fubject to continual fluctuation, dependent on every demand of government for money, every article of intelligence received or expected. This uncertainty prefenting to fome the opportunity of gaining advantage, by the imprudences into which hope or fear immoderately entertained will lead others, has generated a traffic carried on daily to an incredible extent, called Stock Fobbing. It were ufelefs to defcribe the rife and progrefs of this fpecies of gambling, or to recite the many reflections which the ruin of numerous individuals and families has occafioned: the legislature has done its part towards fuppreffing it, by a ftatute 7 Geo. II. c. 8. intitled, " An act to prevent the infamous practice of ftock jobbing," but when perfonal intereft and an opinion of fuperior penetration combine to favour any fpecies of adventure, and when the most opulent and refpectable members of the community are known to embark in it with avidity, the restraints of law are interpofed in vain; no difgrace attends thofe who are known to be in the daily habit of infringing this ftatute; but a man who avails himself of its provifoes to cancel a debt which he has incurred in the alley, is generally detefted and despised. Some terms are used in defcribing the different claffes of adventurers in the alley, which it may be proper here to explain. He who buys any portion of government fecurities in the way of speculation, and without any intention to pay for it, but only to pay or receive the difference of price, at a certain fixed time called the fettling day, or he who holds a larger portion of scrip than he can retain, is called a Bull. He who, on the contrary, has agreed to fell a large portion of stock which he does not poffefs, at a certain day and price, is called a Bear. Both these perfons deal for many thousand pounds in stock, beyond any capital they are fuppofed to poffefs, because the terms of their bargains always are fuch that the difference between the market price on the fettling day, and the price at which they have agreed to buy or fell, being paid, the other party to the contract has all the benefit he can expect. A bull is always anxious to hear and propagate fuch news as will keep up the spirits of the nation, and cause the funds to produce a high price: while the bear derives his best hope from public difafter, and would be completely enriched by events which fhould occafion national defpondency. Those who through dishonesty will not, or through poverty cannot, make good the engagements they have formed in the alley, are ftigmatized by the name of Lame Ducks, and, by a recent regulation, their names are exhibited on a black board as a perpetual caution to others to avoid all tranfactions with them, TAXES. The taxes by which money is raised to pay the intereft of the national debt already mentioned, and to fupply the exigencies of the ftate, are divided into two general claffes; temporary and permanent. TEMPORARY. The temporary taxes are thofe on land and malt the former indeed, fince the act for its redemption, may with greater propriety be confidered as permanent; but as it ftill is, in refpect to public offices, and penfions, temporary, it is continued in its old fituation. LAND TAX. The land tax originated in thofe monthly affeffments, which were impofed in the time of the com monwealth, and were occafionally levied in the reign of Charles II., it has been affeffed without intermiffion, fince the reign of William III. It was at first intended as a rate on every fpecies of income or property, and in that fenfe was originally, and still continues to be laid, on the profits of public offices and on penfions. The affeffment was framed in the year 1692, when a new valuation of eftates was made throughout the kingdom: which, though by no means a perfect one, had this effect, that a fupply of rather lefs than 500,000l. was equal to one fhilling in the pound, of the value of the estates given in. This tax, though annually voted, was never afterward entirely remitted; it was fometimes moderated to three fhillings; fometimes to two; and in 1732 and 1733, to one fhilling in the pound; but by the ftatute 38 Geo. III. it was, for the fake of being redeemed, rendered perpetual, and ftill adhering to the valuation formerly made, eftimated at 2,037,6271. 95., of which 47,954. 15. 2d. is the portion raised in Scotland. COMMISSIONERS. The method of levying this tax, is by charging a particular fum on each county, according to the valuation made in 1692: and this fum is affeffed and raised on individuals (their perfonal eftates, as well as real, being liable) by commiffioners, who are annually renewed, and who cannot execute the office in any county, except thofe in Wales, under a penalty of 50%., unlefs they live fome eftate or intereft in land within the county, of the clear yearly value of 100, and which was taxed for that fum at least a year before. This restraint does not extend to commiffioners being inhabitants of cities, boroughs, towns corporate, or cinque ports, or the Inns of Court or Chancery. The commiffioners are obliged to hold their meetings at the accuftomed place in each county, where they fubdivide themselves, appointing three for each divifion, and nominating clerks, affeffors, collectors and other fubordinate officers; they alfo fign the affeffment and warrant to collect it; parties confidering themfelves aggrieved may H 4 appeal, appeal, but to the commiffioners alone, and their decifion is final. From this rule there is one exception, as it relates to the voting for knights of the fhire. In order to exercife this franchise, it is neceffary that the party fhall be affeffed to the land tax in his own name, or that of his tenant. If the affeffor has neglected to affefs him, he may prefer his claim to the commiffioners, and if diffatisfied with their decifion, he may, on giving ten days notice, appeal to the justices at the next feffions. OFFICERS. A Receiver General for each county is appointed by the king, and due notice given to the commiffioners; and he, giving the like notice, may appoint a deputy: he is paid from the treafury, a falary not exceeding two-pence in the pound on the monies collected. Affeffors are appointed by precept, under the hands of two or more commiffioners, at their first meeting, directed to fuch inhabitants, conftables, or other officers as they think fit; and at their fecond meeting, they deliver to each affeffor a printed form of afleflment, together with a charge, how and in what manner they ought to proceed in the execution of their duty; and the perfons nominated in the precepts to be affeffors, not appearing when fummoned, or refufing to act, forfeit to the king, a fum not exceeding 57., nor lefs than forty fhillings. Collectors are appointed by warrants, under the hands of the commiffioners; they have power to demand the fums assessed, of the parties on the premises, or at their last place of abode; they may levy a diftrefs on refufal to pay, without any further warrant than that of their appointment, and may break open doors, in the day time, and cheits wherein any goods or effects are fecreted. The collector pays the money as it comes to his hands, to the receiver general, deducting from his laft payment, three-pence in the pound as a compenfation for his trouble. For the faithful performance of their duty, the commiffioners may oblige the collectors to give fecurity to the full amount of the rate, in their refpective diftricts; and they, and all other officers, neglecting their duty, are liable to a fine of forty pounds, to be impofed by the commiffioners, and not remitted, but by the majority of thofe who inflicted it. Clerks are alfo appointed by the commiffioners in every divifion, who receive a compenfation not exceeding three-halfpence in the pound. DEDUCTIONS. The expence of all thefe officers for England, is 53,574; the portion of Scotland is paid into the Exchequer free of all charges. There is alfo a deduction of about 1200l. from the receivers in Wales, who complain of great difficulty in remitting the money to London. Before the land Jand tax is paid into the Exchequer, a further defalcation is made for the expence of the militia, the apprehending of deferters from the army, and the bounties granted by statute 21 Geo. III. c. 58, for encouraging the growth of hemp and flax; thefe together are calculated at 130,000l. REDEMPTION OF THE LAND TAX. It has already been faid that the act for redeeming this affeflment, occafioned its being changed from a temporary to a permanent impofition. The plan was first recommended to government, as it is said, in an anonymous pamphlet; and at a period of the, French revolu tionary war, when the ftocks were exceedingly depressed, the minifter brought forward a plan for enabling perfons by paying certain fums of money, to be laid out in ftock, for the benefit of the public, to discharge their eftates from all affeffments then impofed. As the neceffity of laying an annual land tax was confidered one of the great fecurities for frequent meetings of parliament, the new duties on malt, fugar, tobacco and fnuff, which before were perpetual, and which greatly exceeded the amount of the land tax, were rendered temporary. The minister hoped to relieve the nation from the burthen of stock to the amount of 66,666,666/., but in five years after the paffing of his first act, which was very voluminous, and explained or amended by eight additional acts, no more than 19,180,5877. had been redeemed, and fome are of opinion that there is no profpect of any great addition. MALT TAX. The revolution had taken place fome time, and the public had experienced the greatest difficulties in raising the fupplies, before parliament could be prevailed on to impofe a duty on malt, together with a proportionable rate on cyder, perry, and other liquors, the ufe of which might diminish the confumption of that article. It was firft granted in 1697, and it was always fuppofed would be only a temporary impoft. By the treaty of union with Scotland, it was agreed, that during the continuance of the duty on malt, which then existed in England, (but which expired on the 4th June 1707,) Scotland fhould not be charged with it. Indeed that country was not included in the malt act, until the year 1713, and even then it was thought advifable for government to allume a fort of difpenfing power, and to give directions that it should not be levied. Nay, the Scots were fo impreffed with an idea, that they were in a manner for ever exempted from fuch a duty, by the treaty of union, that in 1725, when the tax was firit enforced in that country, it occafioned confiderable riots which were with difficulty fuppreffed. The income of this tax for England alone, exclufively of Scotland, at the rate of fixpence per bufhel, was originally calculated at at 750,000l. a year, a fum which was far from being exagge rated; for on the average of eight years, ending Midfummer 1724, it produced at the rate of 755,000l. per annum. It fell off, however, during the American war; and its amount during the year, ending 5th January, 1803, deducting the expences of management and collection, was only 702,8937. PERPETUAL TAXES. For fome years after the revolution, duties were only granted till the money borrowed on the faith of them fhould be paid off; but about the year 1710, they began to be impofed in perpetuity; to defray the intereft of debts and the furplus to be at the difpofal of parliament, These permanent taxes are divided into cuftoms, excife, stamps, and mifcellaneous. CUSTOMS. The cuftoms are the duties, toll, tribute, or tariff, payable on merchandizes, exported and imported. The original grounds of this impofition were; the licence which the king gave the fubject to depart the realm, and carry his goods with him; and the obligation which, of common right, refted on the king, to maintain and keep up the ports and havens, and protect the merchants from pirates; to thefe is added a third caufe, the permiffion given to foreign merchants to trade in the king's dominions. The customs on imported goods are very extenfive, including a vaft variety of articles, from the most precious to the most minute which can be an object of commerce. To these there can be no reasonable objection in general; the modification moft to be defired is that which fhould exempt, or but flightly affect raw materials, while certain manufactured articles, and the luxuries drawn from the ftates or colonies of foreigners, should, unless protected by a commercial treaty affording reciprocal advantages, be affeffed fo highly as to become almoft prohibited. The duties on exports must be regulated by the wants, or the liberality of foreign purchafers, and the probability of rivals in their markets. If the goods to be exported, will, after all expences paid, produce to the feller a certain advance, there is no reason why the government should not share, and largely too, in the profit which arifes from the industry and enterprize of its own fubjects. If materials are exported raw, the duties are still higher, and juftly too, fince from them the fubjects of a foreign ftate are to derive fupport and an exercife for their induftry. On this account raw articles, as lead, tin, and alum, or fuch as are incapable of being manufactured, as coals, are loaded with heavy duties, and the exportation of wool is prohibited altogether. But, as in certain manufactured articles, the probability of rivalship, or the impoffibility of obtaining more than a stated price, would render the fale difficult in foreign countries, if the duties impofed on home confumption were |