The British Press; or, Morning Literary Advertiser.
London, England, 1824-05-08 00:00:00

cussed at the commencement of the Session. It bad been objected,, taxation might be diminished : to this purpose the servile oew
sad chiefly by the Member for Taunton—why not raise the inte- ' to be devoted, and should an emergency arrtve,it might be ke
' rest of Exchequer Bits? Would not this be preferable to the re- issue of Ext hequer Bills. By the a.loption of this piss, ea at ase
election of the 4 per eenta. ? This mode of proceeding would he a similar to that proposed by the Honourable Baronet BM H. hr.
temptation and inducement to come in and purchase your hills. I nell substantial relief would be afforded, and an important he.
This he was ready to admit ; this measure would operate as a movement be effected in the present system of the matiaatinent ai
temptation to the public to epecultee in those bills in lieu of specu- !our debt.
hating in stock ; and the dissemients from the measure of the 811 Mr. ROBERTSON fes we understood) was of opinion ow
would deal lu these hills. But this would not be acting fairly by the I taxation was in many instances a benefit m the nation, hy mem,
public, if, as an effect and coseuquence of a large issue cat Exclie- the price of wages. He differed with the Roo. Member far Abets
quer Bills, it MIS neermary to lower the rate if interest open th•se. deco as to a sinking Fund, and hoped that it might be kept up,
This must meemarily he the case if the market was over-tucked I lie had very little confidence in the doctrine of political opmeay
with there bills ; and the result would be, the public would be of the Gentlemen of the opposite side of the House, which mos,
tempted to buy at a high rate, and the Interest should be lowered. rally consisted in abstract principles inapplicable to practinifilm
, lie would not go so far as to call conduct of this nature a fraud, pore". He thought the plan of converting the debt into Loin,
but he cettainly could not be persuaded to think it fair. Whh re- manes would be found inoperative, and if attempted w era
I speet to these Exchelluer Bills, and from the importance which was out to be ineffectual.
attuchwl to them, it was impossible for the Government not to Mr. WHITMuRE expressed his regret at the alteration ima
attend to their state and valise. Ile had known them at a one penny to twopence per pound on wool exported frees ode of n; and whilst they were in PM+ , demand as country. It had been done to satisfy private internee, sad was
this, the rate of interest upon them must be expected to be high; not calculated for the Fennel good. or purposes of public
and he for one thought Government would not be discharging its • lie hoped that the Right Hon. Gentleman would revert eft
duty if it did not endeavour to save some portion of the expense ' original plan he had stated it to be his intention to adopt. The
to the public. lie thought the time the that gyring was now ar- ' grant of rieli,ooo/. for the purpose of building eturettes, wale m
rived, and, though the number of Exchequer Bills wax diminished his opinion, indefensible, and not justified hy any public
in the market to the amount of four millions, end consequently the I
lie complained of the manner in which the Chancellor orir4
I rate of annual interest on the others must be a little raised, he , chequer proposed to deal with the drawbacks em silk, by p
would nevertheless endeavour to lower the rate of interest upon the duty on the stuck in hand. But what he found meat ass
theole about to be issued. The rate of interest upon Exchequer I demnible in principle was, the dead weight, and the mode in width
Bills at present amounted to twopenee a day per cent. ; it was paid. The Hon. Member further expressed himself as as
and he flattered hintself, such was the state of public favourable to the surplus fund. It was stated that this Saud
' dit, such was the reliance placed upon Government security, amounted to 5,000,0e4e. hut it was well known that 2.Nt11101,
that it would be easy to effect a further reduction of one halfpenny, , was appropriated to pay off the interest of the debt, and that it way
I and make the daily interest three halfpence instead of twopence really consisted of 3,800.008 e It would be better is stale is
et
per cent. No saving could be obtained by this reduction during a fairly in the public accounts, and avoid the complication that was
the present wan, for the interest to be ;mid for the present Ex- • at present to be found in them, so that those " who run may
chequer Bale accrued when the rate was high, and consequently' read.
I they should be discharged in the same high eimportion; but in the The resolutions were then read. and agreed tn. They unkdo4
course of the next year there would be a saving upon this stock. • of a vote of 41,14/71. from the surplus supplies, Del and I8U; Ind
Of this he had not the least doubt; and by the reduction of the 14,680,11001. on the growing produce of the Consolidated nod, as.
halfpenny there would be a saving to the public of 2310,600/. upon I CliA NCER V COal SI ISS lON.
the total sum of 30,000,0801. Another saving would he also , Mr. J. WILLIAM wished to know from the Right Hoa,
effected on the Exchequer Bills, by the transfer of the 4,ooo,oitet ; the Secretary fur the Home Department if it were intended ilea a
to the Consolidated Fund. lie had stated his opinions more fully ! report should be made of their proceedings to Parliament as
on these subjects early in the session, when the House was is I was induced to propose this question, as he did not see say osier
Committee of Supply ; and he trusted it was obvious, that Ministers to that effect in the Commission of their aminenert
would gladly make a saving to the nation even of 2Of SWANK I Mr. PEEL replied, that it was intended that a report skald I.
He would on a future occasion answer allr objections that may be made of all their proceedings; parole evidence was admissible Ira
msde to his propositions. lie had given an es planation of the vote' fore them, which would be reported. When they arrived at the
of ways and means, and had showed how these grants of revenue f conclusion of their labours, the result of them would be laid bane
were applied. lie would feel happy in giving any lion. Member I the King in Council, and afterwards communicated to Patliammt.
any explanation he might think proper to demand. He would now I The commission was framed in the same manner as the commission
submit his propmition, and trusted he would receive it at their I appointed to inquire into the fees of judicial officer,: there • report
hands. The Right lion. Gentleman then moved that Exchequer' was given ; a similar report would be furnished by the Chancey
Bills to the amount of 13,1100,0091. be issued for the service of the !cotrrnis!ion.

I year 1024.
Sir H. PARNELL was scarcely audible in the gallery. lie
agreed in almost all the principles laid down by the Right Hon.
Gentleman. A great improvement, he admitted, had taken place;
it should not be looked on as concluded; it was not yet realized;
improvement should be considered merely as beginning. lie called
the attention of the House to what had been done for the silk trade.
and the relief given to the woollen trade. The reduction of the 2d.
per pound in this article was the cause of the saving of 20 per cent.
in coarse woollens ; but the House should bear in mind that these
improvements were not final. Ile wished to know what became of
' the regulations respecting timber ? A most imperfect measure had
been pored no that subject; a promise was given that it should be
renewed, but nothing more was heard on the subject. The present'
measures should be attended to more closely. In looking to the'
finance scheme of the Right lion. Gentleman there was much to be
comutended, but he could not approve of the small Sinking Fund!
Ito pay off our immense national debt. It could make no amines_!
sion whatever on our debt of 11011,900,000/. ; betides there was •
misstatement of the amount of this fund ; it was not 54100,0001.,
it was not quite 4,000,11013. • and even if it were 5.000.900/. it
could never reduce our debt, 'lle did not approve of the name of
, Sinking Fund; it was no such thing, it was properly a reserve
I fund, and it would he used as a matter of course by Ministers
as such if an emergency were to take place. He took the liberty of
suggesting to the House a Long Annuity in place of a Sinking
Fund. In this suggestion he was supported by his much-lamented
friend Mr. Ricardo; and out of doors the measure was generally
approved of. If this plan had been adopted by Mr. Pitt. if he had
resolved to pay off the debt by compound interest instead of by this
measure, and if the plan had commenced in the year 1793, the loan
of that year would have been paid off in seven years front that time ;
the loan of 1794 would have been discharged in seven years from
that period: and thus in proportion. The principle acted on by Mr.
Pitt was wrong. Ile agreed that a Sinking Fund would discharge
a debt as fir as it went, but then it should be a real Sinking Fund,
and not like ours—a fictitious one. If there was a real Sinking
Fund even of a !Milian or a half, it would in a short time dis-
charge a debt of an enormous amount. He would not detain the
House at present, he would take another opportunity of delivering
his sentiments more at length.
Mr. HPSII: agreed with all that had fallen from the Right Ho-
nourable Genthman on the subject of the silk trade. The outcry
against the measure was utterly unfounded, and beneficial results
would flow from the measure, far beyond the fondest anticipations.
He trusted the Right Honourable Gentleman would, in a short
time, remove all those restrictions disgraceful to our Statute Book,
and which utterly impeded our commercial prosperity. He per-
fectly agreed with his Honourable Friend (Sir Parnell) upon the
subject of timber. Ile could not conceive why the people sir Eng-
land should be compelled to pay more than •200,00.1/. or 301,0001.
annually for their timber, than any other people in Europe, for the
purpose of serving a colony that is nut of the least use to
us, nor ever can. He trusted Ministers would continue as
they had comnicnced With regard to the wool ; they would
suffer it to be exported, and take off all the duty, leaving only
a nominal one of a penny a pound, for the purpose ot chew-
ing the quantity exponed. He trusted Ministers would perse-
vere in those round principles. If the Right Honourable Gen-
tleman returned to those principles he bad left, his arguments
in that House would be a niece waste of time. If Ministers
continued in a right course, he would give them his support;
it was true he generally voted against them, but it was be-
cause they voted against principles. They ehould persevere in
their conduct, and should not be influenced by any jealousy or
manufacturers, which did riot deserve notice, when great and
liberal principles were to be acted upon. In the statement
made by the Right llonourable Gentleman, there were some
items which were not satisfactory to him, and which the govern.
matt should not act on. There was one in particular, called the
dead weight lean, which reflected upon the House that passed it;
and if any thing could prove how erroneous our system was, it was
this loan ; it did not go through a single stage without experiencing
his opposition. He took the sense of the House upon all occasions
while this Bill was passing lie attempted inp defeat it by every
means in his power. The Minister borrowed eleven millions, for
which he was to pay in the three per cents, then at 73. He bad
to pay this loan in this stock when it was 90, and by this means
the difference between 73 and 90 was mu ipletely lost to the pub-
lic. This entire loss, he would maintain, was not less than six
! millions. There was another reflection, exclusive of the loss ;
it was the feeling of shame that the Home could act in such a
manner. What had been done was done in spite of every reason
and argument that he and his friends could advance against it. At
all events he hoped the Ministers would return to those sentiments.
from which they had, he thought, altered a little. As to the
I Sinking Fund, he came to the same conclusion with his Friend (Sir
Henry Parnell), that Mr. Pitt was in crrer; and the plan,
I even if carried into effect, would not Rave the country a
! single farthing ; every sensible mu in the country had now
' tlee same opinion of this fund, and though some originally ap-
proved of it, they now thought differently an the subject.)
Such, therefore, being the case, what was the Right Honourable
Gentleman doing ? Il'hat justification had he for his Present pro-
reeding ? By the arrangement respecting the 7.000.000/. he was;
doing what was universally condemned. It was impossible to fol.]
low the Honourable Gentleman ; if a man had nothing else to em.
ploy him, he could not trace him through his calculations. He
should keep an office for the purpose of explaining his intricacies.
If the character of the plan was simyle, why not any at once take
off the amount of the Sinking Fund? This would he a simple mode;
but as long as there was such a complication of accounts as was
submitted to the House, the plan coedit not be called simple.—
' He observed, dint the sum required this year for iniecelleuetnis es.
ti.natee was 2,fit10,0001., whereas last year it did not exceed
1,700,0001. This great difference in one branch of the 'phlic ex..
penditure was most uncalled fur and onjustifiable. He begged to
ask the Right Honourable Gentleman if another opportunity would
I be afforded for taking the sense of the House on that subject ? 111 e
understood the Chancellor of the Exchequer to answer " I es,"
across the table.] lie never meta tangle person out of that House
who approved of that grant, even of thaw who voted in its favour,
and who appeared to be spell-bound when they entered the House
and were induced to vote against their convictions. It was the in.
tendon his lamented friend (Mr. Ricardo) to have submitted a
measure fur the reduction of the debt, and this he hoped would be
effected in the present session, and would attract the attention of
hope also to see a ills- I
the Hight Honourable Gentleman. He

Mr. J. V4' I said, that in the mode in which the mak
mission was shaped. there were no distinct instructions to the eani-
missMn to report the evidence taken before there. In the Act of
Parliament by which the Scotch inquiry was instituted, there was
a distinct statement, enjoining them r• to report such &benders
and amendments as appeared to them to be calculated to loge=
the administration of justice, with all the evidence given
them in the course of the inquiry." That or a similar injuneles
was not to be found in the directions to the present commission. If
it was obligatory on the commission to report the evidence, he was
satisfied ; if it were left discretionary with them, he was sot.
Without desiring to prolong the conversation on this subject, he
wished for information on this point.
Mr. PEEL replied that in the appointment of this commie en
the precise directions were given that were given to the comminka
he had before alluded to. The Scotch Inquiry was instituted by An
of Parliament, and that might account for the difference to be
found in the directions of that and the prevent commission. H.
could only say from the direction to report " all proceedingi" that
their report would contain the evidence adduced in the prosendiu
of the inquiry.
TITHE COMPOSITION BILL
Mr. GOULBURN moved that the House resolve itself into *
COMMittOe on the Tithe Composition Bill. He was induced to in.
induce some alterations in the present Bill from that of last year,
with a view of satisfying the parties who were most Study to be
affected by it. This was his single motive and object in again adling
the attention of the House to the subject ; he would propose in tie
first instance the modification of the clause which related to the
qualification of persons entitled to attend at vestries. As the clause
at present stood it had given sonic dissatisfaction. Ile would alter
it to the extension of pertions who attended to create disturbance or
produce irregularity. The next clause he would touch would be
that of substeutikg an oath instead of a penalty of let that, by the
Bill of last Session, was imposed on the valuator of the tithes, it,
either front neglect or wilfulness, he did not state the true value
of the property of the parish. He would also propose to alter
the clause that related to determining the value of tithes by the
average price of corn for the foregoing seven years. He had had a
conversation with two leading Prelates of Ireland, who tendered
their aid and co-operation in estimating the fair value of the
tithes of the parish. By the extension of this plan throughout
the country, a voluntary agreement would take place betweorre°
cumbent and his parishioners, which, with the approbation of the
Bishop of the Diocese, it would be obligatory on the Comenindoons
to sanction and confirm. The Right lion. Gentleman e~ lo
other clams, and moved the reading of the Bill by espenine
clauses.
Mr. MCI: disapproved of obliging a person to take an oath when
he could nut be cognizant of many of the facts which be was called
upon to aver. Ile thought that at all events persons geeing • fro".
hold en 201. a yore, or at most those who had *Ol., skink have the
privilege of voting conceded to them.
Mr. GOULBURN explained, that the real object in this ease
was to have a fait representation of the respectable and influential
portion of the community.
Mr. RICE, in explanation, said, that he had not the slightest
disposition to oppose the intention of the Government, so far as it
, had then been stated. Undoubtedly there were many of the poor
' of the country, and even of a higher order than the mete poor, in
debt to the clergy, who would therefore be most unfit persons te sit
in vestry.
The clause was ultimately altered to a qualification of ML, and
alffeedto.
The House then resumed, and the report was ordered to bete.
ceived on Monday.
SAVING:4 BANKS.
On the motion of the CHANCELLOR of the EXCHEQUER,
the House went into a Committee on the Savings Bank BilL The
Right Honourable Gentleman stated, that the object of the present
Bill was to assimilate the savings banks of Eagland and Ireluid. In
consequence of the high rate of interest those banks pay, %com-
panion with what could be got now elsewhere, many friendly en.
cedes and other public bodies had placed money in them ; and per.
ions who, at the same of their formation, were never contemplated as
persons who would place their savings in them, had, from the rated
interest they paid. become subscribers to theta. To obviate this he
should propose, that no friendly ioeiety, whose endowment amount-
ed to a sufficient sum to pay land tax, should bellowed to suliscribe,
and no wails of that description should be allowed to subscribe
more than 500/. He should require by this measure a declaration
from individuals, that they only contributed to ooe bank ; and if
it should afterwards be found that they had subscribed to more theca
one bank, then fin them to foriiit II- sir deposit. It had hitherto
been die practice to subsc ihe by a letter or figure; that muse ho
roomed to do away with. With regard to Treasurers, he
would remark, that there hal been instance% of their going away
with the money minus:al to them. Ile had found a considerable
difficulty a. to making Trustees responsible. Th.-re were doubts
whether Trustees, in point of law, were answerable for the mal-
, practices of Treasurers; and certainly if they were made so for ten
large a sum, there might be a difficulty in getting Trustees to act.
lie should therefore propose, that there should he 12 Tenures to
each beak, and each 7 rustee be liable to the amount of NM, making
fitelt If there should be ale run on the batiks, he would propose
that an issue of Exchequer hills should he made to them to assist
them at that time. At present ItrOt might be subscribed the first
year by individuals, and Mt the suhaequent years. He should
props ae that SW. only should be subscribed the first year, and 301.
in the subsequent years. Hospitals, he thought, ought to be
jected as RUhlicribers altogether. as they were always well endowed.
Chairman then put the first clause, That it is expedient that
the several Acts relating to Savings Banks in England and Ire-
land should be emended ; which being agreed to, the other clauses
were put, and also egretes to, after a few words from a Maar
whom name we could not lento. and Sir John Newport.
The Mouse then resumed, and the Report was ordered lasite-
eelved on Monday.
LAW STAMPS REPEAL. BILL.
On the motion of the I'IIAN('ELLOIt of the E Nen EQUERs
the Howie evolved itself into a Committee on the Lew Stamps Re.
peal Bill, all the clauses of which were agreed to.
, The House having resumed, the Report was ordered to he nee
' ceived on Monday.
The other Orden of the Day were then disposed of, and the
House adjourned at half--past Eleven (Mock, to Monday.

continuance of these excltoive privileges which the Bank of
England enjoyed. Ile wished to we cocouragemert e‘tendial to
inclal Banks similar to the Seineli country banks. In the pre-
sent exuberance of capital the time was peculiarly suited to such a
measure. Banks, as at present constituted in the country, were
fluid to fail frequently, yet, notr.ithstartling the frequent tailum
dint took place, from the fitrilities they aflinited, persons were 5:ill
ready to invest their money in them. lithe plan that he now sug-
gi hied aas carried into et ice, dare would no: he a single failure in
one or even in ten y ears, and the litioentittile catastrophes (for so
they might well he called) consequent on thane failures. would not

°Wm.. A surplus fund he haikra upon aluigeiher as useless ; it
WAS said to be necessary to roll& for tin exigency in the event of
a change in the state dour affairs ; but it w.m. in his opinion. must
• . • . . . .

itnpoliiie to have so large a s i,lle which might be so well op-
plied to the diminution of the interest of our debt. Ile would pre-
fer to see this diminution take place more than a diminution
of the caiiiial of the debt, for the former was paid yearly out
of the pock.ts of the people, and felt sensibly. A reduetion
in taxation might he more easily niude if this surplus fund was
devoted to discharge the interest of the floating debt. At the clot.;
oldie war the nite of interest wax so high as 5 per cent. he was looked
upon as a visionary for the opinions he then expressed of the great
reduction he prtdietevl ; it was now so low as three and a half, anti
it might be made still lower, and brought down to two anti a half,
by the proper application of the means they had their possession.
Al. to the plan proposed by the Honourable Baronet, of converting
the debt Into long annuities, he thought the proposition at least
deserved to be entretained.and it should be ascertained how it would
be received, and what otters would be received out of doors. It

would be a better mode of the disposal of the public money than
that of purchasing three per cents. at so high a rate as muctc-six.
llu principal object was es reduce the interest of Waidebt, whereby