Star. — London, England, 1828-07-12 00:00:00

rquer, for the service of the year taaa."—(The Right de Gentiaman sat down,amid loud cheering). •lABERLY expressed his opinion chat the Right able Gentleman had dealt a ith the subject fully ly, and h.d pot the wh le Cif :11111Sti411(C• of the , good and had, clove be H e. Ca fling first man .0 state boldly that the Smki• g Fund te.l by a system of borr• wing, and it was satis. to find that ae had at length arrived at a plain ending of the suject. It was clear that if the pied the pi inciole • f the Right Hon. Gentle r should cap nd four millions, for without this s not a surplus of more than two millions. He s st.teavt,at we had done in 1826—what we e in 1827—and %hat we were to do in 1829. nmittee had considt-red that there would be 4 •evenue or two millions, without b-rrowing, end r thought that that sum had been increased If decreasing. One object he had in view, how. , that the dead weight should cease, and we cal with the S nking Fund out of this surplus ht Hon. Gentleman then appeared t i think that :iples of the Sinking Fund ought still to be kept uch a system (mainly could tr t continue long. Noble Lord sugge:t -al this system of delu tad gone nn and had been fostered, until Mr. admitted that this plan of the five millions was what most persons knew it to be—a delusion. Maberly) was happy to hear the Right Hon. an opposite declare that this delusion was not [unwed ; th it delusion, however, had produced to most injurious to the country, and it ought r to be pointed out how that injury had been in n order that future Ministers might profit by the ce of the past. In his (Mr. Alaberly's) opinion, ridualwho had had aught to do with that system, cted an irreparable injury on his country; and he i that the R.ght Hon. Gentleman, who now held of e'iancellor of the Exchequer, had nest been p with it. Flom this reas:in, it was fair ar a more beneficial arrangement under his in om the year 1 ° 792 to the present, the Sinking id never been adhered to; it had been violated instances, ami it was therefore a delosieso..— mild consequently be no impropriety in taking e mask, and exposing it in its own features. e que tion of ihe dead weight, the House bad no less than eleven times; this was one proof 'ay in a hick the Act , had been received by the hit theSinicingFund bad not only been a delusion, .en an actual loscto the country ; he would not sum to which that loss moulted. because upon a there was a great variety of opinion ; he would wever, that it had operated most injuriously.— by annuities had also been very great; to the there had been annuities granted to the extent ,0001. and the injury to the country from th•s ad been immense. % The House ought to have the fairly before theny, in order that the system e exposed softly, as that no Minister would be !induced to folow it. From the year 1816, many sari establishments had been kept up, and a e ended, actor ding to the lowest calculafiort, three per annul* more. than we ought. . astording s • iy just estimate, since 1816 no less than 65 had been unnecessarily squandered. It was, . no „ wooder, i ,valf.k, this unnecesParl aspen r4s millions. if ,we-were deeply in .debt„.and bill dem of taxes were placed upon the, people. es that had lately passed. the Hallsethat for Is in Canada, and that for the survq , , for et-, .ifurcied abo..idwrit proof that tbose.burdens 1 so be 6mtinued.We had, then, purseed.ra most able dud dangerous course, and it was not sun hat large debt still hang over us..TheSe...thee, Atte* eqeirs,tl our financial 6yittip—a quern e friend had long deprecated without mucri'support. They now. however. found the on.Gentluman,..the Chancellor of the E x cheque r, with theM,4nd although they.could *e'er Pb thing.like a majority with all their talk,they.were tVirbt:ina very large one, because the Com.. ad re:ommelided, and the Minister ti4Cl v taken a i eral view. The measure that they had suggested • to beadopted, although somewhat late so to do, ✓ an enormous loss. He hoped that• steps would, taken to reduce the taxes with which the coup., aatesened,so that iticluwy might be encouraged,. , akattneat Might be given to the people. With' to ,the Finroce Committee, he would observe, (Committee had looked narrowly into the state, Room and, .in ,reference to their Report, it. was 'ward, that tbe ,Hpuse. had decided against any, rII in the army,. the navy, and the ordnance. The rou)dahUs•see at once that the House had no in. .o reduce the iiten4ittue.; itsras cbgtifore ri'eht ▪ exptesea hope that neat year there would be, ne to time, repeated propositicirts-for the reduce the taxes. When he saw a determination not to' he expenditure, he thought it was the duty of ho thought it ought to - be, seduced to press it ally upon the attention of the House. It was of o appoint a Finance Committee to ascertain in ty expenses could be reduced; if there . were no in. to reduce them. . , . . ....MESTER observed he was glad to find that sous piece of nonsense of paying with one hand as received by the other .was, to be done awaj re considered the sinking - Ftind a most injurious becatum cur capital was too large, and. our* in * small to maintain it. The Sinking FUnd was a sumptuary law, and led to innumerable evils., of • perievering in, nigh a systeM we ought to tlje taxes, and give mutioo to the thousand um, ed spindles at Manchester. This could not to .:the Sinking fund ; but by a reduction of the could be done. He shout() be,rocrs to see that ' kei t up ip any - way; and hopedit *would ;ether aboli'shed. HUME spoke at considerable length upon the. 4gernent of the finances of the .country„ nod fined that a .calculation of. his had been treatul glect by the Finance Committee, wheilsad re take it into consideration at all, and,he should e move, on some future day, that; it belaid upon. e of the House, when it would become theit us duty to make it tbe.subject of inquiry. What n lost could not be regained, but it was highly e to know what they had lost by so pernicious.a. .It* was right that the country .. ; Ip.rge..should )ughlY convinced of the greatinjury proceeding e Sinking. Fund. This was of the more illy e, as he.understtmd that somerltb. ersost I persons on the StockExchinge;b4eallifielmin g 4 :ing yuld had beep tbi salivation of th e count s y, 'tun) now i ndeivouting. to prOduie such an s should lead to its continuance. He hoped that d begpn a new .catier that there would be no. tg hocus pocus mystification its the public ac ; but that, in-future, a plain intelligible balunce- Tula be fortbcoming 'every year. The between the* Batik of. England an& the God ft* had been most ruinous in its Whoa. The asl . no f4iasrs so4aeet cuss if=esviSolooadilff.V*l take plate. The case - was difftztnt io Aasetica.-1 There every good bank was prepared to pay up in gold. In 1825, the Bank of England, if the run had been a little more severe, would have been unable to meet its engagements. He contended, therefore, that .the Chancellor of the Exchequer ought to give some specific pledge that means should he adopted a; soon a; possible to put an ,end to so injurious a connection. Parliament ought to pass an Act limiting the sum which the Government should .be able to receive from the Bank, and tendering it necessary for the Mi 7 nistess, when more was required, to call the•Parlia meat together. He wished to see the term Sinking Fund abrogated from the language in that House.-- He agreed with the plan at keeping up a surplus vvenue of about 3.000,000/: but he very much ques tioned the propriety of the recommendation of the Finance Committee, namely, that the surplus should be invariably applied to the reduction of the National Debt. He, however, at koowledged that they were bound in faith to reduce, when practicable, the Na tional Debt by repayment. • With respect to the statement of the Chancellor of the Exchequer, as to there being a surplus of three millions fir the present year, he could not admit it to be correct. One half of it would be borrowed money, and therefore not appli cable to the reduction of the debt upon, the principle laid down by the Finance Committee. According to the plan at present laid down, four millions were to be devoted to the Sinking Fund, 900.0001. of which were to be raised by Exchequer Bills. Was that a sound principle to go upon? It was no such thing, and yet it was to be persevered in to the end of the year, although the Finance Committee had designated the Sinking Fund as delu•ive and injurious. They ought at once to stop short. They had already exhausted the whole of their surplus revenue for ihe present year. He, therefore, when the Chan cellor of the Exchequer brought forward his motion for the application of the surplus revenue, should propose that the application should have reference to the actual surplus only. He contended that the inaccuracy of the sutements of the Finance Ministers was such as to call , for the most serious attention tf the House. in Mr. Canning's statement there was an error of upwards of 5,000,000(. The statement made by Mr. Robinson in 1826 war also incorrect, and on a future occasion he should prove it to have been so. MONCK advocated retrenchment and a retitle "tkin of taxation, and concurred in. the views taken by his Honourable Friends the Members for Abingdon and Aberdeen. Mr. WARD was desirous of expressing his senti ments upon one point which had not been adverted to. It was the promises which had been held out to the fundholders with respect to the Stnkieg Fund. Having, warm feelings upon the subject, he had taken pains to learn what bad re illy been the language of Ministers upoa the subject. Lord Lives pool expressly s t a t e d th a t the Si king Fund was the great support of public credit. His Lordship, after noticing the advantages arising from a reduction of taxation, also stated that he con ' Sideled the. maintenance of an efficient Sinking Fund of so much importance, that by it he was determined •to stand or fall. Such were the sentiment, of Lord Li verpool, which were concurred in by Lord •Castle-, reagh; and he wished to know whethel. his Majesty's' present. Ministers were prepared to abandon Vat princi ple, and to leave the fundholders, he would not say in the lurch, but to take from them a security which had been given to them by law ; and to make the change ,toe, at a time when the landowner h rd procured a corn Jew favourable to his views? In Prussif an efficient Sinking Fund had been maintained 'for twelve years, and the security of the fundlinhier was consequently increased. He defended the MAGIC, and cooteaditd that it had.:dealt as liberally with •the - Goet ifientiOkies !my fn.. dividusl had done. Soine Ikon,gentlemed'ilictergoed, strongly againtt.a Sinking. Fund, but he *aa•tienitleolly: convinoed .that those who teem adverse to ei Sinkinv, .Pund wercadverse to a reduction - of theltational debt. rile did act wish to see one shilling applied to the Sink ing Fund chat was not of real surplus revenue, but he was satisfied that the resources of the country were such as to justify the belief that a real-surplus - might well be provided. . • thlaarraro and Mr. WARD mutually explained. : Mr. BERRIES said, the Hon. Member for Montrose had accused Mr. Canning of great inaccuracy in the Budget which he laid before the House during the last year. He would not attempt to go through all the statements of the Hon. Member, bunhe would in:a very simple manner refute his chief charge. The Hon. Mem ber had said. that the late Right Hon. Gentleman had • made an error of upwards of 5,000,0001. Now what was the fact? It did turn out that the estimate made b.y Ms. Canning, of the probable Revenue for the year, was more actuate than in general. His prediction did not differ from the actual result move than 50,0001 The surplus for the five ye ar S.W4S 23,879,000k.according 6 his estimation, and the sum required to be invested 14. the Commissioners for the reduction of the debt for :that.. time, was .27,159,0001. so that the ride. rents between the actual surplus and the sum requited fur the Sinking fund was 3,180,0001. and Mr. Canning had expressly stated that three: millions serald be re- 1 quired to make ap the necessary sum. Therefore the whole error, if such it could be called, amounted not to ' upwards of millions, but to 180,0001. He was asl anxious as any person to see the public accounts as simple as possible, and to have a plain, clear, Sinking Fund ; but. .be never could concur with those who thought that there should be no effort made to reduce the debt. Such also was certainly the view of the nanceCornmittee; and it was with great regret that it had found it necessary to reduce the sum for the present year to be applied to the Sioking fund to three,millions. He agreed that the bonafide-starplus of the Revenue alone should be applito the Sinking Fund; but he thought that wiping shollklbe as large as the public could bear without' any' serious ineonvenien.ce. . He could net, however, agree with .hia Hon. ft iend Mr. Ward) in thinking that the fundholder had not more claim to the support of a Sinking Fund than any other member of the community. The real security of the fundholder was to see that the Parliament did that which was Most conducive tcr.the public credit and welfare. The.in vestment cf a specified.sum reg.ularly..in.the funds might tend for a time to keep up the price of stocks, but 'ulti mately it must, if not proceeding from a kanajdo sur plus, no increase the dent, as to. weaken, if not destroy, the security.uf the landholder. When Mr. Pitt•aom.. nsenced the Sinking. Fund, be applied to it a Lora fide surplus, and the circumstances cf the country fully jus tified the measure. The Member for Montrose seemed to, stippose that, in ilse.coatheof 12 years, there bad bees a ors of warless than 29,000,0001. Heired no doubt that, upan more diligent inquiry, t 4 Hon: Gentleman would fi*d 'bathewaf iti.error..„ He might to ben little more &gam in coming to such conclpsions .because, in a ft+ wee ,instaace. be s pok e o f 36,000 , 0 001. which had eqtitely.disappeared, and even. threw out some sly in-. sifuationa ORO had found its way into the pockets of Ministers.—,lt appeared, kpereaer. after wart)* that this wits direly Owtngtß.pnaissions, which, wkrep, rectified,. are* white,..apmtlnt.jitat . with respect te, ; the 36,000,0001. he was completely in error. Hie mentioned this merely rot the purpose of putting the Hon. Member on his guard.—Nr. Hume—l am on my guard 3 Then the Hon. Gentleman should show a little more caution. Tile way in which these errors arose 'was, that Hon. Gentlemen of en called for returns in such a way as they thought hest oak ulated to answer the object they had in view. The officer gave a correct return according to t e order; but then, in many instances, the order was , o drawn go as not to produce a return sufficiently clear and comprehensive. While he was connected with the Treasury, the clerks were often called to make rettons which must necessarily lead to absurd results ; but then they were bound, whatever might be the result, to make the returns in conformity to the order. It 'seemed to be thought. that the 3,000,0001. Sinking Fund was to be applied exclusively to the redemption of unfunded debt. He did not collect from the statement of his Right Hon• livable Friend (the Chancellor of the Exche quer) that such was his object. What he understood him to say was, that in future, it was to be ap plied to the reduction of funded or unfunded debt, as circumstances might render either more advi sable for the public advantage. It did not appeal to him that the present would be a proper time to apply it to the reduction of unfunded debt. Looking at the state of the currency ; and considering that some degree of feverishness prevailed upon the subject, it might produce an inconvenient effect upon the circula, tion if such an amount of the unfunded debt was to be, withdrawn. Nothing had fallen from his Right Hon. Friend to indicate that, at present, he preferred a re duction of the unfunded debt. It had been observed that annuities were.the most desirable way in which the Sinking Fund could be applied. This, however, could not be dope wi'heut a greater charge on the public for the present, and some Sinking Fund would still be necessary. The Finance Committee certainly re commended that when it could be done upon advan tageous terms, the Sinking Fund should, in part, be thus ,applied ; but he doubted much whether it could be doHe with advantage. The experiment had been tried in many linstances by the Governments of Europe, but it gene. rally failed. It might answer in some cases, where the thing could be done by voluntary contract. The Lie Annuities were considered, and•were,•in fact; a part of the Sinking Fund. The 3,800,0001. of this year included the 1,700,000/. for Lite Annuities. This was the mode of statement hitbert ) pursued with respect to the Sink ing Fund and the Life Annuities, and it was the best way to avoid confusion. The Life Annuities were al ways considered as forming a part of that fund. He did not deny that it was possible to introduce a more convenient method, but this was the one hitherto pur sued. Every application of Lie Annuities went to the extinction of debt, and they constituted, therefore, a Sinking Fond, Sir H. PARNELL said, the statement of the Right Hon. Gentleman (the Chancellor of the Exchequer) was perfectly correct and clear. The Right Hon. Gentleman who :poke last -was also correct in reference To what passed in the Finance Committee. It was however a great question with the Committee, whether the Sinking Fund Was to be fried at 3,000,0001. er whether only the real surplus of income, whatever it might be,• - •weinta be 'op plied to the redemption of debt, the deficienoy of one year to be set against the surplus of the next, that there sbiald be no borrowing. This was the state of the case. He should now say a few words on the general policy of a Sinking notch Those even who were oppissed.to Sinking Fund were always friendly to the redemption dt debt by a real surplus. .Stich was the case with Mr. R cardo, and ,it was also lois opinion. His view the otl subject' was, that to cotitinue taxation to the In at 0f.3,000,0001. a'Yeer for the purpose of keeping ,up a nominal Sinking ;Fund; did. more injety to' ttid public than good. To this conclusion he came irom-tie present state of taxation. There were 6,000,0001. raised. !now upon raw. materials, the basis of indtotry. It was 4eae that this must increase the price of production. The direct effect was to take away the power c:f competition, and throw them out, of the Foreign Mai kets. The danger was the greater when they saw free dovern• (vents growing up in other countries. ,There were also taxes which fell directly on their manufactures, such as paper and glass. The Processes in' these and .ocher branches were regulated by Acts of F'.liliament, and not in the most advantageous way. Then these were the taxes which gave rise to smuggling, to El:e vent which the country was put to the expense of 700,0001..innually. It would be better to reduce these taxes than keep up t )is miserable Sinking Fund, which. ,was in reality ineffectual. There were other taxes in the nature of protection, such as that on Canada tim ber. Revenue was lost by this duty not less than million a year. The Revenue would be greater if `the tin were reduced t i 15s. a ton in place of 2/. What would be most for the advantage of the country would * to reduce taxation. If they were to relieve 'the country from taxes, such was her power of accumulit- Lion, that they need be under no apprehension. The Sinking- Fend was said to support public credit ; but the fact was, that the payment of the dividends was what really supported public ciedit. If there Were as veal surplus, he should be favourable' to even a More extended reduction of debt than one hitherto pro posed; He was not therefore to be considered as op posed to the redemption •of debt. The great object should be to avoid getting into debt. The present plan Pursued with• respect to the Sinking Fund only tended to the accumulation of debt in .the event cf a war. It' great loans should be required in future wars,• they must, upon the present system; eventually approach . to something like bankruptcy. He wished such a general view to be taken-of the whole system at might prevent future inconveniences. With proper management there' could be no diffieulto in getting• through a war with the assistance of war legation. , Even a wee as expensive as the last might be met by prop"erimanogement now, and by-husbanding resources. The great error in the last war saes, not to have commenced' earlier with a war taxation in place of borrowing. He hoped•the present would oonstitutein new era in their finances; and he doubted not, that from the great attention drawn to the subject, they (would not hereafter be exposed to the in conveniences. which they now found it so difficult to remedy. When the Finance Committee met next year, be hoped their attention would be directed more caul- Wady so the future stste•of their finances, and that a full revision of the taxation of the country wi.uld take place. . .1. •• • • • • • , Mr. P. THOMSON begged thaßight Hoc. Gentle. man to answer,kint threelrestions,.for On the reply to them depended muds of *abut he intended M address to the House.. Ha Wished, in the first place, to know whether it was the intention of Government to apply the excess of revenue over the expenditure only to the purposes of a Sinking Fund? His next question was, whether that Sinking Fund was to be so applied this year? And next, supposing there was more than he required tit% year, in what way was the surplus to be expended? : •' •• ,That 1T g r I.LQR of theEXCHEQOERthought that probably the best - way of answering the Mop. Mdmher liotdd ibeobtostadioire pump of the Report of the Committee; bat as that might-occupy too much time, he would endeavour to state its substance. In the first place, the present Sinking Fund was intended tor the present as well as for fu ore years; but at the same time it would be the duty of those' who had the financial affairs of the country uoder their care to keep that Sinking Fund up to the full amount of three millions. To the second question he had to answer, that it was their intention to apply that Sink ing Fund in the present year. From the moment the Committee came to a decision with respect to a Sinking Fund of three millions, the Government detern:ined to carry their intention into execution ; and th Bill to be iirroduced that evening was for the purpose of limit ing the appropriation of one half of these three millions for the first half year. To the third que-ti - in he had to say, that Government would be guided by the nature of the circumstances of the case; but he begged at the same time to observe, that he coincided most fully in all the opinions, with respect to the Funded and Un funded Debt, uttered by his Right Honourable Friend beside him (Mr. 'ferries). Mr. P. THOMSON regretted that fie was left 'in some difficulty by the Right Hon. Gentiemin's answer to his second question. The Right Hon. Gentleman said • that he meant to apply only the surplus t:t re.;enuettiis year to the extinction of debt. Now, if 1,5 0,0001. could not be shown to be the existing surplus, as of 'the first half of the present year,. did the Right Huh. Gen tleman conform, as he p ro f esse d to d o , to the rechm• Mendation of the Finance Committee? The Right Hon. Gentleman estimated the whose surplus of the year•it three millions; but, by his Own st , tement;that amount did not include the Annuities, and therefore this total . was reduced to 2,400,000/. This wag what appeared to the creditor side of tie account, and is the total of what the Right HAI. Gentleman could invest in the course of the Whole year. But what had ;been the operatiou in the first part of the year, the whole surplus • being calculated to 2,400.0001. Why, he stated that he had invested already 2,500,000/. so that instead el there remaining 1,500,0001. to be invested for the remaining half year, as a moiety of the surplus of the o hole year, the Right Hon. Gentleman's investment had already exceeded the whole year's surplus, by 100.0001. He said, therefore, that in answer to his second question, the Char.cellor of the Exchequer had stated two points at variance one with . another. He cot tended theie was 4n absurdity in thinking of estinguiatiing the debt by borrowing, and•if he found that the Chancrllbr of the Exchequer's Bill bare oh the 'face of it a contradiction to the recommendation of the Finance Committee, be would feel it • his duty to offer it all the opposition in his power. It was useless now, he thought;.tAlrgue respecting a surplus revenue, for their was in 'feet no such thing ; but as the' Right' Hon. Master of the Mint had expiessed a strong opinion upon the subject, he would say that he differed altogerner with that Right Hon. Gentleman, and thought the present was the most convenient time at which Government could pay off Its account td the Bank of England--a dabs which was ai koo‘vledged by onto be dangerous'atid inconvenient. It was now owned that it Wat racqnverfient that the Babk s/youla hold sd large on amount of Government steal: aledothich it was Proved by the panic in . l92sentilitliottia dirtied into 'available property. The quCstion V - 4101bil theitould best diminish loss anctinclivehienc*? and WaaecideJly persuaded that could *lest &fie 61'0,1' 'ibg off the debt at once: He acknowledged that nadir • Ordinary circumstances, if 1.500,0001: we're paid there would be a ditninution'olso Mali in the CATO don, but at present the snider vies dsidely different. The Bank advanced 1,000,000t0n thedesd Wriglit, and tI4 circulation was, no doubt, increased by the :pay inent iif that million on account of the dead weight. Biit if' tinder existing circumstances a million were paid tcl .the-Bank, it would be in lista arty—..•book transfer-Li . • And•ifse public mid the 'circulavon wonld he its. the : %erne situation; One million.,was thus disposed ot; end '. i reiren, according to the statement of theChanetifor 4lf therExelseqver, there was then six ty . or sixty-five milinfili iitcircu.lation, the withdrawal of 500 0001. could qirely 'he attended with no bad effect. Besides, he contended this 500,0001. would be withdrawn only Iron) the Lon:. don circulation. It appeared from' the last accounts 'that there were sit Millions of , deposits from companies of individuals in the Bank of England i allowinilta of :this to companies ; there was another h alf` which •worolit be at ouce brought into the market the moment,thero ' was a prospect:obits , being advantageously eMployed; so that the deficiency cretted. ipontthet.iiiviiiieidef t e withdrawal of the 500;0001 , would be ferikO l s' . f ld. The debt Irom the Gnvernment t o Bank 'or ngland then amounted to between twenty•eight and !twenty-ninemillione. 1 1 . , Dead Weight Exchequer Mils issued ... Exchequer Bills purchased Lehcient Bills , C 11.000,000 3;323,000 ... 6,150,030 . 8,543,000 Total 5e28,891.0 0 0 • The Hon. Gentleman argued that this amount Of debt was moat iticonvenieot to the Government. He did not believe ,in.,tbk. existence of a surplus revenue ; and wished that instead of going lib expense in creating a nominal Sinking Fund, they would leave o r money to fructify in the pockets of the people. He argued - , that we had to compete with new States never oppressed , by . we ought to make all pr act i c abl e r ed uct i ons i n our ta xation and' to enable us to have a priority in the foreign market, which viis;kno4h* to be of paramont importance. He concluded with complimenting' the Chancellor of the Exchequer on the manner in which he had made his statement. MABERLY Aid Mr. Hi R&M explained. After a few words fro* Mr. Hums, the Resolution was agreed to. The following grants were then voted— £6,l9o,ooo out of the Consolidated Fund of Great Britain. £16,046,800 to be raised by Exchequer Bill for the service of the .ar 1828. .:..: The Houte then reseined, the Chairman reported progress, and obtained leave to sit again on Monday.—Report ordered to be re. ceived tomorrow. The House resolved ‘ itself into Committee on the N►tional Debt Act. The CHANCELLOR cf the EXCHEQUER posed, that the resolutions be had to submit, in conformance with the recommendation of the Finance Committee, should be to pass without discussion in the present stage. As they had already bad a discussion on the gerrrral question, in which this particular proposition was included, be thought the noose might accede to his proposal. The Right lion. Gentleman then proposed the fol. lowing resolution— • " It is the opinion of this committee, that in lieu of the sppv now directed to be paid by the 4th of his present Majesty, • the Consolidated Fund, to the Commissioners for the Reductioa of the National Debt, there shall be issued out of the Consolidates Fund, at the receipt of the Exchequer ' such an annual sum, is; • taken together with the interest of all Capital Stock standing on the Sib of July, 1828, in the names of the Commissioners, shall amount to the sum of three millions." Hr. HUM E proposed the addition of these words—" Provided there is a clear surplus Revenue to that amount." He moved ail) with reference to his own consistency, and in conformance with . the recommendations of the Finance Committee. The CHANCELLOR of the EXCHEQUER said the amend,. ment of the Honourable Gentleman was directly at variance with the Finance lteport.—.The amendment was then put, and nega 7 owed without a division, and the original resolution affirmed. The second resolution was,' That it Is the opinion of' this Cons._ miner, that the Commissioners may, if they think fit, lay out the . money in the purchase of Exch e q uer Bills, and teat such bills be cancelled."—lbe Hoooe;Xesumed, and the Report was ordered Ps be received to-morrow. On the motion of Mr. N. CALVeaT, the Report on the rid Refo l d Disfranchisement. Bill was ordered to be brought tip' on. Tuesday 'en:light. ^ Tbejlast Belford Vitiesnana 'l.l 44 tehs t4' a second titnet Old the Committee ordered-lbr that diy Wive mss The Bowe s on the motion of the CSAIWILLOJe of else' gaetiok.3 • . • • 4 i (r t • r I i t i 1 P I I • ; 1 ICI I I 1; ; 1 1 t t k 1 , 1 I' . ' i I . : f . 1 I ! I , i; I I .: i I I i I / I ti 1 r 1 1• 4 1 I 1 .1 i : .l ' I 1 1 i r li f ' I i . t 1 4 !'1 , 1 ; t ; It ; • I 1 i 'i• i t , ir i 1 1 t I ! 1 i 1 1 1 ) ' I f "I l l : ' I 1 ^S 4 : 1k s ; '.' [ :.1