Star. — London, England, 1822-07-26 00:00:00

^ t. , snide at the average relative prices they bore to 5 per cents. atj ehe time th y were funded, the total amount in 3 per cent. caq ptal will he £975,784,592, instead of £1,001,348,166, as stated the preceding Resolution." The £40,982,119 of 4 per cents. were funded at an aveelige of 18100 capital for-£B2 money, the relative current value of the 3 per cents. being £67, which gives of 3 per cents. £81,1711,133 The £120,557,471 of 5 per cents. were funded at an average of £lOO capital for £9O money, the .relative current value of the 8 per cents: being £6O, which gives of 5 per cents. - . - 180,836 1 206 • The amount of 5 per cents. funded - 708,750,353 The ..-1184,695 of terminable annuities, reduced inn) a perpetual annuity of £750,777, equal to I per cent. capital . • Total 3 per,cent..capital - 15,0i5;900 - 975,784,594 Making a difference Of of 3 per cent. capital, which is an equivalent for pay ing a higher rate of interest on the 4 and 5 per cents. than in the S per cents. and there has,. been paid on , the total amount of the 4 and 5 per cents. funded, an annual sum increasing to 766,9071. per annum en the sth of January,,lBl6, which in fourteen years, at 5 per cent. is equivalent to the difference of capi tal created in funding in the 4 and 5 per cents. in stead of in the S percents. By this he meant to chew, that if he got for 901. 1001. in 5 per cent. stock, fm his 901. he should receive an annuity of 51. If for the same sum he purchased 1501. in 3 per cent. stock, he should .receive annually but 41.101. The difference between 41. rOs. and V. was 10s. This 10s. suffered to accumulate with compound interest, would, in thirty-seven years, amount to a sum which would pay the expense incurred by the difference be tween the rates of interest on the Fives and Threes. The sixth Resolution set forth, that there had been paid to the Commissioners of the Sinking Fund, in the twenty-four years from 1793 to 417, the sum of 188,522,344.4 The expense of the office' of the said Commissioners, during that period, was 0,6981. making the amount paid to the said Commissioners 188,585,0381. With this sum, as he sheaved in the seventh Resolution, the Commissioners had purchased stock, the annual dividends on which amounted to 9,163,23 V. sterling. The money borrowed to enable the Commissioners was obtained at an interest of 51. 3s. 7d. per cent. Had they gained the same in terest for the money when expended, there would have been no less but that incurred• on account of management ; but in point of fact, the operation thus effected had produced for the public but an interest of 41. 17s. 2J. per cent. The eighth Resolution shewed that the amount of annual charge created in perpetuity, by raising the 188,585,0381. money, was 9,771,0631. whilst the annual charge redeemed by the Commissioners of the Sinking. Fund with that amount was only 9,168,2331. being 602,8301. of an nual charge in perpetuity less redeemed than created, equal to '20,091,3331. of 3 per cent. capital ; shewing that the debt was created between 1793 and 1817, at the rate of 1721. I4s. of 3 per cent. capital for every 1001. in cash ; and that the amount redeemed in the same time was at the rate of 1621. Is. of 3 per cent. capital for every 100/. cash, being a loss of 10/.135. of 3 per cent. capital on every 1001. of money ex pended by the Commissioners. The ninth Resolu tion shewed that had there been no Sinking Fund,l there would have been an immediate diminution or expense to the amount .of 1,313,1111. The tenth sett , forth that the total Revenue of Great Britain in the '2l years between the sth January, 1793, and the 5,.h January, 1817, from taxes alone, including the small branches of hereditary revenue, and incidental re sources, amounted to the sum of 1,114,318,5631. sterling. The four illowing Resolutions shewed the excess of expenditure o'er revenue at different pe riods. The 15th and 16th Resolutions deduced from them the following co,,clusions " That it appears by the preceding Resolutions, that, in con sequence of not raising the supplies within the year, by taxes, to the amount of £158,349,040, its the 24 years, bviug an ave rage of 65,764,543 per annum, a debt of £809,703,702 of ca.l pita!' has been incurred, at an increased annual charge of £22,737,371, thereby occasioning taxation to the extent of up-1 wards of 58 millions per annum, whilst from the sth of January, 2817, al•out 33 millions only would have sufficed. " that, by the union of the Exchequer of Ireland with that of Great Britain, on the Sth of January, 1817, a further annual chugs of £1,323,775 11s. 4d. was added to the annual charge of Great Britain, then amounting to £30,628,234 (as stated in the 14th Resolution), by the incorporation of A 18,739,869 of , capital, funded and unfunded, created in Ireland, making the total amount of debt, funded and unfunded, of the United Kingdom, on the Bth of Jae. 181 f; to amotun to 4848,155,106, and the annual charge to Z 11,952,009." —He now came to the second period in which the Revenue had exceeded the expenditure of the coun try ; and here a most extraordinary circumstance de manded their attention. Between 1817 and 1822, we had a surplus Revenue of £7,5020,000, yet we had borrowed no less than £90,000,000, in conse quence of which a loss had been sustained of £79,961 of perpetual annuity, equal to £2,665,376 of three per cent. capital. The succeeding Resolutions which he desci ibed, represented the country to have lost ♦ast sums by the operation of the Sinking Fund.— Takipg the average of the whole period; he calcu lated that six shillings and fourpence had been lost on eve. y hundred pounds borrowed during the last twenty-nine years on account of the Sinking Fund. The 29th Resolution chewed, that the system of bor rowing, during twenty-four years, created a neces sity fir borrowing more, to cover the interest of money previously raised. In this way an additional permanent charge of £602,830 had been created. In this system lie saw the cause of the distress felt at the present moment. It was not generally known,, that up to 1817 the people of England had never paid one shilling of the National Debt. The interest had al ways been paid with money borrowed for the pur pose. It was in consequence of. the burthen thrown upon them, by their having at last to pay the inte rest of the Debt, and with diminished means, that they were reduced to the present situation. He con tended, that money might have been borrowed' cheaper than it had been, had we not gone into the market to borrow, in order to enable the Sinking Fund Commissioners to continue their operations.— He mentioned several instances in which a great im pression had been produced on the fundt by the amount of the loan called for by the. Chancellor of -- On one occasion, when a loan of was intended to be taken, it was re ,2,000,060, the other £12,000,000 being the Sinking Fund. The consequence smaller sum had been borrowed in terms so much more favourable than have been obtained.; that consider- , • ing, as he had ig right to dell, the taring sot to confined to the r 12,000,000, but wending to the whole *4,000,000 wanted for the public service, the cbuntry gained by . the cour.e which had been taken what was equal to £1,315,000 of Stock. • Since that period the Sinking Fund had again and again been resorted to, under similar circumstances, and tiOrty laix millions had been taken from it, by which, he was Feonfident, not less than ten millions of three per cent. capital had been saved to the nation. The 33d and 34th Resolutions declared, that if there had been no Sinking Fund, the surplus Revenue must have been greater; and had that excess been applied to the purchase of Stock, at the prices which have preValled during these five years, the total excess of Revenue would have amortnte4•to itiactut33,ooo,oo9l: redeem ing 42,000,0001. of three per cent. capital, thereby diminishing the charge by about 1,260,0001. per an• num, and leaving the total charge for 1122 at 23,266,3201. instead of 39,015,7861. as stated in the 25th Resolution, making an excess of annual charge in 1822 to the amount of 6,749,4661. equal to 224,982,3001. of three per cent. capital. In the 35th Resolution he came to the following general conclu.; 'ion, that, notwithstanding 270,548,8951.11' stated to have been applied towards the reduction. of the Na tional Debt, between the sth of January, 1793, and the Sth of January, 1822, not only has no reduction been effected therein, but, on the contrary, it has actually been increased to the amount of 603,449,8591. at an annual charge of 22,312,3701. hereby demonstrating that the Sinking Find system was founded in fallaey, and has been maintained - by delusion. lie theref felt warranted in assuming, in his' 36th Resolution, that whether the financial system of the country be i regarded in reference to the increased burden of 1,144,5871. per annum, occasioned by the Commis sioners of the Sinking Fund, in merely purchasing Stock en worse terms than that at which it had been created, as stated in the 24th Resolution; or in refer ence to that of 6,749,4661. occasioned by the extension and complication of the accounts, in consequence of the existence of the Sinking Fund system, as stated in the 34th Resolution; or in reference to the in creased burden of 22,312,3701. per annum, which has been inflicted on the Public since 1799, and to conti nue in perpetuity by not having raised above 138 millions of additional taxes in the twenty-four yeani from the sth of January, 1793, to the sth of January, INT,' and which occasioned taxation in 1821 to up wards of 60 millions, whilst about 33 millions only would have sufficed, as previously .hewn in the I.lth Resolution; either case sufficiently shews that the financial system of the country is founded on erro neous principles, portending consequences as ruinous and fatal as the Sinking Fund system is demonstrated to be fallacious and delusive. The two Resolutionsl which followed were intended to prove that the plan of the Noble Lord, for tying up 5,000,0001. as al Sinking Enid for ten years, in the manner propoied, would be most ruinous to the country. They took a prospective view of the result of a Sinking VIIII.I, applied for ten years to the purchase of Stock, and drew this inference, that under the operation of a Sinking Fund to that amount, set apart to accumu late at compound interest, no relief whatever from taxation will he afforded to the country for ten years; and without any guarantee that the exaction of an great an amount of taxes may hot, under the present difficulties of the country, occasion an increase of dis trers and pauperism more than equivalent to any ad vantag .s that can arise from the remission of 2,193,0431. of taxes per annum, at the expiration of that period: whilst the immediate remission of taxes to the amount of 5,000,0001. per annum will afford a most important and essential relict from those bur dens which at present piess so heavily on the indus try of the country. He contendeJ, that if the plan of the Noble Marquis were attempted to be carried into effect, no security would be given that the Sink ing Fund would not be seized hereafter by the Chan-- cellar of the Exchequer. In 1786, Mr. Pitt calcu lated that a Sinking Fund of one million would, in 28 years, amount to four millions, care being taken that it should not be broken in upon, which practice, he remarked, had hitherto been the countt y's bane. But fur this, Mr. Pitt had said, the public debt would not have been so burdensome as it then was. But it was in vain that attempts had been made to prevent Ministers from seizing on that which ought to have been held sacred. Not only had the present Chan-I, cellor of the Exchequer done so, but others had ven tured to do what Mr. Pitt had considered human im prudence would not dare to attempt, as he had de clared it to be his intention so to bind his successors, that to violate the principle of the 'Sinking Fund should be impossible. If the Sinking Fund were kept up, they ought to know in what way it was pro posed to secure it from the Chancellor of the Exche quer, but he contended that for the present it would be better to have no Sinking Fund. Thete were a few, he believed, who, by some strange infatuation, thought that the Sinking Fund had some operation in upholding the public credit; but he maintained that the public credit would have been mote substantially kept np by confining the system of loans, and aban doning the Sinking Fund altogether. Every man who knew anything knew that the Sinking Fund was now nothing. He feared that lie should not make such an impression upon the House as this inquiry had made upon his mind. If he could, he was suie that they would see the necessity of entering into the' subject at once, although it might lengthen the Ses sion for six weekt or two months. As he feared that he should not convey that impression to the House, he at least hoped that he should succeed in persuading it, early in the next Session, to inquire into the ope ration of the Sinking Fund, and our whole system of finance. He concluded by moving the first Re sOlution, which was as follows : :. • I 1, That the National Debt of Great Britain unredeemed, on the Sth et January, 1793, was £1139,350,143 = consisting of £2117,9119,149 of funded, and of h 1143411,900 of Exchequer Bills, at an annual charge of £9,203,974." The CHANCELLOR of the EXCHEQUER said, that as the }louse had not had an opportunity of ex amining the calculations and statements of the Hon. Member, in the few observAtions he was about to sub mit, he wished to be considered as neither admitting nor denying the accuracy of the figures. It appeared that these Resolutions were to form a basis or some further measures which the Hon. Member proposed to introduce in a futikre Session of Parliament ; he thought, therefore, that until they knew to what the Resolution: were intended to lead, it would be better Mr. GRENFELL complimented his Hon. Friend upon the able manner in which he had brought for ward the subject; but he differed with him as to the propriety of taking away the Sinking Fund. With every re,pect for his opinion, he believed the present system for the reduction of debt was the best that could he adopted. But there was no pai tof hi, Hon. Fi iend's statement in which he more entirely agreed. than that which related to the injurious operation at the Sinking Fund in time of war. He held in his hand a set of Resolutions, which he had ese honour to submit to the House in 1819. shewing the loss which bad been su.tained upon the loans of the last four years. As he considered that thi, subject would be fully discussed at a future opportunity, and as he considered that his Hon. Friend had brought it for -ward merely to attract the notice of Parliament to wards it, he should say nothing further upon the pre. sent occasion, excepting to repeat his thanks for the able manner in which it had been brought forward. Mr. HUME replied, and the postponement to that day three months was carried without a division. SLAVIERY AT TIM CAPE ON GOOD HOP& Mr. WILBERFOOCE said, that on the last time of his having the honour to address the House, it was 'to submit a motion for an Address to his lajesty, praying that he would use all the influence be pos sessed, to induce Foreigii Powers to assist in putting down the slave trade ; and his present motion might be considered supplementary to that; because, in the same degree that we had urged the duties of humanity upon others,' t became us to discharge them strictly and perfectly ourselves. In the very considerable emigrations which had taken . place from this country to the Cape of Good Hope, many emigrants had gone to the eastern boundaries, and two large settlements bad been there formed. All the information which he had received convinced him that if measures were not taken to prevent it, great danger would arise of a large slave colony being established in that quarte r . From the present state of the population th. were very few slaves, only as many as were necessary to serve the few families sprinkled about the country; and it was an' object of his motion to prevent their increase by spe culators) or persons embarking in any pursuits which required great human labour; and to warn such persons that their designs could not be carried on by the use of slaves. By such means alone could they prevent slavery from establishing itself in that part of the world. He alluded to the , clauses inserted in the grants of land for preventing the use of slaves, but be considered them to be ineffectual to the ob ject intended. The Hon. Member they expatiated upon the blessings which liberty imparted to slaves, and upon the duct which attached to those who lived under a free Constitution, of affording it to them wherever it was possible for them to do so. The aptitude which these poor creatures pos sessed for • instruction and civilisation was se very visible, that in' time there was no doubt but that they should see those who were now slaves becoosel a happy and an industrious peasantry. The tattlers' - . t ii i i;r :,e4--- • •-,,, • ..(4, Of consideration of , Itik . lie , the parts to which he had alluded, would have ..414 howoor, wisketo ma jp . a o i ngsv arpo 1 . g_ temptations for the introduction of slav es 1 isPoo mope general priatilds which periuded hey liY sea and land. And nothing could be more Hook Metisber's statement ; had* doing sopAse' disgraceful to this country than to leave s l avery to shOildilass the sult e eandeithrei distinct heedi.-- I be•htablished in one of our own colonies where it Tba dist would eta the declaration of the Hon. never existed before.. After the efforts we have Member, that agreatsaving would have been effected made in such a' Canso, would it not be Said, - U Ohl if, during the war, the expenses of the country had what a falling off is here!" if,' after endeavouring to been raised by war taxes from year to year. This pro- eradicate slavery in .all other parts of the world, w e position was not new to Parliament. By a Resolu- allowed it to be' established under such circum. lion entered on their Journals in the year 1812, it op- stances? He then alluded to cases in which slavery peared that the principle was. recognised. But such had been exterminated in colonies by the exerti ons it system must have its limits: and it was doubtful of individuals,—and instanced St. Helena, where Sir whether it would have been applicable to thee:tended Hudson Lowe, aided by the liberal conduct of th e expenditure which was 'afterwards created by the East India Company, had changed a set-of Wr etc h ed protracted war. It was adopted after the peace of people, in chains and slavery, into a set of persons Amiens; and he recurred to that with the more plea- . labouring for their hire. The way to abcnish the sure, on account of the Minister of that day—those slave trade 'was thus to eradicate slavery. There exertions were made by Mr. Addington. To this part was, at the Cape, another set of people who we re of the lion. Member's propositions, he should not in formerly . the most degraded upon the face of the principle object. With regard to his opinions as to the earth. He meant the Hottentots. He understood use of the Sinking Fund.in time of war, which formed that Sir James Grey had succeeded in forming sorre the second bead of the observations he intended to of them into a regiment, and had found them tract submit, the Hon. Member had adopted the Conc'. able and intelligent. The Honourable Member a-n. sions of Dr. Hamilton. But the general opinion of eluded by moving an Address to his Majesty, statiig those conversant with the subject by practice was, that in substance the satisfaction of the [louse, that Slive upon the whole very - material advantage was de. labour had been forbidden at the Cape, and that a rived from the system which had been adopted.— Slave Registry had been established there; and re. With respect to the third part of the subject, that commending the Hottentot population to his Ala which related to the general conduct of the finances, jesty's protection, in the confident hope that they he thought they should be better able to enter upon would, with the assistance of education, and mor a l `that discussion when the Hon. Member was prepared and reli g ious instruc t ion, become useful and oiza us state the plan upon which he considered they mental members of society. ought to be conducted. In the meantime there were Mr. WILMOT said he should not oppose ae a few observation; which he was desirous of making motion ; but he could not forbear offering a few ch. upon this head. The Hon. Gentleman, in comparing servations in consequence of the speech of his Ilor. the charge of the Debt since the end of the war, op- Friend. He could assure him that no reasonable peared to have lost sight of the saving which had precaution had been omitted to be taken for the pr. been effected upon the interest of the unfunded Debt. pose of preventing the can-) ing on of any. tradai n The interest at that time was three millions, whereas slaves at the Cape. But it was too well known that it now only amounted to one.—(Mr. Hume intimated manumission to those who were at present in a state to the Right Hon. Gentleman, that this reduction was of slavery would be anything but beneficial to them. accounted for in his 26th Resolution.)—The diminu. Slavery indeed was a twofold curse, for it dep:4sied Lion in the Unfunded Debt was acknowledged, but him that inflicted, as well as him that si,:.: cd it. not the diminution of the charge to the amount of He hoped, however, that the measures taken on the two millions. The charge upon the Funded Debt Coast would ultimately destroy this pernicious traffic. was-not materially diminished, but t as he had be- In the propriety of giving moral and religious in. fore stated, there was a reduction upon charge of struction to those who unhappily were slaves at p re . the Unfunded Debt, amounting to two millions. It sent, he fully concurred ; and he. was happy to inlorat must be °brim's; that-this - was the effect of the ope- his Hon. Fr lend that this important object was ccn. ration of the Sinking Fund; for it was that which !!.attl . l kept in view by his Majesty's Government had raked the Funds to a state at which great finan- with respect to the slaves immediately under their kisl measures had been accomplished with so much controul. He agreed in every word which kad advantage. Dr. Hamilton, from whom the Honour- been uttered by his Hon. Friend iii reprobation of able Gentleman had taken some of his opinions, and slavery. He wished to see it abolished; but one of who said, that the operation of the-Sinking Fund in the melancholy consequences of slavery was, that it ,time of war was disadvantageous,. said also, that a could not be abolLhed without an interference with , surplus beyond expenditure could not be so benefi- the rights of property. He assured the 110u,,2 that cially applied as to the reduction of Debt. To the his Majesty's Ministers were determined to do every acquirement of such a surplus, all their efforts had thing in their power to promote the object wh i ch been directed; and the five millions which had been they all had in view. so acquired, was that which the Hon. Gentleman Mr. W. SMITH expressel his hearty approlLititl now wished to take from them. The Hon. Gentle- of the motion. He never would admit that any ma man seemed to imply, that he had some means of re- had a right of property, as it had been called, in e.: ducing the Debt without a Sinking Fund. But it ap- person of another. peared to him to be one of those inventions which Mr. MONEY also spoke in favour of the motive. were more easily promised than realised. The pre- Dr. PII.ILLIMORE agreed that the rights o! our sent system was sanctioned and supported by the best Dutch subjects at the Care, ought to be tql.cLed practical authorities, and by the common sense of with extreme caution ; but in the genetal Frinciples the country. The Right Hon. Gentleman concluded stated by the Honourable Mover he folly co:icicied. by moving, ~ That the further consideration of the Mr. BUXTON suppotted the mo ion, witch, a IC7 a Resolution be adjourned to this day three month s ." few words from Mr. WILBERFORCE, t% - b a: :eel.] ;c. Till CAPE, M•VILITIVII, CEYLON, &c. .. Mr.. WILMOT rose pursuant to notice, to move an Add:est for Commissioners of inquiry to be sent out to the Caie t• Good Elope, Mauritius, Ceylon; aiid the Leeward 1d.....5. The Honourable Member gated shortly the object the C..m....it. doings would have in view, lit the first place, they west'.: hate to inquire into the general state of those Colonies, the o.:e of Civil Government, and whether offices were liable to 1 . rd:1:- don ; also to inquire into the state of the law, the e..,...! of slaves, and the best means of enforcing the laws iur tbt .I.oli don of the Stave Trade. The depreciation •f cue curr,ncy would come under their consideration, and they would have :a suggest such improvement s a s cou ld be adopted fur the ai r ed . c. ration of the condition of the colonists. lie trusted the 11Juie would agree with him, tharthese Commissions sent out :Ilya be attended with the greatest advantage to the country. Wi:k respect to sending out Commissions to the Leeward Islands, ite I was influenced by the observ.tions of a Noble Lord i Nug.cu:, who had deprecated the state of criminal justice in these :oh:- 1 Met, at the same time it was impossible then to say wbat rev ! lotion ought to tee adopted. The lion. Member concluded by moving, " T1...t an humble Address be pees .nted to lin Ma jesty, praying he would 4e graciously pleased to give directiort for issuing a Commission under the Great Seal, tar inquiry fine the state of the Cape of Good Elope, the Mauritius, Ccylune- 1 the Leeward Islands." Mr. WILBERFORCE thought there could not be a more desirable object than the inquiry into the condition of the ILA population at the Cape, and other Colonies to which the Caa:- missions were to apply. Lord NUGENT said, he should compliment his ifol. Pied who had moved for the Commissions, did he net know that :In lion. Friend would not be pleased by any applause bestowe.l da him for the discharge, of his duty. He was convinced the b., quiry proposed could not fail to be highly advantneous to be inanity and justice. The Noble Lord adverted to tile improper manner in which the law was administered in the Wand of Ja maica, and most strenuously supported the 'notion. Mr. HUME was sensible the Commissions would be advan tageous. Nothing could be more desirable than inquiry into the state of the currency at the Cape and Ceylon ; he should there fore propose , as an amendment, that C o mmi ss i one i s should l': sent trinidad to examine the state of the administrationoi Spanish law, both civil and criminal. Mr. MA RRYATT supported the amendment, and Wl' plained of the abuses under the &pettish laws now adnene tr in the Island of Trinidad. He entered into a detail of vart. , - 1 fees taken by the Governor (Sir R. Woodford), and contend .4 that the commercial interests of the country were injured by eke present state of that Colony. Mr. GOULBURN said, the' only crime of Sir R. Wook!feri in the eyes of his accusers was, that he had opposed the intro duction into Trinidad of what was called the jjri :sh Consunt dos • but which in fact was nothi ng more nor less than a gent of at rocious; atrocious tyranny, claiming absolute dominion on the part ‘'f the minority over the majority. He had frequently chaik o f 6l the Hon. klemberfer Sandwich to fair discussion on the suhjec: of the charges against Sir R. Woodibrd, and whenever he woali move for the papers on which such a discussion must be found: 4 he should be quite ready to enter on his defence. Mr. T. WILSON observed, that ivehould be borne in 'lli. 3 that the Right Hon. Secretary obtained his information fi '" 'gorses naturally favourable to Sir R. Woodford. He thourl : some inquiry should take place on the subject. Mr. Wuiry. SMITJI thought that Trinidad shatld be included la the Mr. Mr. WILMOI' briefly replied. He hoped the Hon. Melnhi l for Aberdeen would not render null the effect of his mottos. bf his Amendment in the existing s tate of t h e House. Mr. UME declined giving up hi s Amend ment . Mr. YNM moved that the discussion be adjourned. proud/ The House was about to divide, when the motion was a to, and the other Orders of the Day having been disposed oft:b e House adjourned at a Quarter past Two o'Clock. We understand that a Fourth Volume of that amusing Work, The Hermit in the Country, is to Jr , pear ou theist of August. . f . the Exchequer. wa e 4 Exchequer. , duced to £12,0( ! , borrowed from t of this was, the ' ..., the market on to could otherwise 1 0 ,