, "An act for granting an aid to his majesty by a land tax, for the service of the year 1798," on the respective counties and places in Great Britain, in respect of the premises in the said act mentioned, lying within the same counties and places respectively, to be raised, levied, and paid unto his majesty, within the space of one year, from the 25th day of March, 1798, shall, from

and after the expiration of the said term, continue, and be raised, levied, and paid yearly, to his majesty, his heirs, and successors. from and after the 25th day of March, in every year, for ever; subject, nevertheless, to the rules, regulations, restrictions, and conditions of redemption, to be prescribed.

II. That it is the opinion of this committee, that it shall be lawful for commissioners to be appointed for that purpose, to contract and agree with all and every persons or person, bodies politic or corporate, having or holding any manors, messuages, or tenements, for the redemption of the land tax charged upon their respective manors, messuages, or tenements, according to the assessment and pound. rate to be made in pursuance of the said act; and that the consideration to be given for such redemption shall be so much capital stock of public annuities, transferable at the bank of England, bearing an interest after the rate of three pounds per centum per annum, commonly called the three pounds per centum consolidated annuities, and the three pounds per centum reduced annuities, as will yield an annuity or dividend, exceeding the amount of the land tax so to be redeemed by one-fifth part thereof; such capital stock to be transferred to the commissioners for the reduction of the national debt within the period of five years, from the day of

by four instalments in every year; videlicet, on the first day of May, the first day of August, the first day of November, and the first day of February, in each year: the first instalment to be made on such of the said days as shall next ensue after the entering into such contract; but with liberty to any person to stipulate with

the

the said commissioners for the transfer of the whole of the said capital stock at one time, or within a less period than five years, so that the same be made by even instalments, at equal intervals within the period agreed upon, and by not less than four instalments in each year of the said period.

III. That it is the opinion of this committee, that all bodies politic, corporate, or collegiate, corporations aggregate or sole, and all guilds, mysteries, fraternities, or brotherhoods, and all trustees or feoffees in trust for charities or other public purposes, having any estate or interest in any such manors, messuages, or tenements, whatever may be their estate or interest therein, other than tenants at rack-rent, and all committees of lunatics, or ideots, and guardians of infants, and all executors and administrators, and all other trustees whatsoever, may contract with the said commissioners to be appointed for the said purposes; and that persons in the actual possession, or beneficially entitled to the rents and profits of any manors, messuages, er tenements (other than tenants at rack-rent), shall be preferred in the purchase of such land tax to persons in remainder, reversion, or expectancy, provided they offer to contract for the redemption of such hand tax on or before a day to be specified; but that the persons in remainder, reversion, or expectancy, shall be entitled to redeem such land tax in preference to any other persons having no estate or interest therein, according to the priority of such their respective estates or interests, and in the order in which they will be respectively entitled to succeed to the said manors, messuages, or tenements; and that in case of demise at rack-rent,

the persons beneficially entitled to the rent reserved shall (notwithstanding any covenant) be considered as being in the actual possession of such manors, messuages, or tene ments, for the purpose of claiming such benefit of preference, with power to add the amount of the land tax so purchased to the rent reserved, and to use the same powers for the recovery thereof as for the recovery of rent in arrear; and that on the completion of any contract for the redemption of the land tax, by the person having such title to preference, or by any other on his behalf, and payment of the first instalment thereof, the manors, messuages, or tenements, comprised in such contract, shall thenceforth be wholly freed and exonerated from the land tax charged thereon, and from all farther assessments thereof, unless the person contracting for such land tax shall, at the time of entering into the contract for the same, declare his option to be considered as on the same footing with a third person purchasing the land tax; and that upon every contract to be entered into as aforesaid, upon which the transfer of stock shall be made by instalments, there shall be paid at the time of making the second instalment upon such contract, and so of every subsequent instalment upon such contract, into the hands of the cashier or cashiers of the governor and company of the bank of England (whose receipt shall be a sufficient discharge) to the use of his majesty, his heirs, or successors, a sum of money, by way of interest, to be computed from the period of the first instalment, equal to four fifth parts of the amount of what would have been the produce up to the time of making such payment of the whole of the stock to

be