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

was, that it ,would beinconsistent with the public faith mind just tee to the public creditor, in the ob selyance of which was involved the honour of the nation, and still more especially, the honour of Parliament. '..'here' was also another considera tion of a more contracted nature, but which bad great weight with him, and which he hoped would have great weight with others. e it would injure the edifice of the . Sinking Food, the proudest of those raised by the genius of Mr. Pittto his own fair fatne—thatwhich he held to be his greatest work ; which his friends so esteemed, and which flow evor his political opponents ellotted it to be —and upon those friends, and_ those opponents, he _called-to aid his feeble efforts to preserve un mutilated that Minim - neat so glorious to the public and to individual fame. It Might be necessary, for a more distinct view of the que4tion, to take ,a Short review of the origin of this splendid system. Pitt -Was called to power the year "after the Ameriean . War closed, and forbad our resources at the lowest ebb. 1 'Vet-on• the application of proper tiieens they even; proved to be so solid, 'that with in three years after, in 1786, that great Statesman was able not only to improve the revelme, and raise - and re-establish public credit, but also to lay out one annually at componnd interest, to•be directed to the discharge of the national drib, With a provision 'to, apply ally staples that arose on this financial management, annually to the remission of taxes, or such other beneficial ob ject as the eircumstauees of the country requim ed. Jitit Mr. Pitt did not stop here, he was desirous of mating- a 'provision against the too rapid' inefekae of public debt, and his Mind was turn ed to the 'task' of guarding agaiust time possi bility of any future alienation of this Sink— ing Fund, by which that object was secured. .16 1792 be submitted his plan for that purpose, anti (HI doing so he'saidhe had rovided a plan for the redemption of all the debt that ever could thereafter be incurred. Its grand feature was , , that ''principle of redemption. which was inter v.amen with its creation, that provision made on raising the loan whith secured its extinction.--- 'I his principle; could not be departed from, or al tered, Without- a violation of the public faith ; and he referred to the records of what was done at that time to bear him' out in stating that this system Was established beyond the entitroul, and , out of the reach,of Parliament, Another great re commendation of the Sinking Fund Was, that it Y. us 50 framed that it • should : lncrease in power, as the nation was depressed by the amount of 110)t,.. 7 -trlere, at the request of lion. Geutlee man, the Clerk read time 3d sectioo of the 550( chapter of the ;.sie2d of the King, to prove his as sertion.). It appeared ,to him, that the effect of the enactment was this—" At the time, of making loane it shall be at the option of Government eitherto involve a provision in it, specifically for its , redemption in 45 years, or thenceforth they artist, as a matteeof coulee, isetme from the Ex cheipter,a Sinking Fund.; ,the' amount of one- hiindredth pa t, not of the debt, but, of the stock ciliated.' It might nece3sary to state the prin cipleeOn which 45 years was fixed en as the pe ritidbeyoad which -no debt i.lmoelti be incurred.---- T{ iseterin Avila fixed on, be catteiat brie:.,., per cent. upon the sum borrowed: accumulating .et, the, rate of thretaper'cent. -interest, would reduce the ori gitral - debt ineabout that time. The calculation .was tee del thus. la-17,92, as now, the greatest partail the public debtwas in the three per cent, eetopk, and therefore the eIS years was a maximum of th'e 'time in which the reductiou of the debt would take ~place, and the Sinking Fund be 'en abled Otertuinate it. This was correct, if the fttude were during the whole period mat par ; but if they fell below that, then the -iimmkitmee Fund woeld act with increased efficacy. All the loans contracted for 'since 1792 bad been -cOncluded on these principles. It followed then, 'that the leadems knew; that if time funds continued at par, their loan must. btedischarged in' 45 years e and they also -knew, that if they fell lower, which. wall the naturel; consequence of heavy loans, that then ihey . woidd- by paid .much sooner. For -in-, stance, it the 3 per cents. fell to 50, the loan would not be paid in 4 but in 23 years. It was the knowledge of this that gave the public , ; neat advantage in the loans it negociated : . and the priu eiple beiag understood, conferred a reciprocal be nefit ou the creditor. All the loans since 1792, !pad been raised (with a very few unimportant ea-, ceptious) with the option he had' already describ ed On the part of Government ; and theyha#l most beneficially 'acted upon preferring the one per cent. SinkingAiund to any other mode, The Flan now proposed was,. to allbw Parliament the liberty sem to . modify and , regulate the redemption. of the national debt incurred since 1792, as to protract the period of the redemption of that debt to the fill) period of 4 years,inStead of the shorter thee, which would be the term under the partiett- Lr c]rcumstunees of each loan. Heeput it to the ilotia Gentleman, if this was .consistent with the nnimlitelnithe- after having obtained the.heneht the optiea the 6overement enjoyed at/making the loan, the nature of which would be chaeged 311(1 letter et the te.t•wai, fleet there was.no option sithse (itient,to the - contract, and Ow fifth a i d eighth. •ertior.6, 111 ins mind, corroborated this conatrue them. lie thought, thereforeethat on a matter of t i,is importance, they, ought- to, have the_ opinion of those toast conversant with the construction of statutes ; tbis he claimed on behalf of the public creditors, who had no appeul but from their potter to their juetice„ and ought, thereforeeto he clearly' satisfied on time point of legality. He put it to. the Night. Hon. Gentleman to sny, at What period. his libeled construction of the act gave him the pov er,Jot altering the contract. If in ten years,. he aught with equal right do so in ten days after the lease wait nettle. The violation was the same aa'y dietanee of time ; and he asked if it would' f:iit within two after -herrowing: the neetey op another principle to change the modeof repariterit tai the public creditor: lie denied that the Adinin'oJrtition hail thil power or' right to diem e' the operation tit the Sinking Fund. He ai.kad of the Right tlon. GenthenaO, if lie could alter, the incite of application of the'Sinking Fond trove that laid down hm 1792,' what . liintleted hint .I.llerthc,issite of one per cent. front the Excite oeer ? principle wes destroyed by the ! nib. a Wot4:he by the other. The ight not). 6 entlemau had said, that this was the meetting attached to flit ect but With his veheration for the memory of that great man, he must say,that in a case of this kind, he would rather look to the letter of the contract, than to any au.. thority, however weighty. But on what did the authority quoted reste On, no direct e iliefimi of Mr-, Pitt but on his.firtancialprocettelinge 41'1 9, find 1800; and hit acquieseence' in the opere tions-of Lord Shin:moth in 1802 e lie denied that this argument was conehiAve. In 1798:9 end 1800, when public credit was inueli depressed by the rapid accunmlation of debt, Mr. Pitt, for the first time in our history, careeto a determination to raise the supplies within the year. lie there fore resorted to the triple assessment, afterwards ,ChallgCd into the Income Tax, hi order to prevent the accumulation of the deht, by a larger provision •then the I percent. Sinking Fund. Should he be teild any inference could be drawn from this , in favotir of the present measure) - Any Minister might, on entering into a contract, shew that he woeld re duce the deli( in less than, forty-five years ; but this invigoration of the Sinking Fund could never be made an excuse for an atteek upon the Sinking Fund. That the latter measure carried the pay-' ment of the loans beyond the weir was true; but in Order to maintain the position that it violated the act of •1792, it must be sliewo that it ‘VaS in the contemplation .of Parliament that the war would lett longer than 4:i pears. - He would not argneehe question on the consolidation in 179?., of fifty-six millions, and the taking oil` the in come tax %Odell was to have' redeeined it. It sufficient to say that it was no departure flew") the systerumf 1792, •for if the income tax was with drawn, the debebeeame a. debt On the' same prin ciple. of redemption in forty-ti% e years as before. But there was. no 'cause assigned to shew Partia lucid that this would be the ease• (even tinder the most nnfavourahle supposition of the fiul's re. training at par), and that the %vhole sum of '9O millions would be redeemed in forty-live years.---; Here the Hon. Gentleman referred to the minc rity of the Comin i ittee of Finance n 1797 - , and quoted their Iteptirt in suppint of his - argument e . The high authority of Ali Pitt had been relied On by his Right lion. Friend; and in stainer, his plan he had pressed this, as it undoubtedly would , be, as tiestrong argument in its favoin. Now,he would state a tact, for which lie pledged his Yeracitye • and which would 'suety n e t ilr. Pitts opinions on this point were. lii 1e,72, when the Bill for consolidating the old and new debt, and the old and new Fund was . Lefore the House, a • person eminently skilled- in hgures • put into his, hands tt paper with many aeturate e e leulatione, the conclusion of which wae, tei ineasuee the amount of the Sinking Fund against t h e amount • cif the debt then existing, and whatever surplus there was, over and above. what Would liquidate the debt, in :45 years, to be applicable to the re mission of taxes 01 other national purposes., This scheme appear'ed to hint (Mr. I-1.); to have so much to yecinninend it that he gave the paper to Mr. Pits, who returned it to flintwith the most pointed reprobation.. Mt'. Pitt told hint her.had other' views to provide against the too rapid ahni oution of ihterest in tht event of peace., and i 4 the Situatioo of war the plan was inadmissible and ruinous, neeven ;wee harsher tertnifehan these; which he (Mr. II.) would not repeal; because the scheme to whieli they were applied was, in seb etence precisely,the teene. -with that now proposed, thoneh the machinery of hie Right [len. Friend was a little more compiicated._ :Il e di fr eyenct i o f the times between the present period and 1802, would readily solve the eiiigtlia w i ly he disapprov ed Of that now ,which lie had thought well of iii 11=0`x. We were then 'tit peace, with public credit high, and no loeos contemplated for sonic time ; but at this day public credit was depressed, and the war • iii which Wee Were engaged apeeared to be of very indefinite • duration. The whole principle ou whidi this •new meesure'proceeded; was that in time of war, We were at liberty topush- the debt of the country to its maximum of amottnt, and the Sinking. Fund to the minimum of its powers. Thlli principle. must olle day or other be fatal to public credit. if acted upon without re ' ,garei being paid to the magnitude of the nitre deemed debt. It was true that the one per cent. Sinking Fund would operate to the: extinctiou of 1000 Millions with the sanie efficacy as'loo mil lions, but it.would create it very different effect in the, country, if the amount o the tareitecined debt was the limner, in:it cad of the latter of these amounts. The calculations would be the game in the closet', - but the - consequences would he'very diff e rent, and in the one case fatal, on the Stock EXchange. • The great Object of his Right Eon. Friend war to pastpOne, for a few years, the bur their upon the public, and he professed that, the: merits . and advantages of hi. plen would*compen sate for the diniinution cif the Sinking' Fonda' him they appeared only ealcelated to confuse and perplex, mid to divert flit public from the real in tent' and operation of the plan. The Bight lion. • Getitleman proposed four advio'eeees ai e the result of hie ini•kure e Ist, The 'gradual and equable reiluctioe of the public debt. 2d, Pro, kite: agninst the too rapid diminution of the rate of iii- tercet, - 3(1, The realieetion - of 1.20 'millions,. as a subsidy for the iinntediate carrying on of the war. And, 4th, 'rile prepavetion 'of' 100 millions at the conclusion of tlie preeent, to he it fund .against. the' breaking out of any future war. TWith respect to the first of Chest;' adventaxcee the gradual and etptable reduction, of the national debt, it was truly strange to- hear it talked of - as if we had heretofore clot: toci- much in that wety.. We had paid 011 . 200 millions, it was true, but duri,g- to period we had edited 600 millions. Ilow Out would tile Bight lion. Gentleinan proceed when the loan of 'the veto was doubled, he proposed to diminish one-hnlf of the, power of the .•.inking Fund to redeenit, f;aBt yetit',:.atill lit the priient, would add more. to :the noredeemeM debt thsll t ile, Nix years preceding ; and yet this was the tithe choeen to injure the Sinking Fund. 'With releelei to the • 2d point, the preeieion tiro o to rapid' dilithlutiou of the rate of f interest- 7 wheo they we re I going ti t borrow, including the, sums wanted fur ► irtlind, India; and thie eouptry, i enei•taken together, more meta ly approaching forty- then: thirty millions, IV;is this moneent to gimlet ngainst the diminution of the tall of Stith its . ,he Right Honouri.tble Ginitleman evell lemur, that :With all the aelvilntages of the present state of:the ,win ' , and usher cawurable circumstances, so far tic ill „b e i n g 0: 0 1, , , to borrow millions., he,Cooll fibt bge roe/ 100,0t0/. at legal iuterest. - The Rig:lit !lon. Gentleinau had last year void them of the4retch- . ea he,vness of his patieult"finvocp, hut tliat b•C hivz! sell ie plan to torwar;l for it 4 rest.o:•etin.. How, however, his time was chan:ge,!. !-;e said there u as. sonicthine iii the c(htistiCli h>l I)t: his' pe .l ieoit he foresaw. , Wodl!l lead-to a szatte?of great repletion about the year 18,..10. As a 'remedy . for this, be proposed an home:Hate 'copious ;Ikea - - and- three others ,111 rapid success:on. It would be,well, theretore, that the nomeyoui kieotia . of the patient, the public creditors, were prepared for the . evzoit that must follow. After the ((mirth bleeding., if it evilr was inflicted, the mourning would be general , d id severe. The third advao,, tage, which promised- the' Immediate sr.pply of 120 millurns to carry on this war, waq' not Inie of sufficient importance ti) conmterbalance the other evils which attended the plan proposed by his ltight Honourable' Friend. The fourth advaii t:,!ge which it Nilas said would rez , e_ilt from the pro poka plait was, the accumulation of 100 millions in the time of peace. A great deal was said about the importance of this, but it was all resolved into this short proposition--that wherea's by the w a debt of '5OO millions is contracted, if pea& SLottld•bc made, the very next day 100 ruillioos of that debt would be paid oil. Yet, after all i ..the 100. millions .which was so much' tallied of, and Which it Was said would be *accumulated, would not. be accumulated, but 'would • merely be api plied to the •removal of, a certain part of an ex isting incumbranee. His Right. Honourable : Friend dealt with them as if they could not dis, tiuguish between paying oft part of nu incum beance, and amassing wealth to a certain amount, -By 'Mode of reasoning could it be proved: that the was; 01 , 100 millions was ainas:ea, while' there was: .debt 'Of '5OO millions to ho diSeluirged; 'flielithltntage with which the plan of ibis . Right honourable Friend came recommended, , iVas i that the necessity of it certain portion of 'taxes would be rein aced. lie owned that when lie first read the plan of his Right 116nourable Friend, it ap-. geared to hito to he a most singular paradox, that by adding to the unredeemed debt, the: charge of that,debt should be diminished. It was a long time before he could find out the Cause . of s stranger paradox. At last he found that it was owiog to it mistake ot . his Right Hon'ourable Friend, by which he had placed certaiu sums on the credit side of his table of calculation, and had not wade a proper alloWance, on the othel' side. It would be proper to compare the ellects of the proposed' plan, with those which would result troin tile. continuance of the present system ; amid to examine what would be the otuount of the unredeemed debt at a certain time, froot each of the systems. By the new plan, its operations should be continued till. 1837, the amount of the unredeemed debt at that time would be 1,047 millions, But according to the present system the amount of unredeemed dcbt hi the same yew- (18a7) would be 780 nail lions. :neve was a balance in favour of the pre .seot system of no less than two hundred and sixty-• ec-veil millions. The Committee:would agree with him io 'thinking that this no inconsiderable diivantage Which the old sipstenthaA oVer thepro2 , .. imsed plan- , let the , two 7s steams he.conir pared, io other points, and, agakst the year 1.837, n would found, .04 the dis Advantages of the nel.v system were as follows ;---There would ix! four millions more of .taxes ; ,unredeemed debt; to the ainount of 267 millions more than by the existing plan ,• and Nvhat was worst of all, the Siuking Fund would hc_s diminished by five mil lions.' The. only Way by which the, Coliini:ttee could arrirt ultra, proper decision on the Merits of the two plans, was 'by comparing them in these' three points ; the amount of taxes, of unredeemed debt- i -and 'the-manner in Which, they %void,' affect the Siud Fund. The main object was to find , • nne i oksotue nietuoti tzy svntetncome and expen diture might be egnalized ; but by the.plan which his Hon. Friend propcised, all hopes of ever at tainiog tica obi evt were daititgl away for ever, The root of ail the evils Which atttuded the pro posed plan, was,. the assumption iii the prin elide, that the debt ini,?:ht be r:iised to a netxi, innun• while the Sinking Fund was reduced. to a minimum. If the harriers were once broke,' down ; . and if the principle of eo croach went was adopted, the Sinking Fund would soon be, to all intents and por rose•!,, annihilated. It ,would be in the state of the G valid Army of France, coneerning4 t wit ion of which, when the Alarshal was asked by I.'oionoparte, the reply was, that it existed only in name. It the plan proposed by his Honourable 'Friend was adopted, ;At :Inn* years 2 00,000/. elf flie , Sinhing Fluid shall have been consorned, and a debt entailed Which won't' he .greater than gill that existed previOns to I7cai3. The immediate pressure would be relieved, only to makeit return with increased force in a leis' vears. ab surd to'orgue (lii the adoption of lily plan which proposed only temporary relief, much more upon -One by whi:•h the relief Was not only temporary, butt which would make the evil- whieli it for 4 . suspended, return at .the end , of that short time with increased force. It ought to be recol lectiol that they (the house of 'Con - norms) wei . e the jnagiug party, and that. they Judged without atipteul. A loan iseis nothing more than, the sale bf a certain portion of 'annuities ; and the whole debt was-the aggregate amount of these annuities. •'nue 4lickllm Fund, he observed, Was that upon the suyenl i ,th of which (40Vernment t,;•ent into the market purchasers. So that if the Juan was increased, and the Sinking Fuod diminished, it followed upon :the inof-a conthion principles' of SapplY, that the pale, of .t c Luau would be raised : the Sink ing Food was therefore that hv which rice pub ., lie . credit was supported. It would be found that for the last seven. years • the public cret - PV had been very mach impaired - by the •inctens - 0.• of the , ,tics the excess' of Amredeenied Debt, Lot ii irl Addition to these disadvaiitages whirl) had extsted, the Sitiking Food was cioaehed come the cocipienee'Vvould certainly be, that the public credit. Would b. lajured to at 1 degree abuosz beyond ceictilution. I:his was disnotab!e, beeau , ,e whatever tended to destroy ; • I I i• tnat ~P dip(nled the ploOie Cire:ot, (kn., by conseytence, tend also to destroy what it upheld, As to the policy of the urrangenftnt which was nrOnosed, "colitended th.f. rinitr • ;C : v a , te l: , i.: : z , L i s t :...is t e ll y:' , ' 3 ; Q : o 2l ; l l , lt " . i . ,.l . Ye:ars there naa ficen tiepact.toil 20 ‘2eL• ceut: tire 11.igit qua , O'''l'e• 81 st,a, a (1,Treci..e.,09 on - hue,;red•• milijons, would have ne cliect ne Palfsin ! ill al k i::.tnia-,(:(1, tirit it t wraildP o iluce .I'.t effect vt Lich % , tou ld very - le4. it tray - most falia*citws sePri . ttint forein r ,l up the interest tor a duce aayl i9ting benefit to ti; The bene4ts of the Sinkiuq,- over•rated. asSured hiS' that the public were : un; l' e r ver . regard to this fund. it prop and eta-v of 1 as that which ha& enabled overcome the minitrous fort w; itli traicil it - .lllld tu) on the Continent • likewibe Sinking Fund in a .very pro b:; :l seen 113' tinder all etre! to the principle Of carrying - n to aid that Fund. I'..ven't c . xampled diiiieulty . a t - Cie u ta lacy's:J.4' the stone adherence supporting that t'h'eca.So :•;eir. parte. ot the bcner;ts reschitv,, that lie establiz:lreil oue in Fr model with: that of Great itri, that 'the 'Puna Which he had so mociie-..y :old delusion', but of arisio7, - from 1 the public tyiniOn France. iaid, that II j Pocrisy is :111 11,1 must.oftto pay to, Virtue.:. It W to the Sinking Fund ‘vhilli ha, by wh a t b e d aceti when Wt . !h:i:l i)een iiblit , ;ed to a !opt shell of 11 1 . 9 ltignt I;ricati Jr was i!or. 911'20 millions would be obt"i'' plan, which, would itisp;re 13u,HpliTirtev' He NvOill'a khoW taint it w3s 3 I x st C e •' ( that tfothing but the most dcsperitte st, email justify such a nieasnre: . He fore, upon it as the last reoure.', )1-111:t.'' I. bee:luso it was an.attack 111 Vitud; and broke through al I the" tected the remainder. In 1807, 3 hew r had been propo3cd ; it was about the VVi , .11 , ; trie - Opinious which had bcen exprte subject, applied very nearly to t h posed by flou, Friend , 11° leave tom refer to theta, lic vc:LL nion which bad beea expressed by il l ' in 180) on the shhiee't of the ‘v:ir stated that the SitiOng, Fund could not with justice to the . Stockholders ; ha upon' that Fund 'was ioconsiste.' safety .of 'the State ; that the which contracted the Menus of Ol e the expeinliture,; tluit the do' system upou the r round that peite C pected, 'was absurCl, :for that of a°„,., Peace at that time was the mos t eft the ditlhiliity of raising the 6111)14 creased. Snell had been the opialoll,S 4 1( 411 - Gentleman in 1809, and he n d ir there WaS any rcriscin that they sutra e the e c e.:t t );:;:f: a n y. C o uld the Sinking Floto,.t.'he ct ninre holders than in 'lBO9, 'or note c° l 102 , with less door. , 51 44 , 11 gtl,itentStiant st l ), Vg t s b t a i n te 11 „- ‘ 41 the plan of the Right tlonoarat.:te, facilitate the raising of the loan • qtiestions which could not be atl n° llo affirmative, iind ,yet the Itig lit ,1307 Gentleman supliortell the present sle principles which were, the very eon' A ' cr ot which he: had 'declared in 1809•. also been made.oitt against tire whic4 protest hail 'beet) Orst mouth, and.also'bv Lord iNlelvill e ;,„.1 the principles on -which t h e y sign l , • w er e the very 1)1101" with thwe olt posed the,plan of his Right llonutita yet thez.- - ,e Noble Lords supported r at , ifkillin .: were borroy;-.edut the s ,one the loan of 9 been r3i,-..,e(1, it difterencc cif ten millions on the Titia, it would be allowed, eras tion•.to the !rerun-men:debt, it c - , 3r ehargec of four hundred thonsan !, t( ) different mattc-rs, to which was Exchequer Bills;rote o ther items not l ' hundred thou, , :ind pounds; so that on such terms us tlo t increase the .petmanetittlebt tel." ' II I:: G°"" charges, and this in the for it would iiierel-Ifie i ll flltitre Yea tiv would• be 'mad entingly to sitppos'6bc sources of the I(ingdoin Wel'e t t h r , i r scent .4% if, lie believed :sbinething,of u three years of doubtful calFe, h e "'i 'Yvars of difticnit C. .And -the re'" - t he woiild be, to redaCC the country to , ei of 'flaking peace, not on w otives to tat, °f of submission. lie had r •efer►'ed .1 Right flonouratile Friend Itt the veryreverse o f thoie on Nctliell it1;(1. the" plan 'which he' wished to be 41 °1;w' that be needed not to reler.tO 3-11e-SL. to 1809, to find his Rialit .11onours, a• te 111 press opposite sent tor tifrf 18i.2, in the inonth of July La- Idst 001. ha:l declared that soine ppsed for the ametiorat ion of P t er r t th:..t this ainelioratioir vc:a. , ; to )1 ' big additions Co the Sinhing ),„; • rot - flight Honourable 1 7 I "')". make addit lolls to the FP2. WAS to gild tf7 it `by t er to I.i I:irger mfflint.: slioniu tile • 't :,it opPoiiiiie'pol' Right tionourable Friend. .1 0 t io r fie P:tt lease dl to arid) (Mr. /I' ) t - 1001 ',„ v.,11 0 " contemplation to propole ." r l tislllo.lly additional taNes I : 4d ~ tt ; r oir,4. stitt raised by these: t' , 6x g t() . Such was :the. pl:in Mr. Vit t 1)3 ', 1 , to ti,lell' 7 4 Jr' and there seeiw; to fit' no ' would havt laid it be fOre If Mr. Pitt, thought it 0. :4 1) Sildtittg Fund 150.5; Mott 1/ittiojevtl' ;* in 1813 ! At thefl'e' • y aOOll be ic.•7 )-;itiOn to. ii‘ngi'.l. 1 1 , iiile coold iie public rzveiwt. 'PI had never tlt~il Fri r 4 correct `- iorr. l T he y looketto;,; public cicitiff* r.ition to 1)(0.0. 41141ableilictii0 711)e upo. I(yoized ;) per, ! trots t 11 In ft pi.' Lf,ing ti.le Sae, itain4„:4le 0 estiVisheJ No t lt WV) xiiter t 41 eferelltt:llq! 4611 if'"l wo , : as so ;, i ,ittk bii4 4 i tec t w beiqi estat h e the cliftUrr' sh 4 , 1 1..,,1)17 , ;.. ouil l , l g .:a' , i ti r i3" 3 ,itii [ot Use s; 1 ( rte %V II .0 ..) re ,oti. e t a 3 lOC 11,1 i loA 'wild? ' i t i //.!..: Wee 41. , - ' 4 1 101 1 ,, oti t!p,.,,,„ f r .... ~,..,„, pt,t, (~ s i r , Wall 3 1 . 0 ,i p roo".'e l i t re the 1 114F :d 1 lie ql,O ~ , ie L'l . t , r elit' ',., Air. t j i, 1 r tO 1" : 3 1 1ri : ', out t )c °,,;, ' tOt ej . t i 'i' '' i i ieli ',,,, it Itiv.. 110; j : otio9 7.:,;(,11 c iao' h Q , t r, in igt)i " 01 ,1 i t los, f 110' 101010 , 010 ie Y 1 “ i l ' l ' , ti s O f id e f 10:.: - 0(1 14 t' o 'l4' t i - ' 0 I , ' ~..,r0, , ,1 0 O w 1 0 i i 5 1 91. 00 •I' a ifl r , iideaototpe,ild o w Vd t Pi l ' hu-riii„. CCl tv t: l4 rtiit4 i 0 , i i il " b l ' i i ,IVel l ' t ~,i0 ... 913 111 e 01' 1 . • • 1, else ri)t r P „:1- , • bit 1)( IQi . ilk` it t' l4' Ilic:` tt te " t r a , o' ole, go' • t ,t) 0 10: I ilf ) d t icit!, 1)V IC SSib' Pt - 10$ 1 0 ; 1 (.) • 1 Arik r tltl • bltt 1, .3 t ;, e )1/°l'' e b tlt4 if itic-, • tile ! ; ! t` l " ! # t be, : 1 011 J•l•,,e tio • 7 cf . p?