The Sun. — London, England, 1816-05-28 00:00:00

the country, it was . nevertheless his duty to how to their decision, and 10 submit to theta the best • means which remained for meeting the supplies necessarily demanded for ' the service of the• year. tie should do this with the most sin cere desire that the result might be such as ro leave the House nothing to regret. He should explain the reasons which had influenced ma king those arrangements, which, ender existing circumstances, he thought most advi&sble, and furnish that general view of the subject, which indeed, without a dereliction of his duty, he could not omit, and which, from the situation he had the honour to hold, he might perhaps be thought more competent to supply than any other person. La doing this, he had the satisfaction to know, that the statement , he should have to submit to the Comlnittee wool(' be upon the whole consolatory. as he should not be under the necessity Ot pre senting to them any discouraging view of the state of public credit, and as the country was amply possessed of the means of meeting that expendi ture which the public service demanded. Before be proceeded .to take a general view of the Sup- plies mid Ways and Means of the year, it would be proper for him to call the attention of the Committee to the more immediate object of the Resolutions which he should have the Ins- , mum to submit to them, which arose out of a propositiou comninnicated . to hint in a - letter which he had received !roan the Bents of Fug. laud, and which had been laid before the House. For the course pursued in this instance two pre cedents had occurred within no great distance of time from each other. One was the proposition made by the Bank, June 13, 1781, concerning the renewal of their Charter, which had been referred to a Committee of Ways and Means ; and the Other was a similar communication, dated Feb. , 19x,1800, respecting a further advance of Excite- Tier Bills, which had been disposed of in a simi lar way. The first Resolution whith 'he should have to move was, '" that :the Committee 'should approve and accept the' peop,osition of the Bank of England, for granting an adVance of 3,000,0001. at three per cent. interest, accompanied with a condition, that the Corporation should be per. :Bitted , to extend their capital to 15,000.0001. with a further proposition that their Pittstnissory Notes should continue to be received hi payments made at the Treasury. The permission which i t was lit contemplation to grant to them, allow ing them to augment their capital, which was at present fixed at eleven millions and a half, to 15 millions, was in truth only allowing them to di vine something more than 3 millions at their own money, on condition that theyishould advence the sup of 3.000,0001. for the Pulille Service, at an interest of three per cent. This was an advantage of considerable importance to the public. • When it was'necessary that money should be borrowed for the nation, it was not to be doubted that it was no inconsiderable benefit to be enabled to obtain so considerable a sum as 3,000,0001. pay ing only three' per cent. interest, It wits only becessary to consider whether this proposition was' accompanied with any condition that could he viewed as objectionable. The principal sub- I jeer for consideration was the proposed augmen tation of the capital of the Bank to 15,000,0001. To him (the Chancellor of the Exelicquer), this appeared not only free from objection, but that which. was in itself very dekirable. Since the capital of the Bank was fixed at eleven and a half, a great ine7ease of Bank Paper had taken place ; it was therefore proper. that their capital should be increased, to give the holders of their Notes additional security. Such' ail, augmentation of their capital as they now- of themselves proposed, he was of opinion, if not necessary was at least ais desirable for the l'uWic as - for the Bank.. if this was as be con sidered it to be, adVantageous for the Public, he did not see they had any right to object t , the mode in which the Bank Company. thought fit to effect this change among the Proprietors. If they bad (as it had been said they lied) a large SUM by . them of undivided profits, he did not know that they could do better than divide it among them on equitable terms, and add,it to their ca. pital. The second coutlition 'which accompanied their proposition was, that the ]hank promissory notes should continue to be received in payment at the Exchequer. It was well knoim that for many years their notes bad been received in pay. cent, and he doubted nor they would have cone tinned to be so taken, If this arrangement hail never been proposed. It appeared tohitn it would be an advantage in the event of the resumption of cash payments, as well to the public as the Bank, to weird against any thing like a trun upon the latter immediately on its opening. Feeling this, be should certainly in any case have proposed that their notes; should be received for x certain time after the resumption 'of cash payments. Such a, measure he should have held to he necessary, to guard against any 'traffic on the part of the minor agents of the Treasury (though perhaps this was little to be feared) being carried on at an impro per nature, Nwho, without such an enactment, might possibly have demanded paymentsin gold, for the,purpose of making a profit, by turning it into paper whenever the exchanges might again be ceone unfavourable, He did not know that any inemivenieace would be likely to arise from re ceiving Batik notes at 'the Exchequer, till the pre sent Charter of the Company should expire. If soyinconvenience shduld be found to arise from their continued circulation, an easy remedy would always be in the hands at Government. To him, then, the circumstances which he had stn - ted, fairly considered, the arrangeMent seemed to be as free from objection as any that could be sub mitted to Parliament, or that could be devised by any Minister of Finance. It WO to Government an important consideration to obtain, a loan of 3,000,0001, without having much interest to pay oat it, at a time when it was most desirable to avoid all pressure on the money-Market, and in the reduced rate to be paid on the money so ad vanced, the public gained at least 60,0001. a y ear. it offered to the Bank security , and sanctione d an honourable extension of their capital, nod this was highly beneficial to the Proprietors. He thought it might he observed, that what it was now proposed to sr iction, was no more than that which they had it right to claim at some time or otNer and the only question therefore was us to 'the tune, circninstanees, and mode it wbich this should take place. On any of these groolds tie did not think any fair objection could he nrged to the arraT4emeot, and the present seemed in fact a favouraliie momeot 'for granting that which at sonic haute period they were entitled to claim. He should now proceed to take e general view of the Supplies and Ways and Means of the year. lIC would first begin with the SUPPLIES, 181;. Army - - - - L.9,1;65,666 Deduct for the Troops in Prance 1,8:44094 ' Atiowins to be provided for by Eligland .----_-- L. 8,431,070 Extrnortlinaries - - - ' 1,00,u00- Commissariat - - 1.490,0 0 0 Deduct for t be Troops inFrarsce,7s, ooo ----..-. 40b,000 Barracks - • 17a,000 Storekeeper General's Department, exiseettn to be ruduced by abOut 10,0004 - - 50,000 9,133,000 . , Total charge fur Military Servie, in the Army - - - 10,564;070 Navy . - - L. 10,114,315 Against this ;vast') be set, on tic- count of Naval Stores to be sold oW - - . 679,905 Leaving the suni of - - -- 9,434,440 Ordnance - .• , - 1,884,188 Deduct un Account of France - 1R6,003 Ilentaini to lie prim ided by: England .----- 1,696,1 111 Mitcellincons - - - . 9,500,00 Q ludiatt Deitt - 945,491 . 1..26,140,188 --The pressure of public business in Parliament hail prevented the miscellaneous service.; (rain br ing gone into in the present Session. Some con sidereble items had occurred since he estimated them at 2,009,0001. They might possibly amount to 2,500,0001.' so to prevent disappointment, he had taken them at that sum. To meet the India debt, and expences incurred in India a vote .1' 945,0001. would be propoied. This was neces sary, as the East India Company bad made pressing representations for repayment of the sine- they had advanced. The advances in qu-stion had !wen made to for Ward those valuable services reettitly per formed by our army in India. Th... total amnant of , the claim Of the East India Company, includ ing the estimate at the present year, Tad been 2,300,000 L 'Considerable payments bad, how ever, haearthatie by the Government to the East India, Company, which were to be set against the sum he bad mentioned. Thin clone, there had reina i ee a due to the Company in January last, about a mil lion and a helf. A provision bad been made for the sum of 500,0001. in the Vote of Credit for the last year, awl this deducted from the debt due in Jainiary, reduced the•sum to be provided for in the present year . to 945,0001., which it wonid In' his duty on a future' occasion to hripg mine particularly under the etinsiderat ion of the Hotise. He then recapitulated time items of supply above enttmereted, and proceeded to add to these the separate charges. The first of them was tor the payment of the Loyalty Loan, which bad . been raised in 1797. A , difference, he stated, might occur in these items, as in the miscella neopi serv i ce s, between his statement and the lie., counts previously laid before t , e Houle, owing to the same chat r a ces being placed under different Ileatis,or to di ff erent dates being included in, the , .napers. After the Loyaltyloan, anti theNDeben tures, and their interest, which were the two first items in the separate charges, he came to one OM immediately .under the . consideration of the . House, respecting ,which notice hind beeilgiien ,Pf:a motion by hie Right, Honourable Vrien4 (Mr. Wellesley Pole). - He meant the Motion fur tht grant of a tutu of money on account of the new Silver Coi nage, Ile did not propose to an ticipate the able illustrations which the Right lion. Gentfemau world he able to furnish on this suliject, in what be might offer on this accaSion- It vvottld easily be seen there was no sinal, diffi culty in determining what sun) it would be pro per to grant for this service. He (the Chan - - , cellor of the Exchequer) bad for a time been doubtful whether this was a charge which ought to he borne equally by England and Ireland, or whether it was fine which ought to fall on Great Britain only. ' Ultimately he had considered, that a* the greater part of this silver now in -cit.. ettlation had been issued long before the Union, it was just that it should fall on Great Britain, and on no other part of the Em pire. It was not easy to say bow much would be sufficient to meet the charge for the new coinage ; but be proposed to take the sum of 500,0001. which he apprehended would suffice at least for the present year. None - of that silver which was at present in circulation was intended to be receivtd in exchange for that to be hereafter issued, which did not bear some appearance 'of having corne from the :Milt,' and this, as it would tint amount to a very considerable sum,,coulti not crease a great expence, and at all events it would be some time before any part of the arrangement could take effect. .'.nc next charge was on ciccpunt of Exchequer Bills held by the Bank. These:had been issued for sums advanced -by the Bank in Isoo. The sum then advanced - amounted to 300,0001. of which one half had been paid, and the million and a half which had been annually re newed in Exchequer Rills : nosy : tethained tp be made good. The separate charges tvCreilfogi titer as follows : •: I 1 sErhitATE CHARGES. Det a e l i t ial j s er an7; l n t t i erest thcricon '' •• • 1 10 1 7 7 :0 6 V i - Coinage 500,000 Exchequer Bills held be Bank 1,500,000 f Interest andlinthing I;`tand on lisehe- quer Bilis / ......, 2,260,000 5,924.764 Deduct Irish proport 'on ofJoirtt Charge 2,957,a50 30,42430 51 Do. Civil List gtad cuittolidatil Yule(' (MS :1,145,65G LQ7,279, 2 0 5 —To meet these be bronght forward the following WAYS AND MEANS. Land and Malt L 5,000,000 Surplus, Consolidated Fund Excise Duties continued fur I•`ive Years... ...... Bank Advance on Bills 6,0a0,000 Lottery :100,000 Surplus Grants, 1815 Bank Advance on Account of Inorcissed Capital J,000,000 Unclaimed Dividends .. . Unappliell Money in the Exebtver . 140,000 Exchequer Bills Le 7,30.5,771 He took the surplus of the Consolidated Fond for the present year, at 300001. A a consider able portion of the Supplies for the service of the year. yet remained ,to be voted, lie•proposo to leave h proportion of the Ways and Weans, to toe *mount of 4,000,0.001. to be also voted on a fu ture day. He could wish to show how the Surplus Consolidated Fund (whiehliowever be meant to .reserve for future consideration) was made tip. Whether, in the preselit situation of the country, the taxes carried to it were likely to increase or diminish it, was for Gentlemen to 'determine for themselves. By the latest accounts made out, the produce of the Ctistorns up to the sth of April last—that part of them which was carried to the Com;iolifiated Fund, amounted to very nearly 5,000,0001. their prodnee being 4,998,0001. The produce•of that pun of the Customs given to the War Taxes, which I. u late Act of Parlia ment were to become permanent, amounted in the last year to The Eseise gave within the same period The Asseswd Taies . 6 327,000 Stanipc Post °ince ... 1,600,000 Land Tax Small b c ranhes of Iterenne And sundry other AVays and Means, including a great variety of items, brought their grand to ts) to The annual charges paid out of the Con olidated Fund, amounted to the sun of This year there was to be lidded the Mission Loan 180,000 Making together.... ' Deducting this sum from the income be bad stated to be that ot the Consolidated Fund, it would he seen there reinaioed 3,603,0001. On this there was at arrear on the April of 665,0001 so the total produce v 1 the last year was almot 2,995,0001.' but tiie ntininotinn here to tie ~tisei yen would. covered by the produce ot the taxes Witt ma in the course the present year, end, .antler all tii,.:ttn ;,tattees,, he thought he might with re a son estimate it , ttwou at 3,000,01)01.. The E.xi Ise Duty, late a Weil Duiy, bet nbieii had become permanent, heti , a 6061 voted for fire years, had produced 3 millions 688. thousand pounds. He estimated its produce in .the present year at three mil lions . 1111 d a half. He did not see why its produce might not be equal in the present year to whit it Lout been in .the • last -; but the allow. ances granted on account of the Malt Duty, made this a matter Of noulitful calculation. The payments, however, not yet made good, would prevent any gi cat falling otf, and he should there fore take it at 3,500,0001. The next item; was the first advance of the Bank ot 6,00a,0001. The ordinary feature in the. Way and Means, the Lot tery, he took at 200,0001. This was somewhat uncertain, but he caleulated its produce Would be somewhere, thereabouts, The next would be a !Host satisfactory item to the t' Surplus:Grants of the ye , Lt. to no less than .5,60,000 i. Au account was on the table, '4hewing' in 'what way 'this stun was made tip. Some grants were commonly left unapplied at the end of a year, but it was generally. found that against these some services left unpaid were to be set, which frequently came ',early to the same"aniount, and left little or nothing to be carried to the Ways and Means of the next year.. The sum remaining in baud on the sth of January last, had, how ever, so greatly surpassed any thing left unapplied before, that :there was no reason to suppose the whole would-be called for in any way. The surplus grants at the period he bad mentioned, amounted to 110 less than 11,120,0001.. It then be , :atne a question, how much of this sum it Was. neee3'ary to reserve for payments due on *mount of ser vices of the last year, and how touch could b e s p;. propriated to, the service of 1816. 1 the first in stance, when the House met, he had stated the surplus grants were supposed to amount to about 3,000,0001. Front the turn which he had stated to hate originally renuilned • in hand of 11,120,0001., Uterc bad been paid on account of Treasury Bills L.1,550,000 For the Army For the Commissariat, in Spain and Portugal due since 1814, provided in 184,5 Barracks . 126,000 Ortimitice 476,0t1(1 lett iiiiitrUtltttl Making a total sttoi for Military Service of 4,60 4 2,11100 But against this, there was to be babtncrd the cash then con tained in tbe Military'Cliests ; this ainouatedi 0.. L. 1,40,4000 Which deducted trunk Left for the Arrest of lust year ... 4,787,000 To this was 10 be added of the 'ilbsirlies granted in the year and remaining undischarged 1,720,0001. The Nsry Debt inMary lag had aniounted to 3,600,0001. (fit ,this it was•thought desirable to allow the sum nil,OOO,OOW. to be paid out orthe surplus grants. There had thus been paid— • For Military Servicrs F or substilies . 1,7.".c0,0u0 For Navy Dcbt 1 ,odo,oto . . 'root' o,l .bOO l'here then rernailleil the t 1,120,440 Dteposeble Grittiti j.. . The next item was the bargain made with the,, Bank for la; advance of 3.000,0001. He ha l then to state, , he 'had formed a plan for making a new arrangentent with respect to the unclaimed divi dent's of the, Bank. Front these he proposed to take the sum of 301,0001. This, however, was not the only advantage which the public would, derive front his scheme. It appeared to him that the arrangements hitherto male, both by Mr. Pitt and Mr. Perceval; were in some respects objec lionable. had not,contemplatetf the possible increase Of the nueinitned dividends beyond a cer tain stun, and alh abov4 that stun they. had been content !timid remain in the hands of the Bank. •It appeared to him better that a more extensive arrangement ought to be made ; that the Bank should retain in its hands at cettu:ii sum, and all the balances in their hands above that 1311111 to be Made applicable to the Public Service. On this principle he had taken 801,0001. which had re mained in their hands up to the sth t4* April, in addition to another considerable advance which had been made. Thus, 301,0001. however %vas not the only: advantage' which the nation would derive front his plan. It was not right that the Bank should:retain in their !iamb sums which it was not likely would be called for, and which, from the accidents of nature, or from the course of law, the owners might never he able to reclaim. He therefore thonght such monies mightbewell paid over to the Commissioners for the redemption of the National Debt, to he by them applied to the liquidation of the Public Debt, subject to the fu ture claims of the owners to restitution. He proposed that it should be arranged-on this prin ciple : that all Stock on which no dividend was claimed for ten years successively, should be paid over to the Commissioners of the National Debt, to. be by them applied in the manner he had al- r Teatly fieSer Weil. n S be proposed should be kept in the Bank:and this, he thought, would be better even for the owners than the present system, proverbially accurate as the Bank was in all its transactions. Next item was rather of an extraordinary nature : it was one of 140,0001. made up of small balances remain ing in the Exchequer. 'there yet remained the supplies to the amount of 2,500,0001. to be provided for, and this he proposed to do by' means of Exchequer Bills. The Right Ho nourable Gentleman shoved a dirninution of the Unfunded' Debt to 'have taken place by the paying off of Debentures and Government Securi ties of a similar nature. He then recapitulated the whole of the Supplies, and the Ways and IVlans by which they were to be met. lie did not mean to move for Exchequer Bills .to meet the 2,500,0001. of which 'be had spoken, by them■ selves, he - should include them in a larger vote. In February, a grant of 4,500,0001. in Exchequer Bills had been voted by the House to meet other bills to the same amount. To this might be added bills to the amount of 1,5004001. issued 00 AC. count of the Bank- 1 -6,000,0001. to replace those outheVote of Credit—and one million on ac eosin of Debentures, making in the whole 13 mil' 'loos in Exchequer Bills, which had thus been sued ; the whole being, with. the eitiepticht oldie last 1,000,0001 intended 'to exchaoge again st bills of the sante description, and even the last were I'', meet securities of 3 similar nature. He had ht' to meet a large def,lcation to, the amou nt of 8,500,0001. in the Wl?* and Means of the ear' owing to the refit of the Property :Tax, n'a the reroquieunent of the Malt 121,10 es• would now ext !int in what way he had made goo"' these eight ml;:ions aa nd - halt.in the 60t tu stance he had proposed to touch ?,50J,00 0 ?,50J,00 0 ?,50J,00 0 o t, . 61 " chequer Bills t which oth e erwis would not 1 1 '"e '- been necessary. The next means w hich the deficiency was to be met, was turitisneil extra supply offered by the surplus grillt• I.l ' ebe ' - ` it wonky be remembered, when he p r o posed the renewal of the Property Tax, he had wised but at three millions. Since, it had fortu t ately,bten. discovered, their amount had 'exceeded five lions.—(Hear, hear, hear !)---The propoell au" vance from the Bank, which was the Su b j ect of the motion which he should make to-day , O r " Dished another portion of the still) to be made goad? and to this might be added' 4-10,0001. unclaial° ed dividends apd monies in the Exchequer, any the 8,500,0001. would be covered. He cerr thought it would be desirable to avoid, if possible, any increase ,of the unfunded, as Weli: as funded dein. Had the system he recommend edbeen adopted by the House, a great rapid ire proVentent of public credit would have been tbc, consequence. 'He still most sincerely hoped this . would take, place, and he reflected with m uch satisfaction that of all the sums called for , theFe was only the 2,500,0001. in Exchequer Bills, that could be said to press heavily on the m oat market and the exchanges. He wished to state the wholeatuount of the sum burrowed , ag aii ' st " that portion of the public Debt which would is) padid off in the present year, without dis t i n g uish"' r Je ing, for the present, the Fun u Funded and nion Debt. Tile first Advance from the Danle amounted to .. LSO' Tim second Advance, to , i I 14. Exchequer Dins. .. . 2 .1........... ...• Total 11.508, 0 /. The Debt which would be paid off he next proceeded to sbew'' ' the Sinking Fond bad, on the Ist of February, amounted t.t 11,130,0001. It Was therefore probable that in the course o$ the year there would tie paid off be the Sinking Fund ;. 1 .l I ;500,000 In Exchequer fills . . • .. i ,00, 0 °..„,,G In Debentures and Loyalty Loan East India Debt ......, ..- .. ...........,.....—. ` Total 14,90 . 01 occlusive of what bad been repaid within the l'" yer. It wOuld thus be seen that there was ' l ° exceeding of about 3,500,0001. over the sums b 0 1" rowed far the service of the year. But it r OlO4 be supposed, that when Ireland wits calico int?.. Ways and Means, wee should and our prOape ~,,;";1 much eitenged. For a few moments, noweeecip he' woad - take the liberty to trespass on tne ii ir:: partment of his !tight Hon. Friend, Rll4 tO'Offel; some few observations which he ( .:r. fi'itigeraii i) .' would otherwise have bad to bring forward in 1 13 . , able and satisfactory manner in which be alwl l. made such statements. For Ireland his :iii' n 'a Ft iend intended, this evenina, to propose A Grain of 1,700)04)01. in Treasury Bills, in adiktion 1 0 ; which he further intended to move far a .grant of 1,200,0001. I; ish, or I ,118,0001. 11. 7 ,11glish, nutkil a total 42,818,00 K and added to,the sum wine! he had stated was to be borrowed for Englan d °I 11,500,0001. would make. a grand total .01 4,318,06011. But againstthis was to be set the Irish Sinking Furid,whicit be believed amounted . to abnlit 2,300,0001., and finally, the reduction he die "e! would be atter all little less than 3,000,0001.- °g the united debt of the two kingdoMs. This, he .' trusted, would be found a most satisfactory vio vi ,' He believed it had very seldom occurred that !g had been found practicable to reduce the ptibl lc w a r ' debt immediately after the close of a long .. before the. nation had properly got to it s p e3c ! establishment. Instead of being able to do this, Pp bath commonly been necessaryito cult for largelw gne - ' in the first year of peace., Undet such circintl; I stances, though the state of the country Was na every thing. he could, wish, be was so far fr°" l feeling apprehension, that he could ice nothing " I fear, and every thing to hope, from the wisdol n i firmness, and moderation of Parliament.. It. 1111 4 now to explain the manner in which he pr o p os i e to pay the interest of the money borrowed fort t:v e service of the year. - The charge incurred by t , first advance of the Bank was 300,0001., the se ! cond 120,0001., total 420,0001., of this t ab (). 120,0001. would be charged on the Consoliate:c Fund. The .Soap Tax would produce %1 200,0001., and the new duties- on butt er t° 4 cheese about 100,0001. if the trade continued il'o'r present, or allowing for its falling off about 5 ' 0 , 60,0001. He further had it in contem plation sai ,..: submit to the consideration of the Hous e, a ne_.,, arrattgemens with respect to the dha rawelis2; sugar, the produce of which, WA to the 20 tit 260,0001. which be calculated o i deriving, tr:: e the sources already mentioned,. ~. ould. be " I ,y . b than enough to provide for the cho ..e-creete",cd: the interest on money borrowed. He coucln , i,t, by moving that the Committee should acce, 4 titv' •