Star. — London, England, 1817-07-10 00:00:00

r that comparison drew this conclusion : for the quarter ending on July the sth, there would be a deficiency of 03,780,000. With respect to our present revenue it would not pay the interest of the National Debt. He would not siy the National Debt was in jeopardy, but still it was a black prospect. Money must be borrowed to supply the deficiency, yet the House was about to separate withein m seine any provision to meet the difficulty. He trusted, even if his Resolutions should be negatived, rho he had done some good, by draw. inn forth the Resolutions of the Hon. Gentlemen op visite. Thee . Resolutions differed only to the amount of a few hundred thousands, whilst the ac knowledged deficiency amounted to many millions He though the ct.untry never aas in a more crit i ca l situation. I's'it't respect to the Flan of the Right Ho rourable Gentlemen for raising the money he wan ted by an issue of Exchequer Bills, he did not intend to F.nJ !milt s‘ ith it. He understood it was the sys tem of the Right Honourable Gentleman not to let Exchequer Bills go under a certain premium, being certain at any time of getting them disposed of at the Bank. This might be a convenient plan for the present, hut would it not ultimately put the Right Honourable Gentleman still more at the mercy of the Bank than he at present was 1 and it the Bank were, as the Right Hon. Gentleman had stated, to resume their cash payments at the period named, would they be able to assist the Right lion. Gentle man in his distress next year, by taking :.pother six trillions of Exchequer Bills eff his hands Mr. Tierney then adverted to the rising of the funds, which had been dwelt on so much by Government, as being a proof of the prosperity of the ceuntry.! He was of opinion it was a proof of the direct con- f nary. The rise of the funds was owing, in part, to the, distresses and difficulties of the country, and to I the large capital which remained unemployed. Every Banker now (to use a City term) was a Bull, and contributed to raise the price of the lends, by specu- I lating in them. 11, fortunately, trade should revive, I what would then be the consequence These persons must then sell out largely, let the price of the funds! Le what it might, and at any loss, as they would have ; no other means of realizing property to answer the demands made upon them. All this apparent pros perity, as judged of by the high price of the funds, was not to be relied on. If the revenue could not be raised, and raised considerebly, in his opinion the country was in a greater strait than it had ever been before. The Chancellor t f the Exchequer had said be should raise the funds to such a height, that he I should be enabled to reduce the 5 per cents.; but then we should add twenty.four millions of Exclisquet Bills to our untended dsbt. This extraordinary rise i., the funds also acted much against the operation of the Sinkti.g Fund, whilst it would not at all operate tr relieve the people trans taxation; and who could f it an instant flatter I.:msclf that commerce would revive whilst the comely has thus burthened The Right Honourable Gentleman saitilie should conclude by mewing to withdraw his original Resolutions, tor the purpose of subetiteting some revises' ones in their place. Mr. GR.AN'r felt himself obliged to resist these kesoluti.)ns, which he conceived might be divided under two heads, one applying to the unfunded debt, the other to time revenue. The Resolutions which lie had to propose related only to the untur.ded debt, and its probable increase and diminution. The Right Honourable Genii:man had stated the deficiency at 466,000,000, whilst he (Mr. Grant) said it would not amount to mote than iteil,femeeote Th e Ri g h t Honourable Gentleman said tin re would this yea: be an increase of debt of 46.1,611,600, whilst h e (M r . Gr.tnt), on the contrary, said there would be a diini nutiou of in 1,207,000. There was, indeed, a conec eion in the Right Honourable Gentleman's estimates of at least set 000,000. The Right Ho: durable Gelitlenian had also argued the probability of a de ficiency in the Ways and Measis that was extremely unlikely, since almost all the Ways and Means were ulreedy realized. lie then entered into a statement uf the Supplies and Exchequer Bills voted by Emilia 3..:ent, and the Ways and Means to meet them. The ureount of Exeliequer Bills, as taken is his statement, teas seCtenie e ooo, but probably in January next the sent would tot actually exceed GI or 62 Millions.— The Ways awe Means is ere nearly equal to the Sap-1 ply voted, and when theWeys and Means were issued I it e Supply of ceta se would be provided for. Mr. Coate then proceeded to contend, that in the Right lion. Gentled...J.% Res , .lutions there were several errors ; and perticuleily in the omission of 41,600,000 paid uti of the outstanding Navy Debt. The great question now ender cin.sidetution was the increasing ; c od paying elf the Debt, and dierefoie One Debt arid the diminution ready in it should be attended to. II there were any merit in hie (Mr. Grant's) Resolu tions, ie was that they had fur their foundation facts er.d not conjecture, whilst the Right Hun. Geatle reat's were objectionable, inasmuch as they were tote:Jed en supposition. The Right Hun. Gentleman Lad also said the Revenue would this year receive Nee at et £t 500,0t. , 0 Property Tax—aft extraordi nary source of revenue, %Inch would not occur again; bet if there was this extraordinary receipt, ttitte watt also.an extraordinary expenditure which would nut oceee again. This year the exrenniture would be at.12,000,0n0. Next year he touted it would riot exceed ,e17,000,G 0 0. This reduction might be set off against the extraordinary receipt of the present year. Time I-knot:rabic Gentlenisen alter some further observations, concluded by uiuving the pre sinus question. Mr. TIERNEY denied his Resolutions were all supposition. He state' the revenue of last year; then said, if the revenue was the SA4l:*.! this year, such and such would be the consequence; this was not suppo. Litton, this was fact. The Honourable Gentleman Vien entered into some explanations. He contended that the statement of the Honourable Gentleman, (Kr. Grant) as to the amount 01 exchequer Bills likely to be out-standing ou the sth of January last, was erroneous to the amount of 41.200,000. The # CHANCELLOR of the EXCHEQUEit 1 said, this could not be; if the whole of the Ways and Means were granted, the whole of the Supplies must be paid off. It was Well known that the system of paying off Exchequer Bills teas to ;lay off these granted in the previous year. Such bud been the eagerness of monied men during the present ear, that all the Bills of last ycaruep to October had been bought up; and it was rather to be feared, that there would be a scarcity of Exchequer Bills, instead of a dilliculty in disposing of them ! But even if the Right ITonnureble Centleman could esta blish his Resolutions, they would be a charge against the Right Honourable Gentleman and his friends. If the plan proposed by him last year for a Property Tax had not been rejected, there would have been no occasion for the present restitutions or enquiry. An abundant sum would have beets raised to answer all purposes, and to have reduced some part of the dab:, instead of adding any thing to it. He could not, however, consider our situation as so desperate as the Right Honourable Gentleman had painted it. Na withstanding the unfavourable state of aft tirs last year, a considerable reduction was made in tl e public debt. and he confidently looked forward to still greater results during the present. Not withstanding this cir. cumstance, it the measures of amendment now adopted should tail. applie ttion most be made to 'Parliament to he k to some mote energetic meaaitre for improving our Finance system—(!lere. hear).— lie had always held this opinion, and never disguised his sentiments on this au! ject. It was, however, a circumstance highly gratifying, that not one of the Right tiononr able Gentleman's Resolutions touched the favourable picture which he (the Chancellor of the Exchequer) drew at the time he brought forward his 13udget.— Indeed the Right - Honeurable Gentleman carried his I l flattering picture further than he (theChaacellor of the Exchequer) had dared to do. Ile contemplated pay ing off the 4 per Cents. and the .5 per Cents. which was more than he (the Chancellor of the Exchequer) did. A proof had last year been given of the increased credit of the unfunded Debt. The funded Debt did not tin so much, but that was in a great measure owing to the various publications and violent sug gestions whith were issued from the public press, and i uttered even in the House of Commons, urging a breach of faith with the public creditor. This caused the Fund-holders to became suspicious, and to prefer the Foreign Funds. The resolution wail which Par liament spurned the proposition made to them, had, however, restored the credit of our Funds, and dis pelled all tears of innovation. Whatever Parliament may in future do, much credit is due to them for what they have not done, namely, that in the face of cla moor and the strongest arguments they had. forborne to do any thing to innovate or shake public credit; and so much had public credit improved upon this re solution of Parliament. that Exchequer Bills now cost the public less than two per cent. and so much had our situetitai improved, that he was persuaded nothing but some very extraordinary shock of public credit could prevent cash laments being resumed at the time fixed. Such had been the good effect of the first year of settled peace. and he trusted the ap. proacliing year would be still more productive set good. All fears respecting a plentiful harvest were now removed. It had been wickedly and maliciously imputed to us that we had thriven on the rain and subjection of other nations. The aspersion was as uncalled for as it was unjust. Our prosperity was connected with the prosperity of other countries, as their wellbeing was connected closely with ours.— We always had, and he trusted we always should, exert the great power which we possessed with mode ration. He believed this} country, notwithstanding our present embarrassments, was still capable of making great exertions. He trusted, however, it would be long belvre they were called for ; when they were, he was convinced our efforts would-be made for the good of the world in general, and not for any selti.ti purposes dour own. (Hear, hear.) Sir HENRY PARNELL said the Right Honour able Gentleman had talked of the prosperous state of the country, yet in the second year of peace be had proposed and carried a war expenditure. The Right Honourable Gentleman had talked of vigorous mea sures of finance. This meant vigour of taxation, whereas it ought to mean rigour of economy ; but whilst the Right Honourable Gentleman and his col leagues continued in office, this was nut to be expec ted. This was appateat from the Fourth Report of the Finance Committee, which might fairly be called the . Right Honourable Gentleman's Report ; and wi.ich Report recommended for next year, not mea sures of retrenchment or economy, but an establish talent of R 17,000,000, in the third year of peace; and fr. an all the Right Honourable Gentleman's decla rations, it was plain that all he and his colleagues contemplated was to raise their scale of income to their scale of expenditure. The Honourable Gestic. man contended, that if this system were persevered in, in the course of the next year we should have to add to our debt seI2,GCO,OOO. He trusted, however, the House and the Country world oblige the Right Honourable Gentleman to adopt the vigour of eco nomy, beiote it was too lite. . Mr. WILLIAM SMITH should not hS've troubled the house but for the allusions which had been made to him. It had been made a charge against him that he had proposed wild and mischievotia schemer, such as reducing the interest of the National Debt. Hu still would say, that his plans were neitto.r wild nor mischievous, and that the only way of relieving the country would be either to reduce the interest of the National Debt, or applying the Sinking Fund or part of it to the service of the year. The Honour able Gentleman then adverted to the effect which the law rise in the Stocks from 65 to I's per tent. had in the operation of the Sinking Fund. At present the Commissioners, on four days in each week, expended a sum which, at the present rate of the Funds, per. chased each day &VA/ARA) capital stock; if tile Fu I Ft:: were at (a.:i per cent: they would be enabled with the i saute sum Cu purchase £185,000; that was ere han dfed thousand pounds a week, or five millions per annum more of the National Debt than could be now purchased in coosequence of this forced rise of the Funds. Mr. GRENFELL was of opinion, that the plan of the Chancellor of the Exchequer was, under all circumstances, the best which cull, be adopted. By raising money on Exchequer Bills the money was raised At 3 per cent. ta less; while tending the same sum would cost the country 4 per cent. He thought another advantage arose from it, and that was, that it kept up the pi ice of the funds ; and by thus raising the 3 per cents. the 4 and 5 per cents. might ulti mately be mur.ll reduced. He was also persuaded, that by eCOnfnny and retrenchment, the country might still be enabled to meet its difficulties: - He also ap proved the system to Exchequer Bills; inasmuch as it would prevent the necessity of imposing any new taxation, which he was persuaded the country could not bear. With respect to the Sinking Fund, his opinion of a Sinking Fund was, that it could not .:xisy wept whew the taco= •.% as Jbave the well dime. At present filch was not the casein this calm. try. yet he still wished to limp this machine in ro.iiion as long as it could be done by the means of Excite quer Bills, and that thus the Funded Debt might be still further reduced ; but whenever it should be found necessary to add to the Funded Debt to keep the machine at work, he should oppme it. He could never think any .tdvantage could arise from borrow. ing with one hand to pay with the other, except the advantage which uould ret.ult to loar.•mongers and cum ractort,. Mr. 11A R INC: approved of the system adopted by this Chancellor of tl.e Exchequer: at the same time, he considered the country as greatly indebted to his Right lion. Friend (Mr. Tierney) for bringing for ward hi; Resolutions, and thus calling forth those of the lion. Crentleman oppos to ; by which every one who could read and would read, might be put in pi.ises-ion of the stale of the Finances of the Country. The iik.nottrahle tlentlettun strongly reprobated any attempt to hreak faith with the• Public Creditor ; which, he said, most be attended with the most mis chievous effects. He could not help expressing his surprise that the Chancellor of the Exchequer should on every opportunity revert to and regret the decision of the Howe on the subject of the Property Tax—a tax which, if it had been coniihued, must have beets attended with the inie.t tuinons effects. With respect to smuggli7g, he curdeirded, that the decrease its the amount of the duties was owing to the facilities given to that branch of drier( trade, particularly silk He agreed with the Honourable Baronet, that much of our distress was to be placed to the profuse expendi ture adopted during the war; and sure he was, that it economy had been used, this country nOght, at least, have saved one hundred millions. If die House had done its duty its that respect, much might have been saved; but Ministers never thought of reduction or the. expenditure until it became a question of— reduce, or turn out ;" and then they could lower the peace establishment from 2 millions to 17 mil. lions. He was ready to admit, that though trade had not returned to a sound state, yet it was reviving to a certain extent, and was rapidiy approachin3 to a sound state. Mi. nuNKISSON, in allusion to what had fallen from the Honourable Gentleman, denied that his Noble Friend had ever stated the Peace Establish ment could not he reduced below 22 millions. On the contrary, he had distinctly tamed that meaur. were taking for putting the Eitablishment on a much lower scale, and this year that object had been ac complished. He defended Minters for the applica tion of the monies voted fur carrying on the war. The Right Hon. Gentleman entered into some finan cial statements to show that the application of the it.come was correctly made, and noticed the Report ot the. Finance Committee on the subject. The previous question was then put upon the Re solutions of Mr. Tait:six, which was tattled, and the Resolutions ot the Honourable Member (Mr. Grant) were agreed to. hir S. ltohlll.l.Y moved for a copy •of the Presentments of the Grand Jury of Dontinica. Gen, ral ft I ITC ki L LI. defended the conduct of the proprietors of estttes in the West hulks, and stated, as a proof Ist the good treanicnt ot the nrgroes, that the slaves hi the Islands had in creased greatly. Mr. bROUGHAM admitted that the fact might be as stated by the Honourable General. he complaint, however, was, not against the proprietors of West India property, but against the Overseers 01 the estates. The Honourable Gentleman aieded to the appointment of s:,rue person (whom he would not name) to fill a high situation in one of the colonies, oh.cli appointment was a disgrace to the Government. He would abstain from naming him on account of his family. Mr. MOSE pressed the Honourable Gentleman to name the person alluded to. Mr. BRGUGHAM observed, that the case alluded to was oot unlike that of Mr. Manners, who bad been appointed to a situa tion, and who,e conduct had been the subject of investigutsun iu a Court of J ustice. After some conversation, in which Mr. W. SMITU, General Mr. Roux, and Sir S. It outt.t.r, made swan? Wow imams, the motion was agreed to.—Adjourned at this o'Clock. THE EVENING STAR. LONDON. THURSDAY, JULY 10, 1817. PRICE OF STOCKS THIS DAY AT TWELVE O'CLOCK I itcluctd --Culls. 78 it-10: Org. 7 ( Jwul ihir. per Cra.r.. , .6;!--5 rer Cruz. Navy; le - s.!;:; laktix Buhiii 92 pre.—Bark LoLe, Exchequer 1311.. 1174. 1 Ss. pr. This morning Consols were done at SO for the Angust account. They yesterday opened at 7f,;, and left off at t 4. his !nursling they opened at Ta!, and rose to and # for the resent accenint . An immense chattily of Stock was ipt• rchased at that vice. anti! the. Exchange were all buyers. Pohcies were this mornii.e . opened that Consols weak! be dom. at '4.i by the Alq,Ui: such is the confilence placed tt the state of the Country trout the favourable aservations made by the Cl' stN.:CLI Olt of the liv.::taqusa last night La the house of Ccmmuns. Several topics possessing considerable importance occtepied the attention cu . the Commons last night.— A motion by Mr. Wlteettrottce for an Address to the l'u:sce REGENT on the, subject of the too general infractions which had taken place in the Treaties made with Foreign Powers, relating to the Abolition of the Slave Trade, was agreed to. after an interze ing disenssion. The principal impediments in the vt: , y et the complete abolition. of this diabolic traffic, saetn tc rest with Spain and Portugal—two Powers, r,h ch, bct for :he generous efforts of our own Coun try, would not, at this day, have had power to do eit:ier good or evil. To us it appears, we confess, the height of absurdity to suffer th continuance of a crime, which we have power to command to cease. The wickedness is cur own, if we continue to suffer it. These dealers in human flesh have no more right to reize Africans to cultivate their lands, than they have to sein cn Germacs, on Frenchmen, or Eng lishmen. The different statements of Mr. Trzarrev and Mr. GRANT were braught into discussion. The former acknowledged, with great frankness, that an error of some magnitude had crept into his first Resolution, from his overlooking the fact, that tour millions of Irish Treasury Bills had been paid off in the course of the year, or rather exchanged for Exchequer Bills; but, otter this dedoction, there was Still a difference ,of A 1. 3 1 - 10000 between his results and those offered by Mr. CRANT, to tv!lose talents h• paid a merited compliment. Mr. CitaNr maintained that !is scate. merits were founded c,n if:cc:it:over:4,le data ; and W timately Mr. I'l7ttvii.i's !tcsoltui-ps w re resy.to In the course of the deli Ate, the Cu t! E7CCUIECUEIt lamented that the sense o; the fiensr I ad been against hisn'on the qnestion of the Income T. and attributed the embarrassments that had siacr eft experienced to the loss of that question. Mr. (of Norwich) controverted- the doctrines of the !d:. nister, and nia.ncained that the late rise of 11le instead of being a benefit. caused an ahsoftit,-; 1371 to the nation. His argument we held to be lin lIISA't I • able. The Three per Cents. he rematked, hail at C 5, and the slim expended by the Comnis.-e -tor redeeming the National Delat is i l '..!(),111;if •-;:11 purchasing day (of which there are ban it: e.o. •,k) with which at 6.5 they could buy i:i . )0,0...!;: ; nut now .the same sum coa'.d only purchase kl!'hittlo— making a d.fference of about £s.t)oo,(ttil r-r It seems, however, to be the gene, .11 n e .i n i., n . s r , ; :, ; 3 the House and out of it, the the Cu rscitf.:_:).i. .1e ExcricQuett has acted wisely in r ring the .er;.itts money required by the piiblic serrlccs, not ': but by Issues of Erehever The Act alluded b: , Sir J. C. F: - .-iost.re Tuesday night, and which b zit flours almost rub silent:a entitled "?.0 Act ::.; -eve! at the administration of Oaths in errtain cases 0-7i:ers is his Majesty's Land and Sea Torce" e 0 , 1 tt. t greatest itoportance, in as rnte:h as it compfe:tl7 does away tilme otwim::ous incapacitiel of Roman CatholL :chow-;objects principa;l ) e-m -plained. 1:y this Act they ate allowed to c 0!..: the Army and Navy with ,, at taking the previt,a, v Y . ( II tired oath befc.re their admission, and tier n:.ty therefore now attain the highest ranks iii these- Ser vices; for :he necessity of taking oaths atter tratering• the Service k done away by the Annual Act id Ll demtlity, passed at the beginning of each Ses.i-a. THE PLAGT.3E. Eitract of a Latter from Gihrthar, date.l *.he June, received at Lcovo's this morning : " Ey a small vessel arrived here yestero,ty f:otn Oran, we have received inte ligenzi! (?•l!ich I ke!ioe can be relied on) through the me.:•um t t :wo letters, dated 4th inst. urititn J. it; :here to their relatives here, of the e %nth fatal disorder, having broken in Algie:s. The following is a translated e x tract c( th e tie e „ nta i r. , n3 the most particular account : • " Intelligence has been received from Algiers, •-r , •; :h 'key state, that there are many sick in that place; people se:,t , . 1 1 day in their shops in gaud health, when ttmy retire bent: at night, after supper, make a convulsive cry and ea: .r - . MuOt• waging in the street.; sedd.itily die. 'lhree or ( n ut Jews die every day. Of the Moore, their number is nut yet a.c , ttainest—s Tbey say that it is the Piave, but nothing positive is ktiwt!e. have just received a letter from rule father, who does mt tion any thing on that subject." u The circumstance of the writer's father mal::tis! no mention of the matter cannot appear strar.e, as he might not wish to alarm his son. A roport is now in circulation, through the Algetine Je•vs here, that the British Vice Consul, Vattotsczr., died at Algiers of the disorder, and tLat it has prevailed ten weeks. It does not appear that any official com munication was made from Algiers to Oraa of the circumstance. An express may go from one Mace to the other in thirty hours. 'fue u nai travallir,g is four or live days. " I understand that it is in conternplazion nct to admit any vessels torn that quarter. an..i I greatly fear it may interrupt our present hce rnymnoiacatitot wi t h Sroith Barbary, as from the 3.-ce,!.ibilay of one State with the other apprehension: may be etterz,:invd of the cont.igion spreading," The Paris Papers of Monday arrived this morning, but their contents are uninteresting. Lett. rs received this morning, from New York, give most distresing accounts respecting laisiGess. Failures have taken place to at immet.se arroxrit, and a general gleam prevails. English goods erase be purchased in Ames ica full tlO per cent. Limier ti manufacturing price, and scarcely a market to Us had upon those terms. A letter from Trinidad of the Ist of Jane, ;epic- Seats the affairs of the independents ac procd:ng in a most brilliant and successful manner. A shit• arrived the day before the locust was written, fr Main' in, with advice that the new Congress of '.;. nrauela was installed at Cariaco on the ii and this is confirmed by •other letters horn the it /awl of Margarita, of the Ititil. Recent accaant. had also been received from General lic bad twenty-eight Spanish CTtichin friars els los erisonetst and. in consequence of a heats:: is a lleg s,f it tx , ::.s• sent into Angustura h4vin7 been murdered by as- Royalists, in retaliation for this, and C.:4 ccu,!;:ct:;: Barcelona, he ordered 17 Spanish Officers, a:- CFL• RVTI, the Governotof Guayana, instantly to Lc The following is an extract : " A Colonel Fri ZIifIRALD was sent nut by the 4-3:•:5! (7.1- vernment last year as Governor of Guayana, aid in stror of his commission, superseded CZKMI:I3, WI:0 was ore of the Crab .hat came out with MURILLO, and was arriorr&J by !ilk G..vernor of Guayana aJ i;:hrise. But La; I.AfORILE and ClkitUll, EZppilled to FIT ZGERALJ. tie 7i , -t Out to attack :11141Cr.oLNO, and tf.e former, by a tr.it•." ma:Atm:re, surfs:ended, and either d-str:yed or tJok Li 4 v.''•'•: army, In zoassaLD tsCapild with thffikulty In 3 to An gustura. Fur this ill SUCIeiS, and through :he er: lIILTt, he was deposed by •he carristm, slot Cr is k U I e , .! ry thens to fill his place as Governor ; r:nre which Note t C;PAI.D Is Wra l q:cd in obscurity. But this silence is wtp:- cions, it not ominous. " As the Spaniards sli , :ot and hang the Seuth An•ericans rebels, without mercy or ceremony, they leave im ro ;Lc Americans what syecies of warfare to Voir rmv:ar.i 01. Officers, whom they make prisoners its bait:,. a great many. But General l'at.z hay.nr, when he e.u.lier.i the Province of Marinas in oetoher ins•, toot.k. !lis• ' , error.s Colonel Lopez, prisoner, Red Riding tspo3 • • correspondesie,,, giving Lori a an ACcoU:It Of eascuions in Santa ke and Carthagtms, and titutin : ; Lorry had iltlitiited his friend in tnc Province of b..rii:as, P. , - ordered Isis head to he cut s , l m the matket-p!aca of AC:IP. • -Such is the Tenth to dirk own ;Micas at ttr. !ay.:x.lllu. t ot: .• the i rantariL"