Star. — London, England, 1822-02-27 00:00:00

.:_., M rect the. attention of their Lordships, was thestasi-l'antitviimttios e ttrns whi c h deration of how far the (loin Laws could be task& I to ntioa • v bed. and how far some change in them was rendand ibe Tr he fIeCeSSA y ? • It would.be seen by the papers otl the , the suttiral table, that a Comlmittee had . been appointed bt the "would be tp draw other House to reconsider these laws; and to perfect circumsbekvs ' the plans which were brought forward last Session.— would For his oven part, he did not think -that a change Noble in these laws would be productive of very effectual which, relief, but he was, at the same time, aware that much tended, g ood might be done in their regulation without was by a compromiseof any fundamental principles--(Ilear). of reducing It was eel tainly unwise that a monopoly should pre- condly, Tail for a time—say until the price was 80s. and that which then an unqualified free importation should be per- too far milted for a given time under another system ; too Fund, sudden a change from absolute monopoly to absolute nution free importation might be avoided. To effect this, plans ' it would be desirable that a scale of duties should be 'on the prepared which would have that effect. This scale tom should be nicely regulated, for upon it aroulil de- which., read the success of the project. At all events, it was by calli desirable to consider the Corn Laws, with a view of to subsci seeing how far they could be modified . lie should, however, be deluding the House, if he held out a hope that any alteration in these laws would afford adequate or permanent relief. Having said this much upon the various branches, as well of the pub lic resources as the public expenditure, he should conclude for the present, reserving to himself the li- bel ty of replying to any observations which might arise in the course of the discussion. He had sated an act force possible tion to r supposing It was onl , the sli with the don of first, that Ministers were disposed to push retrench ment to the greatest extent consistent with certain Fr:lr.:4)les. Secondly, that they admitted the expe dency cf alleviating the people's burdens by a reduc tion of taxation; and lastly, that they would tand that the he asserted ried as had often As to ' . _ out for preserving the means of one jai paying off the Debt, by plating the maintenance of public credit to; on the maintenance of the Sinking Fund. The Noble Earl concluded by moving— That there be Lid before this House an Account of the Nett I:: come and Expenditure of the Country, up to the end of the ‘‘ , .r I S2l, and the Balances remaining in the Exchequer; also At:aunt of the Funded and Unfunded Debt of the ICingdom, ani of the Funds applied to the redemption of the same." The Marquis of LANSDOWN began by thanking ' the Noble Earl for bringing this matter before the House. He himself was so strongly impressed with ' the sense of its importance, that it the Noble Earl had not anticipated him, he should have thought it his duty to call the attention of their Lordships to the subject. He was better pleased, however, that 1 the Noble Earl who had conducted the Administra- 1 tion of this country now for some years, should state to the House the effects of measures over which he I and his colleagues alone had had controul. Under s.lch ci: cumstances he (Lord Lansdown) would have remaine.i silt n: but that being in some measure the I cause of this discussion, he felt himself called upon to make a few observations upon the statement of the Noble Earl. He wished to say that he agreed in the general course taken by the Noble Earl in the discussion of the subject; but he was surprised that the Noble Earl should admit the extent of the tax ation under which the country laboured, and at die same time deny that these taxes had no connexion with die distresses of the country. (Hear).--He (Lord Lansdown) hoped the Noble Earl would be enabled to make the reduction of taxes he had promised, for he could tell him that this was die only way of giving effectual relief to the country, as he hoped to be able to sliew that the amount of taxes with which the country was now saddled, had a direct bearing upon the distress which so generally prevailed— (lfear).—This opinion he gave fearlessly. He was aware that the Noble Earl and Hon. Gentlemen in another place had said that it was the prevailing and fashionable o r anion of the present day, to ascribe all our distresses to excess of taxation, but that that was a vulgar error—(Hear).—Notwithstanding this, lie (Lord Lansdown) would still assert the fact; and, in considering the subject, he preferred attending to the dictates of common sense, than of being guided by the delusive statements of Gentlemen who came down from their studies with new-(angled doctrines, and who even went so far as to caution the House against the fashionable ernris of the country. He then contended that the amount of taxation was in separably connected with the present distresses of! the country —(Hear)—lt required no great research to be convinced that taxes conferred no benefits. The I imposition of taxes had in general the effect of creating high prices, though he did not mean to say that with the (recent prices the taxes had much connexion. If the, taxes had nothing to do with the present prices, they had much to do with the means of suffering by these prices. Taxation had the effect fef preventing the farmer from accommodating his means to the absence of consumption. If the Noble Earl could but increase the means of consumption, he would afford the most effectual relief. Taxation had the effect of opposing an increased consumption. Taxation threw obstacles in the way of recovering from the distresses of the country. It was admitted by the Noble Earl that some parts of the community benefited by the condi tion of the country. He had said there was more or less of this distress prevalent in other parts of the world. He (Lord Lansdown), however, denied that, distress prevailed in France to the extent stated by the Noble Earl. The fact was, that France was never in so prosperous a condition. If in other places distress prevailed, it was attributable to local causes; for in Poland, Flanders, and the North of France, their dis tresses arose from a superabundance of corn which this country was, during the war, in the habit of con suming. The Noble Lord surely could not mean to advance the distress of other countries as any conso lation to this country in its difficulties. But the Noble Earl, in saying that taxation was not the cause of the distress, was inconsistent with himself. If a reduction of taxation was not a boon, why did the Noble Earl state that it was his wish to reduce as many taxes as possible ; and, in any country, 5,000,0001. could not be matter of indifference. The Noble Earl had ad vanced, in proof of the prosperous state of the coun try, that there was much ground in a state of culti vation now which was pasture before. But this was in itself an evil. The fact was, that during the war a stimulus was given to agriculture, and the distress now felt was a consequence of the prices and demand falling off upon the return of peace. The only way of correcting the effects of this state of things would be w increase the dernasia. The same observations ap plied to Ireland, where the consuming powers notbeing equal to the population, she was obliged to deluge the kets of this country with her produce, and this or not had been which believe Mt. H, the Sit igg . tgi tended by Mr. Pitt. Altliough the Chancellor of the Exchequer did resolve then to abandon that plan on which Mr. Pitt had established the operation of the Sinking Fund, yet he said he had the same object in view, and would sooner arrive at the end contem plated by Mr. Pitt—that was, that he would engage still for every loin to pay it s elf in forty-five years.— But he the (Marquis of Lansdown) would ask if they had then the mats of effecting that promise ? Were, they then able to show that they bad the means of redeeming those loans ? Had they the means of re turning then to the principle of the Sinking Fund as established by Mr. Pitt ? Their Sinking Fund of five millions was no more adequate to the redemption of the debt in fOrty-five years, thin they were at present able to redeem the whole National Debt. On the prin ciple of public expediency and of public policy, they should diminish the burden of taxation, which pressed so heavily on the industrious classes of the community. The fundholders would consider their best security to arise from the flourishing condition and from the prosperity of all classes. He would not then detain 'their Lordships by following the Noble Earl through all the machinery of his Sinking Fund. They all stood on the single principle of borrowing money from one person to pay it to another—of raising money at a high interest, to pay off money paying less interest. Those were principles which would necessarily lead to the destruction of anything like prosperity. The Noble Marquis then adverted to the opinions of Doctor Hamilton on the true nature of a Sinking Fund, and maintained that the doctrine which he laid down was sound and rational. But the prin ciple of the Sinking Fund, as at first established. had been long since done away—for what reasons h e would not then state; but he contended that nothing could equal in absurdity the present system. Were his Majesty's Ministers weak enough to suppose that they could impose on the understanding of the people? Could the Noble Earl expect to succeed in convincing the people that the affairs of the natiOn were im proved in any the slighest degree by the proposed measures? Was it because the Chancellor of the Ex chequer proposed to take money out of one kind of stock, and create another kind of stock to the same ! or to a greater amount, that he expected to impose ;on the understandings of the fundholders? What was I called a Sinking Fund had been convenient for us in peace and in war, but yet to call it a Sinking Fund was .absurd. It reminded him of the part of Lord Peter in the Tale of a Tub. Lord Peter would lay the worst and the stalest bread before his brothers, I and would compel them to eat it, swearing that l it was the best of mutton which had been laid be fore them—( Hear, hear, hear, and loud laughter).— The stale bread was as much entitled to the name of mutton, as that to the name of Sinking Fund. How ever anxious he felt for an additional reduction of taxes to the amount of four or five millions, yet he would not be a person to sanction the application of that Fund, if he could think the principle of it, as it then existed,necessary to the keeping up the price of the public Stocks : but the fact was, that no such thing was necessary ; for a re4l Sinking Fund they had not to the prices of Stocks. In the last year they had no Sinking Fund: in die year 1819, so far from having a Sinking Fund of five millions, they had only one million and a half. He w ould ask them if public credit was in any degree injured by that deficiency? Were the public Stocks depressed ?—on the contrary, the prices of Stocks were far higher than usual. or than could be expected. The facility also of raising money did not depend on the Sinking Fund, for that , was greater without a Sinking Fund. That was re gulated by the profits of capital. The profits of ca, pital regulated the rate of interest. When the profits of capital were less. in such cases there was the greater facility of raising money, and at a less rate of inte-1 rest; neither was it owing to the existence of a Sink- , ing Fund. He was surprised to hear the Noble Earl talking of withdrawing from that Fund what had been already withdrawn—(Hear, hear).—A Sinking Fund of seventeen millions had not long since existed. The Noble Earl observed, that a remission of taxation to the amount of three or four millions would not produce any great effect on the state of the country. But was it certain that the application of five millions for six - years would have so much effect in 'educing the Debt? It was not stated by the Noble Earl whe ther taxes weie to be taken off in prpportion to the five millions. A remission of cases to the amount of £1,2.50,000 would have a great effect. He would not dwell on tint part, but be wiled to state what the , they . vinced that standard ought not measure should be resorted to, ing of land out of cultivation. to be pursued in every branch ; measure, and the safest for the public creditor. Lord KING, referring to the Resolutions of the Bullion Committee of the year 1811, said, he thought the Noble Earl opposite would have been more con sistent with himself if he had proposed Resolutions of a similar nature. For instance, if he had pro posed .ithat it is the opinion of the Public that tax ation is not the cause of distress—that France and Poland are in a flourishing state in consequence of an excess of produce, which is the cause of suffering here"—(A laugh).—The leading article' of the Minis terial creed seemed to be, that taxation was not the cause of distress. A great superabundance of labour had brought about what the Noble Earl opposite (Lord Liverpool) called an excess of produce. If any consolation was to be derived on the subject of out own distress, from a comparison with the distress of others, as the Noble. Earl seemed to think, he won dered he should not have travelled to the countries of Asia, where the true cause of distress would be pplainly seen to be the rapacity of Governments—( Hear) If he understood the argument of the Noble Earl, it was, that taxation could not be the cause of the exist ing distress, because it could not produce low prices, which low prices were the actual cause of distress.— But in this calculation the Noble Earl had omitted one principal point, which was, that taxation was the cause of the increased cost of production, and that was the cause of the distress—(Hear).—As a proof of this, it was not now possible to derive any profit from the cultivation of old lands—(Hear). The Noble Earl said, the country had been relieved from a great weight of taxation; but he asked him to look at the increase in the Excise duties for the last twenty, years, and then say, whether it must not have had the effect of raising the cost of production ? He particularly alluded to the articles of leather, soap, salt, candles, and molt. which pressed most heavily on the agricultural classes. The three principles on which the Government rested their proceedings were: that excess of taxation could not produce distress ; that relief was only to be given by reducing the rate of interest; and that five millions were necessary to keep- in hand, exclusively to be applied to that re duction. These were the main doctrines of Ministers, which, to be sure, during the last six years, had been occasionally enlivened with transient absurdities. For instance, at one time the distressed state of the coun try was owing to a superabundant population. Then came their superabundant production; and the re medy which had been applied to this state of things was, to carry away a portion of the superabundant consumers of this superabundant produce l—(Hear). And .4 it would he for sixty years longer. The truth was, that they had taken too much• from the indus trious classes to give to the idle : and the.consequence was, that they had augmented the rate of production so much, that it would no longer afford remunerating prices to the grower. Perhaps the Noble Earl oppo site would tell them that there was too much capital in the country, and that they must take steps to drive it out ; as he said, they must throw the poor lands out of cultivation. These were the glorious absurdities broached by the new school of political economists!— (Hear, hear, hear). If they drove the capital out of the country, it would be a bar to all future improve menu. The Noble Earl said they must look to na• tural causes for relief, as in another place they had been referred to Nature and PROVIDP4CIL But who were the men who told the country this? Those who, for the last twenty years had done all they could to counteract by taxation the workings of Nature; who had placed the country in the state of one which possessed a bad climate and a wretched soil—(Hear, hear). The possession of a surplus Revenue of five millions was a strong argument for the reduction of taxation to that amount. He believed that it was so much desired to have a Sinking Fund to the amount of five millions, 'to thew to foreign Powers that we possessed that amount of surplus to do what we pleased with—(Hear, hear). - Lord ELLENBOROUGH could not attribute the existing distress to an excess of cultivation, as that bad rather diminished than increased within the last few years. In his opinion, it was the great excess of produce last year, combined with the effect of the change in the currency, bad created the fall lo price, to winch the distress was owing. lie agreed with the Noble Mar quis near him (the Marquis of Lansdov/n) that the great taxation under which the country laboured, contributed to the, distress of the fanner as a grower ; but he could not agree with him that price , .ae producv Now, if were true that the weight of the tax affected the con sumption, that which paid the highest tax would be least used, and doe versa. But it would be found that the contrary was the ' case, and that, as in the instance of sa l t an d w ro ug h t i ron , t h e ,. which paid the best tax was the least used. The price of coop sumps' had not yet reached the price of production, and until this was the case, little relief would be felt by the agriculturist.— ' But with regard to the cawing agricultural distressek he had no hesitation in saying that taxation had no effect whatever.— To illustrate this, he would *appose the case of a farm of four hundred acres, at two guineas an acre, as to the amount of pro duce. He supposed WM acres to be laid out as greet' 4•11 d, 454 acres as spring vegetables, and-the remaining 66 acres wheat d. These 66 acres would produce 198 quarters, which, va hoed at All a quarter, would amount to ..594. With a farm thug productive, supposing the farmer's family to consist of himself ] wife, one woman servant, and three men, they would . onsume fifteen quarters of malt, the tax nn which amounted to aCI9. 15as Making a fair calculation of the quantity of article. of every other description which such a family would consume, it would be found that the total amount of taxes paid.to tke.Crowis was 4813. 45. Of the amount of indirect taxes, which deli, nded od pr ice of labour, it was not so eas y t o ge t a t, bin th e tx;stsw_ai be to take all the taxes which mi g h t b e ctoledered to fall en bind, and throw them back to the farmer.. By the abolition of every tax which was paid by the farmer to the "rown, he would only acquire an addition of four shillings price to the quarter of wheat, and could this be considered an adequate relief ? The only remedy was for rite great landholder to do as the manufac turers had done tome years ago to prevent the farmer from falling, by making common cause with bias—(Hear, hear). Lord DACRE contended, that the excess of production in much spoken of did nut in reality exist, wheu, compared . .with. the increased population of the country.. Since 1813, an in crease of four millions had been made to our population; 'and id the ten years preceding, an increase of one million ouly.was ap parent. Since 1791, there was an increase equal to five .ninths of the aggregate population ; and no one could suppose there was •on much corn produced for the country. The inctusures • which had been made so generally throughout the cam. try, had effected the change of much arable into pasture Land, aid& this would account for the low price of cattle, but not for a super abundant supply of wheat corn. He saw no reason why the price of corn should be higher now than in 1791, supposing the ' average supply was natural and sufficient. The natural price would depend, in a great measure, upon the state of the circu lating medium. He confessed he was unable to estimate cor rectly the power of the circulating medium at the present period. It could not be estimated by its quantity, but by its velocity; but looking at rte sate of the currrency and the present price of corn, there certainly was no reason for concluding that there was a superabundant supply of corn , or superabundant cultivation, disproportionate to the increased population of the country.— Meat effect the change of ch.: currency, with thirty millions of taxes, had in causing the distresses of the country, might be bet ter understood. It was far from his intention, however, to advise a return to the fraudulent measure which was put an end to by this change; but the case being as it was, it became their duty to look it in the face, and do all in their power to alleviate the sufferings, and relieve the agriculturists of the butd.:ns by which they were exclusively borne down. The farmer did not. as the manufacturer, withdraw his machinery from use till the tem porary low rate of remuneration should pass awry. 'llse farmer was bound to support the poor, and tirJefore could not avail himself of any such advantage as the manufacturer possessed. They must not hold out the hope of a return to high prices. No alleviation could be extended to him but a reduction of the es pens, of produce. Taxation rather raised than diminished the prices, but taxadoomight press so heavily on the distressed avi. culturist, as to force him prematurely into the market. It was impossible to have cheap corn and dear labour--and the expense of labour it was in their Lordships power to reduce. He could thew that the taxes which fell upon arable land amounted to Is. 6d. an acre, and the remission of that would be a great alle viation to the grower. But as there would he many opportuni ties of discussing that matter at greater length, he would not longer press himself on the attention of their Lordships--(Hear). The Bari of HARROWBY contended that the low price of wheat was owing to the gradually increasing importation of that commodity from Ireland. That was quite sufficient to account for the low prices without calling in the aid of taxation, which could not but operate in a contrary way. There was another aggravation of distress besides the tax-gatherer, and that was the collector of rent-rolls, who was just as peremptory in calling for the satisfaction of his demands, and much more considerable in them—( Hear).—He knew that, in good years, the rent was equal to one-fifth 'of the produce of the land, and in bad years it was six-tenths. The remedy, therefore, was more in the bands of their Lordships, than in the power of any Government —(Hear).—As to the amount of taxation, and the war which had produced it, their Lordships should remember that it was notti common war they had been engaged in—not one waged upon a point of honour, or about this or that island ; butte settle the question whether their Lordships and the other Iloase of Parliament should have; country to sit in—(Hear). —Under the circumstances of the country be could never consent to the Sinking Fund being broken in upon. That, be was convinced, would do more to destroy while credit than it would be in the power of Parliament to repair—( Hear). Lord RRDESDALR thought it was clearly proved that the taxes fall heavier on the farmer than on any ether class. The Noble and Learned Lord cootended that the glut of agricultural produce in the markets was not the estisequeuce of over-produc don ; but ft arose from the necessity which compelled the f a r. user to bring his produce Into the market without delay. . The Resolutions were *then agreed to, and the Home ad.. journed at Eleven o'clock. • NOUSIi OF COMMONS. A~ 1 ~t ! I _ ~I • 10' finding The Unsays tout the Chair at the usual boor, and only 33 Xlesubert; pri•sriit, adjourned the House to this 7 7771 77"ar1 a i1 1- 7: 7 7 11 ‘.M1NFTF P4 7 7 " - C , . ... . . . , r a - • it 0, ," .•:- t .. o . .-- •- 1 _ - • ~4 • .-••- • - ... . , ... - • . , •, , . _ . . . ... . , • • . , . . . . . • • • --i -'s • • • • • tan I s t Vii : '. . 6 . ' a g o". eigaidoa id. -- , ,„.,ii •-•- 1 onl*Atbu t erest which preealkid•bete beikells: VIA! %Net 7 6 . 6 7 - mule .gleo gee • . ng tio toratina was connecilid with the =Sag a Of eb Itiii.4" ll e ft i r••• I* ke=7 ,614 !e_an±l the *UN"; he would SOW lildifi diet nem if) thiniZZ. o f the or iisfk_butiVed..t44% • spelhdai I . 'die lY I serssis' eillissever' dr silks& 'a your • . 31 tbOadailiblite Of a reduction `taxation millions, the, 'Meld vedette *bona fovey mitilealilik t te s i da vaut Pr a 6.4 W i e t ipif il :Zip* a ititotter • dbe to iftekd relief under the preeepritstressed eight years* Issietiewasissicip of taitatienoto the ands* [ 4 .. ___, ' ok4Aw_____Aa &loathe ' die notocdon ota il d mstaistes in which the people were Otis& •He 01E1,950400 usually for the MOW IlliOds_ . Weald I ss w •. " us rus " 1141411 a a e i ll e f "i dirt an inev- • • i Tllln we= idm the foil bwielit * the Ave odbitme; Sir. if 1 Li d address himself to the plans laid down by the Produce *.hassieefeet • oo the mut of tile counter.-- it was is taus ths e=l of ralefw.saa be its INS fj . e Earl for bringing about the reduction of taxes, In the year 1819 . chore was an addition of tam to in wasellisig-the wetter it wet ter feet, that *slaked& 1, from his own argument, the Noble Earl con- the amount of three millions. The consequence was, Warld lie aldsok bk. TherOhad, he believed, b een ma l e g e o nee ip , I . ' 4, would be a boon. The 'first of these plans that after sin years, and after the application of the Ll' isanliall 1 . 11 . farm* 6 0 11 4 till Prleas akaal4 l#ne rail MOS 1 . ry what heurould call the ridiculous-et cent five millions, they would have. in 1898, more tales .7. setae i s O el i r cei r f a t ill? Uned• Ills Prod , ' "a WO pi en n ee d y and illetreest of a native not aril y to Met luting the interest u p on t h e N at i ona l D e b t ; s e- t h a n they h a d i n 1818. I t cou ld not t h en b e sa id t h at the interests of the bat seel igl y ' to (homy sit. Mtn: y, by the reduction . of the national expenditure, they would have any relief f r om taxation-within that prodwial aids and give k a ameba • hoitile to Owens: i the Noble Earl contended was already carried time. If they were resolved to serve the country, more ____,__,_ ll3 . ll t• a bad already s ettled idta dkudiscd•sn. end and die • • instances be should be •A• tct ' ill id asoa.' • it ; and lastly, by the maintenance of a Sinking benefit might be conferred on it, in the course of six 7 1 ,i t5 77;,, m „„ t ,, put Et ono to d i e - r 1: ' att ''c , , the surplus of which could go yearly in dim. years, by a remission of taus to the amount of woad ear for diocesan the qoestinn. and hr h - 4:1 11 .11 the nof the public burdens. Upon the first of these £1,200,000. The diminution of taxes was much more seweits of the:r Lordsldpe understandlogs would be erected al • he should, observe, that a reduction of interest effectual than a diminution of the Debt. The operation hs,msidenek" — C.llearl• lbe Doke of SuCK INliiiit 31 distitahnott ant intenticin ei h:•• '-: e Debt was a hardship open the public creole - of the former was twofold. it would increase the produce entering Intis those depths in political eatoopsy in welch hisr*: ! ; • He tad also to complain of the manner in of the country, and the consumption of that produce. dee:emote in the debate had wandered. He west: bewirrerollo, 1 ft.the proposition was made to the Stockholders, The Noble Earl had called on him (Lord Lansdown) dare his dissent from those who attributed to the operation 4 taitatice the distreded state of the Agkulteral biterests. Tha t • i fling upon the dissenters, 'and not the :minters, —as he certainly had a right to call, as • well a s on tryi were in a state of distress,* did not need as one at that bscribe their names, because this was giving to every other Noble Lord an the House—to give his 1 ct which ought to have been optional, all, the opinion on the operation of the plan he proposed, me of day to tell them. but Was rids the Int dew that pe r ;. dealer interests of the country bad been in a sofferin handkiee; a and appearance of a legal obligation. It was and of the future state of the country. He was of arising from the circumstances of the times?- : (hear, hair 1) r ; ' l ' ble that the country would never be in a situa- opinion that the country was at present in a state of Did they not all recollect the distresses of the Maisofactwriog to pay off the Debt, but there was no room for great distress. But if a system of retrenchment were the state Cnetatmenwth th ey Intereits, a few rata atet--ead what Will MOW ' 1 t sin g that it was now in so desponding a state adopted—if taxes to the amount of four or five mil- ~,,,,t i patiryi a ry g w d e er. „ l4 ln i: (oo Th h e , its nat ure erctindprrjeli prosperity and waB ag et t i : f is only in circumstances of the last necessity that lions were taken Off from several small articles of the Manufacturing classet, they wet* now emp loyed u , d i e t k • I ! ' 1 ;lightest breach of faith should be committed consumption, a greater reduction than that contem- hig Avicuk h est rat u la dis w tress ages , of they the w hi er g e hest owi ti n me s t:. the Ams to a in 't/ I : Lai d , ti t s„1, the public creditor. As to the second proposi- plated would be effected, and the consequently in -r, - , persons had been tempted to b:ing land into cultivaddn thecae: t 1 if reducing the public expenditure, he contended creased consumption of those articles would produce dnuance of which could only be stilled by a-continuance of that s he Noble Earl would not get entire credit, when a greater revenue. He conceived that Parliament hi g h price of wheat which-. induced their Coltivation—( 11ear),....; t serted that retrenchment had been already car- would act more wisely by affording present relief to Instead, however's/ their cultivation being discontinued, cher. • as far as pos s ible ; fo r h e and hi s collea gu e s t h e countr y. H e wou ld remar k on w h at t h e N o bl e had been taken at lon g l eases , an d now plunged t h e trwners of %, i. theta into that state of distress which was the subject of • iften asserted the same in Parliament before.— Earl said in conclusion, that there could be no more ' plaint. The Poor Laws also, it should be remembered, hone ) the last proposition, he wished to ask whether dangerous measure than the increase of the circula- as a burden round the neck of the landholders, *hien oppressed 1' , . 4 a there was a real Sinking Fund ? This Fund tion beyond its level. The sending out of 4,000,0001. them. These law, s h ou ld b e restore d to what they were for .. merly, and the poor should no longer be treated as annultantil J. i been so often diverted from the purposes for as it was propobed, would increase the circulation too ' Pt eon the landholder. He hoped th e G ent l eman , w i t h moms he .:. II 1i it was originally intended, that he c o uld not muc h. A s they we bound to preserve a metallic wan not personally acquainted, who had introduced t his su bj ect t b re there was such a Fund in existence. In 1813, standard of currency, he would not stop to argue whe- to the consideration of Parliament last year, would not drop his - -luskisson declared that Parliament was applying then that should be a silver or a gold st an d ar d ; • b ut intention of pressing it still farther. If, as the Noble Marquis equally said, taxation were a causef interest, distress, itwould ;inking Fund to purposes foreign to those in- as they were to have a metallic standard, he was con- ( be f'll .. i e t inOt t erest, of the =in- i dby Zr. Pitt. Although the Chancellor of the vented that standard ought not to be altered. Some try as well as agriculture Hear, h other I was said by those equer did resolve then to abandon that plan on measure should be resorted to, besides the withdraw- tell took that erroneous view of the ta x , ear. that the Excise duties 1 Mr. Pitt had established the operation of the ing o f land out of cultivation. Retrenchment ought upon soap, mit, tallow, Sec. fell with peculiar weight upon the I -' ' f rag Fund, yet he said he had the same obje c t i n to b e pursued in every branch ; that was the best fapaergatticularly affecting the price of the produce of the land. ritli • •