Star. — London, England, 1813-03-04 00:00:00

• 1 -1 - • Avoca ANCIENT CHAIN ARMOUR, in fleniVinserestiktr—A Carved IVORY TANKARD, emb lem, tbp Tehmaybot Neptune and Amphytrite, masted be sliver, aouble glh, enamelled on platens • this b a most Ilmplikent ar• tic* and formerly belonged to the Duke of Orbesi.—Tweive beautifully illuminated MISSALS, one of which Is the most an. dent that is known—Some early printed Boob: lu particular, One Copy of Mathlinies Chronicle, of which, According to Mr. Dibdio's Fypographical Antiquitia,there are only two other Copies In extuence—Fine Pictures—Books—Cabinets-00m Jan, and other curious old China—Models...Mauled Gold guff g o ges.... A Collection of Sculptures In Ivory—With many othcr superb, valuable, ind carious Ankles—For Sale by W. SIiEPPAItD, week* the Exchange, Mital. This day was published, 1p it vela royal two. pries ill. It". bolds, the Fourth Edition, eorrocted, with considerable Additions from printed,and Ma *useript Cases, of ADIGEST of the LAW of ACTIONS and TRIALS at NW Prius. By ISAAC ESIPINASSE, Es* of Gray's lon, Ilanister.at•Law. London : Printed for J. Botterwortb; Cadell and Daviti ; SeateJaard and Letterman • J. - Walker ; R. Loa; J. Nunn; J. Cr theß ; Laskin/toe, Allen , Co.; W. Clarke and Sons ;61.0ng snan, Hurst, Rea, Orono, and Drown; and R. Phoney and J. Cooke, Onnontiluay, Dublin. PARLIAMENTARY PitOCEEDINGi HOUSE OF COMMONS, MARCH , The Royal Clareace Canal Bill was read a first time on Monday. A new Writ was ordered to be issued f 4 the Borough of Wootton Bassett, in the room of lames Kibbletkvraite, Esq. who, since his eitetion, bad accepted the Stewardship of the Chiltern Hundreds. Mr. CALC RAFT obtained leave to brit% in a Bill to regulate the practice of Surgeons, Apothecaries,' Midwives, and other dispensers of Medidoes, in England and Wales. Mr. KENRICK obtained leave to bring-in and immediately brought in, a Bill to extend the &id of the King, chap. 44. sect. er, so far as it related to cams of felooy with benefit of clergy, so grand and petty larceny.—Read a first and ordered to be reads' iamood time on Monday. iir.KENRICK brought Ina Bill to repeal, for the purpose of Extending, the 41st of the King, chap. 109, respecting the encin sore of lands.—Read a first and ordered to be read a second time ten that day fortnight, and to be printed. The Irish Roads Bill was read a second time and ordered to be committed to-morrow. " Mr. PEELE presented a Petition from the Royal Canal Com pany, and artother from the Grand Canal Contpany in Ireland, praying for relief.—Ordered to Be on the table. Mr. PEELE then gave notice, that to-morrow se'nnight wou.d move to refer these Peti tions to the consideration of a Committee. Sr I. C. HIPPISLEY intimated hip intention of abandon log the motion of which he bad given notice, relative to the Irish Catholic Militia; and took the opportunity to correct some misrepresentation which had gone abroad as to the sen timents which be had expressed on the subject of the Cacho -le Oath. On the motion of the CHANCELLOR of the EXCHE QUER, &musts wed ordered to be laid before the House of all sums of stock, standing in the name of the Commis. dossers for the reduction of the National Debt, on the Ist of Mardi, ISIS. - Mr. WHARTON brought. up the accounts, which, together with a variety of other documentsrnilar nature, were order ed to be referred to the Committee n Finance. Mr. FITZGER AI.D brought .n a Bill, which was read a first time, for amending the Act regulating the trade in Irish sowchandi ze. Mr. HILEY ADDINGTON moved the committal of the Cornish Miners Bill, which was ordered to be read a third time to. morrow. -, On the motion of Sir SAMUEL ROMILLY the Shot lifters' SW was read a second time, the ATTORNIT.GIIMAL reserving to himself the right of objecting to its principle in the Committee or •A the third reading. HER ROYAL HIGHNESS THE PRINCESS OF WALES. M. WHITBREAD, as he saw ari Hon. Gentle man in his place, wbo had given notice of a motion for to-morrow ( Mr. Cochrane Johnstone), wished to ask him whether, under the circumstance that had happened since his notice, of the letter addressed by ber Royal Highness the Prir i cess of Wales, to the House of Commons, he still persisted in his intention of bringing forward the motion ? Mr. COC 1 I RANE JOHNSTONE replied, that he saw nothing in what had occurred, to alter his •iew of the subject. It was his firm intention, there fore, to bring iorward his motion to-morrow. FINANCES OF THE COUNTRY. The CHANCELLOR of the EXCHEQUER moved the Order of the Day, for the House going into a Committee to consider of the Finances of Great Britain, and that the several accounts relating to the sodemption of the National Debt, the Produce of the Consolidated Fund, and of the War Tales, be re. ferred to the saidComnittee.—TheCommittee having been formed, The CHANCELLOR of the EXCHEQUER rose and observed, that after the 'laborious and con tinued attention for so many hours, which the House had lately bestowed on another important question, be trusted that the statements which he had to pro pose would not occupy them by a long debate on the present occasion. Indeed, as the propositions would relate to subjects of complicated calculation, and great importance, it was by no means his wish to call tor an immediate decision upon them, but rather to submit them for the deliberate and mature conside ration of the House. It was in his opinion proper at all times, and peculiarly necessary at present, that the general state of the finances of the country should be explained, before the usual provision was made for the Ways and Means of the year. This was called for, by that delicacy and good fa;th which had always characterised the conduct of this country to wards the public creditor ; it was, besides, useful in informing all those persons connected wi th money transactions of the country what they had to look to, and that there might be no reason to complain of un expected fluctuation in the value of any particular fund. Near the close of last Session of Parliament, a very long discussion took place on the national finances, and it seemed to be the general feeling of the House, that further/measures ought to be adopted fir relieving that depression under which they la boured. Since. that period he had devoted a great share of his attention to this subject, and should com municate to the Committee the result of his labours. At the same time it was impossible to doubt, that the late important events in the North of Europe, had, since tae period to which he alluded, produced a great improvement in our financial prospects. The credit of the country might now be considered as standing on more solid grounds, and requiring•mea surfs of less rigour and severity than might have been contemplated six mouths ago. A very general im passion at that time prevailed that France would be successful in, the war which she had commenced against lidossia ; but these gloomy. prospects had been totally altered by the most extraordinary and event fel campaign ever recorded in tht page of history ; • and, though as a man Ase Mt foe the fieMble les unction of human lifis in such various foram of at gravated misery. yet it might be hoped that this `glorious straggle, between remorseless ambitioh and hardy stubborn patriotism, would be attended with greatest benefits to the cause of humanity.— ' In the kourse of the former discussion, he suggested that farther measures might be taken for promoting and facilitating the redemption of the land-tax. This ems the first measure which he had again to press upon the consideration of the Committee; and he bad to observe, that the Commibsioners for this re= thaption had framed an elaborate Report on the sub jeer, which was now on the table, elad would form *Se ground-work of a Bill which he meant to intro- duce. The principal object of the measure would be to simplify and facilitate the arrangements necessary in the redemption of the land -tax, by dispenbing with many of the formalities which it was at present neces sary to go through. He should have to propose, as one clause of the Bill, that upon a simple notice given to the Collector, by any person desirous of redeeming his land-tax, the Collector might be allowed to charge his tax double or treble, as might be agreed upon, for a certain number of years respectively, at the close of Which the process of redemption would terminate ; and that the produce of such tax should be annually applied to the nduction of the National Debt. The second proposition which the Right Hon. Gentleman had to make, was, that on all loans hereafter to be con tracted, the re should be an additional one per cent. to the Sinking Fund, for their liquidation. Besides which, he proposed, that on Exchequer Bills and other floating . unfunded property, a sinking fund of one per cent. should be annually voted : and he had to observe, that some of those Exchequer Bills had been outstanding for so long a period as since the year 1795. There was a third proposition to which he wished to call the attention of the Comz.l mittee. It was his intention to submit a measure for the repeal of the Act of 1802, as far as it directed that the produce of the 'Sinking Fund should accu mulate at compound interest for the extinction of the National Debt. At the time of the establish ment of the Sinking Fund, the inconveniencies at tending the rapid increase of the National Debt were contemplated, and the object of that measure was to correct them; but the inconveniencies which might attend the too rapid reduction of that debt, were then kept out of view. —(A laugh from sortfe Member:.) It was not, however, the less true, that a too rapid reduction might produce injurious effects on the pro pet ty of the country, by throwing too great a quan tity of money into the market at one time, and these effects had been ably and judiciously stated by his Noble Friend the Marquis of Lansdowne, in 1806. The only instance which he had heard of a great por tion of national debt being paid off, was in the case of the Elector of Saxony ; but that instance, as re ferring only to a small country, had no peculiar re ference to this great and opulent Empile. The point then was, that the Sinking Fund should be sacredly supported to a certain amount ; but he believed, it might be shewn that its enormous increase, by throw. ing into the market immense sums of money at one time, would produce effects similar to those of a na tional bankruptcy. Whether the Sinking Fund had now reached that point in this country, beyond which it would be impolitic to carry it, would be a fair sub ject for the consideration of the House; its operation was, of course, counteracted by the effect of the lo ins which were rendered necessary by the war; but it might unquestionably be said pith truth, that in no country during peace had twelve millions been an nually thrown into the money market. Here the Right Hon. Gentleman entered into a variety of cal culations to shew, that in the case of a variety of loans for a series of successive years, it would have been a preferableplan had the Sinking Fund appropriated to the reduction of each loan, been applied gene. rally to the extinction of the debt contracted by the first loan, instead of being applied, as it now was, to the redemption of each particular loan.— At the time when the Sinking Fund was first esta blished, the total amount of the Funded Debt of die country was 238 millions ; and tip plan of Mr. Fitt was, that when the Sinking Fund reached the amount of four millions, then relief in point of taxa tion should be given to the public ; or in other words, that this might take place when the amount of the Sinking Fund formed a 45th part of the whole debt. At present the Sinking Fend formed a 44th part of the whole existing debt, and consequently the public must be considered as still more entitled to this re lief. Besides, it was to be considered that since 1798, in consequence of the prodigious efforts of the coun.! try, above 200 millions had been raised in war-taxes; whirl( sum, had it been raised by loans, would, at the present state of the market, have created debt to the amount of 256 millions of stock. In this view of the matter, it might with justice be said, that the real amount of stock redeemed by the exertions of the country was double of what it appeared to he. The Right Hon. Gentleman then entered into a variety of calculations s—the nature of the plan he had to pro pose was in substance as follows :—That in the first place, an annual sum of 4'867,963, equal to one per cent, on the amount of the stock provided for in 18C2, and on which no Sinking Fund was then crea ted, should be provided for by new permanent taxes to that amount ; and also that £260,000 a-year should be added tc! the Sinking Fund, in reipect of outstanding, and unprovided Exchequer Bills. These sums together, would make up the amount of £1,127,963, for which taxes would have to be provi ded in the first year of the new plan. The plan then proposed to take a certain portion of the Sinking Fund, thus annually accumulating, to a large amount, for defraying the interest of loans to be contracted.— In this way it was calculated, that with the exception of the sum to be raised by new taxes this year, there would be no occasion for any additional taxation for four years to come. The effect of this plan, would be an immense accumulation of treasure to the country ; for four years, at least, no additional taxes would be required ; and in time of peace, there would be a large fund as a resource in the event of future hostilities. He was fully sensible of the vast respon sibility which he took upon himself; in the proposal of this plan ; but as many good and gallant men had laid down their live; for purposes far less useful than the saving the expences of four years war.taxes to a nation, so he should think that whatever public cha racter (which was dearer than life) be had acquired, woultl be well risked for so vast and important an object as that which appeared to him likely to result tar dim _ He did not wish to hurry the mate I die House ; all the wisdom, and leer information of the country should be j bear on this vital qutstion. If the plan 1 _____, succeed, be should then feel that he had, in some 1111111111% by this public service, deserved the confidence of the public, and the appro bation of Par liament. (Han finer.) The Right Hon. Gentle man then gave a 4 actount of the Resolutions, which he intended in a ture stage to move. The 9th Re solution he had not the necessity of stating, as he hoped the H would be able to make up their ous da minds on it by M y whnight, when it was his in tention to bring e whole subject more particularly before the House. Mr. HUSKISSON expressed his approbation that the Right Honourable Gentleman had postponed the plan till Monday se'nnight, that Members in general might have time to make up their minds on the sub ject. He thought, howeVer, it was the most import ant and eventfill change in the plan of the Finances that had ever been adventured upon. His Right Honourable Friend had said, that the plan was con sonant to that of Mr. Pitt. He could by no means am it in that light, and feeling the difficulty of mak ing it consonant to a state of war, he would be glad to find it consistent with the plan of „continuing the war, and at the same time preserving the interest of the public creditor, on which the safety of the coun tryt so materially rested. In this way he had viewed 1 the question, and he hoped others would do the same. Mr. TIERNEY expressed his approbation of the Intention of the Right Honourable Gentleman to. postpone the further consideration of the resolutions to Monday se'nnight. 'He assured the Right Hon. Gentleman and the House, that no man would be more ready than himself to promote and forward any plan of finance which he thought would be beneficial to the interests of the country, but he could, not help differing on this point at present from the Right Ho nourable Gentleman. He had heard, within a few days, that the Right Honourable Gentleman had a vigorous plan to propose respecting the Finances, but from what he had heard, the whole was entirely different from the principles laid down by Mr. Pitt ; who had said, that when the National Debt amount ed to so many millions, theConsolidatedFund should only amount to a particular sum. He understood also, that the Right Honourable Gentleman profess ed to vote one per cent. on the unfunded debt, voted annually in order to prevent the necessity of an an. nual loan, which was not the situation in which the country ought to stand. The other part of the plan was, that the deficiency should be provided for by the permanent taxes : £870,000 a year was increased by the permanent taxes, in addition to tie Sinking Fund, which was a very considerable premium paid Ito the public creditor. He, for his own part, how. ever, made no objection to the present mode, but thought it necessary to state what he thought would be the impression made upon the public mind. He thought by this proceeding the Right Honoura ble Gentleman placed his financial reputation in great jeopardy, from which he wished him a good deliver ance. He supposed he would not again bring for ward this measure before Monday se'nnight. He thought, however, that it should be'brought before the House in a Select Committee, who might report on it, and on that report the House might be able to judge. The Consolidated Fund was the only one that the country could rely on in time of peace ; and the House ought well to consider what they were about, before they suffered any encroachments to be made on the Sinking Fund ; for by such encroach. intents, it was possible the plan of the Right Hpn. Gentleman might give such a disgust to Parliamentary proceedings, as to render the whole useless. Mr. DAVIES GIDDY objected to the plan, as being essentially nothing snore than calling on the Sinking Fund to bear the supplies of the year. The greatest advantage, both collectively and morally, had been derived from that fend, which they had hitherto fondly flattered themselves they might rely on ; and he very much feared the Right Hon. Gen tleman would find the fallacy of breaking it down, and depending on taxes to supply its place. He would abstain from any further observation at that time, but he never beard any plan which gave him so much pain. The CHANCELLOR of the EXCHEQUER observed, that a Right Hon. Gentleman opposite, had seemed to think, that the plan which he had deve loped to the House would disturb the system esta. blished in 1802. But he was at a loss to know what expectation was then held out to the public creditor, whose property had become consolidated with the great mass of national stock that would now IA dis appointed. It was impossible that they could have any just ground to complain, if part of that consoli. dated stock should be redeemed at an earlier period than was contemplated by the plan of 1802. It ap peared to him, that the additional expense of 5e870,000 would enable the country to profit by a gain, which would be in all probability, more than a balance to any future loss that might result from any untertunate con tingencies. It had been said,that the stockholder would not know what to look to as his ultimate security, but was it not obvious, that he would see that the loans which it might be necessary to contract in future, would be limited by the amount of the sinking fund, which might be made applicable to the public ser vice. It was true, that he had proposed the addi tional appropriation of one per cent. but this was to be taken out of the war taxes and the supplies of the year, not to be provided by loan. He thought the Right Hon. Gentleman had expressed himself with rather more asperity of opposition than appeared to hint to be called for on this first general statement : I with respect to time, he Was n o t d es i rous o f precipi tating the discussion of so delicate and important a subject, but he WAS himself so sati s fi e d by l ong re flection, of the practical efficacy of the plan which he had submitted, and was so sanguine of bringing the House to the same opi n i on , t h at h e dia not t hi n k it necessary to postpone it later than Monday se'n night. Every document which could be desired for the purpose of procuring every possible information, he should be most anxious to supply. He conceived, that his plan had the peculiar merit of being at once simple, and equally applicable to all times and cir cumstances, which it was within the scope of proba bility to contemplate. Hi begged leave too, now to supply an omission iii his fi rst speech—he meant its operation in a period of peace, and in that event, he apprehended that its advantages would be extraor dinary, and paramount above every other which he, had ever soft submitted to the judgment of Par lament The principal advantages of the pro- 1111 4 r;l74plan, in time of peace, would be the faci. 4: 1 1 keeping in reserve the puns of funding a ill r sum (suppose 4100kp00.000), as a re. sera ucase of the renewal of hostilities. This find, which would be formed in a few years by the redeemed stock standing in the names of the Com. missioners, would be continually increasing, unless checked in the manner above mentioned ; and in n• cue stffiuld it be reduced below such a sum as may be thought limply sufficient to support the confidence of the country at home, and to maintain its dignity abroad. It would, indeed, be such a treasure, as no other country has ever possessed ; and the first exam. pie of an immense accumulation of public property, formed without the impoverishment of any individual, or any embarrassment of the general circulation. As it would remain, likewise, entirely subject to the con troul of the Legislature, there would be no gionnd for entertaining any jealousy at seeing so large a sum in the hands of the Crown. With respect to t.l e safety of the Consolidated Fund, he was as anxious concerning it as the Right Hots. Gentleman ; but the measure which he had recommenced could not pos. sibly affect it, unless by indirectly augmenting it. It would not operate to reduce it one single penny, as be proposed to shew, when the time should come for a more detailed exposition. Mr. BARING would not, with the imperfect in. formation before the Committee, enter into any mi nute examination of the Right Hon. Gentleman's statements ; but as they would unquestionably affect the apprehension of stockholders, (fur he himself felt considerable alarm,) it became those who were ac customed to watch the state of public credit, to avow their general impression s , ith respect to the Right • Hon. Gentleman's project. He agreed, that at some time or other the .sinking fund must be made avail able to the service of the State ; but there was a great difference between regulating this operation and per forming it-without any modify ation whatever. The financial situation of the country was certainly such as to entitle the present measure to the most atten tive consideration ; and he could not help wishing that . the Public should have .the plan fully before them, and that it should be generally and clearly un derstood. He was of opinion, too, that it could not injure the public credit immediately ; for the sinking fund would, in fact, this year, be increased by the sum of £870,000, and the difference between that sum and the interest of the sum taken from the sink ing fund, would, of course, he so much net addition to the redeeming stock. Its remote operation could therefore, alone form the subject of consideration tef, those who were qualified to engage in the discussion. He rose merely to throw out those general observa tions, and to declare his intention of meeting the question wholly divested of every political feeling or party object. Lord QAS TL ER F k A G H expressed his satisfac. tion at Vie temper untlisairhich the Honourable Gen. tleman, whose authority was so deservedly high upon those subjects, had stated his general view and im. presskon of the plan of his Right Hon. Friend, which had been detailed with that lucidness always conspi cuous in his financial expositions. He was happy that he had abstained from any expression calculated 30 excite alarm in the minds of stockholders. He hoped, too, that Members world keep their judg. menu open; till fully informed and adequately pre pared for the ultimate decision. Sir JQHN NEWPORT conceived, that the great utility of a Committee Of the sshole House was, chat lon a plan being laid before it, the diffleent Members had an opportunity of stating such objections to it, at the moment, as then struck them. Thus, if Gentle. men supposed that the present plan was like* to . trench upon public credit, i t was t h e i r d ut y to sug . gest what their view of the subject dictated, that their objections might be gravely considered, and might undergo the invustigation of the Gentleman who pro. posed the . plan. It it were otherwise, every effect of the Committee wd4141 be answered by placing in the hands of Members those documents which were con. netted v ith the plan. The statements which had been that night made, did not arise from the minds of Gentlemen being made up on the subject, but, in the spirit of candour and fairness, they expressed cer. lain doubts, in the hope of procuring information Oa the points to which they related. The Noble Lord observed, that observations were made which would probably affect public credit. But this circumstance could not be avoided. Between the introduction dt sugh a measure, and its discussion, it was not in the nature of things to prevent an effect, more or less, being produced. Unless indeed the House proceeded with such a degree of rapidity, as would completely deprive the public of the benefit of a calm considera. Lion of the measure. Mr. H. THORNTON hoped that no unfair ins. pression would go abroad. His own general opinion was, thatit was better to pass a prospective measure of this,description than to adopt it suddenly. It was not enough to look at it as it might affect taxation, but its future operation on the stt.ck.market it was equally important to attend to. Another point was, how far it was consistent with the public faith, and the Act of Parliament upon which those who lent their money to the State relied for redemption at * particular period. The other main objection that occurred to him was, the effect which the precedent might have in affecting the confidence of the creditor in tuture. At present he would not enter farther into the subject, but reserve himself for a more mi. Elute inquiry. The CHANCELLOR of the EXCHEQUER, observed, that his Hon. Friend appeared to suppose i that there would be an actual diminution of seven millions : it would probably vary or average two mil lions for the next tour years. After the year 1817 the Sinking Fund would again begin to recover w11:4 it bad lost, because fresh taxes must then become necessary. If reference were made to his tables of compound interest this would appear obvious. With respect to the objection of the faith pledged to the creditor, he must repeat that all the new stock erected since 1792, had been indiscriminately formed upois all the old funds, so that the national debt had be- . come one consolidated mass, and must ,be gradually redeemed. Mr. Pitt's plan, in 1792, contemplated 45 years as the period of entire redemption. Lord Sicnouth, in 1802, and the Marquis of Lansdowne afterwards, made alterations which curtailed that period, His own plan would provide in a still shorter tine for the redemption of the whole additional debt . • -, - -