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London, England, 1807-02-13 00:00:00

,
.s•

had been petyposed by that
was cs-etainly his (Lord C.'is)
coasideration ci the House.
have wished, is doing this, not to
of a speech, previous to submitting tMe tiesolutions,
of which he had given notice ; but as it might be
deemed difficult for Gentlemen to enter upon the
oubjedt; without same elucidation of-it. in. the same
manner as he himoelf had experienced, as well as
otters, in regard to those which the Noble Lord
bad stated, he begged leave to trouble the House
with a few preliminary oloservations. He was par-
ticularly anxious, that what he had to propose upon
this businesss thould be taken into minute investi-
gation, by those who wire particularly concerned
in it, in order that they might have an opportunity
of ieteeting any errors or fallacy that might exist
in his statement, and that they might state their
further views and arguments upon the ounjed.
There were c•rteioly many vices stated by the
Noble Lord, which he was not disposed to dis.
pure. For instance, he apprehended tat there
was nothing more clear, than that it was open to
the discretion of Parliament, to take into confider.
anion how far, at any future time, any principle of
1111.'XIINIVIO might he allowed to the Sinking Fund.
From a sense of equity towards the stock holder,
Parliament might take upon them to determine to
what extent, and to what period, that fund ought
to go on. The magnitude, however, of the Sinking
lan], might be thought through time to become a
national calamity, instead of a national benefit; it
moot tend to destroy all the principles of the te.
established in the country. lie was also
disposed to think, that a period might arrive, wheat
the pressi:re of the principle of providing Taxes
tr defraying the expeoces of War, independent of
the Sinking Fund, might he Mend wholly incon-
sistent with the principle which Parliament ought to
adopt, in justice to p teeny, or with an accurate
view of the oeneral operaeons. for the glad of the
country. Ho should Lot. however, puss his ob•
jeilinn upon this pea of the subpift, he should
only say, Ch it whether in Pe..ce or in We:, it was
' neiiher consistent with sound policy, nor consieent
with the duty whi It Pali ornent owed to the coun-
try. to put rho Lars of the year to s ;eh an extreme
as they have been proposed to be relit.] upon. His
view was rather to deprecate the superstruOure
which the Noble Lced had reared, in the first in-
stance ; and he hoped he shrub," ultimately find
that tie (Lord 11. Petty) had not taken any view
of the subjeet, inc toststeat with those resources
which the country might eauelly require in the
course of the next 23 )ears, toe period which had
been assumed. This, iniwever, he thought was
impo-isiSle to be dune by any person. liewever
beautiful the Noble Lord's system might look at
the present moment, he eo•ild not help stating,
that nothing could place Pediment in a more
aukward situation, or make them feel greater em-
barrassment, than their having cccasion, at some
Wane time, to reverse that which they had
formerly don.e. It was for that reason that he felt
anxious that the arrangement of the Noble Lord
should be built upon the roost. extensive view of
the present situation of the country, rather than by
forming imaginary notions of what was likely to
be its future state, as it was impossible to
form the latter with sufficient accuracy. lie
admitted, with the Noble Lord, that it was ne-

unary, in discussing such a suhjat, to lay down
some fixed 1.4 e. for withnut toat, it was im-
postil-le to. form any comparison betwixt one
• stern and another. He could sot help thinking,
that the tuts which had been adopted by him.
was 'minded upon principles completely f.dlaciou:,
with resped to any probable expence which the
count', was likely to be involved in. It was a ad's
which was likely to involve toe Noble Lord in a Oat-
. &atm which he (Lord Castlereagh) wished ham to
avoid. nemtly, it was likely to create espediations
in the country, as to the moderation of annual
expenci s. which ;night not be ultimately realised.
in ^.h•wg d wn the annual expenditure from 41
inillinos to 36 millions. he exposed himself and the
country to an extent of disappointment. so large.
sh it there was reason to apprehend the failure
might tend to increaos the (faculty of re, tding
tem:tutees in future. He was sure the Noble Lord
must feel that this was a great blank :n the situation
of a War Expenditure. Were we always to be—
se ftritatinos unto cetlx dmios '"
Wes no expence likely to be incurred upon the Conti-
nent for twenty years? We were not entitled to as-
sume any specitc sum of money, as being necessary
to catty on our contest, or put our military force
into shawl operation. Admitting that the Noble
Lord ought to stare a distinct sum for carrying on
the War, inch:pendently of other capences, would it
nut have been fair to have taken an average of latter
years? Had he dune this, he would have found,
that even upon an average of the four last years,
there were unforeseen payments amounting to no less
than 3.700.0601. He did indeed lament, that the
Noble Lord. in opening this great suojeEl to the coun-
try, and instru(ling them as to their future expence
for 20 years, bad founded his data upon such narrow
iheiples, auto to circumscribe the War Expeodis
tore to less than the sum found necessary for the pre-
sent year. In estimating the War Expenditure at the
pitied of tie Union, it would• be found not to have
exceeded -thirty-two millions ; if, therefore, from
that time to the present, we have risen in the
amount of War Espences in so great a degree, did
sot the inference go to prove the Noble Lord's
slate completely erroneou, ? He was anxious to
examine the principles of the Noble Lord, upon his
own data. He should endeavour to prove to him.
that his calculatim, if put into executiiiii, would
expose the country not only to great embarrassment,
. but even to c. mplete ruin. lie trusted tie should
be able to show, that it was a gratuitous and un-
necessary ruin, and thst the :diet and indulgence
which the Noble Lord proposed to grant to the
country, might be afforded by other means. This
was, no doubt, a thfrieult task to perform ; and there-
fore he united the indulgence of the linos*, in stat-
ing his view of Or subjcel. as being worthy of their
con etlerariou, and that of the Noble Lord himself.
Here Lord Castlereo,,:h entered into a very full and
able elucidation of the data upon which he founded
the Resolutions which he intends I to propme to
the consUnation of the House. (On account of the
spear length of his speech, and the intricacy of hie
so mernus cola:lotions, it would be impossible here
to detail, Of to attempt to do diem that justice they 4

le 'llll""dttthettr.seirtit nolutioni, ere arks,' h
°WC 11-
thi Noble. Lord concluded -kis Ale ar
welds. • 'We shall content ourselves will' stating
a few of the most prominent features of hiscpeech.l
-4-Asto Whether ft wax proper to mate any ar-
rangement, in regard to Co- future operation of the
Sinking Fund, he assumed, for the sake of argament,
that Lord li. Petty's plan was tote from objeCtion,
and that it was expedieut, the extent of it should
be placed at the disposal of Parliament, and have
complete operation for twenty years, front this pre-
sent period, so that it should afford a haven guars-
ban of Ways and Means, upon which the system is
to be built. It would afford a resource too confined
as to the mode of borrowing Loans. This was the
first fallacy upon which the plan was huih. The'
condo& nt individuals in private life might be ap-
plied to the system of public finance. A prison W old
be considered as making rapid approaches towards
ruin, if, instead of burnishing supplementary es-
pencea, he should content himself with borrowing
to defray the interest of former Loans lle should
take the sum of twelve millions which the Noble
Lord had proposed to borrow within the year, and
let it be so borrowed on double Loans, as WAS in-
tended. On one of these Loans there would be ten
rr cent interest, and on the Supplementary Loan
six per cent. necessary to be paid. Compare this
wida the former mo2.e of borrowing a single Loan,
and landing it, and it would be found that the
principle of double Loans would make the amount
sixty millions and a fraftion, and the other mode
thirty millions and a fiaClion ; so that there would
ultimately be a loss of upwards of twenty•note
millions. The two systems would stand cons-
paratively to each other nearly is this ratio of
two to one for the next twenty years. to• thi: new
plan of Finance. If the Noble Lord could ac-
tually raise 210 millions of gross capital, he
would be greatly, relieved from any imaginary
embarrassment from the amount of the War Loans,
and therefore ha (Lord Castlereagh) slaasaild com-
pare the borro aing of 210 millions by the former
system, with that' by which it must be seised by this
new one. It appeared by the Noble Lord's own
statement, laid Oil the Table, that he intended to
borrow, upon the credit cf the War TARO, a capital
of 210 millions, and supplementary Lsiahs upon the
credit of the Sinking Fund and Permanent Taxes,
a capital of 204.600.0091. So that to execute his ()li-
ke of raising within the 20 yeats the sum necessary
for his purposes, he proposes to borrow 414,800,0001.
sterling, so that the actual increase of capital neces-
sary to be borrowed was I rtf,,200,0001. This new
plan was therefore merely a plan upon paper, to
raise a Loan of SI millions. By a compara
tive state of the debt in which the country was
likely to be involved at the end of the 20 yeais,
lie estimated that there would be found an increase
of 93,320,0001. by the former sysieto, and by
the reverse, it woald amount to 183,1394,0001.
In every view of this plan of Finance. in every
l,rai.ch of it, which he had ,elt it his duty to com-
pare with the various divisions of me present. or
Mr. Viit's system, he perceived a general and
downright fallacy. It was specious, but delusive
in its promise:, twenty years of war, without ad-
ditional taxes, were considerations of a nature to
pa oduce favourable impressions. But in the erec-
two ct this kind of Chinese Pagoda, the more
were fundamental, and tholoh not at this period
prominently striking, were, in the end, certain to
produce general embarrassment and national ruin.
Had the Noble Lord limited his plan to a sim-
ple loan, the mischievous consomences would
neither be so numerots or extensive; Lot in
his scheme of double loans, the country would be
sacrificed to two of :he most merciless Jews, that
ever preyed upon publ c resources. Independent of
its injury to the general interests, its bearing oo the
stockholder, who had advanced his capital fir the
service of the state, was, in a high degree, po ju-
dicial. Had any additional advantage been gin en,
there then might be au apnls. y for talsioo a pro.
portionate one from the holders of stock.. Tne
great merit of the Noble Lord's system, must be
as a war one ; what was the WI, and hose was it
likely to opeotte in that view ? ['hat for the last ten
years of the twenty, the sinking fund would
be declining, whilst your debt would be pro-
portionately progressive; and the final result
of this Arid super stregture, would be to dilapidate
the public resources, and aggravate the mitotic dis-
tress. The Noble Lord concluded by saying, that
he was induced to adopt the line of concludt he had
on the present occasion pursued, from a strong se.-se
of public duty, and from a conviCtion of the reeti-
tude of his own views. It was foreign from his in-
tention, to call for, say expel, any hasty decis'on on
the objeetions he had made, or the observations he
had proposed. Indeed, nn a subjeft so intricate and
complicated, it was impossible to understand
allegation at first sight. The eloquent statement
made by the Noble Lord, on a former evening, it
would be a mockery in him to say he understood
without ulterior refleCtion. The same difficulties
attended the statement lie had then submitted to
the House. and therefore it was. that he had-deter-
mined to explain himself, in offering resolutions,
not intended as the basi. for any legislative measure,
but merely for the purpose of elucidating the prin-
ciples and grounds of his objoilione. He could not
sit down without adverting to the transcend ant
merits of that proud system of finance, raised by
Mr. Pitt, and which formed the ground work of all
succeeding plans. It was true, the Noble Lord
fortified it by the taxation of last year. and another
Noble Lord (Sidmmith) in the 'time of his admini-
stration, added greatly to its merits, by the raising of
the supplies within the year. Convinced of the
efficacy GI that system, he was induced to assert, on
a former occasion, that the Ministry, at the head of
which was that great Statesman, Mr. Pitt, had
handed over to their successors, a triumphant navy,
a gallont army, capable of being made more effi-
cient under better management, and, above all, a
solid, natured, and Bonrishing system of finance.
For that opinion, lie was unfortunate enough to in-
cur the rebuke of the Right Hon. Gentlemen oppo-
site; not that he suffered- in his mind the least hu-
miliation, or disposition to change his opinion. On
the present occasion, he had to thank the House
for the indulgence he had experienced; an indulgence
more the effect cf its candour, and wish fur a serious
investigation of the important subje:l, than induced
by any adventitious aid wiitzh his tumble talents

-

~~ .

7111 • • qk lyeabdor
r,coslld sdpply. e tad now pay
slltstions:t alit] it became a costsideglltion the
Hoisse, Sit appoint 111.- prn,s timer :fee...egoessesing
them. The Noble Ltird moved a stringof resolutions,
which were ordered W. be taken into consideration
' oft Monday bets.
[the Resoltitioni are given in a stibsegoent part
of this Paper.]
Lord HENRY PETTY—" ti:r. Speaker, I th;uk
the House will agree with me in thinking it stone
cessaty, at thii momeqt, to follow- the Node Loul
through the extensive statement he has made, or to
trespass on its time by any discussion, in the present '
stage of this business, on the char exposition which
he has this night given of the views he entertains of
the system of :finance. which, on a former occasion,
I had the honour of submitting to the consideration
of this those. But there ..re some points on which
I h•el it my d:ity to offer a few observations, in
order to gu.Jd against the possibility of misrepre.
seetation, or any improper impression, with h, tram
what has fallen from the Noble Lord, may, if unex•
plained by me,operate disadvantageously to the pi in-
ciple of the measure throughout the coun:ry. 'Eh N
Noble Lord has founded one of his principle and
leading ohjeaions, upon the iiijoriosis and danger.
out tendency of any system, which, under the pre-
sent circumstances of the world, would legislate for
futurity. That however wise it might he, in esti-
mating the merits of any present measure, or in
weighmg the respedive heneits which warranted its
adoption, to take a prospedive view of the pro-
bable changes and events which may take place
its the world, yet it was hazarding too mto-ii,
to decide upon a system, capable of meeting
every issue, and calculated for every future oc-
cio rence. It will be in the recolleaion of the'
H use, and I am surprised the Noble Lord did
tint recoiled it, that, at the time the measure Was
introduced, L did most expressly assume, that it was
not a plan of that universal comprehension, suited i
to future incidents, and capable of embracing every
possible case, which, in the vicissitude of human
anion, in the changes of national pursuits, and,
above all, in the present uncertainty and fidditation
of the civilia:d world, may probably arise. It was
certainly my opinion, that, in calculating the rate of
expenditure, there were two contingeneies, viz sub-
sidising foreign powers; and auy y.tt eseen increase
of our Naval Establishment, which would call tor
mare enlarged suppli,s. To meet such charges
was the collie& of the supplementary loans, and the
consequent imposition of new taxes. But, Sir, Ido
most confidently conceive. that etis House can
adopt and sanihon a legislative enaament, when,
amongst the provisions of that enatiment, an ex-
press and Ltipulated fund is ascertained and laid
down, for the purpose of liquidating all those new
demands, which may, on a pinhable and regulated
view of the case, be supposed, in the process of
time, to arise Another ground of the Noble
Lord's oTetions, was the fadure of any dunes,
which were estimated as a certain and unfailing
resms,rce. Here again the system protedis itself,
and prepares for such an occurrence, by Parliament
pledging itself to supply the defalcation, either by
the imposition of 1.,:w duties, or an increase of the
permanent cults. In all the discussions which have
taken place on this subjeet, never did I conceive it
in my feeble power, nor indeed was it ever in the
contemplation of t ly Right lion. connexions, to
presumptuously recommend a measure, applicable
to all circumstances, arid not liable to alteration.
I am charged by the Noble Lord with having taken
the average of the expenditure foam too narrow
estimates. In answer, I say, I took it from the
only estimates on which I could found a jestified
and certain inference, the estimates of the last year.
But, says the Noble Lord, Why not take an average
tit the former subsidies to Continental powers, and
thence we would be able to form a more carrell
view of the probable expenditure, which this
country, in future, may require ? This would be
truly legislating for futurity: this would be adtially
an anticipation of the time to come. Thos, when
we form an estimate, connefted with our home ex-
penditure, the safe course that we pursue is deemed
narrow and restrided but when we calCulate on pro-
bable alteration, and pi ovide specific means for meet-
ing such chnges, our system is accused of presumptu-
ously arrogating to its-lf the power of meetng events
and vicissitudes, which are under no cent: cut, save
that of Providence. To the responsibility, I have
pledged myself, on all occasions, to account tot etch
variations in that plan to this House, when they shall
have taken place. Toe Noble Lord flab ttext -ae
to the power of appropriating the excess of thebinking
Fund above the interest of the debt. He avails him-
' self of the dednaion, at the same time that be ex-
cludes from his consideration the addition which
was originally made to the fund. By the system
proposed, we equalize the operation of MU fund,
by adding to it now, and taking Irons it Hereafter.
But in the contemplation of the Noble Lord, the
whole stress of his reasoning is on the beneficial
effed, without any reference to the operative cause.
I have thought it my duty to make thew few obser•
rations, previous to that general discussion, which,
I hope, will take place on Monday. That it
should not be postponed, the financial interests
of the country require; as such a postponement
operates rather injorinnsly to the raising of the in.
tended Loan. I cannot conclude without assuring
the Noble Lord, that it is the ardent wish of my.
self and friends, to listen to every proper sugges-
tion, old to e;.courage, on se important and serious
a subjrCt, the most complete discussion, in order to
reach the numerous benefits of Legislative wisdom."
Mr. ROSE had en wish, by delay, to create any
injowienis consequence ; he had objections as well to
the system of the Noble Lord, as to the substitute
proposed by Lis Noble Iti.md near him. At pre-
sent he should only say, that the system of the Noble
Lord ompeeite was intended to be permanent, and,
therefore, that no variation can take place, without
totally convulsing it.
The other orders of the day were postponed, after
which the House adjourned.

FINANCIAL RESOLUTIONS

MOYLD LAST WIGHT IN TNIL NOUSS Of COMI/0111,
SY VISCOUNT cArtutatAsw.
No. I.—That it is proposed by the New rim. of Finney
Om the vntnol exreisev the present Sinking Funki, shove
thtt rest or the debt charged noon it 114 every rvett year,
bliuld be deemed to be at the disposal at Parlwinew, and ap-

.~

t :Me to this realie service. Ant It lippeas,tkat Tho s
Sate vro6ote wt else 124 exce.sda, between rAe igi
Ihrt;. will amount in .:sr whale e.. 11021,1'M.
!ILA 4.lnuitt, s. to the ansouott wal hal v.
tart-a ate years tSO?

That It I: s6l...fruted.lll, the Neer illett o Itowwwe, lad
on ll.c agcres..te pluducc of the sai.l of the h
Fund, ini.l upon (hr said Aim he errteeto aid M
Fund n( qottooono. Sopplementatir I.nai.a. And tow...
in 11l of the raid agreprate prudtke, 'between the ,ea, „
and 1816 urge Taxes,to the amount of tlett,bLub
That to addition to the tiu...pl.,mentary Las„,
~,,,.b4
Toted far, it is i.roputed by the New to tang IV..r
th. amount of 210,11410.10ti1. Wu the ottalit of the WAI
alll9utiting to L.:l,ooty.Ctii.

llytt the W a sod Supp'ement .y 1...0s arsch yr 4.461.41
to w much of the, War Tear* a. lIIAV reooths wh0.n4.4,'
will produce in Latch year rrspeai.ely the
li:1101111.

Th it in order to rake the mid slim of thrty-tA o
exit year, wnhoot Mu:gaging thu Wet 7.41 M., torn•
r..qinied in adJitioo w the twenty-one uhlikots of War Tasy
as annual hats of eleven millions only.
That without any mortapge upon the War Taxes, pm
nual Loan of eleven matrons inight be provided fur, for rt.,'
nineteen yens, by the application of the same foods,
annuities, ansmanting to 68,,5151. the excesses n• the
Fund, amounting to 11,140.2741 and the New teem oths
to S e impolori by the New Plan, anisounting. to fr,The),,,,
which the Supplementary imam are to h. ("hafted,
NO 2 —That the proposed System et. Fthan pmeess:. a.,
doe?ly to muitgaire tor 14 years the whole of the Wet s,s,
he the intehest ..r Loans in war.

That there Taxes am not generally of a nximo ,A;th
eh
with pinpriety be su pled.rd, II several 4.1 t 4,11, /lab 11 Ili
Tax on Lemma, the Nutlet on Tea and a. wilbtot
b..bly either be runilthel or re•ltteed ata a whilw it is in.
pr.se.l by the said Plan. that the Property Tax, amut.titior..
11,500,0‘01. should in that event, be entirely remitted ;
yi
case (cm:hi:lye of any mortgage at the time afar
tag the residue of the War Taxes) the po,t,on of dim
which might be mminuaid without material rtejurlice tei,,
Public Revenue beyond the mow be ehohy inw.ffitma
to equalise the lt eareauo. with the litc•re Expentliture.
Suppose a Pace Establishment at 13,000,0001.
If the War Tax.. wete mottgard, then there would men.,
Land and Malt . 2.750,00 a
Surplus of C.r.ailidated Fort! 0,300,030
Lottery • 4.50,000 •

l',700,111;0—a-6,700,rde
Annual a delency to be provide,' for by I:ew
Lu ins, faxes . • b. ioll,boa
•
Satpura-Mg the Peace Estahl,linient to amount to 21.•,.)04,044
The deficiency to be provided fur, in Like man-
lier, would be . . 13.300 V'.7
. .
No..3,—That the new Van will require Loans se a era's
an ~,,, lic, to he caned in each year, than would he segue...l
the usual rystern at borrow's,: were perseterad in.
By the inewent system, in eider to cover a war
ex.,e ~, iiture of . st,oon,cce
Th:re would he wanted in each year in aid of
the tweni nem., mii.i.ii,.. Was Taste., a Luan ut 11,000,54
Atuotinting ill teciity years to 120,u411'.1.14
NLW PI.A.N.
Amount of 0, War Loanifor twenty years 210,000,1}m
Ditto at veliplepaeittary Laaus fur ditto 204,11),ei10
---w-e
Total • . 41411.04,04
Total emcees 11 the new Plan, exclusive of
1117.000,h001. borrowed on the War Taxes, and
redeemed within the period • • . 19eia0e.„1101
TEe Average Capitals tc• be annually rained by nit mu
Plan are,
Annual amount
War Loan . 10,5'0,050
of Loans by that Supplementary
new KID, on a IIOS ditto' . . t0,t00,000....21,720.000
year, a, er.ie,e
Annual amount of bait by the present plan . 11,000,Ca1
Average annual i.xceri of bon. by the new plan 9.750,001
No. 4 —That the comparative increase Cl the public Ur%
which will be pro !treed by dm two plans, and the elect thw
will have ou the proportionate amount of the Sinking kva:,
by their operation in twenty years, is as follow :

EF F ECT or Till ►l EII•T !TOTEM
1 he 'moult 1 mom, capital of the inzahe debt.
ft, in the year 11107 30,793.711
The .mover ot ciiitt• .114 be. in the wear 1526,
suppoling eleven minims. raised in leach year 170,443,3 GS

Decreaw ..f cleat in twenty yews raising sierra
MAIIOIII in each yeat . . WA) 1,411
LFFICT OF TNIt Nair FLAN.

Amount of the money model us the phibt6c
debt tingle, the New ran is. 1807 . 564.999.7,1
The ananunt of date wiil be in lbi6 .

Increase by New Plan in tweet, roars 90, 44!I1
Decrease of debt by the present spun', as abuYa 93,3.10011
lucea,epf ditto by the New Plan . . 90,a+1,111

Total increase of debt by New System • 113,694,467
■FFECT Or VIMINT PLAN ON 'CAC SINILINO
A•nnnnt of Sinking Fund node' tile Present
S? .tem, ash thertiVic Debt, is, in 11107
A .nmitot ul ditto will be iu 18a6

11,515,149
. 27,115,5,1

loierea,e of Sinking Fond in twenty years . 111,610,6.1
urr.gt or NM PLAN ow Tim SINKING InIND.
Amount of Sinking Fund, und• r the New Sys-
tem, is stated OA on, nt • 6,935.04 C
Amounted ditto, under New System, *dl be II
1816 . 116.901,363

I.lclezie in twenty year,
ilifferestee In favour et the precut Syn:tll

. 17,966,13
64&441

So that the New Plan gives only . 26,201.3 4
Sinking Fund nn a debt of e 53,557,9.121 , whilst :he present
stem would gore the larger Sinking Fund of 2/,115,8111.
un the smaller debt a( 2/0,442,3051.
The proportion of the Sinking Fund to the whole debt wdl
be, under the pewnit Plan, in 11148. above ene.tends.
Tits proportiiat of the Sinking Fund vi the whole deht, nes
doe the New rim., will be, in 1816, about onc.c:venteenth.
Tie Sinking Fend, under the Present Plan, 1171.* stated at
27,115,13811., comments to Increase, at Compuund listercsi,
alter the y ear 11126, till the whole d..bt is redeemed
The Sinking Fund, under the New Plano having obtained
its mammies of 1111,1a8,01,81. le the yeas 1820, descends t,
26,901,3001. its the year 1626, and must continue to decline
alter thii period, on lon as the exces es shall be deducted.
No s.—eTn.st an increase of charges, for the Interest 04
Sinking Fund, of Loans. Inc the twenty yea". mu" "i"
place, under the New Peen, compared wills the like chair.
wbieh limed take place, were the prmeut system pewevered
LVILCTS OP Tilt PRESENT SYSVIII.
Annual lean, I I,itan,oool. Chaoge fur 'tamest
std Sinking ?unit . . 133,%)
Amount of Loans for twenty teats, 7,.?n,0001. a
charge fur duo

14,664M1

ErftCT OT THE NEW ILAS.

Charge of Sop,.lement:try anionotrog, in
twenty years, to 234.:M.Vni. Eayning
n.nties rtedutlect 14,266,:E4
War Taxes, mortgage.) at•the end of tenthly
year+, which are to be hhe ..td successively,
in the next fourteen y ear., af,e, the year 11126 21,000,61"
Chair! as 3hor:., under the present . 14,666,6 u.
Charg tinier the New Pau, fur Ow Supp!2-
nientary Loans only 14.209,152.

373,..

Difference
War Taxes. mortgaged as e!,o‘e, for IVer
I. 4114, accoidi ig to the N.:w Yl.n . 21.00,0‘.
Ditto according to the r.escill Sylte, . Nil

No. 6 —That the %Vara end Meant,. proposed be the N••
Plan, to prevent the tsysesaity t.( imposing New Taxes. to ao
eouvderable amount, T.& the Expiring A tineeser, torte.'
with the esteem. of the Sinking Fuad, abort the Inter-4
the tiorede-theal Who, are equal', applicahl^ t, n.
Batts their isamove, under 11 other ?node et raisins Low,.