Star. — London, England, 1822-03-09 00:00:00

present mode of erecting these three was the only one that could be practised certainty of benefit to the countrys If Mr. Whited in 1792, as he could have done) and as he was sorry he had not, the 4 per cents with a Sot It 91 per ceitt. Stock, the amount of interest he would thereby have saved to the nation, at compound inte rest, would have annihilated the National Debt ; and if they did not now pursue that mode, he saw no prospect of its ever being effected. So much for the policy and principle; but as to the mode, and espe cially the period of time granted for dissent which was objected to, he meant to contend that the time was amply sufficient. The Resolutions of his Right Bon. Friend (the Chancellor of the Exchequer) on the subject were made, he believed, at the latter end of February ; and, from the moment they were pub lished. all the world knew the terms that were to be offered to them, as well as though the Bill were passed into a lasim2-(- Hear, hear, hear). —The Parliament then said—" We will pay you off, as v:e have a right to do, by giving you one hundred pounds sterling for every hundred of Stock, we will give you what is your due, as every other debtor has a right to act towards every other creditor ;" and in that they were justified—(Hear). But the Parlia ment said—" If )ou prefer having Main the 4 per cent. Stock, we will give you that instead of 1001. sterling." This was the whole mystery of the case— this was the simple proposition, and he should like to know wherein lay the difficulty of decision ? lithe party interested wanted his money, it was equally in his power to have it, either by taking the 1001. ster ling, or by taking it in the shape of Stock convertible into money. But it was said enough time was not given for dissent, and it was asked, what the Public would lose by giving longer time? The answer to that was, that the Public would be bound down to certain terms proposed by themselves, while the party interested, the stockholder, would have the advantage of watching occurrences to determine his choice—(Hear). One Hon. Member inveighed against such an operation as unfair whilst a Russian and Turkish war was pending. Why, if they were to wait till there was nothing in the state of Europe, or of tuffs country to affect the transaction, he feared they twit abandon all expectation of paying off any Stock —(Hear). The Hon. Member himself presented a proof of this ; for, after travelling flom Petersburgh to Constantinople, he came back to the Sinking Fund, deriving from that an argument against it. He might with equal propriety- have gone on to antici pate what Parliament would do on the motion given notice that night, for the remission of the tax on tallow candles. There would always be something in the shape of a hindrance, if they but once admit ted the principle—either at home, or to be descried on the political horizon—Wries of Hear, hear, hear). A great proof of the good faith of the measure was, that it lett the mode and the time of paying off the dissentients to the determination of Parliament. It Was SAW by the Right Hon. Gentleman opposite (Mr. Tierney) that there was nothing in Mr. Pelham's plan about the mode or time of paying off. He believed them was not, but he would have been obliged to provide for those considerations in the pre:gess of his plan ; but, as regarded the right of it, he had only to ask if the stockholders in purchasing obtained any stipulation as to time or mode of execution?— Government was bound to pay off all who dissented —that was a condition annexed to the transaction. Upon a candid review of the whole ease, it must be considered that this plan did not differ from Mr. Pel ham's—it was no departure from the spirit of the Act which regulated the reduction of the Stock in question ; and the terms upon which it was now pro posed to effect that were of a fair nature, and gene rally approved of—(=Wear, hear). Mr. WILLIAMS said, he was one of those who viewed this measure as contrary to law, of bad po licy, and bad also in the mode of execution. In dis cussing the first of these objections, the Right Hon. Gentleman opposite had altogether omitted to advert bathe Act which created the Stock in question. That Act was the 24th of the late King, and not the S7th, which had been exclusively referred to by all who had taken part in the discussion. That Act said in terms—that this Stock should not be redeemable till twenty-five millions of the Public Debt had been paid off and redeemed. Mr. Fitt was a party to that Bill, and his words at the time shewed that there could be no doubt that the Act did contemplate the reduc tion ot twenty-five millions below what the Public Debt then was. lie shewed from the Attorney-Ge netal, what was the law of the case, such being the words. But would any lawyer contend, that this condition had been complied with, because they had' borrowed with one hand and redeemed with another ? Next he had a doubt as to the mode in which the ope ration was effected. It was said from the other side that an option had been given., For himself, he begged to state, that he had not one farthing in the 5 per cents. and therefore had no personal interest in what he said. But when he heard it stated by the Right Hon. Gen tleman who had just sat down, that the terms were well understood, he must say that he (Mr. Williams) did not at that moment understand what the terms were, nor did he believe the Chancellor of the Exche quer could himself tell them. The real terms must depend upon when they paid the £lOO sterling to the dissentients. They might pay them in a month, or twenty years hence; but the value of the property of those who dissented could only be estimated by a knowledge of the period of their being paid off. The state of Europe—the Russian and Turkish war—the state of Frar.ce, and other like circumstances, must influence his opinion, and he could never come to any determination till he knew when be was likely to Set his £lOO sterling if he dissented. But not only were the parties unable to understand the terms, but they were not permitted to do with their property vim the Act, on the faith of which they invested it, entitled them to. They must blindly subscribe to the Chancellor of the Exchequer's terms. He referred, as a proof of this, to two papers of dissent, which he held in his hand, which had been rejected by the Bank. The gaper was according to the printed form delivered at the Bank ; but in place of the words at the end—" and I do desire to be paid off in mooey,"l it ran thus—" I do not desire to be paid off in money, but require to be paid according to the terms of the 24th of George the Third"—(Hear). —This was rejected by the Cashier of the Bank, and thus it was proved that the Act in question was a perfect nullity, and that the holder of this Stock must expose himself to other conditious, im- Mr* poled 14$ lie;tilatatiAor of other Mile. veliek les4 been worded is dse same may; is the permits. This miglithe tidied ' Ipnblie tredkati lest enesidlired shiest light. end ihist It was ing altogether adireneßean the ;. lie i'esirded the Sabin foist, broesbt in aid of tlie.mitisere; mli had imposed the . Mahood on * forty years that Goyenvrneno money on terms adnantattOents. face of such an asuntlon, *told of 250,000,0001. of debt created ' war, not one shilling had &Gruff coff.vs? When they looked it " they saw it in its true colours. Sinking Fund as that which relieved a portion of the responsibility ," charge of the debt. The Hon. was right, when he said that onl , would be saved by this measure was another way of transferring ther, which would create a saving year after year, and place them in a few Years, in a much better shun thin than they now were. If the Chancellor of the Exchequer were to fund his Navy Bills in a new Stock at 5 per cent. irredeemable under 25 years, be would have that Stock at 1001. worth from 1201. to 1251. market price, without any loss on either side.-- If they t00k : 155 Millions &pc* at £l2O the hundred, it 'would bear an interest of t 7,750,000. This would reduce the nominal capital to £125.500,000, being a saving of £29,500,000, with the interest of that sum. Nothing but such a reduction of debt would save the country from impending evils. The plans of the Chancellor of the Exchequer he entirely disapproved of. He was not in the habit of using strong language, but he must say, that he used every art and trick to raise the price of the Funds. He now contemplated raising the Three per Cents. to 90, and then he would redUce the Four per Cents. But did he consider the loss to the country by this operation ? With the Sink ing Fund, five millions would buy up 4 5,240,000, the Stock being at £7O; but at £9O, it would require upwards of six millions to buy up the same quantity of Stock, entailing a loss tb the nation of nearly I:1,.500.000. if the Right Hon. Gentleman were to convert the Three per Cents. into a Five per Cent. Stock, irredeemable under 28 years, it would have the power of diminishing the capital of the Debt to the amount of £200,000,000. He was so fully satis fied that the present system of the Sinking Fund was a fatal delusion, that he'most anxiously desired to see the end of it. The capital of the Debt never would be lowered, but increased ,by it, because it involved the necessity of raising the price of Funds. He would not on the present occasion diverge into these topics, but he hoped they would soon have a Committee, in which the whole system might be fully canvassed. The ATTORNEY-6ENERALroseinconsequence of having been called upon to give his opinion. He wouldiirst direct himself to the opinion of the last Hon. Gentleman who spoke, and whose opinion was different from all the others that had been given.— lie said that to admit of the redaction of the Five 'per Cent. Stock, it was necessary that 25 millions of debt should be reduced below the amount of which existed at the time of passing the Act of the 24th Ge0..111. The lion. Member was to bear in mind that a number of Acts on the subject had been passed, viz. the 24th, 35th, 36th, 37th, and others, regulating the paying off of this Stock. But it was always understood that the 37th Geo. 111. re•enacted the 24th, on which the Hon. Member had laid so much stress. Whatever might have been the object in 1786 with regard to diminishing the Public Debt 25 millions, be believed it would not be contended that any such prospect was contemplated in 1794, 1795, 1796, or 1797, when, however, it might be very consistent with probability to suppose that such amount of the Public Debt might be reduced at a future period. Now as to the argument founded on the assertion that the money which had redeemed any of the Debt was borrowed with one hand and paid with the other, he would quote the Act of the 53d of the late King, which, after reciting the Debt, declared that " 238,000,0001. have actually been purchased. or transferred to the Commissioners for the redemp tion of the National Debt." This, therefore, was equal to the whole of the Debt in 1786, and the Act went on to say, " And that amount of Debt shall be deemed satisfied, and discharged, and be struck off the books." Thus was the 25 millions not only re deemed in this way, but it was also done by the sale of the Land Tax. He had, therefore, no hesitation in saying, that it was his opinion that his Majesty's Go vernment were competent to pay off the Five per Cent. Steck—(Hear, hear.) Mr. WILLIAMS explained. He said, each por tion of the Five •per Cents. stood under a particular Act of Parliament, and ought to be . regulated by it. The Act of 1784 referred to one portion; that of 1796 to another, and so on. Mr. W. SMITH thought the reduction of the debt by 'a redemption of the Land Tax was such a dis charge of Stock as would satisfy the words of the Act of 1784 ; but certainly the idea that the raising of loans to buy up Stock was a bona fide discharge of the debt, was the most absurd idea that ever en tered the mind of man. And certainly this must have been the idea of Mr. Pitt; for in 1792 the Three per Cents. were about par, so that nothing could have been more easy than to have borrowed money with one hand to buy up a quantity of Stock with the other, and then to have reduced the interest of the Five per Cents. if that Minister had thought this an honest interpretation of the Act. As to the preamble of the Act which the Attorney-Ge neral had just referred to, it proved nothing, and it almost stated a falsehood. It recapitulated Mr. Pith's provision, that one per cent. on every loan should be raised by taxes, to increase the Sinking Fund. .Now, if this prevision had been adhered to up to the pre sent time , there would have been no difficulty about the matter, as the reduction of the debt would have gone on with a rapidity proportionate to its amount, and they might have foreseen the time when it would be annihilated. Nov that time was so distant, even in imagination, that he agreed with the Honourable Member for Weymouth (Mr. Williams), that whether the Sinking Fund wit, five millions, or two and a half, or fifteen, it was little matter; and exactly in the proportion in which they raised the Stocks they post. pouted, lustead of accelerating the payment of the debt. in trusts.' The dissent of all the trustees, therefore, was not necessary to be signified. It was proposed also to allow three months for the Accpuntants-General of Chancery and the &chequer to give their dissents. Mr. CALVERT said, he did not see why so much longer a time 'should be allowed to the Accountants- General than to individuals, though he considered a pneral extension of the time to be a prupet. ra,saus ! The . ATTORNEY-GENERAL'said that so inanyj interests - were involved in the Stock in the names of these Officers, often those of infants 'or lunatics. Mr. CALCRAFT said, as to infants or lunatics, sure until the political Miriam If Nampa, ie ti, peace or war, should be cleared up. If they were to. wait for hippie! amp they would ewer came to any &andel arrangethent whirr, Tim ti To e mosalor delay must be to encourage ancit-jobblog without giving any advantage to the fundhakkr. Mr. TIERNEY sold, it was unfair to cap en Mai to transfer stock at a time wham dm question of peace or war must be soon decided. Itesolndons were liable to be &sage& ' ' Mr. MARILfATT was satisfied **sae mplanetios et di &acuity M tbeiNeasstrtyt Ha thoitgla dim sheen be €4l+Ti and be should give in Ise dissent now, because tool. wee sat se advamageouslor those whom he repratenteCAV4oll. in the 4 per mats. If war should break cut Were the due expired, he should give in his dissent. Mr. BERNAL asid, nothing dedsive lad keen stated as to ra.d. when the dimentknts were to be paid oiE goat* ea' ought to beilaen. The Committee then divided i For Mr. Danmatt's Amendment a a Against it 49 1 4 143 - _ __ Majetity a '...1)4 On the clause as to the form of dissent being read, Sock L fo L o l c Ci p t c lished cenb if to th p e lac si e m or ple Ndisecc;sitttcne per'l receve comb e scuts Were Mr. L HINGTON answered in the affirmative. Id Mr. PEARSit saw no objection to the form of dial*, all stated by the. Bank of England. - Dr. LUSHINGTON said, although there was a form it was not a form by Act of Parliament. Mr. COURTKNAY said, a substantive dissent would be !sough. Mr. WILLIAMS said, cases might occur in w hi c h p a rri e s could lot comply with the (win prescribed by the Bank of England as to dhow& He begged to ask what wis then to be done T Mr. HUSKISSON.--erbe satiric of dissent was enough, old with was the understanding in which it begirt to be received. The clause for Out paying off the dividends on the Stock within twelve months was withdrawn. Mr. ROBA RTB objected to any priority being given in the payment of the newly-created Stock. By one of the clauses the Government could pay uff one person in preference to another. Why should that be the ease? lir. WETHERELL defended the clause, and observed that no priority unfairly meant was intended. Every one could enr olee his own discretion as to his dissent or to taking advantage of the plan bold out by Government. Mr. ELLICE conceived the clans, not only objectionable, but impossible to be carried into execution. The Marquis of LONDONDERRY said, it would be low. possible to meet the metaphysical perfection of the identity of payment insisted on by Members opposite. Mr. TIERNEY wished that every man amerding to his another siendet be paid off. . The clause nrweiting the mode pt payment was agreed to. Sir JOHN NEVIPORT objected to the clause that no trans ter of Stock shall take place after the 26th of February, which day was already pawed. Sir O. HILL defended the clauses - • The clause for remunerating the Bank for the extra trouble incurred by that establishment, was withdrawn, after some dis cession on the part of Id:. Gamma, Mr. Rorke: Sauna, and Mr. Lusistsorox • as was also the Clause for punishing the for geries of eertificaes. • The other clauses were then agreed to. The House then resumed, and the Cuarawan brought up the of R th e Committee, which was read a first and second time. ecall, with the Amendments, was ordered to be engrossed, and read a third time on Biondi) , nest. MISCELLAN&'WS Mr. ELLICE moved that there be laid before the House an Account of the number of Country Dank-notes stamped froth the 10th August, 1820, to 10th August. Is2l.—Ordered. Dr. LUSIIINGTON moved for a Return Of an monies paid to any foreign State, by way of loan or subsidy, from the year 1? to the present time, distinguishing each year.—Ordered. The same Honourable Member moved for a Retorts of the sums of money due to this country from the year 1791 to the present time.—Ordered. Lord STANLEY moved for leave to bring in a Bill for pre venting frauds by secret warrants of attorney to prevent judg tnent.--The other Orders of the Day were then read. Mr. LUSHINGTON gave notice that the Ordnance Esti mates would be brought before the House from Monday nest to Monday se'nnight. NAVY MUTINY BIM. On the motion of Lord PALM ERSTON the postponement of the Commhtemon the Marine Mutiny Bill to Monday nest was agreed to. Sr Romer WsLunt and Mr. Hots stated their intention of opposing same of its clauses. The other Orders of the Day were then disposed of. and the Have adjourned at Half past One otlock. LIST OF THE MINORITY woo vows To "TIMM TNT Two 101 l MIAMI THOR otazarTo 20 Tug Toargraa or Tam mac, ►aol/ Tun 16T71 To Tux Urn O/ Women, co owe lona co era mouses TO mecum Al harp, Viscount Grenfell, Pascoe . -Ridley, Sir M. W. Bennet, Hon. H. G. Hutchinam, Hon. HAtobarts, Colonel Bernal, Ralph Holohoose, J. C. Robertson, A. Birch, J. Hume, Joseph Kahane, A. W. Boughey, Sir J. F. James, W. &anley, lard Barrett, te RM. • Lambton, J. 0. Smith, Hon. Robert Saimaa, T. N. Lashingtoo, Dr. Smith. Robert Bright, H. Martin, John Scarlet t, J. Calcratt, John Mooch, J. B. Tierney, Rt. Hen. G Calla, Blr Isaac Maude, Hoe. W. Tyntc, C. K. Concannon. Lucius Moberly, John Wood, Alderman Campbell, Hon. N. Macdonald, J. Wilibuns, William DeCrespigny, Sit W. Newman, R. W. Wilson, Sir Robert Davies, Colonel Newport, Sir J. Wyvill, M. Denison. J. O'Callaghan, Colonel ••••••••••• Mier, Edward , Palmer, C. Prole 114.1.101: Ferpssoo, Sir R. C. Robinson, 8k a Denrain,Thocau GRIAT SUCCISS AT HAZARD'S I—On the First Day of Drawing, Tuesday se'nnight, HAZARD and Co. Shared and Sold the following Capitals N 0.467 .. OO,OOO I 2,290 . 28S 2,505 Er The Second Day of Drawing win be NEXT THURE• DAY, lath of MARCH. The Wheel is extreowly Rich, acts essicain&FOV R 4110,000, with others of €ll,OOOl £l,OOO, Ste. AU Homy, and Not Two 'Ranks to a Prise. The Finn-drawn, MOLT THURSDAY) will receive 4110 1 ,000 * 'ekin, and Mares are Selling at Haman' , and Co.'s Old &tabbed and Fortunate Cam, Royal Riekangsnate; SF. C 04111111; and J 94, Oztord-stroat, corner o f Swallow.oireci I and by their Agents in all the principal Country norm - • " -• - *7 . . ..• . . •", , . .. • - • • . . ... , , • . . " , • • *' . ..... • ... .• ..• .., • ,•. . ..• • • •:...; .• ..• . . • the Etededs_ ie! It — 44lPainteille/Sibitilielialikl lila *; . . ........,.. ,‘ .. ei . . _____. _ - ' • , limiter* Dde No essuiminsisold lob pidi eir 4 ►dwrogdo!ii set .. z. = = ,• di ,[max . 1k tbs.* the pint Ca on of hek diebusiC lied,indOilveteile• 'es it • 1 ° en parties s;onderned is • teniacilme ebbold heir Li I knish% faith 'with di I treelleill ~ . irakie.4 diteitiffie species : • oft of curds* sidle jodismo t . a . 6,, 1 .. ins a H i ., was - t: 6 . . .. ra ked it i n A "44 djl t , if, fit i - . vriim'Mriiimittlts a tent ariiiii .it POW& adlittbilattelbefpnbee ttedbili w tonsiovitbet • lic ibb its a rune of primed- or serenereenilirit of Slick, and tbard . . was it plus 16 1 -iiit il l" " t e i t...._.___ ll6lol !!‘"„ e Ir esa lim into Pet be vritkit t , doldi lds „mam a /store , a interests of the notion. of BIS WOWS stpelbill rawly to- ,the om e rsothimi , . . . n ec t , w hi c h . 10d. boo primal wawa IMO he completed In UM &id Pair i lk . isigyakitigik t ied6 AA i hay - 404 4 . . eel .• . ' ii ill a Mike* wilds years. sad the part that its first ..payable aintdd Ise An timeateei *we aummer to embrace die case mentioned bt I . the cosntry for the last four or See per mat. l more traiimino. thud die last...:. tie Mir far Sandwieb (111 r. mo rtatt s. . . . timed been borrowing The plea' ednPeed by the French 'Government,. of Mn CALCIUM!" whsle •tbe Amendment The "to the satiate In the drawing !letter by lot. for petaled, was inert just eleetebee to blea‘lbet easiness the time tetiold giie On se ahhtee' spetiteieti. Mesta* Is war to Cid it be believed that to the b•Mee , en ll die beet preserved an eqnal r i t t w i he awe dragg woad hew esam on rte Teti . Id `tie . 1111 were de :ed by Ithins in the late valise in ' , the *arias; He perfectly agreed With the pa taw acbri k wood arm* ad as 0 maim* isse;se daft _ wilts bay to the public Member for Werraeoth. as to the bad effect of the Were musty pasts of the smart alum the prectione of It snit it in this point of view present mode of applying the Sinking Flied. The aill be blieemitil d . I " • . He cansidered - a real House then went into a Committee. • • Kr. DitbintAN alimerd *St lb. !Idle be bed reposed' Ina • .. sad meat* ascent to relieve oft •Pessittle zone el ' • lieved the toostri r froal Mr. LUEIRINGTON sai4 that an alteration had " Illwii ail* dose for the other len tO bit • bard' eldp ; bet at passed before dos • .. yof Prol'idtalL the besti r made in the Bill, tb meet an objection made On pesiod &add mint - • Member for Coventry a former Melt by- n Noble Lord, and it was now de- no et LOy_DONDEICRY mid, that the •Pehei •!` mly one minion of debt d are d t h a t t h e di ssent ' m i ght be tittered by " any knew the which the OW euetained trait the timid* re in seven years. T h ere trustee or trustees" in behalf of the persons interesto s t " lautig ",," lillll. ".""T he l ifh „ karli Hat they *"6 to " h i ' - ' in 4 one Stock into ano- in trosts.i . The - dissent of all the trustees. therefore. for "..-.. 77. - 7 :'''' . 7" . ` .. .... if il 44 r s !" din g abils... " - their wishes could not be consulted at all, and as to `-..-r individuals whose stock was in the name of the eunvral, he saw no reason for any ex- ce,lion hi their favour. Mr. ROBERT SMITH (of Lincoln) suggested, that instead of so great a time being allowed for the dissent on all Stock in the name of the Accountants. General, those Officers should be allowed to reserve those portions of Stock, the interests in which were of such a nature as to require time to ascertain the wishes of the parties, and that three months should be allowed on those reserved portions only. Sir W. DE CRESPIGNY urged an arrangement with respect to the severAl classes, which required time. Mr. LUSHINGTON moved the insertion of a elm" allow ing three months to Wards of Chancery, to signify their dissent through the Accountant-General of that Court. Mr CALCRA FT saw no reason why the extension should be limited to property in Chancery. • Mr. R. SMITH also objected to the clause. Mr. MONCK said, if the Accountant-General was to be guided sokly by his own judgment, he had no claim to any ex tension of time. Mr. COURTENAY said, that the AcceontantoGentral dif fered from other trustees, as he mast be often ignorant of the nature of the arm in which be was trustee. The ATTORNEY-GENERAL. in answer to some observa tions, stateit;thit the Chascelist et the &chequer might, at the application at the Attonsey-Gessrai, or et a esker, place a num ber of individash is same 4111116, anal than greatly diminish the expense. He thought the Public might to have three months time to deliberate on so important a ate. Ure—(Criel of Move D. Sir W. DE.CRESPIdNY tald, be was• tinges tbr s Geo. donut shred. and did not know wins dais was Awed bkn to' ;34 v ia edlis6nt -11 IC-GSMARAL salk trustees would be $l. and proiliWns Would be mode for that. Or...IIIIIISUNGTON wished I e Mow whether they could ascertain helms July let!!. to whom all the Steck in the bands of the Acesameet-General really belonged? It was hopeless that the Lail t' should decide that season. He wished to know whether one dissentient Trustee ;Amalfi bind the rest? The ATTORNEY-GENERAL said, no trustee could bind the rest l mime they all agreed, no transfer of the Stook could possibly mode. Mr. LU be SH INGTON admitted that two trustees could not bind the third in ordinary cases,but Wawas a new alteration of the wine of p Mr. R. SMITH aid, unless the law in this case was changed, they could sot obtain any transfer of the property. Mr. LUSHiNGTON said, it was not intended to encumber a Money Bill like this with new legal arrangements, but to bring in another mrphnatery BM. ' Mr. R. SMITH said, the Public should he informed at once of the Waldo's, cif Government. Mr. W. WILLI AMS thought that the very intention of bring ing in an explanatory Bill, sheered the necessity for further time to the dissentients. Sir J. NEWPORT thought this measure should be completed, and carried into effect at once. Mr. WETHERELL observed that the measure ought to be carried into effect in such a manner as to work the desired ad vantage to the Government with as little loss to the parties as possible. If there should be a new war and new 5 per cents. the loss, inconvenience, and mischief which attended this measure, would actually undervalue and depreciate the 5 per cents. Mr. DEN MAN understood the Chancellor of the Exchequer to say, that trustees or executors were to remain liable for dif ferences. With a statement before it so alarming, the House ought not to stir one step in the Bill until a clause was added to provide spinet that diliculty. Why, the responsibility—if there was to be a remoosihility—coadd not stop at the 5 per cents. it would extend, in case of further reduction, to the fours. He begged to object, too, in the strongest terms, to the system de vised for obtaining public decision. Now, dissent was to be taken for mica ; and supposing Stock to st and in the names of four trustees, and one of them (a lunatic or a resident abroad) to omit dissent, the other three would be bound by his neglect or refusal, and made answerable for its consequences. Mr. LUSHINGTON understood the Chancelke of the Ex chequer merely to have said, that triune purchasing in their own wrong were not entitled to indemnity. Mr. MABERLY thought the time allowed to holders to make their option ought not so be limited to so short a dike as the Inds of klatch. Mr. WILSON said, be perfectly recollected that the answer of the Chancellor of the Exchequer to a question which be (Mr. Wilson) bad put to hint was, th at if parties purchased in their own wrong, they mum take Ise consequences. The objections which he had raised were not made in opposition to the mea sure, but because he wished to see the measure carried into effect with the greatest passible benefit to all parties. • Mr. R. SMITH said, he did not observe a clause in this Bin which, he bell led, was to be found in all Stock Acts. He &mild propose the insertion of the usual words, that the Four per Cent. Stock be exempted from all taxes, charm, and impeoldons in like manner as the Navy Five per Cent. Stock.--This Amused- , meat was put and agreed to. On the Clause for limiting the period of option to the 26th of March, Mr. DENMAN moved as an Amendment; ' 4 That the time be extended to the soth of March." Mr. MARRY ATT said, sit had Imppened in his own caws that be had been required by a trustee, who was residing abroad, to purchase stock for the benefit of a minor in his (Mr. Mar rlslt.s) name, foe ibis abetting reason, that he might herea ft er sell the stock , if were necessary, without the trouble and risk. of sending over a power of attorney to this country. He wished to know whether, under these circumstances, be was bound to express his assist or dissent by the Mb of Marek or, whether, upon his makthg affidavit, es' 0.61 rye ache bee, the audio . 1131gbit not have an opportunity of expeledui his disswits in the I same manner as if the stock Mood In bb tiers anael Sir N IMPORT *edit thebeldieutafget be celled / upon to, make their eleetieft a bet! look wets canted • through Paelkeesob_ Mr. LUSOINGTONapsed thete a r r afeeMdtt en etteenmeelepe 'bedew es.ltto be to ratty= be coMesidelt ebm eppoetit* *M . *Toll tat envoi .~ i. 4/1;0 ) I 1' i i i , , 1 4 " , I ', 1 4,1),ii. ' ~. I . :, ‘ ; • ~• i 1 1 , - , ' 1 -„. ii 1 i :. t. ; , ) is ' i• - A ~, 1 . 11 U ~~ i ;~