The British Press; or, Morning Literary Advertiser.
London, England, 1818-04-21 00:00:00

21,448/. at the disposal of the Home, arising from
wont, mule last year by the Commissioners op-
-pointed to nentage cotninercial Exchequer bills,
issued to 'prim in the carrying on of public works.
The total amount of those Ways and Means, which
might be considered as the ready money arising
AU, of the ordinary resources of the year, was
7,271.44111. He did not, in the present year, look
famed to any surplus of the Cro.solidated Fund,
as applicable to dm Woes and Nieuwe ; for, though
he strongly believed that n surplus would he re-
yet, tar it would net be more than sufficient
make goad the *emir of the last year, he could
not mist avail himself of it. He would reserve
whatever might thus accrue, to balance the sneer
of the list year ; but next year he hoped there
would Ise a sum of conaiderable amount, dia.
posable for the service of that year. The items be
he stated formed a net sum of 7,271,448 ; and,
compared with the total of the supply, i 1,612,0664
left a anus or 14,340.638/. to be provided for
by some mein, ur others—( Hear, hear. hear.)—
To provide fur the sum of 14,006.0001 and for •
Considerable reduction of the unftinded debt. the
Government had to submit to the consideration of
Parliament the arrangement which he was sow shout
to state. In the first place, it was necessary fur
him to point out the objects which Miuisters have
had in view, iii the transaction lie was going to ex-
plain to the Committee. The first of these was, to
make a considerable reduction of the unfunded
debt outstanding. The Committee were perfectly
aware, that it had always been the object of Go-
vernment, on the conclusion of peace, to seize the
earliest period for converting into a funded debt
(the interest of which was to be provided for) a
great part of the unfunded debt, which had accu.
outdated in time of war. His reasons for adopting
this system were various. The first was one of no
material public consequence—but he conceived it
seas right that he should state it. In the year 1816
Ile Rove a sort of notice, that, after the expiration
ef two years, he would provide for the amount of
unfunded debt accumulated in that sod the two
*acceding years, supposing the state of public af-
fairs to be favourable for such an operation. He,
of course. would not be justified in trying this ex-
periment, merely for the sake of' coissisteney—
merely to meet that expectation to which his state-
recut might have given rise.—( Hear, hear.)—
Bid certainly it was satisfactory to know that his
hopes Ited been realised—and he could confidently
decline to the Committee, that all which be had
stated was more than fulfilled. The terms on
which the bargain had been made he would pre-
*rutty state—but he would proceed, in the first
',ince, to detail the more important considerations.
%inch induced him to conclude that bargain,
which had for its object the reduction of the
unfunded debt. In the first place, the un-
funded debt had increased in a very consider.
side degree, in a manner indeed that had been
much complained of, and though it was not hurtful
to the public service, and was provided for with an
extraordm iry degree of economy, yet it was deemed
impolitic to leave so large an arrear of debt un-
filmier!. During the two keit years it hail increased,
in consequence of the necessities of the country,
upo-ir,la of 18,000,0001. In consequence of certain
of the war taxes having been discontinued, it had
accuinithited, from tear to year, and there was so
much as 50 •r 1i0,000,0001. outstandiug in the
beginning of the present. This was found to be a
very great inconvemence—and, therefore, he thought
it right to take the first favourable opportunity to
bring the unfunded debt within a tome moderate
compass. Amongst the circumstances which in-
flayed M;nisters to lower the quantity of unfunded
debt, one was, that it could be dont on terms
'nobly favourable to the country. The state of the
funds and of public credit must, of' course, in-
fluence their conduct in the adoption of such a
plan—and, he would ask, could they expect cit.•
ciiinstences, on the whole, more favourable for
such an attempt, than they were at present? All
the ciicusnstinces connected with public tranquil-
lity and reviving prosperity, justified them in pro-
ceeding as they had dune. The expectation he
held out in 1816, when the resolution was taken
to rise money, by au increase of the unfunded
debt (rather than by a loan or other means),
chargeable in the Consolidated Fund, was now
realised. He then raid, that the interest on the
bargain with the public, supposing the sum bor-
rowed to he repaid by a loan, would produce •
considerable saving of private capital. He stated
that some persons were very sanguine in their ex-
pectations ou this head, but that it was dangerous
to huzard conjectures of such a uature as they in-
dulged in. Some of those persons supposed
the 3 per cents. would not he less than 80, if the
operation were carried on in this way. But he had
Lel& the if, instead of 80, thew ruse to 75 per
cent. the difference between funding and issuing
Exchequer Bill, would be 2,000,000/. He had
seen that calculation more than realised—and lie
had to state the terms on which he hid funded
16,000,0001. of unfunded debt, at a price infinitely
lets than he had previously conceived he could
have dune it fur. A third reason which induced
Illinisters, at the present time, to convert unfunded
debt into capital stock, was the reduction of
in the funded debt, since the conclusion of
peace. Gentlemen were not perhaps aware of the
progress which the sinking fund had made, within
* few years, in reducing the nationel debt. Stowe
the peace with France, 50,000,000/. of capital of
funded debt had been purchased. On the Ist of
November, 1815, the funded debt was 50,000,000/.
1.:41,er tl•aii it was at present—so that if be now
Bolded 5,1,000,000/. of unfunded debt, the funded
debt would not be more extensive than it was two
}cars ;Igo. The object of all these arrangements was
to reduce the unfunded debt by clearing the money
market of the outstanding Exchequer Bills. It
Wm% eX 'weird, that in comequence of the advantages
held out to the proprietors of stock, as it at present
storal, that they would have no objection to change
then stock, for stock upon the new system of bor-
tuaing, which it was his isitentiou to submit to the
The new system depended in a great mea-
sure on the substitution of one stuck for another,
the result of which, he trusted, he should be able
to }Hove would be highly advantageous to the coon-
"Y• The arrangement proposed was to substitute
plepi• of 3 per cent. stock, a stock 'tenting
int.:est at 3l per cent. By this project, which lie
~-(1 would be carried into operation by the next
so.inni, It uas expected that two very considerable