The British Press; or, Morning Literary Advertiser. — London, England, 1822-07-02 00:00:00

lin ) 4 litsour, and had introduced the p. weidersellieg, which in the absence had produced great mischiefs, great houses, sad oecasioord manifold b titiunerswould be 'sty happy to n. 1792, hat under all these engrafted coolie leapeacticable without the satisaett oa their Isla a, sorted lithe best remedy they meld meat at the Clotabinaliun Act, if at available ass jurisdictiou fur assay wiesteiopritem Mr. Memo said, it - end mollialsie to trails to repeal . other, and he formally wished to sea that Act repealed. Ka begged leave also to Lam it noderstood, thatlow rates of rowiiiisaratioe lie the operolive weaver did net setrearat eos eolepliabe,sed OM the inflator< fell pate die heed of WWI - tiho were not liable to the released Mirages of the e'y. • ELLICE powerfully supporta" the Pirtitioa to dl its ItHagelioes, and bore ample testimony to the lageowity. iM elessey, and wale, of the ribband aisnafseturers, aad the • protection which these artisans smelled from the State, as the morn of the "hots city of Coweeitres. as sire in evi dent. before the* Home; sod he agreed with his molls, • Colleague that in truth aid subsume this Petitioa mpg hos toroOlotdered as the Petitirm of the whole city of CorreftlhoyM :11111, sem all all* depeadasit on the prosperity of the Abbate', and be sincerely lisped, that if for Combination 40 vas cut repealed altogether, the eery reasonable prayer iel this Petition of his worthy couslitueute for so 'impeachments(' • It world be granted. He said, the SlNSiall was too far 041 reseed to go halo as isvadiption at present, but he imaged the Haase would sppoiot • Committee early is the Root ties ty4se of Perthuneol fur that purpose. . Mr. RICARDO, Mr. HUME, and lie. G. BENNETT followed up the same argumeats. THE BUDGET. The Order of the Dry being read, the House ' vesolved - itself into a Committee of Weys and Means. • The CHAIIVILLI.OII of the Excuersuea, in COOP I.,fiarosity with previous usage, and the natural pectstion of the House, rose to give a general us, of the Finances, before the House should be callesl. l ▪ ;elpon to vote the last supplies. The statement had I .seen delayed by the extreme lateness of the Am.', sion—a delay which bad been charged by either side of the House to the other. lie would not .enter on the question as to where the blame should lie; but it became desirable that be should have • • rreser.t•opportunity for submitting his statement. Vit was particularly desirable, because the operations „.sqf the sinking fund were reckoned from July to July • mud if the accounts were not sufficiently forwarded Peithearliament by the 5,11 of July, it would be ins without a great deal of difficulty and irre ,*igistsrity, to prevent the Commissioners from losing ebe benefit of the operations of purchases for the pooliming quarter. Besides which. a great part of •, Übe produce of the sinking fund was applied to • she services of the year ; so that if there were any delay beyond the quarter ending sth July, there „,-would be a necessity for making good three or four an•knillions from other sources for the services of the sear, which would be lost from the 'nuking fond, and its operations in the next quarter. At any rate, if the opportunity of making their usual purchases were lose to the Commissioners, the defect must be made good by purchases of stock in other manners by co means so desirable. He proposed in all he was to -'s submit to limit himself by that Parliamentary prac. "'lice to the amount required by the services for tke gear, so as not to place any resources at the entire dis posal of the Crown, without the uses 14ing assign ed, according to the jealousy of the prerogative in herent in the Constitution. The only exception he proposed to this rule was, a vote to cover those ser vice', foe which no particular vote had passed. /laving premised thus much to the House, he would proceed to state what votes had been taken, and what resources applied as the means of paying tla curious services. The military services already voted for Great Britain and Ireland were 6.530,000/. in the papers which he had prepared, the whole miliftry services for the year, including 220,0001. extra expenses for Ireland, were taken at 7,9.25,000/. which loft a remainder still to be provided of 1,395,0001. The naval services, 5,480,0001. were wholly voted. Of the ordnance services, 1,200.000/. the whole were voted. Of the miscellaneous, 1700,0001., there were already voted 764,0001. for Great Britain, aid 50,000/. fur Ireland, besides 100,0001. which were voted by the Committee of Supply for extra expenses in Ireland, though the House had not yet come to the Resolution. So ' that there remained about 790,0001. yet to be voted of the estimates. There were, besides, new expenses for out-pensioners of Greenwich Hoe. pital 310,0001. Interest on Exchequer hills 1,200,0001. Total services voted were 15,300,0001. These remitted for services to be voted 2,500,0001. . and the grand total would be 17,1500,000/. lie next came to some items which were coo sleeted with the reduction of the debt. The charges on the sinking fund to provide for Exche. quer bills. 200,0001. ; to pay the difference on their capital to the holders of 5 per cents. 2,801,0001. ; deficiency of Ways and Means voted last year, t90,000/.—in all 3,381,4551. The total would now be 21,196,4561. Some of these latter particulars might require explanation. It would be recollected • Altai he had foretold a deficiency which must happen this y ear on the out-pensioners of Greenwich Hospital. The whole expense of that department had fallen lapin funds supplied by contributions from prize mooey iu the war. These funds had failed subse quently, and the whole of the charge asust now fall upon the public • they had been so diminished last year, that the Council of the Hospital deter mined that this charge could be uo longer defrayed out of them. He was only able when be stated this last Session, to offer it as a probability, for which he proposed a vote of occasional credit, to enable the Treasury to issue Exchequer bills to cover the deficieocy. The total services to be pro sided, therefore, would be, as before stated, 21,196,4561. To meet these charges be had to submit the following wals and means. He took the usual annual taxes already voted at 3,000,0001. They were 4,000,0001. last year; and Ins reason for taking them at three millions was the deficiency to be anticipated from the release of the annual malt duty which had taken place.— The next item was the tea duties, which, taken as in last year's budget, would be 1,500,0001. The next item was the lottery, 200,0001. (Hear, hear, from the Opposition Benches.)— Ile earnest; his readiness to commute this tax for any more eligible which lion. Members would point out. The next item was old stores, 151,0001. one which had grown leis from year to year, ac eliding to the duration. of peace, but which must Must sink to a general peace average. There was a deficiency felt by the loss of the next item • L F l "N. t- • -~ ~~► . reason wt Last year the siuking fund lean was 13,000,0001. .—in each of the two preceding years 12,000,00 W. His wish was, that the loin should only refer to the operations of the siuking fund for the quarter ending nth April, instead of that ending sth July, because it was intended early in the next Session that there should be a general review of the system of the sink ing food. If any al.eration should be then revel red on, it would be inconvenient to have the Commissioners tied up by regulations which might interfere with those: alterations. 11 they were to suppose a loan take(' for four qnarters at the same rate, it would give a httle better than 10,000,000/. Still it was a considerable deduction from the nominal sinking fund. The reason of it was this :—The House were to observe, that in all that was done, there was an approximation attempted to limiting the amount of the sinking fund to that sum which was really available to reduce the public debt. Parliament , bed already appropriated of the surplus 2,800,0001. 1 la the annuity for reducing the charge of the pen. :ions and half-pay. This would reduce it to a lit ' de better than 2,000,000/.—(The Right Hon. Gentleman proceeded to compute the value et proposed sinking fund loan iu 9 per cent. c . taken at the ordinary rate, but he was not so citntly audible to enable us to understand the et suit of his calculations J—He referred them to the, primed papers which he had prepared, to ascertain the proper total amount of the sinking fond. By a resolution of the Howe in 1819, it was determined that the clear surplus of the sinking fend shosid be kept up to five millions. It would be found that the surplus for the year ending in 182$ would be 5,433,8.55/. Including the effect of the annuity for the payment of the ussal and military pensions, the actual amottot beyond the five millions resolved on in 1819, would be about 900,0001. The next item he came to was balances due I'mes the . East India Company. There were charges . made by them for several brahches of service, eve.. cially the supplies at St. Helena during the enamel went of Bonaparte. The account was found to be.. so full of difficulty that it could only be settled by Compromise. Their claim of five millions for varioileri beads of service had been brought down to the modea rate amount of I,3oo,oool.—(Laughter.)—ln treat ing with them the Government bad to observe some thing like the time principle which was observed between independent states. That Parliament might not be involved, Commissioners were named en each aide, and a 'consumptive was effected which was mutually satisfactory. The Company consented to the modification of their claim from five without' to 1,300,0001. and this sum was to be adjusted against the loan raised for the Company in 1812. By cup. 135. of the 52d Geo. 111. it was lawful fur the East India Directors to pay sums into the Bank of England from time to time, to be laid out for dam in the purchase of stock to redeem the loan; thew payments had not taken place. It was now agreed that on the payment of 537,0001. in ad s dation to the sum awarded by the Commissioners 1 to be carried to their credit, they should he free from am , further charge on that loan. This was no tome advantage given to them than they might have at tained by paying in their money to the Batik for the purchase of stock to reduce their debt. The charge of 70,0001. a-year (se we understood the , Right Hoo.-Gentleman), which most fall on the consolidated food from this transaction, would create on new stock.—(The reasons were not so din. tiucily audible as to euable us to repeat them with confidence as to their correctueas.)—He came next to the unfunded debt : There were floating last Ses sion 29 millions of Exchequer bills. one mil. lion of Irish Treasury bills, together with 368.3301. for bills issued by the Commissioners of Public Works, making altogether 30.368,3301. The ac tual amount on the sth of January, 1822, was 31,566,5501. Exchequer bills ; Irish Treasury bills, 1.105,181/. The reason why the issue exceeded the vote of 29 millions, was on account of some ed ditional expense which had attended the sinking fund loan. An unavoidable anticipation of the produce of the operations of the Commissioners had taken place. to cover the defective services of the . The actual amount of the unfunded debt year. taken at 32,600,0001., and 3,100,0001. added for deficiency of ways and means, and the expenses of reducing the 5 per cents., the total unfunded debt would be about 35,000,000/, or 1,000,000/. more than the amount of last year.— He computed the increase of the unfunded debt to be 5.837,6701., including the issues of Exchequer bills to make good the deficient ser vices of last year, and the payments of them to the Bank fur the reduction of the 5 per cents. which were to be gradually reimbursed from the sinking fund. He would not recapi. talate the few particulars he had gone over ; but he should not discharge his duty if he did not give a short summery of the comparative expendi ture and resources of the coming year. He thought himself safe in assuming the produce of the revenue for thb coming year on the average of four quart, ra ending sth April. By that calculation the Cue toms collected on the sth January 1823, would be For Great Britain £ 9,325,0110 For Ireland T0ta1.... Y 10,742,000 Excise for the saute period— Great Britaia Ireland Total above.... Y 28,006,000 The loss oldie malt duty and the repayment oa stock and in hand, together with the loss from the repeal of 13s. per bushel salt duties a►►d half the leather duties,' would occasion a drawback on the whole estimate of 2,150,0001. leaving a total of 26.102,0001. He next mated the value of the Post-office revenue. which we did not hear. Assessed taxes for Great Britain 7,570,0001. and 310,0001. for Ireland. From this estimate was to be deducted 500,000/. leaving about 7,335,0001.; but as some portions had been paid which could not be reckimissl, the' amid amount of assessed tales for Jopeas7 1443 e several taxes, .. equelled the produce of last year's revenue, aiding sth .Aped. it wee rut much as they could expect. He might, bootee., assume the net income of the year at 5 4,6it,0001. Now thee for a general view of the expenditure. He took the expenses of the un redeemed debt. augmented new by the annuity of 2,800,000/. for providing for the naval and military pensions, at 304140001.; miscellaneous charges on the consolidated fund. !,048,0001.; interest on Exchequer bills and deficiency of coo. solidated fund, 150,000/. ; army, navy, ordnance, miscellanies, &c., eltogether 51,192,000/.—ex. penses for the actual services. This would leave a net surplus or 3,131,0001. Brat it was only fair to observe on the augmentation of the charge of inte rest, by the increased capital allowed to holders of five per cents. To prevent mistakes, the Right Hon. Gent. proceeded to skew what would be the effect on the revenue of the ensuing year, if the finance regale. Lions had gone on without alteration. Ili. couclits .ion was that there would be a clear balance of 6,146,0001. He considered that by the saving to be effected through the sinking fund on the half-pay charges tlyi effect would be equal to more than the operation of 10 millions in OS two years. lie had before alluded to the re duction of the five per cents., a measure to which he would call back the attention of Parliament, in order to remark on the general satisfaction with which it had been received. He doubted if the most sanguine among them had anticipated so little difficulty in the operatiou us had been experienced. It proved the solidity of public credit, and the im mense extent of the resources of the country, that it had been effected with so muchease. Solar from injury done to public credit, stocks had beeu uni formly higher ever since. At the same time the greatest advantages were 10 be expected in reliev ing the distresses of the country from the exa, iple of Government lowering the interest. The Bank had thereby been induced to follow the example. The result was experienced continually. He had that very day heard of an estate decreed to sale by the Court of Chancery fetching 5,0001. more than the utmost valuation, the Solicitor who purchased it alleging, that he had no fear of advancing so much in the price, now that the Bank bad agreed to dis count at 4 per cent.—(A laogh from the Oppositiou Beuches.)—lt wu desirable 4) have mosey at low interest, though it was against sound political eco nomy to attempt to reg ulate it by law. Adherence to the old law might be iu a degree expedient, bat he was utterly opposed to adding soy thing to it. lie would reserve huuself-to answer any questions or objrctious, sod in the mean time more the first resolution for 7,500,0001. to be raised by loan on the sinking fend. Mr. SIABERLY expressed his wish that the petaled pa pers, detailing the particulars of the difficult cud cited subject to which the Right Honourable Gentle mail had just been drawing the attention of the Commit tee, bad been put taco the bands of Members in time to allow of as opporisaity of fully understaeding thew SF' s ' fore Ilse discusaloo ; as it was, he wu utterly preelisdil , ed from 'stern into those misethe, upon which he work otherwise have touched. He 'mild, therefore, cooled himself at present to some of the main topics of the Right Honourable Gentleman's speech, reserving to himself the right agitating what further observatioas might occur to hint at some twine period. And first, with respect to Ike sinking fund--that was a subject which seemed to be made the hoer* poets of the year. At owe time the Right Honourable Gentleman look from it; thee he added to it, then Commissioners were appointed to stir it, then other Commissionere were appointed to sell it ; se that at last the matter became almost wholly unratelliglz hie; sad could be beneficially treated only in a imported and specific discussion, to which it was hi. lineation to take au opportunity of aubadttiag it. 'With respect to India, what he had always anticipated and declared In that House, now tamed out to be the fact, and he was quite persuaded that the country would be proved to be cow stderaMe debtor, to its. East ladle Company, notwithstaed. lag the (sections manner is which the Right Hon. Gentle. mar has thought propose to view the subject. The Right Hoe. Gentleman had chosen to introduce into his speech au estimate of the probable amount of the income aid • expeedit•re for the year HAS. Ttie first thing which shack bias (Mr. M.) iw that part of the Right Hon. Gentlemen's statement, was that,le the opision of his Majesty's Ministers, we had arrived at the extreme point to which the reductive of our expenditure could be curried; fur the Right Hon. Geo. Heenan had tskeu the Army, the Navy, the Ordnance, sad the . Miscellaneous Services--every thing but the interest asks debt—at exactly the mate amount as the present year; so that it was evident so farther redaction of expenditure was to be expected from his Majesty's Government.-I'be Noble Marquis opposite, whom he (Mr, Moberly) should treat as the Finance Minister of the country, said, is an early put of the Session, that he grosaded one finances on the public credit ; that so remissitis of taxation except that founded on the saving to be effected by the reduction of the five per cents. mild possibly take pLice; that the sinking feed must be main tamped at Ave millions; and that he could sot allow any is ms& to be made sips It. Not six weeks, however, had elapsed, before the Noble Marquis termed round ele the system which he bad thee phsoulnated, and said (why So sudden a cimage was effected, be, Mr. Mallerly, knew pot), that it was expedient to seslitew taxation. lie perfectly re. membered that a speech bed bees made im the month of Fe bruary (though he would net uy when) which coutaiued • passage that completely bore oat his statement. That pas. sage was as fonows:—. , If the fart.i.le were so igoorme. of his hue totem's ' of the very riniments of politiestl ecoesoy, and of the real saws of his present distress, as to intagioe he saw his own advantage in such so is, provident twice... Moo as would take him out of the clam of contributors to the burdrea of the State, the farmer would soon find that be derived no eventual bent fit fruit, the Cl.llllOlll. MOO, sad that the laws of nature had decided that it shoe ld not fructify to his advantage. The immediate relief that he might experience would be enjoyed by him but fur a raw short period. The excess beyond the ordinary profit if ordinary capital would soon be taken from him, either in riot or reduction . or the price of his commodity. Experience would soon convince the farmer that the benefit which be might ,hick be had secured was imaginary. Providence has ordained that any expectation so monstrous must defeat Its own purpose ; sod both Parliament and the agriculturist ' would be severely punished for having unhappily yielded to the delusive representations of those whir bail held out a pros. peel of relief from the inspi•ovideot remission of taxatiou." He would not say where or by whom the speech of which the passage be had just read, formed a part, was made; but be was sure that it must be in the reculicetiou uflatfuy Hon. Gentlemen around blm. In March; however, the Noble Marquis came down, and told the House that he had dis coeerid that the remission of taxation would Vet, much relieve the agriculturist, and that he was wilting, (h .setecin to it, eves by violating the siukieg fund, which in' February he declered ought to be preserved unispalegi For what • was it bat a violation of the pelocirlt oT tit' *fiiges food, which he contlumellli'hilliameliessil? did met think that the public eichelatite bed berm reamed as honest to be minced. Let alit pulet be move closely examined. lu 1817, the House appointed a Committee to examine into Ibn fineutes of the coustry. That Committee reported that the summit of the army, navy, OfaillaCC, and miscellanea@ service; ought not to exceed 17,350,0001. That sum, however, we hod recently exceeded. We had exceeded hie late, 1819, 1820, and 1821. 'The total of the execs was 8,190,0001. " But," said the Noble Marquis, "I. 1822 we bare made a coesiderable reduction." Let that re. duetton be tried by the Report of the Pleases Committee. 10 that Report it was slated that the amount of the Army, Navy, Ord , sad Miscellaneous Services, ought not to exceed 17,350,0001.. The votes for 1822 amounted to 16,542,0001. It appeared, therefore, that the whole re duction in 1822, as compared with t h e sum recommended by the Finance Committee, fur the year 1818, was only about 800,0001. He spoke its the herring of the Chairman of the Folsom Committee, who would correct him if be made soy erroneous statement. But it was hardly to be supposed that if the Committee had thought !het non , ar. licit would fall thirty per cent. they meld not have framed their estimate on a much more moderate scale. Henreid rut therefore give the slightest credit to the Noble Marlon mid his colkagees, fur the redaction is the estiossies. as compared with the estimates of the Fiance Coen. mittee of 1817, bat quite the contrary. Let the pretest no innate, be tried by that test, and their extravagance would be sotkieetly manifest. The ouly true way to ge to week would be by correetieg abases. He would beoln by remedying those which aboseded in the collection of the teenier. Fur instance, the collection of the Customs, which cost 13 per met. while that of the Excise did not cost five. The eollectioo of the hackney coach duties cost 18 per cent. The collection of the duty on hawkers sad pedlars cost 22 pee nest. The total average of the expense of colleetwe of the revenue was 22 per coot. Hs knew he should be told that a ellalalia4olll was sitting to Inquire isle the abuses ie the collection of the se. But no ouch Commis. sloe could hey* sufficient power and authority for dill undertaking. It was a task which should be Minnie" to • Coasesittee of the House of Commons atom. Theep was mother item to which be wished to call the Me. tires a dee Committee—be meant the hereditary memo; whieb was stated to animist to 124,000/., rot more this 15,0001. of which foiled its way into the Tressuty. Theit there were the Coluoies, which, instead of beteg made • source of revenue, were made • source of expense to the country. He saw that Commissioners of Woods mid Forests, mid other person bolding high appointments under the Crewe, held the situation of Agents to the Holeetes'witti. set any necessity whatever. The business of the Culateies ought to be transferred to the Commissariat, by witch department it could easily be done at little or no addi. lipoid expense in the comity. It might be said that the moos paid to those Colonial Attests did mut come out of the pockets of the people. Bet it mattered not from !demo it canoe; it ought not to be profusely and need; Issely equeedered. He east came to • head of rape*. dilute which fell se • dead weight open the country-the Haltmay and Poetises List. It bad been well obeerved a former ocesatioa, that Minismoxiestead of filling up all va cancies from those lists, west on continually creating sew appointments. As a proof of this he should refer to the Lottery-office returns ; some of those rehires were set yet printed, as they had been erroneously made out; bet, is the papers signed by Mr. Hesse, there appriarediander the bead of " first appoistmenti," one geotlereau, aged 17 year; who received a eatery of 255 d. • year; there were also many other first shpoimeneets, in one of which cases the party was 57 years of age, and iu another 69—(Hear, hear.)-11te Honourable Member, after citing several other cases of first appointments is this department, adverted to the Hack. any Conch Rehires. Here also there were venues line appointments, one of the parties beteg 82, and the other 70 years of ego; iu short, there was only me Moment in the tennis of • person haviug been appointed *be had pre ying', bete removed from another office. This was a sample of the yammer in which this dead weight was its ' Aided on the couetry, and of the cartlesseess with abich Militate(' coedited to avail themselves of soy *ppd. fealty of lightening the public burdens. There was variety of other items to which be might refer is support , of his argument, but he did not wills to fatigue she Committee by eateriag into details. H. tossed not, however, avoid aUsdiag to the Bask of Ireland; even there • few thousands • year might be saved, fur while the Chased. for was isauiug Exchequer bills here, at 31. per cent, per anent, lie was actually paying Ave potted per cent. in Ire. laud. The Bank of Englaud, too, received 275,0001. • year from Government; and if be were afforded an opportunity of doing so, he could prove that the Bank had been receiving, sot 31. per cent, but 8/. per cent. from Governmeut--(Hear, hear!)—lt appeared from the statement of the Right Ha. noorahle Member, that there was to be no reduction is the army, the awry, or the ()ukases of 1822. It appealed Lt him that those establishments were kept up at a larger ex pense in consequence of the long-continued ill.governmeut of Ireland. The disturbances and distresses of that country arose from two main cation : first, from the anal.administra• hoe of G aaaaa sem ; and, secoadly, from the number of absentees. These 'becalm spent that capital here te in other countries, which ought to have been elide use of in giving employment to the pour of that unhappy mushy—(llaar, hear )—They ought to ioquire most mi nutely into the matinee and expense of collecting the revenue in both countries, with a view to a revision of the whole 6aancial system. Indeed, uo Other argue:teat upon thin heart was necessary after 16,111400er in which Ministers bad dealt eith the taxes of the last year. tilde be made these übser. wahine upon what he considered to be extravagant expeudi lure and gross mismanagement, be wished to guard himself against harem it go forth to the public that he Wok a gloomy and despooditig view of the situation of the country. He knew the situation of the owners of the soil, be was aware that they were suffering great and pressing distress, and that they were consequently most amions for • repeal of taxer. lie would call upon the sgriculturalist to eoeseder whether the taxes upon every article of production did not ultimately fall upon him, until lie obtained a remunerating price for the articlea which he brought to market ? But emit if eo such distress existed, if the landed sad other Mums were in the enjoyment of no much ease mad happiness as they are knows to be pressed dose by distress, still that would be as argument in favour of profusion and extrava gance ou the pin of Governmesit. It was the doily of those who were in power to conduct the Goveremet of the country as cheap as possible.—(Hear, hear, hear.)—Al what lime ass it, lie would ask, that Parliament could with most safety and propriety cuter upon au laquiry into, and a re vision of, its financial system ? Was it is • time of solid and settled peace like the present, or was it um the eve or after the commencement of a war ? No man would pretend to deny that the present was the most proper for that iisquiry. He did out contend that she people could not continue to pay the Imre ; be knew that Government might continue to collect the present, or even • much larger re. venue ; but the question for consideration was, whether it would he wise or expedient to du so ? He maintaint „that it was out. It was true that the capital, the population, Ilse industry, and the taint* of the country sore merest". iug, and must produce Monogr:Ad resources ; but be contended 'that ibis was no reason why Ministers should continue to inflict upon the cough" such • burden of taxation, to he expended in the manuer which he bad described. He had no doubt but the country would go on prospering, notwith standing all the difficulties by which we were surrounded. This, however, was not caused by, but took place to despite of, the bad system of goverennot under which we at pre sent laboured. Mr. ELLICE did not rise to follow his Hon. Friend into into the details •hic! he had so usefully stated to answer . . . s . - • • . • a . '\ • . • . , - ' ".'',;:' . k. -. .. 7s • c ... practice of andethirlog Dad. Peewit ihdemulties, which ,Id }ilia Teat ' Wince might Ise lidten at 71185,00 Deceit the er tltao to mud es peolerlig for Ave-aacl.forty yeses, fht Paf- ;1 tee of law t o regulate Fri* nothing, became. of the • • otille em. proclaim of 1 -. 31 , _ v igg SKI. „ t he Wrest of a debt 41 which the protest geteseedloo we. .„ thereby to be relieved I The fire per cross. were paid Teat (bort'', 614cd tlb peer-, , h , . nitro op not lotte '200,0001., iitid •ol - or lO, off on the (II tandtratandinir, that an limed should Jba Aria plane that the Pet • • c i . "S et Iliad ic " : " .char g es I but .hp would *ham . time the the ihcoute woo Ohl 1... ma w. MI the Makin food, an%t oo tts catgut II complete - 1 II return so their embilitliallf 4 1 2 • .. it wee - be. l s littroppiicatiair of the *hole ..• Isheroe of be is it 54,20 1 3, to p the ;flotation of the *skin fund, by t isst a debt .as pm. , lifted diaculties, aid of law ; that a mew hi. 'credit from which they were this !lir *0 file cut off. year, to by the last MiCr, which exceeded Writ, to relieve the present generation. Is big (Mr. Mabee. lie application, tb°7.Dow re• The next itetu wee .teitsguatant bills ~ the-eoitelpuading quarter of .11111.701.4.1.40,09/. ly'a) opiaioa, a still greater redectine oiled to sakelilses, mold devise, 'la se amend- iiieued on public works Ito, - —sae tot in all But 0 eras not t o be ex p e cted tha i LZIV lab , lam. of th•bisher roses of the iatifeat of Si as to Feeder that Actthe debt, but he would effect that public benefit by weans lasts , serniimating wok , * 4,961,0001. To complete the supplies, he proposed. • woul d hold out in that . ice/46W I i lls/a"v different from those which bid hitherto bees adopted, be it ~,,e y a be iw i n so d jeer to hoverecourse to Baulking fund Minn if 7,6,00 0 0001. Niel we,. to reckon ea the eft of iiit-eepeaLat would effect it by a ditaiauttoa of the public expenditure. i'si sbe•Combiastioa Act alto- He would state the reason why it was oo larger. several taxes, so that if upon the whole it equall*d It was Mat which be had uniformly recootroesded, and r_ _ .;011iy .' 0 , .11.Art Mil ~~ fie ILelelmenenf of the MUNItor GNI,. Excite net. His *Wed was slimily to draw Mt etteation of the Hume sod this country to the result of that statement, if, indeed, be had bees successful in hie attempt to isaravel au much mystery and coafesioo. At all events there was Mile comotation Ii the determinatiun which the prospective part of the Right Honourable Gentleman's scheme implied on the part of Ministerr, to attempt nu farther reductions of the ratablistmaeut and espouse .of the country is the se eming year. The Right Honourable Gentleman tied taken the expense for 1824 at the omit as the present 'tar— tlets the great result of the whole plan. They were to have a siokiag load of lee millions is the present mar, rather mole seat. ar. at least, we were to he artiste.' of ten millions within the two years. On what was geosrally maw the admitted yak of estimating the antoust of real sinking fund, the surplus of revenue beyond expenditure, he (Mr. E j could not arrive, if, indeed, as he had said before, he compre. blinded the statement, at any such cowl u stun. It did certain. ly appear that there was a Disrobes apparently ou the immerse t 'debrief five millions—bat how wee It made up! la the fire place by two 'Gilliam and a half taken from the dead weight, so the next of 1,1150,0001. elder borrowed in actual mosey to the East India Cumparly, or elated'. on shad" they bad for merly paid the dividends, teed on which the public were io future to pay Mem, a new charge being crested on the con. sulidated feud of 70,0001. per 111.1111 M fur this object; and, lastly, by an addition, admitted is all his shuffling, by the Chancellor of the Exchequer, of one million to the unfisodel debt is Exchequer bills. In this way the whole sarplaa, or rather more, was accounted fur, and ia the same way they would find the amount would stand in the emoting year: Thee came the serious addition to the unfunded deist, to pay off the dissentient holders of five per cent. mock. Was it wise. aftet all their previous experience, to comienie, merely fur the gratification of the Right Homerable Gentleman, this system of bolstering up the feeds, by raising money to redeem stock at 811 or 81, which they 'night tigers have to fund at a lower price It was true, fur the moment, the aisle of the floaneee, and the prospect of peace, with the perpetual accumula.iim of monied capital, might render even a temporary ailsanre possible; but his Hosourstile Friend (Mr. Hume) had laid before the Hume a calculation that the public had already sustained a loss of nearly five millions since the peace, by the disappoiotwients the Chas cello: of the Exchequer bad sustained in by relculations ow this bead. But be must go farther, cud casuist/slily with all hie former opinions on this subject, protest against useless drains upon the pockets of the people, audit preteact of maintaioiog, usd,e the present circumstances of the errantry, a sinking feud, for the sole object of animating the value of the funilltolder's property. They had already received one Petition from Kent, yosyine for a redaction of the dividends ; awl although he would go along with the feelings of the House cm that occasion, is reprobatieg soch a violation of faith, as part.- ally app lied to the public creditor, said as more likely to v. 'wrot e Mau mitigate the evils complained-of by the boner*, he he did not weeder that eon who had then pearly raised by proceedings which had su mach added to the poi party of the public creditor, should ronipl sin of the addi nousl burdeu continued upon them for a sinking fuud, Let the House look beet to the relative Minutia of the parties in .1814, or subsequently at the renewal of the war in 1815. The Three per Ceuta. were then at 53, and gold at Si. Ba. The price was now upwards of SO p.r cent., and gold 3/. 17e. 10J. The fendholder's property was now more than doubled in value. The merchant., the farmer's, or the trader's stock, of every deectie- Goa, has bees reduced al least ooe.half, and be me struggling to preserve himself from absolute ruin, if he bid nut already fallen seder it. Was theta time to continue Mum fur the purpose of increasing this invidious differeuer ? He acid this looking ermatly to the "merest of both parties. If both had debts to pay, mat:acted, one ow farming stock, and another on loaded property, what was sow their n. knee situatios I He (Mr. Ii) had always Mooed a ar terially would arrive for some re.comideratioa of the valve of contracts, or some attempt by a general sacrifice of capital to reduce a greet pert of the public debt. Tie petitioners had a right to call upon the House to oars. property generally fur this purpose, as had been proposid by his Hos Friend (Hr. Ricardo), and is that aspect chat was the former arid present rotative peeitioa of the parties If the former or trader bad bees assessed with the public ere diroe equally In 1814 or 1815,.• quarter, a third, ors half of his property might have hese taken, bet the creditor's eostri. button mast have bees of the same scale. By the present system, the industrious and predacity' classes hare been amerced M their propoet ion, and the propeity of the creditor, he did 'sot speak particularly of public, but of every cre ditor, instead of having suffered is the same ratio, hadhersi increased in the meaner he bad staled. He their repeated the question, was this the time to force from the sot ring classes, taxes which are sot absolutely necessary to add to the profits of the foodholder ? He begged agaiu to be "oder stood as not alluding redivides'', to the fusdholder, hut the measures of the Right Hog. Gentleman rabid for these oh. serrations, cad he could eat avoid candidly reprinting his ireliogs on the subject. Mr. RICARDO commenced by Disservine that the Char. eellor of the Exchequer had held out great hopes of whst was to be expected from the sinking food, and had stated that a niere accident mily had prevented all those hopes from being realised this year, bat next year we should reeeice lit full and effective beorfits. He (Mr. Ricardo) feared, huwryer, that we should N on al we had done. sad that some seeidint or other would cwitime to prevent them from tujoy log itio,c beriefits which the Chancellor of the Exchequer had so flitter- Itsgly held out. If the Committee took the account in the way in such the Chancellor of the Exehegirer wished them to view it, there would appear a morph's of 5,000,0001. W. year, and that is 1824 there would be • earplug of 6,000,004. The Right Hon. Member had, however, come at last is that point from which he (Mr. Ricardo) would wish to siert namely, that without a surplus of et Verge! over expendiiiiis there could be no real or effective sinking fund. Nun !et the Committee observe the manner is which the Chine. Iter of lbe Exchequer had made oat the existeace of such a sue. plus in the present year. He said that we had a surplus M 4,961,0001., this sum he accounted be an fellows : Annual Taxes Tra Duties 1,600.000 lastirrira Old Stores Repayment made by Commisehessenforisau 110,000 log Exchequer Bin. fur Public Works.... Making a Total or ... £4,981,000 But how was the fact' Takiog the total Errhequrr deE ekelcy at 14,144,0001, and &dot:time it from 15,481,000/, the sum to met it, there would rentai• ouly 4337,080/. as a real sad eff,etire sinking (sad this year. n Oh! (said the Chancel**. of tile Exchequer) we have by saddest to pay the Bank 530,0001. this year, but twat year we shall have so such eucumbrakee, and lien fore our eferpins will be completer." He wished so know by x.hut prove.* of re.- ru 401011 it was tbat the Chatter Ilor uf the Exchequer matte vl , l his 5,000,0001. this year. The revenue of the country. 19.11 53,087,0001., the expenditure was 51,119,000/s, makiug a rxu plus of 1,968,0001 ; this appeared to be the eathe surpmsb! the year. But " Nu," said the Chancellor, " we hare 700,000!. saved by the •Itcration of the fire per scuts. ; we bare aloe to make allowance for 2,800,0001. received." Hew WI! received Gam the trustees of the half-pay mad ',cosies e h/wastes. How this could be brought in under the Mead of " Surplus Revenue" he could out easily petceore. Ali se" of five millions might be rattily made out, but would 9 , Committee call it • surplus of r tt ? Then, scent, 1k Right Hoemsrable GeDeleman stated, that in 1824 , thee would be a surplus of 6,900,0001. But how was it !.. be übtoiued. It was to be (Maimed by takiag credit le. 4,875,0041/. which was to be received from the trustees half pay sod peusions. Now he would ask •hellw there were any payments to be made tit the other bid,' The Right Hon. the Chancellor of the Excliegarr mud know very well that money so Waisted could met be loukci upon in the light of receipts tit ell. The receipts in It'll were calculated at 52,400,000/. and the expenditure 4! 80,600,0001. so that the real surplus on the sth of bode 5 is that year, would be 1,600,000 L He agreed with Pis Honuurable Friend (hir. Ellice) aspect's' the impultn of dintinisMag our fielded, while we accessed our safs. , •:• ed debt. If be were called sass fee an opiaios, he stioe!.! recoentneud • diametrically opposite course of r00r.. 1 '" , . Advcrtiug to what lied boa said relative to the 6.: