The Statesman. — London, England, 1822-03-09 00:00:00

I L. • . -. ►ad confessed that he signed false accounts, and hr would as► the house whether this was not otalyersation of office. 31r. ABERCROMBIE explained. 31r. S. WORTLEY said, he thought it desirahle ttat' come agreement should take place between the two par- Mr. KENNEDY supported the petition. The petition was ordered to lie on the table. Mlei)l4aasetthed another petition against ri t is ye from o the inhabitant householders of the ight ebetkern.tfitilticti of the city of Edinburgh._, Ake . a similar potistoilletton Clerks of Advocates in the same ritv.—Referred to the Committee apon'the . Bill. Sir R. FERGUSON proseted a petition to the same elect *ow abbht fort! Aerseates to the Scottish Bar.— Referred to the Committee.- •. pbtlfltio from the incorporated trades of Tenon to ttioNNlVelty.—Referred to the Committee. Mr. BARRlteTpftiented a similar petition from an ;Miter of the incorpqrated wades of the same city.—Re ferret( ea thelre46thit fee. • • Lord A. HAMILTON addressed a few observations across the table to the Lord Advocate, which, together with the answer 410 Learned Lord, were inaudible in • the (hitter: We dmierstood the subjeCt to be, a com plaint that the Lord Advocate had brought in a Bill not • corresponding to the itotiec which belied given of it. • A Message feentthe Lords, announced that their Lord • ships had agreeelto 'the importatitch of Arum in Ireland Bill, and several others. Mr. S. RICE seldythat in an early . part of the Session he had given notice of a motion foy the repeal of the Window Tax. %t its an lion. Member on the other side of the house had taken op the subject, be should he happy to leave-it tO Eon from suck a quarter. If any assistance which he could racier to the Hon. Gentle man, would be aeterhible, be should render it with great pleasure. ' IA order to clear the-subject as much as possible, he *heed dote move for returns of all taxes re pealed in England a ilhin thelast ten years, and for cor • responding returns for Ireland. Also for a return of the amount of Malt Defies collected in Ireland within the last ten years. together with an account of duties collected upon retail of Spirit Licenses.—Agreed to. Mr. LENNARD gave notice of a motion, which was • pot audible in the Gallery. He wished also to ask the Hight Hon. Gentleman opposite when the house were likely to be in possession of the printed evidence taken before the Commissioners for enquiry into the state of. • llchester gaol. Mr. PEEL observed, tbst if the Right lion. Gentle-• man addressed himself to him, be was not the person to, give him the information he required. The evidence' had been ordered by the house to be printed, and the , Clerk would best inform the Hoe. Member bow far that order had been carried into execution. • BANK OF IRELAND. Mr. MABERLY said, that as an important opera:ion was about to be effected, in reducing the rate of interest, upon a portion of the debt, from sto 4 per cent., h e wished to move for certain returns to sbew the amount of remuneration allowed to the Bank of Ireland fur the inanagetnentof the public debt. After seine ob lions, in which the Hon. Member contrasted the allow- . antes made to the Backs of England and Ireland, we Understood him to infer that the latter was remunerated at the rate of 215J01. for every million, while, to the for mer only 3401. was allowed. He imoreiltor the .• Return of Ireland, funded or unfunded, the time when contract the rate of interest thereupon, and the variations in the rate of in . with the dates when such variations Took place, and what is the rate of Wriest now paid." Mr. GURNEY made an observation, which wu io audible in the Gallery. Mr. GRENPELL said, that from what lie understood,) so far from the Bank of Ireland receiving •2100 f. per million, they actually rvceived nothing at all. He stated this on the authority of accounts which were re urned to the house after being moved for by him in a former year. His motion was dated the sth of Slay, ISIS, and was for an account of the amount of all suns. paid and payable to the Bank of Ireland, fur the ma. ragement of the public debt. The return was, that no smell sums were charged, or were payable to the Bank 'of Ireland. Sir - J. NEWPORT stated that at the renewal of the charter of the Bank of Ireland in 1800, the Bank lent to the public One million at an interest of five per cent. and upon those conditions engaged to manage the public debt gratis. If the conduct of the two Banks was to he put in competition, all the circumstances attending these transactions ought to be placed in view. He pryer considered at the time this arrangement was made, that it was an adequate remuneration to the Bank. Mr. PIERSE began by expressing the high respect which he entertained towards the Bank of Ireland. He could not but remark upon the repeated attacks upon t! e Bank of England Directors, which had been carried' on by an Hon. Member who spoke last but one, in a manner which be must say was highly unbecoming, as applied to individuals of their character. He now wished to make it appear, that they were overcharging the Cauntry for the management of• the public debt, t!... Bink of Ireland was doing . it for nothing. This s''ls nothing more than an evasion of terms; fur if the terms granted to the Bank of Ireland were considered, ;!...y mould be found to make a difference between the • allowances to the two Banks, equal to that stated by the lien. Member for Abingdon. It mattered not whether a specific eqnivalent was the remuneration, or an increased , rate of interest; the value was the same. if the same I conditions had been granted to the Bank of England as to the Bank of Ireland, instead of remuneration of:01!. or 34111. it worth, also have been receiving at the rate of 2,euot. per million. It ought to be recollected that the Bank of England had advanced four millions at three ter cent. while the Bank of Ireland made their terms viten they advanced the million in question. lie was 'augtrised . that these confident assertions should come Polo a quarter where there could be no excuse for them upon the ground of ignorance. If any lion. Member V.att made them who had not paid much attention to the subject, he should not have been surprised. If, for in stance. the lion. Member for Aberdetm, who was in the constant habit of waking mistakes, and who made so trtionee a misstatement regarding the Bank the other eight. had said these things, he shookd have understood it quite well; but he could not conceive how they could come from the lion. Member for Penrvn. who devoted so touch of his life to the subject. Hr hod felt it nieces. ry to make these observations, not for his own interest -(Hear, hear,)—because lie hail barely his qualifications ss a Dir.ctor in Bank Stock. Ile never, during the 35 years that 'lie had been a Director: had changed his Mock out'of motives of delicacy.—(hear, hear, hear.) — Prom this circumstance himself, as well as other lion. 1: sectors, had lost many thousands. Whether the Hon. Member for Portarlington thought the Directors had abilities to manage their concerns or not, was a matter of little care to liim: he knew that he would much A Aber take the opinion of a number of Bank Proprie tors than that of our modern philosophers.—(Haar, Lear, bear.)—He thought that if tile new political eco nomists had constituted the majority of the Bank Direc tors, its transactions would not have been attended with the !Success which had resulted from them. The busi ness of the Bank was not to be conducted by theories and speculations.—(Hear, hear, hear.)-1 le world say, anal lie thought lie should he borne out in it by the Muse. that the Bank Directors had punned a line of • o, conduct at all times strictly honourable.—(flear, hear ) say more: minting the lair long and arduous . war. the Bank of England supported the credit of this, as well as of other countries, through all the storms THE .. , STA' 4 i Weis threatened -tlie le was tniernletiNitat 46 &milieu, the* ! England 'Crap weer ill ilt istikeisipt l oft adiirailois foe Its ittin i tenolita 1 gill its engage-louts. • Ar: WAR ga everfereilft to theßank Di rectors for their persmenLexcrtions• but be thought ;Will - the Hank Revrtlaisirkerwt 171 i ostglit, by' pro-, per management, have bee° madebeneficiel Mille coin-. try. The injudicioni issue of paper hail caused the national calamities; andibe subsequent injudicious pur chase of old bad been attended with much inconve nience. He really thought the Bank Directors bad not. known what they had been about; but as the present was not a motion inviting the discussion of the subject, be would merely state his wish that a proper opportu nity would be afforded for an inquiry, the result of which be had no doubt would prove the correctness of what be bad stated. Mr. H. (loaner spoke a few words, which we could not hear: after which Mr.lll shortly explained. Mr. MONCK could not agree with his Hon. Friend (Mr. Ricardo), in his belief that the Bank Directors had not known what they had been about. They had gained very considerably by the Bank Restriction Act, and had, daring the war, increased their issues from 8 to 301 millions. Their paper had depreciated in all trans actions, and with respect to commodity had fallen, be believed, not less than 50 per cent. Government were now paying in full a lean borrowed in a depreciated and almost worthless paper currency. The Bank Stock had increased from 120 to 280 per cent, independent of large bonuses which its Proprietors bad received ; and, altogether, it was his opinion that no other Company in the universe had made such extensive profits as the Bank. Mr. T. WILSON begged to remind the lion. Gentle man opposite that the excess of paper which he had mentioned had Increased the price of corn, and noose (meetly the amount of rents. It was not to be supposed that all the profits of the war lied fallen to the lot of Bank Proprietors. Mr. MANNING said, that the Bank bad been pre pared to resume its payments in cash during the war, but that suth a resumption was c9usidered as injurious to public police. Mr. °RESPELL finding that he bad been personally 'Unded to, could not forbear offering a few observations to the house. He was perfectly aware of the facts al luded to by the Hon. Director (Mr. Pierse), but he thought one improvident bargain did not excuse an other. He begged to disclaim all personal feelings to wards the Directors of the Bank; but to him it Was clear that the plan alluded to had occasioned immense • profits to that 'Establishment. He had, as a proprietor ' himself, participated in those profits. From the year 1797 their ostensible pros: hail been not less than 7 per • cent. Their property bad increased:3o millions in value since the war of 1790, and the stock of himself and of every proprietor had been profi:ably beeelitted by that ' increase. Of this fact lie challenged a denial. (hose connected with the Basic were invariably talking of the' public services rendered by the Bank daring time war. It was true they were always ready to advance money to the Government; but so great was the amount of the profits they derived during the restriction upon cash payments, that it was perfectly idle to talk of their hay ing rendered a service to any one but themselves. The Hon. Member (Mr. M.) had militia of their readiness to pay in cash; but in their memorable report, professing their readiness, they had taken care to hint at the pre dence of the restriction. lie (.tlr. G.) had always voted against the contionenes of the Bank Restriction Act, but hail never found a Bank Director in that house to votestitis him. He repeated that, in hisopinion, it was a mockery to say that they had been desirous to pay in cash during the war, or to talk of their services to the country. , The Motion was then put as agreed to. Mr. SYKES gave notice, that on Monday next he should move for leave to bring in a Bill to repeal the ' ditty on Tallow Candles. • : Mr. BERNAL begged to ask the Noble Marquees whether lie was yet enabled to give the house any in formation respecting the Russian Tariff? 'flue Marquess of LONDONDERRY said he bad not I the last official intelligence he had received on that sub ject came down no later th An the 306 of January. Sir JOHN NEWPORT moved for a return of the Imports and Exports, and of the Irish Shipping em ployed about the same, during the years 1820 and 1821. , —Ordered. NAVY Flee Pee CENTS. 1117.1.. Mr. LUSHINUTON, in moving. the Order of the Day for further considering the R:•port on the Navy Fire per Cents. Bill, stated that it WAS his intention to move the re-commitment of the Bill. in consequence of the continued illness of tue Chancellor of the Et- chequer. A con v tion followed between. Mr. TIERNEY, Mr. LusnixoTner, and a Member whose' name we could not learn, upon a suggestion of Mr. LCIIIIINGTON to postpone the discussion, when Mr. TIERNEY said, that the Hill raised so many important conriderations, that he felt it to be his dnty to offer his sentiments on the measure, notwithstand ing the absence of the Chancellor of the Exchequer. One of the conditions declared upon the creation of the Stuck was, that it should not be paid off until the then Debt haul been reduced by twenty-live millions. Upon the power or the right of Parliament to pass a Bill liiie the present, notwithstanding that condition, he would not offer any opinion ; fo►, in truth, he had not made up his mind on the subject. But whatever might be this right or this power, he eonceived it to be absolutely nec essary that the condition in question should appear in some way, on the face of the Bill. He admitted that the sui.ject was full of difficulty, but he thought the present Bill ought at all events to ex press some opinion on the constroetioe of the Act, containing the condition in _question. The present Bill had been compared to Mr. Pelham's measure.— When that was nnde► discussion, a ditheult► arose as to certain Stock held by the East India Company ; and the Attorney-tieneral of the day proposed a reso• lotion to get rid of the difficulty, which resolution was embodied in the Bill. Upon the Caine principle he tit.ttlit some provision should be made to meet the condition he had allu ltd to respecting the pay ment of 25 million* of the dept. it bad been said that the Chancellor of the Exchequer, in this iust.spce, haul followed the example of Mr. Pelham ; hot looking at the measure of one and that of the other, he declared be had never seen any two things more dissimilar. Mr. Pelham's m ea sure was brought under the consideration of Parliament by the King's Speech, which recommended the strictest regard to public faith and private property. The persons who assented to that measure were declared to be entitled to four per cent. fur one year; three and a half per cent. •for seven years : and three per cent. afterwards. There was nu threat of paying off the holders, although the stock was then at kV. The interest on this occasion was: gratinally lowered to the standard fixed upon. He (Mr. T.) by no means argued that the Chancellor of the Ex chequer had violated public faith on the present occasion; but he really thonglit that in adopting such a measure, some little indulgence ought to he shown to the indivi dual holder. Air. Pelham gave the holders three months to cousider. Some agreed to, and souse dissented from Ills meatmre ; and among the latter were several Brea: •esaliananfitles. A distinction seisthe . by We., r , mh z .. pot before ; and thole nho ad ttiesonini. l seen id tat it reasonable notice.* ieeee%J the c lor ofthe Exchequer assume . . IF - 1W sent was not expressed. This he (Mr. Tierney) thought -woe assafair way of mending. Rat laappohadeniC "unfair,. upon a view of that part of the stock which con sisted of Irish debentures.' TIII . holdef of one of these debentitres was entitled to- turn itaiste • ' ' • Stock ; and the present Bill declared, thst a mehe ex lionised dissent he should be presumed tohave t keg rive per Cent. Stock ; and this Stork was bythr Iff.llllllr RBI torned info Foal- per Cent.—(Rear.)—Tbis .tyv e l e fw ff mode oalling for an expression of (Resent. lift ti-. pliments had on this occasio n . heeepafil to the d y: as it was called, of the Chancellor of the Exchequer ; but he thought a compliment including such a phratit s . was. of a very suspicious flawed, when addressed to th e Chao cellor of the Exchequer upon a pnblic money transac tion. Many persons in the humbler situations ef life, and those he believed formed the majority of the holders of this stock, would be materially affected by the differ ence in their income, which would be occasioned by the present Bill. The nest eircmastance to which he begged the attention of the house. was the time allowed for the expression of dissent. The King's Speech, on the open ing of the present Session, alluded to the lips of &enc. cessfnl mediation as to the difference between Russia and the Ottoman Porte. It could not be desierlabat Use result of these differences would matetially.affoct the vs.; hue of the stock ; and, without meaning --.ity offensive expression, could the measure then he asked' be tolled any thing less than a swindle, if time lien wed •SlTurded to ascertain the result of those differepees?-r(lpar -- A steeping of five millions had been spbben'et WI! iAs were broken in upon, this also would Wet* eithott tie influence. In Mr. Pelliain's case. the AissOteri weft paid off at once ; hut in the . present, they . *pp . ap m.. bereil, - that is to say, marked, and were to 41;44 4, as the Bill expressed it, according to the future dissetiem of Parliament. This marking, and this uatiegarti attires: sion, were, he thought, a punishment on the "Orin who dissented. Every holder, anxious to have tie benefit at considering the effect of public events, %weld,' if he dis sented, delay expressing leis dissent until thee ..last mo ment of the last day ; probably twelve ai tiitlit t mid . the strnggle would'be, not who should be first, , bat shoi should be last in dissenting. The Falai of tae. diamat ences between Russia and the Porte would probably- be: known before July ; and unless Ministers bow of sesse-, thing in this nespect which was likely to enter; sal le* affect the peke of the stork, why. lie asked, wits Awe se much hurry 1 The hollers would certeinly delay their , resolution until the last moment: and if the NObl6 Mat , : (loess really believed his own statement, about the pros- . perity of the country (as no doubt he didjhe would gain' by delay ; for in a course of prosperity, the stock would' rise in' value —(ber. hear.)-11 however the Noble! Lord was mistaken in his opinions respecting that. *ad perity,lie (31r. T.) could only say that ha did tint eivf. him in the success of the pres.mt measure. ' Alr. LUSHINOTON said, the condition alliallifcaly the Right Hon. Gentleman respecting the' pseelethdref i 23 millions of debt before the paying off of AidjerAtnit: Rit z stock had been complied with by an Act of - *IP 'dr, the late King, declaring 238 millions of the'dififti ; been discharged. With regard to the stiortnesio. i time allowed fur expressing dissent, he considered that' the principal merit of the pplan, in this respect, eonsisted in its variance from Mr. elliam's plan. 11111 - jrdl. Member here referred to Smullett's description riffle. Pelliam'e plan and its effects; and observed. Vast lb.' sense of the country as to the present measure • bad al-1 ready been very generally expressed in its favour.' This, only question for the holder to decide was, '40641'441 would accept 1110/. for 111.1/. Four per Cents. ; ?Mtn , time were allowed for the decision of all the Couttlepnk cies, or of any contingency belonging to the .paietstsP world, there could be no deciding where the lillOWllll , to be drawn. Mr. ELLICE said, the interest of the lrohlers'of t'hl Stock bad been expressly protected by the conditioner- 1 hided to by his Right Hon. Friend. He couifftfrrkgrei with the hon. Member that this condition had Lees complied with by the Act of 1813; that having been Fassed for a particular object respecting the Sinking und. The condition in question was not alluded to in the remotest degree on the passing of that Act. It was Arrange indeed to contend that any part of a debt had been paid off which was notoriously doubled. He did not mean to say that in order to cony'y with this con dition it was necessary to reduce the debt tasenty-five millions below its amount in 1796; but he thought tb the condition ought not to be lost sight of. There w ' a remarkable difference in the present plan from Us Mr Pelham. The present allowed little more time twelve days for the expression of dissent, so that those who resided in one part of the kingdom, the North for instance, would not have the advantage of hearing the latest political intelligence in London before they male up their minds. There were many minor difficulties in the proposed arrangement •, many arising from a sale of one stun of stock to several persons after the passing of 1 the Act, for of them some might assent to alti some dissent from time plan. It had been said, hoary r, that this measure would produce considerable benefit to the country, hut this could not possibly be, if the statement of the Noble Marquess was correct. He believed that if allowance were made far the bonnises, it would 4 seven years Wore the saving to the country would amount to a million. But if the Noble Marquess wets so convinced as to the saving, why was lie in slicks hurry to close the present transaction: In his (.%tv, ll.'s) opinion it was either injurious to the public or unjust to the holder. He feared the present meant, Was altogether like the Sinking Fund of time Chastener of the Exchequer. It was borrowing in the one band and paying with the other. Ile was decidedly of opinion that inure time ought to be allowed for the expression of dissent, and he much regretted that the plan of Mr. Pelham had not been followed altogether. ' Mr. GRP:NEEL!. said he regretted to differ in opinion from his Right lion. Friend (Mr. Tieruev), and be could not but feel diffident in expressing his want of conciirrence in the sentiments of his night Hoo. Friend. Ile approved of the measure in principle its well as be derail. Ile could not agree that there was any legal difficulty in the way of the Bill, with respect to the con. tlition mentioned by his Right Hon. Friend. That con dif ion he considered as amply fulfilled by the paying off of any of the twentydive millions of the debt. lie trusted, however, that the Hon. and Learn.- I (tenderness would explain the.present measure, by a res.dut ion stud• far to tint adopted in the course of 31r. Pelliaties uses sore. The question was whether this Bill could be adopted consistently with the principles of good faith, and he (34.6.) asserted that it could.--1 le thought mare time should have been given for dissent, hut with that exception be had nothing to object to the measure. it hail been said, that it might. have been !wide in a way more advantageous to the public. lie (Mr. tirenfell) was quite satisfied with it as to the extent the piiblic would be lienetitted by it, and he hoped a similar ar rangement, as much to the public advantage, would be made again. Mr. TIERNEY explained, that be had not meant to object to the principle of the measure, but to the mode in which it was executed. Mr. iIIISKISSON said he did not expect any opposi tion, and did not therefore cow preparei for a discus sion on the Itil!. With respect to the objection on the groom( of the 37th of the late King. lie thought they got rid of that, and that the condition there was fol• tilled; utiles. it al tott.l,l be argued, that hec.,use they had oicaoiou to borrc-w since more than they paid of the : . National Debt. With the proceeds from the com ps; lion for the land tax, they had boucht up more of the public debt than 25,0110,01.101. unless it were contended that the spirit of the Act was not art upon moil then reduced the debt of 23,1100,0001. below the 230,0tit11st.j which was the debt of 1797. .Althutii . 11 the H on . her for Coventry (Mr. Ellice though: little of the ing, yet the Don. Uentleman would till, that in the kr , t year inwroutiti be a eN mingling ef f „'Seo,nnu. forthwith in the public burdens. If they were to hare a & s ki n Fond of 5,1100,004 untonched, sml a rethattien of t axa ! lan, It was neelquiy to fetincf Car i merest of the publi c debt. IN 1792, if M. Wtt'bad thought it expedient t,, reduce the interest (aid he wislied he had) of the poLlie debt, the sum so reduced, actin g since a s a s i n ki ng face Would have anolkilated Ilia srlitile capital. The Wink.. tient of the Chancellor of the Exchequer were pnblisied is Februaey, and were known Ms all witiont waiting for that Bill; and although Abe honk* of the Bunk were ant open till the 4th of llamas. vet be plan bad heel beer. the public since the 22J of * Pieloritary. The Chancellor of the Exchequer told the holders that if th ey did ant take his proposal, they would bet paid off w h at was d tot o b r em . anyi fhey pef private r gentlem an would say to his cre. it erred 10. V. in stork at 4 per rest. he would glee it. floare 444cuity i n d eter. m ining which It wan shOttld Felnotle. It was asked whd tronhl be lost by the delay? Rlse much that they hound to lOU. per cent. anti the delay besisles on e mi .,. for speculation. The Don. tient man askel.;;lliorern. iueut would not wait till tip of the it:tains. beitreen Russia and Ter lib be kaolin. If tier were not to enlace the until nothiag * 6 4 be in the political state if to effect Folic credit, they would never pay at rut wotdd he lased, Zioul3l, to pay the dissenh party :Jim the :nog. tunas! upon * kr. Pelham. it, mosey. It rea , j.,. possible that - they could think htwallig book s at t h e book, unless Upon web' * Uinta such timers. stances, tkeiretwe, the eillf one not of tool fait',, but of terms ; nobodrevierlabegd the transaction w i th hojiting out too greet it'Ailonitb r s to, or taking attar die rights of this holtirti.jif iriyt pop Coots ; th,rdw. ht considered that they ought .peoceesi with the 80, ou the couviction that they were sioiatiogyol • Mr. WILLIAMS said, he was one of 'those ohs sirs. ed this weasnre as cop: Tory twit's; •f bail poli , j. n 4 has also in the tootle of execution, In discussing view licet attune objections the Right Jim). liestleinae in. p os i t . had altogether omitted Se a lent to the Act whirl created the stock in question. ' Taal Art was the 21 4 t of the late King, and ii ,e the 37th, It licit had bees ft , closlvely referred to bc al. Who 'had taken part is Po discOssion; That Ait said in tifini-=that this start sit-.IOJ not be reilecom'ilc till 25 millions of the pal.. debt haillseen paid off "and onte redsil. Ale. Pitt Ka*, rfart'r ise 'hitt 13111, ani his it,oidi; at the tim, sheet, and there cistill bc_o4 . 4.6lie.4i e t the Art did cos. teuNdate, the reiffictiert . of,.t.weeits-6re *nom lial•e .'Aviv.. - 40 ftkllt .. ._ ll C,diVatetn.lfilx• An altered trout t%* , s4,,wear.ll - wltefreis. hltleF wallidleill Hulot the e a u, i ws lOce MAO wrogdo. Ihuirwerild ears lawyee *sowed, tim theme ...disks link bet* essepilitd. irith . iereaase thrt inul herronwilaritiv one , baud shad rollvetieee stria as , . abort? illiext be , lool a climbs' s* telfte itode lit Oki 0. ualitilrellens 'directed. ' le Seno . Usdif flual the sh,er si4. Mat 141 ektif bittifltien‘ gWllis,' Itiettiptiself, be !tee pi btitlf' 'lde'ltail tint Vita. MA% egjp the Firerr C ali, vl ITO.l§lllolal so pprip ' . lifer's! is ' , lathe ` s 4 , • Oni„se 1g be, Iser4 It sdrA by the I,t4it 80. clitl•PkOtt ir • he4ljat; nal diewitiasa tile terms ep.p. WO , 4ne orstood, be meet say tbat be (311 s. Williaiss)it‘i roai r wa. Shalt eaosortst waslerasessi *sat the we us vete, aoridielitais f ilielieve sir 4:100011114-4/ -Moe /lathierr tweed isionvid tell them. The reel tenses:east dirt aspen arfien they paid the Inef.aterfing to the dlssentte , '. '''hey "light pay them tit 4 nuith. or in twemy tee. heikee; battbe• vales of tb) p,`44ty of these who di sented could only be estimated * a kuowlail4e of the peflo4l,p,f . ,Their biting paid set! The state of En:ape— d.. Itimapinand Turkish mar—the state of Primer, et otiwrilte:cireasomdanees, 10461 influence his orsisn,e4 be one I never come to AR patoteruoination till he here wben, blur was likely tole' its 1001. sterling if be rhs sented. But not only were this parties unable to 1111kr• stand to! Olivine, but they were not pertni.ted to de ei"i their pin petty what the Act, on the faith of which tho• invesfvd it, entitled thetas to. They mu*: blindly solv writ* 0 the Chancellor of the Exchequer's Loran. lit referred, "ati a proof of this to two papers of Mors% which Itiujitlit to his hand, which had been rejected lit the Bank. Time papas was according to the pristeil form delivered at the nook ; butt iu place of the wo•It at this-eitio-•• and 1 dis desire ti be pail off in mosey. - it ran—'• I do cot desire to be pi: d off in money, but re• quire to be paid according to the terms of the 21 4 1 tieorge III." This was rejected by the Cashier of Cl'n Bank, and thus was proved that the Act in qnestioe nos a pirfect nullity . , and that the It older of this stock ent4 expose himself to other conditions imposed by tl• Chancellor of the Exchequer. The other dissent whiA had been similarly rejected, teas worded in the seat way, in tbe joint nanss• of fir tr persons This Might to called keeper faith oasts t se public creditor, bat he venwidwred it in a very diffe tent light, and thought:' was a course of proceeding altogether adverse from etc intecest• of the nation. He •ezerded the Sinking L'ssA, which had been brooght i. t aid of the measure, a s a delusion which had impose I the falsehood on the maw try for the last forty years 'list (internment had bees borrowing motley on terns advantageous to tee re tion. In the fate of such an assertion, would it It believed that of 2.30,0110,Mis 1. of debt created by lees in the late war, nut one slti dog had foam: its way to tle . public coffers? Whets the!e looked at it in this point e: view they saw it in its trio ecolours. lie considered oral Sinking. Fund as that which relieved the country free' a portion of the respons.:bility of providing fur Ste charge of the debt. The lion. Member for tereetry was right, wheat lie said I .itat only one million of drte would be saved by this to easure is seven years. Theee was another way of trail forcing one Stock ietisseehe r • which would create a sat lug year after year , 0.1, ' art them in a few swim ii s a tench better sitsdies itott they now were. If the I Thancellor of the Et-4n were to land his Nary it; I's in a new Stock at Posy. Cent. irredeeinslite under 23 wears, he would have slat siork at MO/. worth from 12111. to 1251. market ;Mo . . 0 ithont any loss on either • side. If they took I:15 on , lions tusk at 1201 . the hi' mire I, it would bear eta long est of 7.750.111b1/. This si s•ithl reduce the mats , ' CIO . NI to 125,500,010/. being is saving of 29.5tei30X1L With the interest id that sour, Nothing but such a reslactie• of debt sunlit save the co 5 dry from, impending CO The plans of the Chem:el bur of the Excherptee he re tirely disapproved of. II s was not in the habit of esisr strang !ante - e, hot he lest say. that he used evert art and trick to raise the pr re of the funds. lie sow 0 0- templatril riising the 'i ....rim per Cents, to 9d. and Hats he would re‘tdee the F i• , r per t:crts. Bnt diil here; shier the loss to tae era I .,try by this operation? pith the Sinking Food, Its e mid . ..PIO would buy np 5:2 1 °. the stock being at 7u!.. but at 94:. it would respire Ili; wards of six millions 1., b u y up the same q ueutittet stock, entailing a loss to die nation of nearly 1,5 4 u" If the Right Hon. lien .. iesnan were to convert the Ilitee per Cents in•o a Five 1 i -r Geer. Stock. irreiee e isaglk 4 " 28 years, it would Lave the power of dinsisi'e t: the capital of the debts hi time amount of 20 11 .1 00 ti th 14e He was so folly satisfied . *hat the present system 0 . Sinking Yung was a ti sl delon, that be mostattli, ously desired to see rts I ot•I of it. The caoltei ° I lebt never would he lo e . 1 . 0 ed hat increase.' by it.bet' , it involved the necessity • of raising the price of tools.- ,I ;.-c: , ~_ ,