The Sun. — London, England, 1807-02-17 00:00:00

to Inagnrrient: - the l Peice Would re quire all the. resourres - iiirittlEConotry. ."I,lte produce • 1 01 - the perm:went tax es Via„4 0;.,004,0601: as . th6 N. - h:e statod Last .year,it was 33,500,0001. and in years of great harvest rtlif taxes were 4e . rierally , More: prcidn'Oive. The , 560,00 ph 411prest and Other Monies, Made 35", )0,60.01.••Ae1it Wa; to lie . 02. t aiOinst r:.'7456-,60.61. • for the tntp re;t of the'Ptiblic Debt ; I ,200,00'J1. fo ther.anntial . ' Sl i nking Fund.; I ,338,0001.:fOr exfraoranarythat t ges •in - the" COrisoliclked find, making in the iiinAe 4".),000,0001. . against . 15,500,0001•, . There. 'we'lird be firther a Charge , of - 300:0001. for 'iritei - est on Exchequer Bills ; Militia Allowances, Artily, two-thirds of Lord Sidmouth's Peade Esta . blishmept, 7,400,0001. withoUt including *the in ' 'creased alloWances of the last year-; - Navy;, at "two-thirds of Lord establishnietit, 'out any aitrtion for the, iuCFeaSed allowances Of the last ;,i, 4.,814,0401..; Or:That - ice, of "the exercise Of the Militia, 300.,N01. ng, altogether a.charge,of 43,716,00b1. and hay- :in- 8 a (.I.•;i7l:lency of Ways and Means 01 - 8 ,1 1'8;0601. If the were loelsed up, Where would re- fc‘;lnd for this deficiency in - the Nat7f.! Es tahtiShme..-it ? His, lat. Right 'Houigrable 'Friend . bad, by persevering with tirmnest in wise; plans, and vigorous exertions, raised the 'revenues from ten, rnilliOns, which was its whole artidillit in 1,78.1,_ to forty-two ruidions,. which he left as a foundation for the present tt.tlCltire. This was autscielit prove the Charges of having 'ccilaptdated the ptiblic re - ROUrCes, and lef,t the cciuntry in a_ state of ruin, which IWere so groundlessly . preferred against him some time back. It was not by new . taxes that this great improvement had been wrought, so much a4' by mien- . tjon to the old,taxes, Mr.. Pitt, on coming into Office, found charges abovo•the amount of the ConsOlidated Fund.'i'he Whole of the land and malt were not appli cable to "the current service ; there were .7,009,0001." of untbrided debt ; and. the Three per Cents were at 54. In two years -the confidence of Parliansent • enabled him to carry into effect} measures by which be was enabled to overcoine all those difficulties, and . to establish i - Sinkino . Mid of a million 'without laying on taxes to a higher amount than 11,000,0001. 11y. attention'the saine taxes, which in 1 7. 3 44)rqucd, only 10,400,0001,- pro3uced, in .1803, 15,074,0001. This iMprovement..Was principally ceded by the' re- ..ansi 0* prevention of smuggling, an , q ion of duties MPnciples which be recommended . to his Mateity inisters to look to, particular) in the. event of the '.calculation, that . the mortgaged War . Vaxcs would` redeem themselves in fourteen ) ears, Went on theprinciple jltat .Consols would , remain it 60. But in Peace they would be at - 80 or• 90, or at par. It'may he proposed to. nieet 'thishy funding in a high stock. 'Bathe s perscents. which were ti - Ow at would 4iil immediately if the No*.Lordluade Tliere.\yere, , elleq, - g - reaerrOrs in the Noble Lord's talcdttion, 'hat the expenditure would exceed the tt l inourit 1a d dawn at feast by three millions a year ; That the War Taxes'kvould fall oti in time of peace shad ph at tile . part . of them that may be mortgaged *ouldsiltat , Clear . itselfr . infourteen years. He wished the Alan to lie ?adopted on'e. year by way of trial. It could Lose none of its Merit •in that time, and there would ht! a n ,priportuni.ty" to understand it distinctly, which r ko holly dianol,v. It ;'as too moth to commit the Country nricl'llarhamero to the pi„lo for twenty years, without stAciev_ , )r consideration Of its pro -Tne Merchants, the Man . ufatiurers; , .li,,.vners, the Cest India Pt miters and Traders ";"t all , Tile East India Company had 1 :r)lonv rated at- every addition of 5 pe r c e n t. ~. otn -.the ;fir,st increase of the' tea duty ; conse t.,quently-tney would be ,eXtremely hostile to the con- . :tinnauce a Iditional duty of 4.55. ptT cent. No 'bndy mold .he !t) ire anxious than he to see the . re- venue flottriih. 4ifi the subjra spared ; but he'de 7 ", .pr,?catett't he. atiop . j , )tt of a t'tTenty year's .plan, with 'Lor Y it H. 'PETTY v,ris unwilling to 'wit:recs . the liouse as' lie id forrseer. that it would be neceskary to speak ; it cons id, Table l?.rith in the Corn rnittee, and he to trouble the Hot* by - speaking twice to the same H be the last person to press the House .to decide upoh' the Resolittions . this night, if the adoption of thett could be at all binning uprin Eirliament •So as to prevt:nt alteration at any time Wit, should be desirAble. But 9ne of the great merits of the 'systeth e had proposed, was, that while it Wa's - propeaie to . such ~n tent, it left Parliament the prover ‘')f •nioditying it at every per it'd, aceot'cling as eircuinstanceSmay require. If it were acted upon on iv this year, only' of War Taxes would be pledged, and the country Would be dOubly remunerated by a year's repoSe from taxation, leaVing its resources... to be nourished and strengthened for re-production. This would be th e situat'i'on of the Country' neat yiar, if more Ina threi.cOn si ife ration and experience should disposLcsen tlemen. to withdras.v the .sanction •he thoUght the Plan ‘ins'entitled to .under Aire present circum stances. He . brotesteet aw.inst it.. -going abroad that the present War TaxeS were at 'all events to be Con, tinued at their present' amount in time of peace.— They were to be revised and modified; some to;be in creased; 'some to be diminished; some to beiepealed, according to circumstances and others,• if fie tessary," substituted for them. Thew were 'point's' *bleb could not . be prejudged, btu , which would iat decided according to the, circuMganieS 'and tigencies of the time: All ,this, was done rio . W Itas to take the rqireseniative v : alne.of certain takei .as the ground of the Plan. He would ask the Hon. 'Gentleman what stibstitute. could ,be found for the Plat] ,? How could . the same relief be afforded by symetn. w hich would ereryyear make a great itddi. lion to the Permanent' Taxes. He. would shew it Was impossible to stop taxation otherwise than 'by mortgaging the War TaxeS. When, the \Vat- Taxes could no longer be available, those:Perrnanent Mixes .the..flon: Gentleman tioNV recomplevelecl. - may be substituted. Like you, Sir rohn, . . • • • That we can do when all the rest is gone. . . lf the War Taxes would not be produ6tive in the - s4me amou'nti time Of Peace; some of ti;r7fi w ould L., and a considerable parr of the charge st least be continued on each article. What had been u!ortgagecl world besides be. successively trilling in; alkd. it on tax must be given:up, another may be sub- . 4'itnted. 'He looked' with confidence to the inclus- - trY of a body arable Officer 4 as those of.the revenue \verf,, ±it -14v(!•,-tthi-vg smuggling,. particairly wittn ! l lCouraL:-e:1 V; an _improved system of re ard, mak. 111 e;•iht4a).p2,1 . .4 - r ipate is the benefit of every seizure, ' Which the" , did not at pregerit. ' ftlsels 1;13 tin plements of the smu ,,, riers..shOuld be de,troyed, and fines imposed thp,persons upon whom these vessels and implements should be found. 2iy these inealis, if not altogether extinguished, the evil would be greatly checked. • With-a' view 'to this oSjeft, large Peace Establishment would he highly heneti qNial 3 and if chargeable in one view, it would be Ittonmnical in another, as it would be Elie means of improving the'revenue, Which vin r uld go to defray its expences. These were the grounds of his hope, and he held forth- only a hope, that this plan would dfiswei• the - ends - proposed. Here he would take oc- eakion: to give some 'explanation '‘Vjtll reSlied to the Property Tax; which he 'was supposed to have pledged himself to repeal. That was not the nature of his ;pledge, hilt that the means 'for repealing it would ei6st, and that Parliament 'Would be free to considerthe' propriety . 6f apPlYing :them. .His• ow n opinion was inclinedtto concur with that of=the Hon. Gentleman, that a small portion of the, Property Tax would be less burthenserna than those Taxes on consurnption, 'which, though . less immediately felt, were ultimately mere. burthensome and less produc-_ five,, as being charged with a profit by every person througl"Vibbse hands the . article passed, andditni . rushed in a similar succession by ev er y hand employed , in the colleaion; The propriety of the continuance Of sueheasroall'Property Tax would, however, re main to be regulated by the public feeling and the . public 'convenience at the time. He agreed with him as tOthe :difficulty 'of continuing the War Taxes. Onething however the Elon.Gentleman was mistaken in. There were no War Taxes on foreign goods for exportation. Fie allowed it was impossible to calcfe e late precisely on the Itedercietion of the mortgaged taxes in 'l4 years: Hirt frond a' mciderate calCniation that would be the period of - redemption. Iffrom.the rise of stocks, the Sinking Fund. upon these, War Loads should be slower in 'operation, it would be, larger in amount ; there would 'then be 0n1y . 4 per cent. .for interest, and 6 for Sinkitg Fund. There would be besides a, great advantage in the terms future LoahS, so that what would be lost in one way . Weald be . ganied'in another, and as the whole was to. be comprehended in one • general account,- - a' riatadu the funds Would, be upon the whole heed:- AS to the objection made by the Noble Lord . and 'the Hon. Gentlemen oppOsite, and ifiCKle`' elsewhere also, that this system of borrowing toone:y• at compound interest ; -was attended with double ex,, pence, that was true; ;but the charge was more than compeirSated by the CoMparative 'benefits' that would be afforded by preventing thaexhausiing of the Conn ' try, and by renovating and invigorating it& resources.' ',lf the Country was in that-state, as the Hon. Gentle man apposite argued,' that the•increaSe 2 of tsixation Would diminish the consumption and the produce of the tax, we were in that situation, that a perseve-, rance..in the old'system would wear away from under 'our feet the .ground upon which we stood; it was•, absolutely neCessary to adopts souse -plan to,prevent: • additional taxation, and this was the only plan that kvouid aosWer that object. The best mode of judging the merits of zthis plan was to compare it •with•tbat of the Noble Lord opposite (Castlereagh). It was ob i • jecled to this plan, that it went to legislate for the ; future; 'that it assumed a certain amount of expen diture, and that too low an amount, Without taking 'into the calculation the thethis of judging Of the real amount of the Wants that -would be; to be jimmied. for.. 'Nothing was more funie - than this Objettion, as the :plan would lend itself to any 'increase Of ex penditure that may arise. The only two ways in which could fail• to afford alleviation were these : first, if the War Taxes should fad:during war; if that' should be the case, it would not be the consequence of this plan mote than any other. the failure would be, id the nature of the Tax itself, and would hap pen:. under any one plan as wed as another. But if frem. any ,cause any of the present War Taxes should fail, the House would tax other articles so as to keep: trp thb 'present amount-et revenue from the War Taxes. plan did, no more than we were liable to under the present system. As to the otherl point, that an inCreaSed expenditure xi , as to be look ed tor, he took the a&ual state of our expenditure. only as a secure foundation -to-reason upon. With resped to Expeditions to the-Continent, or sub sidies, these were no data to go upon. All he meant 'was, to shew the facility of providing for the present 'common expenditure to any length of time; but he. should be sorry hi doing so to adopt any. plan of a mature to prechide the House'- frorn , ,acceintoodating the basis of that Plan to any circumstahces that may arise. Any Plan not so ap-• plicable• Would be'a very unfit basis' for a 'permanent :system of Finance. Ha did not like to assume at random 'an amount ,of contingent expences, or , an increase of common expeneeS, which would afford, room oniy fur reasoning as it; founda— tion. He had shown that the falling Co of Annuities, after those:applied to the Deferred Stock, would pre vent the necessity of having recourse to any Taaes. :for 3 years: in the subsequent 7 years 292,n00 I. a year would be wantedi in' the next' I'o years,' no thing. Supposing an -expenditure of two millions for the ,Coetineet, the foundation of the 'Plan world -not be undermined, nor its firmness shaken. The only consequence would be, that from the increase of the War Loins by this demand, the War 't'ax'es wiatild-beapplicable an inferior proportion to the §upplenzentar a y Loaes. There would be three years -still ekeinpt from taxation by the falling in of An nuities. In the subsequent seven' years 5.05,0001. :annually would be wanted, 'instead of 292;0001j to be raised by new taxes. In the•five tollowitig years no taxes would be wanted, and in the last five years 'of•the series only 3J0,0601. Thus, in the constant succession of the War Taxes, and the relief froin all lfiirther taxation for three years, the , Plan would be obviously beneficial, and only a moderate increase of Taxes Would' be nece - ssary in some parts of the period,' He stated thusanucla to sliew, that be did not isainne to legislate for the future is ithont •going • on firm ground. He was next to come more im rnediately. to the Plans proposed by the Noble Lord ' •io his Resolutions. These Resolutions divided them-' selves into three points : 'the first and sixth related to tee:.comparative effed of the present system and ; proposed Plan; 'and the ninth add tenth, adopting the vices, as they had been termed, of his Plan, :la ere intend&l to skew, that 'the same means of relief would beafforded by the existiiig, systeineis-by the :newt But the Nohle Lord had assumed as a right on the parr of the Public to takefrom the Slak ing Fund witheet giving'any equiveleet t tf%e stock- - holders. Hu agreed with his night Hos. Facud. tierney). that the 'Sinking- Ftiltt Was 'at first created not tfor the•interest ;01 the Stockholder, but of .the Public. It wits a hoop in tBO6, granted by Mr. ':Pitt to the StockholderS. But xiihat waS the'Sl-• tuation of the Stockholders who had since lent their capital on the credit of that Fund-? The I tousegtould pause before itshoohltouch that 'sacred grciond.— ! The Noble Lord ; with his .Plan, interposed be.Aveen • the Public and the Publie Creditor, by proposing to take the excesses Of the Sinking-Fund after" the year 1816, and without- giving •any equivalent to the Stockholder. The effect of the Noble Lord's Plan On the redeMption of the ,Public Debt would be, that ninety_millions would, at the end of-the period; remain unredeemed, and the whole' would not to paid till the year ; whereaS, by the new'Plaa, the whole 'woOld be redeemed in 1324, The Noble Lord', Plan, therefore, would -retard the.redemption of the Debt eight years. Anxious the Public Dlbt to pay, ' 1 Like iiructew F A i.f,""" by delay. The. Noble Lord takes all that Cook retard :the ,Re demotion- of the Debt, and' leaveS o u t all th a t : could accelerate it. The plan of the Noble Lard proposed to' take the excesses Of the SiniAing Fund 'between 1816 and 1826, in Which period only they could accrue ; and as it would be necessary . for ,him to provide for the Loan of the years between the pre-' sentyear and. tbeyear 1816, an.acnount 01 . 6,947, ()OW. would ,be, necessary. If this sum wer e n o t . p rov id e d by new , taxes, it Must be by ruinous loan's ; and if' ultiMately - to be provided for out of the excesses of the Sinking Fund in the last period', it, would .an- • Ocipate these excesses, and render ihein when they should accrue,. • Asto what had been said relative to a future Peace F.sfahrithrnent, be had ; only to observe, that 'that sobjea had not been ex cluded from the view of his Majesty's MiniSters, - The means of providing for that E4tabiisliment would exist in a higher degree than, at the close of• 'the late war; 'certainly ill a much higher degree than at the close 'of' the Ashericati war, when the Right Hon. Gentleman opposite (Mr. RoSe) ad-• witted that the PUblic Reveime was -wholly insuf ficient. ,In 1786 the Peace Establishment was fi ve ; millions 'and the ReVenue, exclusive of the addi tional taxes, athoonted only, to between three and four improrement Was a come,. quence *of the gro;ving prosperity of the At thetldse of the late'War, Mr. Addington, though ,! burthened with 56 charged Upon the 'dame Tax, by, one , 'stroke.of Manly and vigorous firtancial pOlicy, relieved the cot - Intl from the ,lo doliteTaX, and l ititided the debt charged upon it, .•proViiiiag at 'the -Sarno - time for 'the' interest add Sinking Fuod uponit. On -the next Pe:ice there would be 'an 'amount of. seven millions arising ou t, cif the'arinual Taxes, the . .Surplus.of the Consolidated Fund, and the produce of the Lottery, 'apoliCableta this Establishmentiaod; as alter the 1.810 coOsiderable .sums,,Woold be set free in each year, any s,:ialt sum that 'Might he necessary to fill tip, the Peace EStablishmeot might be apprbpri:ited front tiretn. •He should sad what, may be the amount • of the Peace Estabi:Aorient, for that would depend on the stale of France, and of -Europe ;.• but he, could look with ~o utithinee to the . resouraes of the, country to •• supply ample means for providing for' , such an E,tablislonent. He complained that the Noble Lord, iu calculating the comparative effect of I. the new plan, bad given an unfair View of the question, by stating, as he had truly done, the' amount of the debt created, but Withholding the. etfe4 of the Sinking Fond for its redemPtion.. As to the plan of the 'NOble 'Lord, contained in his eighth Resolution, for' keeping - the Sinking 'Fund stationary when it should 4mount•• to an equality with the Loan, and for adding the interest of the stun borrowod . to the amount of the Lian in each yeari. whilst the interest; drill Sinking 'Auld upon that interest, was .to be defrayed out of :the COn solidated Fund, to be afterwards repbseed out of the excesses of the'Sinking Fund, he considered that as the tnrist ruinous System that could be devised.— The sumte be provided in the first year would be small ; but, without troubling the Committee with the intermediate accumulation, he should state, that before the'excesses shotild accrue in 1816, the sum to be provided in the-year would be eleven millions, the aggregate . of sums borrowed would beetle hun dred and forty-eight or nine millions, and the charge Opt the C.onSoli'di:ited hued Woold be fiYe hundred thousand pounds. SuCh'n system 'Would' be much more ruinous than his plan of Supplementary. Loans. l'hegeneral result ofthe two plans would be, that by the Noble Lord's plan the amount of debt created would • he, in 1,826, .273,560,5311. with 'a Sinking Fund of '8,960 5 9871, ;: and by the new plan, the amount of debt.would be 304,884;4421. with a Sinking Fund of 11.068,0_001.' So that with a•small - iocrease of the Debt,.thcre would be more than double the• amount of the,Sinking Fund. As to the other plan of the Noble Lerd, it departed - froth the principle' of giving` immediate relief to the ccitintrY, by pro tiding that we should go on as at present till the Sinking Fund should equal the amount of Loan. To this he had a fundamental obje6lion, because it propo.:;,ed to lay on 730,0001. taxes annually, till the Sinking 'Fond .should reach the assumed limit, at a time , When it was universally agreed that all.-; tipn should' be reimbursed. Ibis plan did not in clude the possibility, of an increase of expenditure, which would overturn the foundation upon whiCh it: rested. An increase of expenditure would, create an increasing debt, whilst the. Sinking Vund would lie stationary. He had then to advert to two bene fits which would result from the new: plan, and which it' was . important for the House to attend to., First, it would have a tendency to keep up the price of the Public Funds ; and it was unnecessary for him to state the importance of keeping up the wine of the Funds. On this, point he could speak with more confidence, beCanse, to the short space of a fortnight, this effe& had ,been produced. The' second benefit was, that it would have the, effeet of keeping .doWn the price of stores, by keeping down the extent of taxation. Havi ng ' trespassed on the Committed at such great length, as much as his own strength. -add the-' patience of the Housa would perpit, he did.not Purpose again troubling the Housempon the subje&, uoless it should be ne cessary for him tagive explanation upon any point which might appear to require it. Lesrc“%4s7 .l .l,6REiGii intended to comprise, in as small a - compass as possible, the' observations ht had to make upon the subject betbre the Com mittee- As to-what had been said of the objection iniptve 1 to hint and his Right, Hon. Friend (M;. 1 ""), that thi.: new plan A:a.; to legislate for th.:. tore,7heyal oroy to State, that they did net 'contend tfrie any eita,Ctmetit oat this subject would p rec l u d e , Parliament fromtaking such measures as would hereafter •be deemed necessary. They kid oniV • contended that Parliament should not inrolve itself in measures' which, it Avotild have hereafter to alter or abandon. There Wes but otte sentiment on alt side-4 of the House with respell to the eXpediency Of reeevieg the Cebtnitry from taxation. There was something, coercive in the language of the Noble Lord respeeting Fand. If he understood the Noble Lord, he had said that the Sinkites Fund was not to be touched, unless by a kind -of bare gain with 'the StockholdeT, who was to have his quid pro quo from the Public. flut he wiehed to be intern - led what quid-pee /Ise was to be given to the Stockholder when the Noble Lord came to take the 'excesses of the Sinking I utacl. Tfw principle laid down by - the Noble Lord oe this aubjeti wil/ not he acted upon, tied he -would. be obliged to abaeden it. • Parliament had unquestionably a right to exercise its discretion respeeqing the Siaking 'Funds; but here he begged to state, that he should not wish for any measure to be adopted'that would psOve injurious to the Public Creditor, and he cone tended that the interestof the Public Creditor would • be batter consulted' by the adoption of either (If his suggestions than by the plan proposed by the Noble Lord. If the Sinking Fund ~ Vas to be touched at all, it would, in either of the cases suggested by him, -be touched in amanner less liable to objeCtien than in the manner proposed in the new plan. The ex cesses as calculated on in the new plan would be available both in war and in peace, and at the dis posal of the Minister, whereas, according to his plan, the excesses could only be t a k en & h ir i n g war, whett loans would he necessary. His plan would afford a greater principle . of limitation 'on the discretion of Parliainent reseeding these excesses ; besides, the interest of, the Stockholder was materially con cerned in keeping up. -the value of capital in, the market, and it would be impossible to. effea that, when in the last period a loan of thirty-two millions menially would be raised, nay' of thrty or fifty Millielns, i.ii. censespienc e of the rise of stores, the depreeiatioe of money, and an inerease; of ex-: penditure. Small Loans, with a small Sinking Fund, Would he much more beneficial to - the - Steck, bolder ti7ae a - Loan of that amount with a Sinking • Fund of tweeity-seven millione. The Noble Lord • had tiny night, in exprees tel adinitted that bis . system was 'founded u...)rt a pF,eciples of raising mu- . ney upon a compound interest, -though -he coeteed- • ed for the advantage of a compound •benefit. &it he had no deniat• that the Noble.Lorci, up:ln reflec tion; wonld•perceiee how unwise a priociple that was . - The,:Notqe Lord pr eeesed to borroc,v money. to pay the inan'est of his War terms, 3S well as the' • interest upon that interest.. What wbuld be the el- . feet of such a statement going forth to Europe ? There , wereelood` calchlators, he'seisieel N.)ble Lord to .recelleCl, in • Europe, and pastileilsrly • tlett part of-it with '.vhici, We we'reat piesseni at is sue, acid they could not tail to di cover the _New); of a system built upon confined Loans and coMpound .Interest, a system which, in,ist inevitably 'este to lemkruptcy. There was. only one authority upon which the Noble Lord could justify such a system, and he thanked God that his late Right' Hozionreble Friend afforded no such autherity. There had been but one person who, as a public man, could declare to a nation that he would provide for the expences of a war, and•for thesinterest of the debt incurred, by loan without taxes. -That man was M. Neckar, and he trusted the example was' one which the Noble Lord would not be ambitious to imitate. After the • difficultieS experienced last year 'with, reaped -to taxes, and the gloomy representations that bad been 'made, without foundation, as it appeered to him, of the finances of the country, it was somewhat ex traordinary to haVe this plan proposed .of raising above four ,hundred ntiilions upon a fund of two mil lions and fifty-one thousand pounds. The Noble Lord seemed to have found the Philosopher's stone, imd'certainly it would appear to Europe as if there was conjuring in'- it. Bat from the etteet of his plan, it would appear that the Noble Lord had dis covered the negative Philosopiree'S :stone, which his Right flout. Friend (Mr. Tierney) %voila 'explain to him—the pewee- a spendinginoney without creating yesonrces. He here begged I:2.:ve to repeat, that the. Noble Lord's system would increase the public debt ninety nellions and contended, that there was a - most striking diTference. between its-eire,f:t, and that 'of the tattle operation of the presentkstem, or of either of the plans which. lie had himself stiggeSted. • The amount of the Debt under the Noble Lord's. system, at the end of fourteen years, 'would •be 4:29;30,0001. the amount of Debt 'under his sug gestion, 369,935,00e1. which would give an increase. of Debt of ae,000,0001 •The Sinking FUI:d, in the ' termer case, would he 27,000,0001. in the latter, 11,1 40,000 i. ; the' War Taxes, h owever ,' wou ld b e completely bound in the formercase, and be con). .pletely -free in the latter, and; allowing for the re- . dudion by amount of excesses, it would be brought within 'a fraction °faits smiler proportion. to the Debt under tlie Neble-Lord's plan, es the • Sinking Fund would bear lii'theeliebt under his present sugges tion. The Noble Lord had said th a t t h e w h o l e o f the WarTaXes would be pledged, yet on the reaurrs of peace . it Would beopen to determine 'what taxes might be substituted tbr any part. of them. The consequence. watt' be, that the whole , amount would be to be laid on in a period of peace, when the energies and zeal of a period of war would be re lexed, in- the place of being gradually lain on as the occasion tna)i'require,Jand the Minister of the day would be plated in .the "situation of devising means of raisingthe , Whele at'once, ethounting to eight or nine -millions, instead 'of• having the tWeety-one millions of War Taxes at his dispose', There .would he ten millions two hundred thousand of the War Taxes made pernianetit, and there would con- sequently remain but 10,80,0a1. - to be succes stvely set free.' Against such a da6trine be en e,e,d his. protest. As to the plan he had suggested, he had thought that by the explanation . he had given, he had saved the I.oble Lord the trouble of waking an attack ,upon his own ' - principlcs: ne. whole of what the Noble Lord had said on that tread, went to prove, \ that it would be more dangerous to act upon his principles for rime years, than for twenty years. His plan went' on ihe ground of a Mac years expenditure ; itiui ct-rtainly with the same fonds, wonld :Wd more loss tt) dew, t!-.av, the suppletuentut loans Of the Noble Loa Lie agreed that he could not ge en Nailer without