THE ANTI-JACOBIN; OR, WEEKLY EXAMINER. N° XIX.-MONDAY, MARCH 19, 1798. Britain, the Queen of Isles, our fair possession, HAVARD. SALE OF THE LAND-TAX. R. PITT's Plan for the SALE of the LAND-TAX, MR. will probably be brought forward in the course of the present week: we have taken some pains to inform ourselves upon the subject, and the following short Statement of it we believe to be correct. The amount of the Land-Tax is 2,000,000l. per annum-if the whole of it were sold at twenty years purchase, and the produce invested in a 3 per cent. Stock at 50, it would yield 80,000,000l. affording an Interest of 2,400,000l. and leaving a clear gain to the Revenue of 400,000l. per annum. This appears to us the plainest view of the measure which is proposed-considering the present price of 3 per cents. at 50; but for every variation of 21 per cent. in VOL. II. the the price of this Stock, there is to be a corresponding variation of one year's purchase in the price of the Tax. -If, for instance, the price of the 3 per cents. should be 52, twenty-one years purchase will be required for the Tax. This scale of variation will bring the value of the Tax up to thirty years purchase, when the price of 3 per cents. is 75. To simplify the operation, it has also been suggested, that the purchase should in all cases be made in Stock, not in Money. It will be seen at first view, how very beneficial an offer this Plan holds out to the Purchasers of this Taxat twenty years purchase, the price corresponding with 3 per cents. at 50, it is investing money on a Landed Security at an Interest of 5 per cent. ; and if a Gentleman of Landed Property is not able to raise the sum necessary for the purchase of his Tax, without selling a part of his Land for that purpose, he will still find the operation extremely advantageous. If he possesses an Estate of 1000l. per annum, paying a Land-Tax of 50l. he can sell 50l. of his Rent for 1400l. or 1500l. (from 28 to 30 years purchase); he buys his Tax at 20 years purchase for 1000l.; and he thus clears 400l. or 500l. A proportional advantage will arise from selling Land, even at its present value, for the purchase of the Tax, until the 3 per cents. rise to 75, which, upon the proposed variation, according to the price of 3 per cents. is equal to 30 years purchase. We think it a very judicious part of the Plan, that it gives great facility to Proprietors of Land to become the Purchasers of their own Tax: with this view, the Proprietor in the first instance is to have the opportunity of Pre-emption, as the Land-Tax arising from any particu lar Estate is not to be offered for sale to third persons, until the expiration of a certain period to be given to the Proprietor of the Land, to make his arrangements for the Purchase. And even if third parties should become Purchasers, it will not be irredeemable to the Proprietor of the Estate-in that case, the liberty of Redemption is only suspended to a given period, when, if the Proprietor of the Estate is desirous to become the Possessor of the Land-Tax arising out of it, he must replace to the original Purchaser the same quantity of 3 per cent. Stock which he paid as the price of his Purchase. An opportunity of investing large sums on a Landed Security at 5 per cent. will be readily embraced by Monied Men; and if the period of Redemption is fixed at ten or twelve years, encouragement will be given to third Parties to become Purchasers, and an opening will be left to those Proprietors who were not able to purchase in the first instance, to become Possessors of the Tax arising out of their own Estates. Provision will be made in the Act for carrying this measure into effect, to secure the Purchasers of the Tax against any Land-Tax in respect to the Land of which the Tax has been purchased, except to the amount of any addition (in case any should be hereafter made) to the Land-Tax of those who have not purchased. A Parliamentary Declaration to this effect, we should conceive to be all that is necessary upon this point. These, we believe, are the principal Outlines of this Plan; and, as far as we have considered its details, they present no impediment which may not be easily removed, Any Plan which has for its objects the support of Public Credit, and the improvement of our Resources; and which promises to effect those objects without inconvenience, B 2 nience, will of course meet with opposition, violent in proportion to the benefit that is likely to result from it, from those who have never failed, in the course of the present War, to cry down and revile every measure which has been brought forward to enable us to counteract the ambitious projects of our Enemies. We have been already told, that this Plan is an attack upon the Constitution, in rendering the Land-Tax perpetual-it might have occurred to those who urged this objection, that the Constitutional Principle would be preserved, by making some of the present Perpetual Taxes upon the great articles of consumption annual, to the same amount, in lieu of it. But we shall reserve ourselves to another opportunity to enter into details, and discuss objections; pledging ourselves to prove to the satisfaction of the Public (Jacobins always excepted), that this Measure, if carried into effect, must produce the most beneficial consequences both to the Landed and Funded Interest of the Country. WEEKLY EXAMINER. LIES. THE Jacobins are so fertile in the production of Falsehood, that notwithstanding our most active attempts to expose and destroy it, we have the mortification of frequently finding ourselves obliged to put off the consideration of many articles which call loudly for reprobation. -Let -Let not the Authors of them, however, fancy they can finally escape. It is a maxim with us (to borrow a Law Phrase), that nullum tempus occurrit mendacio-no lapse of time can be pleaded in bar to our right of attacking a Lie; and we shall therefore continue to drag forward, from time to time, such as we had reluctantly suffered to pass unnoticed in the throng. The Morning Chronicle, which lately (satisfied with reviling "GOD and his CHRIST,") left the dirty work of insulting the KING to the Courier and Morning Post, seems now impatient to take it out of their hands, or at least to share it with them! It had for some days amused itself with sneering at HIS MAJESTY, for not having interest enough at Drury-Lane to procure the representation of two Pieces, which he was said to have commanded on the same night; at length, not content with dwelling on this "want of interest *, in the most indecent manner, it published on the 20th of February, the following barefaced and insolent Lie. 66 "We have been favoured with the particulars of the Message sent by "the Managers of Drury-lane Theatre to His MAJESTY'S Com"mand of the Castle Spectre and Blue Beard, which was to the effect following:-That highly flattered by His Majesty's peculiar dis"tinction, they would gladly comply, but begged of the Cham"berlain to apprize His MAJESTY, that the Performance must "begin at three in the afternoon, in order to finish by twelve at night !!!" -Morning Chronicle, Feb. 20. As this, however, implicated in a direct and positive manner the Managers of Drury-Lane in this unprovoked Here is one of the scandalous Paragraphs to which this Lie gave birth, and for which, indeed, it was principally fabricated; the rest we shall not disgrace our Paper with repeating. "The KING wishes to see the Castle Spectre and Blue Beard on the same night at Drury-lane-and this is thought too much to "give at once, considering Royalty has run out its attractions-at If the other House."-Morning Post, Feb. 20. 1 |