RESOLUTIONS TOUCHING THE COIN, &c.

With respect to the coin they brought in a bill repealing an act for taking off the obligation and encouragement of coining guineas for a certain time, and for importing and coining guineas and half guineas, as the extravagant price of those coins which occasioned this act was now fallen. They passed a second bill for remedying the ill state of the coin; and a third, explaining an act in the preceding session for laying duties on low wines and spirits of the first extraction. In order to raise the supplies of the year, they resolved to tax all persons according to the true value of their real and personal estates, their stock upon land and in trade, their income by offices, pensions, and professions. A duty of one penny per week for one year was laid upon all persons not receiving alms. A further imposition of one farthing in the pound per week was fixed upon all servants receiving four pounds per annum as wages, and upwards to eight pounds a-year inclusive. Those who received from eight to sixteen pounds were taxed at one halfpenny per pound. An aid of three shillings in the pound for one year was laid upon all lands, tenements, and hereditaments, according to their true value. Without specifying the particulars of those impositions, we shall only observe that, in the general charge, the commons did not exempt one member of the commonwealth that could be supposed able to bear any part of the burden. Provision was made that hammered money should be received in payment of these duties at the rate of five shillings and eightpence per ounce. All the deficiencies on annuities and monies borrowed on the credit of the exchequer, were transferred to this aid. The treasury was enabled to borrow a million and a half at eight per cent, and to circulate exchequer bills to the amount of as much more. To cancel these debts the surplus of all the supplies, except the three-shilling-aid, was appropriated. The commons voted one hundred and twenty-five thousand pounds for making good the deficiency in recoining the hammered money, and the recompence for bringing in plate to the mint. This sum was raised by a tax or duty upon wrought plate, paper, pasteboard, vellum, and parchment, made or imported. Taking into consideration the services and the present languishing state of the bank, whose notes were at twenty per cent, discount, they resolved that it should be enlarged by new subscriptions, made by four-fifths in tallies struck on parliamentary funds, and one-fifth in bank-bills or notes; that effectual provision should be made by parliament for paying the principal of all such tallies as should be subscribed into the bank, out of the funds agreed to be continued; that an interest of eight per cent, should be allowed on all such tallies; and that the continuance of the bank should be prolonged to the first day of August, in the year one thousand seven hundred and ten. That all assignments of orders or tallies subscribed into the bank should be registered in the exchequer; that before the day should be fixed for the beginning of the new subscriptions, the old should be made one hundred per cent., and what might exceed that value should be divided among the old members; that all the interest due on those tallies which might be subscribed into the bank-stock, at that time appointed for subscriptions, to the end of the last preceding quarter on each tally, should be allowed as principal; that liberty should be given by parliament to enlarge the number of bank-bills to the value of the sum that should be so subscribed over and above the twelve hundred thousand pounds, provided they should be obliged to answer such bills on demand, and in default thereof be answered by the exchequer out of the first money due to them; that no other bank should be erected or allowed by act of parliament during the continuance of the bank of England; that this should be exempted from all tax or imposition; that no act of the corporation should forfeit the particular interest of any person concerned therein; that provision should be made to prevent the officers of the exchequer, and all other officers and receivers of the revenue, from diverting, delaying, or obstructing the course of payments to the bank; that care should be taken to prevent the altering, counterfeiting, or forging any bank bills or notes; that the estates and interest of each member in the stock of the corporation should be made a personal estate; that no contract made for any bank stock to be bought or sold, should be valid in law or equity unless actually registered in the bank books within seven days, and actually transferred within fourteen days after the contract should be made. A bill upon these resolutions was brought in under the direction of the chancellor of the exchequer: it related to the continuation of tonnage and poundage upon wine, vinegar, and tobacco, and comprehended a clause for laying an additional duty upon salt for two years and three quarters. All the several branches constituted a general fund, since known by the name of the general mortgage, without prejudice to their former appropriations. The bill also provided that the tallies should bear eight per cent, interest; that from the tenth of June for five years they should bear no more than six per cent, interest; and that no premium or discount upon them should be taken. In case of the general funds proving insufficient to pay the whole interest, it was provided that every proprietor should receive his proportion of the product, and the deficiency be made good from the next aid; but should the fund produce more than the interest, the surplus was destined to operate as a sinking fund for the discharge of the principal. In order to make up a deficiency of above eight hundred thousand pounds occasioned by the failure of the land-bank, additional duties were laid upon leather; the time was enlarged for persons to come in and purchase the annuities payable by several former acts, and to obtain more certain interest in such annuities.

Never were more vigorous measures taken to support the credit of the government; and never was the government served by such a set of enterprising undertakers. The commons having received a message from the king touching the condition of the civil list, resolved that a sum not exceeding five hundred and fifteen thousand pounds should be granted for the support of the civil list for the ensuing year, to be raised by a malt tax and additional duties upon mum sweets, cyder, and perry. They likewise resolved that an additional aid of one shilling in the pound should be laid upon land, as an equivalent for the duty of ten per cent, upon mixed goods. Provision was made for raising one million four hundred thousand pounds by a lottery. The treasury was empowered to issue an additional number of exchequer bills to the amount of twelve hundred thousand pounds, every hundred pounds bearing interest at the rate of fivepence a-day, and ten per cent, for circulation; finally, in order to liquidate the transport-debt, which the funds established for that purpose had not been sufficient to defray, a money-bill was brought in to oblige pedlars and hawkers to take out licenses, and pay for them at certain stated prices. One cannot without astonishment reflect upon the prodigious efforts that were made upon this occasion, or consider without indignation the enormous fortunes that were raised up by usurers and extortioners from the distresses of their country. The nation did not seem to know its own strength, until it was put to this extraordinary trial; and the experiment of mortgaging funds succeeded so well, that later ministers have proceeded in the same system, imposing burden upon burden, as if they thought the sinews of the nation could never be overstrained.

WILLIAM, 1688—1701.