The Sun.
London, England, 1822-06-26 00:00:00

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cution of the bargain, fie wished to know why the Public
should not deal for itself, and obtain whatever advantage might
be thus produced ? On-a fernier Occasion a proposal had been
made in the House, which had not been well received, -to en-
able the Commissioners fOr the Sinking Fund to take the bar-
gain in behalf of • the Public. Notwithstanding the disappro-
bation then expressed, a clause had been introduced into the
present Bill, giving tiepin that power, and he hOped that they
would avail themselves of it. Considering the object of the
Bill to reduce 'taxation to be both legitimate and useful, he
' should give it his support. He should not follow the Noble Earl
in his remark, concerning taxation, further than to say, that if
his principle were carried to its fullest extent, it would not
signify if the whole property of the public were absorbed by
taxes, as it would revert to them in some other -Shape.--
There was another point which had been alluded to here and
in another place, and on which be expected to have received.
some explanation from the Noble Earl. It was 'known that a
correspondence had been carried on between 'his Majesty's Go-
vernment and the Bank, respecting -a renewal of the Bank
Charter, on condition of its giving up that monopoly- which
prevented the establishment of Joint Stock CoMpanies, con-
sisting of more than six partners out of the metropolis. It
was also known that that corresponderice*ad. come to a- close.
Now, as za..step had yet been taken tv carry 'tire -proposed
plan into exectition, and as. he considered the proffered con-
dition-as totally inadequate, and even detrimental to the pub-
lic, he trusted that the arrangement would be 'abandoned
al-
together.
The Earl of LAUDERDALE agreed with the sentiments
often expressed by the Noble Earl opposite, that the sudden check
given by peace to the_ increased demand occasioned by war,
had been the chief cause of the distresS experienced by the
country. He then took a view of the Measure proposed. It
would, put annually 2,800,9001. into the liandS of Cominis-
sioners, who would pay 4,800,0001: into the Treasury, whence
the Money would go into the hands of indiViduals, who must
expend it in procuring the necessaries of life. Upwards of
two millions would thus be taken from rich men; and given to
those who would go to market, and create a demand with it.
The effect would, therefore, be most salutary. But it would'
be entirely counteracted by keeping up a Sinking Fund Jf
five millions, which acted on quite a different principle ; for
the money paid to the Commissioners for that Fund, instead of
'going into hands that would spend it in the market, would be
locked up in the purchase of Stock. The -Funds might be
raised in that manner ; but would the Noble Earl 'raise the
Fimcfs,by taking from the people five millions; which it would
otherwise have spent in the purchase of commodities, at the
-sonic time: that he ackndwledged that the; great want of the
country was ‘a demand?' Why should he refuse to give up the
Sinking Fund, and thus increase public industry and. consump-
tion ?' In, the time Of Sir Robert Walpole, the City dreaded
'nothing more than the establishment of the Sifting fund. Dr.
Price had drawn Up three plans of a Sinking.Furid. for 111 r.
Pitt, and had alivays said that Mr. Pitt had taken the worst.
By suspending the action,of the Sinking Fund for a time, the'
Noble Earl would increase the expenditure and consumption
of the people to the amount of five millions. He would also
augment the revenue, and thus afford fresh 'facilities for re-
ducing the taxes. The Noble Earl then said, that he had made
a set of calculations in the Three. per Cents, -at par, to try the
correctness of those on whiCh the 'present Bill was :founded,
•and that he had discovered an error amounting to more than.
100,0001. in the latter.
The-Earl of LIVERPOOL had no objection to submit his
calculations to the Noble Earl, who he trusted would furnish
him with his, in return ; and if there were an error, he should
be most happy to correct it. He contended that the five mil-
lions of the Sinking Fund would not be laid up, as the Nate
Earl seemed to think, in a- blue or a green boxebut would go
into the market to purchase Stock, and from thenee into tie
'pockets of the community. Suppose the operation of that
Fund should raise the Three per Cents. from 77 to 90; the
Stockholders would dn something with that increase of capital.
Thay would lend it at four per cent. and it would be employed
either in manufactures or in public works, roads, bridges, and.
would - produce- that very augmentation of activity and con-
sumption which the Noble Earl wanted. The real effect of
the Noble Earl's principle would be, that the-country should
run into debt interminably.., This might do well if -there were
no possibility of future wars ; but-as-long as we' must look to
an alternation of war and peace', we must also endeavour to''
diminish in time of peace the debt contracted inetime of war.
The Country was in as -prosperous a state as any other; but if
it were to go on contracting debt interminably, there must
come a time at which it must baundone. -.With respect tathe
objection of the Noble Marquis, that the present Measure was
inconsistent with the operation of the Sinking Fund, he would
ask if it were more so than reducing the National Debt 'with
such a Fund, as it had been done in tine- of war, and raising
large loans at the same- time 'every year? As to the question
put by the Noble Marquis respecting the Bank, he eduld only
answer that it was not his intention, during the present Session
of Parliament, to make any proposition for the renew a',Ofthe
Bank Charter. •
The Earl of LAUDERDALE explained. •

Lord KING} had heard a great deal about a Sinking*Fund,
but wished to know whether there was one or not, for until
'the nine or ten millions due to the Bank were paid off; the
money raised tinder that denomination must go to the discharge
of that debt; and the country pad no Sin-king Fund at all. His
Noble Friend had exposed the absurdities of the present Bill,
but the principle which it contained, that of reducing taxation,
covered a multitude of absurdities, and he should not oppose
it. The Noble Lord 'contended that his Majesty's Ministers
would not have'made the small and inadequate reduction which
had now taken place, if they had not been compelled to make
it, and he hoped that before a year were passed, they would
be compelled to carry that reduction four timer further than
they had done. , He then complained that the Bill had no
preamble to explain the grounds on 'which it was passed, 'and
expressed his intention, on its next stage, to move an amend-
ment to supply the deficiency.
The Marquis of LANSDOWNE having explained,
The Bill was read a second time, and ordered to be com-
mitted on Tuesday next.—Adjourned. ,

WEDNESDAY, JUNE .26, 1822.