The Statesman. — London, England, 1813-03-26 00:00:00

• ~,. . • .:~ lag to the meaning of a contract, or an Aot of Parliament, than to any authority. But let the llouse look at the state of the matter, and see how it stood; which was not on testimony, but on. the, arrangement between 1798 and 1800, and ksecond arrangement in 1802, by Mr. Addington, concurred iu by Mr. Pitt. Public credit at those periods was much depressed, and for the first time a large por tion of supply was rpised within the year by war taxes; and an' arrangement made for the rapid re duction of the politic debt, by the Sinkitl Fund.— In. 1798, the 'triple assessment took place)7ettich Wils changed tot Om Income Tat ; %which was .tu he mortgaged Air the redemption of Ike capital debt. The object was not to postpone , redemption beyond fortrAve 'years, but to accelerate 'the der ption of all that exceeded Ille ierit Of Blaine Fund %elan a . shoet Mr: Pitt ) tee any ether Minister, was 'at M.. ! erty pro 'pose something • else than the otie , per -mot. he Was to Act ,upon a ressonable.'hope of reduction within 45 years. The object of those mementos was to invigorate and improve the powers of the Sinking Fund. His Right lion. Friend (Mr. Vansittart) *thought that this *tilled 'him ; but that Was A forced View of thesase, tank* Mr. Pitt had-contemplated 43 years of war. Peace dill• arrive in 1802, and • Lord Sidmoutb repealed the Income Tax, on which • lay the charge of, redeeming what stood on that se curity. In 1.802, there was no departure from the A'et of Parliament. If the original fond was with - drawn, the matter remained like any other debt con: flact . e, upon which Goverumont, at the time of assigned a differentsl4leg Fund for 45 years. t hat minuets wasactionipanied, on its pro. • position, by titans and statements,, to prove that the amount would be reduced in the given time. It was a plan at the option of any Minister, for a Sinking Fund to commence at a future period ; but yet 84, 1 ficient for its object : it was the reversion of the four millions, and of the one, per cent. as they became free ; and the assigning of thus to the redemption of the debt. There was nothing done, which there *as not a right to do : nothing in contravention oT the Act of 1792. Ile, when authorities were spoken of, would appeal tea very grave atabority-;-the Re-- port of the Finance Committee .of 1797. To what- . 1 better kind of document 'goad ite refer? It stair' the circumstances of the old gybing Fund,_ and the nature of the Fund undettlie Act of 17925' 'The old Fund, it remarked, was no longer applicable by law to the operation of the compound interest upon . thg old debt; but that the •objecfof the new fund was to ensure that operation till the new debt. should be reduced. lien he might stop; but 'respect Tot Mr. Pitt's memory compelled him to :proceed. When the Bill of 1802 name into the llousei for the consolidation of the debt apl the fonds, and the public attention was much drawn to it, a. person; of eminent skill in calculation gave him (Mr. il.)ir ingenious statement respecting its future operations: ! the conclusion was, that after the consolidation of the debt, we should, at intervals, measure the pro. positions between the Sinking Fund and the debt ). and whatever appeared of over-balance should be held applicable either to the remission of taxes, or some otbdr public relief. Ile (Mr. II.) was much struck with this at first, and gave the plan to Mr. Pitt, who returned it to him with his pointed repro.l . Dation of it. When be deftmded it in a -view of peace, 'Alr. Pitt said, he had other plans by which to provide against the rapid accumulation of debt : and as to state of war, it was inapplicable and ruinous. —lle used harder terms than those, which he should not then repeat: but the present was, in ef fect, exactly the same sort of plan; and there was the authority of Mr. Pitt ag ainst it. Though in principle the same, he admitted the complicated ma. chint.; y of detail was different. lle should,' however, do injury to his own views, did he not say, that the' present times were very different from those when we were in peace, and credit was high : and it was not theuglit we should Aiant.another loan for a con siderable time. NO ‘4" we ,'ere in an indefinite state of War, our credit was depirssed, and our loans greater than ever known before; we were in a situ ation altogether difficult, both as to economy, and uto what concerned the public . creditors. The principle of his Right lion. Friend's plan seemed to be,. that we might, in time of war, push the amount of the public debt to its Minimum, and reduce the Sinking' Fund to its minimum ; keeping in view the extinction of debt within forty-five years, without a reference to the total anima of unredeemed debt.— Such a principle must hi the end prove fatal. It should be. recollected, that • the whole public debt was in the market. A debt of one hundred millions might remain without danger; but one of e_thOusata millions would break down the system of our finance. , This scheme might do in the closet,. but not on the Stock ExChange. Queen Anne's Boentyl might as well be taken on similar principles. I those on which the Sinking Fund was to be treated.' lie felt pain in s opposing his Right llon. Friend's plan, and in objecting to what be termed its advan tages, which be thought only calculated to -confuse and perplex, and to divert attention from its de.. merits. The benefits stated Were fur. First, to provide fi r the gradual eqesiblo reduction of the public debt : secondly, to guard against the too rapid diminution of the rate of interest :. thirdly,. to provide a subsidy of 120 millions : fourthly, to accumulate, at is period of peace, 100 mil lions as a provision for any future war. Now it seemed strange to provide regulations for equable. reduction, as if we had already done too much on that subject. Notwithstanding all that had been done, we had, during the last twesty yeare, paid off (...)00 millions of debt, and had incurred 600 mil lions. It was proposed to render the reduction mots • equable, when we were borrowing twice as much SC we lied done, and, were to lessen, by one-halt, this means of redemption. We were adding more in two years than we bad in the preceding six, and now we were to impair the Sinking Fund. What was this fear. of the diminution of the rate of intensit,when the sum wanted for Great Britain, Ireland ) and the East Indies, would be found nearer 40 than 30 mil. lions ? With all the advantages of nominal capital, and an hitherto growing Sinking Fund, we could not borrow 1001. within the legal rate. Ins Right Ron. Friend tgild the Hone last year s , that his patient wan le very)ow• state ; bet thatou the next occasion he should prescribe some powerful remedy for him.— : now the patient was in a worse state than be. ' ~~ y . I 1 14) Fir him bat teWok ' 1 11 4(it144 t• • • tK of no'ireil be.n;‘ es the public would slot be more ready to retOtO to , the system 'of fresh talltido.— l c. The tame obserenti apppe)tred to hini to applywith equal strength to wt was now proposed. He should thority of certaic alt lly _ _ if we could not distinguish between debt wealth : .as if all public debt was actually public opulence, instead of beiog : the melancholy record of 40 much Hoar' ,On• wealth consumes L-4 . anadyani;ge wM 1-eld oqt as to the .postpoqemeut of the neoeuity of fresh taxes.-4urely, "len every forme{foeling aad example were quite lost, we ought to consider well. all corcuasatinces, before we retorted to this popular and pladdble expedient. The new tables had pre sented to Mm the paradox, that we *Ors to add, to our unredeemed debt, and diminish our chaegoso-i-It did seem . to him, in viewing the statements, that In 1830 our debt would be greater, and our.,cluirges thereby increased. He felt sure there most be some mistakes in the scheme . : there was a delusion in the printed tables. In table 1, page 9, it was stated, that through the operation of the system, a Waller proportion of our natural resources would be respired for reducing the- debt: only about 18,0000001. The charge was to be dimiaished p sad the Sinking Fund brought to a par. Whys. in 1821, when the loan of 1807 was to be set free, was not a sum to ba applied to diminish the charges; for that would make a difference in the representa tion of the amount of taxation ? What was to be come, in 1829, or 1830, of 30 millions of taxes, which were to revert to the public ? Deduct themond what would be the result ? Or if they dedeoted the , - also sefer,:as an , in support of his opi. Von, to a Protest , in Lords against the syste Of ipo9.--:ft began in the (*Hewing ,wanner:--:: . 44 Beaune we colickye it inconsistent with the win ,eiples upon which the Sinking Find, ana the War . Taxes were established,—pripciples which, for 23 years, have never been departed from by Parliament, notwithstanding the changes' of men an 4 measures ',which have taken place since that time.", The first" name to that Protest was Lord Sidmouth. The name • of Lord Grenville was also signed to it; and if , the' name of Lansdowne was not added, he might ven ture to attribute it merely to the circumstance of his not havi.ig then a scat in the IToase of Lords. In 1809, however, the loan was got on terms ad vantageous to the public, and at terms below the common rate of interest. If, under- proposed system, a loan of 28 millions was requi 4 .he would senture te•say, that for that purpose, near eu millions more stock must now be created than at hat period. TMs difference would lay an additional c rge on the country of 400,0001. annually for inter t and sink ing fund, besides the reduction which fight other. wise have taken place in the interest Exchequer _ . Fkiend, b , - 'lt4 ink 21,800,0001. of taxes which were to revert to the Bills to be issued. His Right Hon. , how. public in 1821 ?—lle then pointed out various other ever, might just as well lave thrown flui interest of objections to the foundation and operation, of the; the loan of the present year on the Sinking Fund, system. It was necessary to consider what would , without proposing hik general system. In addition be the operation of the proposed system Costrasted • to the other authorities, to ,which he hid alluded, with the present, not only in the accumulation of he would mention the opinion of the greatest of ,au , unredeemed debt, and diminution of the pinking thOrities on those subjects, Mr. Pitt himself. In the Fand, btii also in the positive increase of boles at autnnsu of 1805, before be went to Bath; he 'had no very distant time. If one was to .look forward many conversations with him respecting his plans of "to the year 1837, the' proposed system would have finance for the ensuing year, and he not only per., by that time reduced the Sinking Fund by near two feebly recollected the substance of those converse ! millions annually, while the principal of the ust. • tions, but he could show his Right Hon. Friend, Mr. redeemed debt 'would be increased near 300 millions. Pitt's ideas, in. his own, hand.viting aboukthettime t The great desideratum for many years, had been His idea was to lay on as many taxes,.both war taxes the equalization of the expenditure of the coup. and permanent taxes, as the country could then belie try with its income. The hopes that had been ; without affecting the source: of its prosperity. It entertained on that subject, would be dashed , was his intention thus to • add to the Sinking away for ever if the present system was persevered Fund for the security of the public credit, instead in. If so great a portion of the Suakin Fund of taking any thing away from it. For the last year, was now broken in upon, what security would when his Right Hoe. Friend spoke of a vigorous meg. there be for the public, that the remainder would : sure of Finance, it wis at a time when there wal hard uot be broken in upon also, as soon as their conve. ly an idea entertained that Russia could bear up against nience required it ? Had the Right Honourable the immense force with which she was invaded : and Gentleman settled in his mind wind he thought was certainly, the most sanguillre mind could not have the minimum to which the Sinking Fund might contemplated the happy change in which every one he reduced .• end did he think that the public would' now exalted and rejoiced. It 7 then, Russia had be satisfie d to hoar what this minimum tnight`be ? been Subdued, and the Continent entirely closed In a very short time, if this system was persevered ; against our commerce-- . -then, when the means or the in, and any enquiries were made about the Sink- ! country were dried up—thee his Right'llon. Friend lug Fund, the same answer might he given, which was to have come forward with his vigorous system a Marshal of France gave to Bonaparte, when he of finance. It appealed 'to him, how,ever, that enquired about the Grand Army, namely, that it whateier cause diminished the means of the country, only existed upon paper. Under this system, the ' should also teach us to diminish ear war expendi. accumulation of charge upon the country for the next I ture. As a Member of Parliamept, not .having ac. Ifour years would be greater than all the charge in. cess to official means of information, he thought curred by the American war, or by all the wars he. : that he might be allowed to Mier his objections to fore 1783. It was not safe, merely to set up public any plan proposed, without being called upon to convenience against tho violation of what was esta- state another. He assured his Right Honoura- Wished law. This system would be a decided viola. b!e Friend that he was sensible of the great dillicut. tion of faith to the Stock-holder; for .when a loan ties, he had to contend with; and instead of throwing was contracted, or, in other words, a sale made of a . any fresh difficulties in his way, he should wish, if certain number of .annuities chargeable on the re- possible, to lighteu them. As he had trespassed so long' venue, and subject to the operation of the. Sinking . .on the patience of the House, he thought that it, "Fund, it was evident, that..tftkittet away (lint Sinking t might be eipected that he would give his ideas on the, Fund, would, by lessening the demand for the thing I subject. The Right Hon. Gentleman then, in a few ' sold, diminish the value of it in the hands of the words, stated. his plan to be, that 800,0001. now War' holder, *44* would lie j. invasion of his proei Taxes should be raised, and charged by anticipation party. It Was by. no means true, tbat.ihose wlio len - tllellnklag Fund. This increased Fund might.' purchased in the Funds looked only , to, the' security Ibe reduced In few year, by the falling in.of the Im4 of their interest; they looked also totheprobableim- I perial Annuities, and of the Consolidated Fund; e provaent of their capital. This would beeesily proved and if peace should be restored, therewOuld be I re. from t his circuinstance,that whena few Years ago a pro. ; duction of a million per year on the fire per cents. position was made to allow the 3 per cents. to be re- I It would be better. to adopt some plan which should deemed at 80, the idea was immediately scouted ass leave the great system of the Sinking Fund entire,l violation of the property of the Stock-holder.— t instead of forwarding a'measure which tended to de- ; Did his Right Honourable Friend now suppose, that ! stroy that excellent establishment. The Chancellor the Stock-holders would be content if he were to pro- of the Exchequer bad said, on a former occasion, I pose that the 3 per cents. might be redeemed at 60? diet he was ready to ley' down his life in defence The reduction of the value iu that time was not,mach ,of his new system;—.—NO one could ,doubt the short of 20 per cent. The importance of iheSinking . ! patriotism and loyal devotedness of that Right Fund had been acknowledged not only b y the tan. IlonoUrable Gentleman ; but lie could not help guage of Parliament, but by' their conduct for the thinking, that this grand sensivtent belonged last 23 years. In 1797, during the mutiny of the properly to the development of some other propose-1 Nore,, and at. other times equally MU*, - . Ministers, I lion' than that to which if was the other. •Ight ap. instead of taking away any thing rom this fund, • pended. It would have become rather the proposal were intent on adding to' for the pie s ofsivingl of some of those vigorous measures, which were .;rpoie additional security to public credit. The ;importance of the Sinking Fund had been -se acknowledged. by all nations, that even Bonaparte iu this tesPeq t found it necessary to take for his model the English Sink it% Feud. Ile, whose • whole, policy had been in the destructive transfer of heriaw lives from pre• duct's° industry to unproductive and destructive war still found ,it necessary to perpetuate Jds means lir "mini on bit tot,* to resort to a Sieking Vaud, which with •,talm wee hot mockery and dirtusi?o.; hypocrisy Iramimid,te he the hemage whisk vice mud pay to virtue, so wee fhe estehlislunent of the Fre(seh Sinking Fuhd, a compliment 0-the i esiellgace of the •Erigtishkitifutlen' Ai Ii 8416'. er ect.Bng44e was throwing the internof the loan epee the war Might H 7.44Friend who the EXCHEQUER coo. laded with mistakes, ! 9 !ptions so radical, that he incing -the .Committee of which he had prop,,:m. in that fear, because his all the assistance of illy misunderstood his which it was founded • ild have t talten a faire; contilarid it as the be enabled on giat play enjoyment of thOse provisrous a state of preparation. the time was reap v to avail itself of the ad- prepared. His Right Han. when he said that the posed would operate in a lerests of stockholdilrs, reconciled himself to the phlo - , h is Right lion,wri- Mehtioned. what he (the Chancel ' helieied was generally under. : the Act of 1802 muse at some time or other, necessarily take place. '!Till was that which must occur, and therefore the quk ,, ,. tion mem befdtre them um its a great measure, wile. they 'r 4%st the'- the Or . presort was proper time for de parting fiTortit ? IV was far from wishing to put the Sinking Fund claim Instead of doing this, hehoped the proceeding of that night would place it on a more soli.l foundation Wall it had ever had been, and make it more than ever a glorious monument to the memory of Mr. Pitt. admitted that, for all the lo ans con tracted since t e Acl of . 1796 was passed, the creditors had a right to.the full benefit of the provisions of that Act; but he contended it was in no degree in. fringed by the resolutions under consideration. pl an , o f which, they were a part, went to annihilate every debt, contracted not only within the period of 45 yeais, but within a shorter period than that within which its liquidation was promised by the existing system. Ile had thought, it probable his Right HotiOurable . Friend would have pointed o.it some case in which this could not be made clear, but as his industry had 'not discovered an instance a this, he (the Chancellor of the Exchequer) could tu,t but thinle. he had a right to suppose that such coul.l not be found. This brought to Ids recollection what appeared to him a most extraordinary objection to the'plan, which had been urged 'by the Right flon. Gentleman. Ile hid objected to it, that it , priu- ciple was to take the Sinking Fund, and after re !serving so much bf it as-would serve to extfitgaiiir Ithe debt in 45 years, to apply the remainder to the 1 public service. This he declared was no part of tha present plan, though he contended, by the Act of 11792, to vary the mode of the redemption of the debt to the principle of extinguishing each succes34e loan within the period of 45 years, were stedfastly kept In view. Nothing, however, in the presei.r. .1 plan brought this question now before the How, a 3 • the plan which he had mu:gelded, wetit to dischar7o the t debt ineurred by each loan within a shorter riod even than that within which, by the existie; :intern, it could be extinguished. That it was the lopinion of Mr. Ina that it ought to rest with Par liament to purchase, in the present mode of redeem). lug the.public debt without variation, or to vary it l according to circumstances, was clots from the proposition brought forward in that House in 1.303, with the, concurrence, and at the seggestion of that distinguished. Statesman. The Right Hononr able Gentleman had said, that if the Sinking Puae's operation •by compound interest, were broken in I upon at all, the o:ie per cent. which formed the Sinking Fund, might next be taken away.—fie strongly dissented from this opinion, .and contended the two eases were quite different. The mode of redeeming the debt might be varied, but the qiie per ' cent. could not he withheld or taken away. "1 4 'ne se— veral loans contracted were directed by the Act to he paid off in regular succession. Tile only way to effect this, as all the karts were raised in a common stock, was to pay off a portida of the &It equal to the amount of .tiotne of the howls, and then to assume such loans were discharged. The Act of ISO 3 clear ly•recognised the right of Parliament to vary the mode of effecting the redemption of the debt. T!le great object of this plan had been stated by the Ri&it Hon. Gentleman, to postpone the chargev which might now fall on the country for several years. lie admitted this to be one of the objects' he had in view" ° and he would own that. he thought it one of no small i importance. no hardly knew what could be more desirable that' to postpone those charges for flier years, if this could be done without violating thirs.t great principles which ought ever to regulate their conduct. lle would suppose that it could be proved to Bonaparte, that without, departing, from thaso F.principles Of good faith which they had hitherto kept in view, they could prosecute the war with vigour fur that period without imposing aay new burdens on the people. He did not think Bonaparte would find much consolation in looking forwatzl to the bank ,' ruptcies which might af!:..rwards tako. place. Grp it advantages might result from such a measure to this country. Within the, space of four years the face of Europe might be essentially chanted ; and if ever there was a period at which great sacrifices could he made for a time, if they could he ramie without a felolation of 'great constitutional principles, this w.t* the period which called for them. The Right lion. Gentleman fiad laid great stre,:s on the sentiments which he had delivered on farmer' tatcasiotis. lie had uodisOosition to deny what he had then state‘l, nor to explain his statements away. Content to take them as they stood, they were what he thOugin • threatened last Seision, and whis k might bore brought' was right at the time, and in nothing inconsiAte:.6 upon him a full tide of-oblOquy and unpopularity.— with the principles which he m•, h oow. The The epilogue belonged to , some Other:drama„ond not Committee would see, that a prevision was made in ' to this : for surely noestraordinary stretch of daring, the plan for a long series of years. - That great ex n.o particular devotion . • of ,virtoe, watt called for.in I pinces would bog be felt, he could not but expect; trimly laying hold of a fond which wat ready to..bis . but that the expenditure of the country would very i t heeds. if the Chancellor of the' Exchequer would lontramain what it was at present, he had no right r , it . In hits Inlentinn .0 f• sei4ing. by vicdpat k in ds, 0 take for granted. The Right lion. Geotleoun eaerlideposit which had hitherto beam unteuclied had taken an advantage of him in teferring to hif ':eiltopivii end opposing Statesmen, he mliht few a statements, sod supposed the case of the war coati tAtirp 'procure for kin*: a, deleshiegeSe s but tieing for Mrs-and-twenty yeart. If war should the omit motarty rJaies tw the praise of fortilede, onto contluue the scourge of • &trope for '25 years longer. . ' C ertainly be necessary on tect i r: 7 ool l l te row tte o f. em Cpirt t 11.C OPt c h e i s s 11611ki coantry g . er to that cage, we should .to as the peek of Cosa r.—E /bur l . hear!) sir nearly forty-list years (with little •interrup- - • ( 0 7- t.- - • I ." . . . . • • • .. . • • • , • , . , t, c, . -,.... 72 ,- , • .. I . . . .._ I • • - ' * S I ° 4 -• kot fore, and the physician' sa y s. _ t o - iiigp s ~ • . . . , .. flaking a Mullin proportion of them per. The CHANCELLOR of thi had just concluded, had show the , covered something In your coastititra . i . a, itt'. •, . ~, ~ T . l tli wia la time dogree liable tothe same kissed that the speech of 'his H ‘. - • tohwe, r:satr,aids3o(f4anianyypabrirtnialg.intesttiaretPivieeas7:l4it dials ... ..'0• ' anal . 1..n11, -Viking from the disposable fie a t : . 'Salting Fund, amo treat, and with misconceptic mid Prescribe a copious bleep' . to .be tellieweek 'with - ,• . ot _,._._. ti , ',..., d ' • -- v . _,;.- almost despaired of convinci red three others ill re . . 'l4 at i r OM t .' ~,._- . • , ..... .: n - . 1' 1 4 , 417 41` ° ___.„_._, yr - 1118 the expediency of the plan ii was the patiene.s mime*, ell t 4 to o ix e t bk, 10.4 d. AO A A : 1 , ...i i iiV 3 , ~ " atforinect In ti Right Hon. F riend, who had piii:zsig i l. *tic ... • 0 0 0. nem i . oto . ..,,e utast rear . ' !‘7 l . _l#' ii e was time more confirmed il or.. body of the public 0 Nat ' tOr the Worst t'fottlf, ifitter the Pislattes 7 ohs ' ' ' •." ta opened Ma Its g*.l n 4hat eillaial information, bad total re....bleediag 1 4° . - . 41ia, ..-• - • 'r. --- '' Wide* VT . I " 6 :ir melrdllesbl4lllollll* phi', and the principles on Y vieq o.. th at plan if he hail' L. him wou ld be very fkrol sm. -, V. ehe Ril r '.. , f 414 144 ' "g r Y yit a r totbe war taxes his Right lion . Friend Would dch first heard 0 his '4.lleiti;FrlebiPir ' e t . be *att. , - . . .• . : eapedeaditure were equal. . 17 11 1611164 was thought really that he had found out the4„...,,ber,.....d1it.: . , „,,,,,..lioaf.Gaugaft......ohe inappoti,vito " i 4 were to 1 64 t cot Sul Con *Met lisfice life to the - Stock:holdert, Which had4o long been iii a a Intl stone,. which .bed 16 innch occepitql -littours Of • . r, ' • iseo9 l . : 1 •t— to enter upon the onjoyetet Rai Van had awl ethers ; 'or , Sonia' a . rot treisude ,re- that had Ipng lan in.ioMe secret &awe of tits Eff. or with thisafety et tieStait, to allowaii .accumui. T h e' question wa g s, sdieiher the .chetinPr A t+ 4 1411111.]:-...-Alt to the ,p pie,t of a •latitist'o4o siebfi Wlthostat the mate time. iscreadns . come- when the nation was tc Itt,' trelistiiw Otte bandied Millions at peace, .wite . it I_ll,tlmeeejle:oppktina, the metes of :iltdetrmit'll. ' railtaies which had been prep (lago,. a pal life ? We' 'should add soo arillleMs "lW : ilith Relit rientlosiserbad•saidv br,. l6,o9 tAhat• Frond was . much mistaken, he to our arist . 'by War, and .tbatilo tilde 'o:par.:off the plau which had been_ propose Of ili,plicsaliiee #0 eXtrava6 4l o to be seri , - manner prejudicial to the inie *• speedy emeettell of the war and los 100 of them.. lirkether uatief, said his Right Hon.: 'ON. was Friend, ever kid such a Aretioure Clikeidy. hot : OM iriiated• ' , ifidtatidoa was thee le extravagant, He could never hare reconcile Ing they were net qualified for It. i nn 'Preliminary Iralifeenteti to itiarthat %tw0:W.13,110 less so at the jif it could have such an. effect. ux) condition was, that they . mast . first b e . _ able to get Ot t asent'llstMasat. The i gight Ibis ' (Gentleman had IWe Friend had not mentioned, eed into so geoid an athount of debt . -1111.-etSt!)—Tbis at •thaC Shea th t- that the 'respite from fresh ! for of the Exchequer) believed bea ted , was really like trilling . with our 11 rsiandiug ;as "leas :fee a fe . years would': be productive! stood , that a departure from knd .if we could not distiumdsh between debt and wealth ::of, t!it'.llll - . ass the public ;Mould not be more iat some time or other, necesst