The Sun. — London, England, 1822-05-04 00:00:00

atiteetae -would 'be rendered comparatively simple and intel- ' ligible. He could not see what objection the other side could urge to so plain a proposition, and he concluded by moving, as an amendment, " That the eords of the Treasury be autho rised to contract wish the Commissioners for the Redemption of the National Debt for the sums required." Mr. CRIPPS was firmly of opinion that the Noble Marquis tleandonderry) had conferred benefit on the country by ad herieg to the Sinking Fund. He admitted, nevertheless, that the plait now proposed militated in a slight degree against it ; but it was necessary that some relief in the shape of taxation should be given to the distressed inhabitants, and he knew of no better mode of giving it•than• the present. The whole of -the Leather 'fax, a moiety of the Salt Tax, and a large portion of the House and Window Tax, would thus be removed. He did not see any of.the complication of which the Hon. Member fel. Montrose had spoken, and had not a shadow.of doubt that, if the terms were proposed, contractors might be found for the whole before to-morrow night. Mr. WHITMORE thought that all must agree that it weuld be more economical at least to borrow the money of the Sinking Fund than of contractors. .He had Voted for preserv ing the Sinking Fund at the beginning of the Session, because a great financial project was then before the country—the pay ' ment of the 5 per cents.; but now that object had been so easily, effected, it became the duty of the House to consider the test and speediest means of affording relief to the country. If 'h.e contract were made according to the amendment, all corn eaexity rooldbe avoided, and the whole scheme would be ren • --: el clear to. the meanest understanding. At the same time • eted for the amendment, on the faith that whatever saving •erele should go to the reduction of 'the national debt. are 3. MARTIN. begged to know if the office were still the sale of Government Annuities? He asked this . • ee, because he wished to know if the Chancellor of the meant that it was right for the country at a time like • eas to sell annuities at the cheapest, and buy them at the _acaxest rate ?siker.) Mr. RICAR 0 said, that all now concurred in one point— that the nation ought to-be relieved ; for this reason those who sat on the Opposition side had not the slightest objection to the plan for the assistance of the distressed by the diminution of taxation. The only question was as to the most economical mode of doing so. The proposition of the Hon. Member for Montrose was the same as that of Ministers, only he wished the contract to be made on the most advantageous terms. What. ever bonus the private contractor obtained would be a clear loss . to the country, with the accumulation of .compound interest.— * There . could be no doubt that, if the sum required werenow taken from the Sinking Fund, at the end of 45 years the country would be in, a better financial situation than if the money were borrowed cf individuals, who would of course make-a profit of the public wants. He was an enemy to all ..complicated schemes,. and was for avoiding a crooked path _when there was a straight one before him leading to the same end. The clear and obvious course was to take the sum from the Sinking Fund e and if Ministers did not do it, it was only 'because they had so short a time since so repeatedly and suc cessfully called upon the House to support the Sinking Fund. Ile did not think his Honourable Friend (Mr. Whitmore) quite consistent in voting for the Amendment, having earlier in the Session voted for maintaining the principle of the Sink ing Fund inviolate. Mr. T. WILSON contended, that at the present moment, while the 3 per cents. were at 78 or_79, Ministers could make a more advantageous bargain than at s subsequent period when • they were lower. Besides, they would thus avoid the contin gencies of war. It was just as proper now to support the Sink ing Fund, as in the beginning of the Session, - because the pe riod might not be far distant, and he hoped it was not, when Ministers would be prepared to pay off the 4 per cents. The present amendment was an attack upon the Sinking Fund by a side wind. Though relief from taxation was very desirable, it was even more important to keep faith with the public cre ditor; and if that faith were not kept, the . agricultural in terest might suffer even more severely than at the present moment. Mr. BROUGHAM was of opinio,n that some answer ought to be given to the cogent arguments which had been advanced Ehis Hon. Friends. He congratulated the Chancellor of the chequer on his having at length consented to reduce taxa tion.. He had begun well,. for two millions was a good deal for a man who a short time since said that he could not give upa farthing; and it should not be his fault if he did not reduce several millions more. If an advantage were effected in the -contract from the probable falling of the Funds, as had been stated by the Hon. Member for the city of London, why not contract a loan of 20,000,0001., and • apply that sum to a Sink ing Fund or any other useful purpose ? There was also 30,000,0001. of unfunded debt, and why not fund that debt if there were such advantages to be derived from it ? It vras quite obvious thanthe taking the money from the Sink , ing Fund would be the mode most consistent with econo my- for by doing so we should retain to ourselves the profit which must go to the contractors, be they who they may. It necessarily followed from this plan that we borrowed, and that payment was deferred to our posterity. As to the Noble Lord's plan of the Sinking Fund, to let the 5,000,0001. go on accue mulating at compound interest for ten years until it amounted to 8,000,00001. ; during that period no taxes could be taken away, but after its expirration the fund would be applied year after year to the reduction of taxes ; while the country was ie. its present lamentable • state of distress, he contended that we had better have no such Sinking Fund at all. The 1400,0 . 001. ought to be taken for the repeal of taxes, to be hid on again when the country was sufficiently recruited to bear it. But then came the question, since they were to have a Sinking Fund, what were the best means of em . ploying it' Now he had a plan which he would state to the House, and -which he considered to be of much more value to the country than the Noble Lord's. He would take the 5,000,0001. and let it operate by simple interest only, which • would give 250,0001. a year, to be repealed in taxes immedi •ately. In the ten years this would reduce .2,500,0001. taxes, and in twenty years, 5,000,0001. By the Noble Lord's plan, in twenty years they should have remitted 4,000,0001. of taxes. At twenty-six years the Noble Lord's plan would overtake ins, and after that it would have the advantage. How, he would ask, did this correspond with the Annuity Plan ? The - one made the expence fall upon the future generation, and the other took it off. The two plans were directly opposed to each other. With regardto the Chancellor of the Exchequer's•plan, its novelty would raise the market against him. Men must al ways be bribed into such transactions as they, did not under stand from experience. The market into which the Right Hon. Gerniernan would go must necessarily be confined. He en-, treated the House to consider what must needs follow such an arrangement. There was no difficulty in negociating a loan, because persons having money to spare would embark it in that, knowing that their returns were immediate. But in this case the bidden must necessarily be contracted, and confined to large capitalists. That private_ individuals, therefore, should embark property in it was not to be believed when they saw the very few persons who entered into tontine concerns, notwith standing the means taken to puff them. A few, who wished to provide for their children by advancing . sums at their birth, to be received when they became of age, might purchase in this fond ; but the naturally limited character of the market ren dered it certain that persons must' e bribed, in order to induce them to contract. Innny, case an advantage must be given, and he intreated the • House to think who was to pay it. Let them only lo de at the ridicule which would attach to their com mitting Si ch an absurdity. At the same time when they were locking up 5,000,0001, in s chest, and lending money to great disadvantage, they were to go into the market and borrow erioney at a great loss. Thus, whether they were borrowers or lenders, the profit always" went to the Contractor. Any, Gen tleman, in private life, who pursued a similar course, instead of being sent to his own mansion, would be taken to Bethlem Hospital. The Hon. and Learned Member then put the case of a private individuarborrowing money at disadvantage, when he had the mears of paying the debt in his ;own hands. He saw no reason to shift from the grounds upon which he first , heard and understood it, and Upon those grounds he should -Vot3 for the amendment. The CHANCELLOR of the EXCHEQUER said, it was the good fortune of this preposition to receive the support of 'both sides of the House, only that some desired its ruodifica- , tion. The other side wished to support by breaking down the Sinking Fund, while they, on the contrary, thought the pre _ eerseation of the Sinking Fund necessary to its being carried into effect. At the commencement of the SesSion the Hon. and Learned Gentleman proposed the remission of taxes to the amount of the Sinking Fund. But they thought the honour and the dignitsr and the public faith of the country could only be nriaintained by making the Sinking Fund inviolable. Upon awn strength of this determination, they had been enabled to execute a financial operation which had not been equalled in importance of late years. And now, upon the confidence of the high public credit which they had established, this other proposition was ventuted ueen. By it, 2,000,0001. would be *hem to alleviate the existing distress.. The lion. and Learned Gentlernr.n said that It would press upon posterity; but, he contended, it would do so in a fair and just degree. He thought the Bon. and Learned Gentle Men had fallen into the error of many others, who asserted that at the end of 45 years vet should hasie more debt than we should have had without the plan. MT. BROUGHAM.—" I said we shall have paid more." The CHANCELLOR of the EXCHEQUER was willing to allOhv the we shall have paid more for one period when we had paid less for another. He did say that _nothing could be more just and equitable than such ,a distribution of time for the payment. There was a great difference between paying 3,000,0001. a year for a number of years, and 5,000,0001. now. He did not say, that we were not in that extreme distress which some Honourable Members believed ; but if we were in that extreme distress, the difference in the payment of these sums' was still more considerable. Gentlemen on the other side had all become exceedingly jealous of the interest of the Sinkii% Fund, and said that this plan was an encroachment upon it. A short illustration would shew the error of this supposition. The existing fund of 5,000,0001. was applied to the extinc tion of 800,000,0001. of debt. If they took away 2,000,0001. of that Sinking Fund, they, would destroy the operation of that amount upon the National Debt. But if they took 2,000,0001. by this plan,'• from the dead expense, it would have nothing to do with the interest upon the National debt, because it was a new kind of debt, and which would expire at the termination of a certain number of years, whether the contract was made or:not. Although it was no en croachment upon the Sinking Fund, it was quite possible that the money might be taken out of the market. But so it might in the contract lbr a canal, or for foreign loans. This was a possible evil to which such transactions were all liable in common. The Hon. and Learned Gentleman had also made a calculation as to the 'Sinking Fund. He proposed that it should operate at common interest only, and th‘at it would thereby give 2,500,0001. of taxes to be repealed in the first ten years ; in twenty years 5,000,0001. and in thins' years 10,000,0001. Now the measure of his Noble Friend would provide for the reduction of 12,000,0001. at the expiration of 30 years ; and upon every succeeding • ten years it would give an excess of saving over his of 1,500,0001. With regard to the taxes to be reduced by the operation of the general plan, it would not be expedient to come to any determination upon that point at present. Nothing could be more unwise than to fix upon any particular tax at present. It would tend to embarrass the course Of trade and be very injurious to general interests. The effect of the plan would be to place at the disposal of Par liament 1,800,0001. of :axes, to be remitted either this Session or in the beginning of. the next. While they were upon the subject of taxes, it might be as well to look at what had already been done in the way of remission since the peace. The amount of taxes taken off was 20,000,0001. ; and if the remis sion of taxes Was that great panacea for distress which it was represented to be, - to What a degree were the country indebted to Parliament for this _very extensive remission. With regard to the terms of the negociation, he was not so young as to sub mit such a measure to the loose without some prospect of being able to effect it. Ile had the satisfaction to state, that-it was not likely to be con fined to one person, but that it would be open to public competition . . Were they going to make a wise or an improvident use of the money to be raised by this annuity ? It was to be applied to the reduction of taxatiota and if Hon. Gentlemen were not satisfied with that, they had better suggest some other use for it. He entirely disagreed with the proposed amendment. Mr. BROUGHAM explained, Mr. J. P. GRANT argued that the profit of the contractors must be the loss of the nation. He supported_the amendment. Mr. JONES supported the Resolution. He trusted that whenever it was proposed to retrench taxation the remis sion would he entire, as he objected to any partial remission.— (Hear, hear !) Mr. CRIP?S explained. Mr. D. _BROW:a E said, he considered the amendment as calculated to,embarrass the Government of the country, and he therefore should vote in favour of the original motion. Mr. BENNET said that even before the discussion of the subject he had had no doubt as to the side on which the Hon. Gent. (Mr. D. Browne) would vote. Many proposed reductions in the public expenditure would have been carried in that House had it not been for the Right Hon. Gentleman, and those who, like him, universally voted for the measures of his Majesty's Ministers. In his (Mr. Bennet's) opinion, the whole of the Sinking Fund should be applied for the relief of the public. All that die - public creditor had a right to demand was the payment of his interest. Strangers were then ordered to withdraw, and the House d vided ; when there appeared— . For the original Motion For the Amendment Majority CATHOLIC PEERS. - 135 • 56 -79 On the motion of Mr. CANNING, the Catholic Peers' Bill was read a first time, and ordered to be read a second time this day sennight. The Warrants of Attorneys' Bill went through a Committee. The Report was received, and ordered to be taken into further consideration this day se'nnight. The second reading of - the Warehousing Bill, the Colonial Trade Bill, and the West India and America Trade Bill, was postponed to this day fortnight. -The Report of the Irish Malt Duties Repeal Bill was brought up, the amendment's agreed to, and the Bill ordered to be read a third time on Monday next'. _ GRAND JURY PRESENTMENTS. On the, motion of Sir J. NEWPORT, a Committee was ap pointed to inquire into the present State of Grand Jury Pre sentments in Ireland, with a-view to. amore exact distribution of the taxes assessed under the same. BANK CHARTER. Mr. GREN'FEL - 1, moved that there should be laid upon the table a copy of all Correspondence between his Majesty's Go vernment and the Governor and Directors of the Bank of Eng land, relative to the renewal or extension of the Bank Charter. 111 r. LUSH INGTON said, he thought the production of the Correspondence was unnecessau now. The whole would come before them when the question of renewing the Charter should be submitted to the House. Mr- GRENFELL thought the production of the Corre spondence important at the present .moment. if his lion. Friend (Mr. Lushington) could offer no better reason for with holding those documents, he should take the sense of the House on the subject. Mr. J. SMITH said, that the difficulty he felt was, as to the extent of the Correspondence. This motion went to the produCtion of the whole. He had not faith enough to believe that there was only one letter. ' Mr. MARRY AT said, it was important that the House should have the whole Correspondence before them. The motion was agreed to withcut a division. ALIENS. On the motion of Sir R. WILSON., a Return was ordered to be • laid on the table of the number of Aliens now in the kingdom. 'The other Orders of the Day were then disposed of, and the House adjourned at Eleven &Clock. ARTISTS' GENERAL BENEVOLENT IN STI t UTION. This Society held its Eighth Anniversary Dinner yesterday, at the Freemasons' Tavern. The Earl of LIVERPOOL, in ' the absence of the Dukeof YORK, presided. A numerous and distinguished company attended, all of whom appeared anxious to testify, by their support, their fa vourable opinion of the merits of the Institution. Atnong the visitors we observed the Duke of Newcastle, the Earl of 4le sinton, Lord Henry Russell, and many other noble characters. All the principal Academicians were present. Messrs. Broad hurst, Taylor, and Smith contributed their vocal exertions. After the usual routine of toasts, s The Earl of LIVERPOOL rose to propose one which, he said, would be agreeable to the Gentlemen assembled---" The Pros perity of the Institution."—(Applause.)—He felt that it had high claims to public, patronage, as well as to private Support. The proudest triumphs of .the country descended to posterity through the medium of the Arts, and surely they must all feel for the distresses of any of their cultivators.—After some further observations, which were attended with much applause the Noble Lord. proposed the toast of " Prosperity to the Insti tution." On the Eirl of Liverpool's health being propOsed, with ac clamation, he - expressed himself much flattered with the ap probation of the Gentlemen present .1_ he, as well as they, had occasion to regret the absence of his Royal Highness the Duke of York,;who was much interested for the welfare of the Insti- tution, ar.d who was prevented attending by a cause they would all lament, :that of severe indisposition: On the health of the Members of the Royal Academy being proposed, Sir TIIO3IAS LAWRENCE •returned thanks, and congratu lated the , Meeting on its numerous attendance. They must be all conscious of the obvious advantages to be derived from the attendance of their illustrious visitors that day. He would be always happy to co-operate is exertions to promote the ob jects of the Institution; The• toast of—" The Marquis of Stafford- and the British Institution," was received with rnuchapplause. The health of the Chairman and Directors , of the /nstitu tionyas then given ; on behalf:of whom Mr. TunNiirt. returned thanks; The health of the Stewards was then proposed. Lord STO*ELL returned thanks. • The Earl of BLEstrzTox asked permission to give a toast out of the usual routine. He was'convineed that - the company would join him with much pleasure in drinking to the health of his Noble Friend Lord Stowell. Lord STOWELL expressed himself grateful for the honour done him. The Earl of IdvEßpooL, announced that the collection re ceived in the room amounted-to 5001.—(Much applause.)— He then proposed the health of - the Noblemen and Gentle men-Who had contributed to it by their donations and presence that evening—he would particularly name the Duke of New castle, the Earl of Blesinton , and Lord Henry Russel. Each of these Noblemen returned thanks, and their observa tions received much applause. The Noble CHAIRMAN nextproposcd the health of a Gentle man who was one of the most liberal contributors to the Insti tution. H e would say so without meaning any disrespect to its other supporters. He proposed the health of Mr. Soane. Mr. SOANE returned thanks very briefly. [We left a large number of Gentlemen together, who ap peared anxious to keep up the festivity of the evening.] MR. CANNING. On Thursday last (25th ult.) a second meeting of the friends of our respected Representative was held in the large room of the Arms Hotel, Castle-street. The Chairman of the 'preceding meeting, H. B. Hollinshed, Esq. - informed the company that he had, pursuant to the resolutions passed at the first meeting, forwarded their invitation to Mr. CANNING, from whom he had received a' most gratifying answer. This, as well as his letter to Mr. Canning, would be read to the meeting.—He .Wen requested Mr. Ratcliffe to read them, which he did accordingly. A Committee was then appointed to make the preparations for the dinner. A Committee immediately met, and it was agreed, that, as a further proof of the high. estimation in which Mr.• Canning's services were held by the town, a subscription should be imme diately entered into to form a fund for the purchase of a piece of plate to be presented to Mm. This was promptly done, and, in a few minutes, near five hul l idredpounds were subscribed for that purpose. A list of the subscribers lies at the office of this paper; where all who feel disposed may have the opportu nity of enrolling their names, as a testimony of their regard for the splendid talents and valuable services of our highly re spected Representative. The following are the Resolutions which were atmed to una nimously at the first meeting, the substance of wnich we gave at the time : " That this meeting views the appointment of the Right Honourable George Canning to the office of Governor-General of India with mingled feelings of gratification and regret. " That whilst we congratulate the country on histacceptance of that high and important trust, we cannot but regret that the exercise of those talents which so long invigorated the councils of the nation, and which have been so actively exerted for the interest of this town since he has honoured us by being our Re presentative, must for a time be withdrawn from the kingdom. " That on a review of the transactions of the last ten years, we find them replete with acts of our worthy Representative, which claim our highest approbation and gratitude, and demand our most cordial thanks; and, considering that those thanks may be most respectfully offered by a personal interview, we request the Chairman to solicit the honour of his company at a public dinner, previous to the suspension of that connexion which has so happily subsisted between us during that period." —( Liverpool Courier. ) LIST OF THE MINORITY OF 54 WHO VOTED FOR MR. HUME'S MOTION 'TO CON TRACT WITH THE COMMISSIONERS OF THE 3INKING FUND FOR THE MONEY-REQUIRED, IN - STEAD 01' MAK ING A NEW LOAN. Althorp, Visct. Hornhy, Ed. Palmer, C. F. Boughey, Sir J. F. Hughes,, Colonel' Ramsden, J. C. Bright, Henry . Heron, Sir Robert Rice, T. S. Bernal, R.. Hutchinson, Hon. Ricardo .David Blake, Sir F. C. H. Rickford, W in. Brougham, Henry Jervis, G. Smith, Wm. Clifton, Viscount Kennedy, T. F. Sykes, 1). Coffin, Sir I. Langston, J. H. Sebright, Sir J. Calvert, C. Lloyd, Sir E. Scarlett, J. Concannon, Lucius Leycester, Ralph Stanley, Lord Crespigny, Sir W. Lemon, Sir W. Tierney, Rt.lln. G. Crawley, S. Maberly, J. Webb, Colonel Crompton, Sam. Maberly.W..L. Whitmore, W. W. Dundas, Hdn. T. Marjoribanks, S. Williams, J. Davies, Colonel' Milbank, lL Wyvill, M. Evans, William - Monck, J.. 8. Wilson, Sir R. Grattan, J. Newman, R. W. Grant, J. P. Newport, Rt. Hon. Griffith, J. W. Sir John Hamilton, Lord A. O'Callaghan, J. - TELLERS. Hume, Joseph Rennet, Hon. H. G ➢IAJORITY ON LORD. NORMANDY'S MOTION rort REDUCING ONE POSTMASTER-GENERAL, WITH A SALARY OF £2,500 • A-YEAR.-MAY 2. Allen, J. H. Frankland, R.. Palmer, Col. Althorp, Visct. French, A. Palmer, C. F. Anson, Sir Geo. Fellowes, W. 11. Pares, Thos. Anson, Hon. Geo. Forbes, C. Peirse, H. Acland, Sir T. D. Pane, John Pelham, Hon. C.A. Archdale, Gen., Farrand, Robert Phillips, G. A. Astley, Sir J. D. Grosvenor, Hon. R. Phillips, G. Bering, Sir T. Giaham, Sandford Power, R. Barnard, Viscount Grant, J. P. Powlett, Hon. W. Barrett, S. B. 31. . Grattan, J. Prittie, Hon. F. A. Beaumont, T., P. Grenfell, P: Pryse, P. - Becher, W. W. Griffith, J. W. Plummer, John Belgrave, Vise. Guise, Sir W. Pollen, Sir John Bennet, Hon. H. G. Gurney, R. H. Robinson, Sir G. Benyon, B. Gipps, G. Ramsden, J. C. Bernal, R. Gaskell, Ben. Ramsay, Sir A. Birch, J. - Hutchinson, lion. Rice, T. S. Bright, Henry C. H. Ricardo, D. Brougham, Henry Hamilton, Lord A. Rickford, W. Boughey, Sir J. F. Haldima.nd, W. Ridley, Sir M. W. Burdett, Sir F. Heathcote, G. J. Roberts, A. Bury, Viscount Heron, Sir R. Rumbold, C. Byng, George Hobhouse, J. C. ' Russell, Lord J. Bagwell, RtHillir. Hornby, E. Russell, R. G. Butterworth, J. Hughes ' W. L. Rowley, Sir W. ' Blair J. Hume, J. Rogers, Ed. Bankes, H. Hurst, R. Ramsbottom, John Benett, John • Handley, Henry Stanley, Lord Blake, Sir F. - Harvey:, Sir E. Scarlett, J. - Boughton, Sir C. R. Hotham, Lord Scott, James Bastard, Edw. P. 'James, W. Scudamore, R. Chamberlayne; W. ' Johnson, Ccl. Smith, R. ' Calvert, C. Jervoise, G. P. Smith, J. Carew, R. S. Kennedy, T. P. Smith, W. Carter, J. Knatchbull, Sir E. Smith, G. Cavendish, Ld. 0. Keck, G. A. L. . Stewart, W. Cavendish, 11. Lateuche, R. Stuart, Lord J. Cavendish, C. Lamb, Hon. G. .Sykes, D. Caulfield, Hon. H. Lambton, J. G. Seourtield, W. H. Chaloner, R. Langston, J. H. Sebright, Sir J. Clifton, Viscount Lemon, Sir W. Shelley, Sir John Coffin, Sir I. Lloyd, Sir Ed. Sotheron, F. Coke, T. \V.' Lennard, T. B. Teristock, Marq. Colburne, N. R. Lushington, S. Taylor, C. • Coneannon, Lucius Leycester, Ralph ' Taylor, 111. A. Crespigny, Sir W. Lockhart, W. B. Tierney, Rt: Hn.G. Crompton, S. Lucy, G. Tynte, C. K. Creevey, 'l'. Lester, B. L. Tulk, C. A. Chaplin, C. Lawley, F. Talbot, R. W. • Chetwynd, G.. Lethbridge, Sir T.. Tremayne, J. 11. Crawley, Sam. Maberly, .John Titchfield, Marq. of Calthorpe, Hon. F. Maberly, W. L. Whitbread, S. C. Cooper, R. B. Macdonald, J. Warre, J. A. Corlett, Penton Mackintosh, SirJ. Webb, E. Cole, Sir C. Markham, Admiral Western, C. C. Curteis, .T. E. ' Martin, John , Williams, - 0. . Davies, T. H. Mamie, Hon.W. R. Williame, T. P. Denman, T. Maxwell, J. Williams, W. 'Dundas, Hon. T. siilbank, M. Williams, J. Denison,' W. J. Monck, .J. B. Wilson, Sir R. Dttgdale, D. S. Moore, Peter - Winnington, Sir T. Davenport, D. Marjoribanks, S. Wood, Aid. - Doveton, Gen. Marryatt, Jos, Wyvill, M. Ebrington, Visct. Mahon, Hon. S. ' Wilberforce, W. Ellice, E. Newman, R. W. Wortley, J. S. Ellis, Hon. G. A. Neville, Hon.R. Whitmore,, T. Evans, W. • Newport, Sir J. Whitmore, T. W. Farquharson, A. Nugent, Lord Wells, John Fergusson, SirR.C: - O'Callaghan, J. NVodehoitse, Ed. Fitzroy, Lord C. Ord, Wm. . Wilson, J. C.- Fitzroy, Lord J.- Osborne, Lord F. ' ' TELLERS. Foley, T. Ossillston, Lord - Duncannon, Visct. Folkestone, Vise. , O'Brien, Sir E. Normanby, Visct: • • PZtIkED OFF.-- Abercrornby, Hn.J. Ellison, C. White, Luke Curwen, J. C. Westenra, lion. R. Wilkins, W. Dundas, Charles COURSE OF EXClitalGE, May 3 l 2 5 C. F. 12 2 12 6 12 1 •kmstetdant Ditto, at Sight Rotterdam Antwerp . . Hamburglt ' Ai:ona Paris, 3 Day's Sight. 24 90 0 Us. Ditto Bourdcaux, ditto Frankfort on the Pain Madrid Cadiz • 36 i 1 Effect iv' Rilboa * , ; 304 Etteetirt Barcelona .. 'es'ille Gibraltar Sei Leghorn 471 fico.oa ' -44 -Venice, llal. Liv. 27 . 60 Malta 45 -Naples 4O Palermo .. 118!1. per o Lisboo Oporto Rio Jaitei o .... 94........ Ear!: (41 pr► .5'04 BULLION, Portugal Gold, in Coin I .0 0 0 p, !)Y. Foreign Gold, in Bars lOl _ _ New boublooils .3 15 0 4 9i .0 0 0 New Dollars Silver in Bars, Standard FOREIGN INTELLIGENCE. PARIS, MAY I.—The Austrian Observer states the departure of M. de Tatitscheff for St.Peters burgh, and assures us that the object of his mis sion is fulfilled. If the Journalist had frankly explained the object of his mission, we should have known what he meant, but he maintains upon this point a complete diplomatic reserve.— Thus he reduces us to conjectures. According to the known wishes so often expressed by the Austrian Observer for the maintenance of peace between Russia and the Porte, it may be pre sumed that it would not cover with a mysterious veil what was conformable to its desires. The sharpness of its language and the indications of anger which escape its habitual gravity, are symptoms not very satisfactory to the dura tion of peace. The silence of the Court of Vienna respecting the issue of the negociations is also very expressive. An explanation would suffice to arrest the fall of the public funds in 'that country, if at least that explanation could as sign sufficient motives for believing in a good un derstanding between the Cabinet of St. Peters burgh and the Divan. If such * an explanation does not take place, it is doubtless because it would be contrary to ,the system of immobility which the Holy Alliance wishes to prevail. It is known, from another quarter, that M. de Metter nichhas received very important dispatches from Constantinople, the contents of which have not transpired. It is, therefore, probable that the Court of Vienna will soon break the silence *hid) it has hitherto maintained, and that Europe, attentive to passing events, will be sdon 'informed of the result so impatiently expected.— Commercial letters are all for war, and it is known how much on these occasions commer ce is clear-sighted.. The finesses of diplomacy, the sinuosities of policy, rarely deceive expe rienced men whose intelligence is called into action by great interests. It appearsoherefore, very nearly decided, that all the efforts of the Cabinet of Vienna for the maintenance between Russia and Turkey have failed, through the obstinacy of the Divan and the fanaticism of the Turks. This result was foreseen, and to be sur prised in this respect would be a proof of very moderate sagacity.—(Constitittionnel.) FRENCH FUNDS. May 1, Five per Cents. Opened at B7 1. 60 c. Highest Closed at B7 f. 80 c. Exchange on London—One Month 25 f. —c. Three Months 24 f. 85 C. BANKS OF THE DANUBE, APRIL 20.—Letters from Agram state, that at the beginning of March the Pacha of Belgrade having received orders from Constantinople to disarm the Servians, wrote to Prince Milosch and to the twelve principal Servian Chiefs to proceed ,to Belgrade. The latter rfrfused, fearing an ambuscade. Milosch declared to, the Pacha that the state of affairs did not permit him to proceed to Belgrade, but that to tranquillize the Porte he 'would send a new act of submission signed by all the Servian Chiefs. —This Act contains in effect a formal engage ment in the name of the nation, to remain faithful and devoted to the Porte, but demanding that the rights granted to the nation should be gua ranteed, including that of bearing arms. The Pacha sent this act and declaration of Milosch to Constantinople, but he received orders to in sist on the disarmament. The Servian Chiefs then assembled at Novibazar, and resolved to refuse and oppose the disarmament, if necessary, by force. Such is the state of affairs in Servia, where important events may shortly be expected. NUREMBERG:, APRIL 24.—The last accounts from Epirus confirm the defection of the Alba nians, and the disagreeable position in which Chourschid Pacha is placed by this event. Hel has had to maintain several partial combats with the Albanians and the Souliotes, in which he sus- 1 tamed great loss, and he is now menaced with a greater danger, several Hellenist Corps having come from the Morea to join the Albanians, in order to co-operate for the destruction of the Turks. A Turkish garrison has been left in -Janina, commanded by Omer Pacha, who is a tyrant and fanatic, and a sworn enemy of the Christians.— As he is bated by the Albanians, his appoint ment is an additional reason to induce the inha bitants of the country to withdraw them'selves from his rule, and make a l*ar of extermination. upon the TurkS. VIENNA, APRIL 20.—M. de Tatischeff sets out this evening. Nothing certain is stated respect ing the result of his mission ; but the Austrian Observer of this day gives its readers clearly to understand, in its declaration against an article from the Banks of the Danube, inserted in the. Allgemeine Zeitung, that the hope of inducing the Porte to yield at length to the demands of Rus sia is not at an end. After such assurances com ing from such a source, it would undoubtedly be rash still to have any fear of a war in the East ; and accordingly' the amateurs of paper money justly observe, on the Exchange, 6 There is no thing to be said to those who persist in believing, in war.'—(Augsburg Gazette.) (Extract of a Private Letter.)—" General de Tatischeff set out this morning for St. Peters burgh. There is no talk of his return to Vien na as it has -been wished to insinuate. The Bank actions to-day are at 661, and the Metal liques at 74 3-16 ths." SPANISH LOANS. EXTRACT FROM THE OFFICIAL. REPORT READ TO THE CORTES, IN THE PUBLIC•SITTING OF THE STH MARCH, 1822, BY THE SECRETARY OF STATE AND FINANCE. LOAN OF 1820. In the Report read to the Cortes at the commencement of the Session in 1821, an account has already been given of the Loan, contracted by the Government with the houses of Laffitte and Co., and Ardouin, Hubbard and Co., of 'Paris ; and the flat tering results which those negociations held out were made known. It is only requisite, therefore, for me to add here, that the receipts of the public Treasury, in consequence thereof, as well in the first financial year as in the first six months of the second, were called for to discharge the obligations of the State, according. to the items of rates and distribution which I present ed to the Cortes'. • NATIONAL LOAN (1821). ' By the degree of the 27th of June, 1821, the Cortes autho rized the Government, on a petition from the latter, for the pur pose of fulfilling the obligations of the present financial year, to raise a loan, which should not exceed 200,000,000 of reals (about 2,000,0001. sterling) on the best possible terms, giving an account of it to the Cortes. The Government wished, and in effect opened a neg ociation for raising this loan from Sp an i s h c iti zens , w i t h th e laudable views— 1. That the benefit to arise from it might go to our capitalists,; 2. That this class of employ o r d es ti na ti on m i g ht b e opened to private wealth, to supply the place of others--our commerce, for example, which, unfortunately for the nation, is obstructed. 3. That of benefiting by this favourable opportunity, to in terest more and more in the consolidation of public liberty those who are enjoying, and ought to enjoy, its beneficial influence. The result corresponded at the beginning with the wishes and hopes of the Government. At a meeting of the mercan tile companies of Madrid. and of the greater number of its leading mercantile indi v id ua l s , it was unan i mous ly declare d that the loan should, be national, 'and a' Committee was al ). pointed to lay down a plan upon which it was to be carried into effect. This was examined by the Council of State, and after sundry proceedings in respect thereof, a con ven tio n was signed on the 4th of August, 1821, which the Minister duly tran s " mitted to the permanent deputation of the Cortes. By article Ist of said plan, it was agreed that the capital of the loan should be 341,880,000 reals ; 170,940,000 is in meta tallic, and 170,940,000 in capitaltof the national debt. at 4 Per cent. and upwards, inclusive of interest. In article Ist of the contract it is stipulated that the whole shall be repayable in metallic money. In the 2d the Committee named by the subscribers obliged themselves to take, and did in effect take, the said loan. In the .sth, the loan in the state in which it was at the date of the contract, with permission to in crease it to the full amount, was confirmed to the Committee on their securing to the Government the payment of two tent of the whole of the loan, or 68,376,090 reals •vellon. Ali a s ' lastly, in article 10, the contractors reserved the right of mak 4 known to the Government, within a stipulated time, if th e) would go any further or not, the Government remaining oblig ed f to complete the contract during the will of the contractors. , The payment of two-tenths of the loan was punctually ni f *" e ' and the offer made by the Directors to the Government on 11th of August, to enlarge their contract by another tenth, lolll the same fortunate result : but it is necessary to say, althoug l l with sorrow, this negotiation, begun under such favourable a , "" pices, so anxiously desired' and obtained by the Governmen t ' promoted and continued by the lenders, and by the zealou s and active Directors, in whom they reposed their confidence , with so good an effect—this negociation, I repeat, could not be fulfilled by collecting sufficient subscriptions for the cemEe tion of the loan. Whilst this was realizing, advices iunfor tunately arrived of the important events of which one of 'he most valuable parts of ultramarine Spain had been the theatre and almost at the same time the yellow fever began to i n terrrlP, the mercantile relations of one of our principal commerc ial places, and to pursue its industrious inhabitants with cleatl , and desolation. The same calamity bef e ll- oth er considerab le towns of the monarchy. Three-tenths and three hundred shares more, as stated by t he Directors of the loan, or what is the same thing, 34,488 s hares! whose value amounts to 103,464,000 reals, half in cash an half in paper, with interest, have been the whole result of this negotiation. LOAN OF 1821, WITH THE HOUSE OF ARDOVI S ' e ..... HUBBARD, AND CO. When the Government solicited the Cortes for atithe i ,:r to raise the Loan, which they were ple a sed t o grant in the -ve cree of the 27th of June, with a clause that it was not to ex ceed 200,000,000 of reals -(about 2,000,0001. sterling), t he y had in view the magnitude and difficulty of such an operation' and were aware of the necessity ofcreating, through the fo e! of public opinion, the confidence of speculators. They r°,D; saw, that the realization of the said Loan would probably ran necessary the establishment of a Great Book, s imilar to exists in other European nations; the creation of a Sinking Fu n d e the application of some branches of the public income to t hen ; establishments, and the reduction or conversion of the who l ! l , ° e " a part of the foreign debt t o a new l oan , i n w hi c h it might refunded, in order to be comprised in the said Great Boolc--- These motives were the cause of the communication made, l l the Government to the tortes on the 27th of June, that the authorization of the same date might be ex t e nded t the four points abovementioned, relative to which, without the, circumstance, the propositions could not be admitted that udg', be founded on any one of these operations, however advan,':, geous they might be ; besides prejudicin g opi n ion by the that would be formed that the Government only possessed 3 mited and inefficient authority. With this exposition in view, conceived in the same teirfs, in which I make mention of it, and i n which th e prornp!,":" o f sion which the subject would require is urged, the reschlrf a - te d the Cortes was given on the 28th of June, a nd comet un,:: to the office of my department on, the 29th. It was in the lowing terms : " The Cortes, taking into consideration your Excelle nc y representation in your official report of the 27th inst., and P i r js titularly that realization of the loan of two hundred : „ will make it necessary to establish a Great Book, to create t ; Sinking Fund, to apply some branches of the public income to these establishments, and to reduce all or part of the Fo:ere"; Debt to a new Loan, in which it may be refunded, in order be comprised in the Great Book ; they have thought fit to re solve thkt the Secretary of Finance be authorized by in the Il e ; lution of the same ortes to do what may be necessary ' 1 ; 00 , that the loan agreed on maybe realized in the manner 10 0 st venient and advantageous for the nation." ~s i t y of The Government found themselves under the ‘nect,, te rms using this authority of the Congress, because, under, t ` 1 ,1," o rity, and circumstances explained in the ' Petition or said atiZ re and in the exordium of its concession, there were, as ' Pel met presented, propositions for the completion of the loan, tv was not to exceed 200,000,000 of reals, and because there to an extreme and indispensable necessity to fill it up, in ,° rd , e ,, r u ht produce the necessary funds for the,public service, w hich —Was not be obtained under any, other . means, and which there a most urgent necessity fin. supplying. It has been already seen that the national loan had proa tic - e r 3 _ no more than three-tenths of its amount and 300 shares ; or, what is the same thing; that it did not reach the comple,„ti°o of a third part of its value. The time appoint e d for the Dlre7 t y of the Loan to say if they would c a nt rac t f or a larger quart (1 than stipulated for in the contract of the 4th of Augus,!"„ t al' o f for the offering of the third tenth, expiring on the ' 4 ' ia cl October, the Directors went the Ministry the same day, 3,ed, stated the vicissitudes which the oper a tion h a d experie') , ol and the state in which it then,was : that it was found to b e o il of difficulty to attain the point prescribed, inasmuch Its7, e l s r the one hand, they had no funds, on which account, sePar3re: considered, it ought to be said they could not contract for nt° t , r , on the other hand, they could not venture to express that q i :94 urination, on account of the hopes that were held out to , he f by the negociations of one of their members out of Spain. r ti be suggested, therefore, that the most prudent method Ivo" b i c h to extend the time to the end of the next November, in 'foil the Directors would give notice whether or net th woulu t he tinue to supply instalments in succession, ccnfor.nably °, contract. be r, From these causes, by a royal order of the 26th of 0 0 0 . s o the term was prorogued until the 15th of Nov. inclusive, la y that (are the exact words) until the 15th these Directors case declare whether they will or rot continue, and in the latte r to the Government shall be at liberty, on the fellowing da pity take measures for contracting with others, remaining in 3C " the by . virtue of the contracts it enters into, to issue the shar e stipulated stipulated time being expired, and which it shall b e under sl is not to be further extended." This day arrived without the Directors being enable(' t he finitively and positively to express their will to contir' lle , a res" loan, and it arrived exactly in the midst of the greatest of anxiety of Government; when it was/surrounded oz, se lf fairs of an urgency difficult of expression, and it found 1 ., ja without pecuniary resources of any description to a.. csis t op this situation, even in the smallest degree, and when th e mours of the functionaries of the branch of finance for (1, - ;11 classes of persons on the State, for the payment wherewith to supply the public wants, and the claim' ar rears, placed it in the most critical situation, and the preseana tion of the State imperiously obliged it to adopt prompt efficacious measures. the If these measures had not been 41 bl ; if the result of 0 • transactions of the National Treasury, in receipts and Par il u e o t re in the first six months of the second financial year, which I lane presented to the' Cortes, did not palpably make it knowr l ' f if the above-mentioned deficit in the pre-supposed values ° contributions and income voted fbr the same year did not.°: ers firm it still more and more, it would be easy for the Om' . 0 it to prove it by the correspondence which took place in that'l l- l ie - of distress and anxiety, with the other Ministers, with thloa iieral Treasury, and with the Governors of the Provinces' s itY by these means would he also seen, the indispensable nee,es„rity in which the Government found itself of using t h e a titiw,_ o f conceded to it by the Cortes, by their resolution of the 2 9 °' June copied above. cei et °•• It did so by means of the contract 'entered into on the co., November last, with the house of Ardouin, Hubbard, and _, of Paris, and of the convention concluded with the same 1 1 for its realization on: the 31st Dec. following, of which c r t be were duly transmitted to the Permanent Deputation w hic h' Cortes, by which it appears that the condition upon OOP ° the said house has bound itself to the advance of 140,0 rut of reals effective (about 1,400001.), deducting four per commission, were—to pay 30,000,000 the Ist of Janua 12,000,090 on the same day in the months of February, I "4' is the °- o r April, and May • 14,000,000 on the same day in the f June, July, and August; and 14,400,000 reals on September. rocee d " Including these 140;000,000, with the cash capital p cole a .of theirro, ing from the national loan, the Government has not by th,7 the sum of 200,000,000 rm.'s, to which the loan decFeect / n T %A:4 7. c