Star. — London, England, 1822-02-22 00:00:00

• • • • „ _ . the rentals had ainagta and tripleci. He was himself come beTore theta; for s i n od er ' to give practical effect to the intenti ons o f Ministers, as•derre lepecrin a landed proprietor, and was senOblo.of the distress of the times, but he thought his situation was far p r e. that plan of applyi ng t h e 5,000,000/. they Must repeal the provisions of several . ex i st i ng A cts o f P ar li ament. ferable to what it had beer. in 179?,—(.... Loacheeriag). 'There was an elasticity in the people of this country, That must be don e • an d, t h ere f ore , cons id er t h e mat that would enable them to surmount every di ffi culty, ter they must without much ftirther .delay. The a nd amidst the darkness of the horizon, he saw the Sinking Fund, to spea k i n round num b ers--and he dawn of a brighter day. did not think the Ch ance ll or o f t h e E xc h equer wou ld Mr. PRICE thought it WOuld be of much import- quarrel quarrel with him one way or other about half a m illion lace t. , lower the weight of taxation. The sole re - (a laugh), the Sinkin g F un d amounted to 17.000,0004 lief of the Noble Marquis (Londonderry) went to take ' Of that amount 12,000,000/. must be applied to the current service of the co unt ry ; w hi c h l e f t 5 ,0 0 0,000 1. off taxes to the amount 0f'.1,400,000/. and a saving to the same extent. Government had denied the Possi. only of surplus above the expenditure of the country. Substantively that was. the operation of the present bility of a reduction in a former Session, yet in the present they had themselves proposed considerable re - Sinking Fund—l2,ooo ,0001. out of the 17,000,0001. ductions. In the present state of the country, the were, as he had al rea dy state d, a b sor b e d b y the ex isenditure, in order to pre ven t f res h l oans . , Fi ve mil scheme of the Sinking Fund must be abandoned. He himself presented a Petition from most respectable lions then was und erstoo d to remain as a surplus for individuals, praying for a composition with the pub - paying off the interest of t he d e b t . Thi s was t h e p l an -lie creditor. He agreed with th e l as t sp e aker , that adopted i in a time of war; b ut i t must b e an a h em- Afsere was no cause for feelings of despondency. donment of the fund to co nsume i t i n t i me o f peace . There was no prosp ect o f i ts b e i ng exonerate d f rom Mr. WILMOT said that his Majesty's Ministers had not claimed the merit of the reviving prosperity the annual charge o f t we l ve m illi ons . N ot hi ng t h en of the manufacturers, neither had they asset ted that could be more ab s u r d t h an ., un de r t h e pretence o f a reduction could '. carried no further. It was neces - to keep up a conipli cate d loan,machinery which an sary, in the case of reduction, to look to possible po- swered no one useful pu r p ose , an d w hi c h th rew d ust litical occurrences, lest a present economy should lead in the eyes of the country b y h o ldi ng out t h e delu to a much greater future expense. As loog as the sive idea that there e x i ste d a f un d o f twe l ve m illi ons people of the country were taught to look to the which could not be a ppli ca bl e to t h e li qu id at i on o f pressure of taxation, as weighing chiefly on the Agri- any part of our debt. I n th e y ear 1813, t h e Chan cultural Interest, it was natural for them to call for terror of the Exchequer, as wa s we ll k nown , l a id vio a composition with the public creditor. In time of lent hands on the wh o le of the Si n kin g F un d ; an d peace, to deny the utility of a Sinking Fund was one the reasons he assigned f or so d o i ng * ere most cu of the most extraordinary assertions he had ever rious : he said if the Sinking F un d went on , i t wou ld heard in that House. He believed that the continu- afford too great a relief to the country—(Flear, hear) ; and now the Right H on . G ent l eman sa id t h ere must mice of a Sinking Fund was of more service than the application of that sum to the diminution of taxes. be a Sinking Fund, be cause hi s a pp re h ens i on was , that if there were not such a fund, th e countr y wou ld What was called rent, was often nothing more than a bonus paid to the landlord for permission to remain not have relief enou g h—(L aug ht er ). I n t h e y ear rn the soil. He also looked to the operation of na- 1813, when taxation was very heavy, that fund was e:sal causes, and to the reduction that must necessa- felt, by the Right Hon. Gentleman, to be a gr e a t hi :4 take place. The great cause of all the evil had convenience, and therefore it was not to go on any fur been the protracted war in which the country had ther, because some morning or other,Gentlenien might awake with all the . alarm hanging over theM that been engaged. No act could be more solemn than the security to the public creditor in the Act of 1819, there was no debt upon their backs—(Loud laughter). by which the return to cash payments was prepared. The Right Hon. Gentleman had no reason to frighten Mr. T. WILSON thought that the four millions of himself with such an apprehension, his alarm was money to be put in circulation must be of conside, able quite visionary. Then he came down end - said, he advantage in various points of view. The present had got a dainty device — a mode of cancelling stock, average of corn was 495. the quarter, and he would by putting aside one sum, and taking out in a parti allow the Government to employ agents till the price cular way another, by which, in plain fact, the Sink. came to 555. That corn, however, was not to be ing Fund lost seven millions a year of its amount.— allowed to come into the market till the price This was breaking in with a vengeance upon the plan, amounted to 655. He was aware that speculations for the eventual redemption of the debt ; it was de.' of this nature were liable to great loss—( Loud laUgh- prising it of the compound efficacy which was to give ierfrom the position)—but he saw no way in which such force to its accumulation. The result of the so much good could be done at so small an expense. whole of the promises which the Right Hon. Gentle- Mr. BANKES thought the plan of the last speaker man had now for so long a period held out, was one of the best adapted to relieve the distress of the simply this—he had said tothefundholdeis, "Though country. Who could deny that relief from taxation you will be under some difficulty for the first ten was a positive ? In abstract terms, that position years, of this term of twenty, yet the last ten will be tio man could Enl; but was one class to be relieved such as you never saw in all your days !—(A laugh)— at the expense of another ? The Public had entered after the period of your troubles, will come your days :.::o no engagement with the Landlord, but at the of recompense and retribution. Only see how well contracting of every Loan, a specific engagement was the thing will issue ; without saying anything at all made with the Fundholder—(Hear). Should the Sink- about compound interest, money will roll back upon ing Fund be once given up, it was impossible to point you faster than ever it left you !" This was the pro oat when it could be re.umed. When a principle was position of the Right Hon. Gentleman ; but just as once abandoned, for the sake of a temporary relief, it the stockholder was looking for the recompense and was next to impossible to re-establish it. He had ob- retribution that had been promised, the Right Hon. jetted to all the innovations on the Sinking Fund, Gentleman was sure to come forward, and calmly tell though he had been but one of a small minority.— him, that now there was an end of' everything which Ile denied that there was any fallacy in the princi- he had before held out with respect to the Sinking ple of the Sinking Fund, though it was highly im- Fund, an end of his overwhelming returns, an end of probable that the country should remain forty years his compound interest, an end of the whole scheme! at peace. Should the Sinking Fund be abandoned, After this, let him (Mr. 'Tierney) ask, was it he who public credit would receive such a blow that a great turned his back upon the Sinking Fund, or his Ma part of the property in the Funds would be removed jesty's Ministers who turned theirs? Certainly it was to other countries; so that, without any relief to the not himself, because the best proof of that, in the es agricultural interest, the other classes of the commu- timatien of the Chancellor of the Exchequer himself, nity would be involved in similar distress—(Flear). it was altogether a measure that would not bear the When the great number of new Colonies was taken light was this—when he (Mr. Tierney) moved in that into consideration, it was impossible to reduce the House, that it be referred to a Select Committee to military establishment to that of 1732. The real inquire and report how far, under the law as it then state of the question was, should the Sinking Fund stood, the Ministers of the Crown could be justified he abandoned or not? It appeared extraordinary that in committing infractions upon the Sinking Fund, what had carried us triumphantly through all the the Right Honourable Gentleman opposed the mo difficulties of the war, should now be given up in the tion—(Hear, hear).—He (the Chancellor of the Ex time of peace. The different loans could never have chequer) shrunk from the proposition; and yet the been contracted, had the abandonment of the Sinking same Right Honourable Gentleman was the very per- Fund ever been apprehended. The Sinking Fund son who had in effect destroyed that Sinking Fund ! could alone enable us to meet another war. It was in the year 1792 first proposed that a portion Mr. TIERNEY said, that had it not been for the of every future loan should be reserved and set apart, speech of the Hon.Gentlernan who had just sat down, in order to effect its redemption by the operation of he should have given a silent vote on the question.— compound interest, within a limited period of time. The Hon. Gentleman had proposed, in the course of It was this very measure which caused a most la the last Session of Parliament, an Address respecting mentable accident to befall the late Lord Thurlow ; economy and retrenchment, and had obtained the for they turned him out of the Chancellorship for credit of then acting from the conviction of his own opposing it—(-4 laugh J. —Very different from either impressions and independent of the Government; but of these measures was the Sinking Fund of the Right this night it came out, from what had fallen from Hon. Gentleman opposite: where was it? could any the Right Hon. Gentleman opposite (Mr. Robinson), one tell. him where it was in the years 1818, 1819, that to the Government the whole credit of the Hon. 1820, or 1821 ; where would it have been in 1822, Gentleman's (Mr. Bankes's) proposition was due, and were it not for the reductions which had been forced that he whom they were wont to consider as the upon his Majesty's Ministers ? From the speech of Nestor of independence on subjects of economy, had, the Noble Lord (Londonderry) the other evening, en the occasion alluded to, acted merely as the mouth- Gentlemen seemed to run away with an idea, that piece of his Majesty's Treasury—(Hear, hear). The' we had a clear growing produce of the Consolidated Right Hon. Gentleman had freely and candidly Fund, of £5,000,000. But the fact was not so ; the avowed, that in truth the proposition came from Go- real surplus was only £2,600,000. By the Estimate, vernment, and that they took full credit for its indeed, it was £5,000,000: the House would observe adoption—(hear, hear). On the subject of the pre- how much of this came under the head of contem vailing agricultural distress, and the remedial men- plated retrenchments ; and without any wish to sures which the present crisis called fof, he should weaken the statement made by his Majesty's Mini explain directly, why he was now ready to depart sters, lie would only beg to caution Hon. Gentlemen, from the line of conduct which he had before pur- that though these Estimates were extremely mode oaed, when the Sinking Fund was talked of—(Hear). rate now, it did not follow that they would be so in As to the financial system, he should say, on the best I the course of the next year or two. This fit of re and most dispassionate consideration which he had trencliment, although it had just manifested itself been enabled to give it, and he had no earthly nto- I pretty strongly, was one that might not last for ever tive for changing the opinion he had previously —(Hear, hear).—He should be glad to know why formed, that they could no longer act towards this these reductions had not been made before: why so Sinkin7, Fund, as they called it, in the way he had' many Sessions had been allowed to elapse without avowed t 1 thought they could. He had alreadyl realizing this advantage ? If they had been made avoned that lie had departed from his old opinion ;! when they ought to have been made, we should have he did not see why the subject of the Sinking Fund had six millions in our pockets, and we should have should n ot be dispassionately considered, or why any I had two millions less of taxation to pay— ( Hear man should be held up to opprobrium for delivering' Now, the Sinking Fund has been so completely annir hi; honest sentiments upon it. Ile did notthiuk that .hilated by the Right Hon. Gentleman (the Chancellor the question of the Sinking Fund was distinctly un-! of the Exchequer) himself, that, whether the. surplus del stood by the majority of the Gentlemen who heard' was r 5,000,000 or £10,000,000, its application must him ; and the sooner they calmly brought their minds ! be n.rw a new pruceeding altogether. He had to Cpre to consider it, the better; for they must give sider what was the most proper method, in the pre leave to say, that before the Noble Lord's plan could sent state of the country, of applying that sum of five be carried into execution (and that day, he imagined, millions. The amount of these five millions seas ob was not far distant), the question must regularly . viously not intended to be progressive ; for there was . . • • • . 1 . an end to the great principle of compound intrust, "wil 4 .M..:liiii*a, . ; „. 2_ z. „:11114 - it„ . .adiiient ii cattalo fttegt.. R e and he was thevellire' 'entitled to coniicter that this „.„, 65 `" k• L'''',.,722da mil" "odd "vet "PIO 4 an , .question of the £ 5,000 , 000 was one Which now be- r 7,,7,1 1 , 12 ;„*Ti a e ; ' bar u ' de pu ' lwailht the T law wher branch " be was willing to allow , longed to that Houle to dispose of, as respected the nary appearance at tn . pr -" ove eNtw t a i i Gra/tures; there application of the money. In what he had to of fr 7:14.1 tire y iptietriheii of vOlvitsi wealth and his on this subject, the House should have -- 'reaaiso"."l- He heiik 4 fed WO f . ' • aid exist.' - k •••- • '' nking complain r - 4 'ea iiiitie die lf ta lonnedlate e'-----r fli red l6.eritn uc 4e tici e n rer - o g f ebe ta - i g a dliMi lloo--( t; ; I si es iu ml47; : boar ipp ) lied _ .use should not a. . any to ~ . iithis'arant of candour. • Now, in &sr a •a l ' . first place, what saki the Noble Lord's plan? Under • •Wastintis • 'Palk Inconiellenee coniti follow, ' it the that plan the five millions would be annUnfitt tin- hdllealite AO . l i totttlr , OW. Were 'postponed to 'sisode l e . ployed by the Commissioners for the reduction of the "traaatiltr MiOtttOto Ittilted the fair opetatten of dte e i s ? Th e ion. dendebtan cenekosied by s• National Debt, in the purchase of Sto4;:and that — ` l. ` i on t he: • n y &ol d. be asharned .•°r epehin balt Stock so redeemed, and furnishiiig ' an interest of five - ' liptis' 115=ittoe' —of &bee peaky - -- - ---- o e et ki t — di e etd — - ---. "- C stislcalfOß of .the EXCHEQUEB, a lluding per cent. would be at the disperse of Parliament ; - '' The ttfo t ra the In 101toteatid deliberate rilleitlou —( Ilea !Foto _ _ n e) t . that was, he prisumed, It would he employed 'á aid t reflord to . 4 . eviada: frail the system laid down or addition of the taxes. In six years the Oper i atielell r"lie : sit l i v id : 4l.Bl w ; i s to the Right non. Gendenian who ba d P'" of this plan, according . to the Noble Lord's th r, ;.. b yg y ren Pltelitecookbantrteindwettdhatnolfwthhtehatrannotaddiddevniatnaled tax x ons oi that v the country was already distressed, how melt would reduce 30 millions of the D. • The Marquis of LONDONDERRY here intimated "linnet and if to That on the thaimplicPittf system?t bad that he had computed the amount of redemption 1 . more Would tm t i a t be ivb b! h adh ad e tilu ting t • 1 right to be paid Mitten the country was prepared to she* that at 1:39,000,000. Mr. TIERNEY did not object to the Noble Lord's it war In a tate of iniolvency. In order to prove the Sourish staled correction, and, as he was fond of round numbers, he I lu g With the date of the Finances before the revolutionary (the !Finances, the Right Hon. Gentleman than coat would say £40,000,000. What he meant to Contend it al .. td after a variety of calculations, he proce eded was, that at the end of six years, the result would be ' that 'du i abbe " how in 'a better State at that time to o w aheW beq Minklog "Pond, and the silitiOtla alterations it underwent since it this (and, let the House observe, he was then speak = therWiriethidtted . ttrbe so. Ile Chen took a reviewof the ing - of the progress of the Sinking Fund-as described by the Noable Lord), that they would have reduced was established in 1792. tier arkutnent to 'shew th T ! e im itig poi la v t it i g on s . ta G te en o d f ea re , co a u s n f t u ry r , the debt by the amount of 40,000,0001. and taxes.by Lew f t that not such amount of arrears of the the amount of I 2,000,0001. But then What was to taxes now as Clhdngu* va s the year 1815—(Ilear bear.)— afforl qs happen at the end of these six years? Suppose there thle . af a Revenue of 28 . 0 0050601. the arrears for die last year th bo e g u e n n d er tn al g ar s• at Jamie, he admitted that t h e h ouse should then be a war (and such a case had been ima- were dot half what th e y w ere in 1816. As to were gined, and even put by his Majesty's Ministers), we an possible relief to to adopt the•teentr bnt if th eyconsented should begin that war with a debt of 760,000,0001. th e peb pos i t i on o f t h e Noble dr i d, they would destroy that pub and this, too, after a lapse of thirteen years of peace. He credit, by means of which so muc h h a d b een achieved triEu lie took•the case as it had been put ; bat thirteen "Pe. That step would most effectually lower the glory of the couetty. The Sinking Fund must be supported—at least, the years were much beyond the average duration of vote of the House that night would deermine whether t ha t those periods of peace which this country hitherto gr e at eng i ne o f our pu b l i c cred i t was or was not to be destroeed. had:enjoyed. We should have relieved ourselves at Other countries had large Sinking Funds, and they feund the the end of sir years, by this plan, from 12,000,0001. benefit of them. France had a larger Sinking Fund than Eng land, comparing the debt of the two countries. The same was of taxes, and reduced the debt within what he sup- the QM, with America. If they put an end to the Sinking Fund posed would be called the moderate compass of -7 tey would destroy the elements of their greatness ;and on the 760,000,0001.—(Laughter).—But how did the Minis- dastsion of that night depended whether or not the public credit ters arrive even at this result ? By having laid on was to be suppbried—(llear„hear.) Lord ALTHORN.' in reply, observed, that 3,200,0001. of additional taxes since the conclusion that night turned chiefly upon the operation of the Sinkin Fund. of the war—(Hear).-- At the end of thirteen years of Il e cou ld , not but remind Gentlemen, that th g ey had d.bated peace, it would be true that we had forty millions upon one point, and that they bid to vote upon another. It lad less of debt ; but it would be equally true that our been said, that taxation was not the cause of low ;niece: he did burdens had been increased by two millions. Was it not say that it was, but be contend e d t h at t h e i ncrease of tax; - don increased the expense of production—(Hear, h ) rh e too much then for him to say, that this did not hold increased expense of production, and the extent of eaie.--'...ation, were ' out a very encouraging prospect? He was sure that the causes of agricultural distress. It was now for Gentlemen no man heaid.him who did not consider this statement to come to a decision: it was now for them to decl..re whether they were !wished with the reduction s t h at h a d b een made un with something like dismay, and, if he possessed any der the pretence of relieving the distresses of the country ? reflection, it could not be otherwise—( Hear, hear).— Those Gentlemen who were of that opinion would vote ard- It seemed to him a very amazing thing, why the Noble Lord ingly, and let them then return to their Constituent s' who Wo o uld the other night should have br oug ht f o rward this project, in- no d ou b t apprec i ate t h e va l ue o f the i r public se Loud stead of the Chancellor of the Exchequer—(Hear.) He could cries of Hear, hear!).---The House divided : not conceive the reason of such a dereliction of duty, because For the original Motion, 126 I Against it, 234 I Majority, 108. this was a dry subject of finance, very foreign from those topics The Amendment was carried without a division. upon which the Noble Lord was accustomed to enlarge. But, BILL TO INDEMNIFY THE IRISH GOVERNMENT. upon a little reflection, the reason was very obvious, for the Mr. GOULBURN said, that the Government of Ireland, Right Hon. Gent. (the Chancellor of the Exchequer) bad laving beheld with alarm a dispost o n th e rt *t• ton pa of the popu brought &retard the same scheme just four years ago—(Hear.) lationin their counties where disorder most prevailed, to obtain The Right Hon. Gent. had actually employed nearly the same possession of arms, had taken u n itselfthe esponsiailit of po .. r y form of words :he expected, be said, that there would be an • * • la d f • available surplus of 4,000,0001. ; and declared that stocks were se l l a z c l e n lthe r n g t e irjt e lin e an a c rm e.S s to w re hleh l e re sted s in ed seve h ral Places ' and so rapidly improving, that he hoped the interest on public se- place not be unwilling to rants' indemn t i t t u t t , th t at a c t n t e he House curities would in a few years fall to 3 per cent—(Hear, bear.) and to the persons who ac ted g under its yeminent ' authority. The Right For the accuracy of this statement, he begged to refer Hon. Hon. Gentleman concluded with moving for leave to bring in a Gentlemen to those records , which; by some accident or other, Bill t o indemnify the p ersons who had, in order to the preserve were kept of proceedings in ;hat House. The Right Hon. Gent. don of the public p ea ce , seized had exultingly said, in the year 1813, that the Bank would shortly Bill for regulating the importation of arms and gunpowder into resume cash payments, that the funds would improve, that Ireland.—Leave d grante . Interest would be lowered, and that, in short, everything would thenceforth go on surprisingly well indeed; but in 1819, he came REPEAL OF THE SALT TAX. Mr. CALCRA FT gave notice that it was his intention, on down to Parliament to ask for A:3,000,000 of new taxes. For the 28th Just. to move for the repeal of the Salt Tax—(Hear). his own part, he doubtedevhether the Sinking Fund would ever produce those effects that were anticipated front it. Had he no ARMY, ORDNANCE. Sm. doubt on this head, he would still say, that if the Funds were Mr. HUME said that, to-morrow, when the House should to be raised by artificial means, the Sinking Fund would not be be in a Committee of Supply, he would move for Returns rela a benefit, but a detriment to the Public. The Hon. hlember dye to the wages given in the Ordnance and Naval Deparunents; for Portarlington (Mr. Ricardo) had already said truly, that any and he would now move that the following papers be laid before operation on the Public Funds, produced as it were by force, the House—A Return of the names of all General Officers re count not affect the general rate of interest. The general capital ceiving other allowances than their regular army pay—A Return of the country could only be affected by the dealings or specula- of the old and new prices at which Commissioes in the Army dons of those who possessed it. Although Government should were appointed to be sold, together with a copy of the Order, run up the Stocks, the ordinary rate of interest would not be in consequence of which a sum of money had been first charged superseded by that circumstance. Ile (Mr. Tierney) thought, for a COMMiSbiOII, and a copy of all the Orders by which the that if the Sinking Fund were done away with to-morrow, :he amount of that sum had been altered—A Return of every Officer large assemblage of persons who were already invited to meet in the British Army on full, or retired, or half-pay, or possess the Chancellor of the Exchequer would be too numerous for ing any other Military allowance—A Return of the first- Com- Palace-yard to curtain—( A laugh).—All the speeches of the missions granted, and the Promotions which had taken place in Chancellor of the Exchequer, for the last eight or nine years, had the Royal Marina during the last year.—Ordered. been with a view to raise the Stocks; and when he had that in Mr. HUME observed, that the House must consider it very view, he always consulted some of those interested in the Funds, important to obtain a correct knowledge of the number of Bar.. or some distinguished Grethen:et of another persuasion—(A . racks which existed in the kingdom. He understood that an laugh).—lle contended, that it was not advantageous to the I objection was made to the admission of infantry into the same country to force a use of the price of Funds, unless it were 1 Barracks with artillery, the conseqnence of which was, that fre brought about by the ordinary operation of reduced taxation.— . quently two Barrack Establidunents were maintained when one All the Foreign Exchanges, he had been informed, had fallen, I only was necessary. He moved for a Return of the number of in consequence of persons taking their money front our Funds, 1 Barracks existing in the kingdom, distinguishing those cf wood with a view to obtain a higher rate of interest in Foreign Stocks. I front those of stone. . It' was his intention, when the Returns • It was not that money was wanting now, but that security was . should be produced, to urge the propriety of removing several not to be had ; so that it was idle by the present plan to attempt I temporary wooden Barracks, which had been maintained at great to give relief to the agriculturists. All their relief Was to be a expense, and to transfer the troops to substantial buildings, which reduction of one shilling per bushel on malt; and as that was had been allowed to remain unoccupied. the case, he wished the Country Gentlemen to make no clamour Mr. WARD stated that. Government had tinder its consider as to the distresses of the country; for, from this fact, it was ation a plan for remedying the defects alluded to by the lion. evident that this was one of the most fortunate countries in the Member. He wished the honourable Member, however, to world, for it appeared that we were just within one shilling per und:rstand, that no objection was made to admit infantry and bushel on malt in hazard of destruction! He believed the Right artillery to the same Barracks. I lonourable Gentleman would find, that some of the persons he The Return was then ordered to be made. had to meet to-morrow, were " Yorkshire tool" It was easy to Upon the motion of Mr. Gooticam there was ordered to be say, that the 5 per Cents. should be paid off; but if he had any laid before the House a Return of the Population of Iteland at stock in that fund, it remained with him whether he would ac- different periods, from the earliest time at which the calculation cept of their terms, unless they paid him off at once; and it could be Made, to the present day. , . would be a good thing if they were prepared with money to pay The House adjourned at a Quarter past Eleven. off 150 millions at once. He wished fora reduction of at least . • ---.—....-. five millions of taxes; and if that were done, was there any one who thought there would be a like deficiency in the revenue ? On the state of the country at large, as well as on the agricul tural interest, the reduction of taxes to the amount of four mil lions would have the best influencer-it would, in the words of the Noble Lord, have a vivifying and fructifying effect. And here again he would say one word upon the necessary effect which the reduction of taxes to that amount would have upon the revenue. If the duty upon wine were abated, the decrease of taxes upon that article would be much under the sum taken off, fur the increase of consumption would necessarily increase the amount of duty. lie (Mr. Tierney) did not call upon Mi nisters to drive his plan to the extreme; he had no objection to leave, of the suns of five millions, whatever sum might be considered sufficient for the security of the creditor • he only asked them to take off taxes to the utmost of their creditor; for the relief of the country. No measure, in his opinion, was so likely to relieve the distresses of the country as the application of the Sinking Fund towards the reduction *1 taxation—(HeV). —He did not come to that conclusion hastily ; be came to it after mature deliberation. He hoped be explained his impres sions to the House. The sentiments he expressed upon this sub ject were entertained by others who surrounded him as well as by himself. His opinions were strengthened by those of his lion. Friends. Did Ministers 'oppose that the country were indifferent about the manner in which the funds that might be saved by retrenchment were to be applied ? Nothing, in his opi nion, would, be mote Cheering to the People than to find, that where retrenchment had taken place relief followed. not if the plan of the Noble Lord were to be followed, the People might wen feel indifferent uponihi . sublici tetren . chtneur, because they could feel no advantage front It. The savings, instead of being applied towards the immediate relief of the country, would ,go to the Sinkhig Pima, Ili Exec/lent abd effitient Mai to put down every call, fog tStreachmenCr4klear, bear, bear). Z 1 People had a right to tall, for a ditninutipo , of taxation to the whole amount of the publiireirenchtheilf. 7711 y beartoi what vies called the groViit Pr9WltitY . el Ow. couisiy—b(Hear).- , He should, before be so nowt), say .ward et two upon that The special and protimate cause. of the peculiar pressure of Taxes, and of the universal distress of the Country, has neither been explained nor attempted to be explained in any speech in Parliansent ur elsewhere. A popular writer on slab.. jects of PoliticalEcorkomy has, however, undertaken' the solu tari of this imp ortant and intricate problem, and his analysis and solution will appear in the Number of Tun MONTHLY Ala wiznenwhich will be published on the First of March. Having detectedthe true cause, le, points out a plain, simple, and ells dent remedy, which merit* the attention of all Petitioners to Parliament, and of every person wbo is affected by the prevail ing distress. • We 'have been informed that his MAJESTY has pre sented to the Library lately established at Rton for the use of the &helars, a large •paper copy of. the Delishia and Variorum Classics, now in the course of publication. The Authors already published are Virgil, Claudian, Casar, Sallust, Tacitus, and Eu tropius, comprised in 47 Volumes; and each Volume has been elegantly bound, with the Arms of the King on one cover, and those of Eton on the other. This anuuificent present has been Sccompanied hy his Mansres direction that an Annual Holiday be given to the Scholars, at such time as the Provost may deem convenient, in commemoration of the gift.—lVindsor awl Eton Erprersi Feb.l6.• 114:Anp and Co. grateful for the increase of pub lic patronage bestowed on them, and for the prefereuce given to their old established Offices (which they in some measure attri bute to their great success in selling Capital Prizes), respectfully nitwit the attention of their Friends to a brief statement of the &Write of the present Lottery, which begins Near Tuesoav it contains Fns Prizes of 4V0,000, Fire of XI 000, others of A . 910, £3OO, &c. &c. and Not Two Blanks to . a Prize—All the Prises Sterling Money—No Classes—Every ticket will decide 114 own Fats—First-drawn Prize will be £lO,OOO Haitian and Co. Sold in Shares in the very last Lottery, 18,900 Prise Of £56,000, and 16,427 a 'Prise of £1,000. iiiaaao and. 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