Star. — London, England, 1829-05-09 00:00:00

i n f ee d e a debt? Image I hold it mast desirable to „deem wane portiiin of it at every featonshie opportu mi 1. The amount Milt but three millions. There was rto ipomeersience arising at present from that debt. We had been caught at one critical period ember 'mod by an unmanageable debt. But it is because thy country is now in a situation to make o , e expo• riment without any inconvenience, and a it!iout any sacrifice. that I think it seasonable to call on the PAT. liament to convert a debt payable on demand ioto a debt payable at certaio periods. I have confined the *mount to three million., because I did not wish to institute any measure that %world throw into agitation thg credit of the country, and because the C immittee recommend that no large sums should be hastily laid ont on that object. I had ano her reonn for chno,ing three millions, namely, as Mr. Canning, *hen he was obliged to add to the burtbens of the country, limited the sum to three million, so I considered that the taut atom should be taken i.f from the national charges.— Whoever will refer to Mr. Canning's speeche. on that ()c -ession will see the rea-on to which I have adverted. I recommend, then, the conversion to hen• per cents. ni three millions. payable in 1833. I do not wish to carry the NM to a higher amount, as I am ai _volts not to ir,ffcr any derangement on the commercial interests of the country. It now only temarn , ft., me, having brought before the House the revenue and the expenditure of the country—the mode of dealing with the natbnal debt and the estimates of the present year—to recapitulate the sources of supply, and ways and means to meet the rising demands on us. Tr,e amount of Parliamentary grants is altogether 17,644,8531. Interest on Exchequer Stlls, 760,0001. Total, 1,844,8971 for which it is neces sary to make provision. Of the ways and means, 3.000.0001.—p00r bills, 123,9001. East India Company, 60,0001. surplus grants, 506.2121—general revenue, 14,714,0001 making a total for this year, 18,333,0001 In closing these observations, I have only to add, I leave the House to draw their own conclusions from them, and that, whatever may be the temporary difficulties 01 the country, I see nothing of a discouraging nature in the direct te.ources of the country, or in the mode of calling them into operation, and I am sure that when the pre sent cloud which throws a gloom (I am sore but a tem peruy one) over our financial affairs shall have passed away, this country will rise to a height of wealth, pros perity, and happiness, not to be equalled in any king dom of Europe—aye, of the world. The Right Hun. Gentleman recnmmenjed forbearance on the part tithe House, in order to allow the country to recover from its present difficulties—a recovery which, be said, could only be prevented by undue'piecipitancy.and concluded by moving—" That tdwards tusking good the supply which had been vs ted, the suns of 5063121.2..81d. the surplus of the supply of ways and means of the years 1823, 1824, 182.5, 1826. 1827, and 1828, should be applied to the surplus of the present year." The question having been pot. Mr. HUME said, before he should proceed to the consideration of the question, he thought it a duty which be owed to the Right Honourable Gentleman to state that what had been laid before the Hue bad been clear and distinct, which had n"t always been the case under similar circumstances. He thought this a matter of much importance ; but he confessed he had yet to learn the grounds on which the Right Hon. Gentleman bad stated to the House that the country enjoyed such trans cuidant prosperity. He knew not on what information the Right Honourable Gentleman bad made such a statement. He did not think there was any one branch of the commerce of the country on which the Right Hon. Gentleman had a right to congratulate them.— The Right Honourable Gentleman bad acknowledged the general stagnation of trade which at present existed, the causes of which, he said, he did not feel it his duty to enter into. If the Minister of the Crown did not feel it his duty to examine the causes of the stagna tion nf trade, he (Mr. Hume) would ask the House, whether it was fit that the resolution moved by the Right Hon. Gentleman should be adopted without in •quiring into those causes on the part of the House?— Some Right Hon. Gentlemen imputed this stagnation to the state of the currency. some to over trade, and some to over production. He (Mr. Home) would ask, if it was caused by the currency, and, what the Right Honourable Gentlemen bad not alluded to, the heavy taxation under which the country laboured, was it not the duty of the Government to take steps for the reduction of the present tremendous taxation? If they were determined to continue the present rate of taxes, ought they not at least to inquire into the causes of the stagnation of trade? He contended that the situ ation of the country called upon the Government to re duce the taxes, if they were the cause of the present dis tress. For his on n part, be thought it not owing solely to any of the causes which had been alluded to, but to a portion of each, that the country was in its present state. They were bound to make up their minds to the causes of distress, and whatever it was. it should not be con tinued. It could not be denied that at present capital a as less productive, and individuals could realize less by speculations than at almost any period heretofore. If there was any merchant or manufacturer at present in the House, he would ask was there any of them whose capital returned an interest when vested in trade equal to the common interest of the stocks? As to the landed proprietors their time was not yet come ; but he had no doubt it was coming, for it was impossible that the prices of agricultural productions could keep up if the present system of reckless expenditure was pursued. He wished to reduce that expenditure by reducing the taxes. There was scarcely a necessary article of life, whether of clothing or food, which was not met by taxation. He thought much of this might be relieved. He considered it was one of the greatest evils of this country that the taxes were still kept up as they had been for the last seventeen years. He held in his hand an account of the amount of taxes since the year 1817. In the year 1817, 1818, and 1819. the 'ee -1 wage revenue of the three yews had been 51.702,0001. Whatever was the state of the currency at that period, be would ask the merchants of the country whether they . would have been then disposed to receive 3/1, or even 6 per cent. for their capital? In the year 1819 there Dad been an alterative in the cnrreacy, and in the nest there years.lB2o, 1821, and 1822, the average of the annual revenue had b, en 54,173,0001. In the years 1823.',, 1824, and 1825, it bad been 52,400 0001. and in the years 1826, 1827, and 1828, the average of the revenue was 51,000.0001. which was equal to 1817, 1818. and . 1819. He *ould put it to the House, whether it was fa►r for the Right Ham. Gentleman, under these circum stances, to congtatulate tr.e country on the state of pros perity *lnch existed, or to call the stagnation of trade, which caused such di.tress as it did cans..., nothing more than a passing cli u.i ? Ti e Right Hon. Gent. had ' , tie that the inctease 4.f cap Its was an evidence of internal DI. sperity ; hut - did he look to Ma. chest I. to Maccles yield, and to P Abley, and would he state that the country was in a state of piespetity ? ur was it not a manifest . , mill , to the manufacturing class to say that the stag . t .ti , as of traJe was but a passing cloud ? tht. nigh 1114 , noutah:e Gentleman had Mated as niie L .ikit.i.ce of the 1 tuspe: ity of the country, Inc tactea.ed reventit nn malt and spirits. With regard to the latter, did the Right Hooosiabke Gentleman mean to say that the driukiug of whiskey was a sign of the prosperity of the e. merry ? or did he not know that them were thousands who were driven to that resource for the per pose of dispelling care and meeting the cravings of nature? With regard to the revenue on malt, it ap wea.ed that from the years 1765 to 1795 the people of this country had enjoyed that beverage in equal quan tity and of a much better quality than at present; and with half the present revenue they took a pure malt liquor which the people could'snot at present touch.— Were they, then, to be told that it was an evidence of the prosperity of the country, that with a population of twice the number only the same quantity was con sumed ? Under these circumstances he thought it was us e duty of the Government not merely to appropriate the surplus revenue,but to reduce espenditure,for the pur pose of giving relief to the country. What, be would ask. bad been done towards reducing expenditure? There I were it appeared eighteenCommiuioner s discharged. He 'questioned whether the half of these had not been pen /soiled off. He contended th it the expenditure had not been hr ught down to the lowest rate which thy were led to expect. He saw no chance of any further reduc tio.,; and were the Representatives of the People to sit down and allow things to proceed in such a manner? He contended that if the Right Honourable Gentleman did not think proper to condescend to the examination. it was t se duty of the House to look to the causes of the Present distress, and the means ut reducing it. The Right Holm rrable Gentleman had said that allowances should be made for the ups and downs—for the varia tion of expenditure. But he would only ask Ihn.Gen tlemen to look to the affairs of the country as they would look to their own private affairs, and if the expenses of their own families were liable to vary at d fferent pe riods, would they not provide against such variation by arranging their expenses, rather uncles than below them, as the Right Honourable Gentleman had done at the very highest rate. There were a great many other items which the Right Honourable Gentleman had mentioned; amongst others.the duty on sugar. He hoped the House would oblige the Minister to effect the reduction which was so desirable, by withholding some of those duties. There was only one other mater on which the Right Honourable Gentleman had slightly touched—n mely, the funding of Exchequer Bills. He (Mr. Hume) c• uld not approve of the plan of raising money at one amount And tundi.rg it at another. at an enormous loss. With regard to applying the residue to the unfunded debt, he was one of those who, in Mr. Canning's time, opposed that plan. He thought it was lamentable to think that the country should be in such a state as to require that there should be a loss of four millions on a revenue of thirteen millions, and all to keep up a nominal sinking fund, which he was happy so find them Ave none now to defend. If the House took his advice they would not agree to the useless in considerate bargain made by the Chancellor of the Ex chequer and the First Lord of the Treasury with respect vr the funding Exchequer bills. The brokers in the city were the only parties who would profit by the arrangements now made, bra the country would be immense losers ; and he thought the House would concur with him when he stated, that if there was money to spare it should be applied to diminish taxation instead of squandering it in the stock market. In 1826 eight millions were funded, the money for which was advanced In Exchequer Bills. Now, he thought that this power of issuing Exchequer Bills was most dangerous to give 'any Government. The Chancellor of the Exchequer had it in his power any day to pot 60,0001. or 100,0001. into the hands of any individual, by merely acquainting that individual with the intentions of Government. In the quarter ending Sept.lB27, 2,680,0001. worth of Exche. goer Bills were sold, probably in one day, and she effect of course was to raise the market. The Chan cellor of the Exchequer had therefore a power over the money market, which no man ought to have.— By this operation of throwing money into the market in large quantities the price of stock was raised mot. moody, and the country lost by the rise. On the last occasion of funding the eight millions, which was in 1827. no less than eighteen per cent. was lost for ever. In fact, two millions and a half of money were lost by! the system of issuing Exchequer Bills to buy up Stock, and afterwards funding that Stock. The Chancellor of the Exchequer now stated that he only gave a bonus of SOs. but he had no right to give a bonus of 30 farthings, for the result would be, that the country would lose the bonus and too difference of interest too. He con tended that this was not the way in which taxation ought to go on. The present arrangement might be simply stated. It was as if the Chancellor of the Exchequer proposed to borrow 1001. which was to be paid to him in five different instalments; 20 per cent. to be paid every two months until the whole amount was paid, and though the whole amount would not be paid for ten months, the Chancellor of the Exchequer proposed to pay the interest for the whole from the period the first instalment was paid. This was the real fact simply stated. The Chancellor of the Exchequer pro-1 posed to pay those from whom be borrowed a double interest. They were to receive interest on the whole sum borrowed from the period of the first instalment, and they would also receive the interest on their Ex chequer Bills—( Hear, hear). In his (Mr. Hume's) opi nion the Chancellor of the Exchequer and the First Lord' of the Treasury ought to be hat in the lurch and made to pay the loan themselves—(A laugh,. The Chancellor of the Exchequer ought first to have brought in his' Sinking Fund Bill before he made any bargains in the money market; for if the Sinking Fund system was pro perly understood no such bargain would ever have been made. The system now acted upon was, he would not say po.fitable, because that had been objected to, but it was wasteful, because it was unnecessary. Much had been said out of doors about some great financial mea- 1 sure which was to be introduced by the Duke of Wel lington. It was in every one's mouth, and he (Mr. Hume) expected some masterpiece in the way of finance; and then, after all the foss and vaunting, out came this project, than which nothing could be more extravagant and ridiculous. All he wished was. that the House should make the Right Honuorable Gentleman pay for his most improvident barga;n, and that they should read a lesson to the Prime Minister, which should pi ose to him that he was not to throw away the public money. He wished distinctly to disclaim my thing like personality; but he thought the Chancel- Or or the Exchequer betrayed his ignorance of the tate of the country when he tallied of its happy, con tented, and prosperous state—(Hear, )sear).-..1c was well known to almost every landed proprietor that rents had nearly fallen to the golden times of 1792. lie had beban informed by a Member of that House that , teas were now reduced to the same amount they' ere at in 1796. and that there could belittle doubt that they would saris come down to the stindaid of 17911- -When tents were reduceo t • the standard of 1792. ie asked, how, it would be possible to meet the in leased exoenditure of the country ? In order to oabl Gentlemen to estima e the eels tire) ►ad to con nd with in such an eve n t, he would r ea d ( mi . taw, bat very valuable paper he held in his hand, five items, showing the differeneeolaspsaditure in 1792 and 1828. 1a 1792 the interest on the public debt, funded and unfunded, was 9,577.0001• and, in the year 1811. the interest on the public debt amounted to 28,159,0001. so that this item had increased just threefold. In 179? the various charges ari.ing out of the civil list amounted to 1.053.0001. and in 1828 that item had increased to 2.4.72.0001. The charge for the army, navy, ordnance, and mi.cellaneous services in 1792 was 4,557.C001. and in 1826 those various services cost the country 19.000,004. The aggregate amount of expenditure in 1792 was 14969,0001 and 1828 it was 49.781,0001 In addition to all this there was the dead %%eight, a, it was called ; or, in other words, the charge pay ment of pensions and sinecures, now amounted to no less a sum than 6,147,0001. Every thing had fallen but pensions and sinecures, but the expense for these had never changed but to increase. The dead weight was unchangeable, and bung about the necks of the landed proprietors whilst their properties were melting away. When the dead weight amounted to such a turn a. 6,147,0001 was it possible tbit they could be otherwise than in distress; and he regretted to say that every in- West in the country was greatly distressed. notsvith. standing the sta ernents which the Chancellor ot the Exchequer put forth so ostentatiously as to the pr. 4• pesky of the couritiy. The CHANCELLOR of the EXCHEQUER s.iJ, that, as many Honourable Members were anarous per haps to address the Howe, he would not follow the Honourable Gentleman who had just sat down in observations on different parts of hi, (the Ch ancellor o the Exchequer's) statement, in which the Honour rl le Gentleman was cheered by H , nourable Men►be's also Were not in the House when the sidtement w* made. Ele seised the earliest opportunity, ho*ever, of reteni.l to one mkteprescntation of the Hnoninable Gentleman, which must have been obvious to every one who heard his statement. He (the Chancellor of the Eschequei) teferreJ to the increase of exports in 1828, accompanied by a correspondent increase of the revenue of the Ezci.e, and from these facts he argued that there was age eral growth of consumption indicative of prospetity. Now, these observation applied generally to the state of the country in 1828, and the lino. Member for Aberdeen 4-plied r them to the present state of the Spitalfields weavers, in a speech much better calculated for Spoil fi.ldsthan for that House, and which might answer there to excite a feeling against him (the Chancellor of the Ex chequer), if that was what was desired. What he had said with leveet to one year the Hon. Menthe' for Aberdeen applied to Another year, and then thougi t that he had made out a case agaiiist him. N. w, he IT tested against this system of misrepresentation, and hoped that when the Hon. Member for Aberdeen quot d his ewes i.ins again be would state to what those expressions applied, and . not apply the n to what they were never meant to apply. He did not mean, at this period, to follow any of the Hon. Gentleman's arp,un.ents, but merely to protest against misrepresentation. He was bound to ; resume that that misrepresentation had aot been inten tional; but it was certainly as ample a misrepresenta tion as he had ever heard iu that House, even from the Hon. Gentleman. Mt. HUMZ begged to say a few word. by way of explination. He did sec intentionally misrepresent any thing. The Right lio mattable Geodesists talked of the present depression as a passing Oared 'Ma would shortly blow over, sad leave the coontry in a state of more transcendent prosperity. The CHANCELLOR of the EXCHEQUER *aid the word U transcendent" was the Honourable Gentleman's. and he 'tumid sot Wok to rob lams of the honour of tieing upon it. Mr. Alderman WAITHMAN next addressed the House. He regretted that the Right Hon. Gentleman (the Chancellor of the Exchequer) had no: thought it necessary to refer more particularly to the existing dis tresses of the counts y. or to trace out the cause of tt o.e distresses. He had referred in his antic explanation to the present state of the Spitalffelds 'heavers', which was a subject well deserving of his consideration. He (Mr. Alderman Waithman) bad taken some pains to into.= himself of the real situation of those poor persona, who were suffering unties distresses which could not be described. In all his communications with them, how. ever, he.had always deprecated their throwing any im. potation on their employers, and had contended that *hat the employers had done was no more than oecessary for them to do under their peculiar circum stances. He professed himself the ardent advocate of those WiloflollMll persona, and was most anxious that they should be sestored to a state of prosperity, and be gambled to live by their honest labour ; 6ut at the same , rime he was bound to say, that he considered it a most unfortunate circumstance that they should have resorted to any act of violence. He hoped, however, that the misconduct of son.e of those unfortunate persons would not prevent the indulgence of humane feelings with regard to the Spitalfields weavers in general, who had endured aggravated distress w.th most exemplary patience. The Right Hon. Gentleman had dealt very largely in anticipations as to the expected proveriry of the country, notwithstanding the passing cloud which now hung over the manufacturing interest. He (Aid. Weidman) however, had some short time ago looked over the speeches of different Chancellors of the Excite quer fur many years past, and he found them all pretty much in the same strain. The House was generally told that the brightest and most prosperous prospects were opening on the country,. an', if depression or dis tresses exisieJ, those were always stated to be merely temporary matters; so that the language of the Right' Honourable Gentleman might have been equally well applied to any statement that had been made by a Chan tenor of the Exchequer within the last fifteen years, or to any statement that night be made in future years. The Right Honourable Gentleman certainly mit,ht have referred more satisfactorily to the present state of our trade and manufactures. He disclaimed any inters lion of misrepresenting what bad fallen from the Right Honourable Gentleman, or of letting fall any thing that could be consideieJ personally offensive; but be could not give implicit credence to any statement that was not founded on facts. In the same spirit, he would say that he did not call upon Geode men to give him credit fur any statement which he could not prove. Now, the Right Honourable Gentleman had stated that the country was in a state of prostierit) during the year 1828; but be (Mr. Alderman Waith. man) denied that our manufactures were in a I,urasb ing state during that year. and he proposed to make oat his case by documents. His Hon Ft tend (Mr. Hume) had said something on the situation of the landed pro prietoss; but his Honourable Friend did not conic to the point. The I nded proprietors were the persons moat deeply interested in those discussions. They had, a stake in the count' y. and if its wealth was lost its constitution could not long stand. It became every Member of that Ht.use, therefore. to examine into, and point out, the distresses of the country, and it was the duty of his Maj .sty's Government, backed by that House. to point out a temedy for the case. The evils had now become so complicated that he confessed he dud not feel himself competent to point out a remedy ; but, swathe' ss, it was his duty to refer to those evils.— Much had been said alkut the s)st, m of free trade, but Government teemed to . farget that alasast every branch of our trade and manufacture was the child of prohi. bition. The linen trade and the silk trade had grown up and flourished under a system of prohibition. These were some manufactures, perhaps. which might erst without it, sod to which t!.e principles of free trade might be beneficially applied; but there were other manufactures from which protection could nut e withheld without sacrificing the interests of tivse con cerned in the manufacture, as well as the prosperity cf tie count , y. That the cotton trade had fi iuri.hed with. ..ut protection was not, perhaps, owing so much to the applicability of free trade principles to that tarticular rnai:nfacture, as to the cot aordioary insento ns of Mr. Arkwright ; so that the esception which the cotton ma nufactuie might seem to furbish was no argument in favour of withholding pt otec: inn from other manuf .c. tures dife 'oily circons,taneed. The Wes had remained is they ever had been, whilst all commodities—and it was from commodities that lases were Hsi...do...had been pea ly depreciated in value. The table he would now read to the House. to prove the exte:rt of this de preci lion, he had with great pains made up loin official documents, and might therefore be relied upon: EsPOIITS of Msnorscreass and PRODUCE of the 1:11STID KUICOOK from lOW to Mid inclusive, with Official and Declared or real Value. Real Value. 11114 Z 36,092,167 I .e 47.851,153 111.759,286 1815 44,053,455 I 53,217,445 9.163 990 1846 36,714,555 42 942.951 6,228,398 1817 36.407,610 42.953,256 6,257 646 1818 41,558.305 45,626,253 2,447,662 1819 44.564,044 48,903,780 4.139,718 1810 35.634,315 37.3394506 1 ,7 0 5. 0 0 1 11121 40,240 1.77 31 619 897 1,620,280 111211 40.831,744 36.659,631 4,172,113 1323 44,236,533 36,968064 7.269,569 1824 43,804.379 35,458.048 8,346 324 1825 48.735,551 38,396;00 11. 339,151 18 40.965,735 31,536,723 9,429,018 1827 52,219,280 37,18t.957 15,036,423 1828 52,797,455 36,814,176 15.983,279 Real value of exporu above olleial,llll4 to 1880,1 o• ele•ive .. £41,8111,795 Real value of ditto Ina duoadcLl , l92l to 1829. to elusive ........... • ••.. •• •• •• •• ....... •••• 83,248.719 Rama .f real Net oflcial valve 11114 soling) inclusive 41.551,7951. Race's d olbeial over real 111111 to 1828 ',dative $0,5.1‘,7105i. Total amount of depreciation to value of articles 5t124,14.1,544 The yearly amount of expenses upon s■ average from 1514 to 1120 incluaive is £45,461475 pet au. The yearly moose of ditto upon an ave rage frutn IUI to 111511 inclusive ts... 31,412,019 Amount or anneal decrease la.t I years ‘8.1100.3141 This does Dot Include the coluoial produce. Tlie yearly amount of exports 61 colotdal and forslin produce front 1514 to 1820 inclusive is Ditto Iran 1821 to 1829 inclusive is . Decrease per annum last eight years...... The decrease in amount of exports in home manufac tures and colonial and fordo produce for the last years is The depreciation in value is twesity.eight sallies es forty-eight million, or 'boot sixty per cent. It was said that consumption had Increased sine the peace, and that. therefore, we must have prospered ; but it should be remem bered that our importatioo bad increased perhaps three millions in that time, and that therefore our eunstanption might have been aug mented without the people having experienced correspooding crease of happiness. It had been said that if we sent money abroad fur foreign prod ace, it would return to us in exchange fur our ma. nufactures; but it did not appear that. in consequence of our having during the last year three millions worth of corn from Ger many, and two millusis worth of silk from France and Italy that our export trade had increased. lie contended that it was impossible that it should. for the South American markets were glutted with our goods, and the continent of Retort would not admit them The only things that we exported to the continent were men, ma chinery. and tin. and it w.s Impossible that we could compete with the foreign Illanstactures with the weight of taxes with which the country was oppressed. He would not allude to the present state of the manufacturing population, nor of their feelings towards the Government, farther than to say that the hest way to soothe the public mind was by listening to the complaints of the peopk, aid by showing a diliosition to relieve them by a reducti..n of taxation. Colonel Dis VIS, although attrilliting the taus , s .it distress to different ~peratious to the Woithy was yet feelingly alive to it. exicence. indeed iii ev i y part of the commercial would it was. too obvious to le quire him to expatiate upon it. Who could reßect upon the altered c.'noition of this country without deep lame tatiosi. We now witnes•eJ credit aunihilate duals unable to fulfil their e gage...cots, capitalists without employment for their money, and attic ois deprived of the means of ext.ting by their laboui.— Nothing couid he ain't absurd than to atttihute these evils to over productiol.; however ingenious Geinlenien might talk—whatever the Right Honour able Gentleman. the Chancellor of the Exchequer, might wish to make of that argument, it was not tostoori in fact, it went for no.hing—(bear, hear). It was nut over pioduction that was the cause of the misery in this country—it was over tax ition; over pioduction sculd not very well enable the foreign manufacturer to undersell ours in our own market; nor was the distress confined to one department alone—the cotton and the iron suffered equally with the silk, and yet no at. tempt was made by Parliament lo ascertain the cats In his opinion the fact was, that although in time of war England would naturally be successlul in h• r commerce; yet by nature, by her geographical situation, by bee soil, or by her climate. her population was not destined to be a manufacturing community. In a more especial manner, therefore, ought the Legislature to endeavour to lower the amount of taxa tion—how did our relative situation, as compared with France and the United Stares. stand? Why in France, according to the mese accurate returns, the cases inflicted amounted toll. los. a-head upon the population—in the United States to 10s. while in England It amounted to M. The Honourable Member thee went through a long hitter, of our expenditure, from the year 1754 to the present time, from which details h e contended that our expenses had increased in about the same ratio as the necessity to keeping up the army and navy bad decreased. The country had borne a bur den for the last thirty-eight years unprecedented in the history of nations, and what It could net be supposed It mild have sustained; but should a war unhappily again occur, would it be possible to bear that burden for thirty eight years longer ?—(Hearj. He was convinced that by no system that could be devised could we du it. From the year late. when Ministers did seem to be earnest in the reduction of the burdens of the people. to IMO. the taxes had remained undiminished. while every article to trade and' manufacture had fallen, some one, some two, and sense three hundred per cent. The Right Hon. Member concluded by ob. serving, that the people of England now thought, and that pest.. rity would know. that that House had not date its duty. He would however add, that the people bad likewise not dope their duty to themselves. They ought to have Insisted en theft Repre sentatives voting for the reductive of taws. Sir JOHN W ROTTESLEY expressed his dissent from many of the observations, and from most of the anticipations, of the chancellor of the Exchequer. 1 he CHANCELLOR of the EXCHEQUER rose to give the desired explanation. He thought that be had before stated that the plan respecting the life annuities bad already, and to a very coast derable extent, been eatried into affect. An Honourable Bennet apposite had spoken of it as a very popular mode of love.tikg mosey. and there was every reason to believe it would be attended with sue new With respect to the small duty, he had to abetter, that in the year 18117. partly owing to the Act which had been passed respecting this subject, and partly owing to other causes, it had happened that the parties interested had betrayed great unwilling ness to embark in the trade, and accordingly there had been is that year a considerable tailing at la the malt duty. In the year lee* he had taken the average of the two preceding years; and that le2f was deficient to an extent that, in order to place it upon an equality with the year 1821, it would be necessary to augment it a, much as 700,0001. for 1125 not only came up to the amount of ordinary year., but exceeded diem by 6tiO,uool. However, as the last was in respect of malt an unusual year, he had taken:the primut .t au excess of 500,00 W. Mr. RARING said that be would not enter into the question of trade at that time, nor stay to inquire whether the Maurer w paid sulkiest wages. nor would lie attempt to point out awn dy hit those evils—nab the question before the House it heti Inaba's I 1 lot _I