The Sun.
London, England, 1823-03-22 00:00:00

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PRICE SEVENPENCE

by Parliament ; the present measure therefore was a return sus
the original principle on which that Fund had. been established
and would add to the force and security of the country.,7-lie
had already said that there was an excu.se of income of seven
Millions two hundred thousand pounds this yea; and that after
the remission of 2,000,000/. of taxes,.theie would bes Sinking
Fund of hell five millions. He knew that a differende of ale.-
Mon prevailed on the subject in consequence of the measure
adopted last year for the payment of dead, money, but the an-
nuity having been sold, no doubt could remain.of the existence
of an excites over the expenditure, such as had been rein-
rented. It had been said that instead of •lotikieg eolely .to re-
duce the magnitude of the Debt, Parliament ought aleo to look
to the internal state. of the country, and to the advanteges
which might arise from the extension of ampler relief. Vied
that object been entirely hv•erlooked, there. would certainly he
just cause for blame, but what had been done with respect 0'
the remission of taxes ? . Why in the seem years which bad
elapsed since 1810, allowing for the insposes ,which had been
re-enactedeenot less than twenty-two millions of taxes per ;um.
had been remitted, or one-third of what was the whole taxation
of the country during the latter years of the war. Let their Lord-.
ships estimate the reduction .of rents' as high as they .pleased,
they would find that it had been exceeded by the reduction, whistle
had been effected in the taxes. It was highly gratifying to, tind
that all branchee of our. manufacturing and commercial iuthis-
try were recovering, or had recovered, from the difficulties in
which they had been involved, and that at nd period had they
been in a more flourishing condition. For though their profits
were now snore moderate than they had been in time of war,
they were on that account safer: They were no longer the
result of hazardous speculations, but that of direct dealings,
which were carried on to an extent which had never existed
before. Ile was aware of the difficulties into 'which agriculture
had been thrown, and did not mean to say that they were at an
end but it was the opinion of all those who had the. best means
of information and of judging, that agriculture wag now in a
State of progressive improvement. Under all these circum-
stances, it was clear that the country could safely maintain the
principle of a Sinking, Fund to avert the calamity of an excel.
me increase of debt in time of war. It was this country who
had first set to foreign powers the example of a Sinking Fund.
She had maintained it sunder all her Authorities and Anntiniee
tratlons, under Mr:Fox as well as under Mr. Pitt 4:and should
she be the first to abandon an Institution productive of so malty
advantages ? The object of the present Bill was to simplify
the measure, to confine it within bounds, and to establish an en-
tirely new system, combined with important reductions of taxa-
tion, principally in the Assessed Taxes, the benefit of which
went immediately to the pockets of the payers instead of reach-
ing them through a circuitous route. lie thought, therefore,
that he might congratulate the House and the country on its
having at last attained a condition-in Which it could look its
finencialsystem fairly in the face.
The Marquis of 14ANSDOWN did not intend to follow
the Noble Earl through all the topics which he had embraced,
as he approved of the object Of the Bill, and could not refuse
his consent- to a eneasure which proceeded to simplify the sys,
tem of the Sinking Fund by placing ft on ia right foundation.
the 'excess of income over expenditure. Indeed it was he who
first, some years ago, had proposed to the Noble Earl to get rid
of the cumbersome machinery which remained of the old Sink,
ing, Fund, after its substance had gone. That suggestion had
then been rejected ; hut he had now the satisfaction of seeing
the Noble Earl propose a Bill to remove the whole of that ma-
chinery, and to place the Sinking Fund on its only true, :ode,
and intelligible basis. Ile therefore wholly agreed in the grin-
ciple of that Bill No tardily brought in. But he had to com-
plain, that, as if by some fatality, delusion was always to be
mixed up with the Sinking Fund. In the very preamble in
which it was declared to be expedient • and fitting to relieve
posterity to the amount of five millions a-yea; it was also prod
fessed that five millions were disposable for that pm postnwhilet
the real disposable sum didnot exceed three millions. For it bad
been admitted by a high authority elsewhere, width Would not
be questioned in that House, that the present expenditure of the
country was 47,000,0001. and its income 50,000,000/. The Noble
Earl said, that in conseqUence Of the operation of a measure
adopted last year, which he (the Marquis of Lansdowne
could only consider as an attempt to delude, a large excess
of income had taken place. But at whose expence had that
excess taken place ? At the expense of that very posterity
which, it was atbnitted, ought to be relieved to the extent of
five millions a year, but front which two whole millions were
withdrawn. Andhow was that done ? Six months after the
Noble Earl held out to posterity the favourable prospect of
the pensions of the dead money progressively falling in, a pros-
pect which the subsequent measure entirety destroyed. To that
extent, therefore, the Bill still bore a character of delusion,
from which he should endeavout to relieve it, .by proposing,
either in the Committee or on the bringing np' the Report, that
instead of five millions, three millions be inserted, as that was
the real amount of the excess of income overexpenditure. He
had beard with surprise that the Noble Earl considered a large
Sinking Fund as the best guard against those great changes-
of property arising from the alternations of war and peace..
Dow could this doctrine be maintained after the example of
the last thirty years, during which a greater Sinking Fund
than the country would probably ever have again hail been in
full operation, and yet in spite of that Sinking Funtla change
of property had taken place, which could not 'have occurred M
other countrietahort of a revolution ? lie admitted, how.,
ever, that great advantages would arise to a-country from the
possession of a real Sinking Fund ; but he thought it should
be an open question, whether it would he preferable in time
Of peace to keep a Sinking* Fund, or to make a large re.
mission of taxation to the people. Ile must own that he
would go ionic way for the purpose of raising a Sinking Fond.
Without anticipating any discussion which Might afterwarthe
arise on the subject, he could not exclude front his considera-
tion that there now was a greater probability of war than in
former years, seeing that this country was placed at the mercy
of events. This situation rendered hint the more desirous
that she should be furnished with an excess of income, nl
would prevent him from objecting to the Bill, The Noble
Earl hail congratulated the country on the litrge remise
seen of taxes which had taken place, and yet he and his col.
leagues had hitherto maintained that taxation was no cause,
of the distress of the people. But the strongest proof that
itillinata produced theme distresses, wait the fact that the only
remedy yet applied to them by his Majesty's Ministers; was a,
remission of taxes. The Noble Earl had said that 21 millions of
taxes had been taken off since the war ; but the reason why
they had been taken off was, that they could not have been paid.
He admitted that 60 whole taxation had thus been reduced
one third ; but there had been a still greater reduction of tax..
able matter. Many of those taxes which hail been repealed,
had also been obstinately defended by the Noble Earl anti his
Colleagues. Did he not now rejoice that his resistance had
proved unavailing? Two attempts had been Made to abolish.
the Salt Tax ; the first had been defeated by a nutjetrityltf 9,
the second by one of only 6. The Mintsters had then come
and propdsed to glee it up: the whole country was alive to it*
repeal, and it was boasted of as one of the blessings of their
administration. He relleiced, that notwithstanding the sugges-
tions. which had bisect from certain quarters, Parliament had
shown a determination to adhere strictly to considerations of
public faith, and should deeply regret to see arty attempt made
to obtain relief by sacrificing the interest* of any particular class.
He should not oppose the House going into a Committee, but
should reserve to himself the right of proposing the reduction'
Which hr had mentioned.
Lotti,KING contended that the Bill was a complete delueion
as to the amount of the awned excess ofincomee He was also
understood to disapproie of the arrangements of the Govern,
merit with:the Bank, aril wished that a armee should beadded
to the Bill, enacting, that us soon as the Emperor of Austria
shoold have made the necessary provision to repay the Lotus
advanced to him many years ago, and now' amounting, with
interest, to at hem twenty millions, it should be paid to the
Commissioners for the Reduetion of the National Debt, anti
inserted by them in the Account of 'Charitable Donations Ara
Bequests.
Lord ELLENBOROUWI contended, that the surplus
of income was not five millions, for if taxes to that amount
were repealed, the income would -fan short by two millions,
and it would require long Annuities terminable in UV to
cover the deficiency. - llc had formerly iniagined that. his
Majesty's Ministers had made all the reductions that were prac-
ticable: but what was he to think when be compared the
state of the country' and of Europe now with what wait in
1816 or 181/ ? It was then said that our establishments
could not .he reduced, bemuse the pease of Europe: teas not
whether there was a greater
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which hatibeen refused before i He had calculated what would
have been the difference to the country, if they had been matte