The British Press; or, Morning Literary Advertiser. — London, England, 1819-06-08 00:00:00

flasherlay within 3 narro w COMllsei. It rentieeu itself 1 to three points:—let, whether. tinderall the exiiiting circumstances of the country, it was called upon to make some efforts to place its finances on a more whit and steady basis thaw that 011 which they now n ., 4( 1....2d, if that necessity were admitted, ; what might to he the extent of the effort-3d. .bat was the lime at which it might be most *dean: I tageoosly made. Before, however, appfyinghbflailf to the consideration of these points. lie wristlet' to make some observations on the remarks of the Right Hon. Gentlemen reversing the conduct of lit- - Majesty's Ministers. His Lordship then replied aith mach humour to the remarks of Nlr.Tierney— contelided that his opposition was given not to niea ,iires, bat men—and denied that the course of lb. preient Ministry was marked by went of economy. Th e Finance Committee (as we understood) would continue its labour* beyond the present year, and e xamine the collectlon of the revenue, the draw. lorks on homiliee, mud the first charge of eleven million?. The Resolutions did not go to the inva moo of the sinkiag fund, hut merely to (:ring w e operation Mr. Fox's clause in the Act— ;HA the proposition respecting the fund was the idt . tgirg i one made by the Hon. Gentlemen' on e o third bench a few nights ago (Mir. Grenfell). the first head of consideration. ought the „ w ary to he indisficil with its present financial ?—he tliought it an undeniable posiiiou, insl iii tine of peace the couutry should, even at ite sacrifices, make such improvement in the elate al its finances as to be prepared for a war. - He did not retract one syllable of what he bid' said ratie in the Session oil the state of the country. Conceding what had beta assumed by the Right lloc. Gentleman as to the million of savings, still there were ample grounds for the proposition of 'Ws Right Hon. Friend. No one had ever dreamed -fu: a stoking fund of 15,000,000/. ass to be actually opeiative in any year in the reduction of the loot iiial debt. T'a• next quer • was, shone,' 5,0,10.0001. was a ti! sum to place the sink. ill 'owl a l—alid whether, in consequence, three mi hens of new taxes should be assented to ? would Itttli orlon its , duty if it did not rein force the consolidated Inn& and meet its slew state— for in former years there had been a surplus, but this year this re was none. In starting at five mil lions, the (louse ut no distant period, to o k to eight millions as a slotting fund. from the various emir which would be mode IF, during a war u unprecedented magnitude. the pimple of this country had borne 18,500,000/. of adfirional taxes without complaint, could it he argued tlist they would now 6111111 k from the coin piratively triOutg burden of 3,000,000/. ? There was too much courage. as well as wisdom, in this country, not to meet, with the firmness chasmic rriptic of Englishlueii,etteee difficulties which were fNirl.y pointed out to them. " But," said the Right Hon. Gentlitatan, " how weak and incon sietent are those Xliae.sers—why did they not state tkose difßcoliiee before ?" He (Lord Castlereagh) could easily %we're that observation. He well knew that a time would come when they would be ohlivol to make a great effort at taxation—but lie w i shed to put it off rather to the next Ses i ii to precipitate it I.OW. But. fur reit .ool which it was unnecessary for. hint to state, it ass thought necessary to go into an extended ,consideration of the affairs of the Batik, which oecessanly led to an investigation of the whole finances of the country. This bring the case, it was utterly impossible for Ministers, unless thee wished to draw down un themselves the re pro-beton of that House, and of the country, to sniffer 'Parliament to separate, without meeting the existing difficulties, and endeavouring to supply as adequate remedy. —( Hear, hear.)—lf they had ailed otherwise, they must, in the ensuing Session. have met the House, labouring under all the re proach anil ignominy which such conduct deserved. It would hr said. to Minister*, 4' What have you douse ? You were acquainted with the difficulties the country, and you were afraid to inert then,. You suffered the mind of the country to ferment over those difficulties, and you upplied•no remedy them."—(Hear,to hear.)—Such would be the tang:lege used towards Ministers. The Right Gentleman would, on such an occasion, say, what he (Lord Castlereagh) had formerly otiterved, that this country 'raided wily to have its difficulties known, in order to meet th'em boldly. If Minis tereltatt neglected to seek a remedy—if they had left the question of taxation to be debated iu comi ty meetings—to he discussed in assemblies out of doors—einstead of hiving it properly considered iu Pediment—he feared they would peso a very uii pleetant summer—a period most dangerous to the best interests of the country. If they had left ouch a subject to parochial consideration, in stead of biinging it before the great Council of the nation, they would well deserve all the biame that would consequently attach to them. lie was convinced that the Right Honourable Gen tleman would not raise himself mach in the eyes of the country, by recommending parochial instead of dentine with a question of such imminence within die walls of that Howie.— Ilear.)—lf they had left the matter its such a state, would not the Right lion. Gentleman, with sill his charity, have expected that Ministers would slot remain in their places fur six months before he and his frieeds took possession of them. He be lieved that the Right Hon. Gentleman, if lie were o i power, would nut act in a manner so fatal to the I' t 'tl fit ry, as to have a subject of this minim hung this dangerous for public comment seta observatiou, since it could have no other effect h, it in make the country pass a Feverish suminerrn ple!sa , llig for some iiew and undefined measure.— • o,linte question resolved itself into this—•• Are life finances of the country in the state in which they ought to lie ?" The Right Hon. Gentleman Mas cot inmself satisfied with theta , al thou g h he • plitisid their - tianetoration. This was apparent, even through the iiiti Minna; confusion iu which the Right Hon. Gentleman had iiivolied the subject. — lie Said tiotemoticmal etortfasion, because 111! 1/11111 could be more clear and explicit than the Right Hots. Gentlemen when he plesied. The Right Ilasiourable Gentleman was not. it apiwared, con tra with the measure of taxation. . Imam! of 3.000,000/. sure lie in office, hr would call fur 10.-- But, with all compliment and respect to his polio lardy, lie doubted very' much whether the public would he tiilliug to pity the additionnl 7,000,000/. to get the night Hass. Gentleman into Ace.— • Mae, bear.)—The Riiht too. GeldTemin ;Ai of opinion that the Chincellor of the Exchequer should he turned nut of his situation, because be called for only I.ooo,oool.—wlirreas he, at a future period, would attempt the Herculean task of rails. lug 10,000,0001. If taxation were necessary, Gentlemen would, by their vote this decide on the extent of the financial ellOrt that ought to be made. His Right honourable Friend had, in his opinion, acted fairly in into. ducting the question in this way, instead of bring. lug it to issue on a particular tax—and the view he took of the viretini-t:inces of the country, proved with how bade hermit this desirable object might be attained. The question could only be argued on these grounds—Are we to make an exert or not ? If we are, to what extent ? And, when that point iv **lard, whether any period, more fa vourable for such an rffiat, could possibly be se. lecte(l?-111ear. hear, Posit the Opposition.f— He felt confident that the Howse would agree with Mioisters, this night, as they had done on a former 0CC.104,11, when the numbers who supported them exceeded his most saviine hopes, He believed the opinion of the House would be as decidedly expressed. this night, 05 it had been on the previous (seemliest) to which lie had alluded, when the (pies t• was, whether the Gentlemen on the other side o f th e 14isuse, or his Majesty's Ministers, possessed the coolidence of Parliament and of the coutitry.— (/tette, briar.) 1111011 GRAM said, the Noble Lord had put thus ernit and important question—orportanc to the House, important to the character eif the coun try, and of paramount imeurtarice to the empire itself—on fair end iiitelligiWe grounds. The ques tion wa s , t or th e Nohle Lord stated it, whether they ought, at that particular moment, to give their ANSt'lli to a Resolution, the purport of which was, that 3,000,000/. of taxes should now be nosed ? Ought they, at this moment, sanction by their role, a Resolution which bound them to find 3,000,000/. of sidditiossit revenue, to be placed under the control of Ministers, and taken out of the pockets of the people ? It might, or it might ism be possible (as kid beers Said by 1116 Right lisai. Friend its his much•tnisrepresentiol speech) to con template a period when such a 'summation as this might be entertained. But the point they were now to consider. rind on which lie begged every Gentleman to make up his mind calmly and dis passionately, before he gave his vote, was, whether they had now arrived at that moment ? Were the affairs of the country at present in inch a condition as tri justify Parliament in c..lling fief three millions of new taxes from the people ? Had not the very sneasure, which the House had recently agreed to, placed au insuperable bar to the adoption of this proposition, as far as the time wee concerned ? Be fore he prueeedeil to meet the Noble Lord on this issue, he begged leave to . atop for one moment, in order to set those Members of the Committee right, who happened not to have heard the speech of his Right. Most. Friend—for, he was convinced. if any Gentleman had come into the House during the eloquent and skilful address of the Noble Lord. lie must have formed any thing but a correct idea of that speech.--(Hear, hear.)—The Noble Lord first inferred that his Right Hon. Friend had no objection to raising taxes at this crisis, but that his opposition was directed against placing them in the hands of the present Admitiistration. That, if he and hie friends were it) power, he would be ready to put his hand in the pockets of the public, provided the hand that took out the motley, namely, hie own, was allowed to preside over its distribution. Now. he would appeal to those Gentlemen alto were pre sent, whether there was. in the analogy, in the spirit, or in the topies of that speech, one mile that could possibly hear nut the observations of the Noble Lord ? He would state to the House what his Right Hon. Friend really did say. He said, a time might arrive (so anxious was he to guard himself against the imputation which had been levelled at desirous was lie to avoid those remarks about pa rochial legislation with which the Noble Lord hid amused himself) when taxation would be veers gory. " Let it not be supposed," raid lie, " that I urn indulging in a vain clamour: I am not en couraging the idea, that, at no time, and under no circumstances, an additional burden should be laid on the people of this country. A time may ar rive. when such a course would be justifiable." — What time was that ? When the streugth of the country was recruited after a long war—when the people, having been freed from excessive burdens, had become wealthy—when, by keeping their Ca ttail in their own hands, and using it as they thought fit, they realised those profits which ca pital thus employed must always produce. " The time," said his Right lion. Friend, 4 1 might ar rive when a wholesome increase could he made to the resources of the country, after the people had tasted the blessings of repose—a just and necessary repose, which they had corned by their blood and their sufferings—most justly earned by the pa tience they manifested under those sufferings— which they hail, if possible, still more justly Parti ed, by their faithful, their unshaken attachment to the Constitution—by constantly resisting every et tempt that was made to wean them from the affec tion they entertained for the laws of the country— the time might then arrive, when they would feel theinstliree in such a situation as no longer to render it necessary that they should elostetis from adding to their resources." lu the present imitative he (Mr. Brougham) conceived it was not only irolecent, but he would use a harsher expressiou, ousel soy, it was atrocious to talk of increasing the burdens of such a ireople, so suffering. and so deserving.— ( Hear, bear./—Any Gentleman would suppose. frous what had fallen from the Noble Lord, that his Right Honourable Friend was Nit sl. vocate fur taxation—that, instead of 3,000,0001. of taus. be conceived 10,0im,000/. ought to be imposed. He (Ir. Bostielieni) could compre hend ens orlon ground the Noble Lord's former one representation, or misunderstanding, had proceed ed ; lint he protested he was completely tousled to discover any one glitninie that could wrote thin to the reasorling or understanding. or rather to the tins-reorienting and ustioutiderstassdiog of the Noble Lord, on the latter point. He rout() recollect no observation its the speech of his Right Frieed Wit could saisetio:s the Ora, that he complanstol of the Chain:eller of the Exchequer, because lie pro pu.sed triers la the setwont of 3,000,01)0/. instead or 10,000,000/. The Noble Lord sirisl, nothing could be more teconsietent than the conduct of hie Right . • lion.,Friead in opposint the plan of the ClianttelS lor a the Exchequer. by which a portion of the .outing fund was to Ise sppropriated so the service cif the year, since it WAS merely a leaf two out of his (tight Hole friend's hook, who, some time since, hail suggested that which► the Clam:ol4r of the Exchequer had now brought forward. It so happened, however, that lota Riglot Hum Friend's objection WO 10 one part of the, plan, soil the ob servation of the Noble Lord applied to another. Hit Right flonouralde Friend did tint complain of the Ciancellor of the Exchequer's taking a pert of the sinking fund, but be objected to the addition of 3,1nn,000/. lo the ovei plus, by the imposition of lievi i.ixeg. INV which the fund was to be raised to 11w a ttttt unt of 5,000,000/.—live be ing, it seemed.. a magic number, front which they were not on any account to depart. Ms Right Ilon. Friend said. Ministers load at length spooktio out—they had told the liable. that there was no sinking howl beyond 2,000,0001.—th0t the sum of 13,500,000/. must be laid lurid of for the rublic service—and he added, that they should have stat col this long before, for Gentlemen on his side of the Home bad very often declared that it must be so, iie the same way as they had adverted to the deficit in the consolidated 'WA. TIAS letter point the Noble Lent had now spoken of es his own discovery—and lie Untied hi• Right Honourable Friend for not having entailed to it. But his Right Hoe. Friend was n o t ignorant of it—he had (often stated the fact—nod vow, for the first time, he found ►he Noble Lord agreeing in the truth of his statement. According to the Noble Lord, an at :tempt oas made on that side of the House to raise _• great clamour, on tlit grimed that the public faith bad been broken towards the public creditor—that it was intended to inflame the passions, nut only of those who attended parochial meetings. but of the great Ixwly of stock-holders. He denied that this was tlw fief of his Right lion. Friend'. argu ment. What he said was, that, while Ministers were calling on the House to form a new sinking fund, in order to keep up the appearance of ad hering to the faith which was pledged to the stock holder, he would spew, and lie did so most clearly. that they were, by dire necessity, obliged to break faith with the stock-holder --inasmuch as the giving him a sinking frond of 5,000,000/. was soot the smite as securing to him a snaking fund of 15,000,0001. or of 21,0000001. to which sum it would now have amounted, if it were not for the arrangement made in 1813. 'fhe Noble Lord said, there was no quea ' on which be was so little dis posed to meet the Right Hon. Gentleman as one of finance. The reason was, because it was generally a question of arithmetic. which prevented the Noble Lord from► entering into vague generalities. This part of the question was perfectly plain, and could not be obscured by words. In 178 ti, tl►e sinking fund was 1,800,000/. owl was increased by various small contributions to 1,200,0001. In 1792, it was further increased by the Alen of setting apart a cer tain sum, whenever a loan was made, which, at com pound interest. would pay off suct► loan at the end of 45 year.. These were the terms to which the country was originally pledged. In law, a new system was iut►aduced by Lord Sidmouth, which was gene rally acquiesced in, as it did not postpone the pay ment of doe public creditor for any great length of time. Then came tl►e operation of 1813, which consisted in pustion tt i tt g the payment for some years —but, under that system, after a certain period, the rate of payment was to be greatly accelerated. Tait plat, reduced the oinking fund to 13,000,000/. which otherwise would uow have amounted to 21,000,0001. Then crane the measure which the Right MM. Gentleman now proposed, which did nothing to redeem the original pledge—which► placed out of sight the accelerated payment that had been promised—and seized upon all the sluicing fund, except 2,000,000/. This placed the public creditor in a very different situation from that in which he originally stood, and, to all intents a n d purposes the public faith was broken to the stock-holder. He did not blame the Chan cellor of the Exchequer for this—neither did his Right Hon. Friend censure him for it. Parlia ment could not help it—the country had not the money to pay the stock-holder—and it was neces sary to pay the navy. the puny, the judges, and the various other brow:lies of oar establislinient,— The necessity of the act, therefore, justified it— mid. for this reason, the stock-holder must be con tented to go oil with a sinking fund, according to the Chancellor of the Exchequer. of 5.000,000/. but. according to him and his Right Honourable Friend, of 2,000,0014. instead of 21,000,0001. Ile was sorry fur this—but it could not be avoided. Still, though necessity obliged them to violate the public faith, there was another evil. which could not be justified ou the plea of necessity. which he would endeavour to prevent—he would do all that lay in his power to hinder Ministers from breaking faith with the people.—(/fear, Aeur.)-_. He maintained that it was breaking faith with thea‘ when they were, after so many years of suffering, called on, without any necessity, to support bur dens which they were evidently una►le to bear. He could conceive no possible close in which burdens should be imposed on the people, except for the defence of the eminent honour, or for the protec '• limo of the empire, if it were threatened with war. These were the only circumstances he could at pre sent contemplate, as calculated to form a case of necessity that could justify the imposition of fresh burdens on a people circumstanced its the people of England new were. The question was, whether this was the moment for adopting such a course ? whether. on the contrary, ciretinistances did not exist, which panted this out as the very moment, when they ought not to dream of m u l t i n g such at effort ? The distresses of the country, agricultural and commercial, were generally admitted—admit ted, indeed, on all octetsionss except the present.— It woos admitted in the Reports of both Houses of Perliament—it was admitted in the eloquent speeds of the Chairman of the Bank Committee, who stat ed, that It was not a transitory distress, but tliat it pervaded their whole system. Was there not, in the late proceedings of that House, a suffiriei.t reason to pretend them from imposing flesh tales ? ‘Vhat would be the necessary result of those noes cures (l ow f ur the recurrence ta cash pupation.. . or to that iuternsediete slate, which they obliged the Bank so ',raved through, before they resumed cash payinruts, wont.; affect the prices of commo dities generally, was, he conceived, one of the most difficult problems that could be imagined.— • ' • •-• • 1 • Sonir iodif fist; for opiosaillhe an unfeigUtel respect. thought. that i ven tbj. cum between the market and prseent price 4f gpirl ,would be between three and four per cent. that the depreciation is the price of articles would not es., send becloud that limit. Accordist to the ergo• meet of those Geutlemen, however. they night to assume the difference between the market and mint price of gold at five per cant.—and. even then, be could not Conceive why they should fix that as the limit of the deprecietims of price. His reason for thinking that the depreciation sw.arld begreiter was, hecatiae, wheel the issue of piper hail poi.ed the market price fat above the mint price of geld, there was a rise in almost every article, which did not follow the proporti iiii of the market adore the mint price of gold. When gold rose in tke market '2O per cent. over the mint price, all articles of consumption advanced in price ir lOO than 20 per cent. He stated this to shed' that. when they bronght dowers the market to the mint price of gold, they were not to suppose that the price of every /Ar ti c le life would he reduced merely in the seine ratio. In all prebibility the reduction would lie much greater. The effect wool,l he. that so consi derable depr,-cintion mien take pl ice in the price of all commodities. Income would fall in valise— the price of goods most fall--profits arising from stock sash fall—every thing, excent bur annuities, would be decreased in value, ceretinly $/. but probably 101. per cent.; awl yet it we* at this moment that the 'wattle were called on to pay 3,000,0001. of additional taxes. These. too, it should be remarked. were nut ad valorem taxes, which, of course, would sary with the veriation of prices, hilt were hard-money tuxes, which the people were to be compelled to support, at a time when the currency was unsettled, when all was in confusion. Until a settlement of the currency took place, he would maintam, that they were proceeding iu the dark, that they kite.. hoot what they were speaking of, when they talked of providing so much by cer tain taxes. These were the grounds oil which he ventured to state, that the present was not the time for laying on new taxes. Ministers had boasted of their economy ; but where was any vestige of it to be seen, except in certain reductions of the war estabtishment, which it was impossble for them to footman) ? It had been asserted that Gentlemen on his side of the House talked a great deal shout re treechment, but never pointed out a single instance where any saving could be made. He would, how ever, mentiou some departments in which rciniomy could lie introduced with great udvantage. Was it out true, he asked, that the Broad of Excise had offered to collect the Customs for five and a fraction per cent. for which the country at inertia paid thirteen and a fraction per cent.? If the. were true, and the offer was accepted, about 500,000/. might be saved annually. A Living might also be made with reference to those officers who collected certain branches of the revenue. and were paid by poundage. This system created .a very unnecessary expense on the community, and produced many nests of sinecnres, the occupiers of which were, in every part of the country. directly under the in fluence of the Crown. lie alluded to receivers of the land tax, distributors of stamps, fee. who had from 700/. up to 4.200/. a year. These salaries ought to lie pared down, by which a considerable saving might be effected. He never would be conteet. until the salaries of persons in office were reduced in proportion to the expected reduction to prices —since the rise of salary which they had ob tained was altogether called fur by the Im:reseed value of the necessaries of life. He did not expect that Gentlerseu opposite would agree to such a tr. duction—first. because he knew they did not wish it—amt next, because he wen conviuced they dared not atteroot it—(Hear, hear, hear.) —They might boast of their majority of 350. and mention it as a mode of beating up for te rmite to support the present iniquitous measure but still Ministers had not the courage to face their clerks in tiffice, or to touch the salaries of their own adherents in that House.—(Hear. hear/ — They dared not. because they felt that they did not possess the confidence of the country—the love dud affectiou of the people out of doors. The Learned Gentlemen then proceeded to argue, that, as the «inking fund established by Mr. Pitt, in 1786, when the debt was 440,000,000/. was no more than 1,000,0001. a sicking fund of 3,300,0001., would bear the same proportion to 800,000,000/. the pre sent debt. that 1,000,000/. did to the debt of 1766 —and that. at the utmost. uo more was called for 111311 all increase of 1,300,000/. beyond the existing surplus. Still. however, if that sum could be saved by retrenchment and economy. he would not apply it to the sinking fund, but make use of it to withdraw some of those taxes winch pressed most laurel,' on the people. If this were done, and every elfost was made to save the money of the people, Ministers might look forward. without fear. to any future period, when new exertions would be re quired, since they would have the resources of the country unimpaired. and they would possess the firmest confidence of the people.—(llear. hear.) Mr. HUMISSON said, lie would argue this ques tion, as one of pure necessity—and, if Gentlemen admitted that to be the proper mode of dealing with it, it followed, of course, that they ought to devise some means by which the exigency of the time could be overcome. That remedy rota silted in increused exertion. He would admit, that in the years immediately succeeding the gigantic efforts of the late war, particularly the last years of it, When the country was re duced to a slate of ethaustion s it might have been • prudent policy to remit in some degree the efforts of 11w people; but surely the Right floss. Geutlemau opposite, who used to posegy rise foreign oatione for their endeavours to re-establish their finances, would not object to similar exertions on the part of Great Britime—(Hear, hearj—Pluo. a . m. Austria. the United States of America, were all endeavouring to rotore the operetioo of their Woking foods; and even France, which was ever coividered our rite!, after all her losses mitt 'Uteri flees. after being compelled to the restoretion uf the plunder of Europe. rveu France had restered her finances; and in the last budget which was. iii. traduced lots the Chamber of Depeitiva, a eiiiir!eg fund, 6 bone fide smoking Garet we, e.einfisheri on the proportion of mie per cent. to her total' debt, the very prop ortionr which was ceigimilly prod r e t s o ta b b l d i l c isil d :edi eb l t hilbes of ru ia llt n all ee ib :Mt al ut r t . ed ""Pit t tal' o l ivill : f1 : 1 0 ,16 :2 17 : 7 0 :P° II t ••, . • ; !..4f; adt. • ,erling, anti in the line+ edgetatiNhe .704.00 4 g. .vas set spate . sae oinking Nord. tuovdeorg hid beew merle it direcovering that Chit were ex cones of yews" every quarter orm illelionnitut of the consr,liristed fund, lain here there erns.no ilis. cover* of rrry . thing which Ir e d desired ..to ur el , : seer t. The' eacerenterreve rekularly losid nu the teide entry quavery. and undoubtedly be i 1)(PW tOU • counts ouch envenom were apparent. This weed dreadful and an unusual state of this t+ iu this country, and demounted the titilfillt iltlentimr the ism' of P.uliement r end farther overfill ..ga on the part of the country. Sone. , the t.,, :4t of the treasuriet of Great Britoit.t to nurse were the charges plated an tile elm solidsteil fund, that instead of previously coatamary. a surplitv of ',icon]. Of 9,500.000/ there was a (I.fieit tin less than 2400.000/. By . the financial inn 111 l tvitii nee/mare nn tlnuht ahs,.lnt.ly n•-ces.ary, IMs retinue had to nowt a deficie. cy not less than 1.800.000/., the difference between the scone! re venue of irebind. and the tort-est am! ilie•ge of her debt. This be did not awe es a close of crii•tire on Ire-lend; hteatoot that conotiv did not 'wake lite mime advances as this country hod (1 9 .55', nor did he means to say that she iserstqtlii an c• 'Sealy to improper clturge on Great firitaio; but •t:,!1: a is tit, .feet, and it was equally certain that the ficielicy 13h revenue created by the Lillian or the tressui s eiliontoing altogether, ou the consOnlated fund, 2,500,0001. was not provided for In Pali Amen , . sitid yet, its gii.id faith. this country wee bound to inert this deficiency. How hell they littlie!tw pro vided for the synarterly payment of thi• thfielency By passing an Act annually to enable the #L oil: of E gland to advance the sum niters-thy. )lint 0 1 .4 it not manifest that the country thereby rested its good faith on the Bank of England ; ands Ras it fit that the credit of this creel country should upon such ti foundation Hear. hear. hear. Ile had heard the Right Him. Gentlethati nor.; site. who was always a great eulogitit of the sinking fund, lament the application of the siiikitig. 1 . 1,10 to meet the exigencies of the State, as if it were to some degree a violation of the public faith, but that looking at the eittiatiou of the finaglers of the contitry, ite tens contented to give tip the oinking fowl. He (Mr. H.) should he sorry that any of tiros:: who consented to resign the sinking f 1 for flu present ytear.• should nutty:me they were thereby committing any breach of public credit. lie sit uird that the sinking fond had urea c...istittited ex clusively for the benefit of the public cieditore. Let the House look back to the lininitial state of the country in 1783, siol atty. (lei it then enter into the rontemplation Of any one to di. ;s o y Oiling more than to pay the interest of the pohl.c delp. But the finatices of the citatory were et that tune wielded by a num of a most Whoßte whole soul was devoted to the settler .1 the loitioti, who by his own exertions awl his slier Par liament succeeded isi tai-iiit; to the country. that Spirit, truly British, which pirated:A tit , ow!! ltot-tttn. Notisitlivtitisdnig the depressed st he oh the counts. after the coticlosion of n Mese. rfistresstog wer, Mr. Pitt succeeded, in 178 G, in estaldishing a sink ing fund, which. its his conscience, he belie vett principally eisableil this •e o n n oy to make those gigantic efforts .airing the last ear which sectirett the it-dependence of Eitro,se. and elctited Great Britain to the high rank. which she uow enjoyed. After some further remark , .. he alluded to the four taxes which Mr. Pitt, in the year 1791. propos:erg to Parliameett to be repeeled, mid which were very different in their character from those taxes whic;i the country was now called on to contribute. Tifton tuxes were in the stature of titsessed taxes ; one was ti tax on female servants. Would this tax he stow admit.: ted ? The second was a tax on carts and waggons— the third was II INC ml Cottages having metre than seven windowv-.-and the fourth was a halfpenny a pound on tallow candles: The,e were in their nn.: tore very different front the taxes nose required, end differed extrenirly it amount from those which had been remitted at the close of the last War. Ile trusted that, by making some partial eitirifice at the present motorist of security, they would place the country in a condition to repel every hostile aggres sion, and to secure the Safety and honour of enuntry.—( Some noise. and cries 6f '• I leder !" f—. ille begged pardon of the Hotter, hut there was one pinto of the Right HOO. Gentlettrits'A (Mr. Tierney's) speech to winch lie begged leave to semaik, as :t was desirable it should not he lois-represented ewe of doors. The Right Hutt. Gentleman loked. " Host , will you pay the itsterest of the lion of the present year To this he would answer—out of the nets taxes, and also :he interest of Ilie loan of lest year, which was its yet ottsprovideif fr.— In answer to what had lallen front OP 1,•-;nut.' Gentleman (Mr. Broughton) respecsirg this. ( h. miltution of the value of property - in on•c • quence of the tesomption of cash payments, would say, that he entertitioed Ito doubts of l'i.• result of the cautious plats proposed hy the Com mittee for that purpose, our any ospeetivo• the amount of the retenoe as it might be aillected be that • measure. The Hem. Gentlern.m. •I from the cautious tactics of los Right I lon. Ft il (Mr. Tieroey), thought proper to point out to tf, House the best mode of t ffectiog it sorrion...- . ecounmy in the public expenditure. ll' propos..l the abolition at once of the lipoid of Custo.i.•, and the transfer of all the allied mulched to tie.: jihard. to the Board of Excise, and .14 its r !that such e proposition had been euggestral by tier Board of Excise ; bat such a plan was so tildldi..l that he was surprised the I Immutable and Leoror.f Gentleman could hit moment have entrrtatisen • it. The lien. Gentleman, too, w h o vane fOrtnly complaining of the severity of ei. i tit•it the people to the inquisitorial itiveitigation the officer's of the revenue. now proposed the imposition of Etnr statics on eery artiele, in lieu of the Customs ; lie wonhi pursue every cie of foreign commerce into the etorelsousea "%rim (lie consomer.--ti.rao.).—'fins he was. su rf s:ono' have heard fr. ti, ihseia a titmice. The Hon. tient I - man had alsrr recesminetided what he called a eyatect of posordoer, which wale, that every collector ed tale* should he-siatid in pmportioit to the sorts rultected. The colfettion of the stamp dot es Aso mowed wia braneis of the rev, ;ate in Igloo. some doinenni out might eff cleft ih ihr loud thee jealus, however,. he had earthily re.. maned, land loi diliOaleta that, he was not Baiter.' to.e initialler whet* snob a redaction could btu efh•ctt ue t He dal not deny that wine siring uiioht I • ; :tIP.