The British Press; or, Morning Literary Advertiser.
London, England, 1819-02-09 00:00:00

Mr. TICRNTY--" Vv', in 1792."

TheCIIIANCEI.LnR of the Caingra•
foisted the Right lion. Gelielemato upon shrwing
himself such n master of 11.1 s an hi,t—(llear,
hear, from the (Ippovition Bette/tem )—isot withstand.
tog the affectation 14 brim!, taken by motorize. So
far Iwo, its being true that the ['malice Committee
had dine iodising, their otoptiry embraced all the
loam lets of the pohlic expeorliture, and th-y hail
revierd and reduced a voorirty of particular item:h—
-.' Hear, itear.f—The Nboisters had invariably
sa..pred every reduction both nt the Civil and Mili-
tary Estimates, which wus suegested by die Potence
Committer of the first year. 'Flue second year
both the Committee and the Government woodier!
Ihe RAliir course, and by SI reference to the Reports
the House could at mice appreciate the valuable
Labour- of the Committee, nod the strolig desire of
ftlnii•te►s to give effeet to their inquiries. The re-
sults would at once skew the efficacy of the Conn-
ruttir•r for the purposes for which it wits totemled.
With respect to economy in the collection of the
revesitie, the utmost pains were taken to make the
recommendation of the Committee operative. The
general amount of the public income of the former
year was about Al millions—that of the present war 54
millions arid upward*. making a considerable balmier
in favour of this year, as compared to the last. To
hive covered the charges to which the Right lion.
Gentleman has alluded would require the aid of the
Properly Tax. II It were lie wish of Parhametit
to reduce the putrhc debt with such rapid Strides,
thris it would be desirable to renew lite Property
Tas ; but this did not seem to be the new of the lad
Parliament,ou the contrary, a preference was given
to a gradual reduction of tile debt—for fifteen mil-
Noss of taxes were reduced since the peace. The
I lon. Gentleman opposite was now, It seem-
ed, desirous to resort to a vigwous taxation to
reduce the public debt. %Irby did he not 'peek
out in the face of the country and avow such to be
his opinion, and he would not find him (die Chau-
tailor of the Exclwquer) unwilling to assi.•t him in
hiking that course /Near, front Me Opposition.)
—The course token by Porliametit was different, it
was to cultivate gradual improvement, and to
pursue a slow absorption of debt. Steps were
now going on for a gradual diminution of the
debt, and from the existing and prospective re-
MOUrCeS of the country, the diminution would each
successive year become more rapid amid more ap-
parent. If in the year 1793 or 1793, any body had
foretold the duration of the war, and that it would
have ultimately left the country pith an uniedetrued
debt of 800,000,000/. would it have been believed
that in the third year after the close Or such a war,
and after remitting to the sitnotiot of 17,000,00ne
of annual taxes, this country would have had
a surplus of three millions over time current expen-
diture ?--,(Heer, beer.).-.4s to what were his in-
tentions respecting; Exchequer Bills, he dirt not
deem it prudent to snake any disclosure by auticie
potion, but would reserve that subject fur his own
• and his colleagues future consideration. A Keene-
titre disclosure would do considerable injury, by
encouraging that spirit of enterprise so the money
Market, which time Right Floe. Gentleinaii had so
streaigly deuminceil. He concluded by stating,
then a considerable itnprovem►ent Iwd taken place 111
the Irish revenue for the currtait year.
111 r. ELLicE (of Coventry) said, that lie partly
rose to make au obsrrvat• or two upon the cord'.
drum with which the Noble Lord spoke of the
financial prosperity of the, country. The amount
of the exports this year had certainly exceeded those
of former 'ears, even perhaps the exports of 1915,
which were very great, iu consequence of the quan-
tities of colonial produce which were shut sip in
this country during the preceding period of war.
In the first sietwirids of peace these exports found
their way to the Continent, where they were of
course in great demand, tit cootsetipience of the
previous exclosion ol• manufacturer, by
the !whey of die Freud► (Live 11111 l reit. 'rinse
extraordinary circumstances hall raised the exports
in 1915. But the Right Honourable Gentleman
(die Chancellor of the Exchequer) could himself
best sov what earned this appea►atrce of great corn.
inertial propperity in 1818. The Right Ilon. Gen-
tleman knew, that by his creating such a quantity
of paper money, hr at one time reduced the niterest
of moues w the market to something Hear 2 per
cent. Monty being thus easily snouted on mo-
derate terms, great speculotious iu trade were ra.
pally entered mm. But what was the state of
things now ? He knew that there was no market in
Europe or America where the ureuufacturcs of this
country were not to be sold at a cheaper rate
then they were to be purchased for iu England.—
(Helar.)—Tlw advasice►t originally made to pur-
chasers fur exportation were now called for, and
;eminences were MIMIC WI Colonial produce. which
did mil now God dint emit on the Continent which
previously 'narked it. The effect of the paper
system, and the peceniary advances of the country
banks had been to set the itoonisfacturers to motion,
roil diffuse uniorrsal employment; but all these
barrio( berry impelled to Mere:teed activity by ar-
strictest memo, now sostaisied a reverse, and he price
of wages were so low amen% the manufacturing
classes in various parts of the country, that they
were unable to support their families. He knew
that in the town which lit had die honour to repri,
mat (Coventry), working men could cooly earn, for
IV or 14 hours daily labour, at the dote of 6.. per
week, moil they then took a certificate of their earn-
rugs from the manufacturer to the overseer of the
pettish, from whom they received all addition to
cover the wants of their timbales.— //icor, hear.)
'hire causes s•f this depreciation of the price of
labour may Lie si'; traced to the vicious 53 stem of
finance which toe Government adopted. The
great exports of 1815 had made the cuittiliental
exchanges favourable fur this country. Theo
calor the Ilink loan, which affected die voimey-
market —then followed the Fresorli loan, which
made, me their tom, die furrigii exchanges un-
lavraiirable for this tnuulry, by she investment
of io much British capitol in de: foreign floods.
The wc•essaut fluettiatiou ill the stacks was the at-
tendant upasi the step. takeit by the Chancellor
the Exchequer. Mid the creatiiiii of paper was
a:Ways a 'rally 'risen for effectually driving up the
1 . 'I lie interest ot• y town Cadiz to St.
Peterstougli, was lOW near 1.5 per vent.; ill Alpe.
net, !Mil w itilllll, it may be said to he the 'awe.
All these rostilo'rl4 were open in Ilritish capitali.ts;
and tii the prevent state of the law loot of the
litialices, ►t was natural that huge tutus of Ettglish