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Rhode Island Republican
Newport, Newport County, Rhode Island
What is this article about?
Ship Mercury arrives in New York on May 24 with London papers to April 15, reporting suspension of specie payments at Bank of England. Minister presents budget on April 5 requiring 26.5 million pounds via loan, plus provisions for 95 million debt interest through increased taxes on malt, hops, beer, assessed taxes, exports, and imports. Government aims to discharge National Debt in 45 years.
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NEW-YORK, May 24.
The arrival of the ship Mercury, in 39 days from London has extended our regular files of London papers to the 15th of April. One of the most important circumstances we have to announce is, the suspension of payment in Specie, at the Bank of England.
On the 5th ult. the Minister opened the budget. The sum required for the services of the current year is stated by him at twenty-six millions five thousand pounds, which is provided by a loan. He likewise required provision to be made for paying the interest of ninety-five millions additional debt, amounting to 3,000,000l. for which he took three leading classes of objects of taxation, viz. An increase of two millions on malt, hops, and beer; one million from an increase and modification of the assessed taxes; and one million from the Exports and Imports. In the course of his speech on this subject, he mentioned that it was the intention of the Government to discharge the National Debt, and that the measures which had been adopted would produce that effect in forty-five years.
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Foreign News Details
Primary Location
London
Event Date
5th Ult.; Papers To 15th Of April
Key Persons
Outcome
suspension of payment in specie at the bank of england; budget of twenty-six millions five thousand pounds provided by loan; provision for interest on ninety-five millions additional debt amounting to 3,000,000l. via increases on malt, hops, beer (2 millions), assessed taxes (1 million), exports and imports (1 million); intention to discharge national debt in forty-five years.
Event Details
Arrival of ship Mercury in 39 days from London extends files to 15th of April. On the 5th ult. the Minister opened the budget stating sum required for current year services at twenty-six millions five thousand pounds provided by loan. Required provision for paying interest of ninety-five millions additional debt amounting to 3,000,000l. Took three leading classes of taxation: increase of two millions on malt, hops, and beer; one million from increase and modification of assessed taxes; one million from exports and imports. In speech, mentioned Government's intention to discharge National Debt, with adopted measures to produce that effect in forty-five years.