The British Press; or, Morning Literary Advertiser.
London, England, 1807-01-30 00:00:00

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A. preened to Oak le C,lllllgitt manner. th
Ways tied Means fee eahMllll.llm. The duties on
Malt and Pensions proving* som amounting to
50i00,0901. ; for. although.tione have been certain
events which have effeeted allitainution of that sum,
yet the produce, of tempters has been such as to
justify me in saying, that such an amount will be
raised. The present War Taxes 1 estimate as being
likely to produce 19,900,0001. ; but these are not
the whole of the War 'loxes which may be found
necessary to be imposed. lam extremely happy to
stale to the Contmlate, that the menthes adopted
last year as to to• Property TAX, have been attended
with a result exceeding the most sanguine expeCla-
tions. Although the amount of the sum which was
stated as likely to wise from chat tax. was ten mil-
li, ns and a half. I am justified in taking it at eleven
millions and a half. To the duties of Customs and
Excise, amounting to nine millions, there will also
fall to be added another sum of very considerable
magnitude, occasioned by mere matter of regula-
r ,e, which, I hope, will Ise fount ssholly unonjec-
ri These War Taxes, therefore, 1 shall
Afterwards estimate at 21 ioillions; but I shall, at
present, take them at 19,90u00001. From thc Lot-
tery will arise the sum f 400,0001. and from the
Exchequer Bills on the Vote of Credit 21,00,0001.
The sum is be raised by toms, I estimate .at
12,200,0001. which is much less than last year, it
having been 58 millions. These altogether will
complete the amount of the W ay* and Means, and
make the total for Great Britain amount to
41,500,0001. exceeding the supplies, which I have
stated at 0,5'79,0651. by 970;9351. Such are the
eumparatise Amounts of the supplies, and the ways
ant means for the present year. In making this
statement, Sir, f feel, that were I adeFessing the COM.
niirtee at any m-einat y period, were the rinse such as
to j estify me or His MI-j Gown nrnent, in taking
a narrow confined view of the exigencies of the mo-
ment, in proposing means to le oriole tom them, I
ought here close my labours. and dismiss the Com-
mittee from their painful attention. but, Sir, the
Committee will kel, that in the situation in which
the cr untry stands in regard to Enrnpe, when the
elemoots of discord are yet abroad, I sOtoali not he
fulfilling my eltry in confining nryss-lf to a narrow
view of those measures; nor cooli I justify His
hlaieste 's Unvernment, were they to coment toem•
Ives with giving a limited view of our finances. I
think that, upon such an occasion as the present.
His Majesty's Gavernment are celled upon to look
at the past, and to provide for the future; to look
to what has occurred, and to look to what may
y t happen in our national alfoil s. We ought,
1 say, to turn back our ;Locution to 'tenser events
and success s, is to feel the utmost gratitude
for cur deliverance from pest dangers ; not with
any degree of al,.rm,. but with awe and circuaa•
spection, which the dark tuna that still hangs
over us, may toot to inspise. Although no by.'
nom eye con piciee through that cloud, so as to
caleiii.te with precision what it may contain, yet
Cleve is troloubtreLy a call fsr every kittJ of
;thought, forevight, precaution, and motion, that
we can possibly combine, .or as far as twang
foresight can adm • of, in order tb avert ettr
future dangers and difficulties, and to guard our
country lions the aft elks of our cognates. This.
w. is, set do, it we w sh to avert that dreadful
Too oton of war, or to settee ourselves from the
soot!' ries* of its pronorli n. We have already
closet:sowed its effielis, and if we must still be tr roe
hied with its affirAions, the only alternative that .sill
et remain, is to rraiatain it with increased enetgy,
vigour, and motions. Impressed, Sir, with this
Neese of the situation in which see are placed, we
arc bornid nee to stop at the statement I have made
upon this mot in:port:int of all suhjefts. We
ought not only to toite a view es". the Supplies and
Ways and Meoos of the present year, but to carry
our thooelits to the general financial state of the
country. and endeavour to moke the best applica-
tints of those means which we yet largely possess,
and adapt them to the f,uurc exigencies of the crate.
First of all then, I cannot think. Sir, that there is
Ely necessity for concealing any part of t: le opinion
may eirtertain, revotitahic, or unfavoto a'sle, of the
situation of our national finances. I must say, Sir,
shot 1 think there ate unforourable paints whicO
holong to them, and on these I shall begin.—
o thr hoes thinking it a matter merely of slight
nowise, that it has not become extremely difficu:t
to mainteiti respeetability in our present financial si
tuation, or that any elifOroilties ate et all experienced,
it ought rather to hr ooid- red as exceedinoli
wonderful, that we could ',ore been able to go on
as we have done, in a pryou sit-cession of in.
ereaw to our tAIYS. In the year 1:34, the whole
amonnt of tax o we: ten nissloins ; and even at
that time, our great and eminent departed States.
man (Mr. Pie). who then presided, found pest
difficulty in adding to that amount, and had fre-
quently occasion to wit'ids ow taxes which had been
suomitted to this House. Let us refieet upon this
circumstance, that, instead of that amount which
hare mentioned, we were burdened, at the
end of last war, wish no !ass an amount of
toxes than twesoy-eight millions; sod, further,
that at this present period, they amount to a
SUM t you.° iil outs. I think
that this may be considered, indeed, as a just mat-
ter of satisfactioe, as it sheers that our prospers y
keeps pace with the exigencies of the country,
and gives us every favourable hope that we fould
eve.' bear a further inelease. I certainly, how. veto
do nut mean to state, that relying tyon the wilting-
suss ao.l zeal of the country, Taxes could not he
found to the full extent of what may be wanted for
the ban of the present row, nor do I wish to draw
any pre•tive limit to it ; but, certainly, there is no im-
mediate necessity to call fora change of the system.
However subjetleci we may be to the incurring risk
is so doing, we should be incurring a still greater
danger, by introducing a new system, which might
tend to produce irritation. We are yet able to
continue, for some time, in the course hitherto pur-
sued, and even he provided with large Loans for the
pressing exigencies of the country, even under the
necessity in which we are placed, of looking to the
continnanco of the War to an indefinite term.
There is no circurntaance in the state of the world, to
t .able any man either an expel a Pe.ioe, or to deter-
mine the period when we, potwithstanding the contit
issuance o: War, may recur to a Fear* establishment s
nd, therefore, being compelled to march into fume
toy, to the greatest extent of human abilities, it coos

t 111141114111 mat proper for the louse to consider
in what exioner we can moss e fedually provide for
the euertrences. The mott desirable ;swans of
doing iti is surely that Of endeavourings as far as
posaible, to relieve the subjld from oppressive
taxation. It Is undoubtedly extremely desirable to
limit and confine at- permanent taxation of this
country, even at this present period ; but, certainly
Sir. I should think that that pilicy was illdera most
short-sirthted and unjust, stlikli c^tild lead its to
that object, or induce us to antic;is ire the termi-
nation of our future resources, it than WAS to be
accomplished by a deleinion from any of those
principles which public opinioa has admitted to
be eminently honourable. I mean that public
faith which has been sa often recognised.
Much as I feel the necessity of relieving the country
from permanent taxation, I should be the first to
rejed the measure, if it was to be proposed to he
accomplished by a breach of the public faith, or by
doing away the future means of enabling us to up-
hold it, as well as the future glory and renown :if
the country. But now, Sir, 1 come to the more
satisfy tory part of the suhjed, to touch upon the
re,ources which we aflually possess, and which are
applicable to. and do not interfere with. the prin-
ciples which I have stated. Sir, it is most gr.:tily-
ing to think, that in looking to our situation, we do
not find it to be one arising from the circumstances
of chance or fortune, or any of those contingencies
or casualties, which often tend to raise OF to depress
a State ; but that we find it to be the result of cou-
rage, foresight, and resolution, on the part of the
Government, the Pailiiiment, and the people of
Great Britain, in supporting that accumulation of
burdens which I have described. •I'he two great
objefts to a hie!) I shall allude are, the War Taxes,
and the Sinkii.g Fund. I meal by 'h..? War 'l axes.
that system of raising a great proportion ol those
bord.eis within the year ; a sv,vm which was acted
upon for the first time during last war, and daring
the two last years to the largest rsiet.t. and eniirely
upon the bars to which I have alluded. I am sole
the Committee will pardon me tot dwelling so 1.11,4
upon their attention, and excuse me for adverting
to the origin and gradual progress and display of '
those two great features, as they are the most pre-
dominant in the great political Government of this
country, and perhaps the most extramdinary in I
the political Government 0: any cenactry 1110111 e
world. The Sinking Fond was first or all adopted
by Mr. Pitt, in the year 1786, and I cannot advert
to that great Satesman, no ,n this or any ot.•er
occasion, without feeling all that satisfaction and
warm enthusiastic approbation, which naturally Al Ise
in the contemplation of extraordinary talents
(Cries of 4,,r hiei ! hear bins ! -- I feel, Sir,
All the extent of that satisfaction, when
am able to say, that it is one I the greatest, the
most valuable, and most extensive inea•U'el, ever
adopted in this country (h'. ar, hr r hi•n!/ ; arid it
is a matter of pleasing recolleoinn at ihi, moment,
when we Lase been so recen.ly celled upon, at two
not very distant periods. to regret the loss o' two
distinguished Statesman. who, whatever were the
chsraclers which Mir cal and public opinion g aye
them, were admitted by .11 persons, and even by
their political enemies, for they had no other, to h eve
been :lie ornaments of their time ; it was but '.aying
little of the progress of that measure through this
Rouse. tn state, that it was particularly marked by
a union of sentimein in these two great men, a:.".1
that ton at a time when pol deal dis►ension, in of ier
particulars, rei7ned high. Supported by such autho-
rity. it could not fail of success. Uhe event has jug.
tilled the expeflations that wr tent Itaired of it. In
the )ear 1 7:46, the sum of one =Moo was coned by
this liouse to he appropriated to the Sinking Fund;
this was at a time wheo the national debt amouired
to no lest' a stain than 2.38,23 1,2461. so that the nuking
of the suns of 1,900,5001 would have amounted, at
that period, to the 'l3Bth part of the whole. It
continued to operate gradually, till the year 1702,
when a supply of 400,0001 seas voted Iron, the per-
manent taxes, to be added to the Sinking Fund.
and also the sum of 240.0001. was voted to be
annually added to the million. formerly ♦ot •d.
Thus, in the year 1772, there was 1,200,0001. to he
devoted, every year, to the Sinking Fund. In the
year 17;13, when. I may say, that tne first war wit!♦
France began, there was aiaeher Sinking Furl
created, of one per cent, on the capital borrowed in
every loan. This was an addition to the original
Sinking Fund, raise,' upon a new principle; I.w
it was provided, that whe .ever tnat sum reached
to the amount of four millions, it should he
given in supplies to the pu:lic service, and
to the disposal of Parliament Such was the sic
tuation of this Sinking ruad, thus raised by the
one per ceot. during last lea-, that in the year
1796, it was calculated that it would redeem each
loan in the space of 4.5 years. Ns aihrr alter-
ation was made in the Sinking Fund CB the close of
the War, when L rd Sidmouth, who succeeded to
Mr. Pitt, looking to the L.:variance nt raising
WI considerable sum within the year, was induced to
propose an avergernent to Stockholders, which
ptomisea an extindion of the whole National Debt
at an earlier period. He proposed, that the new
Sinking Fend of one per cent. should be adopted ;
but instead of its stopping at the ereomum of four
millions, it should be consolidated with the other
Sinking Fund, and that both of them should ope-
rate together. On the Ist of rebruary, 1803, the
public debt amounted to 400,8;2,47rd. and the
whole annual Sinking Fund amounted to 6,31 r,6221.
so that, from its commencenient, to its progress in
the year MS, notwithstanding the large annual
addition of taxes. the Sinking Fund consisted of
one seventy-seventh part of the whole National Debt.
It remains for me only to state what the amount of
the Sinking Fund is at the present period, as com-
pared with the Public Funded Debt. The Public
Debt, Sir. at present amounts to the sum of
530,551,t;841. ; and the Sinking Fund amounts, as
on the sth of February next. or about that date, to
°,339,7091. so that the Sinking Fund has arrived to
one-sixty-third of the whole stock tit the debt; or
in other words, it amounts to one-forty-second part
of the whole of the money value of the Stock so en.
fisting. 'lsis, Sir, is the great foundation of the
system which I ,:to to propose, and the War Faacs
on which I shah ground the proposition with which
I shall conclude this night. I shall now say a few
words further upon these War Taxes which I have
alluded to. The principle of raising a considerable
proportion of these Taus within the year, wit.,

I say, first adopted in the yeah 179?, Olen re-
course was had to a measure, which, h.wever
advantageous it May appear, ought sever to be had
recourse to, except in cases of the most urgers ne-
cessity, as I consider it to he the most unfair and un-
just principle; when applied to the assessed t ixes for
the purpose of raising our Supplies. That duty was,
however, laid aside on the followitig year. By the
principle on which these War Taxes were raised,
was the charging upon that duty so raised, and a
large proportion of the Loan ; so that the sum of
In millions of Stock was therefore charged upon
the Assessed Taxes, and it was followed up in
regard to the Income Tax, in the year !Nil. It
WAS subjeßed to a large mortgage, being suhjeet to
the interest of the Loan so charged upon it,
being only intended to commence with the %Vat-,
and to contiaue during its continuanne. This in-
creased, in proportion as it became necessary to
charge the interest of the deht, and the consequence
was, that in the year I 80i, there were charged upon
the income tax, the sum of 56 millinas of debt,
which had the effell th it, when commuted, the in.
terrst came in deduction to the mutant of the
puhlic service, at that particular time; and
gradually consumed the income tax. lt was
in 1601 that Mr. Addington was led to aban-
don the system which he had adopted, and then
na pert of the Loan was charged against the
Income Fax. When Mr. Addington came to treat
with France at the Peace, he naturally looked to
the most probable means of relieving the country
from the Income Tax in the time of Peace, thinking
it sufficient, that rev urge might again he had to
that system in time of war. He therefore adopted
wisdy that bold measure of tilting taxes, amount-
ing to ninety-six millions of stock in one year, in or-
der to free the country from the Income Tax. Of the
benefit which accrued from that measure, in carry-
ing Q 3 this present war, I certainly will not com-
ment, as I ins convinced, it is one which has already
made an impression on the House. Mr. Addington
lead recourse to the Property lax. On it I do not
mean to say much, farther than that it possessed all
those requisites which might have been expelled
from the experience afforded by the former means
of raising the supplies. The Property Tax was
found, as soon as it was adopted, to yield a consi-
derable Antonia; and although I de not wish to
argue th it it is an equal tax, I have not flattered my-
self, nor can others entertain the ex heetation, that,
upon a large principle, such a tax could he adopted
by the government of any count'''. so as to bear
equally upon all classes of the community.—
It is well knew)] that there is a moral impessibility
that such an cquelity is we would wish to aim at,
can apply m all Loge measures. I his observa-
tion may :w equally made in regard to law, in so f..r
as it respeas the application of punishment thereby
provided. Corporeal arc other punishments mast
undoubtedly vary, in every case, according to the
streegth of the individual who is to suffer them.—
The Application of a TAX, such as that to which
I allude, therefore admits of varieties, which
na ingenuity on the part of the Legislature
can potaihly furesee or provide for. All that can
he lanked to, when such a m. astir, must he
hid recourse to, is the acquisition of some-
thing of a large denomination. On these prin-
cadet it was, that dismissing many of rie
difficulties which were foreseen, it was adopted to
a great extent ; and also a large proportion of the
lar.ir 'Faxes a ere raised, within the year, ti ,on the
Duties arid Excise. It was to these Dunes that,
necessarily, the attention of Ili Majesty'. Govern-
ment was direned, whenever they came into (Mice ;
because, although the great inundation of raising the
lVays and Means within the year was so far im-
properly condated, that immediately preceding our
entrance into olEce. the very large addition of seven
mdlions had been added to the expences of the
c.iuntry ; yet it was a plan which, puder proper
regelAtions, was de; meet exceeding!y desirable to
adopt. The only ad prim which has been since
made in that respea, has been one million. This
being the state of things, we found the necessity of
raising loans, as being the most fit mode ef pr,vid-
tog
for the exigencie!,; of the state, and a ;opted such
arrangements as should enable the Government of
the Century to prevent an accumulated increase on
the Property Tax, and unties on the custoins and
exeise. Ry the mod- sn adopted, the amount of the
War TAxes last year came to 18 millions. In doing
this, I was led repeatedly to press measures, which,
on ac.munt of existing circumstances, appear to he
harsh ; but from which, the necessity of the case
excluded my forbearance. I felt it, Sir, to be my
duty not to shrink from this line of conduet, how-
ever disagreeable it might appear ; and the result
has been the means of preventing evasions from that
duty, which his caused its produce to amount to no
less a sum than eleven millions and a half, for the
service of last year; a sum which exceeded
original expectations, by ore million sterling.
From these severe' statement., the Noble Lord
hoped the House would see, with satisfaftion, the
very prosperous and improving state of the finances
of the country; and he trusted, that after the ex-
plan scion he had given, in the course of which he
had experienced so much indulgence from the
House (a cry ef He ! hear!/ they would agree
will him upon the resolutions he should propose
upon the Ways and Means. 'Fix Noble Lord
twat proceeded to apply these several statements to
the asluAll expenditure of the country, and stated,
that after excluding altogether all Foreign Subsi-
dies that might be found necessary to be resorted to
in the course of the war, also all the extra expen-
ditures, as well as the increased price of the several
articles necessary for the various military depart-
ments, Ike. but including all that which belonged to
the aetual expenditures already estimate) during the
period of welfare, the amount of the Supply, as
he leefore stated, was 40,527,0651. ; end the Ways
and Means 41,500,0001. a sum far exceeding any of
the exigencies that might he calculated upon; there-
fore, by taking that Supply, and declaring from it
all 1114 does not come within the regular expendi-
ture of the year, by the annual taxes, we shall be
atile to answer every expenditure for every year of
tare war, as long as tech a calamitous event conti•
Ours. For Foreign Subsidies, the 5 per Cent. Con-
s tls, and Loyalty Loan, taken together, amounted
to 38,617,000 L from which was to Ise dedulted the
Aneuel produce arising from the Malt and Pension
Duties; and also from the Consolidated Fund,
Ealing together 31,977,0001. lie telt himself jure.

tifi tit, ht statement of eapetklitui*, irclusive
of Foreign Subsidies, to conclude, that it might
be calculated as a saving of 2,96 r ,0001. and this
sum might be considered as a part of that which we
had m sort with in future. It was his intention to
popose to the Committee to raise a sum of three
millions upon every future Loen, under the deco.
mination of a wet Loan, upon ►•oar tame ; and the
Loan for this and future years, should be from the
war taxes only. It might be raid, that this wobld
he ellieutteJ, although it most be many rats before
that circumstance could take place; to this objeftian
be answered, that it was proposed upon raising these
Loans, to take I u per cent from the sums boirrivree
on these Loan., and place it to the eccoitot of the
Sinking Fund ; and should any variation !eke plate,
in consequence of this measure, it would only be
to the advantage of the Stock-holder. I he mese.
quence therefore of ileac principles, as applied to t'a
Loan of the present year, would be, that I .000eee,;,
slitoild be detached from the War Taees ; teeeersee
ot which 1;e nieent should be applied in payment •.f
interest upon these 1.0 stile and the rentaiee
600,0001. savuld be applied to the Sinking I•ur r;
the cried of which would Ise, the., in the spate .1
foto teen years. the Siaking Fund v.otild he
much inc►ease.l, AS to considerably redo a the IR:.
manent and War Taxes, and enehle ns then re
meet any exigence that might exist. It Wit pa.
posed to take Our the first, second, and third years,
slim of I 2,009,,)001. ; for the fourth and fife,
14,000,0n01. ; and for the remainder of that petit',
16,000,00 A. As thus this fund will be exhausted
in sourteen years. at a time, perhaps. when the eof
may be continued, a new portion will be set ape!,
applicable to the purposes of raising loans. The Ne.
ble Lord here thought it necessary to promise to the
Committee, that it was net the inter uon of His Ma-
jetty's Ministers to increase the Property Tax be.
yond its present extent, during the war ; and that
limn the moment a Definstive 'lreery of Peace shall
he signed, it shall cease altogether. ".'he duties re
Customs and Excise will be continue in a certain
degree ; but all property will b- released, when that
happy period shall arrive. From the state of the fund.,
at present, and the pions he had to propose, which he
hoped would meet the full approbation of tire Com-
mittee, there would be no necessity to continue the
Prop..ity Tax one day after a Peace should be con-
eln eed. The next topic his I .ordship referred to upon
the sulejeff of War 'Fares, Was, the provision to he
made for the redulien he proposed to make Iron
the ‘Ver Taxes, in order to apply it to the Sinking
Fund. He observed, that it would be necessary
every year to supply the sum so detached from the
Wee Taxes.; for which purpose he meant to people
for this, and every year during the period before
Alluded to, to raise a Supplementary .Loan ; but,
from the circumstances by wl,;ch the Stockheleseri
and mercentile persons might be inconvenienced by
too sudden an addition ot the Stoking Fund, it
woeld be necessary that the amount of that sum so
to be applied to the purposes of that Fund, shoull
be kept down ; and, in order that the hands of
the House should not be tied down. during
this pesind of 14 years, it was intended that what-
ever surplus of the 11,000,0401. remained, it
should be applicable to the payment ot the Supple-
mentary Loan. He wished particularly to call the at-
tention of the House to the three first years of this
Supplementary Loan. foo.oool. of the present year's
War 'faxes having been expended. it was necessary
to raise a Supplementary Loan, to supply that de-
fiziencv. For the year MOS, this Loan will be
eedncid to 14 0001.; and in 1809. there being
2,6)0.0001. to be raised, 100,0001. of that will t, •
detached towards increasing the Sinking Fund ; st
therefore happened, that for the three first years
he should have recourse to the Supplementry Loan,
which would amount, altogether, to 279.9991.
after which time, from the falling off of annuities,
there would he gained for 1307 and 1808, a sum of
365,5151. which would go to reduce further this
Supplementary Loan; and by these measures, after
ihe first three yeses, the public would be ushered
i from any further permanent t.,xes upon that
head ; and there then would be a sus plus re-
.neining for other purposes, such as His Ma-
jesty's Ministers should think proper to apply it to.
1 r the courses)! the next seven years, the Supplement-
ary Loan would gradually increase. over and above
the Supply, and in the cenree of these seven years.
there would only be wanted from the first. 1,531,3331.
arid at the expiration of it, (1,•100 0001. To the me-
thod for raising this Supplement - y Loan, his Lord-
ship next callee the ettenti sn of the Committee. In-
stead of providing for each year, in the proportions
already stated. his intention was to take an average
of the whole, and then nuke a distribution of them
equally. For the next seven years, the Supplement-
ary Luan will he prnportionably 293,e001. ; and
from the great benefit arising from annuities falling,
the next seven year.. would tequire a lean only of
300,0001 ; carrying this system on turther for 20years,
at the expiration of that period ihere will be a
sum of 5.000,0001. applicable to the reduslior. of
the netional debt. I he evetage of the increase
for I t years, taken prospedively, amounted to
3,459,0001. in the event of carrying en the War.—
Looking back to the last war, the increase varied
from lu to 40,000.0001., and the average for the
Present amounts to about 45,900,0001. With re-
aped to the third position upon this point, the No-
ble Lord observed, that at the time Mr. Pitt first in-
troduced the system of the sinking fund, he did it with
a view of liquidating the national debt ; but lest
he should carry it too far, he limited it to 4,000,0001.
It was not necessary for him to state all the evil..
which might wise from too sudden an increase ot
this fund, as it most inevitably force a large quan-
tity of stock out of the market, and thereby an im-
mense capital would be destroyed. 1 he reduction
therefore of the debt all at once, would be A Naional
Bankruptcy ; for a person having a large quantity
of this tend, ns•ght be ruined. The next conse-
quence would be, that all goods, wares, and mer-
chandises in store, would be depressed in their
value, and the stockholder and the merchant
would be equally liable to a similar misfortune
for other persons would come into the mark. t
with evtry advantage over them. 11e, therefor..
coesider. d it moat wisely done by Mr. Pet, t
confine this fund to 4,000,000 L But that danger
which he WAS so anxious to guard against, did not
now exist ; for en I e 0 O a regulation for checking the
Sinking Fund was provided for by Parliament. By
the meuu:, thetelore, now adopted, a con-idereh:e

willbo *ado to the Sinking Fund, and at
Am, perhaps, it will he most wanted,
tthe ume
bis fund will be highly appropriate to ail the in-
wide(' purposes. The proportion which the present
-Sinking Fund bore to the capital sum of the present
Nut ational Debt, was at the IMO of one-forty-seco
no nd
to the whole ; and. recording to the plan w
posed, in the course of ten years, that propor-
re
ton will be saereased from one-fortieth to one-
eenteenth. If, at any future period, that Fund
shall have increased to such a degree, that there
be a great accessioa of the principal,
iwtY
it then will become dispel itile as the Parlia-
ment shall think proper. Tlie provisions and
tegolations under the propos-d plan, give com-
plete satisfaftion to stockholders. According to
the operation of the proposed plan, the access,
in the course of nineteen years, will amount to
90,000,0001. more than could bave been redeemed
ender the present system, and an amount equal
to the present debt would have been redeemed in
period of five years sooner than that of the pre-
system ; every objefl of the stockholder will he
then satisfied, and every loan may he redeemed in 45
le.iff. It only remained now fur him to state what
, e I ad set out with, which was the considerable
i..aiasflion he felt ie being able to state to the
I iause, that the property tax would be carried no
tardier than during the war ; and from the regula-
tions he proposed, and the improved state of the
finances, he hoped that the war loans and war
tiles would be raised, in a short time, without in-
fringing upon the property tax; and, at the end of
to ye.tts, (should the war last S 9 long.) that tax
might be altogether repealed. .1 bus the ob-
lees of this plan will be more beneficial to the
public, and the attention paid to the improvement
of the Sinking Fund, will be more benefical t the
stockholder, and better for tie public. Under such
a system, this country, supported by her own in-
dustry, assured by her own talents, and towel by
her own spirit of indept ndonce, may hope to arrive
at that situation, not reetely sui•erior, at this time,
to every nation up .n the globe, but superior
to every nation that ever had existed on the face
of the globe, or ever would. Thete yet remained
to be stated, not a vein boast, of what we may have
hereafter, hot of what we now ate possessed, re.
ances within ourselves which cannot he eqitalled
hi any power of Europe. Nothing could toduce
us, he thought, to profit unfairly by such means
as might be held out to us, in restoring that
peace and happiness we so much looked for.—
It was most fortunate thut„ should we he foiled
in our future aitertipts, we have the spirit of re-
newing the attack ; bur if we cannot succeed to
our wishes, we car. stand firmly against all attacks
made on the othsr side. At the same time that we
wish. d for Peace, we have the means of protratting
the War to an indefinite period ; and should that
scourge of Europe, who,blasting and consuming all
he cannot reach, and threateninA to destroy those
beyond his power, persist in bis plans against this
country, we have institutions by which we can
support ourselves, our liberties, and oar Constitu-
st.sn, against tyranny and oppression. We stand
the guardians and delenders of our country ; and,
with undiminished glory, we can preserve the faith
and honour of the British Chara.lter. The Noble
laird concluded by saying, he should now only
wove. " Ttio the Resolutions be read, and the
consideration of them postponed until Wednesday

sennight."
Mr. KO.:E said, he did not then mean to detain
the Committee, but merely rose to ask, if the Noble
Lord was aware that these Annnmes were now,
by law, applied to she sinking fond ? but, he con-
ceived, the Bill of 17d6 provided that the Annuities
ateuld fall into the sinking fund.
Lor 1 HF.NitY YE rrY replied, that they were
included in the previsions of the .stl ut I Tbj, but
by an arrangement in 180.2, these annuities were
detached. Whole on his legs, he observed, that
besides the Resolutions, tha-re would be a table,
which could not miserly he laid aefore the House,
and reel y Gen:lemon would be furnished with a
copy of each.
Mr. JOHNSTONE said. he did nor w:sh to inter-
fere in this stage of the question, but there was one
observation ...Well lie begged leave to make, which
was, that an impression of a dangerous tendency
would result from the Noble Lord's speech, by
which the coo tor amnia be open to expeflations,
which perhaps would never be realized. The
Noble Lord, iu disploil,g a degree of talent
scarteiy ever to he met with, had stated, that the
Liconee Fax was not to be increased, he (Mr.
Johnstone) could not well reconsile that with the
Noble Load's itundu3 on a former occasion, when
he refused the applications not to increase that
tax. Never had he heard el,quence carried furt er
than upon this occasion, when the N..ble Lord would
persuade the C.:untry that all our debts should be I
paid. lie wish, d the Noble Lord to consider the
espenations held out at she beginning of the war,
and what was the result ? He wished the Noble
Lord to state, what probability these was that his '
assumption would be realized.
Mr.IOIINS I'ONE begged pardon of the House
for troubling them with any observations on what
had been said by the Noble Lord. None could feel
more sensibly than himself how ill-calculated he
was to engage the attention of the Houses afrer the
brilliant display of talent ea.ibited in the very
able speech of the Noble Lord ; though he had
come to the House unprepared to meet thequestion,
sod though the Noble Lord had purposely deferred
the consideration of it, to a retired when the
House should be possessed of ample documents, to
decide nn the merits of the plan (au outline of
which had, this evening, been laid belore them), he
could nor, consistently with the duty he owed to
the House, and the nation at large, pass over in
silence, some parts which he conceived extremely
ohjeltionable. Ile had first to observe, that the
Noble Lord had, in his statement of the resources
of the nation, for the ensuing years, completely
negletted to take into consideration the state of
the finances of Ireland, which had been lately very
deficient ; and he had been apprised, from the best
iliformation, that the result of the Union of the
English and his!: F.x,:hequer would be extremely
unfavourable to rojetts of the Noble Lord, as
Ireland was at the present time totally incapable of
furnithing her quota of tatatien, and the English
I schemser would have to provide tar the late sum
ra.sed ni Ireland, amounting to near five millions ;

this was a nosttni of setkes importance. and ees
tainly should not have escaped the Noble Lord in
his financial investigation. fie also wished to re
mind the Noble Lord of the general fallacy of spe-
culative calculations, and of die failure of that per
Swim- system of emote's. which had been adopted
by his ingenious predecessor, who had even asserted
that the war could be carried on by his system,
without any increase of the national debt ntewing
the improvement projelled in the finances by
the Nohle Lord, in this light, he teeny was of
opinion the Noble Lord had been led away by the
interest all projeCtors feel in the offspring of their
own imagination, and hence induced to pro-
mise to the nation advantages which it would
scarcely ever be possible could be fulfilled be any
system whatever. Lest this system should be
o tally as unproduCtive as e e former, which
commenced in a display of innumerable ad• sn-
rages, and ended in nothing but disappoitoment and
vexation, he had risen to remind the Noble Lord of
the consequences of exciting the hopes and expeCta-
tions of the people, when they were called or.
to mike the greatest sacrifices for the relay of the
state, and when the necessary concomitant of the
failure of the present scheme, would inevitably Le,
on the part of the people, dejeftio.l and despair.
Lord H. PEt' FY eche to answer the Hon. Gen-
tleman on the suhj .61 of Irish finance, and observed.
that his system could not at present extend its bene-
ficial effects to that comfy. as there were no perma-
nent war taxes is the Irish establishment, the Irish
system of finance being perfeEtty el-et from that
of England. He begged leave to recline aoswer-
ing any objeetions which might he made this eire.shof,
as he leaped to be able more explicitly to state to
the House his system, on the evening appoilited fur
its further consideration.
Mr. H. ADDING I'ON rose in support of the sys
tern adopted by his Noble Relative, when in of-
fice. He thanked the Hon Groot min Po the corn•
plinsent he had paid Lord Silmouth ; but begged
leave to remind him, that his L r snip, in his 111. A
sanguine moments. had not promised the natfon his
system sh..uld defray the riot nces of the war, with-
out circumscribing those rap-noes, and rating them
at an average of twenty-s x millions per annum.
li
the expences of the war could h tee been reduced to
that annuol sum, the Noble Lord, no doubt, would
have made the conditional promise which he
bad made.
Mr. PARNELL observed, that the assertion o
the Honourable Gentleman respetrintz Ir•land's ina•
bility to defray her portion of the national expends•
ture was unfounded. In consequence of the late
regulations tespetling the Irish &sauce, the reveille
had increased near hall a million ; from this raoid
increase, he tiought himself jostifi d in presuming
Ireland would not only be able to furnish her own
quota of taxation, but also to I iy by yearly a surplus
to be applied to whatever public purposes might be
deemed necessary.
Mr. CORBY stated, that from his experience of
Irish affeirs, he could vouch for Ireland being ade-
quafe to defray the annual -xpences necessarily en-
tailed on it by toe ACt of Lloion Ile thought that
nothing enoll be more prejedicial to the government
of tbs. counti 7, than this such a tern, tending to
establish the ins deem of that country, at the mo-
ment when she was about to raise the necessary sop-
plie•, by loan, for the year, slims d go abroad•
In this statement he was also suppurted by Mr
Vaosittart.
After some word:, :n explanation. by Mr. JOHN•
S I'ON F. and Mr. CORBY, Mr. HOBHOUSE re•
p 'nest pro ;rest, and asked leave to sit again on
Aredoesday.
Lord HOWICIE then stated, that he would con-
eider it a matte of personal favour. if the Hon.
Gentleman (Mr. Perceval) would consent to post-
pone his M360:1 • Wednesday
To this Mr PERCEVAL ennuered, provided
that, sh tilt there be no Hoase on Wednesday, in
con,egastwe of a ballot, appointed for the same
day, his motion should stand as the first from that
day, which seas accordingly ordered.
Sl.A'' E TR UE.
Mr. WILBERFORCE said, that he rose not for
the porpose se motel; any motion, but merely to
observe, that probably it might be proper, in this
new Patliarnent, that the Resolution, which was
adopted by the last one, at the end of the last
Session, relative to the Stove Trade, should be read
to the House. the last Parliament had resolved,
that, upon the grounds of justice and humanity, they
would endeavour to take such steps, for the Abnli-
times of the Slave Tiade, as the wisdom of the
House might think proper, and that too as soon as
possible. It might be thought that those persons,
who formerly hal taken up this busines, ought now
to bring it forward ; but some, at the same time,
might conceive, that as it lad lately been brought
before the other House, it might be better to wait
the result of their i'eliberations. He deemed it his
duty to ioquire, whether it was in cuctereplation to
adopt any meaesres in conformity with the former
judgment of the House ?
Lord HOWICK rose and answered, that since it
was known that another Bull was pending in the
other House, he should think it improper to adopt
any steps upon their former resolution, till the re•
suit of that deliberation was determined. He, no
doubt, coneutred in the opinion with the Hoa.
Gentleman, that it would be for the honour of the
House to take up that business as speedily as pos-
sible, in order to ellen the abolition of that trade.
which, by the vote of last Parliament, was declared
to be contrary to the principles of humanity and jus-
tice. (Cries of hear / afar ! tbrutsils ad caartert of
tie IJoeie.)
MILITARY RETURNS.
Lord CA.S I'LLREAGt I said, that there were
certain papers which he would wish to have laid on
the Table, previous to twilit' diseu.sion of the mi-
litary matters, still before the House. The Noble
Lord, therefore, moved the following series of Mo-
tions, which, after a few occasional observations,
were severally agreed to :
A Return of the nutuoer of Men wanting to complete the
ettabinhment of the Regular A,my, on the 1.1 Slay of Ja-
trusty, 1107, divtinguithrog the blush bunt Foreign, and Ca-
valry from Infantry.
A la-turn of :he number and effectual orength of the Re-
minting runes empluyad 011 ale lit of January, 1.46, and the
Ist of January, tail
A Retain et the Member of Pentane enti.loyed open the lit
of January. to levy hied Is the Amy, tender the Orders en
Oaotter. 15.6 I ditti,nrw•hing those rune me on half ray, and
spit:up:l 11161441E1hr. of Mama Law,' in feel. 14•04..

Mt.aTraessis of IC.lNAsist I. Iligiascat the Puldoc Offices.

Prevhxhif 'waived. ttivegthen the gegen' opiaido.
that the French have experienced, it not a decisiire
defeat. at least a revers* of fortr.ne.
_ .

The Irdlisakca,...._, gibe arrive of which frdm
1 .
rthe Cipe af Ocind Hope we lately mentioned, has
br .ught horse the detachment of the (aeon's, nr 43
Foote which, w4the tusk compasios of the o4:1t,
-if *Abe tecoileolesi, were taken on their passage
from Oihraltv, Sind carried to the Cape, wi.ile in
pnesesaion of ilie:eitemy. Letters cl,.;e:: C.e 11th of
November, melted by this •asiel, slat., that Sir
DO.•110 RAigto was indefatigable irivbis du:v. ar.J
that th- troops were in high health a. 1.1 spirits
The whole army was to be encamped at New.
lands, on the 15th November.
In the fribam, several Dutch families have come
home, and a fe.c iovalils from the Regim::r.ts at the
Cape, with the following Officers:
Ciptaiii Celtins, of the MI Regintent.
Pay .12-.te• %laic .Imson, of the 93J Ditto.
!Win,: Master Humphries, ef Vie t I.t L.ght Dragoons.

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