The British Press; or, Morning Literary Advertiser.
London, England, 1807-02-17 00:00:00

FINANCIAL. RFSOI.IITIoNS.

Lord CASTLEREAGH ri..e. he said. for the
purpose of moving the Order of the Day for taking
into consideration the Financial 11r:solutions, which
he bad proposed, in order afterwards to postpone it
to a fatute day. He apprehenci:d tilts would be
necessary. in order to avoid delas, I,e Noble Lord
opposite (Lard Fl. Petty) intend. d ibis day to move
for a Commitue upon the Resolutions which he
had previously laid before the House. Ile was
ready to admit, that neither that Nob;e Lord's Re-
solutions. nor his, could be diseupcd, without having
a reference to each other, the same course of argu-
ment being necessary in discussing each of them ; so
that the course most convenient for the public ser-
vice, would be to postpone his (Lord Costhreagh's)
Resolutions to some future stage of the business, in
order that the House might have an opportunity of
giving them a more deliberate consideration. In
moving for this postponement, he wished, at the
same time, to enter into some further explain:ion
upou one cr two points which he thought mates i.d,
in cadet to narrow the grounds of difference whit!.
existed betwixt those proposed by the Noble Lord,
and those proposed by himself. The point to which
he wished to attsa3 attention, was As to the gross
statement of which he had made use, as a modifica-
tion of the
.Noble Lord's plat, drawn from the
conclusion, that the funds were ashquate to the
.:large brought against them. He faidy admitted,
that the spirit of one of his Resolutions was, that
the Sinking Fund might be managed in the way the
Noble Lord wished, till the year 1616. He had for-
merly stated, that in the ninth year it would be
necessary to limit the operation of she Sinking Fund
to the sum of 4.500.0001 but he apprehended that
his statement was dele6in. as he had not Lama
notice of the progressive sum that must ho raised
in she preceding year, charged upon the Consoli-
dated Fund. Upon lo %king into that question, it
cattAinly did appear, that an adopting that part of
the Noble Lord's system, he was siding upon the
Noble Lord's principles in the limited period of nine
years. but. he now fond that he must ultimately
charge himself with a permanent provision of that
sum in taxation. He now perceived, however, that
be must charge himself with the AMOUR of not less
than 6,900,0001. He was board to provide for
that sum, besides Ways and Means, to the event of
3.775,0001 ; and the amount of the New Taxes
would be, upon his calculation, £,500,0001. for the
10 subsequent years. The ally ground upon which
be now proposed to modify the Noble Lord's plan,
was, Inc, to keep the War Taxes completely out of

any mortgage whatever. tr Lis suggestion wit *to
goad for that, it was good for nothing. The se-
conctioroond of mothicaticii, which he prepoied
WSW to limit the oentoint al Loans within the year ;
wheelie. die Nuble Lard's plan. went on gradu thy
to ineseme the Loen from twelve
millions to thirty-
two matrons. What be wanted was, by a modifi-
cation of the Noble Lord's plan, to relieve the mar-
ket ft om the task of raising this sum 01 32 millions,
money copied, excinsive of the Taxes of the year.
It must therefore be admitted, that he could not
carry on this war, without making some addition to
the permanent taxes of the country at the end of u:ne
years; but anti cedent to that, no new taxes would be
necessary, taking it for granted that the plan could
be executed upon the Noble Lord's own data, in
point of taxttion, without ceiling upon the subjeft
to incur any new tax whatever. What would be
the consegtoo.ce, however, were the war to continue
for the whole twenty years? He apprehended
that the real amount of the new Taxes, during
these subsequent years of war, would be up-
wards of three millions a year. He should re.
peat, then-fore, that his principal objects of m
fication, on the Noble Lord's plao, would be, the
keeping she War Taxes out of Mortgage, and not
suffering the Loans of the year to rise up in the
market, a circilmstance, which, he could prove,
would be produOtive of the greatest evik. lie tie.
precated the system of raising the Vs and bleens,
by large Loans, and borrowing to pay the inter-
est ; or of furnishing that interest out of the
Sinking Pond. It that mode is interred to be
pursued at all (said Lord C.) io the mime of
Gust let it be fat the shortest time possible. Let us,
however, rather make a great exertion, and raise
cur adequate er,pences in proper time." If the
House did not understand the modification which he
had proposed, or the Noble Lord's system, it was
Owing to the embarrassment which arose out of the
difficulties and vices at that very plan which had
been best suggested. His Sth Resolution referred
to this subj.ll; but he found that a mucit greater ex-
tent of loan would be required for %mit modi-
6w:ono. than he had detailed ir, the coulee of
the former dist ession. The simplicity of the
9th Resolution, however, would relieve the Noble
Lord from any of his practical ohjectiouto He
was anxious to put the Noble Lord in possession
of his plan; althott:;11 the Noble Lord did not seem
so desirous to explain all the mysteries of his ; al-
though he had had many months to investigate the
matter. Ka had not yet been able to horns a con-
tinuation of those tables, which he deemed abso-
lutely iniispensehle to the further investigation of
his own case, or to enable any other person to
judge of tt e merits of the two systems. They
were called on, thus hurriedly, to decide upon the
Fiuenciel state of the country, for years, in pro
:Who, in a manner that would involve, net only the
cre!.t of the country itself, but even the credit and
reoutatinn of the :resent Parliament, as to the
prudence or irnr deuce upon which this system
was to be man. i The Noble Lord ealLd upon
the House. this night, to discuss his Resolutions;
and altheegh they tpight pass, and Parliament not
be precluded tr .m considering the sobjea again,
during the whore of the 20 years; yet, he could not
help puttioto • It 'to the Noble Lord. whether it •
WAS a very seemly situation fur Parliament
to be placed in, to appear afterwatds, like chil-
dren, to hove adopted a system as being appli-
cable to twenty yells, and find it necessary, in the
second, third, or fourth year, to revise and adjust
it, as being totally impreeticable and inexpedient f
He should ono die liberty, therefore, of warning
' the Home not n adopt a system hastily and in
error. of before they had an opportunity of enterirg
into the oomideration of all the circumstances and
chore: lees belongingto it. He very much wished.
therefore, that *he Noble Lord would see the pro-
priety of adopting some line of condua which
would not embarrass the public service, but
would put Parliament in a situation to decide
on one of the largest and 1110:1 co-nplicated sys-
tems of finance that ever was laid before them.—
He apprehended that there might be two courses of
proceeding, in order to relieve them from this em-
borrassrarnt. He should wish him (the Cbencel-
lor of the Exchequer,) to take any pecuniary pro-
vision from the House, that might be necessary for
the public service. until Parliament should have
time to consider of the propriety of his system of
finance, as to its proepettive views, so as to provide
for future loins as advantageously as possible. This
mode he should prefer to the other one, which
he had to suggest. If this first mode should not
be adopted, he would wish the Noble Lord only to
put his plan into execution for the first year, instead
of making it to continue for twenty years, in order
to give the House a complete interval of at least one
year, or betwixt this anJ the next session of Parlia-
ment, to consider this complicated but most imp-wt-
ant question, and to say whether Abet:o6e any thing
in the credit a-id resources of the coturry. which
ought to drive the existing government of it to this
desperate alternotive of raising thirty-too millions
of capital in die marker, during the first fourteen
years of the continuance of that system. Upon every
ground, he could not help setiously wishing. that
the I lon• e should have an epportunity to conchler
this ruoject, not in the adverse view of cm-
barressing the plan, but from a convillion
that it was likely to prove perfeily incom-
petent, and improper ter any purpose, but to load
the country into rudi a critical situation, that
either the Noble Lord himself, or his successor
in office, must desist from the prosecution of the
plan. for these reasons, he wished that the Noble
Lord would not press the House to go into a Com-
mittee upon the present occasion, but leave the exe-
cution of his plan entirely to some future and
distant period, 13 as to afford Parliament a fair and
adequate time, to consider of what they Were
ahem:. Lord Castlereagh then concluded with
moving, "That the consideration of the resolutions,
which he had lately- submitted to the Howe, be
postponed to this day (Monday) se'nnight."
Lord HENRY PETIT rose in answer to the
Noble Lord, and observed, that he cool! have no
objection to his appoiroin_g any day he wished for
the consideration of the Resolutions he (Lord C.)
had suggested ; but with regard to his wishing him
(Lord P.) to postpone toe consideration of his
Resolutions also, he begged to notice, that he had
already pledged himselt to bring it forward without
any delay. As to the charge of ptecipitation,

ownhowe ,vontlier, oahe.tah,legiiiit ;atoffseziaeosuild safely
is
m2i,,steppey,s
to show, that they had not looked to this extols:::
system of Finance, with that degree of conlideicro
which was to inorre success; but had breets:a..t
forward, with a determination to submit it to toe es
liberate inquiiies, discussion, eed consitieTACCln
the I louse. In cuito•onnoitei of this assertion, beetteg
inform the Noel, Lord, that these ltesoklions acre
first proposed two or three weeks ago, aed that the
Bone resolvesi, that a fortnight Irons that SID*
would be suthoent to int-rvene betwixt it oho toe*
consideratioct. Accurdinely, last Wednesdaay hod
been appointed, but it terher pest 'entente-at 44
taken place to this d!ry. All that he wished to move
on *resent Itel'ilblOn, wa , ths the House shisted
cciiticho the Resolutions in a Committee, lot the peo•
pose of the Report being broireht up An Wednesday
next, and a Bill afterwards ;enter-ad cooformablr
to them. These various rag,.
afford considereble that ter deliberate and im-
partial discussion.
Lord CAStlele.4wh's Mei:lost was thee arreedin:
Lord li ENRY. TTY swat moved the Ord-:
of the Day for the Hoses going into a Conant:,
to consider further of the state of the Finances etli.
Country.
On t',4 Motion being put from the Chair.
Mr. LONG ruse, and said. that a:though Genet
men had had these Teliles in their Lands for sear
time, yet he submitted, that it was impossible they
could have had an opportunity of consider-nig
own, in all the views they were impolite of beieg
placed in. • en Noble Lord afforded to iratt:
When
discits,ioe, he really du:eight lie imiebt yet to pot..
pone this importent besiness foe a few daysottid deo
he believed, would he mush more sat:it:Awl to Or:
oof Lords. He begged leave, in the preselo
view he had taken of the matter, to frli eot • '
such a spit on of finance, or of their hp O.
upon such matters for posteritx. He we, 1.4: 11,A,
considerieglightle that systenewhieli had been oi ir...
ed for some time past, but there might indeed !ir
an error its adhering too pertinacioesiy to say pe-
ticalor system, in the present tetttotion of the coed.
try. It mattered net whetter the Noble lord har-
rowed upon the Consolidated /unit or OD the We
Taxes, he was borrowing at a compound inte:em,
and, in either case, be cre..ted the necessity of
Supplementary Loan. He did nut object t,
his hollowing, to a certain went, upon its
War Taxes; but he did not app-eve of :he extent p...
posed by the Nobh Lord. Upon that footing, le
might continue the War for 5 years without pledging
a greater amount t f War "faxes than what would be
politic. The Nail! Lord did not oxen to uteri.,
that many of these Taxes might not continue
their full amount, and yet he meant to b'Jt row a^ra
them to the unto t extent they ever produced.
He thought the Noble Lord did well in givii.g a
promise to the country, that the Property
would be abitioloned ; hut he must remind hint of
the great difficulties which bad arisen in regard to
that Tax, even at the time it was first la:d oa, a
time too when MI6 was expelled horn tlw
voluntary x -Al otj individuals do-oughts' the
country. He Will recoiled the great epos-
'kiwi that W 44 created against it ; and, there.
4ore, it was itheessible to city hsw long a 'fa
would be camisoles], which WAS at nee oars dense
minuted the moo vetatitms, the nest unjust cf
all others. it was indeed, at first, styled by the
then Opposition, not a System of Taxation, bet a
System of Confiscation. Yet they have thought
roper to adopt that very system, and to propose
its continuance for an indefieita length of tin e:
If he had any fears at all, be hod to fear :bat
thirty-two millions would DOS be Slat -'sent to defray
the charges of this war, independeat of the Canoe
lidated Fund! The Noble Lord had told tin
House, that the sum which he calculated upon, sex
exclusive of all subsidies. He would ask WI
how he is to provide for any subsidy ? Was
he to came down to the Doti e to propose a
tax for that purpose > He beeved him to
retied, too, what would be the eff.et of the der
preciation of money in the interval. He certainly
had very great objections to that step, which had
been taken in the year ISC and the objections be
then entertained sue undoubtedly confirmed, be-
I•
he was convinced the original ptinciple of the
Sinking Fund was entirely departed from, and :4
always thought that it would be necessary to take
some step to bring it hack to its original state. lie
knew ths it was never the purpose of that Sinking
Fund, that it should roll up or accumulate to die
charge Debt, but only t r keep down that Debt. ie
as to prevent its great occumulattoo horn becoming
inconvenient. In the year 17SS, the raroUreser rot the
Sinking Fend was fixed at four millions. the interest
of which was to be at the disposal of Pariiantem. la
tOeS, it was found necessity to admit a portion of
that debt, to be applied to necessary purl osesi bet
be had err that rime, and still had, great oh'irefti os
to that !than. shou'd not, hoe eeer, in the sligho
est elegize, olj.el to the system of the Noble Lea,
if he 'Amid confine it to the space of five years,
regard to borrowing upon the War Tams. He err
proved of the proposal of not imposing any tun
for the first three years, bezouse it wo, c.onsioest
w.th the grand purpose of maki..g new taxation is
revived with greater force and HUI ; besides, the
great satislietion of gain.ng popularity. But resdirt
to coil upon the Howe to adopt a system of fina.,e.,
for the nest twenty years, 'omit such errooecous ore
culetion, and such improOeble dodo was tv,g:;ll
impcii:ic and unjust towards posterity. UpoettleS4
grounds, Omelet e, he cneld not I•elpobjoettog.t9
their going into a Committee upon these Resuao
dons, as it was neither consistent with their dignity
nor sound judgment, to enter into the cmoiderotisi
of such a system.
Mr. 'TIERNEY said, that there could be
nothing whatever in the Resolutions, nor in tbc
act to past upon them, which would tend to tie
up the hands of Parliament, or call upon it not is
sisartm the duration of the term proposed. It
• seemed to be admitted by all, that it wAS most cos.
veoirott and politic not to impose any further Taos
at the resat moment. 'there seemed to be s
dispe-ition to concur, as to the propriety of testifies
off the further imposition rf burdens, and eveaiinin-
clkiatien to concur in culculatiog upon the Taxes re
be raised withia the year. He was glad to find, the
the Right Hon. Gera. opposite, approved cf
' plan to that macro, whether these War Taxes were
to be Lucked upon, as hweg permanently produeit:

lON

le thoeg:it T 4.1 toold safely appeal to I.is 0 n
A, atal 'hats:Ash flit Majesty's fftlirtiore.^ mig
,at they had not looked to this extensive sup!
Finance, with that degree of confidfeur, seat
i to insure success; but lied birougltt.: new
ith A deterry,,„ation to submit it to ti.e (IN Prm
quiiies, etiscossion, at/ cervideration of ford
in cot r oboraitni ot this Asset tiun, beetul4 Thf
NOW.. Lord, that these Resolutions were cent
sed twu or three weeks ago, ead that the P"
Aired, that a fortnight trona that tine it If
utEztent to int-event: betwixt it and their
fire
on. Accurdiii!:ly, last Wednesdaay beg and
eted, but A ii;r:t:ui p9!tt Irilenient 44 1-b
!to this dry. All that he wished to Move sibt
rnt fiecasion. wa , thst the House should the
e Resolutions in a Committee, lot the pare chit
Report. being Inoue ht op on Wednesday w
i Bill aftet wards ptooo-ed coi.fornsably vet
These various stag,. rmtild CertiliDly. WS
liderable time ter deliberate and int, en
ussion. ;ft
Art eash's Mastion was then agreed' in;
ENit 17 I'EITY swat moved the Ordts. t
fir the House going 1140 a Cumming ,
further of the state of the Finances ctli. ,
•• \lotion being put from the Chair. .
NG ruse, and stud, that aithyAgh Genet Lie
ad these Tahlers in their Ennda for wet tits
e submitted, that it was impossible they ter,
e had an opportunity of consider-kg 171,
I the views they ware (sepals!e of betel sr
When the Noole Lord uffataed to invite at.l•
he teally thooglit lie tanbt yet to ppt. cot
mport ant business fees a few days,stud th,,, eai
would he musts more sat: statuary to (I-,t Tt
Ards. He begged leave, in the presett AII
I taken of the matter, to td.i -: et.t • ' ~ ha
-in of finance, or of thair hp si. to •,; ~ ,; du
matters for posteritx. He Wil, In: lisn_ du
ilightlx that syst«nawhielt had !monad et,. do
se time past, but Mere might indeed !,o up
s adhering too pertinaciousiy to say p 4- tv,
:ern, in the present situation of tbd coons Bt
attered not whetht r the Noble lord Lot- an
a the Coneolidated Fund, or Oil the We in
was bcrrowing at a compound itue:est, so
Cher case, be crextesl the necessity of a of
nary Loan. He did nut objth is rit
wing, to a certain extent, span the pi
but he did not apFT-ive of:he extent iv .. to
le Nobh Lord. Upon that footing, he Pc
moue the War for 5 years without pledging to
mono: t f War "faxes than what would be di
'he Nail! Lord• did not s...em to adv.l4, th
of these Taxes might not continua to at
.moara, and yet he meant to IY) 1 row a^ca it
he nano t extent they ever produced. 1-1
it the Noble Lord did well in gieit,g a at
o the country, that the ['miserly •1.. t is
ibist•dnoed ; hut he must remind hint vi ti
litiiculties which had arisen in regard is
even at the time it was first laid oa, a
when mach was expeard horn dis 11
t •;t1 otj individuals ikonghunt the be
He will recoiled the great Nips- lb/
: wa created against it ; and, thews
Iss rossible to cis' hsw lour a 'fa

er not• -• Ile believed, that the exhtk same tares •
ryiaht he kept up to the exalt same amount ; hut, ,
5uW",.6,11t that any of them were not pert telly
yearlakle, where was the difficulty of trying some
yew ones in the pl ice of any that did not prove
prndenive ? The very cessation of taxation, af-
fords an ad litional power to impose others.
The War Taxes were defrayed by ten per
cent upon the whole; but as that was pro-
posed to he reduced, he apprehended that therefore
it was desirable to have a lug. sinking fund in the
rst instance, as it makes a security in bargaining
with the Stockholder. He agreed with the Right
Hen. Gentleman, that there was too peat a (Fyn-
siy„rt to state the sinking fund as being purely b r
the Stockholder's advantage. It was for no such
thing. It was a gratuitous gilt given by a Right
lannnimble Gentleman now no more (Mr. Pitt)
en new Loan was to be raised ; but it
was never intended to be Weir for the advantage of
ere Stockholder. but for the benefit of the country.
k never did, nor could agree, that that was not
, areument. as to the Sinking Fund; hut, at
t -..a7ne time, the r-pinion had obtained ground so
• e. that tle neatest poscihle delicacy ought to be
erred in regard to t:ie taking any step the mi-
l: .ry way. To proceed upon the two Sinking Funds.
drienly in the teeth of Mr. Pires penjeels. would
'be attended with great inconvenience. He thought
that the plan of his Noble Friend (Lord Petty)
tended to strike off every insonweisience. I. was never
meant to bend Parliament, so tha, they could not alter
try system they have adopted ; and it was surely
advantageous in the present instance, that Ministe- s
could 'hew to tile world, that 32 millions could be
raised without any additional burdens of taxation.
That was all that was at present ct eteeded frr, a.,cl
a great thine it was. it must create astonishment
from one end of Europe to the other. Al-
though we sh-ulsl afterwards want more, what
dues that argue? Can we not raise a Loan in addi-
tion ? Ac to subsidies, wnich had been tratched
upon, he never knew that they were c!,arges, that
were urapt up in disguise ; they arose out of the
Bridget ; and the difierence of the Total Supply,
and the ready Ways and Means, were always raised
in the way of a Loan. He -.mild see no ntjeltion
so the proposed plan, proceeding upon the basil,
of thirty•two nsillionr, bring sufficient. It it be
not, then w'ty ant try thirty-four millions? The
principal differenee that seemed to exist, -as as
to the mode of raising the 32 millions now pro.
posed ; but he could not see any reason for enter-
taining any doubt upon the subjett. As to the
deptLciAtion of money, he confessed that he did not
understand the objeaion. Ile should think that if
any thing could prevent the depreciation of money.
it wnu:d be the non-imprwition of new taxation.
He was not aware of any further ohj Elions ; but.
at all event he could see no reason for not going
is the Committee in order to die. use the Resolu-
tions.

FINANCIkI. RESOLUTIONS.
Tha H s.a wet.t lam, a C-nninittee of the whole
Haase. on the Financial Resclutions, which had
lieen. on a former night, submitted to the House,
by Lord Henry Petty ;
Mr. Hn snoun in the Chair.

Oa the Resn'winos heirta read,
Mr. GEOR- ROSE—observed, that he was
well aware of the numerous difficulties which at.
tended the discussion of the subje&. which this
evening engaged the attention of the Committee.
For his own part, though he could not agree in sen-
timent with the Noble Lord who had moved the
Resolutions, nor with thuso of his friends who con•
curred with, and supported the plan of Floance
which they contained; yet he e'uld not help ap-
proving, in very warm terms, the open and candi,i
manner in which they were originany introduced.
as well as the uniform can.i our, which the Noble
Lord had discovered, in meeting every objec-
tion, which had, from time to time, been made
to the Resolutions ther4selves. For his own
part, he confessed, that very strong objeitiotis
existed in his mind to the system of finance
they inculcated. It was not only novel and un-
precedented in its nature; but, it anually carried
into effeft, would establish a plan of financial ar-
rangement, which might be attended not only with
injurious, but, he would venture to say. ruinous con-
sequences to the country. The first ohji-aion which
must naturally occur to every one who cont. mplated
it, was, that it was proposed to burrow money at
compound interest. To this, very obvious objefticns
naturally presented themselves. The adoption of
such a measure could alone 'Ase vin _heated by the
most imperious necessity ; and it was well known,
that those who had recourse to such a mode of rais-
ing money, were made to feel it severely in the end.
lint it also had a dirett tendency to diminish the
Sinking Fund, from which the country had de-
!tvedto very essential advantages ; and which, were
it allowed to go on in its ordinary mode of operation,
would accomplish all which its most sanguine admir-
ers bad expeZted. By diminishing the Sinking Fund,
the plan proposed would necessarily increase the
National Debt, and this was an effct which ought
to be deprecated hp every friend of his country. He
would, nevertheless, frankly acknowledge. that
though the areas had been very ben-facial, yet
there were certain bounds to which this fund ought
in be confined ; because, whenever these wets ties-
i!aerd, its operation would be injurious instead of
43::mg ad,vantageoes to the country. He could not
ptelp calling the Attention of the Committee to a cir-
cumstance which attended the adoption of the Iteso-
;ntions just now read, and which he was persuaded
was neprecedented in the History of Parliament.
The *stands of Parliament would thereby be tied up
for twenty years. It might perhaps be urged, that
this was not really the case t and in a certain sense
this wasnot, nor could possibly be the case ; because.
pn the next Session of Parliament, a Bill might be
introduced, repealing what is enalltd in this ; but
r still though!. that front the prospeftive view
which the resolutions took, it could not be
tleniral, that it look, o 1 as it it were intended to con-
fine Parliament in its operations. Mr. Addington
kid adopted autikther, a.id he thought a far superior
method. In a manly way he raised what was ne-
cessary. by ways and sneaes for cite ) ear. The Re-
solutions, he observed, were founded on the War
Taxes. The propti-ty LS this he could not per.
cave. It was impossible that any Member of she.
immitree could be of opinion that all the taxes ot
Excise and Customs could with propristi be 60$

am
to
;In

eke
He
ing
ii.-

t" .1.

tinned. There were many of those taxes 'which and seal of those who bad the superiittendance of
ought to be abolislaed, and. before he sat down he the Excise and Customs. He tin-ight it of import-
would take the liberty of pointing out a few of them. ance to make it mere worthy of the attention of
The Reselutions carry the system of taxation to an officers, to suppress smuggling, by giving them a
alarming extent; J 2,000,0001. he would allow may greater interest :n the destruffion of vessels. Re.
be borrowed for one year, but he was afraid that gulations, with regard to registering of ships, names
this c' uld not be repeated so frequently as perhaps of owners, &c. would also do good. A large peace
the necessity of the case would require. The ave. establishment must, in the present situation of Lu-
rsge of the Extranrdinaries, for the last twelve rope, be looked for. The Property Tax was not to
years, may be safely estimated at 2,500,0001. per be at once repealed; but wit •n Peace came, means
annum Mr. Rose then went into a detail of con- would exist that would render that tax unnecessaty.
siderable length, and mentioned a variety of fiscal The mode of raising the money had been objelled
exeftions, which he conceived operated injuriously, to, es it was by compound interest. It is so, but it
and consequently rendered the Revenue lower than is accompanied with a cempooad be•iefit ;it gives
it would be, were a different rate of taxation adopted. rest to the country. His Lneiship then entered
The duty on tea, for example, was at present 95!. into an examinat•ou of the Resolutions proposed
per cent. on the value. Wl.en the Commutation by Lord Castlereagh, and combated the plan he
Bill passed through the House of Commons, which had recommender. He pointed out the fallacy of
ti in ferred certain duties on tea to window-lights, his objeaions, and shewed that they were no: ap-
the del was 851. per cent. The quantity of tea plicable, and that it was a mistake to suppose teat
consumed in this country was about 4,000,000 Ihs. Lord Castlereagh's Resolutions, were they adopt-
He stated what the tonnage employed in the trade I ed, would be attended with so be:,,ltieiai come-
with China was. At the rime referred tn, the ten- quences as he had attempted to pr••ve. He spoke
nage was 5,000, now it amounted to 80,000 The in strong terms of the it:justice of tipernpriatiag
duty on rum before the Consolidation Ad, amounted part of the Sinking Fund, and stated tee diff ence
to 6s. per gallon ;at present it was Ds. and Ss. 6d. s•f the circumstances hew, from those in werch the
of a war they. He Also mimed the duties on brandy stockholder formerly stood. In short, by Lred
and British spirits; but, on the last of thaw, he was Castlereagh', plan, in the year 1824, there wiped
not disposed to comment, as he believed the dirties be no less a sum than 9,0e0.0001. short. After
payable on British spirits were less exceptionable chewing that the view which le-d Castlereagh had
titan any he had mentioned. He also &netted to given, particularly in Nos. 3,4, 5, of his Resolu-
any de• bring paid by goods in warehouse. Sugar tient, was unfelt-, because he stated the sum of the
in p ticuler new pail 321 per cent. and this the debt, but did not give credit for the increased opera-
. lA. ter could not pay As to cotton goods, he titin of the Sinking Fund ;• he entered into a calcts-
would not ley much, as the raw material WAS im- letiorenewing the superiority ot his own It-solutions.
ported Wine is not a war duty. being made per- The Noble Lord then proce••ded to compare tne
petual last year He was perfealy astonished, when different modes of borrowing the Loan in the pre-
he learned chat a du y on goods in shipping were in- • sent and the new system ; and observed, that look-
elude .in the Resolutions. It is a tea not to be dis- Leg forward to the year 1826, the amount of the
puted, that Prussia and Germa y undersell us in Debt incurred would be, according to the present
cnttm., cl ne, and linen, in the West 1 ties, ar,u in I plan, 273,560,0001. with a Sinking Fund of only
other plec-s. We export about 1,000.0001. value 8.000.0001. ; whereas, by the new system, though
of foreign manufaeluie. lie was co•indent, how- f we would incur a debt of 304.888,4821. yet we
ever, that in consequence of the imensitien of such should have at that time a Sinking Fund of •
a duty, we were in greet danger of foreignits taking i 19,:363 ,cool. which was mote than double the
away the carrying trade from us. He p trticedarly I Sinking Fund on the present Plan of Finance.
adverted to t'.e x en' to which the praare •of smug- H. nce, in taking a prospea of the probable state
gling was ceiried ; and affirmed, char the calls- was of the country at that period, we must be much
to he traced to the .tubes being too high. He thee better off, since we should possess double the
entered into a short his- iricai account of the differ- means of reducing the Debt, though the Debt
ent duti• s which had been imposed on malt from itself would be very little increased. This plan
time t ttime. A Noble Lord (11.Fetty) had informed the Noble Lord would find amply stated in the
the li•iuse, nn a former night. teat the Income Tex Season No 9. The Noble Lord had, in laying
seam cease with the wAr. however, wasdvei.led- down his priticiple of Taxation, totally departed
ly of opinion, that, with cettain mndificatrons, it from that which he had conceived it his duty to
ought rather to continue, than that malt should adhere to, an.i had proposed to levy additional
be se very heavily assessed. He advised the. the Taxes to the amount of 11,000,0001. each year,
Income Tax s .ntild ne mortgaged. Alter coat- without any view to increase the Sinking Fund or
menting on this pert of his stenea, he hoped the liquidate the Debt. The Debt would of comae
(enter Lord wiiteJ take time, and not carry his remen the sitn,•, which was all the beanie Lord's
plan to the extent which the Resolutions seem eJ to plan pi mused ; thus, while he deprived us of the
intimate. Some seat ta;ei certai •limiget continue moon of increasing the Sinking Fund, the yearly
when peace should be made, and he thought it ad- expend.rure wcralit be centin.eilly increasing, and
visahlp that this should be kept in view. He depre. we would be eventually left totally destitute of
caw(' the ilea of net examining into our situation means, at the emir we were men In need of
on all sides. He thought (Led Henry Petty had teem. If this was all the Noble Lord we'd pro-
stated the permanent taxes somewhat too low at muse by the adoption of his plan, he hcped he
13.500 0001 ; pettier. they miget be stated at would not take it. amiss, that he, with (ne bleed)
35,0000001. Ihe total expenee amounted to many well informed pert stet on the subjea of Fr-
-43,000.0001. consequently there was a deficiaMey names. sshoold still continue einehenged in their
of 8.000 !ink. Mr. Rose observed. that the plan opinion of the superiority of the system he had t.ie
which had now been proposed, was what had been honour to propose. Toe Noble Lord had, he ob-
proposed by that illustrious man, Mr. Put. Atter served, fallen into the most extraordinary error in
a panegyric on the Gentleman, Arid contrasting ei. on: part of his calculation. where he calculated on
measures with those of tee present Administration the consequences of I) mble Loans. and exemplified
and giving the preference to the former, he con his doetroe by a particular instance. Here having
eluded by again n•essing a delay. The sunken he taken a specific sum, and calculated on the result.
said, was not gene: Ally understood ;he had con- 'le has! most unaccountably edited double, though
v rse 1 with very intelligent men upon the subj.& it was evreent that the one Loan was made for the
and they had d eared that they did not :nay un- purpose of paying off the other. He that cone
derstand it. And he thought that merchan•s, ship. elided with stating to the House, that there were
holders, manutaeturers. E sit end West Insea met- twe points in which he wes of opinion this system
chants, ate. who were so deeply interested, ought to would most materially benefit the Country : the
be eonsid, red. first was, the probable rise re the Funds during
Lord HENRY PETTY then rose and said, that tee operation of this Islas ; for should they fell dur-
when the qeestien was agitated, whether the iog the continuance of the war. this System would,
Speaker should leave use Chair and the House re as ead already been %hewn, ult•rnetely restore them.
solve itself into a Committee, he felt reluiant to Of this being the fate, ne could, he said, speak
trespass on the time of the House, as he was well from positive evidence; fun within the I ist fortnight,
aware that it would be necessary for him to enter at since the promulgation of his proposed plan, it mad
consider able length into the subjea. He was happy, nasally raised the value of the Funds in the eses
however, that he had heard the Right Host. Gentle. of the money-lenders, a set of men eminent for
man, as it enabled him to obviate any impression their acuteness and penetration; the next was, that
which might have teren produced by it. He could this plan, by moderating the system of Taxation,
assure him, that as to the proposition of delay, was eminently calculated to keep down the high
could he perceive arty good consequences which price of all articles of general eonsnmption, whe-
would ensue from it, it should meet with his hearty Our for the service of the Government of the Couto
concurrence. It he could 'oppose, for a moment, try, or chest of individnels.
that the R nolutions which had been read, in Lord CASTLEItEAGH correfted the statement
any one respea hound. or, as it had been of the Noble Lord, and said, that the utmost he
called, tied op the hands of Perlianteet ; was bad yet advanced, was, that Parliament should not
it at all likely to involve the country in ruin. precipitately legislate on the principle proposed, or
he would he the last man to take any part in the he hastily bound over to the nest system. lie ob-
business. It hat been objeCted, that the plan looks served, that any thing injurious to the circulating
prospeftively forward, but does not vete certainty. medium, must inevitably depreciew the Sinking
It was impossible for him, or any man. to do any Feud, and that as his plan would necessarily eiwer
thing else. He did not pretend to prediet, with . the value of money, it woeld depress the Sinking
perfeft accuracy, what should inevitably happen ; • Fund, which would proportionally decline. Fie
bat from the date he had male the foundation of ventured to avow, that if the Noble Lord geed on
Lis mien:ens, he had proved, that the system was the principle of compound interest,. he would be ul-
not a mere visionary speculation, but was comae- timetely deceived. Su:h a propmelon as the No-
tent to meet every emergency, at least wis as much ble Lord's would di grace us in the eyes of all
so as ally thing of the hied could be, where conti- lien, e. Franc?, already warned by her own a-
gencies might occur, which man could neither foie- perienre. when M. Neckar introduced a
similar
see nor prevent. The measures propmesl had ori- sys orh, would foreere, that a Country eEting on a
ginatcd from an earnest desire to give an year of principle of Compound Loan, must be its a senors
rest to the country ;it had not derived its origin and accelerating progress to destruetion. The
from a wish to cultivate popularity. The resources Noble Lord concluded a very long and arduous
of the country are great, and ha bad no doubt that speech, in observing, that the plan of the Neble
they would become greater. Mr. Rose Lee corn- Lord (Henry Petty) would not bear any comperi.
merited at great length on the War Duties. He son with the present mode, and could only tend to
felt the diffealky himself. It was idle to talk of embarrass the Stockholder, and disturb the public
plans, at pi esentewhich should infallibly be adepted credit of the Chuntrys
lining peace. It was the wisest plan in his opinion Mr. CALLS considered the statement of the
to wait till that event should arrive, and then to do Noble Lord (Castlereagh) very erroneous in many
as the case required. Thous', the tear Taxes were particulars, and was shout to enumerate them ; when
pledgee, and Gentlemen had disapproved of the Lord CAsTLEREAGIi, m explanation, said
measure, yet, he would beg leave to ask, what sub- he had merely,
stated the result of the three papee •
stitute 11 id they proposed ? they had proposed none— marked S. K. and C. in the Noble Lord's (Henry
and if they were not pledged, it would be Petty's) statement.
necessary that other permanent taxes should be Mr. GILES replied, that if the Noble Lord had
pledged. There was one suteca, noticed by the taken the paper L. he would end, the: in his 'Ow'
Right Hon. Gentleman. (Mr. Rose), and to which plan, he had made an error of no less a sum then
he had direaed his attention very much of late, 144,000,0001. in the calculation upon the Supply,
and that was smuggling. He did not look, with for 20 years. Upon a complete view of the wnole
pate& confidence, to the complete correetion of subjea. he thought the Not,le Lord's (Castlereagh's)
that abuse. He warmly commended the vigilance plan, extravagant in the highest dime.