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Updated: June 22, 2025
My patrimony, never of the largest, had been for the last year on the decrease, a herald would have emblazoned it, "ARGENT, a money-bag improper, in detriment," and though the attenuating process was not excessively rapid, it was, nevertheless, proceeding at a steady ratio. As for the ordinary means and appliances by which men contrive to recruit their exhausted exchequers, I knew none of them.
In 1817 it decreed a financial union between the two countries, amalgamated their budgets and exchequers, and ordered that henceforth all the receipts and expenditure of the United Kingdom should be consolidated into one single fund, which was henceforward to be known as the Consolidated Fund.
In the first fifteen years following the Union she paid in taxes £78,000,000 as against £31,000,000 in the last fifteen years preceding the Union. After the amalgamation of the Exchequers in 1817 the case becomes clearer. In 1819-20, for instance, the revenue contributed by Ireland was £5,256,564, of which only £1,564,880 was spent in Ireland, leaving a tribute for Great Britain of £3,691,684.
In this session, too, it conferred a boon upon Ireland, which earned little gratitude, by the consolidation of the British and Irish exchequers. Ireland was virtually insolvent before this measure was passed. With the union of the exchequers the union of the countries was completed.
Thus ten years after the British government had undertaken to remit the duties collected in the colonies to the exchequers of the colonies in which the money was collected, there still remained a considerable revenue, obtained under old and obscure Acts of parliament, which was held back, and the destination of which was not known, until disclosed to the delegates sent to England to obtain the redress of New Brunswick's grievances.
This Budget, moreover, not only came at a time of general economic depression, but coincided with the operation of the new financial arrangements between the Provinces and the Government of India, which have deprived the latter of the facilities it had formerly for mitigating its own financial necessities by adjusting to them the doles paid out of the Central Exchequer to the several Provincial Exchequers.
His own notion about commerce was that he could "make it manoeuvre like a regiment"; and this military conception of trade led him to entertain the fond hope that exchequers benefited by confiscation and prohibitive tariffs, that a "national commerce" could be speedily built up by cutting off imports, and that the burden of loss in the present commercial war fell on England and not on the continental consumer.
Chess-players know that each important move affects not only the figures primarily attacked, but changes the whole texture of the play. First, then, and foremost, fresh sources of income were wanted to make the finances of the empire independent from the several exchequers of the states bound by statute to make up for any deficiency pro rata parte of their population.
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