70] 



ANNUAL REGISTER, 1813. 



was 80 millions of pounds, of 

 which 30 millions 3-8ths came 

 from America. The deficiency, 

 even if none were now imported 

 from America, would be made 

 up by that imported from the 

 West Indies and Brazil. There 

 was only one objection to this 

 measure, which was, that it would 

 raise the price of the raw material 

 on the manufacturers in the first 

 instance, and eventually on the 

 consumer. With respect to the 

 home consumer, he thought, how- 

 ever, that it could be hardly felt, 

 and with regard to the export 

 trade, he was of opinion there was 

 no reason to apprehend any rivalry 

 on the continent of Europe, and 

 America was at present out of the 

 question. He apprehended that 

 no fear could be entertained of any 

 competition in France, when the 

 duty on cotton now existing was 

 five shillings per pound, whereas 

 the duty in contemplation here 

 would only amount to nine-pence 

 entirely, which threw at present a 

 sort of monopoly of this article 

 into our hands. As to the other 

 nations of the continent, some of 

 whose territories were the seat of 

 war, and whose general internal 

 insecurity was adverse to commer- 

 cial enterprize,butlittlecouldbe ap- 

 prehended from their competition. 

 He conceived, at the same time, 

 that it would be desirable that 

 government should have the means 

 of varying thismeasureaccordingto 

 circumstances ; ard with this view 

 he had in contemplation to propose 

 that a power should be given to 

 his majesty in council to suspend 

 or reduce any of those war duties, 

 according to any circumstances 

 which might arise at this import- 

 ant crisis to make it expedient so 



to do. The right hon. gentleman 

 then concluded by saying, that he 

 hoped he had provided the charges 

 required by the public service in the 

 least objectionable manner. It was 

 difficult in these cases to calculate 

 exactly, but he thought he had 

 here made ample provision for all 

 reverses, as the taxes in question 

 would, in the ordinary state of 

 trade produce (he should suppose) 

 three times as much. Any surplus 

 in the present case would go into 

 the war taxes, in aid of the other 

 resources of the country. He pro- 

 ceeded to move his first resolution, 

 for providing for the outstanding 

 exchequer bills. 



Mr. Baring made a variety of 

 objections to the proposed tax upon 

 American cotton : in which he was 

 followed by several members from 

 the manufacturing counties. As 

 no one spoke in favour of it, the 

 Chancellor of the Exchequer de- 

 clined pressing the question upon it, 

 and referred it to a future discussion. 

 This tax was afterwards the subject 

 of several petitions, and was finally 

 given up by the minister. 



On May 3rd, the Chancellor of 

 the Exchequer submitted to the 

 committee his promised resolutions 

 respecting exchequer bills and de- 

 bentures. He said that not only 

 the 12 millions of exchequer bills 

 had been subscribed in one day, 

 but a great surplus subscription had 

 been tendered which could not be 

 accepted, and the stocks had re- 

 mained steady under this operation. 

 It was now therefore desirable to 

 extend the funding of exchequer 

 bills ; and although there had been 

 a failure in the subscription for 

 debentures, he would recommend 

 a repetition of the experiment. He 

 therefore proposed to raise three 



