§ The order of the day having been read for the House to resolve itself into a committee on the Stamp Duties Bill,
The Chancellor of the Exchequersaid, that 969 he was desirous of dividing the Bill into two parts, in order that the one comprising those objects to which no objection existed, might as speedily as possible pass into a law. With respect to the other, he should merely move that the blanks be filled up, with a view to its future recommitment.
On the motion of the Chancellor of the Exchequer, it was ordered to be an instruction to the Committee to divide the Bill into two parts. He then moved, that the Speaker should leave the chair.
§ Mr. Grenfellexpressed the satisfaction which he felt at the adoption by his right hon. friend, of the principle with respect to the Bank compensation for stamps that had been pointed out to him in the first instance, although he differed from him as to the application of that principle. He recommended that the average should be taken, not of the last three years, but of the last twelvemonth. He observed, that in consequence of the oversight on this subject of his right hon. friend's predecessors, the public had lost, and the Bank of England had gained, many hundreds of thousands of pounds.
The Chancellor of the Exchequerdefended the mode in which he proposed to apply the principle adverted to by his hon. friend. The compensation which the Bank would pay at present would be 87,000l.: being an increase by the present Bill of 45,000l., a sum much exceeding that which the Bank would have to pay if the new duties were actually imposed on their paper. He maintained, that to take the average of three years, was preferable to taking the average of the last twelvemonth only. It was his intention to propose that the operation of the measure, as it affected the Bank, should be co-existent with the restriction on their payments in specie.
§ Mr. Mellishsaid, that all the merit of the arrangement with the Bank was not due to the hon. gentleman (Mr. Grenfell), because that arrangement was founded on the consent of the Bank itself. The year 1814 was one in which the expenditure had been very great, which was the cause of the increased issues of the Bank in that year; it would be therefore unfair to take the average of that year as a scale for the amount of duties.
§ Mr. Bankesbore testimony to the merit of Mr. Grenfell, as the gentleman to whom this arrangement was owing. He thought no indulgence was due to the Bank, as it had derived great profit from 970 the measures adopted by Parliament; and he did not think it would be fair in that body to oppose a proposition to fix the amount of the composition to be paid for stamps, by the amount of their issues, for the last twelve months.
Mr. Forbesthought the Bank should be put on the same footing with private bankers; and by the accounts which he had moved for on a former day, of the number of notes of each description in circulation, it would be in the power of the House to calculate to a shilling the sum which should be paid.
The Bill went through a Committee. The House having resumed, on the question that the Report be received,
§ Mr. Grenfellsaid, that when the Bill was again referred to a committee, he should propose a clause to carry into effect his ideas of the proper arrangement to be made with the Bank.
§ Mr. C. Smithobserved, that the Bank should always be regarded by the House with a favourable eye, for having afforded great assistance to the public, as well as for having been a main support of our commerce in the late war.
The Chancellor of the Exchequersaid, that he considered the public faith so far. pledged to the Bank, that a revision of the present engagements with them could not take place without their consent. He wished to suggest that consideration to the hon. gentleman, at the same time pledging himself to reconsider the subject.
Mr. Wynnwas of opinion the public faith was not pledged to the Bank, anymore than to individuals who compounded for the dog duty as packs of hounds. He suggested that the duly should be taken off the patents of sheriffs, which only produced 2,000l.
The Chancellor of the Exchequersaid, he would take that subject into consideration. The office of sheriff was certainly one which, neither on account of its profit or pleasure, was a fair subject of taxation.
§ Mr. Butterworthwished to suggest the propriety of some regulation as to the percentage on wills and administrations.
The Chancellor of the Exchequersaid, that after an examination of the subject, he was convinced of the impracticability of any arrangement.
The Report was then brought up, and ordered to be taken into further consideration on Monday.