The Sun.
London, England, 1807-02-13 00:00:00

FINANCE RESOLUTIONS.

Lord CASTLEHEAGII never rose with greater
diffidence in the course of his Parliamentary ex-
perience 'than at present for, considering the at-
tentioa which the Noble Lord must have giveh the
sublet*, and. the able -asiistance which he had, it
was -painfili and etnbarras:,:ing,to an individuii to
press up,in the attention of the House a viQw-so

different: frotn his. But as a• considerable error t simple sysiern, by raising the increased caeitalehr
existed between them, however the Honse might 196,2 s seoo4. in Weyearer but there woule be' a
be dispOsed to think that the error was 'on bis great • iffi., ' yin the eatecution of it, such as it
side, Yet he felt so strongly that it lay with the Noble was. - - uid next preceed .to the secerad hea4,-
...,
Lord, that he could not forbear to state the view he anckcoprider; the reletivw.-;etete of the Debt and ehes
had of the subjea. He was anxious Mieilters might Sinking Fund; for he admitted that though a greeter
be in possession of it, that they might prove its fella- amount of Debt should be contrkeed, the effects
cy if founded in error. Therefore he hoped that his of this might be counteracted by a proportionably
motives' would receive an indulgent construClion large!' Sinking Fund. On looking at the present
from the House, as this was a task which he would state of the Sinking Fund,. it appeared that though..
not have undertaken had it not been fear a strong ite- t 1 millions should be annually borrowed, yet in
•-pression that there were good grounds of doubt as to 1826, the Debt would be reduced to about 270 mil-
thesoliditYoftheNobleLord'splan. Whilehesaidthfs, hoes, the decrease beine 93,356,0001. in' twenty
he was anxious that the House should not supposethe years. Now, by the Noble leerd,'s Plan, the state
differencebetween theNobleLordandleim to begreater •of the Debt in 1826 would be 4ee,537,09e1. being
than it really Was. He had no objee'tion to the mode of an increase beyond 90 millions and a half. Then as
taking a general view of the subjeat : there was no to the Sinking Fund, on comparing the difference,
principle, for instance, which he thought more clear, .it appeared, that, at the close of taventy years, the'
than.th,at the rapid reduction of the debt by the Fund would be in the proportion' °fn.-tot!) to the
Sinking Fund might be. dangereus to the interests ' Debt, on the present plan; anti on the new plan,
of the country, and he: thought a maximum ought that it would -be in the proportion only of 1-17 the
undoubtedlyebl be-established.. But he objected •to and there was; therefore, the whole of the chile-
tbe superstru&nre- which the Noble Lord had raised- rence in favour of theold system. But this was not
by taking the. ordinary expenditure of the year' the only pointsof difference, . for, after-the 20 years,
without providing for" the extraordinary expences the Fund on the old system would still go on in-
Which might be necessary in time of war, and .by creasing; whereas on the Noble Lord's plan it must
mortgaging the. war taxes. He was glad that the, be declining: ,He must beg the Noble Lord's assist-
Noble Lord took an extended view of the subjeele ance for edditional data on this point; but even up-
and he was only sorry that he had adopted a prin- on four of the Noble Lord's own tables; .he would
iiiple inconsistent with thepropee plans which such undertake to shew him the principle 'of ruin which
a view 'would suggest. -The Noble Lord had thought pteeAlled in his. plans, if he would only consent to
proper to adopt a legislative 'measure for the next look at its effeats for ten years subsequent to the close,
twenty years : but; on such a subjc6t as this, -he of the period of twenty years from the present thee,.
contended that no legislative measure 'ought to be He would now proceed-tie the 3d head; `and cone,
- adopted for such a • long period, because it would sider the comparative merits of the two systems in
reduce Parliainent to the greatest -difficulties; and point of charge to the public, Now, if we should
however beautiful the Noble Lord's plan might" ap- go on with the plan of Single Loans at one per cent,
pear at present; he would find that it., would soon supposing 11,000,0001. to be borrowed annually, the
occasion very considerable. embarrassMents ' NO.- annual erge would be 733,0001. and on a capital
thing was more impolitic than legislating for future of .220,000,0001,a the dose of the period we would
years, during, which matey circumstances might oc-: have 14,660,0091. Then how did the clenge stand
cur which could not at present be fereseen, He ad- on'tho Noble Lord's system ?, By Supplementary
nutted that it was proper to look forward and to 'Loans he would .borrow 204,000,0001. for which
reason on probable-data, and -to the reasoning itself he would provide 14,266,0001. The other branch
lie had only to objet that it was founded on a data of his Loans would absorb the War Taxes. The
so fallacious; that it would serve only 'to raise ex- charge-then by the old ' sySterri being 14,660,0001 e
ye6iations -which would be disappointed. This and that for the Noble Lord Supplementary Loans
wAuld . add material difficulties to the raising of the being 14,266,001. the difference between the whole.
necessary. supplies when disappointed: hope would of the charge on the Old system' end that on ate
be a grievance strongly . felt, when accompanied-, branch of the Noble Lord's', was only 394,0001.—_
with theadditional burthens•which must -be boine Ile would next proceed to the• 4th head, which
by the people, The Noble Lord must-feel, that the was the comparative quality of the' two Systems to
difficulty of raising necessary ,subsidies would be affbed relief to the country froth theapresent Ores-
materially inCreased, and subsidies must be raised sure ; and here he was perfeeily prepared to 'admit,
unless we were to be " Britannos Coto orbe-divisos." tliat if relief could be granted, which would not 01-
The Noble Lord, indeed, feirly and candidly stated, timately be:injurious to the country andto the stock-
that such extraordinary supplies must be provided , holders, it ought to be allowed to those who hachso
for independent of his plan. But _certainly he might manfully borne hp against the accumulated pressure
have taken an average of thesums that would be which- the state of the times rendered necessary.—
required this ;Way, ..and considered what provision That was a point • which, if it could by any means
was, to be made for them, as in all probability they be accomplished, ought certainly, to be aimed at.
would be no less necessary than other •expences.— - This behtg his opinion, he was disposed -to meet
Time War Expenditure at the time of the Union was the, Noble Lord on his se.vn ground, and to maintain
thirty-two millions, , and •now ,it wasothirty-.eight the comparative-merit of the old system, in point of
millions, independent of extraordinary expences.--e- administering relief to the people; or.at least in that
Theprobability of increase ought eherefore to have of not adding materially -to the burtimens .which at-
been considered. But, however,' he would -argue present pressed
.opon them. Now -he had Nhewed
the point with the Noble Lord,-upon his own data that, if Parliament could persuade itself to take the
and his omen faCts. His plan, if acted on in. the excesses ofehe Sinking Fund, these Might be made
niede Which he proposed, was calculated to produce a part of the Ways end Means: . The excess would
enibarrassment, if not ruin ; and he contended that , amount to upwards. of It millions. n 1816. He
this embarrassment was gratuitous and unnecessary, , had stated the:. Loans might be made upon that,
foe the . indulgence which 7 lie Proposed: to grant either_ upon the one system or the other. _Taking
might be. given 'without any such ernbartassment. the excess of the Funds then, together with the an-
That might be 'difficult to shew ; but he hoped that nuities, and time Noble 'Lord's taxes, you would
lie would be allowed to state the view which he had • Piave considerably beyond thirteen millions as Ways
of this subje&. . Aa to, the expediency of making and Means on the old system. On the new sys-
any arrangements with resped to the Sinking Fund, ' tern you would have upwards of fourteen millions;
he admitted that the excesses would so far answer Butupoe the old system it would only, upon the
bis purpow, ; but lie begged-of the Noble Lord also -i whele, required difference of 369,0001. in taxes to
to admit to him, that the excesses from 1.816 would carry you on, But the Noble Lord had War Loans
afford `'Jays and Means' for any other system..—.t separate frotn. the Supplementary, •and these ab-
Frani the written explanation that, he had seen, he l- .sorbed the "War Takes so, that twenty-one millions
f.hought, the Noble Lord's was one of theeworst. were thus mortgaged, in order to save 30,0001. of
piaus.tbat could be adopted, and this was onefat- i taxes. He did certainly then °hied' to. the Noble
Jacy.- Another fallacy was the assumption that the Lord's mode of carrying his plan of relief into exe-
\Var Taxes might be absorbed, without the greatest cation. It was proper to mitigate the pressure up-
' peejudice to the Country. This system of absorb- 1 on the people if that could be done,' and therefore he
log the. Wr Taxes was one, which, if a6ted upon, felt that it was incumbent on himto stiggest
woulchbeconsidere,d as borrowing money on its own some mode by which the. Noble. Lord might
Loam. yet this was the way in which the Noble be relieved e from ', 'his difficulty on that head,
Lord proposed to provide for his War Loans 01210 and he hoped it would appear to the Noble
Pillions. He would compare this system. of War Lord himself that he had preferred the
.double and
Leans with the former Plan of Finance, for it was expensive plan to the' simple and econoreical--
Peepossible to doubt that, if the result was in favour Why then, taking-the Weys and Means which the
of the former Plan, time Noble. Lord's Plan was fun- Noble Lord lied taken for ilia Plan, we bad Ways
damen tally vicious. Why then, taking any given and Means to cover annual Loans of eleven millions
sum and borrowing it on the system of Double fur-nineteen years on the old system; but then in
Loans—the one funded,at 10 percent. and the Sup- order to make them available for present relief, he
- Plementary at 6 per centehane for the Fund, and.the f admitted thatan operation was necessary. It was to
other for the luterest, and comparing this with elle f be considered how they arose; for it was dear that
Singlelean at 1 per ceee. as usual, he would -find they did not arise in a ratio with the Loans—they
,that • imethe_ foreeer case there would be 6o
,millions arose prinCipally in the, last ten years of the whole
eaul a fraatoadded to the debt at the close of the period, for • the excesses did not commence till
period,
.a.,4-liirt he latter case only 30 millions and a 1816..--Now, taking the Noble Lord's Taxes and
fraelion, the less being upwards of 29 millions, and Ammities, with 733,0001. to be raised in additional
. ,
hearty in proportion oft to.l, - In comparing the Taxes to 'cover 'the Loans, there would be about
two systems on considerations of prudence, the only three millions for the first ten years without mort:
•-eeay in which this could be done was upon five gaging the' War Taxes, from which he 'wished to
tests---osteercietive to-the amount of borrowed capi- relieve the Noble Lord. But in order to make up
to! in 20 -years-2dly, relative to the effeels of the Plan the half of the .Ways -and Means provided by the
on time SinkineFund-3dly, their comparative qua- Noble Lord for 20 years, being upwards of 14 mile
lities to create cleirges to the Country.—ethly, what Ilona, there 'were still wanting 4,500,0001. to COITI
were their comparative qualitiesdn admitting. a mi- plete the sum of 71 inillipns for the first ten years.
tigation of, the present pre sure on the Nation—and, This 4!, millions he proposed should he raised by
ethly, how :they would leave the Finances of the additions to the Loans of each year, the interest and
Conintry at the close 'of the period. As to the-first Sinking Fund, amounting in the gross to 330,000.
head, the comparative quantity, of Capital to be bora j .to be charged on the' Consolidated Fund for the
rowelin twenty yeara : as the Finance,Plan stood present, which. shoeld •be ultimately relieved by
at present, by boriei•ving eleven millions,, making the excesses of the Sinking Fund when they accrued.
in all 220 millions, for 20 years,, we would be. tea f By this Plan, sevinie the additional burthens on
iieved from the War Loans' and Supplementary time People would ,not he very heave', the Noble
Leans, By the Noble Lord's Plain, as taken from Lord would only have to borrowe4e millions in-
-I:is oval table, it appeared, . that in twenty years he L stead of 204 millions, and he would be relieved from
e it raise a capital.of. 210 Millions; by the War the necessity of mortgaging the War Taxes. But
f,oans.ated.Supplcumentary Loans, on another credit, there was another way. It appeared by table ' N,'
iehileg "together 4 16,200,0001. so th;lt, deducting that upon the old system the Sinking- Fund in the
the Kauai increase of capital,: there would he an - course of four years would yield an excess of
aciditlon 'of 19.6,209,0001 by the Noble Lord's Plan, 11,140,000. being 140,0001, beyond the amount of
independent of 'B2 miiiiqns Evidat.ed by the. ten . the Loan. If we could, therefore, go on tilt 1811,
percent. ' It' was no light matter time raising of so we could proceed without any addition to our debt,
..
great a capital, for at the end of .14-years, the 'War I. and would eave el Milli Ons of War teees free..--
faxes' being ebscirbed, it would be necessary to raise 'Now for fOur years all that, would be necessary to
32 cnlliious annually, by way rat- ..Loans ; used this .. provide for the Loans would, over toad above the
Would derange the circulating' medietn of the Court- Afinuities and Mixes proposed by, the Noll;; Lord,
try, ho less than the to: extinction of the debt by lie only 646,00e1. 'These he offered to the Noble
lit (S. Slakinelfunde sse
rt ieeese icappeeree that tee Lore to relieve hini fr,im touching the War Taxes.
e
"I'hen was- nmore objectiteielsie than the present . The Noble Lord then preceeded to comment upon

41.4.,,clangers that ..vould result from mortgaging the
4A-far-Taxes and the sir. at iicu I ties w h WOW d
Occasion in providing for t, e Peace F,stablishinent„
need• not enter upon his fifth li,ead, in order to
'etamine the comparative merits of the sy4ems,
With a view to the state• in vThiCh -They would leavie
the income of the country at the close of that pe-
nod. He had already shewn that on the old system'
Would tie no mor t ga;e-Tir The
The War Loans and Supplementary Loans were
complete loans, and would swallow up every
thing ; but if we abstained -from, these, we would
come tq a-period when we could 'carry on the war
fir any length of- !tme w4hout adding to our debt:.
The Noble Lord then went into:a long statement. to
proye, t hat the debt in the year 1826 would exceed the
aggregate by six`mill ions, and' insisted that there was
no possible pretence to justify the measure of mort—
gaginc, the War Taxes. It might be justly questioned
whether the `interest 'of.the stockholder could be. ad
vaneed as a claim to fetter Parliament ; but-surely it
was not to be denied that his interest, was. wholly to
be disregirded. -He.put it to t1.4-6;kuthOu senSeof
the House if the stock-b;oker would not prefer a
Sinking Fund of' eleven or twelve 'milliOns, and a.
Loan of twelve millions, to a Sinking Fund Of twenty=
six million's, and a Loan of thirty-two millions-; and
more especially when it was considered that that
very Loan of thirty two miliions wOulif -create a capi-
tal of fifty Or sixty 'millions. He was free to say,
that, however the Noble Lord Might mean, and he
had 'no-doubt of the rectitude of his intentions, that
still the plan of the NOble LOrdcarried,With it, a
fallacy big with the worst consequences to the ulti-
mate presperity of the Finances of the Country.
That Plan appeared to him to be masked.under the
complicated machinery of the Noble Lord's system,
:a system certainly in his mind more to be admired
for its practical facility and dispatch in easing the
People, not! so much of- their •burthcns of their
money, than for all the vaunting speculations of its
theoretic economy ; but while he thus freely and
explicitly stated his objections, let him not for a
moment'be suspected as willing to withhold .his
tribute, of respect to the manly, clear, decisive, and
ingenious tone that in so great a degree characterized'
the manner of the Noble Lord in submitting- to.
that House that Plan of Finance, to which a strong .
and imperious sense of public duty: had impeilled:
him to:advance the objections he had, already sub*..,'
mitted to the House; still more was-lie called upon',
to applaud the ingenuousness of, the Noble Lord's
attributing in his last year's•-statement all the bene-
fichil results to their true and only Source,-the genius,'
the information, and the virtues Of the great and
enlightened Statesman now no more, who 11;:ld'ideti-
tified his claims to immortality with the strength,
the wealth, ancl:the glory of thiS Country,' UpOrr
the last change of Administration he hind subject;
ed"himself to severe and- repeated febilkes fronithe
leading personages of that Administration, for
hav-
ing said that, which ,in his mind, every day since'..
tended rather to confirm than disprove. He, should:
now with increased confidence repeat what had then
exposed him. to such severe anitnadyersion, that ne-
ver was a country handed from one government -to
another in a prouder situation than that in which
this country had been in,, when transferred from the
auspicious guidance of his Right Honourable Friend,
to themanagement of the Gentlemen who were now
responsible
.for its prosperity. He apologised for
the long, and no doubt tiresome, detail into which
he felt himself Unavoidably obliBed to enter, .and
thanked the HOuse for the very patient attention
with which it had been pleased to honour his huni- • .
ble efforts to discharge a public duty' of great:and pa- I
ramount consideration. , ,

tingencies, and yet the great princple of the No*.
Lord's objedion was, that of future legislation. AS
.to the Sinking Fund, he had stated that it was in
the present period beneficial, and might be conti-
nued to be so .hereafter, by equalizing that Fund
that is to be added to now in the same proportion
that it was to be taken from hereafter, whereas
the Noble Lord would take from it nose.. and add
nl-ttiTig- to It'. hereafter, thus 'taking advantage of
the beneficial &fed of the Fund, and leaving out,
all cpusideration of the operating cause. L:pon 'the
whole he should be most anxious to enter. into
fuller statement of what be conceived to be the
merits of the present Plan; and into a tiiore ample
=refutation of the .ebjedions that had been urged.
against it—it Was not then the. .opportunity to
do so ; but he trusted. as the subject had already
:been dferred from last Wednesday to next Mon-
day, that it was upon that day to' be brought under
the discussion of the- House; when he-should then,
as he had upon that evening, receive with cheerfulness
.and gratitude every suggestion that the Noble Lord
or his friends may- think calculated to remedy any
supposed ettors; to supply any real defeds, or assist
;the operation of any of those, good qualities that he
nattered himself were to be feund in the Plan he
;had the honour to bring forward. To others he left
,the-false 'shame that shrunk from the detection of,
n, . .
:igorance. It .should be his pride to receive with
leetotning gratitude the smallest information 'upon 0
,subject of such moment, nor when he shall have met
With it, will he be inclined to think: bithself less un-
worthy for acceding to the superiority that gave it
the submiAsion it necessarily exaeled. '
11/7--:ROSE said, that he should be anxious to 000
his objeaions on' the Debate upon the Iteiolutions!
Thnse.'obedions were direfted not only against the
:Noble Lord's Plan, which be conceived a most quest
tionable one, but also Militated in sorne degree against
the. prinCiples laid down so clearly and ably by 10
NobleKriend(LordCastiereagh); he should, however:
for the present ,carefully abstain from entering a!
all into the nature of those objections,'
hut said that
he stibuld!be'adequately prepared upon a future dOl
to go into them at length, and state, what he felt it.
his duty to state, the reasons that led. him to • on-
dtide that there was a latent and ruinous fallacy in
theSi-itetin,'of which he feared the Noble Lord was
not et. all .aware.
The first. Resolution was then' read from the Chair;
and the Debate upon it, and the subsequent one, a -
39urned to Monday next.
The other Orders of the Day were then postponed,
and the House -adjourned. -

MAILS.
Aa rt:vto-1 Dublin, 3 Waterford. .Du4--:4
2 Waterford. GMtenburg

, PRICE OF STOCKS
THIS DAY At TWELVE O'CLOCK.
Consols - -

THE SUN.

SOLAM dlifS D;CEK-14A:(1.7N! AUDE&T ?

LONDON,
FRIDAY, FEBRUARY 13, .1807.

WE have continued our ExtraEts from the Vrenc4
Papers. We have taken from 'the Monitezir SOMei
very cwious ohervation3 upon the Speech of Jr.
CANNING at the opening of the Session,

ACCOUNTS have been received from Rio df3 la

His Lordship then concluded with . moving , the
following Resolution, premising his wish .that the
debate upon it should, for that night, 'be adjourned.
" That it is propoSed by. the new Plan of Finarice,
that the Annual , Excesses of the. preset• Sinking
Fund, above the Interest of the Debt charged upon
it,. in every' given Year, shoul4 bedeclarece to be at
the disposal of Patliament, and applicable to the
Public Service,—And. it appears that the aggregate
Produce of the -said Excesses, between the Yeard
1816, and 1826, will,aineunt in the Whole to Eleven
millions one hundred and twenty-one thousand nine
hundred and thirty-eight Po.c.nds." . •

Plata of a considerably later date than the Officl4.

-Lord H. PETTY did not think it necessary, in
the present instance, to troublethe House with more
than a very few words. However he. might differ
with many principles laid down by the Noble Lord,
and however he might be disposed. to resist any at-
tempts to argue from assumptions in themselves ques-
tionable, he was yet willing to give his frank testimo•
ny to the clear and perspicuous manner in which the
Noble Lord had laid down those principles, and ar.,
gued from those assumptions. It was to prevent any
misconstruction abroad, or the Public from beingled
into misconceptions as to the measure of Finance
he should have the honour to propose, by certain
statements of the Noble Lord,' so much more plan-
Sible-than convincing. As the most concise method
of answering those statements, he should refer at
once to what had fallen from him on a fOrmer night
upon that subjea. He had spoken of the policy
oflooking prospe&ively to future contingencies; and
though the. Noble Lord admits of the expediency
of looking forward and calculating upon the Con-
jeaural casualties of future vicissitudes in the for-

oration of a great financial scheme, yet the broad
ground of the Noble Lord's obje&ions to his (Lord
Henry - Petty's) Plan has been, the censurable prin-
ciple of legiSlating for the future. He was charged
with a presumption he disclaimed ; he did not
pledge himself to provide for all changes that might
hereafter occur—it was not within his feeble power,
nor that of wiser men, to calculate upon, events that
Were in the hands of Providence, and in-the hands of
Providence alone. He'had already mentioned the two

distill& heads upon which alone he could hazard any
calculation as to a provision against changes—one
was under the head of Foreign Subsidies, and the

- ,
other under that of the Increase of the Price of 'La-
bour, and any increase in the expenditure under the
article of Stores, and such he had proposed should be,
in some degree, provided for by the.Stipplementary
Loan. As to the failure of duties, Parliament was to

pledge itself to keep up those duties. As to the criteria
of hisEstimates,he could not fix upon one more certain
than thatlvVehhe had fixed upon to form such criteria,
namely, the exist7m4 expenditure, and he left it con-.
fidently to the-Noble Lord to find, if he could, a

. .
.itetia so sileisfa,clory. .The Noble 'Lord had corn-
ained that there had not been sutlicient provl,4on

End foresight in I,4_;!:l,lCrit arrn con_

Dispatches. The Santa Maria, a Portuguese Ship,
arrived in the Downs on. Wednesday, after a passag
of only twenty-seven days from Monte Video. The,
British Troops, when she sailed, remained at Ma;,;
donado, and no further attempt had been made upon.
Monte Video. It was reported that the Spaniards weio
making preparations to attack the Britibh forces at
Maldonado. They must be elated indeed by. thpig.
success if they made so desperate an attempt.
Santa Maria, on the 11th January, fill in with the'
Nereide Frigate, with her Convoy, in lat. G. 40. N.
25. W. The Nereide was proceeding with reinforce"
meats for Buenos Ayres, and had not heard of the'
re-capture of that place until informed by the Sant.

Thp following extra is from a letter of an in;
telligent Officer on board the Leda, in the Squadroq
under Sir HOME POPHAii, • dated Rio de la Plata,
Otflober 14. Some minute proceedings '(not in the
Gazette) which preceded the recapture of Buenos
Ayres, are stated in this ex,traa. I, convicts tli
Enemy of the'rnost disgraceful perfidy and treachery;
• " On the 26th' Ray -the. Commodore ordered,
most of our 'guns and stores out of the. Leda, to
enable him to proceed as near the town of Buenos
Ayres as possible, and on the 27th hoisted his
broad pendant on board her, ,apd 'sailed up. the
river•within ten miles pf Buenos Ayres.. On the
3d of August I was ordered on, shore to compleat
the Ship,. where I perceived every frfce bore evident
marks of dismay and anxiety. My intention of
joining.the Ship..immediately was prevented by a
'bile of wind, which unfortunately camp. on, and
continued without intermission for seven days,where-
by I was compelled to undergo and participate the
horrors of momentary assassination from- sun-set
until day, once again cheered our drooping spirits;
four. night out of the seven I slept in the Cita-
del guard-room with Bar.uNGAL, our Marine Of-
ficer, .who with his party of Marines landed when
I did. '.:The daily treachery and frequent stabs by
tile stiletto, given by concealed Spaniards,-rendered it

unsafe to view or explore the town. .I,ean, there-7
fOrt.,,, say little upon its bnildings or its size ; but
from gmoral opinion, it is much hirzer thati Bath,.