The Sun.
London, England, 1823-03-01 00:00:00

FINANCE.

Mr. ItIABERBY in rising, ptereuant -to the notice he lied
given, thought it his duty to refer to the petitions before the
House complaining of the excess of taxation and deurees, and
to ask if it was not the duty of Parliament to atliml the
sufferers the utmost relief in their power. It was front re.
conviction that they ought to do's°. that he now submitted
to the Home a 'ineastire, which, if carried into efreet, would
relieve the country of taxes to the amount of 7,900,0001., while
the business of the fitetewould be carried on with as mueli ree
Bard to the. honour and character of the country es it could he.
carried on now, unless something extraordinary took place; with
a viewto which he should not
.propeo to bring in nay Bill till
that great and importent question was decided, which now oceei-
pied the attention of the country. fie therefore hoped that no
Gent. would refuse to vote for thi:. motion from an aoprehen-
pion that in the caeesimpoied, the country would not be left in
a situation to maintain, its honour, and to take that. part which
might become its duty to take. It was his object, In the firet
place, to obtain a large remission of taxation ; in the second, to
support public credit; in the third, to adopt a course which
might emielliate the landed proprietor and the fundhohler
and, in the fourth place, , to make an efficient Sirking
Fund of that which had long been overlooked, not only by
the Government, but by the House itself, to supply the
place of that Sinking Fund, which at the present took annu-
ally. five Millions unneceesarily and unfairly from the pockets
of the people. In 171111 Mr: Pitt, anxious fur the support of
public credit, introduced a measnroto make the • tax on laud
perpetual: This wee objected to for truig, reasons as unean-
etitutional„ and Mr. Pitt, anxious to redeem a large plztinn of
thedebt, got it cater d, and 'not only made that tax .perpetrtel,
but prevailed on Parliament to consent to it" being sold. 'fle
redemption of the land tax, a revenue' amounting to two
millione, was sanctioned by their decision. lie wee aware
that Mr. Pitt had contemplated a revenue thence laicing ex-
ceeding that two millions by 400,0001. In thie;however,
had been v.•rong ; hut it, was quite clear that he intended the
sums paid for the redemption of the land tax to t' appliod
to the reduction of the na'Ornuil debt. Thies, tie mointaitted;
might be fairly inferred froM the preamble Of the Bill itself..:..
The whole of this 'revenue when sold, it was csdeoleud, woeles
relieve the country from nearly eighty millions of its fleet. --
In the first place,. the, proprietor of the land was allowed a
duetion of ten per cent. on the tax redeemed. For a transfer
of 31. 6s. in the. three per cent annuities, he was to receive :IL
aeyear in heed. In the second place, where a proolietor ee-
glected to reticent the tax, a stranger might do it, poyieo
ten per cent. more, or transferring 3).:12e. in the three pet
cent annuities, for 111. from the land teat. Some other ad-
vantagett he believed were edded, and' among them a vote for
a Member of Parliament. Mr, Pitt concluded that these mea:
sures would cause a rapid redemptinn of the tax, and thus
!eve the country a revenue of 400,0001. It was to this thet Mr.
Pitt looked for a sitikiug fund. It woe tree that, at that
time, he had another sinking fund, but he knew it to be ae
delusive, inefficient, and fraudulent, as it had mince proved;
and therefore it was to the redemption of the land tax tnat
looked for a real and efficient sinking fund. The measure lied
failed front his setting too high a prite for the um, arid the
consequence was, it had only laded to the extinction a aat
to the amount of seventeen millions. Up to 1802, 11 millione
had thus been liquidated. Between the yesra 1802 and 1822,
eight enillions more Ititel been thus extinguished ; and in the
last year the amount received for the redemption of the lend
tax was but 41,0001. Proceeding :et the rate nt which they
had proceeded' in the lot year, the debt would' not be exe
tinguielied in fewer than one thousand and twenty-five years.
But if he were to statethe amount • of debt which might lot re..
duced in a thousand years by the 400,0001; intended to hove
been -given, the calculation would seem almoet bedieteue, as it.
would effect a reduction of one hundred and thirty-slit minium
of millions of millions of pounds eterlitige—Olear, hear t e
wished, instead of taking 6,000,000/. out of the pockets of t.i e
people for a Sinking Fud, to establieh a Binking Fond which
would be more eilleieet than the preeent one, while great relief
Was afforded to those who *ere now so severely depreesed.
He would not detain the House by &sing much into the details
of his plan, but must enter into some details, in order to slew
that it was practicable. He would propote that a Modred
pounds in the 3 per Cent. Stock would purchase 31. a ever
ache I.and Tux. lit would give the owner trf theland priority,
but if he refused, to 'redeem the Taxwithin six monthet the
stranger might then come in on the saute terms. Doing this, if
things remained as they were now, lie would gain tour per
tent. on his motley, and he would recommend that it should

. . .•
be paid by the Collectors of the Tax, but that he should Still
have a claim to seize on the land. Ile would not give hint Willie
advantages of the propriet6r, but be would give him voteler
Members of Parliament. If the stranger came in netheexpi.
ration of six rrtonths, and redeemed the tax, he would allew!eite
proprietor 6 years to reclaim it in, providing, however: that he!
Should pay 6 per cent. more than he would have originellyiNati.
which 6 per cent. should be the etranger's profit. This plsn would
hold out strong inducement* to corporate bodies to melte large:
purcha.eee of the Land TAX. He won't' make it carry with t
qualifications for killing gatne---for sittiogas!Manshae tmtesfor
voting at elections ; and these advantages would render the!
Land Tax extremely saleable, while they .cost the country 1W;
thing. In particular ease* he would authorize the selling let
it by auction, with a reeereied . price;s and in thit4;-warshe
thought it would always fetch its value,' and the country couliele
desire no more. He'repo*ed aleo that numbereileartifecataS)
should be hustled, which would !eneble the purchasers tor:sec:iv-0e
their diVidende, if they thought proper, at the Bank of Eng.
land. Ile thought he had said enough to show' that the Land,
Tax might be made is saleable as any thing which the Go.
eernment had ever offered to the public.. In the mode he
selected, a greater proportion of the 1/ .ht wtieid he CArl-
tellfd,; than crept be PerehaSed!!-- by the eerie ler invesmient
of the Sinkinr, Fund of five millions takersfrom the wells*.
Were regtilerly invested in - Steels for seven years, sup.
poeinee no accident :should happen, and that the country
remained at peace. Ile strongly insisted on the right of the
Chancellor of the Exchequer to ripply the weans to bel
derived from the Redemption of Land Tctc to extinettieli
the National Debt. It was.asked how could this after.; rehire
credit ? Ife would answer that the Public (,!rediter would pret-
bable benefit from the plan. 1.-;very one moat admit thet !hiss
security depended not so much in the ability as an the wilier
the Public Creditor to patentees. Now if the esetintry were
.I.elieved to the extent he proposed; the remainder of the taxes
would be cheerfully paid, and thus the Public Creditor would
avoid the discussion of that question which- in' feared would
otherwise be entertained, as to the propriety cf diminishing hie
interest. lie deprecated raising sod: a question, but it wee
seen that it was agitated at every public meeting by these.
who since the year 1815, had seen capital to • theeitrount of
•30,800,V001. belonging to them annihilated, and thetnaelves re.
duced to beggary, without any fault or miatoncluct on their'
part. The 'louse ought not to he satisfied with telling these
sufferers that they could afford them no relief. It wastheAr duty
to alleviate their distress as much as possible. The debt, he
contended, would be just us honcetly redeemed if this pia°
were adopted which would afford such kilo relief from taxa,.
Lion as if the present system were persevered in. In order to
shoe that he did not cull upon the Government to *give up•
every sixpence, so that they lthould have no chance of a trot
plus Revenue, he would state that he thought the Revenue
would increace, and why he thought flo. He ha always.
been of this opinion, and heti never taken a gloomy *ievi' of
our situation, as he calculated on .Ir:increase of revenurefrotet
the employment of o'er increasing population. The Right
Hon. 'Gentleman would agree with hint, that by repeiding testes
to the amount of 7,000,0001., ha had no 'right to anticipate a
loss of revenue to that. amount. Stippling the heat sustained
to be 8,800,0001., the Right - lion. fientletrian would still pot.
seas an annual Sitiolus Of 1,090,0W1., and the operation of ail
plan would, in the course of three ' years' take 41,090,000 i,
out of the stock nutrket ; and, by reducing the interteat on
the Four per cent., effect :are annual saving •of /50,0001. lie
isould not 'now pledge the Bennie as 'to," whet particuler
taxes should be reduced. Ile called upon them for the general
reduction of seven millions of taxation, and then it wouhl tat
efer the Douse in its wisdom to decide in what manner the re.
lief shoulthe granted to the people. Rut if it ehouldheeeefter
agree with him hi directing the reduction Of the Asses.seet
Taxes, the sum of 360,8001. would be saved in the establish-
meat fbr collecting them. The great reason why liddlesented
from the plan of the Right lion. tientlarnen, al developed le
his statement the other night, wee that it kept up
ehe establish.
meat t it kept up the patrateuge e it kept up the eerruptione—
He believed thee elhrtieet *trottioti or our expentlinint totter
extent of a millhei might be effected,' which would melte in the
whole, aecordintr to his calettlation,-a saving of fotir thillituni.
It might be said tied this wee only. statetnent 1 but he would'
ask any I'one...treble Menther whether he did not think it Meet
likely thin th.:te would be an increase in the Revertne to the
amount of e million, if' seven trillions Of taxes were reduted.
And if the reduction of the Four per Cents to Th'ree were,
etTacted, dtere would be another poeitive saving of 760,000n.e.
This, thyreforin Made an amount of 1,750,0001. atireit .which
there could be no doubt. And, with ell this? in seven' years as
much debt would be paid 'off as by the.operahon of the Sinkitik
• Iraind of five millions, '!there, therefore wits the. -danger to
publie credit ? Ile had not much more l° stato, tOr.iiiilly the
ciito.,,ion Was 'extremely eimple ; it wee, in fait; on'es of the
simpl,,t questions that ever carne beiore Parliament. He
trus,.'d th3*. Hon. Aterritiii, and,pertieularlys (ten :nun on
Ow °War side, would not consider this meatirtrr 44 Id own. • it
wee one which he foetid expirieg, and his deeire -wee to giVe. it
re viveh , It the flouse seje,ortOd hire) its k, lie !thottplit it *Quid
ba the meal,s' of colielliatitni that elass who're it we,' 30 im-
ttt,4l):t.,'t'll; airilidhitNhe°yriwizokinikl' tpatctnllclitarrin4the':fitilnd'el'ig;vinettw'l?::::::)Llitsnnet‘eire,a4rlHir'ext:
lief, whith he confidently anticipated! from it.. The IfMe Mem-
ber tem-Chided by moving his Residtitiona (for
sre of Saturday, Ft-b. '22) . .-• • -
The CIIANCELLOII. of iho ItI:CCIIEQUER eirthierced
withstating, that from the line of argeinele taken by the Bun.
Nfernber,' it was not necessary for him to trespass at. illy con.
eiderable length on the attention' of the Committee. The Ron.
..'detnlier had himself cent/lied the very points on *Leh he
(the Chancellor of the Exchequer) should feel it 1* duty to
The „,„„ , ...„,,,
oppose his preposition. very Inv atftiolution,.upon waren
the others' were 'founded, deelarod thut by the vote of feeler_
hunt, a Sinking rued of 6,000:0061. eat rivet emery. if he ttlie
Chancellor of 'the Exchequer) should by enabled to, ':sec: that
thee prepoeition of the lion. Member wait shhVerAive of 'ehri
beFie of his Resoluthins, in that case it w mid be admitted thet
he had sliewn that his other Iteesolutiotis were untenebte. The
Meintenance of an efficient `',inking Purtil of five mill:tins w:1
the rubstraturo, and all the succt:cding Ileolutionot dOitin tn
the 12th, referring to the Inhlidl prietiple, proceeded t; to thet
acknowledgment. What dui the 12th propte ? Th.At it ap.
pears that this method of reducing debt by to, movie (liars -..ist
its eulnitance from that, which was adopted by the Ft cilot io the
Ilesoletiotis of, 1819, the essential attributed of both tilt(tta bril*
the Maintenance of' mitlic reedit, by the dintireatfotis' Cr the
quantity of public debt. The Iron. Member in that slletelee
tun) toek for granted that his proposition was a substittate fot ti
Sinking Fund. If he (the ChancLellor of the sEethceitnr),ctitthl
*thew that in this assumption the lien. Ilenther aqui sot on
incorrect, hut that it was directly tbe reverie of that e;h #1 l he
affirmed of' It; then it would, follow "as a tieoeitsaix :Lcerif,
qttence, that es A substitute, wait' altogethtr :rotlac.
ticablic And here tie must Ale allowed to ask, -aillyi'' -.1 the
floe.. Member (Mr: Moberly) propelled his mrasure :.'s a rub.
stitute of another, on what grounds s did hie en a forenet et,
eaSion, deny the existence of that which he now adinittett by
the propeeal of .t suinditate ? The truth wits, that in'att P4l
of bring a substitute, the two measures tore no rf.stru'-
blance. He apprehended; that the very *ssential, attribute efit
Sluking Fund was, that its npe.rae.ori, while it tliminitthe4l detii,
was unaccompanied with any leas of r. u VI tue—(llear, heal h! -
The interest eccruing from the debt 69 redeem* a ~caw 1., ft at it a
option of Parliament, to be applied either to a for,' r .1; ~il,,u.
thin of debt, to the public exl•goteiel' that neight iel,,, :'r t:' tiLo
repeal of taXlitiati. But in the ilate of etc ltc,n. .‘hFA .st ;‘,lt.-
wet no choice left ; and while it ri-tlvv a :, ,0r,,,,r,T.,,i;:x
amount of the piddle debt, it alsd teeinguisibsi a pertiettof the
revenue.' lf, 'therefore it he,es the limn Mr:Weer uttraititel'el
hie suhstratuni; expetlient" to preerree en cifirieet Sir ieleg
thintr—end if, as he (the ChtinfAlor Of the N1+1'11(.401 ,-.A^
tingled, it be the essential attribute of A BiniCing Fund rtt :,..,)
es tinetnili, by its °Oration. revenue, then it falo4ra titter
that the Honourable Oentlernin (Ile. Ntahrrly) rot:slf,ive It'p
the basis of hie reeniptiens, or Ma iiiitistinite ,- .(fleartheta. it
—}le was surprised that the tritlifent mina of the lefereitira,
rite
lt,ifilleonlift.,seortekti.t,mp.f.nattxlrnepeteiotniirciti',l.l
silhluthutlf.t,,c2i., troti.o:o „.pt-ti.bit'it'atettlea
deuit)tinn ttf- the lAtlvt Tux.; •sito,A, chi ca",,. tit 11. prettii
either by the tianitferNiee of otoot., ig, by burrhwlr.g ;#,s,,- 1 itrgig
1321100:1111:16,tnii:nwil,r,:e:plhtatit,e.11.:::::::::"711t1:11:U:i:::;:"(1::'':::;:110-::4t;fi'len'iN:14;:e47rebh'e*Ier:
t9)47tuntoti.dWit',: ittpi'lliwit:tvilltiltile;:tlini,iitt'ir
?ft:it:fie: VWtwirg)Uttp:i!ettl, ti:etoQtrotteiwil:r ir4.:lia:(e.eiltlt,
lt,itt' al;etir:(4tiltiw4ittvii;n:::tie;:thi
ott I.: :itlbit;
estate with-T. it was a 'perfect loiSootilet to ~..a ~,“:h i 0.,.,,:.
*redemption' of the Land 'Tex. Anosh et teeentiel'ltrat,eete,
to tier a the terns* the flog ~birtoher, of 4 -.t aw l, 1
that it carried with it teroonty anal' pettriancy. 'I im pier) eloye
pteposed 144 diametrically the rivirto el that. rsa', even y*411,,
the /lain,te
Meinr eitleitlaton'that his propel/hien,' a ',lei it ~ell