The Statesman. — London, England, 1819-06-08 00:00:00

lortsluo. This he believed to be corset!, he should therefrtre pa., on to the swat, first thanking his Al• . ly's Minion's for having at length se a:nadir attended to the goats of the country,..- It was troy the Sinking Feud had undergone serious c hsngr t sine. it. first •ppropeietion in 1786. in 1792. and in 1506, het now It was attempted to persuade the country to 'artifice two.thirds of this notional security, wishes, tieing any thing elm in its place. Indeed, the Chancellor of the Eschequir had, when in 181.1 he proposed lowerlig the rate of interest an (investment securities, mentineed nothing but the probability of the dilficelty persons of property would feel in beteg able to get any thing in resets for their capital ; there would, of mast., as he thought, be so great an infisa of money into the market. list now, after 6,000,7001. had been in one instance, dosing Lord Sidineuth's Administration, lopped off this Sinking Fend, only with a view hi prevent the necessity of fresh lases for that year, the' Right linnnerablis Gentleman thought himself en titled to tern round bet the House and the corn. try, and say there was an end of all this sort of thing, or of imagining that the Sinking Fend could continue to he applicable in its original seater The psittelule on which the Sinking Food had been constrectod had originally been such, that, it was then contended, its forly-ive years it would redeem, or in other words annihilate any debt the native might cowrie', let its mount be what it might.— Now it was, however, to fence its steps back for a long patriot) of year*, and alert again at a capital of only five millions applicable to this operation of finance, directly in the troth attn. Resolutions ore. posed by the Chancellor of the Exchequer in 1813, and this, too, after five's.'" of peace, which nasals consideruble a portion of any peace Ministers timid from 'ardency possibly calculate on. in the present poster* of foreign affairs. He (Mr. Tierney) consi dered it was really ton bad, not only to pronounce new tau" to be necessary, but likewise to treat. a laugh at the public 'apace, as the Right lion. Gem. llems• bad done when he had told those that 'Sinking Fund, thee created, of 6,000,0001. would answer all she purposes eapectrri, and effect the reduction of • National Debt, s•oles to the amount of eight hundred 'pillions. lie would not say he was dispoesd to blame him for that pert of the Span clot Panject of the year, which thus epplisd the Sinking Fond; boo with grief end pain he observed, that although, these sacrifices had become neoessery, still Mininislration toistineed capering and prancing spun their 'accesses soil the flourishing state of the na inn, as if Birthing iihstrict bad happened. Wet it to this their boasted sonority for the fetes and in. demnity for Ike past was now seduced, after five years of prate? Whet, were his Majesty's subjects to be lig tin galled with an assurance, that if they submitted to sea a retrenchment of eke 'Sinking Fund, and the enactment of these million* more lases annually all would be right again ? What would become of the beildteds of millions which had been granted for the same pupas' and ender the same mutant,' ? Ile could not see why the Right lion. Gentleman should demand as an additional merit, fur the stock.holder t hree millions, which was, in fact, more than half the Sinking Fund itself. As to the neetwesty,of 'seedy 5,000.0001. of the Sinking Fend, whether that sem was enough to pr t pines! I effect meterially the reduction of the debt in future, he should not give en opinino, but he felt it a duty he owed to the cannery to protest against the sop.' p 'rd Necessity of imposing sew isles to the amount of 3,000,0001. ennuelly. The strongest r eason wins' increased tuition originated hi the Batik Report, for which the Right Honour. able Gentleman silmitiod he had an long waited, alt authority for this measure. The recta stated by the Report, and the alteration resolved on as to car. rend, made it aboard to talk of lactated gestation, when that very situation of the currency was in it. self • tat. The remedy for our dual/don had, as 40 accompaniment, a degree of pain, which must become irritating its the utmost, it tsars were imposed *MA the reduction of nominal wales in the circulation di& qualified the People to meet. It bud become mem. airy to lower oar 'timidity's/ to the 100011110 we pos., bowl. 'rho greatest svegetetion in the esernsatile world, the agricultural part of society lewdly plained of Ose increase of pauperism ; and what was I the answer to all this? Gies his Majesty's Ministers three oldiess more caw tales. %Yin'd men be dis posed to bear the taunts of the Chancellor of the Es. chrquer, whilst, wittiest bring able to earn their bleed, he dared, as the Right Hon. Gent. now did, to tell them, they were not lased enough, that be had sillily parted with 18,tre0.0001. worth of tales, bet was determined to repair his error as sane as pos sible by laying on tests to the moment cf one-third of these which he bad this allowed to be repelled, and his with disavowed intention of placing the fine"- cial slats of the country ea a permanent inundation ? All these sacrifices the House was told were necessary to wore the stockholder, who was thus subjected to the odium of the transaction Ile, for his part, would either hase but a security at 2.000,0001. Sinking Fund tha05,000,0001. on such degrading terms, since so greet en inroad was intended to hems& on the Sinking Feud. The grand malice ball been forced span the coon.. try by Ingestions f h •. po_lic safety; so far he should net find fault with the intended arrangement. Bet whilst the Chancellor of the Eschequer talked first of the Sinking Fund, and secondly of the lases necessary, he should place in the first rank tbet source of teeenue which consisted in economy and retrenchment, a brad upon which the Right Hoe. Gentlemen bad not attempted to airtime, for the best reasons. The Minister had no right to 'spec' a single new tar until it hail been proved every thing in the way of economy had been died as to emcee and places of ensolomenr. He :adieved a million • )a sr might be s tel on ibis hoad.—[lieer, keer!)l —Thu Noble Lord bad asiii, this should be the last sear of the tabours of Connelttent of Finance. Had this Committee dr !le any shing as advantageous, or in, the lewd resembling *hat had been done by a similar Committee doting the Chairmanship of Lord Col. ringer ? -.Every thing was handed them from filial. suns Of political I/OMM ; het no economical sups tine appeared math sallieredection of soy high official siteadons, tech as the redaction of the twat Junior Lards of Ike Admiralty. In i.self it was nethieg; bet its principle 'right has" been invaluable; its pre re.:eut most salutary. The estimate of the Army Mrs oro:cous': too great fit this Cidintryj but It TUE STATESMAN. newel the grand purposes of patronage. though every English boner had a right to be satisfied of the expediency of this enormous yearly expenilitere ie profound peen. The Ordnance no one, it was tree, had objected to, it being onetime, to our large Army. They had laid rather heavy bands nn the • Nery, as these officers were not is well skilled iu slipping its end eat of place, or a levee, to suit ethers' humours, as the military, who bed been so well schooled In those tactics, from the contem plation of the practice in Continental Courts.— Whilst the Noble Lord talked of his having tranquillised Estop*, he should at length condo. steed to show some of the beneficial effects of this tranquillizing system, by rel reecho...it in our colonial expenditure, in thitherto of collecting the Rennes, and by a discreet liJation of offices. Then two Lords of the Admiralty he was, end so was all Eng land, satisfied were as necessary as. third Archbishop. —(A laugh.)—A nuttiest for reducing the Secretaries of State had been dismissed with ridicule, althea/1h he was sere the country would sustain en loss in re. deciag them totes. Little too was to be den now with comptrolling the Beard for India Affairs. Here was a field of retrewchmeet, sod at the Horse-guards, be was sure, there was Now so ow in profound peace for a Secretary at VVer. He was fond of liberality ire office, of luxury too in living, bet knew that neither be nor the magnify could afford either. But a strong Administration it was said could tint be fanned with such narrow From the highest to the lowest in Acintioistrelion, re' trencLmeot was necessary, as no Ministry would ever be strong in public confidence without this spirit. The ohject of the Right Hon. Gentleman was to become complete master of the finance of the country. to which he bad an invincible objection. Without Par lianteetary restraint there could be en gearanin for , economy ; and whatever concessions is rainier of re trenchment. made by Goveinatent, was always coo. fined to trifles, and wrested from them by forte. He even thought the late war. so /listlessly terminend, might have been conducted as successfully at half the owns. As site propositioos contained in the two lest Resolutions were ill calculated for the tensity of the public credit, end pecalierly *Olin to the stock-holder, he should stove the previous question oe these Resolutions. The inestion being put, Lod CAS CLIEREAG II said, theßt. Hon. Gentle. man bad left the question to he decided upon three diitinct grounds. The first uhliously was, whether, soder the present circumstances, the country were called oe to make en offott of this vigorous nature. The second, what should he the event of that effort; mid the third consideration was, the propriety of making this effect et the present moment. The Right Ilneourable Gentleman had admitted he was not easiest the principle of the sacrifice, bet had con. templates' it as probable. and bad condemned the conduct of Goverment es fendameutslly wrong. lie felt he never mold obtain that Right lion. Gen tletes..'s confidence, his hostility wet directed against eke existence of the ptesent Cabinet, which, if any thing was to be taken front votes of that Hone, had lately had the honour of bong powerfully sop. peeled by a most decided majority as to the propriety of Its measures sod the rectitude of its intentions. Ho denied most distinctly the charge of want of eco. cooly. But it was certainly very unfair, when all the miner sebjetle of financial arrangements had been before the Hoes., to attack the whole as de (Wive end profess by a sweeping denunciation, while be bad never attempted to impeach any of there estimates iu replicate detail to the Hone. Government, though It was said upon a former occasion that there would he ue necessity swan for the Committee of Fitiance, did not nine to put out of their view the considetatiou of ff. trenchment. It was their intention to charge them selves in a felon Session with the source of economy alluded to by the Right 114110. Geetlemae, that of drawbacks and bounties. Ile had a right to cons. plain of some observations thrown out by the Right Hen. Gentleman with respect to the ReSOll/11011* Its they affected the public credit of the country. Toe greeter part of his speech bad a tendency to produce an impression that the messuies proposed tended to a breech of faith with the public creditor. Nothing would be more gresudiess. No more was intended to be done than what wee perfectly ellowable, end provided for, if circumstances should require it, by the clause introduced by Mr. Fox into the Sinking Fond Bill. It was strange that the Right Hoe. Gent. should be epposed so strenuously in the application of the Sinking Fend to the public service. A repeal. tin to that purpose was brought forward the other night by the Hon. Gentleman on the third bench (Mr. Grenfell), sod now when his plan saes to be acted open le a certain measure, It was attempted to excite alarm, as if it led to s breach of faith with the Public. At the same time that this attempt was made the Right Hoe. Geotleinae admitted that the Siuking Fend Act wee sot one which should always, and ender all circumstances be strictly adhered ta.— There must,sed in the progress of time there would so doubt neer, a period whets it would be necessary to vegan the effects of its accumulation from gong so far as would be injurious to the Public Creditor. Hie Majesty's Goverment felt convinced that a change was necessary. if the House did not think them worthy of confidence. they owed it to their ow. character as the Representatives or a grist oaten, as the geardians of the public interest, to apply to the Throne for the removal of Ministers. It was the be• siting of the House to choose between the Gonne. ment and the measures proposed by them for hieing existing difficulties in such a way as they judged moat expedient. The country was col io such a state as k rootht to be in. It was their duty now to decide, whether the measures proposed were such as wield effect this desirable object. Allusions were made to opinions ~pressed by him (Lord Castlereogl.) in the early part of lest Session. Ile was not disposed to retract soy of them, though neither ashamed nor ausilling to acknowledge an woe whit con rineed of it. lie then said, that 2,000,000 or 2,500,0e01. was likely to be the surplus of the Sink ing Fund, and cooleuded that the notary was in a state of grow ing prosperity. The Hoestwoold perceive that be was borne out iu this assertion. if they recol lected the able evideuce given by an lion. Member be hind him. Ile did not deny that there might be a redaction is norm of expenditure not yet esamiiied. bat even Woe, it might be tittied to the await of t i goo.ocim. metaled by the Right Hoe. Gentleman IMr. Tierney), that was no grated for rejecting the resent proposition. He did net support the prepo sition of his Right Honourable Friend (the Chas cello, of the Eschew') as a favour to the stock. holders, bet as a hewn to the country.—(flear!)— It was necessary that they Wield have a clear sur plus for extinguishing the debt, not less thea five millions. That sum would, doting peace, go on re 'dicing it progreisively in such a ratio as would eat. able them to meet the difficulties of war Owe it should arise. The Right Ilonourahle Gentleman (Mr. Tierney) thought fleet en addition of three millions, after the sem proposed to be taken from the Sinking Fend, was ioadeqsato for this purpose. IN soy man ewer dream of keeping !hat fund at fifteen millions, operating continently for the reduc tion of debt ? When arrived at that amount it was the duty of the Peblic to reduce it.—ln discus'. ing the propositions 'Omitted to their consideration, it ought to be taken into the account that the Congo. Belated Fund was at present in a petition in which it never stood before. Were it left is that situation, then iodated the Right Ilan. Gentleman (Mr. T.) might raise a (levities as to breach of faith with the Public. His Right Hon. Friend (Chancellor of the Exchequer) would not hove done his duly if be did net propose an oddities of three millions of tale, to reinforce it. There was got now, as formerly, any seeplas in the Consolidated Feed adequate to the public service. There was am edditional heathen of 4 300,0001. throw!' open it in consequence of the onion of the Eichequer of Ireland with that of Eng laud. Row were these chianti:ifs to be met unless ley name such plan as that proposed? Though he felt himself called upon to contend that live mil lions was the least at which the Stoking Fund rhould stand at present, he did not mean to say that it was to continue thus confined. The plan now proposed would have no tendency to paella& the So eking Feud from going on in Its °potations. Ole the mousey, it would approaletate the time when the sem of eight millions might be ap s lied to that purpose, and when, ill the mot of war, the country might be placed in a siteatioe, with re. spect to its debt, to enable it to meet the difficulties attendant open such ass event. If it should occur at goestai—if the honour of the country was attacked, or it became necessary to maintain its interests @Oast • foreign enemy, the world knew, from former rape. dente, that not legs than SO millions could be added to the revenue of the country by a single vote of the House; they knew , that however averse people may be to an Income Tax, however anxious to get rid of it its time of peace, still they would have wisdom end spirit enough to restore it when imperi ously called fur by circumstiseres. Thee had a proof of this after Beeaparte's retain from Elbe, whoa it did not cost so mock time is was •spended in the debate of that night to place again its the bands of Government that greet and powerful enure* of strength, the Property Tat. The Right Rote. Gent. (Mr. Tirane)) himself keel., whatever went of con fidence he may feel in Ministers, that the country taunt.' not I•esitato to grant it again if necessary. One hundred awl fifty oh d pounds a year might be calculated epee as the saving from the army, end other seeress. Though the revenge, &Treated occasioually, its natural tendency was to improve, and the period he hoped was en s far tent ekes they might busk to a ardoclion of she rote of interim.. If by the toluene@ of a large sem losing into the market this could he effected, it would be bailed as a certain oaten of prauperity.— When Ilse, considered how rapid was the operation of the Sinking land of 1792, tie natural conclusion was, that its effect mast be proposaionsbly water sow, when that fend *mild amount to five sillies% Not long back the country bore, without repining, land without any great apparent diminution of coos fort, IS 800,0001. writ in lines than at Newel. — It enteral not be supposed that they would be each. ' Hog now to gnat three millions, is addition to the esistine Reverse, for the purpose of meet. leg the ditlicullies that pressed epos them.--- When the affairs ofthe Rankled to an examinatiee of their whole system of Finance, aed the existing diffi culties twit perceived, he felt convinced that the pre sent Session should not be pissed °ter leaving these difficullies untouched. 114 d Ministers done so, they would meet the nest Parliament with merited re. roach. The country should be made acquainted sigh its financill circumstances, that the Reese may provide the best means for improvement, end not leave it to be debated at dells and parochial meet ings. flow mach better was it to sahmit these im. portant matters to the good sense, the wisdom, and firmness ef the Hesse ? The Right Ilan. Gentleman himself (Mr. Tierney), though he may not feel con. it fence in Ministers, bad too much charity to wish that they should continue in such a Sileltine us. tit neat %eagles. If he understood the Right 110. namable Goodman (Mr. Tierney) rightly, he bad no objection to lay on 10 millions additional taxes, in place of three millions. The only diffetence between them was, that he (Mr. 'l'.) would put off the liar. calm labelers to a (ewe period, while they wove disposed to complete them at present, wheal (greens stauces rendered It necessary. His Right lion. Friend (the Chancellor of the Exchequer) did not put the issue of his proposition epee any particular (as. The thing proposed was to what moment it should be granted. Ile saw no time more favourable for imposing it than now, sod felt no doubt that the House would, by their decision,show a confidence is Government, sot less marked nor decisive, upon the present, those it was upon a former occasion, whew the question was whether the Gentlemen at hi', or at the other side, should possess the confidence of the Crown. Mr. BROUGHAM aid, that the Noble Lola (Castlereagh) had pet Ibis greet end important goes. lion upon 11 fair and intelligible issue. The trestion seas this, ought they to most • Resolution, the pismire of which was, that three millions of addi. Lionel sages should, under omitting ircunastsistes, be raised frees the People—neght they to motels a pro. position !Of funding three milliens additional re. reset, to be taken from the pockets of the People and.given to Ministers for the public set vice. It might or might not be possible, when the t.erind came, to pliably thew in entertaining such a propesi. lieu, bet were they now in • condition to ' , flin t tech a 'vie? Were there not Iffelst measure" to *high they Pere their Mcliou that i ut an 'lie i 3. ‘• " ......., lo seek a Tata t N. 4%*.M 1 romisrite Ih• pe;o1 140 • illistake into which gaol froop ye Wets led by IM observe. iprc , dons of the Noble , bet v no' hear tie etch of his Right Hoe. eine( (NI N.Ti.rnel ). Th. No. ble Lord inferred that his RV! , lion. Friend wool! have no objection In rain the 'saes if he and his Friends were entrusted with the Governmont• lb, weloW upped to all who nerd his Right lien. Friend. whether there was any thee( in his word., in his arguments, or the analogy of hit areu.e,.ts, that could warrant such se leftrence 1 Ile said, the time might strive, not that it did arrive, is hen nee inn would be a fair subject ter conelderatios. This ob servation he ands espressly for the purpose of guarding himself against the imputation of within to recite a cleaner against all new tater, soder any circeenstssices; of wishing to oohed, the Bonn of the country to the deliberation of lettnchial clubs mad proniel legisletiso. When the People by a mouth, • I entice of pesos bed recovered from the effects of war, when men's berthens were in some &vie rem fined, wheel their capital was accumulated in thee own bench, when trade and commerce were in le lloorishing condition, when the People bad soh ed that repose, that jest and necessary repo.' chick they earned by their *offerings, by their patina eider those sufferings, bet awe of all by th.ar coon taut faith end teamovenle attachment to the Conti. tales in the midst of difficulties; under nth de. mentances there otiAlit be a time (or proposing a new las 7, bet that limy was not now witted. The Noble Lind (Castlereagh) bad 111 , grimed for saying that his Right Hoe. Friend objected to the proposed tax on thegroond that it was tint ten millions in place of three. Ms Right Ilunocrablo Friend did not complain that pert of the Stoking Fend was taken for the public service. Ile compfained that three millions of tales were to be raised for the purpose of making that fend in millions. As to in Consolidated Fund, his Right llosi. rand was not ignorant of the intestine in which it stood. Ile had long ago urge' the no entity of making provision for its deficiency. Neither did he attempt to rein any clamour against the pre. pnsei measure as if it weal to a breach of faith with the public creditor. His argument wet, that they did net act op to the faith pledged to the public ere. dint, if the Sinking Fond was reduced from lb milliuos. Hoe stood the Cifellentlinapip with coved le this Fend ?—1 n 1786.11 amounted to one sillies, and an addition of 200,0004. was made soon after. In 1792, it wee i el by so mach of each Inn, as gave a nee that at the and of 43 years such loan would be to:pained by the gradual operation of the Sinking Food. This pledge continued to 1802, when new arrangements were made by Lord Sid month that did not men pee:wine the teen of pay. sent. The nowise' of 1813 no to accelerate the liquidation of thedebt,towargethe close of the period pledged for that purpose, and the Fund was then re dated to MIIOO.OOOI. million instead of 21 millings, to which It bed secessulated. 'flit fondled/ler was then told that repayment would go on et an accelerated rate from a certain term, and now came the plan by which all this was bid adieu to, and the &liken Fend reduced to five millions. Did net Mi. Menthe public creditor on a different foods*? And was it not to all intents and purposes, a breach of faith ?-o. He did not however, object to it, because under pr.. sent circumstance., it was idable to t.ke part of the Sinking Fend for the service of the country, — They must pay the army, the navy, the lailges, Etc. It was not of this breathe( faith he compleitied,bet of the breach of faith with the People's proposing new toles. The agricultural sod commercial distress of no country were so generally admitted, that it would be enlist to trouble the (louse with any chaervetinee on the subject. It was admitted In the Reports pre. stinted to the Hone, and by the Right lionoorebn Centimes opposite, the Cheirsao of the Bank. Committee. The precise degree le which the retina to Cash Payments would affect prices was a most ditio cult problem. Soma ten cesfinntly, 'ship opinion, took en themselves testate, what that effect would be, and that it would mount only to the difference ben linen the Mint and market prices of gold. Thy son sequence of the long suspension of Cash Payments at the Bank, was, that nearly the whole currency of the country was changed to paper ; the 'vault of which was a high rise in the price of all manufactures ..f the country, which enabled the lent manufacturing class to meet the heavy burdens of motion which the exi gencies of the times demanded. The noses of peace, the short resumption of Cash Payments, and the altered state of Europe, had the effect of considerably lowering those prices, and it necessarily followed, us was agreed on all hands, that as the price of mass. factures and produce must fall on the 'stern of peace and Cash Parents, the rates of labour, end rent, mulatto fall. Some commodities had risen not only twenty, but fin times 20 per cent., which had sine fallen to their old standard. As I necessary Cllll9O. 'pence, all elms of pay's% additional lazes most fail ; and was this a moment for his Majesty's Mimi. stem to choose for hnposism three millions of sew tales upon the county ? How widely dial this meet sure differ from the Wonted Inky of the Chancellor of the I:echelon, when be talked of his eatteme re luctance in continuing the Income Tat epos a con. try so severely bsrthened already ? Rot of that Tat bineldom spoken( late, unless to sing its dirge, sod to lament the loss of so ponds' a source of bounce.— Ile would ask the Noble Lord, whether Ministers bail performed their repeated promises to the reentry of rettencliment in all enuecessary eapenditeue? Whether they had done so in the collection of the It sal Wes it net tree, that in one real branch of tiv Revenue, neaten, the Beard of Excise, (her Sad rejected a proposition In effecting a greet Ming In the country ! Ws% it sot true, that the Board of Excise, of otiose conduct he could not speak with too meth sN:lauso, loci effered to collect the other rt WNW! of the country at five and 4 fraction per rent. ir.to d i f 13 and a (fat. ilen, the rate at which it sera ruse collectini? This was no, branch of his Height Hon. Friet.tra (Mr. Tierney'!) Budget of Rea. IfenClifnent. by *bin a suing of half a million per annum might be effected fin the enentry. There was another system also not new tone MO: 11..nouratile Gentleness opposite, against which More was string ground for complaint ; sod olds was the collecliou ed a very considerable portinn of the revenue, foe •hiali the Collecting Officers were paid fly a rate of l'*"d" age, by which nee, of ;Narcoses were fond le nary par: of the weeny to itocreate the iffilemata at