The Sun.
London, England, 1855-04-21 00:00:00

itself-created by borrowing, and the conclusion he came to
was, that by some contrivance of keeping up a nominal
i eking fund surorted by a loan, and by some machinery
for the collection of compound interest, it would be pos-
sible at no distant time to extinguish the whole of th. na-
tional debt. The, i,ica was fondly cherished by Mr. Pitt—
he died, as he liVed, in the belief of its efficacy, and did
not think that he had left the means of entailing burdens
upon posterity, the end of which it is scarcely possible for
us to foresee. There is another class of cases in which Par-
liament has recognised the inexpediency of perpetual loan,
namely, in all those: cases in which money is -borrowed for
enberdinate. purpesee. I may refer, for example, to cases in
which money is advanced to boards of guardians, to the
justices of the peace, and to other subordinate authorities,
whoare entitled to charge therates of their districts with the
payment of loans for certain purposes. I may state, for in-
stance, to the committee that the expenses for repairing,
county bridges, prisons, town-halls, must be paid off ac-
cording to act of Parliament within 40 years. (Hoar.)
There is a very long series of acts of Parliament in which
powers are given to subordinate bodies to raise loans upon
the security of taxes under their charge, and in every case
the creation of an annual sinking fund_ is made compul-
sory upon them. (Hear.) It is required of them to ex-
tinguish the debt within a limited number of years, and
that, practice sanctions the principle of not permitting the
existence of a perpetual debt where the body raising the
loan is -under-the control of Parliament. (Hear.) With
regard to railway companies, the railway clauses for con-
solidating acts provide that unless a time should be speci-
fied for the repayment of the money lent on mortgage it is
to be payable after 6 months' notice shall be given by the
parties—thus distinctly preventing the possibility of the
debt being, perpetual. (Hear, hear.) Another -means of
preventing the- existence of a perpetual national debt is
to effect a loan by Taising the-money for Government on
lerininable annuities. This plan has been recommended
by Many persons and unquestionably offers great advan-
tages with respect to the mode of creating debt. The,
committee are doubtless aware of the nature of termin-
able annuities. (Hear, hear.) An annuity is granted by
Government for a limited numberof years, and it pays to
the annuitant annually not only a sum calcadated as in-
terest, but also a certain portion of the principal, so that
at the end of the term, whatever it may be, the entire debt,
both principal and interest, is discharged. (Hear.) The
advantage of terminable annuities so far as Government is
concerned, for securing the extinction of debt, is this—that
the repayment of the principal is made the matter of spe-
cific contract between the Government and the person en-
titled to the annuity •, and without breach of faith the Go-
vernment cannot omit to pay every year a portion of the
principal. But although Government finds its hands as
it were tied up, and are bound to extinguish a certain por-
tion of the debt, unless they were guilty of a breach of
faith, it is found in practice that a terminable annuity is
to so little extent a marketable commodity that a person
will not desire to hold it, because by receiving annually a
part of the principal he is thereby diminishing his capital,
unless he reinvests it in small portions as he receives it.
(Hear.) The objection to it I therefore find is great and
general, and at no time in this country has it been possible
for the Government to effect a loan on terminable annuities
only. There is no example of an entire loan having been
effected on that species of security ; and the terminable
annuities, which now "amount to a considerable sum, have
in every instance been combined with a loan for a perpetual
annuity, and are formed of the aggregate amount arising
from the different loans that have taken place. They
are formed of the aggregate of loans on terminable annui-
ties similar to that which the Government has this day
effected. (Hear, hear.) Therefore, however much the
Government may have desired to effect the loan that is
necessary for them on terminable annuities, they have no
option in the matter. It was impossible for them to ob-
tain such a sum as they required for the service of the
year on terminable annuities without giving a price which
would be justly considered as exorbitant and unjustifiable.
It seems to be supposed by many persons that terminable
annuities—as was at one time thought—are to be con-
sidered as a sinking fund, acting by some mechanical and
stupendous process for the extinction of our debt. It was
considered that the nation thus obtained value without
equivalent or security, and effected a reduotion of their
debt without an expenditure of taxation ; and by some
mysterious and occult process, which certainly no one has
been ever able to describe, the national debt might be
reduced and ultimately extinguished, without any bur-
den being imposed upon the people. (Hear, hear.) Unfor-
tunately, nothing can be less well-founded than this state-
ment which is wholly chimerical and baseless. Terminable
annuities consist of the repayment of principal as well as
of interest, and although at.the end of the time the debtis
extinguished, it has been extinguished by a voluntary mode
of repayment of principal and interest, and those repay-
ments have been provided for out of the annual produce of
the taxation of this country. Under the circumstances; I
have stated the Government find it was necessary that a
part of the loan they were called upo'n to-contract should
he effected with some perpetual stock. That is to say, the
only means by which they could have avoided the creation
of a perpetual stock would have been by borrowing the
whole amount on stock of a terminable nature, and thus
leaving the whole amount borrowed to be repaid at the end
of a fixed time. For instance, if the Government had de-
termined to make a loan on stock terininable at the end of
thirty years, when that period arrived it would be neces•
snit, for the .Chancellor of the Exchequer of that year to
provide a surplus of sixteen millions for the extinction of
that'debt, and we all know from experience that nothing
,is more improbable than that a provision made by a pre-
vious Parliament for the payment of a sum of 16 millions
fir the extinction of that debt would be carried into
effect 'when the time should waive. (Hear.) If such a
mode of creating terminable stock was resorted to, it would
infallibly; at the-conclusion of the period, end in disap-
pointment, and the nation should resort to some method
of re-borrowing like that adopted by railway companies,
who, having borrowed on debentures payable in five or
seven years, simply continue them when they expire, and
scarcely ever extinguish the debt. (Hear, hear.) The
Government thought that any plan that created termi-
nable stock, the whole of which would become payable at
the end of a certain term, would be an ineffectual mode
Of obtaining the object they had in view ; and I, there-
fore, propose as a means—so far as lies in our power—
of preventing the creation of a perpetual burden, to
insert in the loan act a clause which will render it
incumbent upon the Government for the time being
at the end of the year following the signature of a
treaty of peace, to set aside one million sterling annually
until the whole of the perpetual portion of the debt which
they propose to contract shall be extinguished. (Hear.)
In that manner a legal obligation will be imposed upon the
Government of the day to provide one million sterling an-
nually for the reduction of the debt now about to be in-
curred. (Hear.) lam aware that any act of Parliament
we now pass may be repealed. (Hear.) All similar acts,
I Trust be allowed to say, have been violated, and it is im-
possible to make any law which our successors can be pre-
vented from altering ; there is no irrevocable act of Parlia-
ment. But we can pass au act which will produce the
only effect it is in our power to accomplish, namely, to
render it incumbent on the Government for the time be-
ing to provide funds for the extinction of the debt, and
to render it obligatory on the Chancellor of the Exche-
quer for each successive year to include that amount in his
estimate of expenditure, and to provide the funds necessary
for the extinction of the debt, unless Parliament should
deem it otherwise -expedient. Sir, it appears to roe that the
only effectual mode of discharging debt is that Parliament
should agree, upon the return of peace, to create a special
revenue by taxation, and to set aside annually a certain
portion of revenue for the reduction of taxation. If Par-
liamentlwould again return to the policy which it pursued
after the peace, but which unfortunately was soon after-
wards abrogated, of erecting a sinking fund of 5,000,0001.
annually, and applying those five millions to the redemption
of debt during times of peaoo, then we should be making
undoubtedly slow but steady progress towards the extinc-
tion of the debt. If, unhappily, another war should arise,
or any other circumstance to create an extraordinary
demand on the Exchequer, it would then be in the
power of Parliament to release the 4overnment from the
obligation of the extinction of debt, and to apply that
margin of surplus revenue to defray the extraordinary
expenditure for the year, thus rendering the imposition
of new taxes unnecessary, and affording a reliable sur-
plus to fall back upon. (Hear, hear.) When those ex-
traordinary demands shall have been met. the way
would then be prepared for the extinction of debt by the
only sure means by which it can be extinguished, namely,
by the creation of a surplus of taxation, and not by any
imaginary expedient of a sinking fund. In the "Essay on
Public Credit," hem which I have taken the liberty of
reading an extract, Mr. Hume remarks that either the na-
tion must destroy public credit, or public credit will destroy
the nation. Now, sir, I beg leave, with great submission
to so high au authority on questions of this sort, to dispute
both branches of this hypothesis. We sae, by long expo-
rienee, that the nation has not destroyed public credit, for
during the exigencies of the most disastrous wars—during
that period of great depression which followed the Ameri-
can war—during the Irish rebellion, and other occurrences
tending to shake the stability of our institutions in the
course of the French revolutionary war, the sacredness of
our public credit was never for a moment shaken. (Hear,
hear.) On the other hand, I may equally venture to
question the other dictuin, that, public credit will destroy
the nation. Notwithstanding the rapid increase and
vast amount of the national debt, the magnitude of
which I have laid before the house, there has been a
perpetual growth of prosperity since the conclusion of the
last peace, and the proportion which the wealth of the
country bears to its means of paying taxes and affording a
revenue to the Government has been perpetually augment-
- ing. Moreover, annual means have been found, in con-
sequence of this prosperity, of lessening the interest of the
national debt, and thus making the debt a smaller annual
charge on the country. In the year 1816, the charge of
the national debt was 1',0,458,000/. • in the year 1854 the
charge was 26,521,0001., being a decrease of 3,937,0001. in
the actual charge of the debt. (Hear, hear.) The in-
come tax in the last year of the war, which then stood at
10 per cent., produced 14,880,0001. ; the income tax of 6
per cent. in the last' year produced nearly 14,000,0001.,
showing how great has been the increase in the income of
the country since the peace, and how, far, therefore, the-
ability of the country to bear taxation has been aug-
mented.. I see nothing in the present state of our na-
tional debt, with all the burdens it entails on us,
to cause any well-grounded feeling of desporiderfcoy
at our future prospects ; but I see ample grounlearr
confidence with a good management of our finances.l (Hs. ,s,
hear.) Having stated the grounds on which her ...f1 j ty
millions for the service of the present year,
of
it
as they Government have determined to effect a loan_ p
observe that they negotiated such portionhleannuities in that
thought they could obtain in terrains
of the Principle
the value
portion of
species of security, recognising
zinc as well as
Iwill3smitreeelyn
the loan by the annual
nportion of the
the remaining p
r etual
that the nation shouldbrienpdayitniseelnfttoefdirscharge a por
interest. With respect to
e they propose to undie.t
the con-
stock.; but, at the same_
_lO,l.
in
each
_car, ft,
n the
loan, they think it n
obligation to repay 1 OW perpetual
an
elusion of peace, until theflanoutoftaxa-
tion,
expenditure of to
isdefray-
ingborrowone the wholesof that expenditurehep out of borrovied money,
and
udent to follow the example of former'
the extraordinaryr expenses of the war were
years in-
andditwiraiitthotthheeptearxmesisosfiotnheoyfeatrh
the
s house
and they j
progress which has
udged itp
been made by tax.
trhionupgahrtby
sometimesloa;i— tehvee loan
tw
at ion dining the late war.
n
having be-e—n-
y
With the system then ado ted,
w(le
althoughfiiraany briefly.eduw;:bs Icat
which
2°tsaefot.httne founded up on the defrayment of the? ev
t
year—it was, notw•th o loans were
cotnhseidesruamble addition to annual found
generallyp
contracteden s e s
of
aeach
uoya
nle e
raised 3 by taxation was
tolmnakrie9a3
taxation.necessary
17,656,000/. ; in 18,11 it was 3-
Km:OOM ; in 1815 it was 69,°, 29,0
0
01.
; in 1898 it was
the great addition which '6Bl
"1.1..
thereby
showing
of the country during
th was made to the annual taxation
sums raised by e war, notwithstanding the large
make an addition to borrowing.
Wo propose, therefore, sir, to
amounting, according the public taxation this year of a sum.
murs.) will to the estimate, to 5,300,0001. (Mur-
now, with
state to thorn the
manner in which this addition is pro-

INEWSpApER

posed to be effected. In theNlP...-pMeiv, I.•W a ad•
dition to the present dutie •' ~ ,e2T ifr*#--.4, - be
7 ,t__
)fiv
varied accordingto the qual
~ I*'- =t: ad 1 Y; e
estimate, will produce the ii k,f, • .it (417,W.,7; :••, ~ re of
sugar, at the conclusion of cla:sß latfe_li.zartsl4:
.o;:lerivi.-.45
th9e
oc:ites: ; altothopeoseaemqueetnimeee
olafstth ea' - ,• , :'-'01409s 20
short price, or price of sugar withmt the , , • ~,
_at' lower
from 3s. to 45. a cwt. than it was' eat o. warm now
_
state the prices of sugar in two years since 1844, by which
the committee will see that, notwithstanding the addition
now to be proposed to the duty, the price to the consumer
is at present considerably lower than it was at that period.
In 1844 the importation amounted to 4,129,000 cwts.; the
price in bond was 335.8 d., and the duty 255. 2d., making
the full price 585.1041. In 1846, after the alteration of the
in bond
me. u.
importationduty 145.,
,
dutyowle. ; hadthe
priceten
was d
wast
h s'y 48 edu
making the full price 435. 3d. In 18: and the duty 145.,
making the full price 435. 3d. In 154 the consumption
had risen to 8,096,000 cwts. ; the price in bond was
only 255., the duty was 12e., making the full
price to the consumer 375. Under the new duty at present
the price in bond is only 235., the new duty is 155., and
the price to the consumer is only 385., that is to say, ls.
more than the price of last year, 10s. less than the price
of-1-80;"-iiiia-290ess than the price of 1844. (Hear, hear.)
We further propose an addition of id. per lb. to the duty
on coffee, which is at present 3d. per lb. That is an ex-
tremely moderate duty ; we propose to increase it to 4d.,
and -we estimate that this will yield an additional revenue
of 150,0001. I have already stated that the reduction of
the duty on tea which would have taken place this year
was stayed by the act passed at the beginning of the year,
I propose also to make some addition to the duty on tea.
(Ironical cheers.) In 1853 the duty on tea stood at 2s. 21d.
per lb. ; it was reduced in the first year to is. 10d., and
next year to ls. 6d., at which rate it now stands. I propose
to raise_ it to is. 9d. which. will be ld. less than the rate
at which it stood in the first year of the reduction. That
addition to the duty on tea is estimated to produce
703,000 i. This will make a total addition to the revenue
derived from Customs duties of 2,100,0001. With respect
to the stamp duties, they have undergone recently a sys-
tematic revision, and it is not my intention to propose any
i alteration in them, with one exception, that of the exemp-
tnioown applying
ee to cheques drawn upon bankers. These are
thdrewthet.aasx
manner frequently chequex exempt fbrloenl
duty in the case of persons
.drawing a
within fifteen miles from their place of
abode. This exemption is th
duty on receipts, inasmuch
quil:my
perform
m thee
dmuetaynesfofetdemimpiednishremegeipttle
eu:
ps t at
1. :lip e,
and
1 dchiteleueseetiinmethtedat .
I propose to ,
that this duty will produce
to the head of Excise. about 200,0001. I come now
which I shall pro se.
The only duty of Excise upon
any to the committee
is the duty on spirits.
duty on Scottish 4
wits Toy Proposal is to assimilate the
The duty on English s • • • that upon English. (Hoar.)
pints is now 7s 1
duty on Scottish spirits is 6s. 11. Od. a gallon ; the
equalise them. The present dntya gna
Irish spirits
I propose to
gallon. Ido not propose to e spirits is 4s. a
raise it on account of
the circumstances of Ireland—(lond laughter from the
Opposition)—on account, sir, of the circit- tan of Ire-
land regarding illicit distillation.
(Heat,) Ido not pre-
pose
to equalise the rates of duty on Irish spirits to Eng-
lish, but I propose to raise them. (Ironical cheers from Irish
members.) The additions which have recently been made
to the spirit duty both in Scotland and Ireland have not
produced any increase of illicit distillation, nor have they
diminished consumption. I will state to the committee
the consumption of English, Scottish, and Irish spirits
during the last two years. In 1854 the cogenmption in
England was 10,350,000 gallons ; in 1855 it was 10,339,000
gallons. In. Scotland the consumption of 1854 was
6,534,000 gallons ; that of 1855 was 6,553,000 gallons ;
thus showing a slight increase of consumption, notwith-
standing the addition to the duty. In Ireland the con-
sumption of 1854 was 8,136,000 gallons ; in 1855 it had
risen to 8,443,000 gallons.- It can hardly be disputed that
if an increased duty, producing a considerable sum, can
be obtained from spirits without increasing illicit dis-
tillation' smuggling, and all the evils which go in their
train, it is as legitimate an object of taxation, during the
heavy expenditure of a war, as can be conceived. (Hear).
I estimate, not on a sanguine conjecture, the produce of
this increased duty on Scottish and Irish spirits at
1,000,0001. sterling. The additions I have already stated
to the Customs, Stamps, and Excise duties will amount to
3,300,0001. In order to raise a sum sufficient for the ser-
vice of the year, it is still further necessary that we should
propose some addition to the direct taxes. (Murmurs.) Last
year the additions made to the direct and indirect taxes
were in this proportion. The indirect taxes were calculated
1 to produce 2,600,0001. ; the direct taxes, 6,557,0001., there-
fore the great increase was on the direct taxes, being more
than double that on the indirect. In the plan which I
have now the honour of submitting to the house it has
been thought desirable to throw the excess on the other
side of the scale, and to levy the larger sum by indirect
taxation, and a less sum by direct taxation. (Hear,
hear.) , We, therefore, propose to raise 3,300,0001. from
the indirect taxes, leaving 2,000,000/. to be raised
by direct-taxes. Now, the number of direct taxes to which
it is possible to have recourse is not peat. It is well known
that the Land tax in this country is an impost which is fixed
at varying rates in different localities, and which is subject
to partial exemptions, so that any increase can only take
k place to a limited extent, and under conditions with which
it is not necessary to detain the house. The only direct
taxes of any magnitude besides the income tax to which our
attention can be directed are the house and assessed taxes.

With respect to the house tax, its produce is not very cons
siderable ; it is between 700,0001. and 800,0001. a year,
and even if the tax were doubled, and some eitension
given to its area, it still would not produce above
1,000,0001. of additional taxation. The house tax is,
after all, , only a species of indirect tax and the same
may be said of the assessed taxes which fall upon a
narrower class of persons than the income tax, and are
subject to the same objection of being partial in their in-
-1 cidence as well as not yielding the increased return within
iso short a period. Tier Majesty's Government,. there-
fore, after consideration, have come to the conclusion that
the beat form of direct tax which now exists is the income
tax. It reaches on the whole the largest number of per.
sons, and its operation falls with fairness on different
classes of incomes, whilst an additional sum can be col.
leeted through the existing machinery, thus obviating the
necessity of imposing any new tax, of creating a new in.
spection, or of extending the machinery to meet an expen-
diture which I hope wil 1 not be of long duration.
On the whole, then, we propose that the additional
sum of 2,000,0001. shall be raised by an augmentation of
the income tax, by simply adding one per cent., or 2d. in
the pound, to its preseet amount. (Hear.) With this en-
hanced rate of income tax I calculate that an addition of
2,000,0001. will be secured for the service of the next year,
1,000,0001. of which will be received within the present year.
The addition to the income tax, therefore, conjoined with
the additions to the other taxes already specified, will pro-
duce a suns of 5,300,0001., which, together with the loan,
and the sum of 3,000,0001. in Exchequer-bills, for the issue
of which we propose to take a power equivalent to that of
a vote of credit as taken in former years, will yield the
sum necessary forthe service of the year. (Hear.) With the
permission of the house, I will now state precisely the ways
and means by which we propose to meet the estimated ex-
penditure of the ensuing year. That expenditure, I have
already stated to the house at 86,839,0001. ; the estimated
revenue from existing taxes I have given at 63,399,000/. ;
the loan will furnish 16,000,0001., and the new taxes re-
ceivable in the year 1855-56 will be 4,000,0001. I say
4,000,0001., leaving out 1,000,0001. of income tax, which
will not be receivable within the year, and, in order to
avoid the appearance of over-sanguine calculation, I have
also omitted 300,J001. of indirect taxes. The issue of Ex-
chequer-bills, for which I propose to ask power to the
extent of 3,000,0001. will not, under any circumstances,
take place until the last instalment of the loan, payable in
December next, shall have been paid ,up. All these
means will produce a sum available for the service of •
the year of 86,839,0001. To enable the country to bear
the increased charge, the items of which I have now
submitted to the house, all that is necessary is, that its
resources should remain unimpaired, and that the vast
creation of wealth which has been going on without inter-
ruption for some years past should not suffer any diminu-
tion in consequence of the vicissitudes of the war. Now,
sir, there is one cause of favourable anticipation, to which
I think hardly sufficient attention has been paid in this
house, and to which, as it seems to me, scarcely sufficient
i was given by the Government which prceded that of my
noble friend near me. It is well known that during the
late war a large portion of the disturbance of trade and
interruption of manufactures was owing to the unwise
retaliatory Measures adopted by this country against the
Berlin decrees. This measure led to great disturbance of
the trade with neutral nations, and created an amount of
loss and disturbance of commerce and industry, which it
would, perhaps, be no exaggeration to say was equal to
the entire detriment and suffering created by the increased
taxes. From that form of national loss the country has
been fortunately saved by the course which the present
contest has taken. In consequence of the measures adopted
in former years by the legislature, as well asof the measurea
taken for the protection of our commerce since the war,
'hitherto with success, it appears that a vast increase has
taken place in the amount of our foreign trade. As a proof
of the present power of the country to bear increased taxa-
tion, I will beg to draw the attention of the committee to
a cbmparison of our impel. ts and exports in the year in
which the French war broke out, in the year when peace
was concluded, and the present year. In 1793 the imports
into the-United Kingdom were valued at 17,350,000/ in
l
1815 they were valued at 33,187,0301., in 1853 they had
„.,0001re
,
' risen to 123,099,0001. The exports in 1793 were 1
h 1660
38 4
185 'tey we.
in 1816 they were 58,659,0001., and in -
242,373,0001. (Hear, hear.) These tesi.sures, sir, present
ase ef the
:.,blatiit fwflli r
ferms tae allotcombined French
trade of this country since the beginning peeve that
war and since the last peace ; . and
inthey
incontestable proofs of the enormous incorfethe
from which an additional amount
expenditure of the
be raised to defray the extraordinary
has necessary for me •
I fear that it gth, but I
onsitierable len
an enormous mass of wealth exists
of
country. (Hear.)
to detain the committee atovferviciv
go tedious to that of' sub-
preferred re
if
the risk f baying withheld from the
taztheatcoiononteryan,
knowledge of the comm
1 1 bays introdued tO their notice is
Wee information necessary for their
he various interests
proposed in a 81,we
jgeucitdianngee .
d submit it to the house with the confi-
concerned, an
.11 receive impartial consideration. I will
myself
that
tihteru
dence that it
twi.t
seth,airngeporovidi g the w a s and
' only observe
the expenditure of the year, ay . means
for defraying
f the times, this house ' and meeting the
• d t th
exigencies ° Con at once, that it will take the whole plan
into considers j.
t.
cularscheme proposed by the Government, k • ill
gratin
" • e
mind that if they change an 1
they must look to some practical
other perhaps equally objectionable keeping constantly in
y part of the plan now proposed,
alternative, to some
it. Perhaps, before I means of replacing
conclude, the house would wish for
some particulars with re
details lo.fhie
traded this morning. respect to the loan which was eon-
party proposing for 1 Government required that the
the ean should give 1001. in money
for every 100/, stock
of things which ercated, in order to avoid that state
sometimes occurred during the late war,
of a large debt of stock being created, for which the Go-
vernment received an imperfect equivalent. By the mode
which has been !adopted the Government will receive
100/. in money for every 1001. of stock created. I will just
trace what was done during the late war in this respect.
In 17t)8 a loan of 17,000,0001. was contracted for, to meet
which 34 000,0001. of stock was created ; in 1801 there was
a loan of 28,000,0001., with 39,200,0001. stock; in 1813 a
loan of 37,000,000/.. .with 45,000,0001. stock ; and inlBls
a loan of 36,000,0001., with 62,210,0001. stock,
leastßy
secure
adopt-
ing the course we have this day followed,
77seueatd. That or-
to the public 1001. for every 1001. of stock is
tion of the price of the loan n
the price of Consols for the day,. will ey to makeP u
iseccoesntra td • tP.
c e in a er-
necessarily expire by
minable annuity of 14s. 6d. which_
annual payments at the end of 30 years. . We have every
I reason t 0 believe that the terms of that loan are fair be-
rtweseonn i
the contractors and the public, and that the public
has reason to be satisfied with the rate at which it has
tin taken. The manner in which the loan will be taken
is this ;—A provisional contract is entered into between
the-Government and the lenders. Then. Jae Government
lays the terms of the loan before Parliament, and asks
them to agree to the loan. It will oe my duty immediately
to submit to the house and ask them o agree o a resolu-