When Vansittart became
Chancellor of the Exchequer the country was burdened with heavy taxation and an enormous
debt. Nevertheless, the continuance of the
Napoleonic Wars compelled him to increase the customs duties and other taxes, and in 1813 he introduced a complicated scheme for dealing with the
sinking fund. In 1816, after the conclusion of peace, a large decrease in taxation was generally desired, and there was an outcry when the Chancellor proposed only to reduce, not to abolish, the property or
income tax. The abolition of this tax, however, was carried in parliament, and Vansittart was also obliged to remit the extra tax on
malt, meeting a large deficiency principally by borrowing. He devoted considerable attention to effecting real or supposed economies with regard to the
national debt. He carried an elaborate scheme for handing over the payment of
naval and
military pensions to contractors, who would be paid a fixed annual sum for forty-five years; but no one was found willing to undertake this contract, although a modified plan on the same lines was afterwards adopted. Vansittart became very unpopular in the country, and he resigned his office in December 1822. His system of finance was severely criticised by
William Huskisson,
Tierney,
Brougham, Hume and
Ricardo. On his resignation
Liverpool offered Vansittart the post of
Chancellor of the Duchy of Lancaster. Accepting this offer in February 1823, he was raised to the peerage as
Baron Bexley, of Bexley in the County of
Kent, in March, and granted a pension of £3000 a year. He resigned in January 1828. In the
House of Lords, Bexley took very little part in public business, although he introduced the Spitalfields Weavers Bill in 1823, and voted for
Catholic Emancipation in 1824. He took a good deal of interest in the
British and Foreign Bible Mission, the
Church Missionary Society and kindred bodies, funded
Kenyon college and seminary on the
US western frontier (the seminary is now named
Bexley Hall in his honour) and assisted in founding
King's College London. He was elected a
Fellow of the Royal Society in 1822. He was also one of the vice-presidents of the
American Colonization Society, whose aim was to repatriate African freedmen in the United States to the
African continent. ==Family==