Star. — London, England, 1819-05-14 00:00:00

.Nowy • : 40, 0 40. '""40.1:4N...0.1111 that sum and what was necessary for the support of the workmen was to be made good by the parish. The Waif-pay system was most injurious in its effects, as k caused all the young people in Coventry, who were employed in the silk trade, to become paupers, and produced in its results one of the most frightful .pictures of debauchery, vice, and immorality, that ever was known. He considered the greatest benefits to have arisen from the Spitalfields Act. He had a petition in his possession, which perhaps he ought to have presented that night, which was signed by every master manufacturer of Spitalfields. This petition stated that Act to have been in force seven years, and to have proved most beneficial to both masters and journeymen. The Spitalfields Act authorised a Ma gistrate to act as arbitrator between the masters and the journeymen, when any dispute arose between • them. The effect of this was to make any agreement that they might conclude binding on both parties. Its utility might be seen from one single fact. In 1816; similar agreements were entered into between .masters and men in Coventry, and the masters of Spitalfields. In the former place, the agreement wide, was not observed for a fortnight; latter, it had , been acted on up to the present Many advantages had followed the passing .4W• It had produced loyalty, peace, and order, where all before was disaffection, disor ', riot. Thinking, as he did, that the work ought to be paid by those for whom they la and not out of the Poor's hates, •he would Bill now proposed his support. S. WORTLEY thought if the relief claimcd silk weevers were granted, other trades would equal ri,;,44 to call on Parliament to inter their behalf. He did not think the evil grew the Poor's gates, but out of the want oicus who would buy at such prices as would ena- It master to give those in his employ an ade remuneration for their Libour. . PHILLIPS was surprised to hear the Hon. fiber (Mr. Buxton) say the Petition in favour of :pitaifields Bill which he had to present, was aped by all the Master Weavers in s town, as the evidence given by Mr. S. Wilson - before - the Com - would have warranted him in coming to a different conclusion. That Act- had been most is in its effects; and as to the quietness which , said to have produced, he viewedit but as the :iwiss of death, for the manufacturers bad been yelled to go elsewhere. He malt see no reason labour should not be left to find its price, as • any commodity in ' . .oglartd. It was not by :mpt to remove tho evil from one class of per another, that relief could be afforded, but measure that would go to bleak down the system, and restore to the workman his for ,7:trd for character and independence. BUXTON, in explanation, said, -the Petition to present was signed by all the mastersin :ids, though nut by all who resided in other the metropolis. LITTLETON saw no necessity for bringing general measure to correct a local grievance. - CUB. WEN recommended it to his Hon. Friend iravr the Bill, and bring in anothef, to regu half-pay systein, and other matters connected wade. . P. MOORS briefly replied, and consented to withdraw the BiU, and throw' on Ministers the re- ibility of relieving the existing distress. motion sxu then withdrawn. SINKING FUND. ..r.GB.ENFELL, in bringing forward the motion urhich be had given notice, said, he had taken the to address the House on the same subject in Rs object then was the same that he had View; ind he hoped to convince the House, those lithe head of the Finances of the Nation, only of the expediency, but of the necessity, in , present state of the country, of applying what iey were still pleased to call the Sinking Fund, in dlipiantion of the Loan which the Chancellor of the Eithiquer sound it mlcessary to raise for the service present ytar. For doing so there was* distinct authority in the clause, commonly called the 'lank; added by.the great man whrge name it the Bill respecting the Sinking Fund, which in the year 1786. Anxious not to be mistin ' or misreproiented with respect to his nits touching the Sinking Fund, he begged to that there was no man, in or out of the House, valued more higHly . than he did the Sinking such as it was originally intended to be. The iples upon which it was founded by Mr. Pitt, were soon afterwards affecspd by a material in the state of the country—a transition from to war. They were, indeed, principles of no dentleman who now heard him, not one of that llonnurable House, was a more warm a; than himself; he (Mr. Grenfell) having alt.' considered the Sinking Fund, as established by between Ins and 1792, the most splendid in that Statesman's fistancial character— hear). —By the Act of 1786, the existing of our Income beyond our Expenditure, to the of £1,000,000, was applied and seeused (so . transaction of this nature could be said or tered to be secured) to the gradual extinction, principle of compound interest, of a debt of 4000,000. But in 1792, it became necessary to tome degree, the provisions of the Act of inasmuch as the ex p enses incurred by one or 'years of war were sufficient to swallow up all -ings accumulated in the six years before. Ac:. ;Iy, then, the Act of 1792 provided, that every future Loan should be accompanied by such increase of the Revenue arising irom• Taxation 3n a country like this was the only legitimitse orthat increase) as should be equivalent, net, pay the interest 'Of such Loans but to pro also a Fund of one per Cent. or in !hart a ad which should•in time, extingilsish the oh Debt •It w*s then caltied that the of eirett4,o4 - 4atinctipn'iscadd in 'ix) in. exceedAettinf .6,f'.4o7eatis: The Act of iiistinge4eqf /ncome ; that of provided (or tbe'extOit:t4tni ofieitery new Debt incurred on every new Loin, by Making the Loan cartwith it the means of its own annihilation. In ese instances, the excess of:lncome beyond Ex. penditurei was made the vital principle of the extinc "Debt. And it would be foundthat such ex- Income %Tao the only principle (atter all the 1g and research which had been exhausted ;;:~ 4 the subject) open which the Teductiou of Doh .ther of a public OP private newe r ever was, ever could, or ever would be effected-(l6w, hear),..,.. These principles, 'then, adopted by Mr. Pitt on the two Acts of 1786 and 1792, in creating the Sink ing Fund, were pursued and acted upon from 1786 to 1817, a period of twenty-seven years. Such was the Sinking )Ind. What was it now? In the year 1814 c the plan of the Right Honourable Gentleman opposite—a plan immediately adopted by Parliament. lid one to which he (Mr. Grenfell) save his most zealous and unqualified support— Man; hear) ;—and the opinion he then expressed of its merits was one which nothing since had in the slighteit degree shaken or altered. In the state of exhaustion to which the country then found herself, after twenty years •of war and difficulties, the dis tressing nature of which was only to be rivalled by the firmness, endurance, and unshrinking fortitude with which they were borne, he did not then think, nor was he now of opinion, that in such a state of things, it would have been wise or .expedient to add to the weight which the nation. was already sinking under, loy additional taxation. He thought it better to give the country a little breathing lime, before her burdens were increased. Whether this view of the subject was a right or wrong one, he would not now inquire. One thing was very clear—that, united to former embarrassments; there had been of late years great profusion in our Public Expenditure. The effects of those two causes combined, had been al most to sap the principles upon which Mr, Pitt had legislated, and to leave no Sinking Fund at all. In the last year the excess of our Expenditure beyond our Income was somewhere about £13,500,000, taking and considering a sum of about £15,000,000 as part of our. Expenditure under the 'head of the Sinking Fund. So that with a nominal Fund, for that was the fact, of 15,000;000, we had last year, in reality, a Sinking Fund of not more than one mil lit.n six hundred thousand pounds, (he would not pledge himself to the correctness of fractions, and therefore he used round numbers). Certainly he was not at any time one of those who were inclined, to take a gloomy view of the state of the country; but nothing was more dangerous, in contemplating a subject of this • nature, than self 'deception. It would undoubtedly give him great satisfactinn if he .could flatter himself that the Revenue of the present year would equal that of the last. It was also to be remembered, that provisiiia was, to be made this year for thirLoan which the Right HOnourable Gen tleman.(the Chancellor of the Exchequer) was con templating—(Hear, hear).—ln'taking that into view, was it not probable that the whole of the Sinking Fund would be required for the charges likely to accrue from it ? And if so, there would not be 'one single shilling reserved for the reduction of the Na tional Debt. True it was, that £100,000,000 Stock F stood in the names of the Commissioners far the re demption of that Debt, which the Right Mo. Gentle man, who never failed to advert to the circumstance, called a treasure; and well he might, for it was such a treasure as uo natioa ever possessed before! (a laugh). Though those Commissioners were sent four times a week into the - city to purchase stock; let it be remem bered they bought with borrowed money—the money borrowed from the loan-contractors. For their mo ney they got-stock ; with their new stock they bought old stock—(a laugh). This was creating a new debt for-no other purpose than to destroy an old ore ; selling new stock cheap, in order to buy old stock dear—(a laugh) ; buying at . a very high rate of in terest to pay off a debt contractedit a very jow one. Yet this was what his Majesty's Ministers were doing. It was mere delusion ; an attentpt utpotie thew system on the country for a new Sinking' Finn', whin it was the very reverse of one. This was the course of operations prosecuted by means , of a fund which was represented to the country as applicable to the extinction of £800,000,000 of debt. The whole ma chinery, so wisely constructed in the year 1786, was now erect and in full play without any useful effect. lie might indeed ny, that it wai worse than pseless, and produCtiye of no profit except to a cl a ss of indi viJua:s who contributed nothing to the service of the State. It was true, that Loan Contractors and Spe culators in the Public Funds might be, and were, in numerous instances, very respectable and conscien tious men, but they were not persons to whose care the interests of the country should be entrusted. The .9iiestion, therefore,. now wa;, whether the House would sanction the continuance of a system of intri cacy and delusion that could produce no beneficial consequences ; or whether it would, by the vote of this night, put an end to it? He was prepared to , contend that it would have been highly adyantageous if the Sinking Fund had been applied.to in aid of all the Loans contracted since the year 1795, under the power given by Mr. Fox's clause in the Act of 1786. According to a calculation which he had made, the saving which would have been thus ,effected; from the period he had melvioned up to the year 1813, did not amount to less than D 20,000,000. He held in his hand a paper shewing the amount of saving to! the Public that might have been derived upon the' Loan of 1815, if the Commissioners for the Redemp tion of the National Debt had been allowed to invest', the-Sinking Fund in the New Stock created by that Loan. The capital sum. which might have been so saved was upwards of £2,000,000, and the annual interest 1:77,000. An Honourable Friend of his had moved for some other Returns, which were not yet' presented, respecting the Loyal of. 1818 and 181+; but from his recollection of thr•premitint which they bore, he was satisfied that a similar profit to the ex tent of several millions would have accrued to the Public, had the Sinking Fund been resorted to in those cases. The only.ground on which his principle was opposed was, that the effect of the system acted upon since 1797, was to keep s up the price of the Funds. He did not deny that in time of war, and so long as we were a borrowing country, the high price Of the Fonds was a great advantage, as we ob tained Loans on easier terms ; but that advantage btcame very doubtful when we entered, as he hoped we one day.should, on the.work of redemption. The facility of tedeinption must s be increased in propor tion to the lowness of- their price. litot whatever Might be said' on this subject, he denied altogether the foundation of the argument, and contended that the system had no such effect as that of raising the price. At the end of this rear we should probahlY have a Sinking Fund of i.;15,000,000 ; which, in vested in Stock at 70, would pnount to about £24000,000. It wm14,5 opinion, strengthened and cottoned by it lie likilaterti qt i **lmps! the Sinking Fund was thus ingest est or applied the service of the year, the Kite qi Stock ,would,Fll 4 JJ the same. Its priie• did depend On app. ft . -- • it • main , not those mysterious causes v to whicii was often attri buted, but permanently, like the prices in all mar lofts, on the proportion which the demand bore to the supply. He was aware that many respectable persons differed from him in this opinion, and that 'some of them were not under any bias from self interest. Others, however, who were considered as great authority on this question, were under that bias; or; if they were not, they were not composed of the same materials as other men. Now, Loan Contractors were not, in his judgment, exactly that description of persons by whose advice in these mat ters a Chancellor of the Exchequer ought to he go verned. In 1814 the Right lion. Gentleman had stated in his place, that, having conferred with a number of Gentlemen contracting for the Loan with regard to . tbe propriety of acting on his (Mr. Gren. fell's) suggestion, they all, with one exception only, signified their disapprobation of it, and recommend ed a Lean of £24,000,000, instead of £12,000,000. The exception to which he alluded was that of his Honourable Friend (Mr. Ricardo), who, as he thought, greatly to his credit, observed to the Chancellor of the Exchequer, that if he considered his own interest merely, he must agree with his Brother Contractors ; but jibe were to consult the advantage of the coun try, be should Alikise the application of the Sinking Fund, and a Loidt.kOf 1C12,000,000 only—(hear, hear). Perhaps, at.a tine .when large Loans were regularly ,raised, such a proceeding might have been inexpe dient ; but now 'that they were comparatively small, and ellen frequent occurrence, he could not believe that the Right Hon. Gentleman was so infatuated as to adhere to the present useless and unprofitable system. ,Reserving, however, all further ob se rvations on this subject till he should have heard what were the Right Honourable Gentleman's views, and the opinions of other Honourable Members who might take a part .in the discussion, be should conclude by moving that the House do resolve itself into a Committee of the whole House, to consider of the said Act. The CHANCELLOR of the EXCHEQUER said that the Honourable Gentleman had not in any de gree removed the objection to his motion by the way in which he had framed it. Before he had reduced his proposal to its present shape, he had objected to it, as tendin- , to fetter the discretion of Government, and impose on the Treasury shackles as to the course to be pursued on a subject, as to which it was parti cularly requisite they should be entrusted with that discretion which the Act of Parliament now reposed in them, If the Honourable Gentleman had framed his motion according to 4is original notice, then every one would have known distinctly what he vo-, ted for. Bet now the motion became still more ob-I jeclionahle ; for being supported by the veil . tame arguments as the original proposition, it had thefur ther disadvantage of being so vague, that no man] ho supported it could well know the tendency of his vote. I'he Honourable Gentleman knew that, by Mr. Fox's clause to' he Act of 1792, a discretion was very wisely vested in the Commissioners for the Re duction of the National Debt, authorizing them to apply any past of the Sinking,Fund.towards a loan:, When this power was thus vested, surely nothing] could be more unwise than by a compulsory resoltt.l tion of the House to bind down the discretion of the Commissioners. Several cases had been men- tioned by .the Honourable Gentleman, in which the application of his plan would have produced great bekefits to the public. Thus he had said, that in 181'4e if the Commissioners had become subscribers to the Loan, two millions might have been saved to the country. But the Honourable Gentleman, when he said this, forgot the extraoruinary circumstances under which the loan had been contracted for. True it was that the Commissioners might, if they had subscribed, have become participators in the Profits. But then the cause of that profit must be considered. It arose from the event of the war which was decided by the one great victory of Waterloo. Who could have foreseen that such would have Ire!) the event ? At the time when the loan was contracted for, this, upon which the prosts to arise from it so totally de pended, was a mere matter of chance. Therefore, if 'in that case the Commissioners had become sub scribers, they incurred a chance of loss as well as of gain. At present he was not argiling whether the Commissioners had decided.correctly or not in this . respect. The Hon. Gentleman however said, that a considerable sum might have been saved, if, since Oat commencement of the war, they had constantly acted in the way which he now recommended. The benefits which would have arisen from so acting were calculated by the Honourable Gentleman at twenty millions. This, however, was not more than two pr. cent. on the whole amount. Then the risk which was incurred must be taken into account, And during all that time the contractors for the loans would have objected to the Commissioners coming in with them, and would have - demanded much higher terms on that account. On the other* hand, the advantages of the system which had been pur sued were to be considered. Persons-concerned in money transactions knew that by the present mode, - a steadiness in the price of the funds was produced. wblth more than compensated for . any advantage that might ber.obtained by incurring the r i s k s of ' the der plan. Whether those who formed this opinion :Of. the effect produced by a steadiness of.price; Judged from their own personal interests, he coula not knew; . but at least their opinion-was supported by Nary plausible reasons. They said that ilthe Commissioners were out of the market, the real ituyers would take advantage of the necessity under -which they were of selling i and Avoid thus compel them to accept a low price. Therefore in. this tvay the steadiness of price compensated for any advan ...tage which might Ise obtained from such transactions .on the part of .the e Commissioners. .Ilut when the Honourable Gentleman openly professed that the object of his motion was to call upon Ike House to decide whether the present operation'of.the,§inking .Fond should continue or should be wholly, put an end to, he was sure the HG;tls . would Raise loug, be- Lpre they , *could agree to a propositien for *acing an ,end of it,. When the. present circumstances of the .'country were 'considered, it rea l ity, appeared to him that. the Honourable Gentleman .could not. have 'ioboaeu a more unfortunate time for coming_ forward with well a proposal. Muclof tlmilon.Gentleman's reasoning ho ccraid not now eats into ; bccauic it 1 j • t t : • • It 1 I I • r • ••• I r : that rileY • L 1 • ' li Its ULliit) 181; sin ; the ',Mast and inert mreeroti in the lat " time. b of the la• .r : I'll i 1 'I . 1 good ord bo der ti , re a d n , d , f • • 't °'7 1 1 t j 1 1:14t the ' Kr. S. - • f h or av t eta si ; • ;• , i ' . .. - .. . • r out, of o i f n t?a tumors w •;. ; : g . : • olitalhe n ; . - t . r- ate rei .. • •i . 4 i '' ' - . , : 4ton:her • . -.llhili ew Perli ta lle enc rd.PiP e l I, ~ 1 1; ,!..il . o 1 1 i • s 4 , ~,,,_ : • ~ '.' • . 4.,,‘ . mittee u• 'very diff injurious I '''''''‘ it was sa quietwo • compelle v.lty lab; l' 1 ' well as 4 a ~. 1 1 , i . an ateem •. I . I ; • - IA ' Wt sous to 0 by some • picsent I i 1 i' :Der reg: I • Mr. it I . • he had t; Si Spitaltie". . , parts of i t - bdr. L la agent - lqt.. C to withal late the I i,' : • •.; with the • . . Kr. P. • . withdraw . , ' l . sports - it:4l ' ' • •-• The to . ..", I • , aft which * 11hei . tc . , ' siitsl' &ow ~. • ' 4 'Pot fitly. . prese - they wen .. dihsin,ati• ; ' • ~ • ,_ • Erciteltt, . ; . . • .1 •- • 1 , " r; of the p I - legal 'auti - '• Fox Clan . bore, to % :'E'la• sse erst,d in , 4 . _ . • 19 taros for _......-i-rrrr,.. r:... • * 1 '' ay, that ''''' Who watt ' ' Fund. su 'principle • . - • .-- . . , sa 1786, . &age il -...-. . . . no I : - •I"Memberi , " adtotret,l .. :- • . j .- • • . ' . ways con • ,' ? • • i . ' Mr. Pitt ,; . !•; z ~ ,o ~ • feature i :. ," .. . -ifiear, excess of . I 4 ,' hi • amount ( - far as at t. ' • • • .; • • ii • • . consider t or. the p: ; •1 • , • 19 • L' 1 258',00( alter, ,in I ' ' • u s; 17 86 ; it , • I : two year ~ ; . A the tayin I it. • , - cordingl i • new, or f ..i . ~. _ 4which ji ' . . 1 ,. , , source ol only to I • ' '7l a ‘ g j,.1 ~ , • Tide.P.ISO il , ~. ing Pnin 1 1 , --. . gina.l De , . I . ..... •••• . periqd of •,! ,- 1 • 1 . . stance e ' ~.. ' • ,-,:. ;786 imi ‘ ii•- '-' • • r 1'152 prc • 41, 1 • f•-• , <' incurred 1 . I''l ' • cart wi I . •' . • `i • ' all ese penditun 1 , . tion of D . , cess of b • reasooini '.. i . , . I.• 1 . 4114111.04 r. kitievetr"tobrilhi!gli faithiorwlaircthklh p t this way weol~i `e inerpedient, anti a great b reac h of his dm- es -. nister of Finance, to enter, on this occ:i s i o ! neral exposition of the,financial state of Zl e Which must so Hun be brought forwa..d th' - ' lar mode--(Hear, car.) —He fully felt th e e tance of many of the topics upon which the Gentleman had touched ; and perhap s pe, r , tra , them no great di ff erence of opinion subsisted 1r them. But confining himself to the motio n h et the House, he must meet it by a decided nerazi,, being vague, and as fettering a discretion whi c h now very wisely vested in the Cununivioners Act of Parliament—(Hear). - Lord ALTHOUP said, If the House aprv e , the principle on whiCh his Honourable Frie n d ; seeded; they Must recollect how little chance was that the Chancellor of.the Exchequer st adopt it, considering bow long time had eL t Athout any attempt of the kind being made. It easy to go back, far enough to see what had be t effect upon the price of the Funds before then b een any Commissioners of the Sinking Fuel It appeared that in those times the prices of S. had been as steady as at present. Mr. T. WILSON said, he had felt st, u-tled at the Honourable Mover's proposition ceiving that the system which he reconamr, be productive of many fluctuations and false al in the money market. If the present plan shou departed front, no one would know what to 100 l ward to in the following year. A dangerou s dent would have been established, and the for of the Exchequer might be tempted to. providing for the public service in the same stx , the present financial sate of the country, ire to look our difficulties in the face: The reg plication of the Sinking Fund might be con', but it would endanger the revenue, and rendi necessity of retrenchment less chitin's. If proceeding, however, were modified, and him a particular exigency, he should not oppcheit, was one difficulty under which we laboured, believed that all were agreed in the propriety recommendation containedin the Report if the Committee : he alluded to the necessity of p the Bank into possession of its own meanso view of enabling it to resume cash payments. peared to him that £10,014400 would be too a sum' tn pay to the Bank out of an; Lean, an £.5,000,000 might, thevefore, on this occasi advantageously taken from the Sinking Fund Mr. RICARDO understood his Honourable (Mr. Grenfell) in his observations respectirgtl vantage derived by the Loan Contractors, to , the terms of the Loan, and not to any suL uncertain profit. .This was a certain advantage wholly indent of suclfevents as the ba Waterloo. It was an advantage obtained by but which might be secured to the country certainly could nt)t se.: the benefit derived chasing Stock with one hand, and creatin the other. If the Cummissiorers for the of the Debt made their periodical purchases, contractors for a new loan also paid its by ins:: at different periods. With regard to the pou jobbers to impose bard terms on the sells, soh notion implied ignorance of the money market ir country. It was a fair open market, subject monopoly. He rook no exectil to himself for hit servation to the Chancellor of the Exchequer in' It referred to an opinion which it was well he always entertained, and which it was, his duty to avow: Others, holding a very , opinion, had expressed it with equal candour. Mr. MISKISSON said, his Right Friend's observations had been applied to the meat on the table respecting the Loan of 181:, to the Motion itself, at was not stated for•whAt pose they were to go into the Committee. It question that could not be det.rmined at one According to the statements m ide, we were to redeem the debt at the rate a: which we had , rowed since 1793. But it required much detail decide upon such a quest on. The Rowan. tleman had said, that we had lost millions of by the operation of the inking Fund ; but to decide upon this question, it would be to ascertain what we had lost every ycar by A question of this nature, defending upcn I being high cr low, could but be argued on grounds. 'lt was improper to argue a this nature upon general grounds. By the w, worthy Alderman—(Cries of " He is so* man") —he begged his pardon, but he meant that it was most inconvenient to discuss a this nature before any definite plan of fin— year had been announced. He believed that Right Honourable Friend would give his best tion to any advice on the subject. . Mr. J. P. GRANT thought that his Hi Friend had, by his present' Motion, added many obligations under which the House it. country lay to him. One reason urged against Motion was, that it had embraced no specific , and yet at the same time it was argued. that improper to fetter the Right Honourable s in If.s measures of finance. He thought t he , highly deserving of the attention of the Hoax. he could not understand why an individual country should borrow from others, when the sum necessary without borrowing. It had alleged, that the Sinking . Fund kept up the • the Funds, as the Commissioners could at thi 'sure keep back or sell, according to the state market. But he for one was not diVg d der this as any advantage, because the highest made in this way was not sufficient to defray pense of management. • As an individual it rassed circumstances added to his debt the e of managing loans, so we added to out debt t pease of conducting the Sinking Fund, trh: had no-surplus of revenue. Would not the of his . Honourable F riend save us from cm.tiil - for Loans on disadvantageous terms? What contractors for loans to offer the ir loans, -butt': mium or bonus offered upon the contract? would not that bonus be saved by going into hi nom able Friend's Metion? No man lent . with the prospect,of making more profit by in it than be could make o f it in: any other wain profit, therefore, thus made in linding irowcr would necessarily save could he ace T ... ing the money. Upeu aerlying thiJ doctr • his re alns tot ! "61111 belii, d ut . : . r•osic, . 1 ; 41 3 e of ;lie co t : 4 a..d in th e felt the • • • which the mo t : .übsitted het re m ot i on bef :ided nerati- .'" lotion whi c h mivio ner , b y DM! approye! able Friend ~ the chance L . .. tacuequee ht , ime had eti ing r t , a ,j t. vhat had been , before there Log Fund prices of felt son. ; proposition, °nonleaded • and false a' . nt plan should • what to look F. dang „ and emust npted to coo:. the saonewaT. ' citutrrY, we cr:,. The re t ai a i lit be con: e, and render vioas. If sorb ed, and limited it oppose it. • . re laboured, a t e propriety of report if the , tcessity of pa.:. WTI means,. payments. It . could be too ny Lcan, and this occasion, iking Fund. honourable Fr : T eS PeCtin the motors, to refer any subsequnt in advantage, is as the battle obtained by the countrv. derived fro'ln creating it for the Itedud, :al purchases, I it' by inralme E to the poser. the sells, sold mey market in ket, subject to himself for Lis .' exchequer in Hi it was well kno it was, th. .• 1g a very di:. • ail candour. tight Honours► alied to the .oan of 1815. tted forwhat • nmittee. It an lined at one vi e, we were bo.- which we had rd much detail Honourabk millions of oind ; but in • . vould be • r year by the ing upon the f argued On 1.1 gut a questing By the way, re is so* it • it he meantoi• I‘CIASS a quoits n of finalcefor believed that give his bat • at his Honeroa t, added one to to House and urged aitainst no specific 0b... Ltguei l a that it curable bought the soli: o f the Home individual a •s, when they ring. It had ?t up the :ould at their to ire one of disposed to ". the highest' t , to decay Lu` dividnal in ter , t debt the espy. :o our debt r:.'et • Fund, Id rot the from em t ' sc going loans,s cc 0 ningi / 1 : ;ut Oct a d :: an lent inene % '. • Prprofitb • T c other wa r y* • tht N. nding i! , 1170 , ;( !he 1 0 '7 • doctr:3:,