The British Press; or, Morning Literary Advertiser.
London, England, 1826-03-14 00:00:00

that the latter should be able to meet the demands, and that die
former should be ably to repay the advances. He now propowd,
in the courae of the present year to repay to the Bank the tit rut,
lions or Exchequer bills which they held. lie had already caw
that the Bank held in Exchequer Bills--
Six mirions, purcbasett before the sth of January ;
Two Millions, purchased in February; and

.. , .
Three millions, advanced to pay off the 4 per dint. diesentiente
The last-mentioned sum was already provided foe. Provision ma
made for it out of the Sinking Fund. Eight millions remained, 0
which he proposed to pay off six millions of the advances as early se
the cohvehience of the country would admit. He thought it desirable
also to effect the reduction of Exchequer bills in the hands of the psb.
lice to the amount of two or three millions. It was therefore pro.
bablethat, in the course of the present session, he should hate.,
propose the funding of eight or rifle millions. He should also le
glad to see the unfunded debt reduced in a still greater i roporee.
(Hear, hear.) But he deemed it more advisable to proceed red
caution, Rapidity in the proceedings of Government might in the
case produce the greatest contusion. He saw no reason, after the
proposed measures had been carried into effect, and when the hint.
ing Fund was relieved of a proportion of the unfunded del,t with
which it was now charged, why it should not be made applicable
When the Sinking Fund was disencumbered of five minims it
was quite consistent to apply it to the reduction of one specie 4 d
debt as well as another. By this means the actual amount brought
into the Stock Market would be considerably diminished.,`
Such were the conseauence% which would result from haerbg
the means of reducing the unfunded debt. For thee tea.
sons he thought the Sinking Fund might be applied to the endof
diminishing the unfunded debt. Thus he had endeavoured to state
the proceedings which were now contemplated, as well as these
principles which were already sited upon. The course pursued by
Government, and sanctioned by Parliament, during the last )pr,
were the grounds which warranted him in proceeding as he wen
to do during the present year, and which • caused him to look foe,
ward to rand rely on a prosperous future. Ile was not ashamed nee
afraid to use the word " prosperous," when he viewed the national
i power and resources, and saw the Government an I the Legislature
anxious to develope that power and those resources. When he saw
them uniting in their endeavours to correct abuses, to remove tab.
structions, and to give life and scope to the active energies of the
na.ion—when he observed our foreign policy, exterding that
pre.eminence which the fair dealing, the prudence, and the honesty
of England, had entitled her to assert—when he saw, too, year
after year, the improvement made in the administration and co,
solidation or our laws, which rendered them more intelligible to
those to whom they were dispensed, and more satisfactory to those
who dispensed them—when he saw our finances; bearing due pro.
i portion to the honour, the safety, and the dignity of the country;
I and yet a due circumscription used in curtailing unnecessary palm.
nege and restraining unnecessary taxation—when he saw this
course of policy enforced by the Government and sanctioned by
Parliament;—above all, when he beheld the people allured
by the light or knowledge, and alive to the progress of in,.
provement, which wasdispelling the mitts of prejudice from armed
them, and opening their minds to the truth, that it was theit is.
terest as well as their duty to follow the advice of those who wen
charged with the administration of their affairs—wirers he beheld
all these things, he repeated, it we . not overconfidence in him to
say, that the affairs of this country were in a right and prosperens
course. (Hear, hear.) We may have many difficulties to emu.
ter, as had recently happened—we may have to abide the sudden
violence of an unexpected tempest—we may have "to beat the
slings and arrows of outrageous fortune ;"—but, if consistent, et
should " take up arms against the sea of troubles, and by mos.
ing, end them." Let us only persevere, and those dangers and d.F.
ficulties which impeded our progress would disappear, and a,
should ultimately advance with systematic regularity to the end
' and object of all good governtnent—the welfare and happiness of
the people. (The Right Hon. Gentleman here sat down, anids
loud cheers from all sides of the House, which continued for acre.
ral minutes.)
Itlr. 31ABERLY then rose, but was inaudible for wool
minutes, in consequence of the confusion which prevailed in the
House, wising from the departure of many or the members.
When we could catch the tenour of the lion. Gentlen..na ob.
nervations, we understood him to say, that the speech of the
Right lion. Gentleman (the Chancellor of the Excheqtrer)
abounded with fallacies. He would otter his objsctions to what
had fallen from the Right Hon. Geothkrmine•ln the order in which
the Right Hon. Gentleman had placed them beforiths How.
He hoped fir the iedidgence of the Iloat,e in the ohsereetione he
was about to make : he knew it was a dry subject, but ft was ace
of great importance. rhe fiat great fallacy which appeared 4
the Right lion. Gentleman's statement, was in t.lat.cn to his
quotation as to the dimioution taWillifege of the National Debts.
The Right lion. Gentleman quigi# tq' have gone back to MI6, for
the purpose of comparing threat-ORa and charge ; instead of shah,
he only went back to 180. tr.Mks7au not the Right lion. (Gentleman
gone back to 1318 or lin ?Lisel'ause lie knew full well that, :a
1822, 2.9ni1,0(kt1. was added to the debt, and if he !,..d gone back
to a period a.lecetlent to 1822, this audition trust have been
brought into his calculation. The Right: Hon. Gentle.nen stated
that there h.al been a reduction since 1823 : this was true, bat
there was an increase of 2,8011,01:0l. since 1:119. The rent of the
Right Hon. Gentleman's tallacies wkis as to the amount of ela
carnal. In the same manner the Ili gh t lion. Ger.:lemon had
Moe got rid of the previous years, which came in the way of ;In
celculations. As to reducing the unfunded debt, by paying tf
Escheqner Bills, it was A grew: delusion. for what was it but
getting to debt again ? It was paying off so ninny millions by
borrowing the genie stun. It was a grnss fallacy to say this es
paying cfi'a debt. 11'ith respect to the estimate as to the mount
rat the present year, he hoped the result would peeve the Melt
Mont. Gen:lt man right : but he thought an estimate of the re.
ccipts of this year, founded upon the last, very fallacious. If
11:
the Right lion. Gentleman had 1 !wildly, he would not hare
stated the amount of the recei ' the first month of the
pr:sent vet.r. but she amount u resent time. Last year
the Right Hon. Gsntlentan mat t be expected a stop
reeenue of gat.ow. .

The CHANCELLOR of the EXCHEQUER here intimated
across the table. that the lion. Gentleman Not misunderstood him,

continued.—The Right Honourable limits
man said that tour millions would be saved in tour years, and that
1,409,0001.

Tile CHANCELLOR of the EXCHEQUER begged to be 1.
lowed so explain. The, Hon. Gentleman was noise wrong in tiss
statement. Ile (the Chancellor of the Exchequetlhasi said ilia!
be it staving of four millions if the saxes were not reduced;
antl it was upon cal:whiting that such a surplus would resaain over,
that he came down to propose a reduction of taxie:on.

Mr. MABEE V resumed.—What had just fallen from the
Chancellor of tilt:Exchequer certainly took away from his arguraert
He loped eince•rely that the flight Hoc. Gentleman's estimate
would be rcaliwal ; hut he greatly fared it would turn out dehaire.
He was glad to see the policy continued of applying the Snking
Fund in the manner pointed out by the Right lion. Gentleasa.
'Flue Government had thought proper to redure the f:-.ur a.o :as
per eent•‘. ; and he haw no reason why, at a sutAequent prri.4l. :he
unfunded debt might not he reduced. The 6anger of Eleacqut
bills and such tccurities were great; but, at all vim,. ,P. 3
hoped that the statement the House ihtd heard would be teal sed.

Mr. 111331 E was oppeebewaina *tar the House had,been kd aing
by the eloquence of the Right Honourable Gentleman. fietlioacht
the Right Honourable Gentleman had nut acted fairly in Ott uh'
Inn one period as the date for all his calculations. There was CCe
period for the reduction of taxation, another period for the incrusci
and _another for the amount of the national debt. The wh'ic
scope of the Right Honourable Gthtleman's intention seems'
to persuade the people to think they were inner oil than at any gi`
tecedent period. Judging by the increased consumption. 'feu, ret-
tainly. was a fallacious line of argument. Ile (Mr. Hume) had now
only risen in consequence of a stateni,:nt made by him on a Ennui'
coming, and which the Right Honourable Secretary for fortilil
Affairs was pledged to pr,ive erroneous. llis (Mr. !lamest tur-
ning wan, that although taxes were reduced to a considnablr
amount—it was said 27 millions, and it ma:tered net haw many
millions were assorted, that although the mode of retsina
was changed, t`ie amount taken from the people had DO! (Mint
ed since 1817. The ('hancellor of the Exchequer said he would
prove that there were ten millions reduced. altholiiih there wt.,
ea the table of the House a direct contradiction to that staterneat•
The Right Ron. Gentleimm was not justified in taking ti e year
1816 IS acriterion, for the reduction of the Property Tax, toga her
with the at! er reductions of that year, had nothing to du with the
question. What he (Mr. Hume) meant to contend was,
that dur-
' ing the last three years. that is, in the years 1823, 24, and 25,
amount of taxes abstracted from the pockets of the peep
gender by more than a million in earnyear than It had been in 1?"'
18, and 19. In toe eleventh year of ponce, the public had a right
to expect relief from taxation, inmeld of which the hurdles •
came greater than it woe In the third and fourth ),ear.afte Idle ter•
mina ion. of the war. Again, he repeated that 1816 could ants. nol
criterion, for the surplus of that year was owing to the eslohh4
the arrears of the Property Tax. Upon the whole, the statement
of the Right Honourable Gentleman was to ban (31r. Magi
quite unkatistictory. There was to be no reduction of tatatten,
and an enormous army and navy estab,inliment was to be kept uP
at an expense to the country of 17 millions, which was much greater
than what it had been in the years to which he had alluded. the
tax tin tobacco only was to be partially taken off. which of i'"'"
would he comparatively no relief at alt. sw that it appeared 11'3_4
after a period of seven years, an atliliii nil tm millions wit, 10
.0!
added to the funded deht of the co.) try, fie charge for which
would he mete than in 1819, as WWI 111, ed by his lion. Friend
as
Moberly) in the papers which were lyour upon the t bit 0.
the House. 'file Hight Honourable Gentleman, in order to sul,-
a port his position, that the country lIIT.II capable of hearing tier
quantity of taxation which it was his intention to ceniintr, 6144