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

plea was obtained, and to what pope . it ps te be applied, from
the vote passed to the early part of the Balaton. The revenue of
the whole year amounted to 5t,265,00/1. To this was to be added the
part payment of the debt from Austria, amounting to 426,0001. He
might call this half it million. There w so: Alm to be added 212,0011,
derive.' from source% on Ireland. Trials had taken place on the
subject, and this sum was found to be due to the Crown. These
sums, when added to the revenue, of 51,20:1.0001. would make a
total of 42,1147,0001. From this total, it should be recollected, we
had to deduct the sum of 3,000,0001, to be applied to the Consoli-
dated Fund. We should also deduct the sum of I.2fio,nom. losses
I upon revenue arising front the Cifferent reductions which Par-
Pigment thought proper to make upon various taxes. Ile thought
the sum of 1,200,0001, may be calculated upon as the fair and pro-
bible diminution of revenue arising from the repayment of mums
necessary to be repaid from the reduction of duties on various '
articles of commerce ; for example, on the article of silk, the total
amount of the sum paid on this article amounted to 500,0001.
This sum, he was ready to admit, exceeded the limit of his calcu-
lotion ; hut he would also state, it fell far below that enor-
mous sum with which Honourable Members at the opposite
aide of the House had threatened them, rather, it was to be pre-
sumed, in the hope and expectation of terrifying them from the
course they adopted, than from any well-grounded fear or appre-
hension that could be entertained on the subject. For his own part,
so far was he from having any real objection to the memo/lure—so
far was he from feeling any apprehension on the subject, or ex-
pecting any evil consequences, that he expected signal benefit
would follow from the mensure; and when he recollected the ergo-
ment was to be conducted against principles founded in error,
and from the overthrow of which evil was anticipated—and he
could not refrain front thinking this ought to be a subject of
sincere and real congratulation—when it was recollected that this
was a conflict with long-established prejudices, that it was in itself
surrounded with difficulties, that it gave a shock at once to the
credit and feelings of many individuals-lie felt himself bound to
say, the attempts, and the manner in which they were made, by
the individuals concerned, to give all possible opposition to the
measure, reflected the highest credit upon them. They had de-
meaned themselves with that propriety
.and good order which had
ever characterised them. These qualities upon their part would,
and ought, to entitle them to the highest degree of attention
and consideration front that House, if at any future time their in-
tervals should be the subject of discussion. Great and im-
portant changes had takeg place, and they had been sub.
muted to with tranquillity and quiet. The carrying tl.e measure
to which he alluded might, he thought, be fairly looked upon
as the triumph of truth over prejudice. As to the sum to be ex-
' pended in consequence of the repeal, he did not think it would be
objected to, even by these who opposed the measure. lie, for one,
could not bring himacif to think that Parliament, which passed the
measure under the circumstances to which he alluded, would attach
importance, or lay a stress upon, the expenditure of half a million
of money, more especially when the value of the sound and liberal
principles to which we were returning, was taken into estimation.
In the peening of this measure we were reverting to the sound and
practical principles of commerce ; and he felt convinced the House
would not, from any narrow and selfish feeling, grudge to the silk
manufacturers the advantages and benefits that wood ultimately
accrue to them. He was well convinced the time would COTe
when the restrictions on the silk trade should be removed; and
from the skill, activity, and industry of our;manufacturers, he
thought that the time was arrived ; and front the accounts he had
received, and was in the habit of receiving daily, he was proud to
have it in his pewee to say, the disgust and gloom arising from
the apprehended effects of the Act had entirely passed away.
Ile would now return to the subject before the House. There was, as
lie before s:attd, to be deducted from the year's revenue, of filly-
two millions, the suns of 3.000.00t11. to be applied to the Consoli-
dated Fund. Another deduction of 1,200,0001. for the deficiencies
of revenue, which lie hail mentioned. making the revenue to
amount to foorty-six or forty-seven millions. 'I he charge for the
• Consolidated Fund, amounted to 30,5110.0011 . and there would re-
main a surplus of 10.11.10,0001. There were two parts of the system
of finsnee to which he had not yet alluded. Exchequer Bills were
issued by the vote of the House for the payment of the two sums
of fifteen minim% ; these aunts made a total of thirty millions.
He had spewed there was an additional sum to be provided of
4,000,0uu1. In his opinion the most beneficial and advantageous
method of raising the 8111114 required was by issuing Exchequer
; this was the plan most available fur the object in view. It
would serve the Consolidated Fund if an equal number of Exche-
quer Bills were to be issued wt a less expense. This object he
would attempt to attain, if the vote for the sum of thirty-
four millions were granted in the ordinary manner. Gen-
demen should also recollect, that a charge on the Connell-
dated Fund could not be niiscle until the end of the quarter,
and in consequence no Exchequer Bills could be applied for the';
attainment of this object, until that time; and there was, until the 1
expiration of the quarter, an accumulation of money which could
not be applied to the benefit or advantage of the public. Ile was
aware, about two years ago, thee was a Bill brought In, to make
money thus circumstanced available to the public; but it was
• merely for a temporaty purpose, and it only authorised the /in.
eminent to use the money, if the Consolidated Fund exceeded
6,000.0110 L It was neither lus wish nor his object to lay any addi-
tional charge on the Consolidated Fund there was no necessity for
such a proceeding. In his opinion it would be just and reasonable
, to leave the growing produce as it stood, and apply it to the pay-
ment of the }:xchequer Bills; and with this growing produce he
would, if allowed, meet the surplus of the 1,000,11001. over the Bills
already issued. This was the substance of Ins plan with respect to
these Exchequer Bills, and he thought a saving would attend it;
but it would be light at present, for the interest would not accrue
until the end of the quarter. But stifl there would be a saving, if
the bills could be issued at • lees expense than in the
ordinary way, and could he made available for the pay-
ment of the 4.6.11.000/. ; and to this object he would also bring a
surplus of 14.1,0011/. frond the Ways and Means. In his state-
ment respecting the 30,000.1101 U. voted by Exchequer Mlle he
had made a mistake ; one of these sums alone, 15,000.0001. was
granted: he held the vote for the other In his hand. He would
not trouble the (louse with any details on the subject : the general
state of our revenue, trade, and commerce, was well understood
in the House, and throughout; the country ; besides, these matters
had been discumal early in the Session. It was, therefore, unne-
cessary for him to make any general reflections or observations on
the subject. These subjects would he better illustrated by the
opinions and sentiments of the lion. Menders on both sides of the
House, than they could by any effort of Iris; but there was a
matter connected with this discussion, to which he begged to call
the attention of the House. lie had himself announced it at the

commencement of the Session ; he meant the reduction of the in-
terest on the 4 per Cents. At that time he stated his proposition,
that every person who had received 100/. at I per cent. should
now receive 14 percent.. and the ti per cents. should not be re.
duccd for a year. This was his proposition, and he added, those
who refused their assent should rut receive the 4 per cent. but be
paid off, and that the one-third of this stock might be reduced in a
given time. There was a clause which it was his intention to pro-
pose, that those who did not express their assent within
six months should be paid otr; and Government would be
enabled by the Bill to pay off one-third of the stock. This
restriction was perhans necessary; for, if few assented to the
measure, it would be ensy to pay them ; and, if there were
many dissentients, and of this there could be no certainty,
it would not be easy to find the means of paying the entire stock,
which amounted to 75.000,11018. There would be no difficulty in
paying 041 theone-thinl, 25,000,000 i. If he had had at the commence-
.... •

. ,
went of his plan, any siprehensions upon the subject, that ap-
prthemaions were soon removed, for a far greater proportion of the
holders assented to the measure; and be had it in his-power to add,
that more than two-thirds of the subscribers had expressed their
assent, and the remainder, after the notice of six months, were to be
paid of on the 10th of October next. Those who assented to the
measure, and were satisfied to receive interest at the rate of 3i in
place of 4, were stockholder to the amount of 611,0011,0001.
f hem individuals gave by this conduct the best proof of the
strength of the credit of the country. They preferred the security
of the liovernorent, even at a reduced rate, and were contented
with the reduction. The sums to be paid off* upon the 10th of
next October was 7,000,0001. Ile was now to consider how funds
were to be procured for the payment of this aunt ; and, in hie
opinion, the most easy and obvious method of procuring these
funds was the issue of Exchequer Bills in a limited and moderate
manner. The plan would be to Josue these bills, leavings moderate
rate of interest, and to an extent that would warrant their security in
the market. He thought this would be the most simple and easy
way of effecting the payment. He would prefer this mode to adding the
7,100,000 i. to the unfunded debt, and payiag the entire by the issue
of Exchequer Bills. There'would be some risk in this proceeding.
He knew the valet of theme bills in this cosnmerrial country, and
how well they. answeesd all the purposes of trine ; but fur these
very reasons rt was the peculiar duty of tiovemment not to
issue them to •greater extent titan the market could bear. The
issue might be too rem, and in that event their value, like the va-
lue of' everything else of which there was an overstock in the mar.
bet, would fall, and the result would be injurious instead of bene-
ficial to the indiridualseoneemed,and this issue might not be attend-
ed with the effict of paying the debt : neither did he think it rea-
sonable or just to place these 7,000,110 MM a weight upon the Sink-
ing Fund, the express object and design of which was to redeem
our national debt, and ought not to be applust or convert-
ed to any oilier purpose, except when its operations were
suspended pro ?empvsr. Except in such an instance, it was
111-111se and policy to apply this Fund to the discharge of our
national debt ; and it was his decides) opiiiion, that fur the purpose
of counteracting the tentisirary suspension of the Sinking Fund,'
no addition of debt should be made to it, by which it would, to u
certain amount, be cancelled. Ile would prefer raising the seven
millions wanted, to get rid of those who were not satisfied with re-
eeivibg 31 per cent. on the d per cents. by the application of those
funds intended for the discharge of !Le unredeemed debt. Ile
would prefer this to lessening the sinking Fund, which should be
applied as long as it was possible, as the law directed, for the re-
duction of the National I febt ; and to prevent its accumulation. If
I Hills were issued at the rate he proposed, he would par the seven
millions at the rate of one million a quarter, and would discharge
the whole in seven quarters. (If this he was clear, he would pay the
entire when the seven quarters had elapsed. If it might be objected
to him that he should pay then, with more rapidity—that he should
discharge them in lee time, this was not possible : it could not be
done by the application of the Sinking Fund for this purpose. This
fund tunouoted to about A,134,01111/., but the entire of this could not
be applied to the reduction of the debt. There were many claims
on this fund it was subject to the claims of the life annuitants,
which were an unfixed sum, more or less; and their demands were
not the only ones; if the annuitants were not to claim upon
it, the fund was open to all unclaimed dividends. I/iviiends of
this description were banded over to commissioners ; they purchased
stork, but were obliged to return it to the proprietors when they
made their appearance; therefore, in no case could a greater sum be
withdrawn, from this or any other fund, than 1,000,110 W. a quarter.
%I' ith respect to the issue of these Exchequer Bills, he would make,
a few observations; they would be but few ; lie made them to allow
tbo intentions of tiovernment. The question itself had been dis.