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

itt daplaa in contemplation, the Sinking Fund ''ot requir e so, much assistance as it,does now. Right honourable Friend was, I:imetrically opposite to that of Mr. Right lion. Friend was :proceeeding that.the Sinking Fund -should. be U time of p eace , and may.safely be . tir..,<.g war. This .principle being so what had been expressed by his 111:1812, that the change it manifest •sorprising. He had assigned as-a le chang e in his opinion, that the si dra.irs in the North of Europe bad been lel) altered, for that when he had spoken July, there was- very little pro u,sia couln have been able to with 'acli-of France. It, was therefore to if Russia had been driven to ex ilia our resources had been in .a the Right Honourable Gen recommended a vigorous sapply d. .But since otir commerce imed, aud si-tee every day. bronght `opening. of some port, by which '64 extended, then; forsooth, it tikeaWay from the Sinking Fund. )els was that proposed ? Was ginteliotated ? So far from it, tfectly unimproved. lie ad ght Honourable Friend bad to contend with, and it was his -difficulties should .ne lighten- After tronblint the House ag objections to the plan of nd, he might be asked whether 'm.opose.? He should not Hunch longer, than -merely to he considered the, present year and one ' , which we,uld demand yet' what he should advise 410,000/. of War Taxes in atu apply that sum to,, the Sinking <advise this, upon the prin ld, not draw money iro n the national debt was in permanent resources we. could loud our remporaq ones became un ite woulii p ropose to exchange a por t ,„4War Taxes with a portion of the inu ; Was a very short outline of , l ' co he would advise.. His Right ' "h 1 he first proposed the plan.) de ty ""c in the support of whisk he was it down his life. He gave full credit to C edings of his Right Hon.,Friend, ex Ptt%setl. I:iMself so zealously, 311ient-wilkh have been aPPl'e d ' t P I4I ) 'which b e i m ! p r opnsed. to the lit to a vigorous plan of Finailec!, by a'idition should be made to the Sink -111 to such c plan as that Vvilich 'O.nloned 181' That sentiment lt -• • red ip k it with tend has- been misapp . the. plan '‘vhich he had pro'. alt vpiini, t , ( Itactia o f r ., w winch had been prepae for s uc p, 4 itlerent description. Laa co I a tart th at the 114.0. it nOO. ptil:;loe,,, 'Peet the ero k vnoi. marry_ rdom. ' 4 ; robe of GAO, When about Bart of (4nlr, of the ExcatEatTriß said, that ‘se aril tlitt)t. I re ly . 011310 st despaired of malting his ) e to e,ir) c onnn)*tt lie t • c;,onfirltied that fear, because his i 0 1 1 , °.-"r ir!'nli who h a d a n the assistance of t c" la tioli had totally misunderstood his te Principles on whieh it was founded ; Priend would have taktm t fairer . plan', it' he , had c ons id ere d i t as the .eyr l neli they were to be ' en:t id e d !)t) thay Ci _upon t h e enjoyment of those prov;7 so long YKiett in a state of prepa '" 'tiacstioln'svas, wh et h er . t h e t i me wa s . when the nAtion WilS to avail int! If of ‘vhich' hail been prcoared. His Prifm(l was much inist. , k,n, when he . t in! Idol which had been propocd would "I a inanuct• prejudicial to the interests of 1 " . '• couhl never Ii n' reconciled Plan, if it could have such an et-, Hon. Friend had not mentioned (the- Chancellor of the , ExcliecrwT) geneeally understood, that a departure' ' te t• of' 1802 111anit. ut . intne tittle or other / take place. This w a s that which most , Atin id the: the question' now before it great measure,. Whether or linettie" 'as the proper time for departing froinit-• 'r Freon wishing to put the Sinking Fond aistead of doing this he hoped the pro "f that night' would place< it on a more 'odation than it had ever had been, rind "lyre than ever a glovioirs'nfontiment to 'of 2ilr. Pitt. He admitted that, for . contracted Since the net of 1 "s'ti "is ,e creditors hail a right to the full be • provisions of that act ; but lie con no degree infiinged by the L 1"C : f)- er c onsideration, Theplan, 01 which • i-)trt, vent to annihilate every 4bt , ''Ut PulY within the period of , 15 years: „,t. a s horter period th an t h a t is inch n e tt•ay bper((.1,;)1,71,i ls the e Ilan.~i ring sY "'" have p ointe d out some case ni :1 P it ry 1 c1,1:ould, not be ma d e clear; but : is his < oot< discovered on ir.stance of this, of the. Ff.:elm:pier) . emit ►no . t p ct , an t , b “ a right to suppose that sue!) 14 ii •This brought to his recce- 1s) 4,it - dltu to ITIOSt CXtrAnrCro-- 16, le the plan, which had been urged. 4, 1 t; thin "a• G.ehtlemtto. Ile ,hatl.objected xcitinoaf,t Principle was to-take tin- .Sinking tll„€' to c-N ti ,: r oerving of it so much as would. to th e deb t ilu 4;., years, to apply the p u bli c serviee. This he de )4,46,rit t 4 o et t part of.. the :pre'sent plan, though th e ‘ l ` ) Y the , Act, of 170 - 2,: to' tory the -tedemption of the debt. _to the ra ttly '"" I- N 3. 4 1 ,1 I'-?itlig' eoco suecessi‘e loan " or - lorty.,live years were " d• , 11„ 1, :to b, (41 „ rc,:"-.--,. lowever„ in the tiliteSt ion. now • before t AS wit-41gtl't.tljliri I)ls tr tl>r titian.lll4 widun 1111,1• which; by, the existing system, it caald ,b6.extin lguished, .That .it was the opinion ,of that it ought to rest with Varliament, to purchase, in the present mode of redecming ..theyoblic deht Withota . Variation, or to vary it according ti) air cumstances, was 'clear from the propoAion brought forward in that House in 1803, with the Concurrence; and at the suggestion of ,that dis tinguished Statesman. 'The Right Holt. Gentle- Man had said, that if the Siuking FOnd'S opei'a tion by compound interest were broken in upon at all, the one per cent. which formed the Sinking Fund, might next be taken away. ire strongly dissented. from this opinion, and 'contended the two cases were quite different. The .mOde of re 'deeming the debt might be varied, ._bnt the one per cent. could not be withheld or token away. The several loans contracted were directed by the Act to be paid off in regular succession. The only way to effect this, as all theloans were raised in a common stock, was to pay off a portion of the debt'eqoal to the amount of some of the loans, and then to assunie such loans were disaharged.• The Act of .1803 clearly recognized the right of Parliament,to vary the mode of . effecting. the 're demption of the debt. The great object of this plan bad been stated by the Right Hint. Gentle man, to postpone -the charges which might now fall on the, Country for several years. He admitted this to be tine of the objects lie bad in view, awl he would own that he thought it one of aro smell importance. He hardly knew what could - be more desirable than to postpone those charges for four years, if this could be done without violating those great principles which ought ever to regulate their cooduct. He .would suppose. that it could b e p ro vc:d,to lltionaparte, that Without departing frOin those principles Of good faith which they had hitherto kept in view, they could prosecute the war with vigour for that period without inl posing any new burthetts on the people. He did not think Burma ante' would find. Much conSola timl in looking forward to the bankruptcies which might afterwards odic place. Greet advantages inigbt result from I,lch a measure to this,contitry. Within the spare of four years theface of Europe might essentially. changed'; and if ever there was a period at ‘vitich, great sacrifices could he' made for a time, if they could be made with. out 'a Violation of great constitutional prin 7 rinks, this was the period Which called for them. His lion. Friend had taken, the advantage, he did not mean, an unfair advantage, of referriog to what he ' ( NI... Vansittart) Wad said upon former occasibns.: He did not 'complain of this proceto'i-' ing of his Hon. Vriend; ncir did he wish to expi.aht away any opiniort . whicli liehadteXpressed at other tiines. but his Hon. Friend ought to-have ac'• vetted to the great change which had to ken place in the srate'of affairs, and the different eircuM . stances in which we pow 6:0011 from. what we did at the period when:he expressed the sentiments adverted to by his 11On. Friend. Aoother.advan ta!;e whieh his Ilea. Friend had taken of 114 n, and which be did not think quite so fair, was, that-he had built his argument upon titecalcula r tions w hich had becu made upon the supposition. that the war . would continue `..;5 years longer, and had left the other statements, out, of loa.view.7.--- This w certainly looking ,at the subject in an extrettie'point 'of vie(v: 'Phi; stiprisiti:Th v.'as not' a very probable one, but it .could not be denied, 'that if the war weee to cootinoe 25:years tonger, _great clangor 'and g, .sat inconvenience must result ,to this country. man could 'controvert that proposition. It was no , , be repeated, a Very pro : habit: supposition, bet'aio.e, it the War contimted 25 years longer, we should have been - 45 years at war ; and he believed there was.no instance in the history oldie world of a war of such duration. If, 1.16 w-ever. suell'a ease was to occur, lie helieved that the increase ot the public - debt won't' be one 'of the least evils which- they ,vould have to appre:- bend. His' lon.Friend had also introduced alio, ther .inaccuracy into his argument he had taken it for dranted that the loans were to be all made in 3 per cent. stock, which was by no means the case, This supposition was not.warranted•by the plan which be had laid before the 41outic!,---it was founded .upon the supposition of raising money at 5 per cent. without reference to any particular. stock in which the loans were ..to be raised. In the tact five years, the proportion of money for-. iri 3 per cent. stock did not exceed one half of the money borrowed in other ,stocks. His 110n.Friend could not be jitstified in suppoiing that for the future all the loans would be made in the 3 per- cents. It Was necessary that there' should not be a ,misconception upon this point, becauSe by supposing the loans to be ail !wide in. the 3 per cents.. the amonot of the capital created would, be proportionably increased, anise: a. greater effect produeed upon the public mind. It was true, if you borrowed in the 3 per ccuM at 60, a aousand millions of stock would amount to no more than six Intildred millions Of money, but yet the sound of the i two sums would he very different. lie felt satisfactiOn at finding that his Right. Hon. Friend had not been able to disH cover any inaccuracy in his tables . . in the a.idi tiortal .thole, however, which had been made out forltheßight Hon. Gent. there was an error, Which though not of importance in a calculation for a' long series of years, was ithportant • When applied' to -a .single ;year. It assumed the Sinking Fund' to be : equal in atnoitnt to each fuod creat-- A moment's conSideratioo would prove this to be erroneous..• The effect of the . 'Pew plan; would be to' increase the Sinking Fund for the . first year. Ip • the first • sip quarters, - he calcit-. lated it would be enlarged by ,4100',0001. beyond whatit would he-by the present'system.s•- Having stated the periods at which the payments were to s be made- to the Sinking Fund, he prw:cetted to *el:rntrovert the statement that the,' - -taxes would be greatly l,nereaseci Iron! 60 year 1830. From t h e, . of : ' t!.e Consolitbited Sinking :Clifl at that period, it was thought. no additionai taxes would be necessary=-, iu tae supposition of .‘var cont iii tiny: f9r r cousifle'Lole time. The elute: 11011 in, hc‘ bri!ughfc within V. - ‘7 11:11*I'MT.' cool -1);1; Wils Ny tilNeti a iv, or, ri ,k b e i ng salted upon to pay ta...e s in I .!33t) T t felt hi:us:elf justified in pi opoing. to ad , )vci ,ome relief uo , v,beet-ose it w it .; a fl6r iii the year• 1810 t A , Ne s iniOt ii it. be ti,..SiiaVV. Uifr: had hestowed i . va i se . upon tlstt, .iqinisters.who had, as 'se teaned it, buldiy 4net the Coca 4itu4,.- endeavoured, to egnali;ze'the,,revenne and the He (\ft, Vaasittart) was 1%2111y to give his - pretlecc-;ors full p:•:ti.ie for the tleey made : hat tiv.f. question wam, not . only wyether ft lie but whether it would be expedient : to, at tenyt to rake taxes to such a'i /1111:01.11t. He tiii\iirz!it. it Wbilla the publie ti - itif - made great aacriticei anti greg exertzons,- antl he thotteht,' therefore, he was Jituified itt affording them this, relief wiles it cOlthi he done without Ithy injury to the pithlie credit.. 'The Itfght awn. Ocittletr-n had snkteth Mr. Addiugtonto have' 'been fi; \Tura ble, in 1803, to .at. On which Mr. htt Lind, vt.h;hl dying; mentioned es that ‘rhich 1.“. had had 221 contemptactn ; nanivly, u.l)l:in. to increlise t..he war tuxes. This WAS ;titerwardsearried into ef- fect by the. iilutAktis of Lansdo‘ , ..ne Liu - i•ci 6) ea line. In Speaking(in i. is subject., theli.i4ht Gentleman Iliad not paid sudiCiene attention to dr- CUMSta nee3. Cr%at effortsbad heitit annte 4.-1807 to equall,e the public I , ar4eas Anti the public ex pentriture,, and this for t tinni had been very sue- . cessful. .1t had ce:ised to be so, aini u:ter such an :Apia so rerently Mack, it w:is for the lintise. to dttermihe windier it would be prude:it to attempt to.earrythat plan any! orther. All human exertions must Lave a limit, and he thought that it would be wise tfi take some respite now, because jug by for four years, we should be enabled at the end of that period to renew oer exert ons• with increased vigour. It wits 4LldtP,l:)te:llV true, that great advantage 'arose to the public from trayidg a•large Sinking Fund of war,. bat it was also attended- ‘N:itl4- disadvantage, because: it ne , cef. , sarily canserl a great increase •of taxation! Ills lion. Friend did • not do jun:ice, lehen he spoke of it as being fotuided„Ou ncaleulatiOr. which extended to but four years ; he would find it ex tended. to .1 , 1 ; soul he (theClience!lor of the Lx chequer) would have thne.tht VCi'y of its pro-7. visions had they been of- a more. perinoneut Patin:6' if they had• tint been framed with a view to a change' .of eirennistances,as well as to give the Sinking Fund a 'quiet wad ste.ley pert ;no. The inivan tage, too,' wh:ich wfial:l IftrefCter give., in rm.- nishing, in - titue of pen.e,s,a fund against the • re turn . of Lostiiiiies, w..,s one of great Anoment.---- This would place irnsiremeut of force in the hands cif Parrmoeat,' which lead to the most important results. lie hardly . k....\etv of auv thing more olv.sital?le than :;to hare such a • fund so treat,yed rip, it it'tantld ht: lenmed public inconvenience. — It it. would 'not Aie wi=c or politic. to provide Governtacut with -.oath a ftvad; because it tui..4;it encourage crrogant or ambitions vl&ws, but this was cu object which appeared to him to' have terry little weight, for, hoot 'the experience of , many years, he .'tyros .prepared to say, that it .was, much : better that crtr : L l6 .'..4h. hours should trust to our molzration, than that We 'should trust to theirs. Ile Saw no objection • to plating great pa*er into tire , .o f -the 1 00- verahltNit ;t1.nt ,, ,;(1, the b1,, e41 ,. : tt7ml l,l upon those who abese.i those nielrei, and not tip on -th;v4e who . provided thein for the pit?poses of defence. flu had paid little uttelrtifin• to the more minnte• criticisms of. his Honourable Friend, because he.. ilia not wish this plan to Wedeellett'itpf.in minute calettlatiow. lle wished it tiAie .considered as . a great measure of natifmal. policy; PS a . measure that was Calculated-: to give strength and Vigour to the country, und as -a lac;lsutre nhiilfi be i 1101 ions to.the interests .of no one clitss of people whatever.. To the gr . ,, : at hod.; of . the laml-Lotflers cols ItingdOm this . plan held :fnit but adv(int.iees, I)ecittisc it woidthdrofd their raef 'from tit he charges to NVlltell they woeld he liable if this system. ‘,% ere not adoped. To thet-ehigi 'Ff pei•sfins who were engaged its trax-fe ho might, be was confident, look for support, -IweaM'e t ti.s plan would relieve them from -the harthe as of they eortiplain'ed, from the - imposition 0C ne•,y taxes upon the commodities in which they dealt. To the stoeit-itoldkre, she persons apparently ritostAmmediately. hltt rested, great, atteotion w , ,•_vs- certainly due. .Nothin g , his opiaion, could he more utjust than to sacri fice the interests of one class Of 1 ) "Ple eve"..if it Were to promote.. public advant.fey.' To persons deriving a fixed ineetne train tuoueyin the funds, this plan afforded more ad,'-ntt age Ono to others, because they must be more a;letted by the increase of the 'price of articles front taxation ; and even to those who looked mine to" their Capitel than to the interest derived • from --it, this plan irould ih effect be ativantageons. The . slight effect Which the adoption of this system Might by possibMily have upon their• Capital would be more than counter. , balanced by' what they. would save .from a stop being put to the increaS-1 of tAxation. With re spect to the Act of 1802; he had newr met with any hodY Who was of opinion that it could be car ried into effect in time of peace ; if-it could not, then it became a queirion at what time it would he the best to begin, the change, and tinder all .circumstauces, the present ;ippeared to him to he the': most • fa'ourable one fur that purpose. The whole of the funded debt of 1786, amounting -to near '. 1 ,...10.000xrd0.1. -having been lnplidated •by. the operation of tile one per cent. Situ atug rund f• the public had a to receiVe-the earliest pr S siblc- benefit from the Operations of that fund, 'for the great •exertions they had made ta"pay oil the debt. lie repuited, the pteSent plan wits no infrit4ernent . of the /Vet (,f 1703, and quoted the provisions of thAt Act to support thi3 : - osertloll. Of ail the objecriOns•that had been, ne.-trie to, his plan, he had heard none except such as arose from: misconcepti‘ln, which he eot before fully and What weight they ‘Vinild lucre with the Cionmittee, it was not for him to say, but in his mind they were not to be compared tvith the adv;iniages . the plan presented. 'With eyei ., . - to !tiCi! 01' lads opponent • ill the 'impot:altze which helooKed tO .dotal), _could , Dor 1;4 , 114 •tlwy :.at all mane against his plan. 'lite beneilts which. ionlil re- . stilt from it were homediate certain; tin. incon veuienecs i n i certain af.d ree,e,te: , oketipe more of the tows of the. Com mittee at present, ashe •eAni oopttioi tY of•giv lug ;31 . 1v explaoatioa bec, , ; o ol: t)t ' ` Mr, lifitati:n at the t!.e 1 ',', 11 - tz : wi t s estaOlkhed, it vs-:15 ityp;iov(i. ii ut ;t brined ty:tit:Ez, as soon a it b:::-ante worth touching, the Alinistet seize, but it was not till this 'vette that the predictioue wes ve It. was iMpossibleto deny that thi : went to 'touch the Sinking Fund. Ile tittseed Geutlemen would be led Atway by an idea thet this phut would reLieveehe country from a port i a of its burdens, we.en it would.lead to—he eueei .:ot use so harsh a word as ruin, for the ! ese of the country would stop it before it reale to that,' but At , would lead to greater emhe ressinent.--ee They had first so consider whether elan wa jeist.tOwardS: the stoekholder ; and havie, .'ecided that it was, they had then to consider e etteer any, yuhlic advantege.Would result front its wif,- eion. ,In of the stoeltholder e heeemt dieted, . the Steking Feed ookellt, not to be totichtel: If Ire could hew the t the plan oteg'et' to have been adopted in 1809, ember tieia 18 le', it it wi.e e p.soe per to he, adopted at all, he thought the ergtoe meta 3, of the Hight Hen. Gentleman, on te pro-. piety ot bring - Mg it ibrwierd at the preset': :fine, meet necesserily fell et) the ground. They had to o cneider what was. the expenditme• of the Loan try, awl, whet .eould he raised, what we. spent e • and what were our means of,spendieg. : in ISOD. the Right Hou:kletitleetati thought it woeld improper to teach the Sntieng Feed for one year,. for Mr. Perceval oaiy propose l'4o inlYe i'ecov.rse to it for one year, bait no ‘v affairs we'e: o altered, he thought i expecieett to propose a penile" nett erraneement for taking - a. part of the t. - iinkieg Fund lor-4or 5 veers. Now how were oet etroine stances better than they were in 1809 In that yeer . the strepho; of theConSolidated Fund was 7,000,(e.10/. It had , fallen away. to nothing, for he shoe'. I he much surprised it :the Rieht Hon. Geetiemart should state that'. there was a surplus of. one mil lion, or of half, a million this year. The di!'i.er ence between the ,expenditure of 1809 end the. present year was not he's than tetemillions. 3-per cents. were then at 66;!;, they were .now at 59, ye' under these circurnstenees, the flight 110 . -- nourable Gentleman recommended that inteefer ence with the_ Sinking Fund, which he would it at •‘ sanction then for bat ant year. _For the lest suiteu's the Naimoli debt, had increased at the vete of eight mikeeie atlei it heti; per annum, the lite crease for the niue years to come, was. when at -93 end e hail, yeteetith this increese debt, the Sinking Fund wits to he dieeinieeed.o-- Ike Inoreh)feet otthis on theemind SI - ecke holder, would make stocks go down. it w possible for ~such a plen. to be , adopted witheet bringing dowe the 3 per ecats to 50. wry . - find Lot been by any means subjected to art y cient taxation, (with the execution of lest y. a: since 11306 ; lie therefore contended, ti::.: it nt;gia be ceperted to bear new taxes now us wt ;it the end of tour years: It then, any thine wee ' ineaut by cltllin for a, reeepite from taxation, meaet the country could hear no more Re hoped ,the Gen-lee:len in the janded interest in thai. House ead too much -spirit ltntl good sense to ;le an. act of injustice,• or to think they could' eienefit the coutitty by eapporangethis plate, eetich, jest to the. Stock-holders, would ac no less in jurione to. the - Land-proprietors. lie wished av least that the' execution of the plan shottlit be fle tci'reel untie next year, The tiase was pregnant with eveete which perhaps may render a change ot system unnecessary. • LoNasAift, that if he was convinced the pl a n AV is deitrective, either of the principie of Fi nance hitherto acted upon, or of the public cred.t of tee country, he should be the first to opposb it. There Was no plan nos' without some s ewee e. . venienee, end the. flue lion wits, to which tiff least inconvenience wets astk.u.iied. it -tees difficult now to push taxation any forther,ewl it was upon this ground lee -would support the present mee sure. In 1806 the permeneut ta:;e‘i t o 10;010,00 . /. ; in 1793 . to I-1,000,0aq ; ant they were now between ;;5 and 36;000,0001. There were,, besides, the addition of 'war taxes, to the anunnet of - '22 or near 2,3,000,000/. In the trite' l e eent plans of Finance that had been proposed,. amid meting the rest Lord. 11. Petty', plate e theee Wets only one point on which they ell seemed, fo concureend that was, that; at least for the peeseut to etetion could not 'he convenieuCY carried atee 'further. Noth:ng had since QeC,ttiTeti, to render • the raisins; of them easier. The spirit of the act of 1792 was coniplied With if the Sinking Point • was applied to the reduction Of debt' within the limits of 4il years. 'l' lie act of. 1802. Was 4 proof.: ,that such applicetion of the act of- 1792 was . tillable. It could be no more a breach of . teith now than in 1 . 802. Time present plan 'provided at Si n king Fond to-the same amount as in . 1807, and that was the least amount to which it could be ever reduced by this plan. With respect to the fhoughts the adoption 'of it •arty create in the.. titled Bu4inaparte; he did not 'think that When it Wai perceived, this country, after a war of 29. 1 yeee . s, .was still • in the possession of suet' ree sources, it count give bins occasion for nnteli con soling reflection. TaonNToe said, he did not observe any ere roe in the speech of the Honourable (..;eittletoten (Mr.. HuslaSson) but one, which he immediately corrected. He understood the Char eellor of the' Exchequer to say, that what remained of the Sink ing Fend, after - the lapse of forty-live e ee e ee - we e . to be placed at the disposal of Parliament.- There., was one afivautage in the plan, that it went to correct the unmanageable increase of the Sed:ing Fund, which arose from 'the 'plan in 1 e.i.e2, out converted the fent, into the old principle .of snc , ceesive redemption. Haelog proceedederoni ye e to year on the principle of the Qino lice itr, Sinking nine, he did not- think it wes .u),Y right to depart ;' ma in it. Ile agreed that wee period of diiiieuity, red every t h eetes seoel.l he nitoi.d ,, A to the Clomp-eller of the- Ls:chequer ef a% oi(ling the neeeesity of hnposing-ney additiceme taxes. , rhe ANcr oR Of the ExCI-lECIULR ex plaine,l; .it the plal wet t; the pi.inutttie of stive , ss ,v e i j etlenipt - ton, and the Lilt nation' ; of fits Sinking Fund .I Us to arise from the . quintity ot. d e bt red : acts lt% G. 1.1.0:1E said he wonid not detain the' IL,lt ise ve--y tong. NVhen the Chlr.ieellor of me , . E%ehequer first mentioned the plan to hits, kltt diti not tii,Vit ftc could carry it into eject without toutsitinf., , tri.: Sinking Ftmd. 11 scented to helut::" milted on nU sitie,t,. that it nitnitt _be tottehed , ni; sonic time, and the question .1, 0 3 whether thii wit; the, fittest time ? 'rwo hundrcd itmi twelve mi►lions of debt bad been pid n# during a most ~..,,i pli n . Of his High i t :„,:a trer, diametric:l-illy :Ad' , liis Right lion. ~,al: principle that the ride rated iii Lillie of i ia ';',1,31 dttric,g %var. ~, i 'l lit from what ha(' ''.- V ' 1' 181'2 th P J . , rieni 1I I . 9. C.d. . 0111? surprising 1 ) ,, , 4,.. ,• for the chang'e in i e tlcq 'of afftur s in the ?. pre!! ',Pencil altered, I'ol II #, ktobj eet in July, I ~ i o t 'th that Itu , sia eon! toi ne attack- of Fran 41v 1 klillitcl tir , t if .11us Coo: i iiee, and if 'all our CI ,/ ittiation, then th Oci • ;vonldhare reeor Sining. F und. ;',"',l ' `4llrenetred, and vty 'll of-the openin ae, %te tte waei ext /le!tary totake.-11W licvliN grounds w tir'ii t '.,,Elie el edit Lunch arjo "4tlnicia,:cl pei•feel e • ''4ll,tt his flight 1$ ',;'llifcetilties to emit !It' :k Illiit those Ali& ,tti ti*kitteicei pUtgible• oil ‘ h*klengtb iti total:. i cl iii•!e it‘il:t 161 plielitl, ,pct '‘i'lli '4l`ik'ktter to l' 4 ,4 ' ' ll .. tilt 11,:suie Tun( v y,tliat Ida ' ii 1 tough he c( 1 c sae tery t •.- 1 ' ill 3 ,:,Ntlea , ano 11,01 yreilt snmilies, Ye t dt ,', 411 be, tn raise 800.1 0. 't;ition, and to apply ,r,or,li I. lie would .116. • i f i tivd t i 1 ,l''.. I; we 411441 t 11),,4"' ..,' Ptilitt While t Rf.'' ,''IK, ()lir perniai :,I)• ••elieli until our lei ~,:0, -4Z, Ife Ivoccin p I,fir ~rif the War Tax ;0,6:. Itri; Piaui, Siit.li 1 ylll, 414:'Ittvliicii he xvot.C. rol.i. —`llhilrl, when h e f fre,!xas one hi th i i Ito lay clown his ~iii ihrintie feelihge t i ,,,, t 1 4 eh ht... exptel%sei 0 44•4 4nhitnent Avbki t t „ „ , 04 u the plat) -t‘hte `;',,. 'die, bta to sl vir,4 ~I, . ,'' ioltitt, a(lditioil .$ • , ' etot(l • itt ..i.IJa, t.t e s '' . t i .,, , . ' . • ' , . ~,, ~=(, .11,-atlow.:o i ll ,I Pii ; ,ll 14) !tight 1.1(i n j r c s , ti coui44l with ti '`,ii ti ;it with nil Vpilt I f. i . c , „1 -,,ii• it ttlattlit o f re '.. 'not foe sitch a v !," tleinan tonic( exp ii;4l' 11111 SC not , c put ou :at t 1 , . . . . „„, •t IL part oi tm ‘a4.:e (211ANc:t.t.t,ott (.1 rorer. , rclt of Ili, It ,4. , , . ~ „al'e 14,Aas st) teplett „„ qtt that' lie ultat 'hrfeetly intellic o i . ~5 i a r ' "0 iliore c onfer it ',i't II ' * ,e , ,.. lilt (ni.l,rientl ' it'',,,a 4'l n:Orlntition, 11 o'il 1,,,a4 the prineipi oe 11Rlit I.lhh. Prieu fa° ,'.4' tibtil7lll , l', it t t, rl 11 lilitc!li they iipi'•' to tater iipo n th i , oil ..4 \Yhich hml so I( illy r-`_ 111. I`lie cluestioi 00 eciiiit when th t 'O.! 111:1;'i..,11 ages wllic r f t) ' Icti'''). Prif?ncl vl iip tt ti 1 .1 ‘ ' ~re Nai l xi. = 0 1), r. I ti! lit ainatilier 11, ir‘llllciers. Ile : 411 1 (1 the phut, ,•'.OO lrk Vi , vilt Ho L, , . /Itif! ~,..,'lr (the 1.311,the 15 ; . e'"' mia4 getier,allY el , 1,4 ti,e net of 1 Fi() A '4lilY take ptcec o f ' . '") ;hal thererol le, • 1 ',‘ 1 " ..1 in w p,reat 1 0 ~', ~It was the iu'op . ) .ir : 4 'i far from riisl r.e,' 71. instetttt (II (I 0.. , Nl l 'lP q-)f that ni'.; f“ , ' wunuation the ,I = !°,; t nicire than c, ' ~. -11th of ~11.1.. ) 1,; i ki,ttikt cont rhe 11 rd. I N( he ereclitot 0 , ileptim, the pc.ovisi, 1 , it s. - N it ‘i.-a in Do 'lol4t;iler covisill 4' ~ '. , -.4• a part, v, ~ 1 1 . t ~. t ecl not only . h.tvlt.ti,)„l.6i.t,.:A. 1( ..._, n„,,1.,ti0,, was I , ..„ . , 11,1. 1 0 .„ ~.. tit._,, I,h loot, h t ", I would have i 4,..4,,, ~ : thi. - - ,P '74.