The British Press; or, Morning Literary Advertiser.
London, England, 1820-06-20 00:00:00

ow prepereth he did not believe the House were The Right Hoe. Gentleman 'was. olloteed WA. ,
sofficientlyot leisure., and in such • frame iof mind six millions of Weisel, •to pay off the Bank. He
us
to deliberate swots it. He concurred wish the smuttily took two usitlioste,rolisatid fete mach 4
sßigkt.flser, Gentleman so to leaving Ireland not of Exchequer Hi& eflat of4ll;tls.eildifoterest at 4) wee
las new financial arrangements ; nothing could be cent ; bat Woes iblikettet theism's! time to home..
dour either to deetwase the burdens. or itierrese the money at as high a rateOst, hoot, to keep up dimmers i
It liseriee of Bost unhappy country. Bat whit of • 'validated find.' He could not help remarking on
I
Austria ? Sie had hero descnbed pa an improving I the dent:ensue aisle in vitnels this food was left.
empire for the last two yeses. He wished that I There were many charge! which 'mold fall on it in
the House could hear of some application made the July quarter, which eistuld 'woke it atleeet one
to her, for the payment or the large sums *deem- million deficient. He contended that the present
ed to her. The only material obeervetion he would system was bed; it would hove been better to have
urge wilt this: They had been going on since the gone on with the temporary pptrm. as it was called.
war at • greet expense. He charged the Government He questioned the possibility of any sinking fund
with great extravagant,. He did not say this in accruing beyond two million. at the utmost. This
any bitters's* of spirit towards Ministers, ; all would shew the House bow delneive the impel, which '
the Members of that House must participate in the had been entertained of establishing a permanent
reproach ; with one or two exceptions they had heels sinking fund of live millions. with the addition .4
all highly blameable. If any of them had suffered 3,000,000/. of new taxer%whieb were to begrented foe J
any sums to be expended either in the army, navy, the purpose. The country was in the most dime
lse atty. other of the services,. not to isv Needlessly ; gerous state that could be imagined. It heeling
bOt if they had not objected, with all their might the House to look to it, ito that in case of an one
Mopping it. many expense except such as was sb. foreseen rupture. war and bankruptcy might not Ise.
'elute'', not to be done without, they were charge- . come synoisisnous tern s, The only way to ovoid that,
'able with a full share of the blouse, which arose in his (pi JJ I )))) . would he to lay an a property tax;
bout the condition of the countryesid of its finances. no other tax could roietthemont of their dilloost.
'What ,would be the policy of an honest and prudent lies. Gentlemen insslyold their property agate*
.indivisluel when he found his affairs embarrassed ? fire; why should they stet engem, to do so gown*
He would retrench of course—he would, if a inan revolistion and dismiter, by submitting m a property
of sense, begin with superfluities, and he would not tax, and relieving the poor from, their burdens ?
'Cease to contract in* expenses until he reduce n I then. The CHANCELLOR of the ExcllZQUlta concurred
to what was barely necessary. Was this the con- in much of what had bales, (MR the Hon. Member.
duct of . the House ? There was that hackneyed If ter public had not yet made ettfficient sacrifices,
subject of pensions, which he would only mention he looped and believed that when the difficulty
now fur the sake of Illustration. It was found but should lie fairly stated to them, provided the utmost
the other day that the Governor of Trinidad had economy were manifested by the Government, they
• pension granted to him. On inquiring roan she would consent with alacrity. He would prefer,
' 'emcee by which he had merited it. it was however, keeping hack that important and powerful
discovered that he had filled for five years mean incase of war. But *he )) v)) such circus'.
a ' lucrative situation in the War Office. He stances should occur as
,required. it to be used, he
could scarcely timid fault with the Government trusted it would be carried into effect on that 'useful
' for granting the pension. but that the party and extensive scale which had made it, beyond any
receiving it was possessed at the same time of other power, effectual to the preservation of the
• most valuable government. Every man in the country.
House was in some measure answerable for such ex- Mr. RICARDO wished to know from what fund
teams, and God knows there was enough said about the interest of the Exchequer bills which he had
'then. out of the House. Modern Si' its ought to referred In, woo to be paid ?
have convinced them how a country could he teen- The CHANCELLOR
listiuttized when her finances became deranged. He the /expense was not comprised in the budget of
begged proton fur (Jeweling the House ; be had this year.
been induced to do so from a sense of duty, and Mr. ManceLy intimated that it would become
from a sincere convection which he lied in mon chargeable or. the oinking fond before next year.
with many persons out of doors, that milers some Alderman I!EYGATE wished to know when those
measure were adopted of sufficient itnpurtance and Exchequer bills upon which nearly two years interest
efficacy to prevent it, the country would inimedi- had accrued, would be paid off ?
'tidy fall into deep and dangerous distress, from The Citaircetame of the Exertig/en said, that
which no prudence would be sufficient safely to it was his design to renew those periodical payments
relieve it. of Exchequer bills which had taken place before.
Mr. RICARDO contended, that the operation of ft would take some months to make the necessary
the sinking fund was not such as had been stated. erningements.
There was so much stock purchased by the Coin- Mr. Aldermen Haenres said, he wished to mike
missioners, mud there must of COSH'S, be so notch • few observations on the statement of the Right
,sold to them. The qountity was known befOre Hums. Gentleman ;he confened it did not appear
baud, and therefore the trennction could have no so unsatisfactory to him as it did to other Gentle.
effect iii creating a market, or iiifluencing the sale men on his side of the House, but at the seine
of other quantities. He compared the accounts of time it was nut one of that description which ought
the lost year with this, and insisted that if the to satisfy the expectations which the country had
Right Honourable Gentleman computed the ac- naturally formed. It had been said that the public
'tool income and the actual expenditure of the creditors had no security at present for the pay-
.consolidated fund of the two years. that io• went of their dividends; but he conceived that by
mead of there being e sinking fund of one million, the law of the land the Bank was bound to accede
-there wee no sinking food at all. Besides, there to the accommodation required for that purpose.
"*as a large sum nut tucluded in the estimates; there particularly bream's., when that Corporation had
' was 1.125,0001. interest Oh Exchequer hills (we be- been asked by the Committ.e of last year on the
helm the Ilon. Gentleman said), which evidently state of the currency, how much they thought it
belonged to last year's expenditure, though not necessary should be repaid them by the public,
'brought to account. The Right Honourable Geis- they stated the sum of ten millions. Loans for ortli-
. 'lemon expected fist there would be • sinking nary purposes left the circulation of the country
fund of Sor 4,000,000/. in the next year. But when in the state in which it was before, hut loans for the
he calculated on replying 24,000,000/. he seemed payment of the Bank caused a diminution in it.
to have forgot the correspoodiog decrease which He did not concur in the opinion that it would have
salon lake place in the produce of the consohi- been better to take the whole of the loan from the
dated funds the revenue of which must decrease Sinking Fund. He thought there was nothing so
titoporti 111 l stely in eachquarter. Then the deficiency unworthy of the Government of this country, and
on the consolidated food itself was not taken into the character she had long sustained, as to he
accoulit, though that deficiency was as much due continually taking from that fund. He did
as any other part of the accounts. I fere woold be trust that at the end of the present year an end
'another decrease on the produce of the consolidated would be put to those loans, the continuance of
fund. The only question for the House would be, which, in the fifth year of peace, was a stigma on
was the expenditure greater or less than before ? the country. Ile fully agreed in the position that
Here the Honourable Member went through sonions if the situation of the finances was .fairly and openly
iletaitsssfconsparison. the itiference from which, as stated to the people, they would willingly assent to
-ite drew it, was, that tine account was wholly un- such measures as would place them on the time
'promising es to the establishment of ally oinking footing of firmness and respectability as during the
'fetid at •II from the income of the year. The late war, when this country was the asylum for the
Right Hun. Gentlemen had beets complimented on capital of the world.—(Hear, hear.)—When he
the arrangement lie had made in filleting the Ex- r jaw Gentlemen on that side of the Ilium so attene
chequer bill. in the o per rent, stock, because it tive to minor considerations of economy, such as
was lower than the riot. and was kept lower from saving of a few thosionids a year by the reduction
the proposition of that funding ; but it should loom of Lords of the Admiralty, and observed them sb.
beau recollected that au effect was produced on wieldy pass by a loan which produced a perpetual
the other stocks, which, through the transactions Imo to the public of two hundred thousand pounds
of the Sinking, Fund, rendered this advantage nu- a year, lie was struck with astonishmeid. There was
gstory. The other stocks. in short, advanced in pro- another subject on which lie had ;mended to offer a
portion us the stock in which the Exchequer bills few remarks; it was one on which he believed nothing
'*ere invested declined. By a comparison of the had yet been said by any Hots. Gentleman. though
effect of litersting the five millions in both kinds of that which engaged the attentiou of the public mind
stock, be argued that there would be no apparent far more than any other—he meant the diminution in
pia iiiihi bargain which had been wade by the the circulating medium. Ile found that within the
Sight Ron. G'entlemon. last year and three quarter* the reduction in the
T' - . -- . .. --

/.he CHANCEI.I.oR atilt. EXCHEQUER explained.
Mr. J. AleR•t•IN and Mr. J. SWATH said a few
words.
Mr. Roux regretted, that after all the oscrific2s
which this country had made to bring the war to •
conclusion, and the formidable declarations that
France could pay no more than had been demand-
ed of her, that the share of the contribution due to
Great Britain should not exceed 80,0001. Advert.
ing to the plan of the Right Hon. Gentleman, he
found, from to compari.ou of the estimates of this
year and the lair, that there was a deficiency of
about 757,0001. on the income of this year. From
this he augured very little advantage as to the sink-
ing fund the Right lion. Gen!lemon would be
able to establish Irons the produce of the year.
Mr. Manxiti.v wished to make a few observa-
tions on the plaits of the Right Hon. Gentleman.
They had been told by horn last year that the
country had been going on nutter • temporary plan
of finance hitherto; in future it war to have a
permanent pl.m. A Sinking Fund was to he esta-
blished, which shoulol he equal to thr support of
pastille dada. Nut less than five, millions. would
do.' This plaoshii! the concurrence osnd corrobuva.,
lion of stsecalMenthers. They ware bound not to
go on wills the Cosisolidstell Fund in arrears, and'
the country was. bound to rellerntinvelf Irwin de.-
• pentlasfe uu the good will of the I,6mit of Eeylwud.

_ qt,.
issue of the Bank of England was four millions—.
he thought he might take that of the country banks
at five millions, making • total of nine millions,
which was, according to the Report of the Com-
mittee of last year, about one-sixth of the whole
amount of the circulation—and at the same time not
a bit of gold coin appeared to fill up the vacuity.
He was not such an advocate for a paper currency
as to deny that a gold one was superior, but he cer-
tined), wished to see the former kept up till it could
be supplied by the latter. This diminution was at-
tended with a very great fall in the price of land.
merchandise, and' every species of property, except
mortgages and the public deb,. Ile thought it
incumbent on the Government to fay at once what
they isdended to bring down the circulating medium
to. The market and the Abort price of gold went'
•irow crone to an equality, and it therefore seemed.
to Imo that there was no necessity for ally fur•
titer diminution in the currency. • Of the two, notes.
were now rather more valuirble than gold, and there-
fore be had reached the point contemplated both by
theorists and practical usess, and if Abdul mine-
• tion were not strictly oeceesoryaiti.pras.certrinly in-
jorichilly contracting the operopooo of ind4•4l-1
and trade, awl increasing the burden of paying."
'dividends. He had embodied. these 11111.=
A
tO • snits of resnlutions. wl, whirls.
he Audit, not at 'that time trouble tbstrallrev