The Sun. — London, England, 1829-05-09 00:00:00

t b e my duty to present to the House a clear and distinct statement of the citcumstances of the coun try, laying before it, as clearly as I can, what has been the financial situation of the country during the year that has now elapsed, and also an estimate of what are to be the prospects of the country for the year upon which we hare now entered. I shall confine myself to this, because I believe, the more clearly the situation of th. country is stated, the more clearly will every per son perceive that whatever may be the embarrassments of the country at the present moment, they arc not at all likely to be of any long duration; but in all prebiebility will give way to a better condition of things. In discharging the duty which has devolved upon me, I shall in the, first place state to the House what has been the revenue and expenditure of the country in the year 1828. It is my intention then to proceed to lay before it what I calculate upon us the expenditure of 1829, and I shall then take the opportunity of explaining the nature of te measure which it will be my duty to in trodure in conformity with the notice which I gave last Session with a view to make an application of the entaual surplus of the country to the discharge of the national debt. In stsietness, Sir, the latter pat t of the subject ought not to be introduced on this occasion, but it ep s eared to me that the reduction of the debt is in itself a question of such importance that it will be snore con venient for the House to unite than to separate these two points. It will he in the recollection of many Hon. Mem bers of the Committee, that when I brought forward the Budget last year, I estimated the revenue at 54,000,000/. 'or rather at 53,900,0001., and that my estimate of the 'expenditure, eluting thesame period, w mild he 50,100,0001. thus leaving at the end of the year 1828, a surplus of 53,797,0001. to he applied to the reduction of the National Debt. In making the calculation which I diil at filet serioil, I was anxious to keep as much within the sum as possible, in order to avoid giving rise to any high and ex aggerated expectations ; and the result proves how wise and necessary it was to do so, for the Committee will ;perceive, when I state the amount of revenue and expen slitene. in 1828, that the amount of the former as well as ti.e amount of the surplus, is greater than I contemplated, and is altogether most satisfactory. It appears that at the lose of Iti2S the amount of revenue, instead of being 1 000,000/. was 55,187,000/. ; and that the expendi - fin- tile same period, instead of 50,100,0001. was no diere than 49,336,0001.—(Hear, hear,)—thus leaving a surplus of 2,054,000/. more than I calculated, and a total surplus of 5,851,000/. applicable to the purposes pointed cut by Parliennent.—(Hear, hear,)—a sum much larger than I calculate.l upon at the time. Sir, an exami nation of the catase of this increase will, I think, he no less eatisfactory than the fact of the increase itself. It appears to have taken place, with the exception of about a hundred and fifty thousand pounds, upon the Customs, and the Excise. It is true, that I estimated the Cuetems slur tog the last year at 17,600,000/., wherees it did not amount So more than 17,200,000/. But the diminution raises from an arrangement made in the course of the last eSes-iuta by which the tea duty in Ireland, which had been seccivea there, was transmitted to England. So that u-bile the Customs were reduced in that amount, it went So swell the amount of Excise. I hail calculated that the Excise would amount to 19,200,0001. whereas it amaunt ed to 20,759,000/. ; which, deducting the increase by the saleiitien of the duty on tea in Ireland, left an increase of about 1,000,000,000/. This increase has taken place more or less in the duties upon all the great articles of commerce, 'ant particularly in the articles of malt and spirits. I had etaloulated upon an increase upon the duty of malt to the extent ef 600,0001., but could have had no idea of its having been so much as it is. The increase of Excise on the malt far exceeds that upon spirits, an °beer vatien which I am fully convinced the House will hear with great satisfaction as giving an idea of improvement in the habits of the population, which is of no small importance. Sir, I come now to the other point of difference in the estimate which I before took the liberty of submitting to the House—it is that which relates to the expenditure of the State. The expenditure of the State is less than what I cal culated upon last year by 767,000/. It would net be fair to represent to the House, however, that the eviae,e of this is a saving, fur it is not. Part of it arises Siam payments which have not been made within the year, but which must be made, particularly payments in the Naval Department, which the disturbed state of the Me diterranean has compelled us to increase. There has been another saving, which is the economical manage ment of the funds that have been confided to Govern-, assent by Parliament, and which I am happy to say has been an actual advantage to the country. I do not state this, with the view of taking any merit to myelf,or to the ether Members of the Government, for the part we have taken to bring about this state of things, 'or I fee' it a duty—the duty of every d.ay, and of every hour, devolving on the individual in the situation in which I now stand—to do every thing he can for the !ma nagement of any funds confided to the Government. That duty has been enforced by Parliament, though I think it needs no enforcement with respect to those who feel duly the importance of the ditties entrusted to them. I have on various occasions heard it stated here that there was in Government a disposition to apply all that Parlia ment might grant. If there are any here now who still hold that opinion, I beg them not so much to recur to the past as to watch narrowly that which late juet taken place, and which I think will give tows printa facie proof that there is not this dis poeitiou and anxious inclination to dispose of all that Par liament may be pleased to give. I can sincerely state to the House, and what is snore, I think I could satisfy the House that the principle which has led to this reduction of expence continues to operate on the minds of nil who are engaged in his Majesty's Government, and welsh! state to those who suppose that patronage is the only object of the Government, that at this moment there leave been offices either reduced or in the course of reduction —aud that reduction deferred only to avoid the expellee end inconvenience arising from hasty and improper reiluctions--to au extent far beyond any thing that could be supposed to operate as a motive of patronage. Theie ace now actually reduced, or in the act of reduction, no less than eighteen Commissioners of different Boards-- (Hear)—and the House may judge to what extent this reduc tion of establishment will go—a reduction which I sincerely trust as opportunity may offer, will proceed. The result then of the examination of the revenue, and expenditure of 1828, will prove to the House that there has been a larger sum applicable to the reduction of the public debt than bas been available for that purpose since the year 1822, Irons the surplus arising from 1828.—(Cheers) — In order to make this account sight, we must strike out of it these sums arising out of the dead weight, and also those sums, large as they were, that were received from the Austrian loan. I repeat, then, Sir, that if the docu ments be produced, it will be found that we have, at the end of 15.28, a greater actual and bona fide sum appli feeble to the reduction of the national debt than we have had at any period since 1822. I maintain, then, that the view which our fiteances present at the close of 1828 can not fail to be satisfactory. It is satisfactory also, net only es fultiding to the letter the recommendations which were enforced by the Committee of Finance, but it is satisfactory if we look into the details of it, with respect to the general prosperity and improvement of the country during the period 1 have alluded to. Hit be considered with reference to foreign trade, and to the export of British manufacture, it will, in every respect, be found perfectly satisfactory.— nay I believe exceed our expectations; and will give us not only satisfaction for the time that is past, but en couragement for the future. It appears by the return of else exports of the country last year, that there is no one article of export upon which there is a sensible diminution. And when I state this with a view to the! satisfactory circumstance of the Revenue, it is because we hive to compare the Custom Duties of 182 S with the Custom Duties of 1827, a year which, considering the circumstances which depressed the energies of this catintry was one of unusual, I might almost eay of extravagant import; and yet there has been that excess of the revenue in the year 1828 I have stated, and hardly in one article a diminution in the export. In the article of linen alone there was au increase of export to the amount of 9,000,000 yards upon 49,000,000 yards, lacing nearly ,one-fifth. In woollens, hard eva es, and almost every other article, there had been a considerable increase. In cottons there was a tri lling diminution. In the Excise the increase has been of a similar description. From this we may form some ides of the activity, industry, and extent of our foreign trade, and perceive ample grounds of hope for the future. I come now to take a view of what is to be our situation during the year 1829; and in dealing with estimates in stead of facts, I know the difficulty is in satisfying the 'ouse of the correctness of the view I may be disposed to take. But having given to it the utmost attention, having examined it in every way in which I am able, I am prepared to offer to the House, not only ass estimate exceeding our former expectations, as I did of 1828, but one which, it it were not to be compared with the year 1828 itself, would in every respect be satisfactory to the most sanguine mind. I do not mean to say there will not be a great ;eduction of the revenue in 1824—it is impossible tut that from the situation in which we are, and in short in any situation, the country must look for alternations of prosperity The blessing • of wealth is me to he expected without some portion of correspend with prosperity; and so it is with respect to nations. We have been blessed with affluence beyond any nation, and we are not to complain when we are subjected to temporary depression. One cause of a reduction of the revenue is to be found in the system adopted LI Parliament; I mean the abstraction of4he payments by the Trustees of the Naval and Military Sink ing Fund. This reduction I calculate at 1,900,0001. But this is a subject upon which I do not feel it necessary to dwell; Parliament has thought it right to depart from the system originally adopted, and, therefore, we have a right to be satisfied with the effects of the measure. With re spect to that which may be more strictly called the reve nue of the country, we have a right to be prepared for a considerable reduction. But if an estimate of the amount of that reduction were to be made upon a comparison of the amount of revenue collected in the quarter ending on the sth of April, 1829, as compared with the produce of the corresponding quarter in 1828, it would lead to an ex aggerated and mistaken conclusion. The deficioncy in the quarter ending the sth of April, 1829, as compared with the corresponding quarter in 1828, is 513,000/., of which 280,0001. arose in the Customs, and the remaining 233,000/. in the Excise. But, Sir, it does so happen that this deficiency is capable of explanation, and arises in a great measure merely from the postponement of pay ments which must come in in the course of a subsequent quarter of the year. Honourable Gentlemen must be aware that the Excise Revenue is collected periodically, at intervals of six weeks; it therefore happens that, owing to mhe different periods at which those collections com menced, it will occur in certain years that the quarters do net comprise within them time same number of weeks that others do ; and that has been the case on the present occasion, the excise collections having been postponed for a certain period. In consequence of referring hack to the Monday, which is always the day on which the Excise collector beeins, a week's reve nue less appears in the quarter of 1829 than appeared in the corresponding quarter of 1828. I have received an ace ntnt of the sum since paid to the Excise on account of that week, and I find that it amounts to 205,0001. by which the excess of the quarter in 1828 is reduced to 308,0001. In the customs'al'o the accounts are collected in at shorter dates, and a similar circumstance reduced the amount of the quarter's revenue in 1529 to 25,0001. below that of the first quarter of 1826. Thus reducing the deficiency to little more than 250,000/. or 260,0001. But, Sir, notwithstanding my anxiety to remove the ex aggerated fears which some persons may perhaps enter tain, I do not pretend to conceal that for this year a re duction of the revenue must be anticipated. I will then, Sir, take the reduction upon the Customs at 255,000/. ; I will not carry it farther, because, from the very best in • formation which I have been enabled to collect, both as to the stock of goods at present on hand, and other circumstances, I believe that this sum will be found suffi cient to recover the reduction likely to take place. In the Excise, Sir, I think that there will be a much greater reduction than upon the Customs. It is impossible not to anticipate that such should be the case, when we consider the deficient harvest of last year, and the quantity of malt made ; and though up to the present period there has been no material defalcation, yet considering the quantity of malt made last year, and the duties upon which were collected in the October and January quarters, we must anticipate a very considerable reduction in that branch of the Revenue. It would be very unwise, also, fiat to calculate upon some diminution in the smaller articles of the Excise, I therefore take it they will he less this year than last by six hundred thousand pounds. This, Sir, will make, according to my estimate, the total revenue arising from the Cus toms end Excise together, amount to the sum of 37,130,000/. allowing for the reduction which I have mentioned. Even if this estimate should not be quite sufficient to cover the reduction that may take place, the deficiency will be fully supplied by the savings effected in the expences of collection. I have no doubt that it will afford great satisfaction to the House to learn, that in the other branches of the revenue, there is likely to be no reduction whatever. The revenue of the stamps is progressive ; in the taxes 1 anticipate that there will be no diminution as com pared with last year, and the post office will be equal to its receipts of last year also ; and taking the whole of these together, I do not think that I am called upon in forming my estimate to make any reduction whatever. The general result, therefore, of what I have stated is, that the Customs and Excise revenue will, in the course of the year be 37,150,0001., and having stated the grounds upon which I have formed this estimate, as being deduced by comparison with last year, I will now state, in confirma tion of that estimate, that in making it I have taken the segregate of the six preceding years, in some of which !here was an extraordinary increase of the Revenue, and in others as extraordinary a defalcation, and t he ave rage revenue of those years exceeds the estimate which I have now made. From this the House will be disposed to concur with me in thinking, th,.t as far as I have gone I have taken every possible means of forming a correct estimate, and upon the most correct grounds of which I could Feasibly avail myself of. I take the gross amount of the revenue as follows :—I take a sum of 37,150,000/. for the customs and excise. I take 7,107,000/. for the stamps, being the same amount as that which was produced last year. I take 4,850,000/. for taxes, 1,500,0001. for the revenue of the Post-office, 200,000/. for small items of revenue, making altogether a sum of 30,807,000/. as the extraordinary revenue of the country, to which we may add, as the extraordinary re venue, a sum of 60,000/. from the East India Company. another of 45,000/. from the unclaimed dividends, and a third of 255,000/. from impress money repaid. Among the extraordinary resources, one has failed us, which oc curred last year, and that is a sum of about 100,0001., paid on account of the silver coin issued in Ireland. This debt having been paid last year, no income can be obtained from it in the present year ; but, on the other hand, we have a sum of 120,000/. as the amount of the purchase of the City Canal, and 90,000/. on bills unpaid in the Court ee Exchequer in Ireland. The whole of the extraordinary sources of revenue amount to 540,000/., which, besides the ordinary revenue that I have already stated, will make the amount of revenue receivable for this year equal to the sum of 51,347,000/. Having thus stated what ap pears to ins to be the probable amount of the income of the country, I come next to lay before the House what I con sider as the amount of the estimate of expenditure ; and, in the first instance, I will advert to the charges for the debt, which I take at 27,053,000/. ; 1 then take 850,000/. for the interest of Exchequer Bills, which make together 27,903,0001. on account of the debt itself, and five bun - ec e d and eighty-flee thousand pounds for the Annuities payable at the Bank, and for the fixed charge on the Con • 401idated Fund I will take the amount stated last year, as the variation is an minute as not to render it necessary to be noticed. I shall, therefore, take that at 2,200,0001., making a total for the permanent charges with which Parliament hive no direct power to interfere, of 30,688,000/. Sir, the next points for our consideration are the grants made in the course of the last year, and the ,mount, as it is technically called, of the supply. We voted for the Arms', including the militia, the commis sariat and extraordinaries, a stint of 7,765,1721., being about 300,000/. less than in the preceding year ; for the Navy, the vote amounted to 5,878,000/., being about 100,000/. less than in the preceding year ; for the Ordnance, a sum of 1,728,000/., being an apparent excess of 170,000/. ; but a part of that excess is what arises, not from any increased demand of expenditure for the Ordnance, but from a diminution of the supply, arising from the sale of old public stores. The miscellaneous charges are estimated at 2,067,9731 , being a reduction of 100,000/. from the amount of last year's estimate, and the whole of these sums taken together amount to about 17,440,0001., which, being compared with the sum of 17,776,000/., granted antecedently, leaves a saving of nearly 330,000/. ; and when the House considers that this saving has been effected without impairing the efficiency of any one branch of the public service, but solely by the vigour and con stant care with which the Government have watched the items of expenditure, the House will be satisfied that there has been no deficiency of exertion in keeping down the expellees of the real services of the country, so as not to allow them to exceed those limits within which they might safely and properly be confined ; for if Hon. Members compare this estimate with that of year 1827, in which, I admit, there were extraordinary setvices, and consequently extraordinary estimates required, they will find that the reduction amounts to a sum little less than 1,500,0001. But, Sir, in addition to these ordinary grants fee this year, we have to provide for a sum of 200,000/. for an extraordinary and unforeseen expenditure—l mean for that ope arising from the Treaty with Spain, by which we hound ourselves to satisfy certain claims which existed by Spanish subjects, and were claimed as due from the subjects of his Majesty. Taking the whole votes of the year, then, they amount to a sum of 49,333,593/., which, deducted from the income for the year I have before stated at 51,347,000/., will leave us a surplus of 3,013,407/, applicable to the reduction of the National Debt.--(Hear, hear.) --It was the opinion of the Finance Committee, who went at large into the public re venue and expenditure, and the means for the reduction of the debt, that the individual who stood in my situation should be able to calculate upon a surplus of at least three millions, with a view to the reduction of the debt,'and to euaril aaainet the possible contingency of an unealculated of the country are adequate to the fulfilment of that re- ' commendation; that it requires only the firmness of Par liament to adhere to that recommendation by adopting that which the Committee considered, and which I b e _ lieve to be necessary for the interest of the country, namely, the maintenance of such an amount of taxation as win give us that annual surplus. We are in the present year able to fulfil the duty which they advised us to undertake, and I do not anticipate any circumstances with a view to the revenue and expenditure of the country, that will pre vent us from realizing that recommendation. Sir, it may ap. pear to some gentlemen that from this amount of 3,013,0001. is to be defrayed the amount of annuities which have hitherto been charged upon the Sinking Fund, and it may be stated by these gentlemen that the reduction of these annuities reduces the amount available as surplus below the sum which the Committee recommended ; but I beg leave to say, that when the Committee made that recom mendation they had this subject before them, and contem plated the three millions of surplus revenue as available in part for the payment of these annuities for lives. Tip y did so justly, and not without justice could they have ar rived at any ether conclusion. By the bills now before the House, these annuities are not to be taken from the re venue, but from the Consolidated Fund ; and in future years whoever fulfils the duties with which I am now charged, will have to present these annuities as a part of the public debt of the country. I should have done so in the present insiance, if I hail not wished to rnake the com parison of the present with the past years accurate in ev er y part, and then to show the House what effect these ar rangements will have on the financial system of future years. On future occasions, those who have the manage ment of the finance will have to make a statement of tire debt different from that which I now present to Parliament. In these annuities there are two parts to be distinguished— those which are perpetual annuities, from those which are only temporary; and if the House will permit me, I will per sent the debt in this shape, with a view more distinctly to show the surplus of 3,013,0001., of which I have already spoken. What I call permanent and perpetual annuities amount to 24,181,450/. for England, and to 1,158,098/ for Leland, making a total of 25,342,548/., to which the sinking fund is applicable. The country is charged with the payment of the temporary annuities in the following manner :-1,300,0001. for the long annui ties; 585,000/. for the Bank Annuities; 670,0001. for the Exchequer Life Annuities ; 130,000!. for Life Annui ties, created by the 48th of the late King ; and 7,0001, for the Waterloo Annuities, making together a sum of 2,692,0001. as the amount of debt for the temporary an nuities—a debt which I state as one with which the coun try need no longer trouble itself, as in the course of time it wilt work its own extinction. When, therefore, we consider the amount of the surplus which is applicable to the reduction of the debt, we must nut forget that the por tion of the incame applied to make the payments in respect of these annuities, is, strictly speaking, part of the sinking fund of the country. In granting annuities, we grant an annual charge in the parties interested, and it would be an unfair mode of calculating the debt of the country, if we did not include as much of the temporary annuities as are applicable to the extinction of a part of the principal of that debt. Tire Bill now on the table of the House pro poses to convert permanent into temporary annuities. It proposes the expenditure of a sum granted to pay off tem porary Annuities, by the substitution of them for perma nent Annuities ; and . if the measure is not considered likely to answer, we sha I be entitled to provide for the Sinking Fund the sum of three millions in addition to the whole surplus. I wish to call the attention of the House to the circumstance, that annuities of a fixed duration are part of the Sinking Fund; and so much of that Sinking Fund as is taken for that purpose, must be considered when we speak about the reduction of the debt. Although I con template with much satisfaction the having been enabled to fulfil the recommendation of the Committee, and be lieve that the uttnoit attention has been shewn in providing this surplus applicable to the reduction of the debt, it would have given me unmixed pleasure if I could have calculated on a larger amount for the operation of that measure. I should be glad under these circumstances to have left it to the consideration of Parliament how far it would have been advantageous to apply it in reduction of the public burdens. The revenue, however, does not permit me to propose so favourable a measure. The House will agree with me that we ought cot to trench on this surplus—that we ought to guard it for . the reduction of the debt, and to meet sudden and unexpected defalcation, which I do not look for, but which may nevertheless arise, I come next to that which I stated as the third point in the present discussion—namely, the mode in which I propose to carry into effect the measure recom mended by the Finance Committee, as to the application of the surplus revenue in the reduction of the debt. The House, if not unanimously, at least nearly so, has agreed on the principle on which we are to proceed—that of ap plying in reduction of the debt no other sum than that which is clearly and bona fide a surplus, after the payment of all the charges on the country. On that principle the Bill on the table is founded ; but it involves-also at ether, which is almost of equal importance with a view to the Practical operation of the measure. It is not sufficient to apply the surplus, but there must be some regulation for the equable application of the amount. I know nothin g that would more affect tire private credit of all persons in.. terested in the-e funds than that the amounts paid off should vary in different quarters from one million to 100,0001. I, therefore, find in the Bill a principle which, in the course of time, will render theft paymentsas equable as possible. I propose to effect this object in this way : It is customary in each year, at the Treasury, to make up an account of the revenue and expenditure for each quarter in that year; and my proposition is, that on each quarter day this account should be made up of the four preceding quarters, and one quarter of the whole should be taken as applicable to the reduction of the debt. BY this arrange_ meat, we shall check the differences that would other wise arise, and prevent a deficiency in one, and an overplus in another, so as to secure an average reduction in each of the four quarters. Taking a course of years, the payments will be the same, with this only difference, that they will be more equally made in each. The Reso lurion I shall put into your hands goes merely to the point of laying down the principle of the application of the sur plus., but the Bill contains the provision which I now sub mit to your consideration. This Bill a'so, in conformity with the recommendations of the Committee, confers a power to apply, in redemption of the Unfunded Debt, whatever is remaining at the disposal of the Commie sienere ; and this necessarily recalls me to one of the Re solutions I now put into your bards, relating to the re duction now in progress. I propose a Resolution, the ob ject of which is, that every individual who eulercribes 100/. in Exchequer Bills shall receive the sum of 101/. 10s. in lieu thereof,-I.is claim to be reduceeble in 1833, uniting the fund so created with that which was created in the year 1825. These terms the House must consider as advantageous, the premium not being above 30s. in the 100/., which will effect but a small addition to the capital of the debt, compared with tire other measure ; for on the last occasion 107/. in tire Four per Cents. were given for 100/., whereas on the present the increase was only 30s. I may be asked, and I shall anticipate the answer, why I have thought it necessary to take any measure with respect to the Unfunded Debt ; arid next, why, having taken any, I have limited its operation ? I have always felt and ex pressed, that it was desirable to take a favourable oppor tunity of reducing, within reasonable limits, the amount of the Unfunded Debt. I know that at this pre cise moment, and for some time to come, there is no reason to apprehend any thing from the existence of this debt, hut we should be reduced to an unhappy state if we were caught at a moment of difficulty by a large and unmanageable debt. It is because it is not so on this oc casion, and because we can secure an ultimate advantage with a very small sacrifice, that I recommend to Parlia ment to convert so much of the debt payable at specific periods. I have confined myself to the sum of three millions, from an unwillingness to take any measure that might effect the circulation or the public credit ; and in the next place it is obvious that in fulfilling the recom mendetions of the Committee, I ought not to go further, because it was not the intention of that Committee, or of those who supported their recommendetion, to have re course to any violent measure, or to deal with an enlarged amount of the funds. I have, besides, fixed the sum at three millions, because, when Mr. Canting, in 1827, made an addition to the debt, he added that sum, and it therefore appeared to me, that it was proper, in conceiving the reduction of it, to take theamount of the last addition. If any gentleman will take the trouble of referring to what fell from Mr, Canning on that occasion, and to the arguments and reasons on which he thought it expedient to in t p •r r e o rt e s e e m t h g e rad debt, ual ly in our ‘tvhoirnkko:fitreexdpuecdtiloenn.t t F h o a r t t w lt e es s e h r c e u a l : l ons I recommend to the House the adoption of these Life Annuities, payable in 1833. I do not carry the sum farther than 3,000,000/. as I do not wish to derange the value of the public funds. It only "tow remains for me, having brought before the House the state ment of the Revenue and Expenditure, and the course which I propose to pursue in dealing with the National Debt, to refer to the Supply and to the Ways and Means. I have already detailed to the House the esti mates for the year, and it is now merely necessary for me to recapitulate the amount of these altogether. The sum •voted as supplies for the service of the year is 18,404,8531., and the 'Jas and Means are three millions as sugar .... \. \., - `w-• 60,0001. from the East India Company, 506,212/. sur plus grant on the payment of former years, and 14,700,0001. consolidated fund, making altogether a sum of 18,386,2121. to meet the supplies required for the year. I have thus brought to a close the observations which I have thought it my duty to make. I have left Gentlemen to draw their own conclusions from these facts; but I should not satisfy my own feelings if I did not say, that whatever may be our temporary difficulties, there is nothing that leads me to doubt either the re sources of the country or the means by which, in case of necessity, they might he called into action. On the other hand, I am confident that when the cloud which now hangs over us shall have passed away—and that it will pass away I have no doubt—this country will present a picture of pro sperity and happiness such as no other in the world has exceeded. Having already trespassed too long on the patience of the House, I will only add, what was said on a former occasion far better than I can even pretend to re peat it, with respect to our trade, circulation, and revenue, that a little cautious forbearance will allow the country, ere long, to recover from the difficulties which at present em b•irrass some parts of its system ; and I beg leave to warn the House that that recovery can only be prevented by undue attempts to precipitate.—(Cheers.)—The Right Hoe. Gentleman then moved the following- Re,olution : '• That, towards making good the supply for the current year, there be issued and applied the sum of 506,2121. 2s. Sid., being the Surplus of the Ways and Means for the years 1823, 1824, 1825, 1826, 1827, and 1628." The question having been put by the CHAIRMAN, _ _ Mr. HUME said, before I proceed to notice any of the arguments of the Chancellor of the Exchequer, it is but an act of duty to him to remark that he has laid before the House a very clear apd distinct statement —so clear and distinct, that every man, at all acquainted with the sub ject, must have been able to follow him through the whole of it.—(Hear.)---This circumstance is undoubtedly a matter of congratulation, because, however important the subject, the statements of a Finance Minister, on bringing forward the Annual Budget, have not always been intelligible, even with the most patient attention to the details. I have no doubt he gives full credit to the opinions he tittered regarding the condition of our finances, and I wish I could participate in the .view be has taken of them—l wish I could believe that the country was only under a cloud ; nay, as the Right Hon. Gentleman slys, under a passing cloud, which, ere long, will pass away, and leave the land basking in the sunshine of unequalled prosperity. I cannot imagine in what si tuation he has been, or whence he has derived his in formation, to lead to the persuasion that only parts of the great system are temporarily embarrassed, and that we are suffering only a slight inconvenience in a few of the great interests of the empire. Let him re view those interests—let him look at our commerce and our manufactures iu their various brauches, and let him show me, contrary to all the authentic evideece I have ob tained, in what respects they are topics of congratulation. He told us, indeed, in the outset, that conflicting views might be taken of the subject—that we are suffering un der the evils of a deficient harvest, and of commercial stag nation. He admits that stagnation, and yet, he adds, that he does not think it his duty to inquire into the cause of it. If it be not his duty, let me ask to whom that ditty does belong? I appeal to the ,House, I appeal to the coun try, whether all classes are net labouring under the conse quences of that stagnation ; and is it for the Minister of the Crown,who comes down to expound the finances of the country, to tell us that he will not inquire into the cause? I ask every Member who hears me whether he can he pre pared to sanction the proposition of the Right Hon. Gen tleman, without some attempt at least at a solution of the difficulty ? He says that some may attribute it to the change in the currency, sonic to over-trading, and others to over-production : he calls it "tremendous over-pro duction," but I am sorry at all times to hear the produc tiveness of a country brought forward as an evil. If it should turn out that the change in the currency is the cause of stagnation, ailed by heavy taxation, let me hear any man get up in his place and assert, in the face of the country, that it is not a subject worth consideration. Are we prepared to continue the present amount of taxes from year to year, if it be established that its pressure has mainly contributed to our distresses ? Surely no situation can be worse for a country than to be overburdened with imposts of every kind, to have those imposts paralyse trade and manufacturers, end yet for the Minister of the Crown to tell us that he will neither lighten the load, nor inquire into the causes of distress. Is it fit that in times like these Ministers should persevere in the same system of taxation that had existed for the last fifteen or sixteen years? I admit the right of the Chancellor of the Exche quer to take the contingencies into account; that of the Isle of Man and London Bridge ought not certainly to he left out of the account ; but with these the public expen diture amounts in the .current year to within between 50,0001. and 100,0001. of what it was in former years. I therefore take it for granted that it is the intention of Mini'• stern that the enaounts, both of taxation and expenditure, should hereafter remain the same. Now I for one am not prepared to concur in any such arrangement. I think that the present amount of taxation has brought the coun try to its present condition—that it has pressed upon all classes with the most painful severity. I do not say that other causes have not concurred ; I do not attribute our condition wholly to taxation ; the change in the currency and over-trading I admit have lent their aid in producing the admitted stagnation ; but I say that the distress exist ing, whether partial or general, temporary or permanent, we are bound to inquire into, with a view to ascertain whether relief cannot be afforded. The Right Hon. Gen tleman has said, with great correctness, that there has been an evident increase in many branches of our ex ports, and it was but fair in him to draw a comparison between quantity and value; but if it should appear that there is an increase of three or four millions this year, yet that the declared value—that is, the price at which the merchant ' estimates his goods it is decreased in the same proportion—nothing will hive been gained. If it should turn out that capital is less productive this year than in former years, and that individuals employed in Lubricating the goods have been only receiving half their usual remuneration, it is clear that this appa rent increase of exports will have produced no correspond ing advantage to the country. If there be a merchant iu the House who differs from me upon this point, let hint stand up and contradict my statement. Is there any moneyed individual in the country whose capital last year has teturned him even the ordinary profit lie might have obtained, without risk or trouble, in the stocks ? Perhaps the landed interest is an exception.—(Hear, hear.)—But their day is coming.—(Heir, and laughter. )—I repeat, their day is coming, and that it will come, and to the landed interest I therefore make my appeal ; it is quite impossible that the rest of the community should be de prived of the common means of subsistence, and that landlords should be enabled to keep up their rents..— (Hear, hear.) —Sooner or later they must feel the effects of the present condition ; and let me ask them, with this prospect before them, whether it is politic or prudent to proceed with our present system of reckless expenditure? I say reckless expenditure ; because it must be so, if no attention be paid to the state of the country, and if the Chancellor of the Exchecpter will not give himself the ' trouble even to inquire. As to the excess of the revenue of last ye r, I perhaps differ not only from the Right Hun. Gentleman, but from some of those more immedi ately around me. I have wished, I have prayed, that there might be a reduction in the receipts at the Treasury, not in consequence of any unisfortnne overtaking the coun try, but such a diminution as would compel Ministers to abandon their expensive system, and prevent them driving so deep into the pockets of tie people, and de priving them of the means of clothing their nakednes an d satisfying their hunger. Whether resident or travel ling from place to place, all persons are required to meke heavy deditctione from their hard-earned pittances, and there is scarcely an article under Heaven that is not made the subject of taxation, vexation, and annoy ance. Therefore, it is impossible fur me not to wish for t h e occurrence of almost any thing by which the people might be relieved —not by forced measures, such as the diminution of consumption and the means of employment, but by the repeal of taxes, I consider it one of the greatest evils to which the country could be exposed, that during the last seventeen years the revenue has been so steadily productive. All history tells me—at least all my e xperience tells me—that in proportion as you place funds in the hands of Government, they will take good care that it than all be expended ; and the Committee has shown that the whole of the three millions confided to Ministers was spent, with the exception of only 131. So much is entrusted to the power of the Minister—when the revenue i s productive, he is allowed to sanction such a lavish ex penditure, that I contend it is a positive evil that the re ceipts continue so great. As the Chancellor of the Ex chequer has not pretended to account for the present state of the country, I will state two important causes which a ppear ter me most applicable. I hold in my hand an ac count of the receipts of the revenue, exclusive of all loans, s i n ce January, 181-5. 1 will begin with the year 1817, which may be considered the first year of peace. It was the year when the Finance Committee sat, and when the peace system began ; and I will state the amount of the produce of taxation in this unfortunate country, with such immense powers and capabilities, yet brought to the verge of ruin. In the years 1817, 1618, and 1819, the average receipt of the revenue was 51,76%000/. -Now the House S rency. I ask merchants what in those years was the ! amount of their profits ? Were they then satisfied with a return of four or five per cent. on the most hazardous ad- ventures ? Were capitalists then content to obtain three or four per cent. upon investments? No such thing ; the price of every thing was at that time different; capital ob tained its fair return, and labour its due wages; yet, now that every thing is changed, taxation remains unal tered. Every body knows that Mr. Peel's Bill, which passed in 1819, made an important change in the value of money ; it affected the price and the pro- 1 fitable return upon every article of produce and con aumption ; and yet, during the next three years, viz.-1820, 1821, and 1822—the produce of the revenue was 51,173,000/. In 1823, 1824, and 1825, it was 52,400,000/. being actually one million more than in 1817, 1818, and 1819. It has been observed by some, and very properly, that we have been expecting that this unfortunate state of things would gradually subside ; and, to use the figure of the Right Hon. Gentleman, that the cloud would pass away, and the country emerge from me lancholy darkness. The consequence has been, that from year to year, we have been unwilling to reduce and re trench, and whenthe currency lots been reduced to metal— when trade and manufactures are stagnant, and distress general, in the years 1825, 1826, and 1827, the average an nual revenue has been 51,100,0001—being the produce of an amount et taxation equal to the years 1817, 1818, and 1819. Now, in my view, the change in the currency, the exaction of heavy taxes, combined with the difficulties thrown in our way by our own fiscal regulations, including the trade in corn, have brought us to our present sate of difficulty. I ask, then, whether the Right Hon. Gentle man is warranted in congratulating the House on the pro sperity of the country? He talks of an increase in the exports, and particularly in hardware and wool, and of the augmentation of active industry, as evidenced by the additional comforts of the population. Good Gad ! from whence does he derive his information ? Who furnishes him with his documents? Has he looked at Macclesfield, Manchester, and Paisley? Has he lnoksd at the state of Spitalfields? What pieces in the country can he point out to justify his statements and anticipations ? His opinion is founded on what I contend is a positive evil—a full treasury; he knows nothing beyond the receipts there; he s es the money, and he is satisfied. It is a manifest insult to tell the starving population and the ruined capitalist that their condition is a convincing proof of present com fort and future prosperity. I confess that the statement sur prised me; it seems to me utterly unaccountable, but it shows that the Cabinet of Great Britain closes its oyes upon hourly experience of the real suffet ings of the country, and, finding a productive revenue, thinks no change neces sary, and makes up its mind to continue to tax to the pre sent enormous amount what it is pleased to call a happy, prosperous, and enviable people. The Right Hon. Gen tleman has referred to the increased revenue upon malt and spirits, as if the amount of gin and whiskey consumed was a proof of the improvement of the condition of the lower orders, although it is not to be denied that thou sands have been driven by despair to seek an oblivion of their sorrows in intoxication. As to malt, does not the Right Hon. Gentleman recollect that in the preceding year there was a decrease in this item of between 7 and 800,000/. It is a singular and not unimportant fact as relates to the consumption of malt, that returns establish that that consumption was as great in the ten years be tween 1785 and 1795, as in any subsequent ten years : it was as great as at the present moment, although the population in the interval has been doubled. This fact establishes that comparatively little beer is now drunk, and few of the labouring classes are able to taste it, especially in its pure and unadulterated state. The amount of the duty occasions the manufacture of a quantity of trash un• c;er the name of beer, and with that theindustrious artisan must be contented. On all accounts the Right Hon. Gen tleman should be the last to mention the consumption of malt as a proof of the increased comforts of the people: if any article should be brought forward to establish the con trary, it would be malt. The whole nation may be pro duced as evidence against the Right Hon. Gentleman, end I challenge him to produce any one man out of the House who will concur in his congratulation. What, then, is the duty of this House ? Is it its duty to sanction this continued expenditure, and to persevere in eating the people? I protest against it, and upon me at least the re sponsibility will not rest. I think the House is celled upon, not only to afford what relief is in its power by the repeal of taxes, but by the approbation of the surplus in the Treasury. We are told, however—and I could scarcely avoid smiling while I listened—that something has been done in the way of economy. What has been done ? Eighteen Commissioners have been dismissed ; but it is a question whether half of them have not been pensioned off, and the relief, perhaps, amounts to nothing. It cer tainly is nothing like the relief the country has a r'glit to expect ; and if an Honourable Gentleman should be found to agree with the Chancellor of the Exchequer that it is sufficient, I hope he will stand up in his place and state the grounds of his opinion. I shall bold it a gross derelic tion of duty on the part of the House if it does not com pel Ministers to do something more for the relief of the suffering cointnunity. With one expression of the Right Honourable Gentleman I confess I was pleased : he told us that in a great commercial country like this, we must expect alternation., which, in plain words, means ups and downs, as regards prosperity. Now, I ask him, or any man, whether it is common prudence for an individual to live to the utmost verge of his possible income when he may expect reverses? What would be folly in a private man is folly in a nation ; and, with these threatened alternations, ought our expenditure to be calculated at the highest average of the last six years? We must provide against those ups and downs ; and if Government will not yield, we must exact from it the large reductions of expenditure demanded by the cir cumstances of the country. The Right Hon. Gentleman referred to many other items, and with regard to them I have only to admit that the estimates of last year were fully warranted by the result. The Right Hon. Gentle man, therefore, instead of overstraining, understated his calculations. , Whether he will be equally correct as to the current year remains to be seen. I hope the House will at le.ist pause before it permits the Chancellor of the Ex chequer to proceed in his career. Taxes are about to be proposed on sugar and some other articles, but I trust they will be refused, and that Ministers will thus be driven to the alternative of reduction. They know nothing but the receipts in the Treasury, and, poor honest souls, they do not seem to be at all aware of the deplorable condition of some of the manufacturing districts. There is another p o int on which the Right Honourable Gentleman slightly touched—l refer to the manner in which he propes;s to appropriate the surplus ; he says that he feels warranted in having increased the permanent debt of the country by the funding of Exchequer Bills. In my mind nothing can be so lamentable as the wholesale manner in which we pro ceed to injure ourselves. Year after year we persevere in the weakest and most unwise course, even in the manage ment of our Surplus Revenue. We are called upon to keep nominal amounts of Sinking Fund, and then we fund Exchequer Bills at an extraordinary and most needless loss. The Chancellor of the Exchequer says, that he has selected the amount of three millions, because Mr. Canning thought fit to augment to that amount the unfunded &be. I am one who protested against that proceeding. I contended that it was ntost unfair to take credit for the facility and cheapness of raising money, as if the amount was never to be brought to account when it was funded. What has been the result ? It is grievous to think of the lavish manner in which the public money has been thrown away for the purpose of keeping up the delusion of a Sinking Fund. The Right Hon. Gentleman could not fairly tell the House that, from the close of the war, we have been borrowing every year, and losing by borrowing to an ex tent scarcely creditable. I regret that the Finance Com mittee of last year had not time to go into the statement I laid before it, to slum that four millions had been lost upon thirteen millions hot-rimed from the Bank. The whole of it arose from a nominal Sinking Fund, so long supported, but which is now abandoned, and deem not meet with a single advocate. We are still proceeding in the same heedless and ruinous course. I object, therefore, to the funding of the three millions of Exchequer Bills, by which so considerable a loss is sustained to the country. The Right Hon. Gentleman thrusts three millions into the Funds, in order to raise them, that he may buy them back at a higher price, and thus throw away the public money. The House ought not to agree to so inconsiderate a bargain as these two fundings of Exchequer Bills by the Right Hon. Gentleman and the First Lord of the Treasury. These three millions are to go into the market at a pre mium of two per cent. against the public. This is a part of their care and wisdom in regard to the public interest. It was done no doubt by the Right Hon. Gentleman merely to give an appearance of doing something. But who benefits by it ? The broker who buys and sells, and gets the turn of the market—he alone profits by these transactions. Are the public to be ro treated ? Are tens of thousands of pounds to be thrown away after tens of leth W teelmy ou l l v d iint i h t n • tHioi House su s q y sue s a t system? Would thist be better t t o ho r u ep g e h a t l t l a!es ha , th dt a h n e other thousands , and is there to be no end of this waste- f me in regard of the ruinous trans action, some years ago, !as to the funding of 8,000,000/. I allude to 1926, when that amount of Exchequer Bills was funded which hail been issued during the three preceding * jeers. By that operation it was brought to our knowledge—the money having been ad ~..,re V must say, that this is ton dangerous a power 1.15*.e01, any Government. This circumstance brings top In Y h r L fil w ie tb.. ction a fact that has been stated to me, but st ii not now repeat. I have no hesitation in saying , ' Apt is a proceeding open to the greatest possible abus el ev ar individual holding the office of Chancellor of the P ro . I , quer, or Secretary of the Treasury, may, all ra n rbs' put 50 or 100,0001. into any body's pocket " 414 . 00 d. chooses to fevour, if he only gives him an intiolin co ol 1 the transaction he means to perform that days l oot.' prove this to the Right Hon. Gentleman's own sl o ps tion, if it wet e necessary. The Right Hon. G ent t el proposes to ground this funding on the average affir f ill the price of Stock ; and for that purpose, he 10 3 1 ' "siol ( ' take the three last quarters. He proposes that the bc, ing Fund shall still be applied to the current qulr ier ; in cause it is improper, he says, to make large pur nb a tests any one quarter. Very improper, say I too, s ° t oes we are agreed. But what do I find? That in tbe,,,.? 001. ending in September, 1827, the amount of Ol t aoa of Exchequer Bills was sold in one day. This 10.n.Y to the thing as it regards private individuals ; but it n n e ec G e n , public interest very different y. By the Right fleu' i t ag tlernan's own showing, it is not in the pourer .°. tie 'Minister to issue Exchequer Bills, without to of 00 market price. I am speaking on the authority °ow official paper, which I hold in my hand. In the f „, O of ' ing quarter there was another sum of 723,000/. tar n- 0 0 , the market in six months. I will ask the Right mast Gentleman himself, does it not affect the market ? o ak it not put those who are not in the secret, or on the r• ? in a different situation from what they ought fairly topeolintig I complain that we advance the public money by 11 %0'1 Exchequer Bills, and thereby give individuals a 1 )° ,0 0 1 over the money market which no man ought to have' s r! Right Hon. Gentleman does it, according to his or s t o count, to create a trade in stock, it being well knows of , every time Government go into the market and P ro chase 100,000/. or 200,000/. of stock, it raises in proportion to the purchase, and eo the Y n t ia lase by every transaction of this nature. I ! e itt House will attend, Hon. Gentlemen will find t 1 " 6 ,,,,. ' the result of this very List funding of Exchequer Sibyl, S . it was also in the ruinous transactions of 10 6 , 4 . which I have before referred. In that instance there i 4, 8,000,000/. advanced on Exchequer Bills Lamed in, l de s the P oi , i 5, and 6, to purchase 3 per Cents. at the rate of 41. 4 1 i t cent, per annum. These Exchequer Bills were fund 1 ., ie 31. 6s. 9d. per cent. Now, when they were so fun de d the House aware that the produce was to Government ro They funded Exchequer Bills at Si. 6s. 9d. per "tee which they hul paid 4.1. 45., being a loss of 18'" a p er - vie for ever on the whole 8,000,0001, which is - ...1 el petual annuity of 75,333/ , and equal to a Cap l " i f e e 2,500,0001 of stock. Tt.is is one instance of the e •rti of an inconsiderate issue of Exchequer Bills, u1t . ,,1 afterwards funded at a lower rate than they are is ' %il Let us now see what will he the result of the 3• o ° ° ' ye' which is now funded. The Right Plon. Gentlest:m o t e lk, " I have only given a bonus of 305." What righ t, 1 4 had he to give it at all?—(Hear.)—The public left is surely not to be so wasted. I say he ought to be , h ot I take the money himself, and lose not only the bona*. ,y the difference.—(A laugh, and cries of hear, hear.)! y e House will excuse me, I trust, while I show that wt s os by funding these Exchequer Bills the amount of a d lYi b oo which, if applied to the Sinking Fund, might have MI/ used to reduce the debt at an interest of Si. 10s- 0 - 4 , Hon. G .ntlemen are not aware, perhaps, what is ° 1 ;1, ration of Exchequer Bills in their issue. They are cbor in the first instance, to Mr. Rothschild, er some broker, and by him sold in the market for whatever r go d minus he can get for them. The money so obtain go to the Commissioners of the Sinking Fund, and theifill i ' with it and buy 3 per Cents., and the price they g i .nc le 4 tl. O afford them a dividend of Si. 10s. 7d. per cent. r ll° ; f isg Right Hon. Gentleman finds this money by ,f - t , en 4/. Is. 10d. per cent., and thus loses 1 15...* e r :',/ . 1/. 3,000,000/. for ever. Are we to continrfi . " issiob.o6 the money for ever? These Exchequer NA 'IA 0 20 la are sold at a premium of 94,0001. ; and th . tail • i`j it f of that it Lewes the country the loser of ' son'dere 14,0001. for ever. Hon. Gentlemen will seve r uo o we stand these transactions unless they accustt" l :l tile ° tiro to look into these proceedings. I cannot eiiin tbe itt i Neill fligate, because the term has been objected tat • but :rig. call them wasteful ; I know no phrase stronger t'or J ape apply within the soh sof the House. What won't' ' ' t di 1 0 Gentlemen think if the Right Hon. Gentleanby lae agree to .morrow to borrow 6,000,000/., to be' r i ,/,.t; itt stalments of 20 per cent. e v e ry two months . , PO' 'Th e o five successive payments, th e whole sum will be an n i ) iof by a certain day ; and that, in order to render ta e ie . worth while to the lenders, be agrees to allow them In . 0 rest for it from the day on which the first instalrnea,,.e t o paid, instead of postponing the interest until the '.au; e pits l is advanced ? This is precisely what the O n‘to i, cellor of the Exchequer does in regard to those 3,00 0, '1 5 e for the Exchequer Biils are to be funded by instalfoe?L o a equal periods, between the 19th June and the end temper. But the interest is to commence on the EtOCk" ;o the first day, and as the interest is paid on the Exell is r Bills until they are cancelled, the parties w ill be reel f double interest. This is a wasteful expence, tow blc it i ;es trust, this House will not agree. I say that we ought to . h p the Chancellor of the Exchequer and the First Lord 0f Treasury in the lurch, to pay the debt thensielvT e s (Langhter.)—And if the House will support rnee„,.t.ieee we will leave them..._. Hear, hear. )..--I say thatiso Pt ter ought to fund Exchequer Bills till he has brough t at Bill to regulate how it shall be done. The WO .- t lif , Gentleman should, a month ago, have come down 0 v s , House, and inquired of us whether we would allow al o e, i p ia lu v s e o m f k r e e d ve i n jo u i e v ; it a s n h d ou if ld m h - e av d e id bet al n low ar i p t l , ied he ? s hould - t . a In tbe.filee, sent state of the country, I think there shou l d tit : 1 00 r i e: Suppose there was a surplus, would it not be mit taxes to that amount, and thereby relieve th e V e ? P P than apply it to be played with in brokers' hands _ o w was, I know, generally e xp ec ted that there was to he s 0 .d immense and wonderful financial transaction. " Dee..., on it," people s a id, ~ th e Duke of Wellington W ill P il ; r, duce something to ast on i s h th e world. You will be...,a -prised ;it will be a master-piece of financial addren s ' o f (Laughter.)—B u t when it came forth, I never knovr .ne thing so perfectly ridiculous ; it was nonsense and 011/,1, j vaunting. Instead of borrowing and funding o n ec tie terms, a perpetual annuity of 14,723/. is lost to the en of for ever by t hi s p ro fligate transaction.—(Loud erten .11 hear, hear, on both sides of the House. }-I say it a5 l ; this profligate transaction. All I wish is, if pos'i b l i e 'il I make the Right Hon. Gentleman himself pay it; 1 %04 can satisfy the House as to the ficts of the case, as "," t ae no doubt I can, let us read the Prime Minister es' .01 Right lion. Gentleman a lesson which they will not 61 ;4 forget.—( Hear, hear.)--We ought not to be placed in t;',lo situation, by which we are call e d upon to sanction the 1 . i of half a million to the publi c , for the value of the s ib / sunk is equal to a capital of 290,760/. of 3 perCes° ie There was never su c h unc e rt a inty and mismanagerne nt t o in this instance. It is really quite an insult to ask a s 0 : : agree to such a transaction. The only thing in -641 0 0 , sistency with it is the high state of prosperity in which iif e Right Non. Gentleman described the country ; evert . `, f t dividual contented and living in abundance, in even" 9 of the country.—(Hear, hear. )—I know the arduous Jaw.' the Right Hon. Gentleman has to perform; bat f l i t'' strongly, and I must call on the Chancellor of the erasei quer and the First Lord of the Treasury—for IW I itif' mention their namee ---(Langliter.)—l apply tort,„oel them as the holders of certain offices, in which they e'': uo ir act for the public interest, and are answerable for w ep t conduct. Before Igo further, I must notice a et 4ol° ie of the Right Hon. Gentleman in unison with the igooraltfit he displays as to the state of the country. He weak. ° o i l as if happiness and con , ent were spread througbouisbot country. Now, I must tell the country gentlemeoc o g. they arc about to come back to the golden times of 14 1 o f I know that the produce of the estate of an Hon. Friel be mine is reduced to the rental of 1796; and it ;will WI o f ' long before the rental comes down generally to the le l .0- 1792, as regards prices. Let us divest ourselves IP tr y party feelings, and look at the state in which the o n° is really placed, and examine the difficulties we har t to df f ''' ' contend with. This is our duty :it is the duty of ; eters to ascertain the causes of the distress , and a r. o . f . . effectual remedies. As to our - burthena, I have in .o. hand a little bit of paper, stating the ; comparative-Ors d;ture of the years 1799 and 1828 ; and I beg the l' ° l 4 ' to attend while I read only five items, but large 0 _ ,.. . 13 ' by which the expenditure of the two years is cv- f pared. The first item is the interest of the debt; ths tl to i t 1792, was 9,577,000/. ; in 1828 it was 28,235,00 01 / 4 e . thrk e-fold greater. The next item is the Civil List and ot P O charges on the Consolidated Fund ; this, in 1792 s :l o t 1,033,000/. ; in 1828 it was 2,472,0001. The tP li , item, is for the Army, Navy, Ordnance, Militia, and tary and Naval Services in general; in 1792 it - „ o e 4,357,0001., and in 1828 it amounted to 19,0 0 0',0 The eggs( gate of expenditure in 1792, was 14,969, 00t 4 and in 1828, 49,781,000/. There ie another very we i g li ej item to which I desire the attention of the House. I lt , e r , a paper showing the aesount of the dead weight, and olj charges, which we are told cannot be meddled with. e . ' fore we agree' s ro take that amount up o n us, it will bi , oeC e jW ; nary to see whether, with it, we can keep the treb_,,,' 7 ; going, because, at all events, that i s abiolutely nem'SSr .. . 4 . , ', whatever may go with every thing else. - The PertSe !on the Civil List amount to 60,0001., on the oneOl wguir - C .. iik.