William Pitt and the Great WarRose, J. Holland (John Holland)
History
William Pitt and the Great War
Rose, J. Holland (John Holland)
Europe -- History -- 1789-1815; Great Britain -- History -- George III, 1760-1820; Pitt, William, 1759-1806
The Chancellor of the Exchequer therefore had the choice of the direct
attack on the purse or the increase of atmospheric pressure. For the
present he chose the latter method, enhancing the duties on tea, wines,
sugar, spirits, game licences, glass, tobacco, and snuff, besides
raising the "Assessed Taxes" by ten per cent. The produce of some of
these imposts is curious. Hair-powder yielded L197,000; the extra tea
and wine duties L186,000 and L923,000, severally; those on tobacco and
snuff only L40,000. Pitt's procedure in December 1796 was very cautious.
He carefully watched the yield of the new taxes, in order to see whether
the increase of price checked consumption. Finding that this did not
happen in the case of tea and spirits, he further raised the duties on
those commodities; but, on behalf of the poor, he exempted the cheaper
kinds of tea. On the other hand he proposed to check the consumption of
spirits by imposing an extra duty of five pence a gallon along with a
surcharge on distillery licences. Further, as the duties on bricks,
auction sales, sugar, bar iron, oil, wines, and coal had not lessened
consumption, he again increased them. A questionable experiment was an
increase in the postage of letters and parcels, and in the duties on
newspapers, stage coaches, and canal tolls. A new House Duty, levied in
proportion to the number of servants, is open to less objection. On the
whole he expected the new taxes to yield L2,138,000. The total supply
asked for was L27,640,000.
The financial outlook grew darker in the year 1797. At the close of
January came the news of Hoche's expedition to Bantry Bay, which
revealed the possibility of revolutionizing Ireland. On 4th February
Pitt heard of the triumph of Bonaparte at Rivoli. The tidings told
disastrously on markets already in a nervous state. A correspondent of
Pitt attributed the decline to the action of the Bank of England at the
close of 1795, in reducing their discounts. Fox and his friends ascribed
it to the export of specie to Vienna; while Ministers and their friends
gave out that it resulted from the fears of invasion, and the desire of
depositors everywhere to withdraw their money and place it in hiding.
Privately, however, Pitt confessed to Auckland that the export of gold
brought matters to a climax.
Public-domain text, read in full here on John Shaqi.
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