Star. — London, England, 1826-03-11 00:00:00

In SE, Ah , ,• - V- -.. ' ~ t,•~ whitt all nealsititf*d* ci;itifitiy.— . The ; dealer . or Wig so beiiy thirmartif leas; that though they were securities at a loaf ate f l they were Al wa y i demandable •chirse,_azid might involve us i o very' , etmidderahleilllficuity'if the holders preised' for pay ment..d theist at an inconvenient time. There bad brEtta Se - O nppottunity, in Its mind, lost for the reduc tion of die .'ainOttot. of this_aott of security,• when the raisigt tisan'fiMis 80 to-93. Why had not la. *Anted . a cris°: so Vet* had been said, to be bad steed 800,0001. than equipoised by on that transaction observe, that instead Sculling Pond . . as had the tended Debt, it to the reduction of branch of finance he Made out to prove that bad not conducted _ the country judi _ should take the liberty :riesins,* train of, res ol ut i ons which . would throw •• Atttlystsiv - on the. situation of the money relations of ahiscomstry and...secondly, point out some of thexiwildorr asd'asore obvious means of remedy for the present evils of them:tem. The Hon. Member here read wee. 'ltealslutioos. which itt.,aubstaaCe were as follow :—that it appeared to the. Rouse, from returns and papers lbid -before it, -that on the 6th of January, 1829 1 the .I7nfonifecUtlebt of the :Country amounted to . Slo s lll. oool 4bat &OMdifferent ~mates these securities in Exchequer bills fell on the 20th : ef December to Ai discount of 80s. percent. from•whicis depression it was rqieved by the Measure adopted by the Bank of Eng land of pUrehasing Exchequer mah in die isarket,which relied thest.sebui itiss to part and yet 'notwithstanding this remeskrik liseasore for the absorption of &whelp* Beils i ssitd- the increased interest allowed by Goiern, meat on Item' to keep op their priCe, they became aguish asst 1411 tain . ,,: :of February, at a.. discount of 21:shil -1 ngs„Oling, to the heavy adenines which It was known the Batik had made: tralkoternmencond on annuities, besielethesifrinee Of three minims to pay the dissen tient holders Of four per - Cenk....stOck, had disabled aad embarrasiid the Bonk arnaileb, that had thud Excite. quer Bills. been returned on Government,- as they might have been, in the way of payment of -Revenue, Gosectilliesit not have had the mean; to pay the diltidal4loeply.).o4l the Bank safely have advanted, GoViummonasitathey Goan issue of Exchequer to eaublh ?Moister, to pay the dividends ; and finally,that , it appeared highty expedient' to the House, underlhe circumstances, „to .reduce the VatfandedJ)elst within much smaller -limits, than hitherto had.. the 'sane of: that species of. security. Ie addition kr his objectionite the conduct of the Right Honourable Can. elenrao and his Colleagues on this pat titular bend,- he had to: Amite the Right Honourable Gentleman wits shotting his eyes .to the obvious inconveniences and Mismanagement which vete known to be for some time titian in our financial transactions. He alluded to the et for the maintenance of a clear Sinking Fond oi.6va.Millions applicable to the reduction of the Funded Debt, pectrosed by a Noble Lord in 1822, and 7ft all sbia protiosit: was followed in less than four teen days. after "Akita under the name of the Dead .W 404 to the amount of seventy-four millions, which was-pr ed aid immediately carried. . Of this loan the Rat*.purchased * thitteen millions, having already maltolllll.B4 l / 1 11iCISS on it to the amount of eight mil lips.' Now if the Bank, loaded as it now was, were Asps:aid to ease itself and sell this debt, what would be the consequence? He denied the Bank could convert thii4ohintot inoirey,if pressed. Certainly it could not, paitictilaily if the Ilachanges were against this country ; orif it attempted to do so, it must be done at enormous sacvsTaifts; 111 fact, these Exchequer Bills were no longer a cootietailt a setwity,, and yet the Bank continued to ad vairci to rummest to the extent of above 25 million,. It *ovulate clear, that haorpered and engaged as the Bank WAS, it would never convert these securities into MACY, in time to save itself and preserve its credits. For these obvious reasons, he should .stt commie' y advise the Right Honourable Gentleman to repeat that Act which created that anomoly, the Dead Weight, alto gether. The accounts of the Public Debt too were' all erroneously taken,aod as a consequence the interest of the' debt was incorrectly taken. This he should be able to iove in a few days,by the statement from the Exchequer fEce . a4trittitlotral Debt 'OlUce, by which it would be . found.that, contrasting the charge of 11321 with that Of thiserier.there would be found thu sum of 31.2951. more! i* charge of interest, notwithstanding the country had had parninally the benefit of scary -one millions of debt. rechked. Now, be would contend, that instead of' p ar a i i,uff debt. as the Right :Hon. Gentleman had asserted, we were accumulating debt daily in come. quince of the operation of the Dead Weight. which was now. only beginning to come to light. In truth he had .no, doubt, from ale... facts, thAt the Bank of England h‘ad made an oves-issue of paper as well as other parties, who were accused of bibs in danger from act wet.• is:ne of their paper as private bankers. What. he: •voisuld ask, could or would the,.Right Hououradle G• 11-. unman do with the remainder of hit Dead Weight ? Lea hitt be warned in time; let him abandon the meastoei • add 'titan° more of it, for it roust best a great sacrifice. On this lit e ras vatislled the night lion. Gentle Man had not the co& cia+cn the very intviligent asvistaine and Coadjutors whoa If& hiro in ‘flice, and be thereihnevoith tlli circuit etkeldilnei ittiPlored Man to turn round, fund the detrt *aloft- vim ~,,,tha tt io l, and thus leave the Guy ornate-tic:nil the Ilanb *fast, upliacklicstitinitcomt wtott turgid. Loth should bt frOollMpot. pared to cooperate forth. public saryty. The Mo. Melnik, con+ try . the time o f :moving for that paper, of the fallacy to which it would lead, he would have moved for other papers kr the purpose of explaining it. The conclusion of his, on. Friend was, that between the /ears 1820 and! 1526, au increase had actually . taken place . in the public] bt, and not only so, but that the difDrence was to an aintunt sd enormous; that every person must know his conclusion to be erroneous. He had refrained from Moving for such papers, because he contded in the good ose and information of his Hon. Friend to protect him from the errors into which he had fallen. By merely running the eye down the column of figures in the statement of the Hen. Member its utter impro bability and extravagance became manifest ; From the' year 1820 to 1824, he saw in the first year of the series , ,S 4 millionsof floating debts or thereabouts, and then all At once he saw the amount expended to 107 millions-- this was alone sufficient to :hew the fallacy of consi- 1 tiering these annuities as an increase of debt. If he had been told that there was a confusion in supposing any diminution of debt to have arisen from granting these annuities; that he could have understood, but when a measure, which consisted merely in spreading over a longer period of time tertain annual payments, was treated as if it had been a creation of debt, he must my, that in so treating it, there was the most inextrica-. ble.confusion. The value of the public:debt never on. tered into their accounts, and that for good reasons; the capital and the annual chair werestated, and that was the only clear way in wilds the public accounts could be made up. - Hi would'next endeavour to shew 'that With respect to.the unfunded debt the Government net been so improvident or imprudent as .the Hon. . sideman would -have them believe. He censured cnrettnisent foi pot hiving reduced the unfunded debt at a more profitable time. The comparison, however, emu any former time and the present could not be very usefully made till it waoknown Whether the. pre , ~ Alma was to be. selected for that purpose. He 1 ' . d , loot. back to ' the year 1819, the year of the *in Committee, to see.what that Committee had mended, and would then see what had since been actually . done. The "recommendation of that Com mittee had - been io reduCe . the unfinded -debt ten millions. Unquestionably this bad not only been ac -complished, but the reductfoa . had been carried even much further. The unfunded debt consisted of two parts ; of Exchequer Baltimprovidesl for, and of ad. varies isy the-Hank in - indeipettoo of the ordinary re venue. To the meoncrEirrasteb of the unfunded debt it was the Ids necessary Mario adOMt, es it, Was pro- vided for, and did not require any operation on the pert of Servetwasent; and mate charge against Government refiiteiftinty - to the unfunded debt unprovided for.— To.lhat up Addition bid been litade since 1819, but, on the •cantiatTi it bad been gradially and considers bly redueedi . On Janeery 5, 1819, it amounted to 19,480,0001. On January 5,1826, it was no more than 6,189.0001. He was now speaking of that portion of the unfunded debt which was in the hands of the Bank. The most.rapid reduction had taken place in the three first years. In the year 1822, it had been reduced t little more theft 9P00,0004 and in the years .1828 and 5, it underwent a further dimunition of 3,000,001. snaking altogether a reduction of 13,000,0001. He would then ask the House, if this gradual reduction was an indication of that carelessness upon this important - 1 subject, of which Government had been scented. There were only two modes by which the Unfunded Debt could be reduced. One was by the appropriation of soplus revenue, and the other by the creation of funded debt. The question then was, whether in any one of the years 1823.4 or 5 it would have been wiser, taking into view all the circumstances of those periods,. to rim money in the pablie market for the purpose of paying off part of the lJnfunded ffebt, than to adopt the measures which in each of those years were actually taken. The objects which then pressed .upon the at tention of Government were, to afford relief to the sub ject from the Pressure of taxation, and •at the same time to lower the prcfits; and *withdraw the temptatioui tb' contraband trade. It could not have escaped their sit tention that it would have been better to have had a smaller Unfunded Debt ; but they could not aim at conflicting objects, it was not easy to row two ways at the same..time. A funding of gichtquer Bills would have occas oned a great increase of the annual charge ; and he would ask, it there was any thing in the state of the country in any of those years to iodate them to make the sacrifice? Was there any thing ire ich threatened public credit—any thing which made it in iheleast pro bable shat- Exchequer Bills should go to such a discount, Or to make them Roar into the EXthequer it payment of la.ccs ? safar'froni this:ba - Mg.the case, they bore a high pretniuMs4nd wertindeed-so much.in request as to afford Uovernmeut the opportunity, which itrwru its dirty riot to refuse, of ,reducing the interest upon them. Indeed the premiuM presented an. obstacle to their redemption. Go. ernment was net at all likely to buy ilieto at SOs. premium, as there was a provisioa in the Sinking Fund Act which prohibited the purchase of soy funds when above par. He begged: to.say, t%at during , this period re° Exchequer Bills had been jawed, eicepting Such as were given, in exchange for old bills called.in. Ad setting to these circuit-minces he had a right to say, that ..here could have Bern ezpectation,ot the count uy.betos in %yell a statikas,ihey bad recently Witoessed., No man would, he thought, preis suchan argument. Governmerit would hive :hewn no wisdom, if, instead bf those other beneficial measures . which were adoptoti, they had resorted to a funding of Eicheqtrer, Bills even if the state of the ma r k e t had not iuterirosed great &collies in -the way ut 'such a procedure. . He would state the prnOunt of loss which the country woOld hirer suitained by the funding 4g44 . 11i,i(1i1ki!i 5 , ,.00 00 4. 8 for argument sake that the whole amoubt outstanding . respect - no advances had been 'made upon- them, so that his Hon. Friend might dismiss whatever apprehensions he i entertained on that score. In regard to the deficiences 10f-the general revenue, the advances of the Bank to supply them had in ni case exceeded the balance of 'public money in its Molds, and at the present moment were nothing like so much. The advance on this head' was seldom more than one or . two millions, and could not have pfoduced that effect of choking up the re sources of the Bank, of which they had heard so much. The operation of these advances during the late season of distress had been most unfairly urged. The defi ciency bill was always calculated upon the state of the advances on the .sfh of January, and the Hon. Member therefore.assunied that the amount w as the same at the period of the distress. So far was this from being cor rect, that in November and December, when the distress was at its highest pitch, the Bank was not at all in ad vance to Government on occount of deficiencies. Thus it appeared, if Hon. Gentlemen would take .the trouble of stripping the account of 'what did not belting to . it, how little the distress was to be ascribed to this cause. Then with respect to the hell'' aye and pensions, deduct ing what is to be paid to th e Bank from what they have eo pay, they will not be in advance above fifteen mil lons,, instead of twenty-four; now deducting nine from twenty-four millions, materially altered the com flexion of it. His Honourable Friend would say ' sighteen millions, but even . between eighteen and wenty.fotir millions, there was still a great difference. What, however, was the state of the fact ? • Was there anybody that believed the Bank really to have been embarrassed or in difficulties ?. - They bad always been ready to advance to individual merchants as-far as pru dence would warrant. : fished never put a question on this subject to his Hon.,Frieads behind him, he had not thought it necessary. - lb facts showed that they were not choked up. When the necessity arose, they did take that course which circumstances required, sod that without being impeded by anything arising out of their connection with Government. They bad acted in a manner the most prudent, and the most conducive to the public welfare, and he must take that opportunity of saying that, In all the *ermine be had had with the Bank Di. rectors, he had found ohm! most anxious to promote the gement welfare of the co . Th e R eso l ut i ons o f his H on . Friend were prospeteve. Ilk • s would receive their ill twee from Ile Rightness; Mind a long lidalapeeds He had, in insewo: MR , In '66146 et. main ,lase with the Chancellor of the Reeheiser, Isaias ;be statement of thellseosial Asada° et the montry antlal the *ewe of Government mesa be laid before the noes its two ar thaw sky. be wee at a him tau"' pose why it' should pow be meek* to pledge itself to my porde*. lar measures. If any such pledge were now given it would be in consistent with the usual &compaction of that Komi& With's*• specs to that pm of the resoludees which was retrospietive ; be trusted be had said enough to aideliete the Rouse that Govern. went bad net been 0 careiesi til of ifs' duty as to merit the censures which tie resolu t i o n s „TY. Mr. BARING said that it mig I 14, 7 1Upposed, from n 25 the speech of the Hon. Gentleman, that the motion re lated to the recent distress. The question, however, was upon the state of the Unfunded Debt. And here he must agree with the Honourable Gentleman, that it would be improper and inconsistent to put Resolutions upon their Journal en the Friday, relating to a subject which was in a formal and regular way to be brought ender their notice en the following Monday. After he Chancellor of the Elehequer should have made his statement, it would then be a lit time - for his Honour able Friend to bring forward any measures he might have to suggest. The amount of the Unfunded Dart would be too much or trio little according to circum stances. Without giving any opinion as to what ought now to be done, he certainty thought it would have been wise when Consuls were 95, to fund not only Exche quer Bilis, bat every other claim upon Government for which money could be demanded. The advance of the Bank capital felt under this description, and more par ticularly deserted attention, as the period was fast approaching *hen it must be repaid, or, as the only alternative, a renewed chatter granted to the Bank. —This claim amounted to thirteen millions. He thought there must be some error In the calculations of tbe.Hon. Gentleman. The whole amount was not sufficient, he thought, to give such large results. What ever might be said of sagacity after the evil, he could not help saying, that when the funds were.so near 100, it Wot.ld have been good policy to fund. There might then have been a loss of five or six per cent. but they were now liable to a loss of thirty or forty. Compared with The importance of placing the country in a situa tion of &rime:tend atrengtb, the object of a oilllion pr two of amaryllis' of little consequence. He naccon winced th at his calculation of taventy4our millions is the amount of the Bah* engagements with Government when he took the liberty upon the Currency question of stating the resources of the Bank were choked up, was below the mark. He had compared the present Wise d .n of the Bank with its situation in 1783 and 1797, and for this purpose was warranted in taking the de ficiency bills as the groundwork of his reasoning. He had not yet heard any thing from the Treasury Bench to exculpate the Government. The Bank had been compelled by the state of the exchanges to screw down the currency, and this had contributed to the calamities. The history of the thing was as plain as figures could make it. In the spring of last y,ear,which was the bubble period, the Bank notes in circulation were from twenty to twenty-one millions. Then the Bank took alarm in the state of the exchanges. sad began drawing in, till they came down to 17,400,0001. at which point they, stood in November of last year, when the distress bad got nearly to its worst. Then the Bank began to dis play its gallantry, end it has now notes in circulation to the amount of twenty-six trillions. He was not in kW secret,' chive these transsetions as well tie if he bad sitting,he whole of the time in the Bank. parlour. These violent chanhesi this sporting occupied without expressing Wimp. that. OD ledd taw. vene before the Amocoliar of the 1.40.01 hje bnut , man. The greatest satiety preWalled tbr dtgiotures he would have to make. The CHANCELLOR of the EXCHEQUER said, that his Honourable Friend bad so ably leplied to the observations of the.tlonourable Member for-Abingdon, that it-would only . be necessary for him to say a very few words. He agreed with the Honourable Gentleman who had just spoken, that the success of the present Resolutions would perplex and confuse the arrange. Brent of business in . tbat Hotisiiiiiioir as march as the papers of the Hontinrable . Mer perpliiet, and con- . fused the subject to which 'they related. .414 . 411 . 1 a 4 iicie think himself called upon to defend thiiithiffeinnic ' proceedings of Government for the lasi'etii Tdirt. ' So' long as he had been particularly conCii . necl - , it 'certainly had not been any part of the policy of Gioyettinsent to ' keep up a large unfunded debt as a thing deiirable in It.' self. What. - however,•was the amount of the Uotinded Debt ten years ago ?On the sth Jan. 1816, it vim 61 mil • lions; it was now SO millions—not so much as one-hilf.' Hon. Gentlemen might say that this reduction .was not enough; it was enough, however, to afford, primel facie evidence that Government had not been negligent of the subject; hut with respect to the last Ole years. during which period be had been particsdarly cue cerned, the funds during the whole of this reseed bad been between 90 and 100. •In April 1825, theylshil been no more than 74, and a short time previode to that they were only at 72. Now, he ventured to say, that if they had inclined to fund at this price;•the Hon. Gentlemen opposite would have' been heard in their condemnation. Then, with, respect . to . the year 16114 the Hon. Gentleman assumed that they had never turned their.thoughts towards the subject. It most be remembered, that when Exchequer Bills were at a high premium, as they were at that time, the holders would not be very ready to-fund them, without the iodate ment of a high bonus. To have offered a high bonus would not have been good economy, it would hare' raised the economical spirit of the Hon. Member Ink Aberdeen, and they would have been lashed probably MOTO than on any other occasion. Besides, it !Mtn have been unwise to fund Exchequer Bil ls, and - thin lower the price of the stocks, when at the same inotnek , they were reducing, the interests of the Four per Centk i , .. sit operation the success of which depended on the. , Stocks being high. Unless they had abandoned that beneficial measure, it would have been impossible to ' reduce the unfunded debt to any considerable eitent. Something, however, was done in that year. The reve nue war so flourishing as to reduce the deficiency bills. The subject of the deficiency bills was not generally un derstood, he would endeavour in a few words to explain. There were certain quarterly paymfnts; he meant the dt vidends upon the public debt, and the Civil X.ist, which were charged upoo. the Consolidated Fund, That ,foriel greatly exceeded the charges upon it. Without pro fessing to be quire accurate, he would call- the charger 25 millions annually, and the amount of the Consoli dated Fund 45 millions. The difference was applied to the general services of the State. The taxes were how ever always in progressive course of payment, poi tidos of them were received every day and lodged stn th , Bank: that corporation thus obtained the use of 'large sums of public money. It was however, thought ad viseable that the public should have the profit arising from their own money. These !silences were, there fore, diminished. It then became necessary that the Bank should, at the quarterly periosis of paying the dividends and the Civil List advance whatever sum might be wanted to make up the difference between what was in the Exchequer, and the ani , :ont of claims. These advances were made on the credit of Excherver . Bills : and such was the history of the deficiency bills. But in 1823, the receipts of the Revenue hid .so in creased, that there was scarcely any necessity for these deficiency hills, for • all demands upon the Exchequer: were promptly met. In 1824, it appeared 'that it woad be desirable to apply 4,000,0001. of the glowing pro-: • duce of the Revenorao the reduction of she permanent Unfunded Debt. 'This measure, when propo sed to - tire- House, was approved—the Ho•nourable Member 'Mr' Aberdeen and the Honourable Member for Akir g. don, joined in that approval. *.Then in Octobei,AB24, :1.000,0001. had been appropriated to this .object; in March,lB2s, another million; in June, 1825. another million, besides 3,000,0001. paid to the public; so that since Ott. 11144, the debt bad been reduced 6,oo9 l otipt, But for these payments made to the public,' 4.:01- . ciency bills ott the sth of January, 1826, Would Aegg, been almost nothin g; so that the Hon. Member for Taunton was. not justified in charging his Majesty's Ministers with neglect and incapacity id retail* ab this matter. If he thought the financial concerns of the country had been mismanaged, he (the Chancellor of the Exchequer) was surprised that he did not bring the subject to‘ the test, by laying the question fitrly behov e the House: - Now, before the' flonailuniber Ipruught these swee ing charges forward; if they 'were - founded, he (the Ch ncellor of the Exchequer) was perfectly unfit to retain h s situation ; and if the House thought it. right to come to that conclusion, he should not be c very much distressed as some Honourable Gentleinno appeared to thick. lie was not so delig . hteti'ettb the duties of office as that he should, f-MT mar ysty , vehement uneasiness at being reliev ed. ..thee.-: but be did wish that the charges which( accused • him of utter incapacity had been brought forwast more • fairly and directly —not in the shape of au amendment to a /notion with which such a fact 144 'nothing to do. Certainly, it was competent to the Hoo. 'Gentlemen to take the course which he had mien ; but as the . VantlintiOn proposed involved such a direct coo.' ;lire upon his (the Chancellor of the Easbequeei) - .. , . .. . • , ,•- - , ~e:J:. .I _____ ... el u ded hi Immo' as an ammgaissat .11‘ itasnbotin which he hid had been so diposed of. If in the year 1818, when th, with the whole property of the country, was hiel# • i . • injurious. Some might impute the blame to Ibe Gotiern; . due antottts434B)iii. He contended there had been a fir. . ' Ergadßitiat tame . - greet oyes-issuer of this sort of security. In November . on ''' ii: • :• - 4. • ' ' 4 ' • . • ~:.... .. • '' s .1 1 11 01 1. 4 d '', '• r " ' ll t . • - r t j ' i rre is se w nt ere ime a , t 5 8 ! ) : ),,,,. —.,. -. :19, went, others to the Bank, but it was quite clear that they ' .....' • • , . %,., :.....‘ the ou _ c... . i , , t s - ,;. u i p n w l a B r. 1.4 'i . ii i . 2 i . ! i ) .,. 1 441 11 , - , s ! u n st s, h d e i divide t i h d e n b ot lam pr e et laz d w t e o ei d l e t te h nn em i , n i e n . ... i h f a i t h p e rr i p 4 or ni thts tschequer Bills were at a.discount of 80s. The ' e i- . . .., i • ' l rk .... t4 ) l . the H - .. Aloritso Government • ; . the Bank kitidly consented . . to • • - s • 'ICI ..! t,0001.; in 1:. ' 1T I a .1 . if 0", -- • h•. not been in distress, its sales of Eschequev• Bills go•icto the limner market, and buy these securities*, . • . jii . v . ' .• • ' ~ . '.. at ~.,: ~. •n. Frien . 40. ~.i . I. -- "d.. , ."..• the fawn 31 • 1 1 . , ' ' l . • ,C , .' if thi s ss _ ,• . ~ -ji g ... b. * .1 3 h d excited the idea that something most be wrong, on/ _ _ . which. raised them to par. Govettunent too had securities . .._,__. . ,. &wt., okhas ~. 9h, tr_ s ..jea:_. .... , ..?! .. !:e a_ecnsed , n ,... , *." ••• :-. ,e. had taken t e who siniount . • .. equer had rotts p eairem natural . tpc. The • .. Meig canted to raise the interest owthetn, to Wirer. . era,. w - on . ...,„ . fisactittair - ot• c . . tbiti ot COM • . IlitYl- led 'than • • `a ' • ' 4 • ".. " . -- - - . -- .1 - = - . '•‘•.- • e• - • --- . 11 ? •' ' ". tor MI l i rr - 1 , tnilia 4 t icam iiikti*Watliteb'. 34 they were-again as low .. -. • as al. iti;:i ii . 4 .4404 . 4.0. 4 104.rck., it _ a sky tf . Ali, of want of fidelity „iss, the public raaikt.. s. !Ile hii . .l4 kbasight -e"rr' o " si;h n et ti ff reta g illlgfit lunde til d S in a w n ..w y of the illate years a r pa; the Dead Weight, n f ii." • .to bit ieeedAre.sholclAitatitto silo! that A#loanfazipaji* bad . - diolled..init.theircouid 440'1%40 ninl4 , • - If , ... , •41 , eiW , 14a5 .... 150r.- • • . ~ - purchawlargely, atisiela again . brought:theroWpi ; thiti • ''. , was in themind of*st,lion - a hire' r ilpon.,* --.•-• -..;" iiiii -r-- -- • - :Ir-- -- -' ; • ir-- • it .. the •i lattetitrintrift - EtcheNuer Bills come ire quarleriy, ,;__ ,_, ~__"4 l4_ , `-,• e r --1 , 7-r Wis -.7A , 7,...N ‘. . opasieu...tioa iptal I R sf .4 anne#l_llBo*WeDWlFedrigOritW . swum:greater . co T 1!1,SIVIII pawcopFt.itberpipufe. The addition lo ptbei subsissatiat reasons.of 'public .feeling, payenettts., .When I the Bank vilsitil tO r ,''' . I ' • as It;Tenuth, ialc,h they.. Would - hive done bat for the - v it t, ... the p!tper,for which . ya , gt_ : As s t . , #e_lppately for which alone would have been sufficient to justify Go, the dealers would' tl!ar s all* ;bi..:wsli 7 4 , ,-4 kilo), lateirategikel . o( - the' Bank in two instances, a printed, • or etrett in. sp%r paper he vernsnent in the course it pursued. With respect to the cause every body kith"; that' iiiti•s '2 • -. :vi s aalif • Right Voss. Getttleman.wouid ant hate had any money 1 . 1111311143 t Ye t could have dernosnartitartbat,the . _ , .41eman'tvai part of the Unfunded Debt, that which was provided be attended by a diming clue - pt 'be fill "- • ' y th ' .herewith to pay the dividends or interest. of the Debt, entirely . in error. Tbe . infentinn . 0 . , , l iii. on: Friend for, he should not much advert to it. It consisted bargain 4id nothing but nerpliik• the . natinnal • ...... and be would have bten obliged to have asked an advante was to .. institute . a coaspanson between the amount . of principally of advances made by the Bank, for the pur- Even a Right Ho ope no r u st r i e m b!e d -G o et v tl er emass agnet ' n !Ws.' :,.. ' W .- of Excheqbei Di lti; gi ring the Bank as * guaotutee a pro- the public debt in the &stand the last of a series of pose of enabling Government to pay off the aissen• lent it . was to follow th e • .. , mrOwtox,rtAt the:Basile* Bill for suspending their.Casli te w ars, arlding t o . ft! last y . ear ' s amoun t the calculated holders of f and 5 pet cent Stocks. The whole of this t' t ?ituartp: cad do ns Th d f ermisiet bagis, l 4 . th is . ~,, Pa rice iii inie it ereiatikran upon it . In what a seri- e o f a.termina le annuity of 2,800, . payable account between Governmem and the Bank would, ho by the Army Rsdiaatast4t 01 2 dift - •Mlaalri appeared oni - Vnisatinit iv/cilia tliii'.c,amtty - be in this condition of v . Half-pay the Bank of Ansland, . on account of the Military had the satisfaction to statt,liidispissed of by the end Thus the whole forndation if - their eakeii i tionii` affAis;' itthe:loiiisiiiit atthr were to mirth into Tudor, i. and Pensions. it be had been aware, , at• the of the present year. With relpect', to the annual duties. avrai. The Honourable Membet speioatsed 'to g 461:t- -iiveall wiii'llok all . fingkobltille. • Such - Mr event •Inutt ►1111111.• M. rranu'iner fur 1112 P n2nor_ AE' dip fallocv en Which net mAerea.g.m. h.A l•AIMIS ON MAM 21.01 k. Anew en at a,. Isi• occupied the attention of the Hue,.. Ho woSW not sic down the 10: M Tien: entierni chant taleodilgtir lbr -the public? It hi sure; . th4t ,by -not doing so,. he ha yeaily interest. Inrt this was more 1 thi lbw oltikbt - Millionk of stock 0 otiq: '''lii tiii`ifeit place lie • Must 01 oill ***it:lie eliiile of the ti . taliptioa of ill, i)ea milikai l'utit:,;* apply it 1 I'd tht ;: • 0 i : - . ,Zetit ' 'oh this bet t.. !:; .. jerilitrotigiiise was mad t , .. . Aimourable Genthtenao flea is monied transactions of cioteelyc Itdr th ese reasons he shot _ .. . r OK