The British Press; or, Morning Literary Advertiser. — London, England, 1808-05-14 00:00:00

hire—he had eeperienced his friendship.. he had kllOWii him in the time of his vonth—tinil during att•thitt long period. be ulna. b ear - this teitiniony Sb Air character, that he had invariably found his con duct actuated by the best heart eeer possessed 4 by man: Bat when he took into contemplation the r•orisetineaces" of such ao alteration as might result from the good wishes of tbat Noble Lord, paamps we might outstep the bounds of prudence. and give too munch scope to the contracting of deists. At the same time, every safe and gradnal me.tsure ought to be adopted which might relieve persons from that excessive punishineilt whicli eomotimes was inflicted upon the contractor of a small debt. The Bill now before their Lord ships, was, in his opinion, a measure of that ten 7 demi, mid no that aeconnt he gave it his sup port. It *lid not extend to great debts, because • eomawn prudence, nee •ssary to be exercised by the creditor, would of itself dictate how far credit osight to be given to the debtor. In this kingdom, trnotc it was well known that very often prisons of I.:llbrtlre by means of small sums of mo sey being tuivaueed to them upon credit, frequently, byinelastrions exertions. founded upon hnnesty and integrity, raised themselves i.ito situations of im portance in the country, it would therefore be wmaliy their Losishipie attention, that Every far t lity shmdd he given for securing that credit, in order that it might continue to draw forth those exertions which have been found an useful to the community. On these grounds the !Coble and Learned turd ettoriuded by giving his decided opinion in ferrous of the hill. The Bill aas thou read a second time, and or dered to he committed on Tuesday. Lord Rot.t.r pn seated a Bill Kir the Regulation of Parish Apprentices. Adjourned till to-morrow. MUSE OF CO7.DIONS. ' Mr. Posers moved., " That the order of the das for the production of the ropy of • Letter, from the Governor of the Book erf Indand to the Clianeellne of the Exchequer, be dacha. gad, as the Copy was found to he errosernis." ThO beim' one, be then moved, " That the orginal doer*. wont might be laid before tlor Houle." This being assented to, it o as laid opus the table, and ordered to be printed. In nolei to give time for tlw conildiration of this dom ineer, Mr. Foster withdrew, for the prompt, his mottos res ters m the Soak of 'reload. A Messuss float tha Lords intimated their assent to the Several°, Abobtioa 841. Mr. Sierras* bares r, in pursuance of a notice, moved far tease to bring °, a Sal to extend the prorisieas of the Ant of Cliefift 11. WWI Vri!lista 111 relative to the inclostare of Coors Lands sad the preservation of timber, within the Lease and 'sew Forest, as well as other parts of the han dout Afire sato Ater-rations from Mr. SUAW Lt illgrar, re lative to the Iterauseratten to b granted to Commissioners trader Owe, Acts, Wore sae green to bins; in the BM Ms Coreasra Tryon/is pressidel • Petition from die Cleary of Derkshirr,-igsaarist the Stipendiary Caseates* bah so- oe.iilatig in Purnament —Laid as the Table. lir C inflate Pose postponed his =oboe from Monday Sc IVedstestiat east Me, at the same time, moved, " That Mbar be hat before the Ms-rase • Copy of the Order dated MU Firbruies, lino, which authorised the Hoar,' of Ad. apiralty to income the Pay sad Latabitelausent of the Rol* Ni'' 'l...Ordered. DISTILLATION COMMITTEE. General Gascovse presented a Petition from certain rai.rchunts and inhabitants of Liverpool, magagini In the West India trade, proyinthat the raprommiem of bition the Committee. as to the distil lotion sal spirits from ninlasses and sugar, might be carried into effect, as it was impossible for them, under the prtniont circumstances of the country, es get vent for The great quantity of sugar on hand, unless tome precaution, of t lie nature recommended, asr:o *donna' by Ile House, before they adjourned their ser.siisii. • • Ailiwral lianvcv said, he eonlil not permit this , Petition tii be lanl jspun the table, before colsiening, that hi'. cowitit :wets had suds strong olsjections to urge against tbc measure so recommended, that the'' , would certannly present Petitions to that ef- ' ' feet, if steps were taken to carry that recommend :6i 1111 l into e \ ?NM! ihtt„ Tow I),•tit 'nu W.:31 then laid upon the table. Lord Bp. s iso. who had bee.' Chairman to the Distrilatinii s'istamittee, stated, that as he snider sts.il the r.• were several persons still very 1111X1OUll b! •thooki l iostprine hie motion illative to the m oon : he therefore would consent to do so from Monday to Wednesday nest. lie hoped that no onstaele would be thrown in the way of some mea sure being solopted upon it before the conclusion of the Sessioli. Admiral II inVFJ said. that lie ...limpid oppwte any such measure as that rcesitaitteadvil by, the Committer in every stage. (*Mt.!) strA LING SILL. Sir eitAitt.;:s l'atcv brou:ht up the R?port of this Hill. I hi the motion for the a:ipointinrot of the third mailinz, 'flat Soucy-roe-GEN FR it. ni.,,, tees to the word o maliciously" beicc: used in tilt 11111: for if the eiwavictinn of say person gotit• of the offeni c aas to depend steibu its IlaYIIIL.: levet. committer! a itli torah t a.Ainsit the child stolen. or the parent of it, few ernivietion* would take pine.. Sir ti.astost. Roily, t y said, it did appearto him to be extremely important that tilts word .• ma ' liciatisly" should stand In the Bit% ea it merely na...e .t winitesily, wilitsgfutly, or tendin:r tu envinile all holiest motive+. „A eitild inieht be .. stolen from lairvo. alto wrii. entitled to tts it gal custody, by timid, foyer, or strota4e:n, sharing the pendimr of • dispute betweeu relations. Could it iic adch a Valle be said, that the word "maliciously" was misapplied ? lir confessed, that at first it did appear to bus to iw , eiti p ettionith 11, but, upon re sons'aleiation, it did not now strike hits in that light. The Sot.iciron-ticsitast added, that the rea son why he thought the word *• maliciously" ob jectionable, aa4 improperly applied iii suck a rime, mu., that iw knew of no instance of felony ahem tl,, t i t ur t l o isialitoitaly" was coniteeteA v4th it.— Tim stied '• Maltre" was never tistd in rharres for stealing a sheep or a bone. Ile was, therefore. I stall of opi.s:htt„ that tan 11111rilthUr:1: should bit terror . ..n..l to the sifort lie hail stated. ' S The SrIgAIIER ollaerrerl. that the Illotee coaled ~,. not adopt any amendment in the preseat stagy of li t h e Bin, i n that it must he delayed till after the ) third rea,ling. .After anise further observations from Sir Bt . asevi. Itoti.t.e.: awl also souse definition of the wens '. malice" II Mr. Eowaan Monats, the niq was ordered to be rend a third time on Wed , Lemlay tec.xt. The Ititertheat Bill was read a 'Lies' time aatd •pst•aell. 111 c. Dr DAS tuove.l for the productioo of tari ous documents relative t• the revt lines of the East India t.• pity, Al of which were seterally ordered. e1t0%% N LANDS. Mr. licsittssers. in pursuance of his hotiee. moved as a resolutiou of the Muse, " lisat in all Bills of hieinsure, draining and improving any lands in which Ili. Nbijerty has an iuterestin virtue of hiF. Croat), there be a clause or dames intro duced, enipone.ing. the liurvevor4*arra4, or if the hinds he ie the Duchy of Lain isler, the Chan cellor of that I)ucliy, to appoint Commissioners to attend to the ititeresti of the Crown. Ntr-Witurnatuip Wa4 proceeding to object to this motion, thinking at first that it was a Bill • the Right llonourable (.:entleinan was proposing; but upon being set right in this particular, he merely observed, that he thought such a resolution wholly unnece,sary, as uo instance had occurred in which the nib -n-4s of the Crown had not been attended tpi. 11 there were any, it must lute; beau owing fo the neglect of those whose duty it already was to do so. _ _ _ Mr. iit'sntssos informed him, that there bad occurred vanous cases, and particularly in the in stance of the act which hud passed for it/closing Sherwood Forest, in which no &mutton bad been paid to the interests of the Crown ; and when it was attempted to substantiate them, it bud Leen nrgued by those afro procures! the Act, that the Crown was not entitled to be heard upon the sub ject, there being no proviso in the Act to that effect. ‘Vhat he wished, therefore, was, not to allow the po,sibility of such obstructions being thrown in the nay of the Crown's chinas, and that Commissioners should be appointed, wherever the interests of the Crowe could not he otherwise at tended to. Mr. TAYLOR thought it was the ditty of the Crown Officers and Surveyors of the Crow n !Ands to look to all Inclosure Rills passing that House. It was very easy for the Surveyor either to question the Law officers of &op Crown, or to apply to the House itself, in cases wham it might bideemed ne cessary. In most cases, however, the interests of the Crown would of course be preserved by those whose duty it was to attend to them. The appoint mesa of Commissioners, in every case, would be at tended with a very heavy and unnecessary expense. What did this resolution tend to, bet merely to supply the neglect of those entrusted with such of ? There was, therefore, no occasion for this sweeping resolution, as it would create ei pease, and give more than a proper degree of power to individuals, %bile the• interests of the Crown alight be very well attended to without it. Mr. Ga.tussi also thought such a resolution wholly unnecessary. After some further conversation between Mr. STURGES BOURNIE, Sir JOHN N rWrOST,the Coss- CELLOS of the EIS mots, Mr. BR.Aev, and Mr. Ht^sitissox, the Resolution was agreed to. The committal of the Dublin Police Bill Wai, on the suggestion of Mr. PONSONSTI and after some conversation, postponed from IVeduesday next, to this ,lay The Cnallo:i.t.na of the Flitstotta moved, " That the liouie,at its rising, do adjourn to Mon day next." STOCK TRANSITRS. Tha CH INCELEUIR of the EXLJAC(II'IIR. in pur 6111111le of his notice, moved, " That the House do so into a Committee, to consider certain Resolu tions which he should submit to them, for the pur pose of eaahling the holders of Stock, in the Three per Ceuta. to transfer said stock, to purchase An nuities." The Rouse aceardinglr went into a Committee. Before ti.te ORA S 4 ULLOR of the likcamat;Ert proceeded to submit his propositions, Mr. TAYLOR stated, that lie understood the _ Property-Tex had not been paid up. and put a piestion relative4herato to the Right lion. (kn. Orman. The Cn 4N CIF LLOPL of the Eicoeor ea rose and said, that lie could not at present answer with pre visioii the quertion put to him as to the Propert.- Tax ; but at all events this surely w AS not the most proper opportunity for entering upon such a sub ject. lie bad moved the House to go into a Com mittee, to enable him to submit certain Resolu tions, laid' a view to• melds persons possessing 3 per cent. stock to transfer that stock, in ordes to obtain annuities in lieu thereof. This alone was the subject he intended to discuss in that Committee, and he felt that it wa. one of gnat im portance; yet he thought it ass not at that parti cular moment that the propoutious he was about to submit were likely to lead to any discus sion whatever. Ile nay not to request of the Committee any opini as to these Itesoliitiovis at pry.cot ; all that he wished to do, after esplainiag the nature of the propositions sod the yam of them which hod recommended them to bio odop totsa, sent, to pOuposethet one of thesettesolutiotst should he read, and that the Chrinasu should report pnti.:rt•mh iu ordcr that the Hesulutionsmight la; minted, and mime day nest week appointed fur tukingthein fully wto discussion. Thomas fin- the purpose of enabling Nlessibers to become ae (lnsulted with their nature, previous to discussant them. Before he proceeded to state kuy thing whatever as to his plan, be thought it of im portance is g ;mot himself against the effects of Honourable Gentlemen imagiuni; that has pro positions would teal to any diverting' of the Sinking Fund from its proper object, the re demption of the Natiolial Debt. Ile hoped that on p►e-voawived opinion avoid be encouraged or taken up, that he was endeavouring to subvert the Sinking Fund, isr to feud it from its naturel chan nel, for the purpose 'of facilitatiing the ways and memo for providing the supplies. Hiviug prem'ised these observations, be should nest proceed to sate the purpo►t of the resoltitions be intended to pro pose, and the reasons which au-tooted him for their adoption. He lIIIIMkt to suggest, t h at power shonld he given to any person possessing three per cent. comiohdated, or South Sea neck, (whether it limy ate necessary to extend tins power to other de scriptions of stock, bring k matter of toslisequent (mead •ratise) to t•an.+fir ties stock into the hands of Commissioners for the ttdmiption of the natioaol debt, and be evititled to nevette *orb ea annuity weer sad above the value of the dividend payable upon *ors, so transferred, as Would eitfouut to the value of the princidt masa ferred for • the annuity upon .the lite of. t Verson uniniaated. This was to be done by taking the value of the stork at the current price of the day, and ealcalatiug die vat of the anituity to be granted to persona not trailer J 5 years of age, and coefiuing the trun ster. at the same time, to sums not less thou IOW: capitol. Ile thus confined the amount of the capital, so to be mune:Ted ; as there %mild be as lunch trouble in transacting the transfer upon the smaller annuity, as upon the larger; and if the age acre nut also to be coutitied, as he had stated, to persons above ass, there could be it Tooter Facility afforded tOr imposition, as had already beets evinced in many eases of toutrue as uuities. The effect that Would be pmduced by this transfer would be meanly to takeout uf the market, at the time that the tratrafer is made, all such stock as might lie the subject of such coiumutation, bat also to secure the reileruptiou of the netioual debt, to the ainceurt of the funds's° transferred, at the rate at which the 'stocks were ispoa the par ticular duy oo which such trunsfer vies wilily. —lt was this which earticuhirly roc ornineirded the measure to his lineation, and Jae trusted the House would see that it was wise to adopt it. The late effects of the Sinking Fund had been greatly to iucreusethe price of st..ck. This was within a very recent period, and the experience of past years lied strewn that the tanking land would be the means of increitsiug the price of stock more 1111(1 more, and the ultimate effect would be, that an opportunity would be secured to ftve public, at seine future period, for the redemption of the whole of the national dobt, at a price root interior to what it at present stands in the market. 'this %sanld surely be on extremely desirable oleeet, and his present measure, su tar from retarding, would certoialy, in a great degree, tend to hostess ib progress. There were two objects that lie con ceived the sinking fuud, trnw first ega blisliment, had in view; the one was, to pro vide for the tine! redemption of the national. debt, and tlje other, to keep up the price of stock iu the marlet, so as to enable the Goverumeut of this country to make udventageons loans fur the public service. It, therefore, tended not only to support the public credit, but to secure the final redemption of the public debt. Now it must occur SO the t'orninittee, that these two objects were somewhat ineousistent with each other ; or, in other words, that they did in a certain degree counteract each other. Ithatever enables the Government to borrow money, or transact loans upon advan tageous terms, had the effect of immediately rais ing the price of stock, ere such lean could be con cludes!. Now, he thought that the proposal which lie was now making,. would lent' the advantage sof combiiiing both these objects in One, as it would have a natural tendency to increase the price of stock, and at the same time secure the redemption of so much of the stock, at least, as transferred within the compass of this measure, antecedent to the effect at' the rise produced. The proposition which lie had thus briefly stated, must be in its mature and ten dency pretty obvious, e ithout occasiotring hies the necessity of entering into any detailed explanatiou but lest rosy dubiety might exist, which it might be pauper, if possible, to attempt to remove, he should yet be somewhat more particular. The person who transferred his stock for the purpose of con versing it into an ammity, would be entitled to such annuity, according to the value olohis life, as would be a fair cousideration for the stock so transferred calculating compound interest upon compound iu terest, keeping in view the number of years the in dividual so transferring was likely to live ; the compound interest upon the annuity that is to be granted to him, over and above the dividend to be paid, will hare redeemed that portion of stock, or sum of money, by which the annuity was pur chased, withiu that period that the life of the indi vidual was expected to last.. For instanee, the effect of a transfer of 10001. which would be esi titlirig a iscrson to receive 301. a-year, so long as it reinareed stock. might, perhaps, when thus trans ferred, entitle him to receive 601. a-year, during his life. calculating upon the consideration. that it' the' 301. were continually accumulating, by comprised interest, it would, in time, amount to 10001 and redeem the debt, but not if the value of stock pro ceeded to rise, us it naturally would, by thus being converted into Annuities. It would not only have the effect of redeeming dad whet amount of such tnruslins, but would likewise have that of taking iininediatelv out of the market a mach greater proportion - of that negotiable security than could be erfectid by the operation of any other measure. Instead merely of taking 301. out of the market, sucha transfer, as I have stated, would take 1000!. and operate as a diminution of that marketable stock, from the moment that transfer was made. It was, however, obvious, that the whole of the merit of this plea rested upon the propriety and accu racy of that expectatiou which was formed of the stocks being likely to rise; bursas: he would admit, that if a eestrary fate should g teed the Node, it could uot be expected that advantage would Le derived from it. The principal cans Aeration walk, whether, tender the financial ciruinstances of the counter, there was not good reason to be assured, that Use fleets would continue progressively to rise ? In the state in which we were at preseetet, the House would be surprised to hear, that since the liege chstiou for the last lows. the rise of the funds hae toe been less than 6 per cent. upon the stock itself, amounting toy or 10 per cent. upon the capital. The price of stock in the 3 per c.srits. swat that time 62, and is now about 66; so that if, the 191194+ sure he now proposed hail been suggested or set an foot last year, then. whatever quantity lof stock had been converted into Annuities when time price war so low as 61. the redemption of that stock would hurt been secured at that low rate, and the amount prevented from becoming a bur den upon the Sinking Fund. He should not say that such a great anti sudden rise was to be cal earated upon ; but there ass every reason to be heve, that whether we were involved in war, or en joyed the bleeeings of peace. the effect of this mea sure won'd be to keep them up. Suppeting peeler should occur, he tether uppreheuded that the effect of it would be to raise the price of stocks. As far as experience went. it bad been uniformly fouud, that the return of peace bad %crated di rectly to do se, mid-r the circumstances .atteuriing the existence cc 1 large Snikiug Fund ; because, • • • 1 / 4 * .1. • when tile , dr . . •e•tlial ;it require luau to 1,„ tat 11 . ut taaw e uats t o Couutttart the lieu 41fr‘ to • • hihkisax Fowl. Tut egfeta of tkle t Itnrutl the Treaty of Amiena, W Fi td rainetheitts from an to 77. A t that time the attsot vel Smiting Foull was 1 . 50400,000, and %mould of the capital debt Wu , 4611,04.10,0001. _to that the:iirtkio g Fuud amounted to about one eiaty-eighth part of the u hula duht. The amount of debt at the present day via. 5145,000.0001. and the Sinking Fund uww amounted to ---I. bring a s I—enth, Instead . . of 1-eirsl part of the whole iiebt. There was, therefore, every reason to suppose, thatthe roam of pence would produce a prolamin:time or consi derable rise. Supposing, however, that we etre only to took to the owe of war, we were en. titled, from oast experience, to believe, that the effect of the Shaking Fond was sufficie n t to prevent all the iticonvenitirce likely,to arise to the thouicial concerns of the country, ky meant of the continumice of hostilities. both f m .. fug the effect cat, the Shaking Fund alone iu raising the price of stocks, then this proposition would secure the public against' the isconvenicuce of redeeming the_ national debt at a price beyond that of the present day. The next thing to be con sidered was the probability of - such a proposition operating to induce persons to spectilute JO the pur chase of annuities to any grist extent. He thought that, as far as it went to operate iu effecting a clear good, it would also have those other advuotageuus effects. The probability indeed of its being efficientonight be looked upon as being Very tab. siderable. There could be no doubt that there was a great number of persons disposed to be.. come purchasers of annuities. Many felt the want of the morns of securing to themselves au increased iueoiney such as annuities upon their lives might give them, without risk or expense. Under this plan, there would be no difficulty in obtaiuing an annuity wish the greatest ease, as the object of the plan Ca. not so much to procure the mere sale of it, but to redeem so much of the national debt at the then current price, by meatus of giving full value for it, iu a manner that most naturally be both advantageous to the individual and the country. We might, therefore, noon the whole, conclude front the present state of our financial affairs, that our fonds would rise higher, fold • I!. all equal proportion, the amount of the Olt bona' debt would become lower. Aholher poiut worthy of notice was, that he meauit to coa flue the operation of this plau to the traiieffer of stock, when the price of it did not exeeed 90, as that price might be considered the nitslitini, beyond which it would nut be advisable for persons to transfer their stork to purchase ainnuities, nor desirable for Goveriiineat to secure the re demptiou of the national daises It might tie found expedient also that future loans should not be transacted when the 3 per cents could only lieeedeemable at a higher price than so. -i-flaiiug thus stated, with sufficient periipicuity, for the present occasion, the general outline of the measure he had to propose, he should now only trouble the Connmitter with reading the first of his resolutions, and afterwards move that the Chair man should report progress, mai that the whole of them should be printed for the consideration of . Members previous to their farther diseuision. flight Hon. Gentleman then cuucluded with 111101/10g - That it isebe opinion of this Committee, that it rrouli teed to the speedy reduction of the National Debt, and he, at the mute time, an teeo:nutodation to the public, if .'vary propeietoe of the Three per Cent Conaulidated, Reduced, and South Sea Stool, be left at lawn, to exchange such Stack for • Life Anieuit?, of an individual, a holder thereof, or to the hougxet liver of trio uuntiaecs." The lion. Mr. BRAND observed, that the system which the Hight Honourable the Chuaellor of the Exchequer was thea propesiug, had this great de fect, that it woukl produce such an accelerated iucrease iu the price of the public stock, as would be attended wish very improper effects. Such a consequence mart necessarily. follow from tatting se large a sum u five millions out of the motel. market. Mr.( TIERNEY was of opinion, that annuities at so low a rate us lel. • 131. or even eel. per annum. were dangerous in the extreme to perisous in the lower orders of life, being productive of an in clination to speculate merely for thewselees, to the destruction of their little families and domestic concerns. Yet though this might partially ope rate to the dmldenutago of the public murals, it by no means appeared to him to he productive of the game important benefits to the Sinausces of the country, as the Right Honourable Gentleman had stated., There did nut exist in this country that extraragaut inclination to sink their properties on annuities that seemed to have pervaded the cotiotries abroad. In Pruner, wider the old tem, this practice had gained considerable gnome!. It was the opinion of persons in that cosontrv, that if they could provide a suitable poring' for cads child, iu proportion to their property, they might cousult •their own Comfort, awl, emsertisenee, by laying out the remainder on en annuity to provide for them old age and intionitice. /or were the terms eireu of a townie relished is this coantry though seconded by the great abilities of Mr. Pitt. that projeet had failed to a considerable ex tent, lietianse it was not (*misled on a knowledge of the political trains of the British ustiou. Other principles actuated this country. If he would hr permitted to give an opimou of the ehsuontivn of this country. in matters of trade mid speculation, he shootd say that as in crease of capital am the grand object of met' ut this sky. Ileime be did not conceive that men ef coswelersible property would he led into tt e share of the Right Hon. Geutleman, how intoli 'peever it might be decorated. lie was surly isesi, mitts respect to the J per Cents. to hear from trio RIM HOD. Gentleman, that a hope *at ierluiged. and a conviction proclaimed, that peremis who hall property 'n tlivae Stocks would. by the operation of leis plan , be imbued to sell ant at the etetneut he expected the Stoeks would vise. Thi. ass net at present, at least, the habit ef the possessors of Sts'. 11/ London. But the groped of all these systen s was, that thite was a certain large sacs I.lf tuenev ever stetuutsl its the natme, eli.cli waft 'somehow or other he employyd ; aro. it. trade was generally lit arznaat. sus Mg:mumble eseitlstom WA.; .12ht : ► follow, that this s.:u. IJ - ,1 Lt :t 1 it. nen' I twitio !OWE Ireeel - Irla I ti