The British Press; or, Morning Literary Advertiser.
London, England, 1826-05-05 00:00:00

CURRENCY OF SCOTLAND.

Lord FOLKESTONE presented a petition from the manitfac.
terms of Paisley. praying that some elevation might take place in
the currency of Scotland. His boyishlo wished to know if any-
thing had been done by the Committee nn the Irish and Scotch
Promissory Note Bill, or if that Committee was licit to make
any Report before next Session of Partisincht, and what might be
the probable nature of that Report, shoold it be made before the
time he had mentioned? He considered the present petition of
great importance. as it relater, to the currency of the country—a sob.
ject, in every point of new, of corisegnence. The petitioners stated
that the paper currency, being liable to alteration or diminution,
was injurious to the commerce of the country, and excited a dispo-
litkfl to speculation which had effected much mischief.
On the motion that the petition do tie on the table,
111 r. HUSK ISSON said the subject could not !hen be discussed
in all Its bearings. He was not prepared to say whether any Re-
port would be made by the Promissory Note Committee or not, or
what might be the Report of that Fotrimittee, should one be made.
lie thought any discussion at present on the subject would be pre.
matate._ . . . . . _

Lord FOLKESTONE said, he merely asked the question fur
information. He thought the Right Honourable lientlemsn. or
woe of his colleagues, might have satisfied him on the point. lie
was sorry none of those Gentlemen had arrived. Tile petition he
liscl presented was important, from the number of persons who
had signed it, and from the state of the place from whence the
petition came. Psidey was at present in the greatest distress, and
Ito considered the petition importaat, not only from what it stated,
but from what it did not state t for though great distress prevailed
in the town of Paisley,tise petitioners did not fall into the delusion
that it originated in the Corn I.aws, which was the more remark.
able, when it was considered that hlinisters had fomented that de.
lesion. If the petitioners had not been afraid that Parliament
would be shortly dissolved, a far raster number of signatures
could have been procured ; but. notwithstanding, In its present
character it wasenittled to consideration.
'Colonel .11 HINSON supported the pmyer of the pethion.
!Hr. SRRIfiliT thought the question of the Corn lows ought
not to have been mooted. Since, tessera., the treasure had been
to night forward. he thought the tiro resolution might have been
pqn,el without pressing the second. He would not, however, vote
sir that resolution with an implied assent to to,y alteration in the
um laws. He hoped Parliament world continue Illeir sittings, to
ehtvise some remedy for the distr.vs ws.:ch prevailed t and that they
would not separate before they had accomplished that desirable
oblect.
Slr. P. GRANT thought a petition so numerously signed was
entitled to attention. Ile could not think that any distress could
have arisen from a paper currency, which was convertible into gold
at the desire of the holder of such paper.

Mr. MONCK said that he a;,T• .tit in the views which had been
taken by the petitioners of the currency. Tie payment of that
currency in rild was the touch..!one width should be applied to
the state of OUT affairs. Of two evils he would prefer the lesser; and
I:r thought et better to adjust oar currency to our difficulties, than,
as had been hitherto done, to adjust ear difficulties to our currency.
Sir H. WILiON said he was most anxious that an inquiry
should be made into the present owe of the distress of the OVUM.
fictorers ; and if any proposition to erect that was brought for-
ward, it should have his decided and cordird support.
General GASCOVNE said, the raison why petitions agaiost
the Coen laws were not prorated, armee net from any Inattention
to the 'object, but because it was considered useless to send them
to that House, from the manner in which such petitions were re-
ceived on former occasions. The general opinion which prevailed
Vehicles to the cause of the distress was, that it proceeded from the
Cern Laws. He did not himself agree in that orinion, but he was
rant decidedly of opinion that an inquiry should take place. He
csuld not for • moment Imagine that Ministers had postponed the
akossmed consideration of the second resolution, with a view to
vt lid of the question, and not with an intention to afford time for
a Coll discussion of the question which was to be brought forward
that night by Mr. Hume. Ile trusted they would, on the con.
hairy, persevere in the course they had begun. (Cheers.) He
proposed, that before the Session closed, a full Investigation should
Ise instituted into the cause of distress among the manufacturing
classes.
Mr. Al AIIERLY said the present was only the second petition
presented daring the Session hi favour of a change in the
currency of Scotland, and consequently for a payment in gold.
The other was from a place which had never before been heard of
in that House, aid from Its name (Mime) had given occasion to
much merriment. The fact was sufficient. to show. the feeling
which prevailed out of Parliament on the question, and he could
emote the !Nair, that if they meddled with the currency of Scot.
land, they would have reason to repent it. That currency was not
one, as was stated, which was convertible Into gold, because the
Scotch bankers were accustomed to exchange with each other every
'reek I an that if they interfered with the currency of that country,
they would be obliged to create a new metallic currency.
air FRANCIS BURDETT said it would not be difficult to
tale* that the conclusions to which the petitioners arrived were not
°tweet ; they could be refuted from their own statements. He
MIN assure the Noble Lord who presented the petition that it
vets not of so much importance as he claimed for It ; that pendia
caul,' not b; looked upon as a manual of political economy ; the
petitioners were quite mistaken in the view which they took of the
question, and if the Noble Lord would bring forward a motion
which would embody their sentiments. he (Sir F. Runlet') would
well make to prove that their conclusions were altogether %Amenable.
The distress of the manufacturing interests arose from the inter.
'mutton of trade, and was quite distinct from any mher question.
Lord FOLKESTONE replied.
After a few word. from Col. Johnsen and Mr. Bright, NN pe.
titian was ordered to be printed.

CORN LAWS
Sir THOMAS LETHBRIDGE said he held a petition in his
hand from a Mr. William ail's, with whom he was not acquainted.
and of whom he knee nothingi but, under the present circum-
stances, he thought the reasoning of the petitioner of importance :
he stated that he had four thousand quarters of fore,gn corn, which
he had in bond previously to the lath May, 11122; he had retained
it to the present period in expectation of an increase in the price of
corn, which he contemplated at the expiration of the period pre-
scribed by the Act of Pediment ; he therefore prayed that no site.
union should take place In the Corn Laws, and if any was to be
carried into effect, that he should receive compensation for the loots
he should sustain in consequenee. (Murmurs of dissent.) Ile
complained that, by the operation of the proposed change in the
Corn Laws, other Korn merchants would come Into the market an
payment of a ditty of Its. per quarter, on an equality with him
(the isetitioner), who had already paid a duty of 10a. per quarter.
He had no doubt the House felt some little surprise to find that he
stood there to plead the cantle of the corn-dealers ; but he thought,
under the circumstances, he was called upon to tin so, and that, in
taking the part he did, he only performed his duty. He knew there
was a greet deal of honied corn shut up at Liverpool. It had been
stated to him, and he could answer for the accuracy of the state-
ments'. that at that place, on Satitelay last, before, of course. they
-.multi be supposed to know the intention of his Majetity's Millie.
ten, there was considerable action on the part of those interested
in the sale of corn. (Hear, heat) This was qn Saturday, and the
change intenaed by his Majesty's Ministers wits not intimated till
Monday. Ile did hope they meant to abandon the second prop°.
sition, and put the question at rest.. (Conflicting cries of " No,
"I" and " Vt's, tee.") The reason why he requested this a as,
tecause they had carri:d that point which threw in the bonded corn
at a low duty ; and it had already produced such a stagnation in
the market of earn as Ministers seemed to desire. The idea that
COT would reach a famine price was out of the cliestion (hear,
heir) ; lie was sure no such idea could be seriously entertained.
Why they !should ask for such extraordinary discretionary power,
then, he ennlii not understand; in his opinion no 'efficieet reason
had been given for its being granted. If the measure were delayed,
the time could not be far distant before a new Parliament would be
sivembled, which would be able to do al: that might be necessary.
It should tie recollected, trio, that the House was told that this power
with which 'they milted to be inverted was tot disirahle to be had,
(Hear, hear.) To this he (Sir I'. Lethbridge) would say, he eel--
minty would rather that they hat' it net ; and he thought this desire
was else pmentsed by the country generally. All must feel that it
was a measure which would place every nun's acre of land a quar-
ter of corn at the mercy of Ministers. He did not mean to say
that they would abuse the trust Parliament might repose in them,
but this was no reason tette the power should be given. It was said
There were 4n0,00e qrs. of banded corn in the tour try ; fn his opinion
there was much more than was expected. The rise in corn had been
used as an argument. but he believed that this was not a conse.
quenee of enmity ; it was rather because those who had the corn
under renovsted (he used the tern, though he believed the renova.
tkm was but slight) means were enabled to keep a little more on
hand. If this were true, it furnished another reason a,;ainst the
'rewire. He hoped, since they had carried their first point, they
would be satisfied without pressing the other. (Hear, hear.) He
hoped the Right Hon. Gentleman wculd not put it off till to.
morrow merely, but that he would postpone it sine die. (Cheers,
and cries of " No, nn.") The petiti met prayed for compensation,
in easeahe menenre pmrse.l should he carried into effect.
Mr. 11CSKISSON—As an opportunity would be affonled to-
morrow ((loud cheers) of discussing the question on all its merits,
he wnti)d not "ay a word in reference to them now ; but lie rime
solely to repel, with indignation, an insinuation which lie was in-
formed had been uttered by the Hon. Gentlemao who just sat
down. (Hear, hear, hear.) As he (Mr. Huskiest-in) was not in the
House at the time, and had not beard one word of it, if, in re-
stating it, he should fall into error. the Hon. Gentleman would be
able to set him right. (Hear.) lie understood the insinuation to
hare been. that some persons in Liverpool—he (Mr. liu'kisson)
being the representative of that place—had somehow or other re-
ceived an intimation on Saturday—( Loud cries of " No, en.") Not
having heard the words used, perhaps he might not he stating them
exactly, nut he certainly understood they conveyed an impression
that some information had been received by individuals at Liver.
pool on Saturday, of the intention of his Majesty's Ministers on
Monday, it not from themselves, at least through sonic of their
organs. (Hear, hear.) To this he would say, on his honour, it
was impossible for any individual to have had the slightest infer.
motion of any intention of the kind. (Cheers.) lie would go
further, he would tell the House what had occurred :—he hail re-
ceived one letter only in relation to this subject, and that was ten
days ago, and from Lob corn-factors at Lancashire. They re.
quested that the distress experienced in that neighbourhood might
be relieved by a certain quantity of c..rn being let out free of duty.
Knowing the delicate situating in which he was placed, to this
communication he declined—in violation of what he trusted wore
his usual habits of business—making,any reply ; and there at his
office it remained at this hour unanswered. Ha hoped, by thia
time the parties would sec the re ison of his having so acted. If,
therefore, there via any activity in the market of either Landoi or
Liverpool, or elsewhere. it certainly was not effected as had been
insinuated. (Hear.) He denied most distinctly that any such in.
formation had transpired ; and he challenged the Hon. Begone
and all mankind, to spew that it hail, either in the most direct or
most Indirect manner. (Loud cheers.)
Sir E. KNATCH BULL said, he believed it impossible for the
Right lion. Oentletnna to have done that which he disclaimed.
No ene amid suppose that a person of hie high character, possess.
ing the confidence of the House, and, except, perhaps, on this
question, of the country, could have acted us had been insin-
uated and repelled. (Hear, bear.) He (Sir E. Knatelibull) could
not sit down without expressing his extreme regret that Ministers
should have thought it their duty, at such a time, end under such
circumstances, to introduce such a measure of so delicate a nature.
Nothing but the most imperious necessity could warrant it. He
should reserve any observations he might have to make on the
principle of the measure for another period.
Mr. HOLME SUMMER made a few observations that were
not audible.

The petition was then brought up.
Sir T. LETHBRIDGE had not the most distant idea of mak-
ing the lasinttation which had been attributed to him. ( Hear, hear )
If the Right Hon. Gentleman hid heard what fell from his lips, he
(9lr T. Lethbridge) did not think he could possibly have con•
■trued them as they had been interpreted by his lion. Friends. He
disclaimed entirely meaning to convey the least implication.
(Cheers.) He merely stated the fact which he had received from
good authority, and to which he could not help attaching credit.
(Her, hear.)
. . . - . .

Mr. HUSKISSON said he felt himself satisfied with the expla-
nation of the Hon. Baronet. Having been informed of the im.
president the observation had made. he considered it due to
himself—to his chararter as an individual, and his honour es a
public offitev, to meet it as he had. (fleet.)
Sir F. BURDETT heard what was said by the Honourable
Raronet,Ond had not the least suspicion that it cool be interpreted
as it bed been.

itir. BROUGHAM felt great satishwtion nn hearing the clear
and unegnivnesl denial of any inference that might be drawn from
the accidental statement of the Hon. Baronet. Nothing could be
more satisfactory than the denial. If there had been any such
charge made against the Right Hon. Gentleman, bethought it
would have been moat unfair, for one thing that his Majesty's
Jiinisrns bad been reproached with particularly was, that forty-
eight hours before they came down to the House, they had no in.
tension of disturbing the Corn Laws this Session ; but that at the
expiravion of this time, without any assignable reason, they came
down to the House and Introduced the present measure. (Hear,
hear.) Ile should not have risen on the present occasion, but lie
was glad to have the opportunity of explaining to his Honourable
Friend, the 3lember fur Shaftesbury. whom the regretted not to see
in his place, and some other Honourable Gentlemen, for whom he
entertained the greatest respect, and who had expressed some dis-
appointment at the vote he gave on this question a few evenings
since, he wished to explain to them whr he voted for the original
question, and not for the amendment. It had been inferred, be.
cause he did not support the latter, that he was unwilling to in.
quire into the existing distress with a view to apply a proper
remedy. Now, than this there was nothing further from his in-
tention. lie did not hesitate to say, that he voted for the present
measure with I{ view to gating along with it the general question.
(Cheers.) Ile thought Ministers ought to have the power granted
them which they seek, that they might prevent the occurrence of
ecarci(y. (Hear, hear.) There was a curious coincidence in the
vnteS*l question. The night before last, prbelecly the mote
number constituted the majority in heronr of the motion, as had
voted in opposition to it on the Iftth of April ; and the mincrity in
favour of the motions-to the In•h aim-mined to the same number its
that which opposed it the night before last. On the 13th of April
of what was it that they complained ? They apelntained that it
was necessary to enter into a discussion of the question, and the
ground of the measure then proposed was, that it was advisable to
throw open the corn trade. with a protecting duty, and keep the
landlords and farmers no longer in suspense. The present measure,
it was true, was tint so esteasive a. this, but as it went in that
direction, he thought himself juatihied in voting for it. (Hear.)
Mr. BENETT said, the Hon. and Learned Gentleman had
given a very good excuse for the way in which lie had voted, or
perhaps he ought to say rather a r;.ry good explanation. lie
(Mr. Brnetto could not help asking if the Hon. and Learned
Gentleman had shown that his vote was consistent, what sort of
consistency could there be on the part of those who originally voted
against him, hut who, after the lapse of a fortitight, were giving
their votes on the same side with the Hun. and Learned Member ?
(hear, heir.)
Mr. Monetary PEEL said, the former motion alluded to was of
a permanent nature; the meaatire now proposed wan not to be so;
it was only to give a temporary discretion to al Misters, which was
to be used for temporary purposes. Ile thought he had, in a very
few words, satisfactorily answered the question as to consistency,
put by the lion. Member.
Sir J. SEBRIGHT rose for the purpole of cautioning all
gentlemen interested in the corn question, as to what would be the
result if the present measure passed. It was Isis moat decided
onittinn, and the opinion of all those whom he had consulted, that
it' the present measure were carried, the general question of the
Corn Laws was derided. and they should nave open ports with a
protecting duty of 12s. per quarter. Ile dui not mean to say that
such was the present cotillion of Government—it was for them to
give the opinion they at present entertained • but lie thought it his
duty to state that it was his most decided 'Winton his anticipations
would be verified. lie could not say he approved of the present
Corn Laws (hear, hear): so far its he could judge, lie thought
them dangerous in the extreme. Ile was of opinion corn ought
to he subject to • certain permanent dusty. lie might disaatee
with some lion. Gentlemen as to what that duty ought to be, hut
be had no objection to the principle. The measure so treqoently
referred to this evening was • suet of anouudy, such as lie did nut

Ir'"‘AP-%-w.yP.

know how to describe. He who lintl admired that decision which
was the characteristic of the present Ooverhment, whose high and
lofty mode of acting had obtained for it the awe and respect of all,
cold not row walk through the street without befog asked what
they were about. Before the manufacturing classes began to born
power-looms the period had not arrived when it was expedient to
make any alteration in the laws: but se soon as looms were
burnt, and disorder broke out, this ridiculous measure was brought
forward, Hear, hear.) Ile was caked to explsio on, what principle
they were now acting ; but really he could not understand it him-
self. Of this, however, lie was convinced: if these measures
passed there was at: end to the Corn Laws. With this view of
them, he should oppose then. to the utmost of his power.
Lord Al/THORP recommended Government, notwithstanding
any inconvenience they might incur, no longer to tamper with these
laws, but in ►ettle them at once. (Cheers.) lie should vote
against this measure because it was ocly of a temporary nature.
Lord J. HtISSELL made a few übservauona, which did not
reneh us.

.11r. ‘ll-11T3IORE also made a few ohicrvations, which were
inaudible.

Mr. BARING asked the Chancellor of the Exchequer whether
he intended to bring up the Report of the Conmiittee on the Corn
Laws in the course of the evening. or postpone it till to-morrow ?
The CH A NCEI.I.OR of the EXCHEQUER replied, as we
understood, that he had'ao objection to postpone it Unit, particular
reason were shown ; hut. unless there were some necessity he should
pref,r its being brought up to-night.
Mr.-BARING said he ;tad a great objection to this as a measure
of relief. it was impossible this House, when the nature of the
measure was fully before it, could consent t 6 its introduction ; and
he put the question concerning the Report to the Right Hon. Gentle-
man, because lie thought the two propositions ought not to pass
consecutively. The measures should be brought forward at once
and together. He agreed with the lion. Member for Hertfordshire
(Sir J. Scbtight), that if the measures were once allowed, it would
not le or a year only—it would be permanent. (hear) Ministers
complei'ed but recently that this was not a fit time for the discus-
sion of tile (petition ; it was not a fit time then when the investiga-
tion Might have been gone into, but it was a fit time time for the
introduction of the measure now without any inquiry at all. lie
Moped the general question would be moved, that it might be set at
rest ; it it were not, he should moss It Itimself.
Mr. LEYCESTER said, if the isty.were 12s. It would he a
waste of money, foe individuals would raise their selling price from
211 s. to :;os.. and get an additional ii. in their pockets.
The pLtition was then read, and ordered to be printed.
GA ME LAWS.

Sir R. HERON gave notice- that he should move for leave to
brirg in a It'll to legalise the selling of game.
Sir F. BI 'RDETT presented a petition from Dr. Thorp, itte
Chief Justice of Sierra Leone, praying the House to take into con-
sideration the cause of his dismissal from his situation, with a view
to awarding him a fair remuneration. The petitioner let forth
that he had been dismissed without any charge being made out
against him.. lie presented a petition every year to keep his claim
alive.

Auer a few words in support of the petition, from Mr.Baounitasi
and Blr II t• mt.

Mr. W HORTON said the matter might be investigated if
the petitioner would bring It regularly before the House. lie (Mr.
W. Horton) should be lithe prepared to meet the case.
Mr. HUTCHINSON said it was very hard to call on the peti.
tioner to make out a cue for the House, when, if h were stated to
the Colonial Secretary, it would answer all the ends ofjustice.
After a few words from Lord NUGENT, the petition was Of.
defect to be printed.
STATE OF THE NATION.

Mr. 111'31E rose and said, that in presenting himself to the at.
tuition of the House on the present question, he was fully aware i
that it Lad been remittently handled on former occasions by men of
great talent. Ile wtabed therefore that the subject had been taken
up by his Majesty's Ministers in a way that would have precluded
the necessity of its introduction on his part. He had, however, in
the instances when the question was before dismissed, paid all the
attention which its importance merited ; and as he conceived it not
peeper to be neglected or delayed, he requested the indulgence of
the House to the statement on which he intended to found some
Resolutions. In doing so, he thoughtlit was necessary to correct some
mistakes respecting the currency, into which many well-meaning
persons seemed to have been misled. Two years had now elapeed slime
he gave notice of his intention to lay the matters connected with the
subject now before them under consideration. He hoped that his
present conduct:would not be considered to have been adopted with
a view to throw any unnecessary obatables in the way of Govern.
ment. He had indeed been trying to induce them to a course Milli-
In to that in which he was now proceeding, but though he did not
prevail, he professed that ho felt no desire to have it supposed that
he wished to embariass Ilia Majesty's 31inisters. On the contrary,
he gave medic to them for the spirit of moderation which they had
shown on all subjects except the case of taxation. In that respect
they had fallen much too short of the mark. He disapproved ex-
ceedingly of the lavish mode in which the public money was cx.
needed, and he regretted that attempts should have been adopted
from time to time, by persons who ought to meow better, to mis-
lead the country by pretexts of expediency for the continual supply
of taxes. His object therefore was, to put an end to the delusion,
and to expose the fallacy of the system against which he protested.
By the favour of the Treasury he was enabled to procure documents
on which the Resolutions which he meant to propose were founded.
Ily_reference to these documents, which were lying in the Vote
Office, Hon. Members might easily understand what he wished to
convey. He did nut propose on the present cccasion to advert to
the Sinking Fund, to which he intended to direct the attention of
the House at some future period, as he deemed it worthy of sepa-
rate consideration. His immediate object was to show the abusive
pressure of taxation throughout the community, so that at no
period was there an universal benefit; for if the manufacturing elan
prospered, the agricultutists were surely depressed, or the reverse
occurred. The regularity of such alternation of misery among the
several classes of the c 'impunity was a strong proof that the pro-
cess which occasioned it:was defective, and requiredl amendment.
Various opinions were entertained as to the point where the error of
the system lay. Some persons imputed the blame to the state of
the currency ; others ascribed it to the Corn Laws ; while a third
party charged all the Ida. on the imperfection of the commerce.
These were not the only grounds on which people thought the mis.
chief lay. Jle however was of opinion that the evil was not con-
tained within the compass of a single cause, but was more proba-
bly the result of all. It was therefore necessary that an inquiry
should be instituted. He hoped on that account that hie motion
would not be considered ill-advised. The thing hitherto had been
so misconducted that it was impossible for the public to under.
stand the nature of what was going forward. Affairs affecting the
finances seemed to have been designedly involved in unintelligible
obscurity. It seemed to have been the object to confound the sys.
rem of the Bank with the currency, and the confusion of both sub.
jects produced circumstances of great mischief. Ile thought it wan
necessary to understand the nature and situation of a subject before
the remedy could be devised. ‘Vith that purpose he wished to re.
move from his 31ajesty's Ministers the idea of adopting temporary
measures. now that the country was in such a condition as was
beyond precedent. The time to which he wished to draw the atten-
tion of the 110313 C was from the Ist of January, 1817, to the
present time. Ile did not know why the Chancellor of the Exche-
quer, on two Fortner occasions connected with the subject, had
drawn his conclusion from the year 11116 to the sth January, 1823,
and from the sth January, 1:123, to the sth January, 1826. Ile
(Mr. Hunie),however, thought it batter to start from the year 1817,
because the consolidation of the English and Irish Exchequers then
took place. By adopting that point of time, lie avoided the embar.
rassmenta which prevailed previously in attempcng to regulate the
balances between the two Exchequers, and to show the accounts as
they really were. That wes a cause of objection front the year 1793
to the year 1817. He had made the experiment, and was fully
aware of the difficulty, and in fact of the impossibility, of arrang.
ing the balance between the two Exchequers in the period just spe-
cified. There 'teemed to hare been a studied obscurity in that
respect, before the aeceintion to office of the present Chancellor of
the Exchequer. Another reason which caused him to adopt 11117
as the year proper Fir the comparison was, that the Finance Com-
mittee of that period had prescribed some wholesome regulations,
though they had been since unfortunately neglected. At that time a
Noble Lend, who wean member of the Committee, stated that the
object of those regulations was to keep the finances of the country
in such a state of certainty as to guard against any sudden contin.
gencies—that the system of providing funds should be on so settled
a foundation as that the nation_wc ylel be nlwayk, empowered to
dimmer! of what the tieteiVties ter-WS, or other such expensive
casualties, might require. It was also recommended that the
tuxes should be reduced, and that a surplus revenue should be
provided to meet the exigencies which might occur. He thought
lie could peeve, to the satisfaction of the House, that there was a
great doll of error in refe voce to the finances of the country, and
that the year 1816 did not afEnd a proper comparison. It was COll.
tetithd that in that year there was a great excess of income over
expendlturele it was estimated at 102 millions; but it should be
recollected than a large portion of the excess, nine millions, was
brought out of the preceding year's surplus into IRK There was
a mistake of two millions in the calculation, and also there were
three-millions paid for reduction of the Three per Cents. In fact,
altogether the amount was sixteen millions in that period more
than' in the present Sear, without adding a chilling to the Sinking
Fund, so that the reduction of the 16 millions should not be attn.
bitted to that source. The mistake of the two millions in that year
was curious; 31 ovations were put down instead of 29, but the
Chancellor of the Exchequer took credit for the difference. Up to
1016, however. there was no surplus revenue; but under the Fi-
nance Committee a new system commenced. He therefore called
on his Alajwity's Ministers to furnish an explanat'.tn of the nature
of the accounts, and to let people see what was the real
state of affairs. The neglect of giving such information,
however, caused the public to suppose that the national debt was
really reduced by meats of the Sinking Fund to the amount of
more than 40 millions, in the interval of the two periods assigned
by the Chancellor or the Exchequer. It was for the purpose of dis.
sipating such anielution that he wished to refer Members to the
documents which he haul already mentioned. By them It would
appear that the diminution of '27,327.7801. had been effected by a
reduction of 18,072.023/. in the fended debt, and in a decrease of
the unfunded debt of !1.255.7571.' there haying been in the year
11117, January 5, 796,200,21111. funded, anti 411,564,7 71. unfunded;
ai.d fur January 5, INN, 770,120,261 M fended, and 41,309,11301.
unfunded. That might not be the precise increase, because there
s.aa half of a million in the year 1817, by the consolidation, and
for the year 11126, 5,000,0401. ellottl.l he allowed for the Exchequer
bills. It would be found, on reference to the documents, that there
was a difference of 8 millions, end thus only 11l millions of the ca.
pital had been reduced. By No. 4, in the documents, It would be
observed that of the 114,072,023/. of capital of funded debt reduced,
in the nine years, 11117-25, 6,934,284/. were cancelled, leaving only
11,1374381. of funded, or altogether, only *393,4951. The charge