The British Press; or, Morning Literary Advertiser. — London, England, 1819-05-14 00:00:00

11t1.411 r►►CK. . ni Mir t6ll a pin of them slonlJ at least be considered, if vie 11•. rt 1t.1.1(.• comforted with his Right Hon. Foi. • I, in apes the en 411111, as being highly irsexpedo s so. said, that be lens as unwilling as any Gen t'e•nao a , . • lowest him cooorld possibly be,too vegetate private a hoot h.' thought that some step most he taken. The sit ais n peculiar ease—it differed hum all others which Is e.mo to. lure Pa►llawrni. Me It x rll‘ and. that to, the principles of trade laid down by ilia II tl.oa Genllemnn 111/110101e, he had no answer to t•• T 9,.• Ge• 111 111.411 shooks that any attempt 1., to , ti t.. be pemprnitid against their own ronaeist, was a , s wess, of holly and oppress, 111 l . Ile ilia not mean to deny n• p.0..c.5.1a, but it was ■ principle Mai could nut apply to Cos en , y Coventry, in (AM, es u tie a slate the most mel 'n eedy ...1 aronatoiral*filf- proportion sit the wurkinan's agi a is paid by the employer, and the other proportion by points. Iht Coventry she workmen labour for 16 hours co I. is. taws . so week, and 111 a• best workman, with the a•d of ni.tehitora, r moot Carl, tome than 10s. a week. 1i.1.5 a • ark nolo of equal skill and industry, without the .e et marlionery, con roil o n ly 5•. G.I. p.•r week; the rest .t, ot.tri a supplied by the parish. This %moratoria slate ail th000:s hr impute., solely to the Poor Rates. Had it nut f. or 111 a the evil was one of that nattier which most hire lan: •...c.• corrected itself. The workmen would have • •d their einployos itt, or the m usufaeturer must have a•tranre,l the wag's. The itote.tioo was, whether tirade aboold in' the. rb•d from its hatnral channel ? There wee no difference rot us • as to the stela of trash. in Coventry. A • Hun Gentleman bail said, that all trade was liable to Sweinatisow ; ►wt the ease of Coventry was not one of ordi nary ilistrews-...it was une which tool been never 'ward of Iwhise is this country The Poor Rates in Coventry are at isneeteen shillings in the would, and onr•third of the moor of t oyealry receive relief front 111 v Pose Rides.— The system. be said, issiltieul additional rum R der 1111 the pail-h, for roornikents in London, voi.hing to lia• e Foals manufartnred at so low a en• 3R 5.. Gal per week for 1 aril 1R..1 Minn. seer 10 the habil • f esututg 1111W11 large ord. a s lit Curt wiry, sail of having the r. oialitsler of the sage. pia by the parish As to the system of half-pay apprentirr a, it was one to 11:ch the strongest objections lay—it Itatl t r. tun effect of 111.1k1111; V 10111( p rstouis paupers for Ill*. —it de limiest their minds by the early 111191'1 , 0111111% of drp• Aid worse : from having yuang paupers of both .extvroiligoe gated togeth• r is. 11w dry, and left louse by night, it a a. 111 1 violence that scents of vier, impurity, and licentioarrhoo.cn. surd almost incredible, emir...Fissility must *list rename Iss every humane and moral .stud. 11.eving stated the evils, be hail wow onla to state Ih.• r:•inrly—lli.' remedy was a li n i de—it was Dal♦ Il e • eshaision to l'oreohy of a ISA' iltleady 111 • \ .•,. cote — a 1 1 11/ shirts, with ro eal.l to anotho r great manutioe 'mime plate, lie n n •ant Sptialfi•'lds, hail os.roateal with the greatest hem 6t. Hen• the non M• tuber went ',attention at large into the good etioet. sit the law as it oprestesl with respect It, Spit4llit.l.l.. 11 , said that an acgooment had tiww sirict .1 w h i ch he, in point of fact, must admit—Mid he Waal", leave it to Ibr wisdom of the House whether thi g f nrguaeat was ..soing enough to decide the fate of the BM "11 Wll.l, Ih•t the effect of the Bill would he to evitt thee the price so snamsfart uteri goods. It certainly .a•",—snot til what xi. nt ? —too the am 0000 rit of one 11011 1/1 11( a farthing per yard That was the 15t...14 and be would ■sk, ahethcr it was o.•t two , rea.,ossable Ih.et Iho•e who lisuroglot lit to wear oorts sleould pay the fair ways of the lahoriser who 11111111C111 111 111 Itlvm, or whether the parish sh•wsld pay loom ? Th • •tatem of limo .51,5 was sine Which iu th.• better days of Eloeland was little Limas ti—it was a sy.tent abieh every f. ii led to the voodoo, y would wish to se. move.—it was ilegrailing and deuo.t misstated to de. price the peo pie of the ',aroma' ferlilig. of prule mod imle. woolen. r, anti to Oa in their sn ed base and degrading ti,w. who, as.bversiar .of the pride, the fats dusts, std the vistne of mars. He courbide4 by expre-sior his illllll.loll of sup porting the mutiou of lois 1100. 1 . , wool. xi,. 5, av o gig t ,sy avid, Is felt it his duty to oppose the motion. He did not see why cloth-wears is, sir any other de. e,•ripiimi of tradesmen, might not male the snow demand as ohm nut& 1111 W to lh.• .ilk sots avers. If the psi:triple a..r tohaatr.l—if it roishl he aupp.istr.l, them wontd he no hll - 104...a1t0 for poor satea. It Is 01 toren -aid by IkV Mi.. Gentle sums who j slat sat 4,1.13,0651 spote.6.lst lhaa tai thing is. the ),t, would 1101 Is frit but Hale were louses 111 every thine, soot the gnesUon was swot a Wilier am was a great increase, hat who II•er it was one tato. h th,• article sunlit lwas. Io his opinion it was nut. Hr would, under Surer ✓ireorm•hoices, app•e'e Slur maims Mr. PUILLIP, ilasJ, that so far from the op. ration of the Act having twee, Isestrficinl to Spitallio 111 S, 11 appeared filen CO. tVilitlOCit of Mr. W. Stephen's it had beers a. ,y briar . to Spot alli. Ids. He esseseciveJ, he said, that the cooly mode of aflarsh as: relief was by removing the duty the raw material. I.al alsusthl be left free, like any ether vms moils, y. eat es hal was pressed by the Hons. Gen t!. man lit this: that hecoritge the raw material of the article aas 1apin...50...1y taxed, then to lax the hehoor trusteed of sea kitie to rrmuve the tax off the o n e, which aunt.' teenier the tax of the other sensweessary—his plan %AS to taw 11.411. AN to Ihi Sa •Ii lIS the Poor Laws, he was firmly of ops,al.,n, Il,al , 141111.11 1. elm( must proreeel, not by sink ing the harilris from the sho u lders of one class to thr shoulder , : uf AllOthor, hot by breaking Moen the system it . •If—a system a Melo he deplored as a national calamity, is subversive of the pride, the spoil, and the uiole•paudence aif the p. ople. . !qr. , ritla, tom eiiphineil 111 r. I triLtriosi cent, that the reason lii• constituents did too lien ion the 11.iii‘c on Iles subj. et was, that they co ti,e'• relied too the wisdom of Parlossiseist. The evil corn. pl sin. of, whales cr its valet.' assay be, %ea. lull local. Why than, he wilted, was slut the remedy coofiste.l to the extent of tl.e it? Why, instead of a plural nira.tire, was it mot c001i....1 11l ('oac ot y Sir Cusco:F, s aid, be hoped that Lis Hon. Friend would It ithrtraw I. motion, and move fur leave to amend his Hill. !Ur 1'.7 110oRe said, that with regard to Nlr.Stcplito s, whose 11/01 - ace ws alluded I by all Hon. Grulltlll4ll at the vide, Mr. Slephel.• was a contractor—he Wag all u•ski be to 111,11 ‘ll üb j rcl to lower 111 c Julie., brit that isteasoie would not telirve his indiums iOll4 and laird 0111.1 I I (ICON who worked fur It, !sours earls .1.1), milli. oat 1.. int a b le to ploesire a nsaintrionice. An Hun to nth, swan ori anote h i m had stated that it w.ts doubtful whether pay In so lit limb tiantleil front the Act with ,e sad to Nticdfielils. Ile complained WO of es ils irsishisig—hot the is it's he e0111;11notsell of OCClllsed hefose the anon., n , c ," o f t h e l A .. The Ha.auu ahlr N 1,8111 1 ,1. these a. sit joito a do tailed consul anon of the uliei is of his Bill ; hint as the suggestion 04 his llosioisralilt F. lend, sod sv.s,u hat tic wa. uol hitatv tio Parc...it, he moult will, trots tool its r. luielaorc. leul wuh the Collsolalory a.ul arlf.appi tog OCllltvltrol I hal be had door .1111) In 'lsr al• Ifrosliete of Ilic 1ig..., to 11,e inn lanclad) and 11.1 itliJr • ill., luia Of the Vi..B Ling priiple of Cilveillot lie %unlit anh stsw his swoon.. traesiic it to hit Moje.dy's Miuod. rs, a h.. ware • ..111r1 , owns by flour public dui) Is, oilerlere oe b./1..4 . id oppre••,,••l, :181,1 111,W.1 un t'sit pot. i.•ii .f ii. II ijertt'a stihj•ees. Ile a "old sit skit Ivii.l h.. flesh he had uill) In hope that they a util.l p. et. ern Its ire. 'I be Ilea. G. unman then withdrew 1.1. ~,,,, MPJUIACE IA)1:1)5. A !.t insmce C4lnr I hi. Lusilr, asibuutictlig IL laud +tip v. 4i 10 s.il.el 11111, 14t the otiotioli 4•l' PA RN in 11( . 111.111 leas order of the assa,osuil of stuc k &moo t:1) urd , at par, I..tedhboul to lui.uul t ttlldtl the Atl ul Slur 57th of Ow to. Ill s tin 411110.111 i tratioftrargt iu leads ottuuul. V SINKING FI*ND. NI,. . thing/ to mike lii. promised us assn., 11,t• eul t i.vg oludi he hod now to 6,116.04 lu ihrif 1111.161dt 166014 use the souse WI IA 1•11'11 Ile 4.:11r. d tl.r 1105 re tee the )eor 11114. j•• 111C/I 11.10, a. 1.1. uh,ret wow is. 114, tlrelle Ihr I I..ii‘r Is. ri.dr..r •lii, nt It art lip sossleice titres. to I r Ihr • *v. oil al.i.4lllif *hal iiir I :rnst It) cal. SlitS.lll.l.li ailed 1.• stioltil Ihr Ch4i.e.lllol ar. khe Evrbefitir, 1. .als..sl a. r I.t. ie istrah.ll 111..11 tIM. 61.4411 sitoold L. Jii i ,lstu, ;lades Ult ci.su:e ei au Lit eludi"eas ••• read to them Yesterday. That elites(' originated in 1786. al the euggernoil of Mr. Fox. that wise sod ever-to-be-lam e nted Statesman, to whose acute anol luminous mind this wsse Ornvi• appeared might b- our day siecerroory. Ile would, he said, endeavour to guard himaelf from being tionorepre rented or misunderstood. The Sinking Fund was founded ois the poinciples uf the Act of 1786. There proiciples were subsequently extended, cor rected, and improved, and made opplicable to the • change of the country from a Hate of war to or peace. Of that iMliilllllllll ISO 11140 wan a Waste sincere admirer limo I elf ; hr had alssayr coo. sideerd the Siooking Fund an eatablistord to 1786, and as subscopio lolly altered in 179!, 11% the most splendid and Oleo five proofs of the • talents of the aide Nlinis'er that pro posed theist. By the At t of 1786 an excess of one million was 11:.1011ell to the gradual extinc tion of the existing delot, which then amounted to 238 millions. In 179! we were on the eve of a war, which, with respect to sow fits .11631 idfor., necessarily cleated slew principles of action—ono copies which were not rpolicatole to the 'learnt ertaltlished in 1786. It was clear that the system of 1786 would no a time of war heroine onite nu gatory ; two years war would swallow tip all the savings that 11w Sinking Fund had insole. Hence the necessity of a further 11 1: ;1•14111Vr measure, and scrordoigly the Act of 1792 was framed ; that Act provided that a Siuking Fund should be creates' at the rate of 11. for every 100/. burrowed. This it was computed would extinguish the deist itself at compound interest in 45 years. And thus every loan would carry the principle of its own extolls:- tioui, and this was the true principle ; excess of Pe t/Ciller was the only snurce of extingtorhing debt, for whatever flight have been the trappings and the machinery employed in any system of finance, the excess/ of ordinary inconse above ordinary expenditure is the roily source of the reduction of debt, In 'while and in private transactions this ever was and ever must be the case. These were the principles of the Acts of 1786 and of 1792; and accordingly the Stoking Fund pro ceri-il not without some, but not with any mate rial down to the year 1813, a period of '27 years. But what, he asked, was the Sinkisig Fund now ? In 1813, the new principles of finance propoaed by the Right lion. Gentleman opposite (th e Chancellor of the Exchequer) was adopted by Parlianoria. To that plait he (Mr. Grenfell) gave his unqualified assent ; because it was his °photon, that its the state of exhaustioss ill which the coun try then was., after a long war, supported on the part of the people with unexampled fortitude, and unexampled generosity, during which their money, like their blood, flowed with a liberal and devoted abundance—it was (hell his opinion that it woodd not in touch a moment be wise to add to the public pressure, but that it was far more dis creet In give the people breathilig time—to let them Inuk back at the past, and to enable them to face the difficulties of the future. Whether the plan of the Right Hons. Gentleman was wise or soot, one result certainly has beets to sap the fouls olaiims of the Sinking Fund—to leave no real Sink nog Fowl whatever. lei the last year there was ass excess of expenditure beyond the public income of ilurteen millions and a half, taking fifteen millions as pot of the expenditure under the head of the Sinking Fund. So, in point of fact, with a nomi nal Siiiking Fund for the last year of fifteen snit lions, we created a debt of thirteen millions and a half, it was clear that the real S.iikiusg Fund *mounted only to a sums of one million and a half. lie was not, lie said, in the habit of taking a gluoiny view of public transactious—he had ever been more inclined to look at the blighter than the darker side ; hut there are subjects upon which 'white men must fortis au opinion', I ever di.- hrssnlg Isl tlie public or to themselves, and he would grossly flatter himself if he were to suppose that the revenue of the pie , ent year could Equal the revenue of the last. lle would put it to she Right Geotleinaii whether it was ',probable, that, taking the real amount of the Sinking Final for the last y-ar, and what was expended by charges Oil the Sulking Fund, there would be a s%illing appro. priated for the reduction of the debt. lie knew the Cuminissioners of the Sinking Fund had one hundred mullions of stock. 'Elie Right Mtn Grit.. fleapits' had called it a treasure—and truly called it such as sio nation ever had before. But how has the f I beets created during the latter years ? —You send Commissioners four times a week ado the City of Loudon to purchase stock; but this stock was purchased with burrowed moisey. The cootraciera purchased new stock, that is, they exchanged old ',tuck fur so much as they could get by creating new. They sold new stock cheap, and bought old stock dear, as if atm k of all de riaiptions dad nut fall into the inidistineis.sliable mass which forms the ',labile dell. 'Hie whole machinery at present was in full play ; but it was of no use. lie wood(' ask, why the enor mous expense of an establishment winch is useless, and yields nu production ? It has no effect but tls u ail r uiching some contrite apal dealers its the fund. (Gesitlem,ii of whom lie did not wean to speak ill disresiwetful terms) we're great gainers by the system, and Innis 111 , 111 C of thesis tie would probably experieisce opposittou this moil. It was a system which bail uothilig to re c in.—instead of powwowing plai 111 l elm and simplicity, Walesa system of olelresiuto and deceit ; whilst the delusiou Korey:4 it most be productive of evil, and it must roil in failure, in misfor tune, sod disgrace. lle would ask Millisiels if thus can be made clear, will they put a:. eild to t 1? Frrait 1793 down to She pro-scot noise, it would be of avivaisiage to the country if the Sinking Food lead been applied ill dinnaution of the Indus that had beefs rinsed from titue to time, He hehl a cal cula,iou in his habits, of the accuracy of whiels lie lead nu doubt', by which it appeared, that if the debt were so applied from the year 1793 to the year 1819, there would Lave been a wont effected of twettly millions. Ile held in his hands an account which would chew that the Continiesiourre for the reduclsoss of Use debt would hate saved by the loom of liis; if they were allowed to subscribe for dor tens xullluus as liana that Iran, there would have brwo a sowiliK of two !malty's. and upwards of capital. It wars contended out liar opposite side, Ili.l tot (Neel of the 'Totem 4.1 s to keep up the 'owe of the basal,. Ile would but now go into tile cwuu.lria.ioms ahrther it a milil be advisable to keep the pt.cs of the loads up of duals. Uss. doubteilly in a time of war. when this is a bar rowing country, it is brueficial In the public interests that the funds should be high ; but in n time of peace, when the coontry ought to be, sod „lir trusted shortly would he, 110 11 If tiding but redeeming try, it was e writ, question whe ther it was advisable to atlvaore the price of stocks ; but at all events, he denied that the present system 'had the surer of keeping up the stocks. We have, he said, suppose 15 millions to lay out—now he would maintain, that by sending th e Conllllii *loners to boy stork, instead of 21 mil lions through the medium of the lua.i, the result would lie in the rod nearly the sane to line Wry as in the other. The pa ce of stocks must, lie lipoid, lie permanently regulated by the proporti )))) the ista,k , t bears to the demand of the memo.— As w the opinions on this .object of some g e n . airmen, however respectable their authority. fill 1111 other subjects might he, on this they were biassed; 111111 Marl* the Hight Hon. Gentlemen' could prove that the conoractorrof luaus were free f the coin lit ot failings of humanity—a bias on the minds of those Gentlemen must be presumed —lie did not thank Ihat it wes from this qiiiirter that the Right Ilion. Gentleman should look for advice. Ile re collected the Right Hon. Gentleman stated, that at tneet . u.g ion D•twitiog street of the contractors or the loan, lie 114(1 vismilltegi them as to the propriety of applying the Sinking Food nn sod of the loci, they all, wish one voice, exclaimed tiguinst it ; they looked upon such a course with horror—it was im proper, it was itio-t unwise, and they strongly re commended the Right Hon. Gentleman to have a loin of 24 mooed of l'. millions. There was, in deed, one exception, a n d hut one :au lion. Friend of his who N A near him, lint to whom he never opened his lips ion the subject, his Hon. Friend told the Chatictlitir of the Exchequer, that if by were to he governed by a sense of his own personal interest he would say, let it be a loan of 24 will, ; but if called UpUll to give his fair opi ))) )) ti, he would ft-el bound to state, that it would he wiser to apply the Sinking Fund in aid of the loan, and lie would be bound also to say, that instead of '24 indiums, the loan should be but 12. The Hum Nletnlter next said, that during the war the principle a lin.ll he now sought to establish could not be curried into effect. At one time, the Sinking Fund did not amount to more than four or five millions in the year; whilst, on the other haw!, the loans were sometimes from twenty to twenty-five millions; but that in a time of peace the Finance Minister should, when he wanted only five millions in ad dition to this food, to make up twenty millions, or ten to make up twetity-five, yet prefer putting the country to the expense of borrowing the whole, was a proposition which implied such infatuation, that lie could not believe it till he heard it from himself. He did tint think it necessary to proceed seriously to prove the absurdity of such a design; for absurd lie must call it, unless he heard argu niruts in support of it different from any lie had heard yet. if any such should be adduced ou the opposite side, he should take the opportu nity to reply to them. At present be should merely move, " That this House do resolve itself into a Committee of the whole House to consider of the said Act." The CHANCELLOR of the EXCHEQUER said, that if he had net° ustoinshed before at the motife of the motion proposed by the lion. Gentleman, still inure so was hr now at she manner sit which he hail brought it forward. Before he bad thought it ob jectionable, as tending to tie down the Goterii silent to a paiticular mode of proceeding, and to fetter their discretion in conducting the financial operations that might lie necessary for the service of the year. But then it was clear, distinct, and de fertive ; now it was vague and inilefioite, soil if acceded to ought lead to any thing—and so fur was more objectionable and unsafe, and did not, in his opinion, tend to any good whatever. 'Floe Hon. Gentleman well knew, that a power existed iii the Cominissioners, in virtue of the clause in the Sinking Fund Act, to apply the whole, or any part of that fund to the subscription for the loan ; but it was left, and wisely left to their discretion, whether they would du so— whereas the object of the motion seemed to he to take this discre tion away, and compel them to subscribe, how ever unfavourable the terms might be. He readi ly admitted that on the abstract queation of the operation of the Sinking Fund, great diversity of opinion prevailed. The Honourable Gentleman had said, iu support of his views of the case, that if the Sinking Fund had been subscribed to the loan, in 1815, a great saviiig would have been effected to the cuuniry. He should not, however, have left umiuticed the circtinistances under which the loan had then taken place. The contract had hien concluded iii the interval previous to the bat tle of Wateilou—and in consequence of the victory there, and the restoration of the peace of Europe, plaits had been gaiord on the stuck which could not have lieenj anticipated when the bargain was Hear, hear.)—But what would have hero the coast rpiences to the sub.cribers, and among c.ern to the Commissioners for the reduc tion or the national debt (if they hail been sub scribers), had that battle been lost ? In rill these • Ilitle was all diletllliiiVe: the borrowers or the butters most gain, and the lods must be submitted to by the one patty ur the other. The Hon. Gen tleman had asserted, that if through the course of the war the loans had been contracted for in the manner he suggested, the country would have been ▪ considerable gainer. He could not but he !Marl., that Since the commencement of it a stun of riot les. than time hundred msllioris hail been borrowed. A very billing difference w the Sirius of such ex tensive loons would occasion a far greater loss than the sum of twenty milhaus mentioned by him. BA he coutelideil that not witlistatidnig his calculations, the Treasury lord acted wisdy in pursuing the course they hail. 'rule persona most couirected with money transactions always hail contended that by the Consiniss:oners bringing money into the niark..t. a regulmity and steadiness was produced iii the wive of the foods, and an advantage thrieby obtained which far outweighed any direct applica tom of the Stiling Fund. Their reasoning was at least plausible. They aigaird that if the Corwin,- sioneir did not go to the market, any person under the necessoy ul ladling out, would be wholly at the mercy of the dealers in stuck—that the buys is wool.' take advasitago of Ilia situation), and toourrice the state of the market at will. The steadiness which was dir result of the preseht •erwor- "•'u.llloi plan, more Oil.: conlib-iloalanced any ffiatiAvsntazes with which it lowa+ supposed to be attendee). When the lion. Gentlemen :.vowed his object was to lead the Howe to enter into a serious consideration, whether they ou g ht lint to suspend or even destroy the operation of the Booking Fund, he thought the I blose would pause leelore they gave their assent to his motion. A more tinfortuoiate time could not have been chosen for the agitation of such MI prows. a:lioon.—/Hear.)— Much of the re t,olitts g of the. Haolourable Gentleman he was al present preclud col from eitterhig on, ilil/01V11...! :I% it did line:41011S or arrangement, which a sew* ( .1 duty gild nut mow permit him to exel ll ill e or tliscuss— mini which would necessarily 111 a abort time come regularly before the [louse. Ile fully felt the im portance of the llon. Gentleman's auggestiouos. Oot tonne points pet hu n g he did not much disagree with loon. Ilis objection to the motion was, that the Commissioners already possessed the requirite power over the Sinking Fund, and he thought it unsafe and unwise to conitrool their discretion, and coinpel them to a specific proceeding at all hazards. I fear.) Lord A LTIIORP supported the motion, and com bated the ar g uments of the Chancellor of the Es cherprer. Ile allowed it was desirable his Nlajesi 2 's Government should have a discretionary power over the applocation of the Sinking Fund, but it was very difficult to speak of the real effect of buying stock and horrowilig at the same time. lie thought the fixing the interest of the ton permanently on the Sinking Feud, was a greater infriagemait of it than any which ssonlol follow from the meastue re cuuttneodcrlhi. lleumourable Friend. Mr. Wirso X (the City Member) spoke against the motion'. The benefit of the Sinking Food, as howl been alre:ooly said. was no 111. alls to be C/li. mated aolely loom the extra of delit it liquidated. Another most material advantage of it was to keep money transactions out of the hands of brokrr., and the money minket steady and even. Without its infl mace, the Stock Each:mg.. would be a scene of monoloody, speculation, Iltiettiati 00 0 and hazard. lint a greater ohjection to the minims was, that if they departed (ruin the old system, by which the credit of this country had bren kept so high all over Europe, no one could lined where • slop was to be mode-.—/ //ear, hear.)—The eolith!. rice of the creditor in the good faith and resolu tion of the Legislature would he destroyed. A Chancellor of the Exchequer next year fullterring the example now set, might lav his hands on the whole of this Nor!, destined to be kept sacred, and divert it wholly towards the supplies of the tent.. The measure recommended, seemed to loin full of peril and hazard. He had heard it said in the House, that we ought to look the difficulties of the country hi the face. He agreed that we might, and therefore nothing should tempt hint to encroach ou this the surest hope of the country. It might be advisable to mention', that nutwithsianding what had been urged in favour of the mutat', it way possible that in the tame proportion thee measure would diminish the sum to be borrowed, it might also operate against retrenchment. It the motion was modified, he might give his assert to it. her. haps lie was premature in alluding to a subject that would probably occasion much discussion and difference of opinion in the House—lie nicant the Report of the Committee on the Batik—but he begged leave to ray, at protein, that he approve,' of at least oboe part of it, that, namely, which recom mended the putting the Bank in possessiou of their own means as a preparatory step to the resumption of cash laymen's, and he (as we understood) would give them, to that intent, live millions out of the loan. Mr. RICARDO said, the Right lion. Gentleman opposite (the. Chancellor of the F.:ice'triplet) had admitted, that a loss had beeii sustained by tire country from giving the loots pretious to the battle of Waterloo to a set of contractors, instead of al. lowing the public aii opportunity to subscribe thereto. In that opinion lie entirely concurred. He conceived no sort of danger would arise even if the argument on the other side, respecting, the Sinking Food, were true to its full extent. Gen. drown opposite hod talked of the danger of ininiu. poly in the Stock Exchange if the C ))))) inissioners were out of the market; hut those who Norm hendcd it, must have been ignorant of the mode in which business was conducted there. Trata.actiorta were carried on at the Stock Exchange as fairly and honourably, and there was iits much comperi. Lion. as In Noy money market in Europe. lie op. proved of the motion, because he thought, that, whatever advantage private coutructurs derivtd from subscribing to the loan, the suirvt lulu/wages would be enjoyed by the public in taking the large proportion of it equivalent to the Sinking Fund. Mr. Huseissos was obliged, in vindication of his Right Hon. Friend (\lr. 1 7 tinsittait) to say, that the Honourable Gentleman its forming his calculi. tion of she sum which would have been saved 11l the course of the war on his plan, had referred to a our- Uvular document the table respecting the loan made iii 1810. He accordingly concluded that his argument had reference only to that one loan, mid could not be considered as general. As to the mature of the motion, it seemed to him to he for going into a Committee on the expediency of the Siokiiig Fund Act, as the Commissioners alre.oly had the power of subscribing to the loan, it they thought proper to exercise it. It was imputsible to discuss the question of the operation of the Sinking Fund since the paw 1793 on one abstract prtisci ple. When the Han. Gentlernais said the country would have been a gainer Vi th e extentaf to, it..y millions by obsetvilig a course different hoist that lidloied, lie should have token into considela turn the vat ious elements which entered into the account, and especially the terms on which the loops would have been contracted for on every occasion, if the Sinkiug Fund had not been left iis the Is 'subs of the Commissioners fur the pur chase of stock. The question was so mixed up ailk various considerations, that it was most fallacious to attempt to argue it on ogle ground oily. The Right !lon. Gentleman then alleged that the mutton war premature, and had no specific object, and expressed his determination to oppose it. Mr. J. P. GRANT said, the thanks of the country were due to his Hun. Friend, for drawing the oaten boo of the House to the present very important question. He knew by past experience, that the Right Honourable Gentleman °pinnate (Mr. You mho) was slot the worse for hearing subjects of tins nature discussed in the Muir, that he did not th ink ,~_,,._. it istmortley of him to adopt the opiates it! eta. tiellieli Esorin Nhoill he proleased to differ, am! "'Wilt, times founded his nteo•ores on the hi n ts ea . c .s iv „d . fruin them.—(llene.)—The absurdity apiepareil su plain of borrowing MI interest, al ;le we had money in our hoods, that it was wily to he explained I c y some niyatical operation of the Sinking It. WilP aware that every Market was effected 41. e tirmaild, and, accordingly, he believed that shift . was kept up by means of the "Staking Vaud. hilt if they turned as many be!leris to the market 11% 111. - 11 were buyer., he did not see Whet useful .ff rt Ma! prodneed, while the two counter NWT 4 1 1U114 flute regularly going on. Fur oar, lie wee exis.. o .l, anxious to have the matter properly •iarestigaird, beeatter lie believed the Cuttatry raffered moist lrs' the system at present carrying oh. Hr kite* 1,41 well, that gentlemen in the City would twit procure.; sit lesenptioint to the loan for nothing, awl In wished the country Were /deed the btlldeli of abut they thus gained. If private individual loud fifteen thousand a-year by borrowing fifteen tleu u s sand a-year, lie only lost whatever it coat hi m obtain the loan. lit like manner the ouhtio toil the amount of the premium on en rourh 10:111 is wile equivalent to the Sinking Fond, ane u the hitter was not salocribrd. anoints Milli .litiqs at a premium, and what was that but a hie. 1.; the pnrchuart ? He could not see any objeviit o itt Hon. Friend's mob ~,,, especially when ill pitt;e a were agreed that the subject was deaervii.g i f the mast ample investigation. CALLAGHAN said it iris most expedient that the Sinking Filial should be kept up and en larged. Now it could be enlarged only by dotal. 'Witting our exiwuditure. or increasiog our i4conit ; and the latter was, in his opinion. the only proof. cubit. mode of doing it. Our iticoine we. more at seventy or eighty millions, and lie thought that by prudently taxing commodities which would iehnit of it, it migld, without adding to the teettietial pressure, be brought nearer that sato than it att. at Meerut. He could not assent to the motion, as the Sinking Fund wise the only roondation of puttitc credit. Mr. ELLICE said, that his difficulty on the pre.- sent ()cession was not a little 'r.crea.ed by the moo. nee iu which the motion had been brought tut waist. If the proposition had been for directly applying the Sinking Fund towards the loan, he would lave felt it lii■ duty to vote for it. 14r. Geentiett. rote to reply. lle said, that the principal argument urged against Isis motion was the steadiness ell , cted in the price of the stocks by the Comonssioutiv always being iu the mark•t. He held in his baud a list of their iwtria during the last three yews. In 1816, they were at 63. from that they gradually ruse to this day they had fallen back to 72. If toot ass steadiness, he would wish to he told aka wane legation. Ilia motion was said to be pa taatu►r, hut ten days hence it would be too late—the Waal would then he made, and the mischief (rf any nsischi f was to take place) would be done. If there v.a• no luau (luting the present year, th. tr w •old lot no other cour►e but the usual one o f t.n to toe Conn. missioners; but as a loan ad. It, i.e Ilindr, It tartly bicatne the House to consider what he proposed was not the most Jo usletst stay eu►phr. Mg the Siiiking Fund. 0•IC Iluu. Grntlrula►s hail expressed great alarm, a. if the Sinking Fund weir molly etlectu4l for the reduction of tile public debt ; another 'apprehended a future Ch aticellar of the Exchequer might meddle much ni,re es. temovely with it, if any eatlalitir were. 004 set. He therefore thought it right to say, that Ins only design was to keep up the geitural 'machinery of the Sinking Fund, but to save the country the money which for the last 47 yeses had beta goin4 its the hands of contractors.—/ Hear, hear./ — A tier what had paned nu the Houae•Sre years ago, br had no limitation in declaring that his ailj-fct was by some means or other to make it imperative on his Nlojesty's Ministers to apply the Sinking Fund to tile luau to be raised in the pis-scot year. He could not see how buying stock sod borrowing at the same time to the same amount, could be at tended with any benefit•ial tffect.—f ifear.)--Ge n . Ileumu who were in the habit of subscribing to the loan were naturally anxious to keep the prevent system, deriving, as they did, so extensive a profit f►om it ; for that very reason he WKS dIIXIIJUs to pat all cud to it, aid to turn lite profit. into these !mbar: channel.—(Hear.) r. WILSON ex l lamed, Tor House slim divided. The numbers were— For the mutton Agaiust it 3lnjurily against thl• motion lll SA LT REV FAN F. Mr. W* I. LAC F. ri.se to brio :14 in his Bill to *mend the Salt Revenue Laois. lie Iris happy to say that these laws acre sufficient, without much screwy to the execution of them, to raise a ferrous. of 150,0001. a-year. lie then read extracts from papers, to t.liew that the charges made against au officer connected with their . 'creation (.1e un derstood the Solicitor to the. Excise), were void of foundation. That individual, lie coistioued. performed his duty in a most exemohiry manner. His Bill applied to such SI number of points that it would be tedious to specify thesis. By the taissing I;iw buudu were oequireil from persons tualiog in the article, were suffrted to Mut 'Him- Idle, and sometimes op.-Anted as a guest g.ser. once. 0.,e objrct pr.p.).r,l by the lied wa. t o remove this, by eteautilig, Illat 1111161/31 stutter wet.. given %ulna a certaiii blue of proceeding 1111 such bonds, they shookd be held to tie cancelled. A nut tier t of the Bill went to establish new v.- gulations applicable to the CssllVryltlll't Isr IA( by ta. a. The Gentlemaii, after ilescsibing s rmr other of its provisions, iiiii red lur leave to 66161 ; 4 Hill to alter and amend certain laws of Excise alto respect to Salt and Rock Salt. CaLcaaFT recond.il the motion. Mr. THEMA V N E hoped Ilse !Warm', would he rt lieved from the bray)• olmructootto that Low t 30-oti ogaitibt tlltlr maktog uw of t• 411. — After matte remarks truun Mr. D. W. Mayo, the !outwit oasagrred to, and leave gitett. SOUTH AMERICA. The A TTOIO4 kV-GIENERAL nose, In pursuilice of hni nonce, to waive for koVe to bolog in N litli OE (Atari ly In piolrant British stair vis tram ti.ll-t -ing iu Nil furrign service, wiLlinui previous lice. how the Crown. Ms object was tiut on much t• lIJWC N UCW latflSUle uU thts bUbjeCt, us to rtUitLl, &