The British Press; or, Morning Literary Advertiser.
London, England, 1822-07-02 00:00:00

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fie ILelelmenenf of the MUNItor GNI,. Excite net. His
*Wed was slimily to draw Mt etteation of the Hume sod
this country to the result of that statement, if, indeed, be had
bees successful in hie attempt to isaravel au much mystery
and coafesioo. At all events there was Mile comotation
Ii the determinatiun which the prospective part of the
Right Honourable Gentleman's scheme implied on the part
of Ministerr, to attempt nu farther reductions of the
ratablistmaeut and espouse .of the country is the se-
eming year. The Right Honourable Gentleman tied taken
the expense for 1824 at the omit as the present 'tar—
tlets the great result of the whole plan. They were to
have a siokiag load of lee millions is the present mar,
rather mole seat. ar. at least, we were to he artiste.' of ten
millions within the two years. On what was geosrally maw
the admitted yak of estimating the antoust of real sinking
fund, the surplus of revenue beyond expenditure, he (Mr. E j
could not arrive, if, indeed, as he had said before, he compre.
blinded the statement, at any such cowl u stun. It did certain.
ly appear that there was a Disrobes apparently ou the immerse t
'debrief five millions—bat how wee It made up! la the fire
place by two 'Gilliam and a half taken from the dead weight,
so the next of 1,1150,0001. elder borrowed in actual mosey to
the East India Cumparly, or elated'. on shad" they bad for-
merly paid the dividends, teed on which the public were io
future to pay Mem, a new charge being crested on the con.
sulidated feud of 70,0001. per 111.1111 M fur this object; and,
lastly, by an addition, admitted is all his shuffling, by the
Chancellor of the Exchequer, of one million to the unfisodel
debt is Exchequer bills. In this way the whole sarplaa, or
rather more, was accounted fur, and ia the same way they
would find the amount would stand in the emoting year:
Thee came the serious addition to the unfunded deist, to pay
off the dissentient holders of five per cent. mock. Was it
wise. aftet all their previous experience, to comienie, merely
fur the gratification of the Right Homerable Gentleman,
this system of bolstering up the feeds, by raising money to
redeem stock at 811 or 81, which they 'night tigers have to
fund at a lower price It was true, fur the moment, the
aisle of the floaneee, and the prospect of peace, with the
perpetual accumula.iim of monied capital, might render
even a temporary ailsanre possible; but his Hosourstile
Friend (Mr. Hume) had laid before the Hume a calculation
that the public had already sustained a loss of nearly five
millions since the peace, by the disappoiotwients the Chas-
cello: of the Exchequer bad sustained in by relculations
ow this bead. But be must go farther, cud casuist/slily
with all hie former opinions on this subject, protest against
useless drains upon the pockets of the people, audit
preteact of maintaioiog, usd,e the present circumstances
of the errantry, a sinking feud, for the sole object of
animating the value of the funilltolder's property. They
had already received one Petition from Kent, yosyine
for a redaction of the dividends ; awl although he
would go along with the feelings of the House cm that
occasion, is reprobatieg soch a violation of faith, as part.-
ally applied to the public creditor, said as more likely to v.
'wrote Mau mitigate the evils complained-of by the
boner*, he he did not weeder that eon who had then pearly
raised by proceedings which had su mach added to the poi-
party of the public creditor, should ronipl sin of the addi-
nousl burdeu continued upon them for a sinking fuud,
Let the House look beet to the relative Minutia of
the parties in .1814, or subsequently at the renewal of the
war in 1815. The Three per Ceuta. were then at 53, and
gold at Si. Ba. The price was now upwards of SO p.r
cent., and gold 3/. 17e. 10J. The fendholder's property
was now more than doubled in value. The merchant.,
the farmer's, or the trader's stock, of every deectie-
Goa, has bees reduced al least ooe.half, and be me
struggling to preserve himself from absolute ruin, if he bid
nut already fallen seder it. Was theta time to continue Mum
fur the purpose of increasing this invidious differeuer ? He
acid this looking ermatly to the "merest of both parties.
If both had debts to pay, mat:acted, one ow farming stock,
and another on loaded property, what was sow their n.
knee situatios I He (Mr. Ii) had always Mooed a ar-
terially would arrive for some re.comideratioa of the valve
of contracts, or some attempt by a general sacrifice of
capital to reduce a greet pert of the public debt. Tie
petitioners had a right to call upon the House to oars.
property generally fur this purpose, as had been proposid
by his Hos Friend (Hr. Ricardo), and is that aspect chat
was the former arid present rotative peeitioa of the parties If
the former or trader bad bees assessed with the public ere-
diroe equally In 1814 or 1815,.• quarter, a third, ors half of
his property might have hese taken, bet the creditor's eostri.
button mast have bees of the same scale. By the present
system, the industrious and predacity' classes hare been
amerced M their propoet ion, and the propeity of the creditor,
he did 'sot speak particularly of public, but of every cre-
ditor, instead of having suffered is the same ratio, hadhersi
increased in the meaner he bad staled. He their repeated
the question, was this the time to force from the sot ring
classes, taxes which are sot absolutely necessary to add to
the profits of the foodholder ? He begged agaiu to be "oder-
stood as not alluding redivides'', to the fusdholder, hut the
measures of the Right Hog. Gentleman rabid for these oh.
serrations, cad he could eat avoid candidly reprinting his
ireliogs on the subject.
Mr. RICARDO commenced by Disservine that the Char.
eellor of the Exchequer had held out great hopes of whst
was to be expected from the sinking food, and had stated
that a niere accident mily had prevented all those hopes from
being realised this year, bat next year we should reeeice lit
full and effective beorfits. He (Mr. Ricardo) feared, huwryer,
that we should N on al we had done. sad that some seeidint
or other would cwitime to prevent them from tujoy log itio,c
beriefits which the Chancellor of the Exchequer had so flitter-
Itsgly held out. If the Committee took the account in the
way in such the Chancellor of the Exehegirer wished them
to view it, there would appear a morph's of 5,000,0001. W.
year, and that is 1824 there would be • earplug of 6,000,004.
The Right Hon. Member had, however, come at last is
that point from which he (Mr. Ricardo) would wish to siert
namely, that without a surplus of et Verge! over expendiiiiis
there could be no real or effective sinking fund. Nun !et
the Committee observe the manner is which the Chine. Iter
of lbe Exchequer had made oat the existeace of such a sue.
plus in the present year. He said that we had a surplus M
4,961,0001., this sum he accounted be an fellows :
Annual Taxes
Tra Duties 1,600.000
lastirrira
Old Stores
Repayment made by Commisehessenforisau
110,000
log Exchequer Bin. fur Public Works....

Making a Total or ... £4,981,000
But how was the fact' Takiog the total Errhequrr
deE-
ekelcy at 14,144,0001, and &dot:time it from 15,481,000/,
the sum to met it, there would rentai• ouly 4337,080/.
as a real sad eff,etire sinking (sad this year. n Oh!
(said the Chancel**. of tile Exchequer) we have by saddest
to pay the Bank 530,0001. this year, but twat year we shall
have so such eucumbrakee, and lien fore our eferpins will
be completer." He wished so know by x.hut prove.* of re.-
ru 401011 it was tbat the Chatter Ilor uf the Exchequer matte vl,l
his 5,000,0001. this year. The revenue of the country. 19.11
53,087,0001., the expenditure was 51,119,000/s, makiug a rxu
plus of 1,968,0001 ; this appeared to be the eathe surpmsb!
the year. But " Nu," said the Chancellor, " we hare 700,000!.
saved by the •Itcration of the fire per scuts. ; we bare aloe
to make allowance for 2,800,0001. received." Hew WI!
received Gam the trustees of the half-pay mad ',cosies e-
h/wastes. How this could be brought in under the Mead of
" Surplus Revenue" he could out easily petceore. Ali se"
of five millions might be rattily made out, but would 9,
Committee call it • surplus of r tt ? Then, scent, 1k
Right Hoemsrable GeDeleman stated, that in 1824, thee
would be a surplus of 6,900,0001. But how was it !..
be übtoiued. It was to be (Maimed by takiag credit le.
4,875,0041/. which was to be received from the trustees
half pay sod peusions. Now he would ask •hellw
there were any payments to be made tit the other bid,'
The Right Hon. the Chancellor of the Excliegarr mud
know very well that money so Waisted could met be loukci
upon in the light of receipts tit ell. The receipts in It'll
were calculated at 52,400,000/. and the expenditure 4!
80,600,0001. so that the real surplus on the sth of bode 5
is that year, would be 1,600,000 L He agreed with Pis
Honuurable Friend (hir. Ellice) aspect's' the impultn
of dintinisMag our fielded, while we accessed our safs.,•:•
ed debt. If be were called sass fee an opiaios, he stioe!.!
recoentneud • diametrically opposite course of r00r..1'",.
Advcrtiug to what lied boa said relative to the 6.: