Star. — London, England, 1823-03-01 00:00:00

• -ir a. otiginallr Paid, which five per cent. should be • the stranger's profit. This plan would hold out strimg inducements to Corporate-, Bodies to make large purchases of the Land Tar: He would make it catty with it qualifications for killing game—for 'sitting its Magistrates—for voting at Elections; and', these advantages would render the Land Tax ex.' lirerisolly saleable; while they cost the country nothing. *ln particular cases, heswould authorise the sang it by auction, With a reserved price; and in this way he thought it would always fetch its value, and the country could desire no more. He proposed also that numbered certificates should be issued, which would enable the 'purchasers to receive their divi dends, if they thought proper, at the Bank of Eng land; He thought he had said enough to chew that the Land Tax might be made as saleable as anything which the Government had ever offered to the Public. 'ln the mode lie selected, a greater proportion of the. 'Debt *could be cancelled 'than could be purchased 'by cil'ulat• hivestment of the Sinking Fund of taken (torn thepeople, if k were regular!7. invested in Stocks for'seven years; supposing no acct• dent should happen; Ind-that the country remained' peach .‘"Hit4ttlingly imisted• on the right of tbe . Chancel/M.4f the Exchequer to apply the means to .be derived/risme* Redemption of the Land Tax to extingttish-qhe National Debt. It was asked; how. would this affeetpublic "credit? He would answer, :that the publivttixlifor'would probably benefitfrom • the'phie.• Every 'one Must admit that his security depeneed `riot-:se' Much in the ability as on the will -of the publttereSitOr 03 pay in taxes. Now if the •sonstryweinilelievid to the extent he proposed, the remaiitdevof thesaxes would be cheerfully paid, and thus theJpatilie creditor would avoid the discussion of that ilnestibn Whit% 'he feared would otherwise be entertained 4s to the propriety of diminishing his in. tereiL lie deprecated raising such a question; but • it was teett:tbat it was agitated at every public meet ings tsi that who since the year 1815 had seen capi. • tal - to tire amount Of 38,000,000 L belonging to them annihilated, and themselves reduced to beggary, withelk any fault or misconduct on their part. The nitwit ought not to be satisfied with telling these suf. lorettlhat they Could afford them no relief. It was their ditty - to alleviatetheir distress as much as pos 'sialt The Debt; he contended, Would be just as ho uestlj redeetned if this plan were adopted, which ' . *Auld afford such large relief from taxation, as if the - -resent system were persevered in. In order to skew - -Ithet he did not call upon the Government to give up ' every sixpence, - so that they should have no chance of al surplus Revenue, he would state that he thought die Revenue wbuid4wcrease, and seby he thought so. He bad always beet, of this opinion, and had never • taken a gloomy view of our situation, as he calculated otVan increase of Revenue from the employment of aye increasing population. The Right Honourable Gentleman would agree with him, that, by repealing tent to the amount of 7,000,0001. ht had no right to: atnicipate a loss of Revenue to that amount.- - Supposing the lase sustained to be 6,000,0001. the Right Honourable Gentleman would still possess an annual surplus of 1,000;0001. and the operation of this plan would, inthe'course of three years, take 41,000,0001. out of the Stock-Market, and by re ducing the interest nn the . Four per Cents. effect an annual sating of 750,0001. He would not now pledge the /louse as to what particular taxes should be re duced. He called upon them for the generalteduc tion of 7,000,0001. of taxation, and then it would. be for the House in hr wisdom to say in what manner the relief should be granted to the People. But if it should hereafter agree with him in directing the re duction of the Assessed Taxes, the sum of 3.50,000/. would he saved in the establishment for collecting . them. The - great reason why he dissented from the plan of the Right Honourable Gentleman, as deve loped in - his statement the other night, was, that it kept up the establishment; it kept'Up the patronage; it kept up the corruption. He believed that a fartaer4 reduction of out eeperatiture, to the eittent Of one mil - lion Might be'effeeted;cwhieh would make altogether, , according CO hiseetedhltionia seringlaf-fdur millions.' It might be'saitt , that this was only statement; but he would .ask i gny-1110b. Member Atefiether he 'did not think it. htowlikely that thete would be an increase . in the'Reveitile terthle'OrOotbit.Ofen - if lien° • millions of taxes *ems retkiced?- Attd if: th e ;educdbii of the Four per Cents, td Three were effected, there would be anotheilsiosititre savineol-756,0001. - therefore, made , ':ea'atriOuni of which there ribald be tiddoubt.• Altai' with all this, in seven leste as nnielvdebtsvottkl he'poid of as by, the operatio4 *of the Sittking4 Fetid Oflise Where, tharefore; the .datiget Co p4lic credit? He'liad - nor Much Morelto'state, forteallY-the ques- - tion was -extremely simple; It.was in factabe of tite siMplest - questionv that trret , comp be Parliament.. He trusted -than' Ifeine 'AtetelterS, and poyticulatly Gentteiuen 00 she'otherlide,wenl6l nisi consider this measure its bts own: It - was one Which he found ex 'o6 log; anal his desire- was - to give.it revival. If the . . House sopporreittim in it, he *night •it would be the means of cotteiliatieg . ;hat clasi whom it was to - important -in his opinioirto conciliate, he meant the landed interest; and they would at the same time, si ve that general relief which he confidegayanticipated ••• .11," 4~ 'hells it. • l‘te b 7 • vir - r l7l- " . " -1— "'" --7----- ErsOkeielutinsi' sit millions Otinillions of millions of pounds sterling 1 .1 :Ho wished,. instead of taking 5,000,0001. out of t h e ' l . in glcs e l li F t g iv r odk i i i .v r e t t ; T im war at 7LWra poekees of the people fora Sinking Fund, to Mall- b e wasted n o w mou nt o ssiniaanions." • .lisp oainkting Fund which would he more efficient The CH,OCELLOR of the EXCHEQUER said, • •then!tbt onsent - ote, white great relief was afforded that he hoped pat ut occupy. the" House 'at much , t 0 .chine who were now so.. severely . depressedi .He I length,: in noticiat the arguments bfwliich the Hon. nusrslOttu the - House by going - much into th entleman had attempted to support the proposition • detalls.ii his phi!, but must en ter _ into some details ho. had su bmitted to their consideration. In fact, (4114 4. iii t :ibOW thif ricialptaiticable. He would many very important concessions Were made to him pr Aitt,loot. in the Three pet Cent. Stock by the Resolutions themselves, which went directly to ehWd;l4r 4 kkaie SL .11.1 =yedr of the Land Tar. He destroy the principles upon whiclfthat proposition was ortpitd.l64l.l4 owner of the land pridrity ; but if he said t o be f ou nded. In the fi rst Resolution, the Hon. - refilassd' 'oedema the Tax within s ix months, the Member adniitted the deciiion of Parliament, in 1319, stranger might they Mme in on the same terms. that the annual amount of five millions should be sip. Doing this, if things atmAined as they, were now,. he plied to the reduction of debt (flearfrontAinilfaberly). would gall ibur per cent -oq his. money, and he If the Honourable Member did not admit the pro would recoilamend that it should be paid by the coV priety of that decision, then all he had to say was, - loiters of:the Tax; but thli he should'itill hasle t * that his proposition was more untenable than before, claim to seike 'on the land. fle would nolive hiit b ecause i t contra di cte d i tse lf th r o u gho ut . Th a t ad nll the'ailianiagel of the proprietor, .Ikta he.‘onhi mission and that Resolution appeared to him to be the girt lots ; for Members of Parifiartneot,' w ould the sub aittuas of 'all the others. The Resolutions then • strange' came in .at the expiration of .lit months, went on down to the twelfth to state the plan, and to and redeemed the Tar, he would alloW the proprie- declare that the surplus of Revenue 'over the Expen 'tor five years to reclaim it in—providing, however, diture amounted to 7,000,0001. Therefore the only !bat he shall pay five per cent. molt than he would points of principle 'against which he hat to onntend Aave . were'coneained in the three last. After detailing Ins 'plant 'the Honourable Member stated in the twelfth Resolution—if That it appeals that this method of re ducing debt by no means direr: in its substance from that which was adopted by the House is the Resolu tions of 1819, the essential attributes of bilth Houses being the Maintenance of public credit by the dimi nution of the quantity of debt"—Now it was upon this basis; that the Honourable Member rested the whole, and that - Resolution was Acterdingly fol lowed by others, expressing his wish to sub?titute this plan for the One which the House"had alreasly sanctioned. lt was therefore manifest, that opt* the accuracy of the twelfth Resolution the merits of .he other must stand. And, if he could sliew'nhat it was not only not correct, but the very reverse of correct, : then be should shew that the plan . of the Honourable Member was ab,olutely impracticable as a Mbstitu tion for that of the Sinking Fund already established. This Resolution -then stated, that in principle the proposed measure was substantially the same as that of the year 1819; and for this reason be was at sr loss to comprehend why, at the set out, the Hon: Member bad dissented from his (the Chancellor of the Exchequer's) proposition, that the first Resolu-, don declared his coincidence id that decision of Par ament: But he would deny that the two mea sures were the least like one another--(Hear, hear). — If a Sinkin4 Fund had any principle - at all, it was that, while it reduced debt, at must not necessarily be accompanied by a loss of revenue. "If a surplus revenue arose beyond it, then that surplus was left in the hands pf Parliament, either to meet any con- . dttgency which *the circumstances of the country Wight create, or, if it were found advisable, to remit it to the people in taxes. But the measure of the Hon. GentleMan,•while it diminished debt, min-, ished revenue. It realty appeared w him incredible ow the Hon. Gentleman's intelligent mind could have failed to see the fallacy into which he had frlllen. He should say, also, with respect to' such extinetion k of revenue, it gave no relief . at all. To calf it are= demption of Land Tax was a misnomer; for it was, in fact, no extinction of debt at all. The Right Hon.. Gentleman here a case to shew that the purchatie . . - • , AV . IsetkviXoeilidiiid be mi taiwte is s 'itie the:right of alloWfit a third pe).son t) bilk tinder certaitiljreutn 'btu he co' tad. novsee tite right 'of *Mug that petaoti advantages to cadtice him to' w. To astY to the proprietor of the land, "*you do not choose to purchase up on our terms, here is a thlidrpetson f wbo Shall come on'andhave a claim upon your property," was in his mind a hard thing upon that-class—(Heir, hear).- r Mr-Patt saw this difficulty, and endeavoured to provide for it, by making difference in the tifrin's upon which the tax should be redeemed.'" Attorci ing to this plan the first ptirchaser sacrificed ICI pet cent. .and the second 20. But the 1-tonotttabie Gentleman proposed to make the conditions more onerous on the proprietor, by placing the stranger upon a more advantageous footing—tHear,Aarri.— At all events, the only advantage which the proprietor had, was that of being able to buy our, by giving , the stranger five per cent. upon his purchase. And to make this the more palatable to the proprietor, the, third person was to be made a Magistrate. But he Could see in this a field for certain large Companies, who would no doubt be glad to-dabble in such a trans action. Speculators would go and buy up the Land Tax upon the proposed terms, and then come upon the proprietors for the percentage, or exercise all the -.Lag privileges which would be thus obtained, to the great vexation and detriment of that class. lie was satis fied, that the conditions proposed would make the Act more objectionable now than it was originally; and conceiving the plan of the Hon. Member to, be nothing like the same as that which it professed to* be like, namely, the Resolutions of 1819 ; and conceiving that fact to destroy the basis upon which' the LL ht le tested, he should vote against the propo sition of the Hon. Member. He should move the previous question upon the first Resolution, and so on down to the twelfth, which be should propose to meet with a negative, as well as the two last. Captain MABERLY was surprised to find that the observations of the Right Honourable Gentleman liad chiefly been. confined to the objects of Mr.. Pitt's Act. His Ropourable,Relative did nbt wish to pledge the House to anything more than the giving up five millions of taxes for seven years, and after Wards it remained with the House to do as it pleased. By his plan a Sinking Fund would be created, perfectly se cure from the rapacity of Ministers-411ear,laar)— ottin the fate that had attended three successive *nking Funds which Ministers had' laid hold of-. bear)—it would put a stop to many of those capensiae prOjects which an obsequious Parliament wit; idw.rys so apt to follow when they found the rites. raised before them. By the proposed scheme the ,IgtAtittg Fund' would be placed beyond their grasp, 'lnd secured frOM most of the disadvantages hitherto objected to it--(ffear, hear).--For himself, he did not so Much object* to a Sinking Fund' as he did to its yiolib;lo,--.10 the temptation which it held' out to Miaiii r7 a . tealptilition they rarely had the firmness ta reigt;-(flear, hear).—The plan of his Ho: noitrahle lit Aiserve, would increase the funds of, be; country, 15 14 4 4. 0 the Government greatet, elnl nen - ec eyft, coms4, Statet: it. Would ittforrn thetfi That there were tet9lorceilik *Out i tintonificti and funds in' our fraasurk,,*hk.ll.*Naird lo'rge : efry of the exigencies Agit 'wire like to.4wiseL.:{HeerraAsirr) ? ; 'Mr. RI,CAItDOSid. might' feel disiried .tenor .104 Ark of theiiro'position of the Honailoier,. yea* *at ta)inied to say, that k did bit deirible4iubititt put _ " ___ not Appear to A im to stilesirible t isk. ...ante for , of Land Tax by an individual was only a relief to t h e Si 4 kin Fund. Ite.Alitr,;,Tficatdo) *as quite as, him, and not a diminution of debt., Then he appre- de:ir o n s i s hi s 'Ret.4 Friend Cosad'helo,relieee the headed that it was an essential attribute of all Sink- countr y f rom t h e hi av y 44i'whfrititknited upon it; ing Funds, that-they should have some character of and though the plan proposed was in some way. unarm permanence about them: He did not say that, upon ' a d a p te d to accomp li s h suc h an en d. y r .it must " be any great emergency—any pressing difficulty of the by ap pl y i ng i t in a very diffe rent ' IF he bed country—it might not be rendered available ; but it proposed that• the purchases should have been so was essential that, - under common and ordinary cir- made, as to equalize the tax, and that each pail cumstances, a Sinking Fund should be distinguished s h ou ld purchase on no other ground than that *II' • by permanency and certainty—Wear, hear, hear).-- a mortgagee has on land, then he would have ac- But there was not in those 'Resolutions one single quiesced ; but by the present plan, which was consi word which said we were to haven Sinking Fund at derably encumbered, a Receiver-General was to be the end of seven years. The object of the Hoer. Gen- appointed. to receive the tax, and, in fact, it iva;4l: tleman was to take away the taxes which formed the substituting one sort of the debt for anothes' Sinking Fund. The nation would thus 'be le ft with- H e h a d raise d a new stoc k- to b e transf erred iotba' out any resource, and if, at the expiration of this same way as the old, and one tax Was put in the plan, its circumstances should require exertion and place of another. He (Mr. Ricardo) hail spoken so action, they might go and fish in the ocean of the often on the subject, that. the House was well . aware Sinking Fund without knowing whether they should of his great anxiety to get lid of the debt ; and if the catch a herring or a whale I—(Hear ! and laughter). Hon. Gentleman had proposed merely that all classes Unless he was mistaken in all these elementary prin. of persons should be allowed to purchase the Land eiples, which he considered indispensable to a Sinking Tax without the interference of the Government, then 1 , Fund, the Honourable Member's proposition could a cons id era bl e amount o f de b t Wou ld h av e b een c a n .; hive no such effect as that which he anticipated for it. celled. ' One. objection of the Right Honourable the But even supposing the Hon. Gentleman's conclusions Chancellor of the Exchequer did not appear to hint to have been well founded as to that part of his plan, to possess . the weight which the. Right Honourable he confessed that he had much doubt as to its practi- Gentleman had attributed to it, which was, the cability. The Hon. Gentleman - said, - that it was his great hardship that a stranger would be-enabled to I desire to assist the Act in question ; and that its lan- place himself oe the same footing with a proprietor: guid operation - Was consequent upon the onerous con- If the Land Tax could thereby be redeemed, he should ditions which it now imposed on persons who wished have no objection to.this equality., With' regard to to purchase. It was quite. true that a less quantity of the Sinking Fund, he •did not perceive that the pao. the tax had been redeemed than Mr. Pitt expected. position ofhis penotirable Friend was toialliuncon- But if they looked into the circumstances of the times netted with it .. Indeed, the Chancellor of the Ek-, when the Act was passed—and it was curious to see chequer might say that the, plan was a good plan, how they had ,changed at present, the region - would and that he was not unwilling to adopt it, but not as soon be discovered why the redemption had not gone a substitute for the Sinking kuail., He himself, was on of late years as well as it was expected ' to do. In Teri' rvady.,to voice a reniissiOn. of taxes to the amount the first place, at that ' ime the countrywni engaged of vhe Sinking Fund,. bu t . nisi' for a larger sum thitn, in 'an expensive Wit," of which nobody *gild loresee the * Sinking Food. That amount .was never More' .11se ternianation:; and•we were in the habit. of raising than the surplus o f Revenue. beyond Expenditure. Urge loans at aloost 'ruinbus rate, with the three per the Chancellor of the Exchequer, *ith the catIZIQUr tents. down at 48. Now, this measure - 14i not brOtight .whieh_belonged to him, were, . to ask Air a sum eesvard for the relief of any particular dais oil per.. .5,00 • 0004, be, cupid obtain ..it. only by borrowing wins, but to raise the funds in order to it rove the' irons 'the ppbliC Oa the one liarld, , rw. taking from the tiOnclitioni of these leans, which we were abiditolt SitiliiiniFond on the other t , The one mode would in bbligidlo borrow.. The ' funds then beitt kiii.. infr steal Waii d r * , t i wtot i ver i . ,_ ol 4 til ioo th t i e st i r o us the . value ef laud iMpri . raipg; - here war a 'cleat. , _. Reiinna. .He was therefsio.e f . 41pu i rable to *rcriiiir! iiiioirat law* to i 6 d 4 ce Persons to ttelisfe.T 6 0 1 * elm of taxes. to the antolgit 0f05.090 1 0P0L not bait Goo the' Ftitub to' landed securities. Eiteri . bOdr what • bethought that,, by gr4t economy on 'the part ir:that Aerial Funds Were at I' ... ApAl liMattuf6v .. : of Government, they would allow 7,000,000/. bet .410 04 in i'less fittisOelbus state. This/ istlikiPm° , be was-afraid that i with all'Orait professions of eCo: slitenehtid..ttiost sadilactbrily for theiery tlow .pro- noniy, reliance enough' could not be plaCed Lipari iiihiels'ihe Act hid recently made: But the Hog. then, to warrant the additional remission of two , I seemed to believe that the real 'obstacles iinillions. -Ministers told the House they had a sur.. i , . • hotline more than i the restriCtions impose pon phis of 0001 .7.600,. and if the House voted a remis-, lseksolsOl'edeethik_the tat, and tiSat !het .°OBht toile j u aloacs to that amount, then they would say 'done away With. - To the mode ptOpOsed by the Hon., upFy . rasse.aut bound to be snore economical than Masher for dailig this; he saw very gfeat objection. t h ey mercer present. because the House had taken The Haiii. 'timid be swam, that althout.' . c the aaway..the whole of their. surplus. Akbaugh Mr. original Act the first option of imirebise 'w iAweito. Pitt, after establishing the Sinking Fund, had, the proprietor of the land, yet; to induce him to bor.. daring his life, 'Linder the pressure bf die 'Svii., in there was suspended over his head an alternative 4 ereauld the debt sore. than the Sinking Fund paid ' Avery disagree' lia nature. It was, that any third . v g, ye t in every loan that ha made, them WAS 4- • rs some provision for its payment—War, hottr).—a doubt the erpenses of the war had foreoti his! to to LW, [ion was I It WAS bac bad not vi , .p give wi vir net. Ba lierow more than was tetleemed by t'le Wakin g ''Foild, yet, when peace arrived, the country would have been in possession of an efficient Sinking Find —(Hear).—lf the system had been adhered to is pettee whielythelitoYarumlnt pursued ! during thew% he (Mr. Ricardo) would have been the •last to raise his voice apaintt,it. La the year 1813, however, the late Chancellok - Of the Exchequer' had taken away B,oatoool. atiffnalti-fionith4Siliking'Fund—(liear). This violent measateMearcornpapied Kith the sin. gular aiierticia that - hes/I'6l'dd be abie•to tar nil the debt in a shorter ttittie . .siithotit -, t1ie'.8,000.0001. dram with' teem 7 --(fi r ver) . :- . 41e ' accompanied 'tilts at* '4 spoliation with very magnificent . promises,. none of which had been paotined. gut this was quite el trifle competed •with some'of the subseqtatintattersite on the Binting•Fund.' Instead of providint•lnamad for wiping off ihelniereit, it was 'suffered minion*/ at a compound rate, and then the Chancellor cif chef Exeliequeroaniedown and said, though there wee 15,0004900Ctiefoie; yet, through. my erpenditut*,./ have left st..deficiericy, of I5,000,0001.—(A laughle— But diancellun ot the.. Exchequer would not eanr to come doon, year after year, and take twelve or 15,000,0001. unless they found a subservient Parlito• ment to uphold them—(Hear, briar).—The Sicking Fund would again go on increasing at corn pound in. terest, and, after it bad arrived at nine or 104000,0001. • some future Chancellor of the Exchequer ssould have the audacity to appropriate it to his own usei—( Hear). All Ministers stere"ilike'; and it they were to consider the Sinking Fund in the light in which it bad been recently considered, it would be much better for thews to set it aside entirely. The object of the Sinking 'Fund was to pay the Debt, and- nothing else. He would' esplain the nature of the Sinking Fund by a familiar exanile:—Suppote a private individtial had 'an estate of 1,0001. a year, nod found it necessary to borrow 1 0;0001. agreeing with his creditors to set apart 5001. a year of his income it) pay the debt . Stippose then that his steward tell s him that if he skill consent to live on 4001. a year, and give him the other 1001. he would be enabled in' a much shorter period to I pay off the debt. He consents, and living on . i.oot ; a year, he pays 6001. to his creditor and his steward. The first year the steward pays his creditor the 1001. leaving the debt9,9oo/. and reduces the interest t 04951. • but the owner continues to pay 6001. a year, and the. ' next year the steward pays 1051. and continues inthe• same proportion from year to year. At the end ofrt cer tain number of years half the debt is reduced, leaving 2501. to he paid to the creditor, and 100/. todiesteiward . annually. The steward, for some purpose otbisdita, with or without his master's knowledge, borrowed* slain of £7OOO, which swallows up the whole of the £350- per annum, that had been appropriated to pay the interest and diminish the £5OOO still due of tie original debt-lifear, /teary= And what is the siren• tioo-o(the borrower ? Instead of being relieved iro m the debt , - he is involved to the amount of £12,000. •£9ooomore than he originally borrowed, -and his 'own Friniting Fond besides - ---(Hear, hear).--The Ho- I nOullible Member said, in his conscience he believed 4 that theamount of the Debt would not have been ly eo great as - et present, if Mr. Pitt had lived—. , Meta, hear)-übeeattse he always provided foe ex penditure, and at the end of the war would have had an efficient Sinking Fund. He had begun to despair clever seeing a real Sinking Fund, and therefore was ready to support his Hon. Friend; if he would limit his motion for the remissioti•Of taxes to five milliOnst seven was, in his opinion,. considerably beyond 'the proper mark. He hoped that the present Chant:elle of the Exchequer would come down and move the repeal of the Resolution which had been pasied ivlth respect' ter the Sinking Fund last year. The cowrie which it became him to pursue as a statesman, Was ' adirect, - and not a round-about way— Weer). Mt. BARI NG expressed his surprise that his Ho.. nourable Friend (Mr. Mabeiley), after such a dimities of years of experience and attention to matters of Fi• nonce, should have suffered himself forumeihriet* the House' with a bubble like this—the lightvdt .bubble that ever was blown within its walls. Hi Was desirous of offering a few remarks oponirile 'question; and upon the obser4ations of his abldlM" 'ablerriend, the Member for Portarlington vahChe moit'say, that hecould not have imagined - Sul ass ' rration worse chosen, than that of the rianagehabot of the embarrassed estate of a private gentleanab when the question to be illustrated was the Snkiaf Fund Or a great country like this. A gentlessums steward had only to male his arrangements, sad they would operate independently' of any contia-' geodes. But the affairs of a State might•deonind front year to year such exertions as mighebe ii1i45117 The' ' 'incompatible with former regulations.pfeiro sition of his Honourable Friend had been sufficidatly exposed by the Right Honourable the Ghanedlideof the Exchequer, and by his Honourable Friend lbe Member for Portarlington (Mr. Ricardo); stl -that it was not necessary for him to' enter into it 'Sat the calculations might bejtided o f at first sight, when they saw it wa s pro posed that the sum Which seven millions a year for seven -. years would de stroy, should be de s tr o y e d by "twelve millions. -, The time was past when the Finances of this country. ' were to be managed by con j t t r i ng —(Hear, isetteq).— and he really should not hive been more stirprisedit his Hon. Friend hadrome &min to the Molise 'maid told them he was going to'get info' a quart bottle I (A laugh)—than *hen he said that 1, 4 200,000 V. Inv equivalent to 'seven minions of Revenue—ill/err, /rear)..—But the fait leis, that his Hon.Friendwoinlst leave the century at thernd'of seven years Without any Sinking Fund 'at all. ' He fertgor also, thketlienr . must be this - diatintition 'of 1,100,0001. 'a Seat Oro • the Revenue la consequence 'of the redemption ti that arnothit ! of - Land Tax—(l4, tth, .ftilitit Mr.ilfa lierlfr.--If it was fiot so, his Hon. Friend tentildhire 'itti wiitiortmiltref replying to his observations": ''lees wished Sat tineleird'upon'the observatititis'bflas Hoe. Priencli" the Member /Or Poltorli4ioni' t eo the Sinking Fond. It tiraa a questronOrthi 4 */ greatest mothenr, in his judgment, whether tliefrowo, ley was to be left stitholit a surplus revenue' erFiliar The Observatiohi of liii'Htm. Friend wee most M' ttadietory. He disliked the Sinking - Fund; .gsg Mr. Pitts for a tinieliis observed . and W l en away for the emeigenties of the T eOlintiji:''Phi4 se& objectibti'4Vas - -that he via' quite I ores'ores' l,l Minister -*aid' leinlVdoscif" ffeeiftiF . 'lik. this away also; and, therefore, he ir# . renting him by taking it away hittisertq' • • country w► yeatte, in ti confidence plain with - t ans, he aed fir mne in legiocas at the car own. If al for the nex ?byte recnu .4iaking ru /operated ui —away. Cir - isrartsitory e • vim' e king Ft .'surplus of I wn.ihled thl without a I ,' TlOns. T .0 4 7 n off interests of ing Fund, 1 the injury i this at the 1 After the 21 upon the ss .eighty mill It now hap to make a t be more) N . of the justii • this was nu Governmen forty millio • supplies she surplus. '1 such trying surplus onl Goverunten they looked trust have it which had t and was re: its lagitimal • the first tin cial state of rubles for All the Pos contingencii were left w• dignity, no to. It WAS tl of the coun that conditi4 character al With regan Member for under his sy mind made sion ? It v but it woulc tunate Spaii the necessar snies. Let th arose from 2 sent the cre than that of dispose of Government got everyth was one not most momei tension and pike of these is situatio apgression f 4* and pobl ,be !eft vopri rep. Which tire upon tb Member for sta traTts° t o f clic ffrar ) ha* :-AF44l** ith respec ASTA Ifictit:4o thas vitiosatigating -*obi the c :„ ONO. if the •:,,itorying sin - t ear, beyone tre "Told might the :Lite in -- . - aterwloog 4Ze faltiLf, who • ir93 l 1 '49, 90 14 am 4 Jaavesistion.? liretica been it • 434.494t.tk '7 l .tera 'malted, t enabled and suc - I sum of equivalent to - .sew think it. Moat Mat mete would be an increase . cents. down at 48. Now, this measure was not brought Which.belonged to him, wer; to. ;isk i'Qr a ...ivy oven in en 'millions of Restinte...-iffift, ~., , in the Reveltne 4V/e'er/fount Ofeaniilliim,•if Seven forward for the relief of any particular class of per., 5,600,0004 he could obtain ji. on . br hy horrowing • sriillions Of tate, sterereduceri?-Auclifthe reduction 'ions, but to raise the fun& in order to inipriare the fi vm the public ne the one WO, i ' tak ; tf. tag Pram t c -oysteen Juni licar).•::- But the fact was , that his Hon. Friend wtotild Pornit.thi f f l leave the county at theend'of seven years without Admviistr4 of the Four per Dolts. to Three were effected, there conditions of these lbatis, which we Were absolittelv'sinki*litpd on the other..., The one mode would In- any Sinking Fund at all. ' He forgot also, tlititibeie would be anotherViositite sftineofls6,l:looL - niis,, Obligidtto borrow. • The' funds then being lOvi, and crease the debt, the otilei wolild diminish the surplus must be this - diminntion of - 1,200p00k ,alrai.tiOnts mired, that 1 enabled the therefore, made - Anolitnount of 1 11180,0001. about the value'of laud iMpriiiipk - here was . a clear and Reienue. -He was therefine fairourahle to a minis- 'the R e v enue ' In . consequence o f the • redeniptien ri I, ; end s uccess. which there 06tdirbe tie doubs.• .411'4' with all this, manifeit reason to induce persons to transfer Capitel g ot D i taxes. to the amount of . 5 not but chat amount Of . Land 'rks—(No, no, frill . Mr.ltra- ' . . scess. in seven loft* as imiehtdebt-wetild bepajd of as by:ftern • the Pupil's t 6 landeci securities. Everyedy h., be. .i h.h -. W.,......mug..t ....at,, by .gr,c'at economy on the part berly).—lf it was not so, his Hon. Friend iintildbiry Ix _ tog - tht the operatiokof the Sitikier Fund Of ;fire iniw' that trowlheFlitids Were at 73, and 1 a anis -an— .- - --- 1: of Government, they would allow 7,000,0001. but • F an o portimity- of replying to his observtionie •.'He 1 . tharer g i ve Where, thlrrefore, 'wwirtbe statiget Co tic credit ? timatery in i'lest Pteliethot state. This, in 'his Mind. he was-afraid that i with all'theis professions of eco- wished to say One. *lora upon the obsertiatidhs : bilis v ~c - i k a;__ He brad roe much Move‘telbate, furreallY•the clues: aecounted..nititt satidadtrily for dicier Tow nowt,pi.e..i re .nice enough could not be laced upon Hon. Friend, ' the A/ember . for Poi tariingionin?‘• trac iT - ca Ta l ' i tioa was -extremely timple; itiwas in fact - one of the .gtess which the Act bad recently made: llnt, the Hon.' I them,. to warrant the additional remission of tv ,. o the Sinking Fatid. It tiras a question:or - the - inky • m siniplest.qisestionv•that ever , teine Wore 'Parliament.. Mensbet seemed to believe that . the real ahstaelesmillions. -Minibus: told the HOuse they had a sur- greatest mornear,. . r. Tl*li in hii judgmknt, whether the'exauk ! - e .._ , .. ~ „. - He- trusted -that' TIM% 'Mutter% -and -pskstitalarly were ' nething more than the restilatirie impose) ti s -Pm I phis of 7400,0001.. and if the Iluuse voted a semis- uy was to be left Without a surplus revenue' tiVeis, .., : :=Ja'r Gentlemen oar the. othetlide, Votielii Mt consider this pinieraiiiiiititining the int, and tilt they ought tole • I of of .times to that amount, then they would site ` The Observationi of idillon. Friend ire* treifidt. __ .`"'• W-001 iPoseiwaticona nieasUre WS b% own. 'lt was one Which be found ex- 'dune innkf lifith. - otheraode proposed by the Hon: 4 they sue. not bound to be more economical than ttachetory. He disliked the Sinking: Pkind; ,.. . Rl , '• • pising e ;and his desi . rer was . •so give.it.revi!al. If the Meifnlis - fate !king . th is , .be saw yety_great ob t ecu r . • they.tvere.at present, because the House had taken Mr. Flu's for . st tfltfe,n•ks observed; st'rvedi antt .) th en ,,,,, i • r a :74 . Mouse sepperrett bins in it, he theifght •• it would be The Ohluid be awase, that although : t AblE annir , the whole of their surplus. Akbeugh Mr. away for the . entetgeneset of the . mutely. p , * e the means of . coireiliatiii(ihat class whom it was to original Act the first optien of purchase Qs Versa . Pi, after establishing the Sinking Fund, had, seat objectionlias, - -dixt - he was quite' uri .._ itz,heari. - important •in hisepiniostro conciliate, he meant the the proprietor of the land , yet; t45 - itaitee hint Inlay.. d ur i n i br e li fe, . t ind e r t h e pressure bf the **al., hi . MlOkter - wowWicOrra Ao*7l' heir:et - 6' . !Fa g d . ni s ai re Linded intere,t ; and they would at the same time, there was suspen4sd over his bead an. alternative- 41 creased the , debt %ore than the Sinking Fund paid this away also i and, therefore, he ir_iY .. _r i g," tent - of the gi re thou general relief whichlrecon fi derlayanticipated t a, vet, ditagitealta nature. It was, that any third . a• W tr o , yet in every loan that ha made, there A$ 41- ' venting him by taking it away hintselr-44 l id %I • . , . . • . . . • . . ;, - -- .. . • . _ • - _ .- • • . ~ . - 4 . . . . ..dir . - - Vend. Qs %hi th a 11VMM oWie • t'*l: l C444l.eip, fraCllCal obi Mr., Tip A t i,043:4 0 0 103 rf, gbworit,Opsi, C_Attg .4 4 iae . 14greir Aeon. . tent-Of the %I - .X ..,