The Statesman. — London, England, 1823-03-18 00:00:00

(?ji/V C(/4 CLQ CJL (14AXA)A 71e4AA y : • •. • • • t • • 4". doir. , • • t 469 \ • • • -.- I , . be (01,3tititel-y4intano• a 31 PC - a • • LONDON, TUESDAYi MARCH 18, 1823. NUMBER 5623 d The Cause for which HAMPDEN fell ha the Meld, wad SYDNEY died or Me Scaffold!" piles Nugget PO N O. EAST INDIA HOUSE, the 29011 aft. ISM HE Court of Directors of the United Company of TMerchants of England, trading to the East la dies, do hereby give notice, That the transfer books of the said Company's Stock, will bu shut on Tuesday the 4th March next, at three o'clock, and opened again on Thursday the 10th April following. That a Quarterly General Court of the said Company, will be held at their house in Leadenhall-street, on Wedges- day, the 19th Marsh next, at eleven o'clock In the forenoon. That a General Court of the said Company, will he held at their house in I.eadenhall-street, on Wednesday the 9th April next,sfrom nine o'clock in the morning until six in the evening, for the ElecticM of Six. Directors of the said Com pany, for four years. And that the list of the ]Members of the said Company, will be ready to be delivered at this house on Monday, the 24th March next. JOSEPH DART, Secretary. DUTISS ON SUGAR. Mt. WHITMORE postponed his notice of motion re lative to the Ditties on West India Sugar, front the 19th of March, to Monday, 21st April. Sir J. NEwpog.T presented a petition fro u the Chamber of Commerce, Dublin, againet any alteration of the Duties on Sugar.—Laidam Die table. Mr. C. HUTCHINSON presented a similar petition from the. Merchants of CoTh.—Laid on the table. YESEY FITZGERALD wished to assure thel House that the greatest alarm was felt in Ireland with respect to this subject. Ile was sure; that as soon as the proposition for changing those duties should be 'nide, representations would come from every cousnvercial body in that country against it: and he trusted that the tnea sure would not be carried into effect before those inte- though there might not be a surplus of 500.000/. The Chancellor was then obliged to raise the difference by Exchequer Bills, and would be thus forced to adopt the same extravagant plans as the late Chancellor. He wss cons inced the debt would be now upwards of one million, less for the last five years, were it not for the hocus pocus of this sham Sinking Fund. Any Mem ber who Toted for tljs Bill could not consistently with himself rote for d reduction of taxes. He felt sa- tiefied that he had don his daty in dying all in his porter to remove the Maslow. ,~ i m t . CHANCELLOR of. die EXCHEQUER ittid, that ibis subject ha/ been already so-amply diseuased, and he had so often expressed his opinion on it, that it was nut now necessary to repeat theca. He should, how• ever, make one or two obiervations on what had fallen from the Honourable Member fir .Aberdeen. if the ~' + t { rests were heard in opposition to it. The petition was Isti on the table. The Report - on the general Penitentiary was brought up, and laid on the table. !MST IS 1;11.1 HOUSE, Feb. 26, 1923 THE Court of Directors of tkeneited Company of llerellants Id England, trading to Use East India, do hereby gins Notice,. That the quarterly Denerul Court of the tai 1 Company, appointed to he held et theft"' house in Lesilenhell-street, on Wednesday, the 19:h March next, is made special for the. purpose of laving bef , yre the Proprietors for their approba tion, a resolution of the Court of Directors, of the ilith of December last, granting to Major James Rivett Carnac, of the Madras Establidttnent, the sum of thirty thousand (30,000) Bombay Rupees. at the rate of 2s. Sd. per rupee, upon the grounds therein stated. The report required by the By-Law, cap. 8, section 20. together with the documents upon which the said resolution has been formed, are open fur the inspection of the Proprie tors at this house. JOSEPH DART, Secretary. Honourable tieTitletnan (Mr. Whitmore), whom the:Mem ber for Aberdeen laboured to convince, had no further reason for chengint his opinion than what be advanced, loistirl not think it likely that his arguments *meld have that effect. The Hon. Member fur Aberdeen had cons-, pietely inisapprehentted him, if be supposed, that he (Mr. it.) had attributed all the reductions of the funded and unfunded debt to the operation of the Sinking Fund, for he never made any such statements. His argument sta., that if they took the anio.int of the funded debt on the sth of January 1816, and a•kled to it the amount of the unfunded debt up to the s sine period, both tvonld have amounted to 864 millions ; and if they took the auto nit of the funds,' debt up to the sth ofJ anuary 1b23, even a year later then the Hon. Member fur Aberdeen had gone, they would have found it 19 millions less than the amount MAgRIAGe ALT ABBNOMBST BILL. Dr. PHI LLIMORE postponed the cainianitial of this Bill to Monday next. The House wettld recollect, that on the first day of the Session he gave notice that be would bring in this Bill, his object being to amend all the provisions of the Act now in force. However, it was understood that a Committee had been appointed in the House of Lords to review the Laws relating to Marriage in general. There was also a Bill brought into the House of Lords fur simply repealing the Act now in force, which was sent to the House of Commons, and was to be committed to-morrow. Under these circum stances, lie thought it the more convenient course to de lay going into any further stage with his Bill for some days. He then moved that the committal of the said Bill be postponed to this day week. After a few words from Sir M. IV. RIDLEY and Mr. IVETHERELL, the motion was agreed to. Sir T. LE THBRIDGE moved that the Division of Counties' Bill be read the second time, anti stated that the object was to define more clearly the jurisdiction and duties of Magistrates in certain divisions of counties. Sir M. IV. RIDLEY considered the Bill to be unne cessary, and should move that it be read the second time that day six months. Mr. S. BOURNE wag desirous that the Bill should be understood before the House proceeded to give any opinion upon it. As be understood its provisions, it was a Bill relating to the divisions of counties only. Sir M. W. RI DLgY withdrew his amendment, and the Bill was read the second time, and ordered to be com mitted the sth of April. After a few observations from Mr. PEEL, the King's Property Bill was read a third time and passed. Mr. HUME gave notice, that he would move to morrow (this day) for returns of the atnount of Revenue collected in Ireland daring the last three years. ;f the funded debt on the sth of Jan. Isl 6 ; and they would have also found the unfunded debt in 1523 to have EAST INDIA-HOUSE, March 5, 1023. HE Court of Directors of the United Company 41 T Merchants of England trading to the East Indies, do hereby yire notice, That they have received a Letter, eopy of which is as fol lows, viz. : • To the Honourable the Court of Directors of the United Company of Merchants of England, trading to the East Indies. "honourable Sirs, We whose names are undersigned, being proprietors of East India Stock, duly qualified, request you will he pleased to make the General Quarterly Court of the East India Com pe'ny, which is to be held on the 19th lost. special for the purpose of taking into consideration the state of the East India Sugar Trade. " We have the honour to be, Honourable Sirs, " Your übedieot Servants, "CHAS. FORBES, "DAVID RICARDO, "M. NiGHTING ALL, "W. H. TRANI% "CHRISTOPHER COLE, "ZACHARY MAC AULAY "H. II F. G. TUCKER, " JAMES KINLOCII, " JOSEPH HUME." " London, 4th March, 1823." The General Court appointed to be held at this house on the 19th instant, is therefore further made special accord , - Ingly. JOSEPH DART, Secretary. . HOPE ASSURANCE OFFICE, NEW BRIDGE-STREET, 12tH MARCH, 1823. NTOTIUE is hereby given, That a GENERAL 111 COURT of PROPRIETORS. holding Ten Shares end upwards, in the Capital Stock of this Company, will be holden at this house on larnissesnsv. satiet.i..s..s. "IlerMaPose of ELECTING—FIVE DIRECTOR'S, in the room or stead of the following Gentlemen, who go out by rotation, viz.:— EDWARD IMRE, Esq. JOHN FARLEY, Esq. JOSEPH RANKING. Esq. THOMAS DUTTON ROTIIWELL, Esq. WILLIAM THOMPSON, Esq. and Alderman, M.P. N.B. The above Gentlemen are, by the Deed of Settle ment. all eligible to be re-elected. Notice is further given, That on the same day, there will be an Election of Five Auditors, in the room or stead of the following Gentlemen, viz : Mr. WILLIAM BARRON. Mr. FREDK. WM. COLLARD. Mr. JOHN JAMES DOLAN. Mr. WILLIAM MATTHEWS. Mr. PETER REED. • N.B. The above Gentlemen are all eligible to be re-elect ed, but three of them must be returned agreeably to the Deed of Settlement. WM. BURY. Secretary. The Election to commence at eleven, and close at three o'clock precisely. IMPERIAL PARLIAMENT. HOUSE OF LORDS.—AioNDAc, 11Ancit 17. The General Turnpike Act Amendment Bill, and the I r i s h Yeomanry Corps Bill, tvcse brought up from the Bonse of Commous. and read a first time. The Secretary belonging to the Committee of the Peni tentiary of Nli:lhank, presented an account of the Rules of that Institution. INSOLVENT DEBTORS. The Earl of SIIAFTESBURY presented a petition from the City of Waterford, against the Insolvent Debt ore' Act. Lord ELLEN BOROUGH presented a similar petition from an individual residing at Bugby, in Warwickshire ; and at the same time said he had hoped that a Noble and Learned Lord, who unfortunately bad given his name to the Act in question, would have given some attention to the several petitiors laid before the House against the Act, and have taken it into his serious consideration whe ther something might nut be done 0 amend a law which haul caused nrore mischief to the country than any other that had ever hefore passed. The LORD CHANCELLOR said that his Noble and Learned Friend (Lord Redesdale) could Dot admit of his having given his name to the Act in question; on the ebntrary, he had declared that the Act had been spoiled by the improvements made in it in another place. The petitions were ordered to lie on the table, and the House adjourned. HOUSE OF COMMONS.—Momt v. Mr. BYNG presented a petition from the parish of St. George's, Middlesex, against the Insolvent Debtors' Act; and another Petition from the same parish, praying for a Repeal of the Doty on Coals.—Laid on the table. Mr. PELIIAM presented a petition against the Insol vent Debtors' Act, from %Yhitcharch.—Laid on the table. The London Bridge Bill was read the second time, and *flirted to he committed. The Sheriffs of the City of London appeared at the bar, and pro•eated a petition from the Lord Mayor, Al dermen, and Commons of the City of London in Common Council assembled, praying for leave to present a peti tion to bring in a B►Uto amend the Sewers' Act.—Laid N the table. They then presented a petition for leave to bring in a Bill to amend the laid Act ; which was laid on the table. Sir T. ACLAND presPnted a petition from the town of Ilfracombe, fir a Rept al of the Duties on Coal—Laid on the table. Lord BELORAVE presented a petition from the town of Chester agaittst the l‘solvent Debtors' Act.—Laid on the table. NATIONAL DEBT REDUCTION BILL. On the CHANCELLOR of the EXCHEQUER moving the Order fifths Day for the third reading of the National Debt Reduction Bill, BENNE'r celled upon Ministers, as this was the lest opportunity he should have, tcf comply with the re peated demands of the people for a reduction of taxation, by applying the real surplus of the revenee to that par pose. At present there was no Slaking Fund. and even if there was a reel surplus of ths amount stated, eppitssaist• to a Sinking Fund, it was questionable if the plan proposed would be likely to carry it into effect. , He deprecated the violation of Mr. Pitt's pledge, that the Sinking Fund should not be applied to any other object than a redaction of the debt, and contended that the Sinking Fund should he put beyond the power of Ministers. It might be said that it was under the controul of Parliament, and not of Minis ters ; but it was well known that Ministers and Parliament meant one and the same thing. Whatever plan the Chan cellor of the Exchequer might think proper to propose, Parliament would be sure to sanction. It was, therefore, he approved of the plan proposed by his Hon. Friend, the Member for the Queen's County, the other evening, because it would put the Sinking Fund beyond the reach of Minis ters. He did not think the House could agree to a propo sition so inconsistent in itself, that one part of it carried with it the defeat of the other. The Hon. Gentleman con cluded by moving as an amendment, that the Bill be read that day six months. Mr. WIIITMORE said, that after the ample discussion which this Bill bad undergone, he could not think of detain ing the House at any length. Last year he supported the Sinking Fund, and as he would support it this year, because he thought it absolutely necessary. It enabled Ministers last year to render the country great services, and he had no doubt that it would be productive of Ain greater benefit. Ile regretted that the proposition of his Hon. Friend, the other evening, for confining the Sink rag Fund to its real surplus was not carried ; hut rather than have no Sinking Fund, he would take the Bill as it was. lle did not think that distress existed to that extent, that it was necessary to cut down the revenue to the lowest point. On these grounds lie should feel it his duty to vote for the Bill. Mr. HUM E said, that be was anxious to remove the misconception of his lion. Friend who had just sit down, in attributing the rise in the funds, which enabled Ministers to make the reduction that took place last year, to the Sinking Fund. if hi , Han. Friend grants that no Sinking k and can be useful, but that arising from a real surplus of revenue, be (Mr. H.) would be able to show him that no advantages could have been derived from a Sinking Fund, because none really existed. .He had collected from the Finance Report, the amount of revenue and expenditure from the sth of January, 1816, up to the sth of January, 1822,. and lie found that for the six years, the aggregate amount of income was 373 millions, and of expenditure 372 millions, leaving on the average of the six years, only a surplus of one million, to which adding tire millions, the balance of a loan, and the error of two millions, which (wept into the accounts of 1815, together with 1,500.000/. arising from other sources, made, daring the six years, only a surplus of 9,500,0001., which had it been applied to the diminution of the debt, would have wade an annual reduction on the charge of about half a million. But what were the operations of the Sinking Fond? 'ln 1816, though there was an excess of expend.tnre beyond the income, the Chancellor of the Exchequer gave 13 millions to the Commissioners for the Reduction of the Debt, to go into the market to purchase stock. In 1817 also, there stay an excess of expenditure ; he applied 13 millions the same way. In 1818 he again went into the market, and purchased stock to the amount of 14 Militias. He went on pnrchasing during the six year., till the quantity of stock bought amounted to 59,7n3,000/. though there was only a surplus of 7;500,000/. during that period. But what did this do, but create a debt of 57,000,0901. ? This was not the result of the operation of a Sinking Feud.' It was In fact but creating one debt to discharge another. lf, then, his Honourable Friend allowed that a real surplus only could be efficient, how could he sty that a sham Sinking Nand could have any beneficial effect, when the Chancellor went into the market to *ell annuities. To show the complete delusion of a Sinking Fund, exclusive of the 514 millions, 31i millions were borrowed fruits the. Commissioners, thus increasing the debt to over :10 millions. If there was a real sur -Iplus it ought at once to be applied to the extinction of so much of the capital. He had wore serious ob i jections to a Sinking Fund. They called upon the Chancellor to pay the Commissioners five million., l been less than the unfunded debt in 1816. On the sth of January 1823, bath species of debt amounted to bill millions; and on the sth of January 1816, tkey amount ed to 864 millions. Thus it appeared that the debt was re duced by some process or other 24 millions in the course of seven years ; but he never said that this reduction was owing to the operation of the Sinking Fund. He had mentioned only to them that a reduction had taken place, and if so, why not carry it further. Whatever schemes had been adopted, or whatever fluctuations the funded and unfunded debt might have undergone, it was a mat ter of fact that a reduction of 24 millions had taken place in the nominal capital of the debt, compared with the preceding period of 1816. Further, if they took the ac tual charge of the debt in 1816 and 1823, a reduction of no less than three millions would be found to have taken place within these two periods. Thus, within seven years, both the debt and the charge were reduced ; and he therefore thought the House might safely adhere to the system by which this reduction was effected. Mr. TI ERNEY sail, that if lie rightly understood his Hon. Friend, the Member for Aberdeen, the question was not about the actual amount of the debt in 1816 and Its 23, but whether or no the reduction that had taken place was attributable to the operation of the. Sinking Fund, and to what had been said on that point by his Hon. Friend, be could add nothing. He could not but express his regret that his Hon. Friend the Member for Shrewsbury, had moved the postponement of the Bill for six months. He would rather it had been limited to iLpeeks, so as to &Onto to same to . some arrange ; eleIR - which would satisfy all parties. Whatever was the ' surplus of income, he was convinces' that more substan tial good would be done to the connwy by repealing taxes Ito that amount, than by applying it to the establishing a Sinking Fund. However, it appeared to be the feel ' ing of the House that there should be a Sinking Fund, he should not trouble them further on that head, but con tine himself to the amount of surplus beyond expenditure. He would then come to the question whether there was really a Sinking Fund of 5 or 3 millions, whether the operation on the dead weight, would prevent the appli cation of two millions to the reduction of the debt. lie contended that there was only a surplus of three millions available to the reduction of the debt. If he understood ; the Chancellor of the Exchequer rightly on a former evening, lie said that by the operation of the new plan two millions would be taken from the dead weight, and would consequently be avalable to the Sinking Fund; hut this position of the Right Honourable Gentleman he denied. After taking 200,000/. from the Sinking Fund, which was again to be paid back to the Commis sioners, there still remained 2,000,0001 . upon which the parties had a claim; and instead of paying this sum, an arrangement was made that a third party should take 2,800,1100/. for 45 years. These two millions, the Right Hon. Gentleman said, were applicable to the reduction of the debt • bat what more was it taan takilbg two millions additional into the market for the purchase of three per Cents.; in other words, it was inertly levying a perpetual annuity of 3/. But whence cause the money to redeem this stock? Why only by selling out stock to the same amount. The only difference between them was, that the one stock was redeemable, and the other irredeemable for 45 years, and this exactly left them where they were be fore. But then the Right lion. Gentfetnan said, he had got rid of the parties; but this he might have effected much more easily, and without all the complicated ma ehinery of the present system. He agreed in the princi ple of the meitsui•-, but he objected to the details. In one part of the Bill they consented to take a burthen on them selves to relieve pus•erity, and is another part they threw a burthen loom themselves on posterity. This involved such contradiction, that he was as.onished the House could assent to it. If a person had a demand of 2,1100/. upon his estate, lie could well conceive his desire to get rid of it by a limited annuity for 45 rears, because he might wish to raise a Joan to expend in cutting a canal, or otherwise improve his estate, which would afterwards repay him; but here nothing was to be gained, and a con siderable expense was incurred in stamps aati lawyers. The effect of this Bill would be to tie up the hands of Parliament from farther redaction of taxes, while it would not advance the reduction of the debt one shilling. The House ought not to sanction a proposit la') involving two contradictory plans. If the present Bill passed - , the hands of Parliament would be thereby completely tied, and no farther redaction of taxes be contemplated. He would ask the Right lion. Gentleman, the Chancellor of the Exchequer, if he would persevere in a measure which was not understood even in that House. He believed he was not asking tow much when he entreated the Right Hon. Gentlensan to pause before he wteild;pass that Bill into a law. If he should receive encouragement, end that the present amendinmt were negatived, he won'd propose another amendment to the effect that the Bill might be read a third time that day six weeks. In the event of the Ares •nt Bill being thrown out, the old law r-lating to the Sinking Fund would stand unrepealed. Fur the prevent he woutd vote for the proposition of his lion. Friend. Mr. HUSKISSON said it afforded him very great plea- sure to find that after the nnnterous discussions on the present measure, so many Hon. Gentlemen who turued their attention to it, were friendly to the principle of maintaining a Sinking Fund. His Right lion. Friend (Mr. Tierney) admitted broadly the principle of such a fund. He admitted at least that whatever excess there would he of annul income over expenditure, should be converted ttll the reduction of the pnblic debt. His Hon. P1iew 4 ..4 1 1, ..member for Portarlington, also, hewns happy to finel, was coming round a little to ado owledge the wisdom of eater blishing a Sinking Fund. The principal and grew?, obe Section whiCh his Hon. Friend tair. Ricasdo)hitil to that fund was, that it might he poisibly uivetted from its ori ginal object to other purposesst the wilier the :Minister. But it was trident to every Hon. Gentleman, that when the present Bill should have pasaed into a law, DJ such conversion could take place without the concerrence of Parliament. No part of the Sinking Fund could he di verted to any purpose without the serrtion and autho rity of Parliament. Bat bis Hon. Feral 'wee anxious to adopt . the prinsibile of the p an, which was suggested some nights ago by the. Host ilatooetethe Member for Queen's Comity (Air 11.,Pusts11), in corder that the Sink inir Fund miglit be ptadeLheyond the reach and control or Ministers. To the oonsidmition of that plan he meant to apply himself before he copcladed. At present he bad to observe that all Hoe. Membstrs seemed to . agree in the prifia"9l adiliii4lllo444ol4 of inCra,. * O O- 41 , 40 0 7 . to the reduction and gtidaiai estisiotion of the National Debt. But if c.auset should arise to create 0 demand for an expenditure greater thin the present, ;t would not become necessary to touch the Sinking Fend in order to meet that expenditure. The objection would seem to imply that we were come to the end of our re sources, and unable to meet any new demand on the country. They might trust to posterity for forty Lire years, at least, to continue a revenue equal to the annual expenditure, and to the extinction of the public debt. But a Sinking Fund was in the mean time necessary to maintain public credit. The Right Honourable Oeitle man (Mr. Tierney), hail very correctly stated the princi ple of the Sinking Fund, as laid down in the Bill before the House. There was a clear excess of 3,000,000/. of income beyond the expiediture. He was ready to admit that the other 2,000"/., which was to snake up the sum of 5,090,004 Sinking Fund, was not a surplus over the expenditurea--(Hear, hear, front the 'Opposition.) The interest of time public debt exceeded twenty-eight millions. There was besides that debt and the charges for the naval, military, and civil departments, a sum of 4,900 1 000/. to be provided annually in the payment of an nuities for life. By the Bill which passed the House last year, instead of disposing-of two millions of that in the sale of annuities for life, it was to be disposed of in the sale of terminable annuities for -Li years. The Bill of last year went to convert life annuities into terminable annui ties to expire in forty-live years: The present five mil lions would arise in this manner—three millions of it arose from a clear surplus of income over expenditure. The other two millions were to be derived from the isle of annuities for forty-five years. But the Hon. Baronet, with whose plan the Hon. Member for Port irliogtoa, was so much captivated, asks why the whole surplus should not be at once applied to the reduction of the debt according to the principle of his scheme? The objection of his Right Hon. Friend (Mr. Tierney) and of other ' Hon. Gentlemen was, that the present Bill tied up the dis cretion of Parliament, and took away from them the power of making• any farther reduction of taxation. But the discretion of Parliainent, remained still uncootrouled. except in regard of the 3 millions of present surplus.— With respect to the principle of a Sinking Fund he woe glad t ern they had all emus to an understanding . on she subje ; and he was obliged to the Right Hun. tiset, (Mr. Tierney) fur having tui clearly st ated his views of i t. Had it not been for the unexampled protracted war in which the country was engaged, there would have lawn no necessity for departing from the principle of the Sink ing Fend established in 1792. If that war had terminated in 1799, after seven years duration, which was the aver age length of wars, there would have been no OCCIII - 1 to touch that Fund. If the amendment then before the House, which was to postpiue the Bill for six months, were carried, it would cause great confusion and derange ment in the proceedings of tnc Commissioners for the Re duction of the National Belt. The result would he, that they would again. go to the old system, which was so much and so justly condemned by the Hon. Gentlemen at the other side. Alf the Bill asked was, to give power to set aside so much quarterly for the reduction of the public debt. He could not see any inconsistency between tile present Bill and the Bill of last Session. Lord A. HAMILTON maintained that tho Sinking Fund was not made to operate for the reduction of the debt. The Right Hon. Gent. at the other side could not deny but there was a surplus of about nine millions since 1816, and yet not one penny of the debt was reduced.— The proposition of the lion. Baronet (Sir Henry Parneli) as far as a Sinking Fund could go, was a satirist proposi tion, because it would tie up the sum applicahla to the re duction of the public debt yearly. It was not his duty to justify the result of nut passing the present Bill. It was time measure of Ministers, and it was their business to foresee the consequences. He maintained that the Bill, if passed into a law, Kuehl be a bar to any farther rend-sin s of taxation. Mr. BARING said, that the repeated discussion of th at subject had one advantage, namely, that of making the is understand each oilier. The Bight lion- Gen tleman (Mr. Huskisson) had admitted that the Sinking Fund was really three and not five millions. The county would be satisfied by that explanation given by those Right Hon. Gentleman who wanted to establish a shahs Sinking Fund of five millions, when that fund was to he in reality mills three millions. He would be happy that the Right Hon. Gentleman (the Chancellor of the Ex chapter) could be divorced train some of his relations. particularly that left him by Iris late predecessor, who bequeathed him the bill of last Session. The Itigat Hon. Gentleman found himself in delicacy bound t port that plan of hie predecessor, who left it as a child at his door, but which the Right Hon. Gentleman ought to put into a basket and let float dawn the river. —(:t laugh.)—With respect to the plan suggested by toe lion. Baronet, if that wlre to be applied to the Three per Cent. Stock, the consent of the holders of that Stock should be obtained ; but it might without any con sent be applied to the Five per Cent. Stock, which could he reduced by purchasing it up at par. Having only three millions of surplus, they could not swell (het sur plus into five millions by going from one market to an other. A loss to the public would be the result, for whoever purchased the annuities should gain something by them. Even if any thing coulil be gained by selling in one fund, and buying in Another, yet the sitimpliei:y of the public accounts should be attended to, and confu sion and complexity ought not to be introduced into them for any trifling imaginary benefit. With these feelings he did not meetly see how the House ought to act. He did not see what good could result from a de lay of six.weeks, or of six months. if the Bill was to pass in any elaape they would have to borrow two millions. In the event of the House putting a negative. on the amendment of his lion. Friend, against which he should vote, he would propose that the Sinking Fund be limited to three millions. They would then hare a real surplus of three millions applicable to the reduction of the debt. That fund would be increased by the gradual falling. off of, the annuities of 4,5f0,900/. in case the Bit Of last Session was retched. That would be a nide operation. i a di, i‘s ts• de- Off. f