The Sun.
London, England, 1854-05-23 00:00:00

the vote?" and to that he (Mr. T. Baring) would reply, that
when the right hon. gentleman had '(Yet two millions (the
whole deficiency being 3.t millions). by his first resolution,
and when four millions of taxes were to come in, in the
course of six months afterwards he did not want an addi-
tional four millions of bonds. (Hear.) Then the right hon.
gentleman asked if he would say the amount could be ob-
tained by Exchequer-bills, and to that he would answer
that,'damaged as the market had been by the conduct of
the right hon. gentleman, the Exchequer-bill market could
still bear the amount. (Hear, hear.) And he would also
state that when the right hon. gentleman proposed to bor-
row at 4 per cent., payable in four years, and the rate of
Exchequer-bills was only 3 per ceht.; they would, if they
agreed to the proposal, be borrowing in an imprudent way
for the country. (Hear.) He would say there was this ad-
vantage in borrowing on Exchequer-bills, that it would be
borrowing from year to year, and if the war were short
they coud reduce the rate of interest for the Ex-
chequer-bills, whereas by pledging themselves for four
years, if the war should terminate to-morrow, they would
be bound to pay the 4 per cent. (Hear.) Then the right
hon. gentleman that his (Mr. T. Baring's) opinions
tended a fortnight ago to make a motion in favour of a
loan, and he would tell the right hon. gentleman that what-
ever he intended to have done he would have done openly.
(Cheers.) He never had any other project or intention
than to move the resolution he did move, and that reso-
lution was to the effect that whereas he thought it unwise
to name any fixed period for payment of positive obliga-
tions, ho thought it was much less dangerous to fix a time
after six years than it was according to the plan of the
right hon. gentleman to fix the time at four and five
years. (Hear, hear.) The right hon. gentleman asked
would the bonds be unacceptable in the City, and to
that he (Mr. T. Baring) would reply, let the right
hon, gentleman look to his lists, and to the amount of
subsciyptions, and then he would see if there was such
a general wish to have those bonds. (Hear, hear.)
He thought he had answered the question of the right hon.
gentleman. (Cheers.) He made the proposition with no
covert object or intention of moving a want of confidence,
hut he said it was unwise to adopt the course which the
right hon. gentleman had adopted. (Hear, hear.) He
ould have let bygones be bygones, and not have referred
to the statements of the right hon. gentleman, if he had
not challenged criticism and defied contradiction, and ac-
cused those who differed with hina of gross ignorance.
After that speech, it was impossible to let the right hon.
gentleman go without some answer, however feeble. (Hear,
hear.) And when the right hon. gentleman told him to
bring the question to issue in the house, he would tell him
that he would leave those financial measures of the right
hon. gentleman to the judgment of the world. And if the
right hon. gentleman wanted criticism, he would leave him
to his hon. friend the member for the Wick Burghs, who
had not treated his financial statement with extreme ten-
derness.. (Cheers, and laughter.)
The committee divided, and the numbers were—
Ayes 290
Noes lBO —lO4
The announcement was received with loud ministerial
cheers.
The Chancellor of the Exchequer's original resolutions
were then put and agreed to, and afterwards reported to
the house.
The resolutions agreed to in committee of ways and
means on Friday were reported and agreed to, and bills
founded thereon were ordered to be brought in.