The British Press; or, Morning Literary Advertiser.
London, England, 1822-07-02 00:00:00

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. reason wt
Last year the siuking fund lean was 13,000,0001.
.—in each of the two preceding years 12,000,00 W.
His wish was, that the loin should only refer to the
operations of the siuking fund for the quarter ending
nth April, instead of that ending sth July, because
it was intended early in the next Session that there
should be a general review of the system of the sink-
ing food. If any al.eration should be then revel red on,
it would be inconvenient to have the Commissioners
tied up by regulations which might interfere with
those: alterations. 11 they were to suppose a loan
take(' for four qnarters at the same rate, it would
give a httle better than 10,000,000/. Still it was a
considerable deduction from the nominal sinking
fund. The reason of it was this :—The House were
to observe, that in all that was done, there was an
approximation attempted to limiting the amount of
the sinking fund to that sum which was really
available to reduce the public debt. Parliament
,
bed already appropriated of the surplus 2,800,0001.
1 la the annuity for reducing the charge of the pen.
:ions and half-pay. This would reduce it to a lit-
' de better than 2,000,000/.—(The Right Hon.
Gentleman proceeded to compute the value et
proposed sinking fund loan iu 9 per cent. c .
taken at the ordinary rate, but he was not so
citntly audible to enable us to understand the et
suit of his calculations J—He referred them to the,
primed papers which he had prepared, to ascertain
the proper total amount of the sinking fond. By a
resolution of the Howe in 1819, it was determined
that the clear surplus of the sinking fend
shosid be kept up to five millions. It would be
found that the surplus for the year ending in 182$
would be 5,433,8.55/. Including the effect of the
annuity for the payment of the ussal and military
pensions, the actual amottot beyond the five millions
resolved on in 1819, would be about 900,0001.
The next item he came to was balances due I'mes
the . East India Company. There were charges .
made by them for several brahches of service, eve..
cially the supplies at St. Helena during the enamel
went of Bonaparte. The account was found to be..
so full of difficulty that it could only be settled by
Compromise. Their claim of five millions for varioileri
beads of service had been brought down to the modea
rate amount of I,3oo,oool.—(Laughter.)—ln treat-
ing with them the Government bad to observe some-
thing like the time principle which was observed
between independent states. That Parliament
might not be involved, Commissioners were named
en each aide, and a 'consumptive was effected which
was mutually satisfactory. The Company consented
to the modification of their claim from five without'
to 1,300,0001. and this sum was to be adjusted
against the loan raised for the Company in 1812.
By cup. 135. of the 52d Geo. 111. it was lawful
fur the East India Directors to pay sums into the
Bank of England from time to time, to be laid out
for dam in the purchase of stock to redeem the
loan; thew payments had not taken place. It was
now agreed that on the payment of 537,0001. in ad-
s dation to the sum awarded by the Commissioners
1 to be carried to their credit, they should he free from
am, further charge on that loan. This was no tome
advantage given to them than they might have at-
tained by paying in their money to the Batik for
the purchase of stock to reduce their debt. The
charge of 70,0001. a-year (se we understood the ,
Right Hoo.-Gentleman), which most fall on the
consolidated food from this transaction, would
create on new stock.—(The reasons were not so din.
tiucily audible as to euable us to repeat them with
confidence as to their correctueas.)—He came next
to the unfunded debt : There were floating last Ses-
sion 29 millions of Exchequer bills. one mil.
lion of Irish Treasury bills, together with 368.3301.
for bills issued by the Commissioners of Public
Works, making altogether 30.368,3301. The ac-
tual amount on the sth of January, 1822, was
31,566,5501. Exchequer bills ; Irish Treasury bills,
1.105,181/. The reason why the issue exceeded
the vote of 29 millions, was on account of some ed-
ditional expense which had attended the sinking
fund loan. An unavoidable anticipation of the
produce of the operations of the Commissioners had
taken place. to cover the defective services of the
. The actual amount of the unfunded debt
year.
taken at 32,600,0001., and 3,100,0001.
added for deficiency of ways and means, and the
expenses of reducing the 5 per cents., the total
unfunded debt would be about 35,000,000/, or
1,000,000/. more than the amount of last year.—
He computed the increase of the unfunded
debt to be 5.837,6701., including the issues of
Exchequer bills to make good the deficient ser-
vices of last year, and the payments of them
to the Bank fur the reduction of the 5 per
cents. which were to be gradually reimbursed
from the sinking fund. He would not recapi.
talate the few particulars he had gone over ; but
he should not discharge his duty if he did not
give a short summery of the comparative expendi-
ture and resources of the coming year. He thought
himself safe in assuming the produce of the revenue
for thb coming year on the average of four quart, ra
ending sth April. By that calculation the Cue-
toms collected on the sth January 1823, would be
For Great Britain £ 9,325,0110
For Ireland
T0ta1.... Y 10,742,000
Excise for the saute period—
Great Britaia
Ireland

Total above.... Y 28,006,000
The loss oldie malt duty and the repayment oa stock
and in hand, together with the loss from the repeal of
13s. per bushel salt duties a►►d half the leather duties,'
would occasion a drawback on the whole estimate of
2,150,0001. leaving a total of 26.102,0001. He
next mated the value of the Post-office revenue.
which we did not hear. Assessed taxes for Great
Britain 7,570,0001. and 310,0001. for Ireland.
From this estimate was to be deducted 500,000/.
leaving about 7,335,0001.; but as some portions
had been paid which could not be reckimissl, the'
amid amount of assessed tales for Jopeas7 1443 e

several taxes, .. equelled
the produce of last year's revenue, aiding sth
.Aped. it wee rut much as they could expect. He
might, bootee., assume the net income of the year
at 5 4,6it,0001. Now thee for a general view of
the expenditure. He took the expenses of the un-
redeemed debt. augmented new by the annuity
of 2,800,000/. for providing for the naval and
military pensions, at 304140001.; miscellaneous
charges on the consolidated fund. !,048,0001.;
interest on Exchequer bills and deficiency of coo.
solidated fund, 150,000/. ; army, navy, ordnance,
miscellanies, &c., eltogether 51,192,000/.—ex.
penses for the actual services. This would leave a
net surplus or 3,131,0001. Brat it was only fair to
observe on the augmentation of the charge of inte-
rest, by the increased capital allowed to holders of
five per cents. To prevent mistakes, the Right Hon.
Gent. proceeded to skew what would be the effect on
the revenue of the ensuing year, if the finance regale.
Lions had gone on without alteration. Ili. couclits
.ion was that there would be a clear balance of
6,146,0001. He considered that by the saving to
be effected through the sinking fund on the
half-pay charges tlyi effect would be equal to
more than the operation of 10 millions in OS
two years. lie had before alluded to the re-
duction of the five per cents., a measure to which he
would call back the attention of Parliament, in
order to remark on the general satisfaction with
which it had been received. He doubted if the
most sanguine among them had anticipated so little
difficulty in the operatiou us had been experienced.
It proved the solidity of public credit, and the im-
mense extent of the resources of the country, that
it had been effected with so muchease. Solar from
injury done to public credit, stocks had beeu uni-
formly higher ever since. At the same time the
greatest advantages were 10 be expected in reliev-
ing the distresses of the country from the exa, iple
of Government lowering the interest. The Bank had
thereby been induced to follow the example. The
result was experienced continually. He had that
very day heard of an estate decreed to sale by the
Court of Chancery fetching 5,0001. more than the
utmost valuation, the Solicitor who purchased it
alleging, that he had no fear of advancing so much
in the price, now that the Bank bad agreed to dis-
count at 4 per cent.—(A laogh from the Oppositiou
Beuches.)—lt wu desirable 4) have mosey at low
interest, though it was against sound political eco-
nomy to attempt to regulate it by law. Adherence
to the old law might be iu a degree expedient, bat
he was utterly opposed to adding soy thing to it.
lie would reserve huuself-to answer any questions or
objrctious, sod in the mean time more the first
resolution for 7,500,0001. to be raised by loan
on the sinking fend.
Mr. SIABERLY expressed his wish that the petaled pa-
pers, detailing the particulars of the difficult cud
cited subject to which the Right Honourable Gentle-
mail had just been drawing the attention of the Commit-
tee, bad been put taco the bands of Members in time to
allow of as opporisaity of fully understaeding thew SF's'
fore Ilse discusaloo ; as it was, he wu utterly preelisdil ,
ed from 'stern into those misethe, upon which he work
otherwise have touched. He 'mild, therefore, cooled
himself at present to some of the main topics of the Right
Honourable Gentleman's speech, reserving to himself the
right agitating what further observatioas might occur to
hint at some twine period. And first, with respect to
Ike sinking fund--that was a subject which seemed
to be made the hoer* poets of the year. At owe time
the Right Honourable Gentleman look from it; thee he
added to it, then Commissioners were appointed to stir
it, then other Commissionere were appointed to sell it ; se
that at last the matter became almost wholly unratelliglz
hie; sad could be beneficially treated only in a imported
and specific discussion, to which it was hi. lineation
to take au opportunity of aubadttiag it. 'With respect
to India, what he had always anticipated and declared
In that House, now tamed out to be the fact, and he was
quite persuaded that the country would be proved to be cow
stderaMe debtor, to its. East ladle Company, notwithstaed.
lag the (sections manner is which the Right Hon. Gentle.
mar has thought propose to view the subject. The Right
Hoe. Gentleman had chosen to introduce into his speech
au estimate of the probable amount of the income aid
• expeedit•re for the year HAS. Ttie first thing which shack
bias (Mr. M.) iw that part of the Right Hon. Gentlemen's
statement, was that,le the opision of his Majesty's Ministers,
we had arrived at the extreme point to which the reductive
of our expenditure could be curried; fur the Right Hon. Geo.
Heenan had tskeu the Army, the Navy, the Ordnance, sad the.
Miscellaneous Services--every thing but the interest asks
debt—at exactly the mate amount as the present year; so
that it was evident so farther redaction of expenditure was
to be expected from his Majesty's Government.-I'be Noble
Marquis opposite, whom he (Mr, Moberly) should treat as
the Finance Minister of the country, said, is an early put of
the Session, that he grosaded one finances on the public
credit ; that so remissitis of taxation except that founded on
the saving to be effected by the reduction of the five per cents.
mild possibly take pLice; that the sinking feed must be main-
tamped at Ave millions; and that he could sot allow any is-
ms& to be made sips It. Not six weeks, however, had
elapsed, before the Noble Marquis termed round ele
the system which he bad thee phsoulnated, and said (why
So sudden a cimage was effected, be, Mr. Mallerly, knew pot),
that it was expedient to seslitew taxation. lie perfectly re.
membered that a speech bed bees made im the month of Fe-
bruary (though he would net uy when) which coutaiued •
passage that completely bore oat his statement. That pas.
sage was as fonows:—., If the fart.i.le were so igoorme.
of his hue totem's' of the very riniments of politiestl
ecoesoy, and of the real saws of his present distress,
as to intagioe he saw his own advantage in such so is,
provident twice... Moo as would take him out of the clam of
contributors to the burdrea of the State, the farmer would
soon find that be derived no eventual bent fit fruit, the Cl.llllOlll.
MOO, sad that the laws of nature had decided that it shoe ld
not fructify to his advantage. The immediate relief that he
might experience would be enjoyed by him but fur a raw
short period. The excess beyond the ordinary profit if
ordinary capital would soon be taken from him, either in
riot or reduction.or the price of his commodity. Experience
would soon convince the farmer that the benefit which be
might ,hick be had secured was imaginary. Providence has
ordained that any expectation so monstrous must defeat Its
own purpose ; sod both Parliament and the agriculturist
' would be severely punished for having unhappily yielded to
the delusive representations of those whir bail held out a pros.
peel of relief from the inspi•ovideot remission of taxatiou."
He would not say where or by whom the speech of which the
passage be had just read, formed a part, was made; but be
was sure that it must be in the reculicetiou uflatfuy Hon.
Gentlemen around blm. In March; however, the Noble
Marquis came down, and told the House that he had dis-
coeerid that the remission of taxation would Vet, much
relieve the agriculturist, and that he was wilting, (h
.setecin
to it, eves by violating the siukieg fund, which in' February
he declered ought to be preserved unispalegi For what
• was it bat a violation of the pelocirlt oT tit' *fiiges food,

which he contlumellli'hilliameliessil? did met think
that the public eichelatite bed berm reamed as honest to
be minced. Let alit pulet be move closely examined. lu
1817, the House appointed a Committee to examine into
Ibn fineutes of the coustry. That Committee reported
that the summit of the army, navy, OfaillaCC, and
miscellanea@ service; ought not to exceed 17,350,0001.
That sum, however, we hod recently exceeded. We had
exceeded hie late, 1819, 1820, and 1821. 'The total of the
execs was 8,190,0001. " But," said the Noble Marquis, "I.
1822 we bare made a coesiderable reduction." Let that re.
duetton be tried by the Report of the Pleases Committee.
10 that Report it was slated that the amount of the Army,
Navy, Ord , sad Miscellaneous Services, ought not to
exceed 17,350,0001.. The votes for 1822 amounted to
16,542,0001. It appeared, therefore, that the whole re-
duction in 1822, as compared with the sum recommended
by the Finance Committee, fur the year 1818, was only
about 800,0001. He spoke its the herring of the Chairman of
the Folsom Committee, who would correct him if be
made soy erroneous statement. But it was hardly to be
supposed that if the Committee had thought !het non, ar.
licit would fall thirty per cent. they meld not have framed
their estimate on a much more moderate scale. Henreid rut
therefore give the slightest credit to the Noble Marlon mid
his colkagees, fur the redaction is the estiossies.
as compared with the estimates of the Fiance Coen.
mittee of 1817, bat quite the contrary. Let the pretest no
innate, be tried by that test, and their extravagance would be
sotkieetly manifest. The ouly true way to ge to week would
be by correetieg abases. He would beoln by remedying those
which aboseded in the collection of the teenier. Fur instance,
the collection of the Customs, which cost 13 per met. while
that of the Excise did not cost five. The eollectioo of the
hackney coach duties cost 18 per cent. The collection of
the duty on hawkers sad pedlars cost 22 pee nest. The
total average of the expense of colleetwe of the revenue
was 22 per coot. Hs knew he should be told that
a ellalalia4olll was sitting to Inquire isle the abuses
ie the collection of the se. But no ouch Commis.
sloe could hey* sufficient power and authority for dill
undertaking. It was a task which should be Minnie"
to • Coasesittee of the House of Commons atom. Theep
was mother item to which be wished to call the Me.
tires a dee Committee—be meant the hereditary memo;
whieb was stated to animist to 124,000/., rot more this
15,0001. of which foiled its way into the Tressuty. Theit
there were the Coluoies, which, instead of beteg made •
source of revenue, were made • source of expense to the
country. He saw that Commissioners of Woods mid Forests,
mid other person bolding high appointments under the
Crewe, held the situation of Agents to the Holeetes'witti.
set any necessity whatever. The business of the Culateies
ought to be transferred to the Commissariat, by witch
department it could easily be done at little or no addi.
lipoid expense in the comity. It might be said that the
moos paid to those Colonial Attests did mut come out
of the pockets of the people. Bet it mattered not from
!demo it canoe; it ought not to be profusely and need;
Issely equeedered. He east came to • head of rape*.
dilute which fell se • dead weight open the country-the
Haltmay and Poetises List. It bad been well obeerved
a former ocesatioa, that Minismoxiestead of filling up all va-
cancies from those lists, west on continually creating sew
appointments. As a proof of this he should refer to the
Lottery-office returns ; some of those rehires were set yet
printed, as they had been erroneously made out; bet, is the
papers signed by Mr. Hesse, there appriarediander the bead
of " first appoistmenti," one geotlereau, aged 17 year; who
received a eatery of 255 d. • year; there were also many
other first shpoimeneets, in one of which cases the party was
57 years of age, and iu another 69—(Hear, hear.)-11te
Honourable Member, after citing several other cases of first
appointments is this department, adverted to the Hack.
any Conch Rehires. Here also there were venues line
appointments, one of the parties beteg 82, and the other 70
years of ego; iu short, there was only me Moment in the
tennis of • person haviug been appointed *be had pre-
ying', bete removed from another office. This was a
sample of the yammer in which this dead weight was its-
' Aided on the couetry, and of the cartlesseess with abich
Militate(' coedited to avail themselves of soy *ppd.
fealty of lightening the public burdens. There was
variety of other items to which be might refer is support
, of his argument, but he did not wills to fatigue she
Committee by eateriag into details. H. tossed not, however,
avoid aUsdiag to the Bask of Ireland; even there • few
thousands • year might be saved, fur while the Chased.
for was isauiug Exchequer bills here, at 31. per cent, per
anent, lie was actually paying Ave potted per cent. in Ire.
laud. The Bank of Englaud, too, received 275,0001. • year
from Government; and if be were afforded an opportunity of
doing so, he could prove that the Bank had been receiving,
sot 31. per cent, but 8/. per cent. from Governmeut--(Hear,
hear!)—lt appeared from the statement of the Right Ha.
noorahle Member, that there was to be no reduction is the
army, the awry, or the ()ukases of 1822. It appealed Lt
him that those establishments were kept up at a larger ex-
pense in consequence of the long-continued ill.governmeut of
Ireland. The disturbances and distresses of that country
arose from two main cation : first, from the anal.administra•
hoe of G aaaaa sem ; and, secoadly, from the number of
absentees. These 'becalm spent that capital here te
in other countries, which ought to have been elide
use of in giving employment to the pour of that unhappy
mushy—(llaar, hear )—They ought to ioquire most mi-
nutely into the matinee and expense of collecting the revenue
in both countries, with a view to a revision of the whole
6aancial system. Indeed, uo Other argue:teat upon thin heart
was necessary after 16,111400er in which Ministers bad dealt
eith the taxes of the last year. tilde be made these übser.
wahine upon what he considered to be extravagant expeudi-
lure and gross mismanagement, be wished to guard himself
against harem it go forth to the public that he Wok a gloomy
and despooditig view of the situation of the country. He
knew the situation of the owners of the soil, be was aware
that they were suffering great and pressing distress, and
that they were consequently most amions for • repeal of
taxer. lie would call upon the sgriculturalist to eoeseder
whether the taxes upon every article of production did not
ultimately fall upon him, until lie obtained a remunerating
price for the articlea which he brought to market ? But emit
if eo such distress existed, if the landed sad other Mums
were in the enjoyment of no much ease mad happiness as
they are knows to be pressed dose by distress, still that
would be as argument in favour of profusion and extrava-
gance ou the pin of Governmesit. It was the doily of
those who were in power to conduct the Goveremet of the
country as cheap as possible.—(Hear, hear, hear.)—Al what
lime ass it, lie would ask, that Parliament could with most
safety and propriety cuter upon au laquiry into, and a re-
vision of, its financial system ? Was it is • time of solid
and settled peace like the present, or was it um the eve or
after the commencement of a war ? No man would
pretend to deny that the present was the most proper for
that iisquiry. He did out contend that she people could not
continue to pay the Imre ; be knew that Government might
continue to collect the present, or even • much larger re.
venue ; but the question for consideration was, whether
it would he wise or expedient to du so ? He maintaint
„that it was out. It was true that the capital, the population,
Ilse industry, and the taint* of the country sore merest".
iug, and must produce Monogr:Ad resources ; but be contended
'that ibis was no reason why Ministers should continue to
inflict upon the cough" such • burden of taxation, to he
expended in the manuer which he bad described. He had
no doubt but the country would go on prospering, notwith-
standing all the difficulties by which we were surrounded.
This, however, was not caused by, but took place to despite
of, the bad system of goverennot under which we at pre-
sent laboured.

Mr. ELLICE did not rise to follow his Hon. Friend into
into the details •hic! he had so usefully stated to answer

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practice of andethirlog Dad. Peewit ihdemulties, which ,Id }ilia Teat' Wince might Ise lidten at 71185,00 Deceit the
er tltao to mud es peolerlig for Ave-aacl.forty yeses, fht Paf- ;1
tee of law to regulate Fri* nothing, became. of the • • otille em. proclaim of 1 -.31, _ vigg SKI. „the Wrest of a debt 41 which the protest geteseedloo we. .„
thereby to be relieved I The fire per cross. were paid
Teat (bort'', 614cd tlb peer-, , h , . nitro op not lotte '200,0001., iitid •ol - or lO, off on the (II tandtratandinir, that an limed should
Jba Aria plane that the Pet •• ci. "Set Iliad ic":".charges
I but .hp would *ham . time the the ihcoute woo Ohl 1... maw. MI the Makin food, an%tootts catgut II complete- 1
II return so their embilitliallf 412 • ..
it wee- be. lslittroppiicatiair of the *hole ..• Isheroe of be is it 54,2013, to p the ;flotation of the *skin fund, by t isst a debt .as pm. ,
lifted diaculties,
aid of law ; that a mew hi. 'credit from which they were this !lir *0 file cut off. year, to by the last MiCr, which exceeded Writ, to relieve the present generation. Is big (Mr. Mabee.
lie application, tb°7.Dow re• The next itetu wee .teitsguatant bills ~ the-eoitelpuading quarter of .11111.701.4.1.40,09/. ly'a) opiaioa, a still greater redectine oiled to sakelilses,
mold devise, 'la se amend- iiieued on public works Ito, - —sae tot in all But 0 eras not to be expected thaiLZIV lab, lam. of th•bisher roses of the iatifeat of
Si as to Feeder that Actthe debt, but he would effect that public benefit by weans
lasts, serniimating wok,* 4,961,0001. To complete the supplies, he proposed. • would hold out in that. ice/46W I ills/a"v different from those which bid hitherto bees adopted, be
it ~,,eya be iwin sod jeer to hoverecourse to Baulking fund Minn if 7,6,0000001. Niel we,. to reckon ea the eft of iiit-eepeaLat would effect it by a ditaiauttoa of the public expenditure.
i'si sbe•Combiastioa Act alto- He would state the reason why it was oo larger. several taxes, so that if upon the whole it equall*d It was Mat which be had uniformly recootroesded, and
r_