The Sun.
London, England, 1823-02-22 00:00:00

that there was surplus of Revenue•amounting to '2,200,0001.,
which might be remitted to the country, and yet leave no dan-
ger of any deficiency to meet the services of the year. The
great question between the Right Hon. Gentleman anti him-
self wait—the best means of supporting Public Credit. IThe
Right Hon. Gentleman proposed to keep it up by taking' tive
millions of income to be applied to the reduction of Debt,—
Now if he could phew that the Public Credit might be sup-
ported without tithing:five millions annually from tie pockets
of the people, he thought the House would go along with him
in reducing seven millions of • taxes instead of two. The old
systems of Sinking Funds, instead of reducing Debt, had been
strewn by some able calculations made by Mr. Marshall, to
have crested above 30,000,0001. But it appeared that a new
light wars now discovered ; and after destroying a Sinking Fund
which bad existed for thirty years, they were to have anew
one, .and as it. seemed to be agreed on all hands, the only
efficient one ; namely, an excess of Income over Expenditure.
The Right Hon. Gentleman' had not, however, said whether
this new Sinking Fund was to accumulate by compound or by
simple interest.
The CHANCELLOR of the EXCHEQUER made a re-
mark in a low voice across the table, which was understood to be,
that up to a certain point, the sinking Fund was intended to
accumulate at cotnpoundinierest.
:11r. MA BERLY proceeded.—According to all parties, the
exploded system of a Sinking Fund had been nugatory ' • and
consequently it could have afforded no real support. to Pub-
lic Credit. Yet the Public Credit had been raised to the
highest pitch. And as Public Credit had not been supported
by a Sinking Fund, it was fair to conclude that it was capa-
ble of standing without one. The proposition he intented to
submit to the consideration of Parliament, anti of which he
had already given notice, would enable them to repeal
7,000,0001. of taxes, and yet retain an efficient Sinking Fund,
which would effect every purpose of reducing Debt. He should
not detain the House, but proceed at once to put them in pos-
session of his measure. In the year 1798, Mr. Pitt brought in
a Bill to provide for the Redemption and Purchase of Land
Tax, and as his proposition went to facilitate the reduction of
Debt by those means, he should usher it into the attenton of
the House by Mr. Pitt's words. The Hon. Member here quoted
Mr. Pitt's recommendation of his Act, which stated that one of
its leading features would
,be, that it would absorb a great
quantity of debt, and yet be most simple and easy in its opera.
troll.lle (Mr. alaberly) should claim no -merit for this mea-
sure, and he 'could not possibly see what objection could be
made to it. When 11r.• Pitt's Act was passed, the Land Tax
amounted to 2.000,000/. Since that period 700,0001. had been
redeemed, leaving between 12 and 13 hundred thousand unre-
deethed. The Hon. Member then went on to explain the rea-
son why the Act had not afterwards accomplished its object
That reason was to be found in the exorbitant terms upon
which. the purchaser could alone redeem the tax, after the
expiration of a certain period. He proposed to render the re:.
demption and purchase more easy, and by the disposal of the un-
redeemed portion of Land Tax, provide for the reduction,of up-
,evardi'of 41,000,0001. of debt in seven years; being neatly equal
to the reduction that would be effected by the annual applica.
tion of five millions for that purpose, and for the same period.
The Right Hon. Gentleman bad argued as if the people did not
want relief—that they were affluent and contented. He cer-
tainly, admitted that they were better off Alan they hed been
some time ego; but there was a great class who suffered most
unparalleled distrese, and who must be involved in ruin if they
were not relieved. According to the measure whiCh he pro-
posed at the end of seven years, there would be a Sinking Fund
es efficient as that which would result from the present system;
and by refusing to adopt it they would be refusing the people
that relief which they had a right to have in the reduction of
7,000,0001., being the amount of Income over Expenditure which
the Right Hon. Gentleman bad stated. lie could also say, in
the language of the Right Hon. Gentleman, that the reduc-
tion of 7,000,0001. of taxes was not the loss of that sum to the
State; but that the Revenue would increase 1,000,0001. in conse-
quence of such reduction. Besides this, there would be the 1
reductions in Expenditure which might be yet effected. '
large 'reduction was to be expected upon the collection of the
Revenue in Ireland. According to the admirable Report of
the Commissioners, this would be done. No man could appre-
ciate the value of that Report more thin he did. Every word
of that honest, manly 'Report was a censure and chastisement
of Ministers. That side of the House had always been pro-
posing that course to ....Violaters which they had at last adopted,
From this source there mighebe expected a saving of 400,0001.
In Scotland theriernight be a reduction of 350,11001. Upon the
collection of the duties on beer and malt he was sure there
might also be a saving of 200,0001., it properly managed.—
The Army, Navy, and Miscellaneous Services, notwithstand-
ing what had been done, would bear a further reduction of
million. If, therefore, those seven millions of taxes were re.
awed, there would boa fair prospect of an iniprovetnent in the
IteveniLe altogether to the amount of 4,000,0001. The Right
Hon. Gentleman had found mottle to reduce 2,000,0001., and if
he adopted this proposed alteration in the Act for the redemp-
tion of land tax, lie might as easily reduce 7,000,0001. Arid
surely if ever there was a time when all means of relief Ought,
to be tried, it was now when the landed interest was so over.
whelmed. The Right Hon. Gentleman had alluded to persons
who, wished to rob the public creditor. Ile should be sorry
that any otioasure of his recommendation should go forth to the
world marked with that character. His opinion was, that the
Public Creditor had as good a. right and claim upon his pro-
perty as any other man. And it was because he was convinced
that his plan would uphold, the Public Credit that he intended
to submit it to the Committee.

Mr. BROODEN (the Chairman of the Committee), in.
formed the Ron. Member that his proposition could not regu.
larly be hid before the Committee.
Mr. MABERIN then said, he should read his Resolutions,
as they would perhaps explain his meaning more clearly. to the
House than he had been able to do. The lion. Member then
read the following Resolutions : •
" I. That by the Resolutions voted by this House in the year
1019. It was deemed expedient that an efficient Sinking and
should be created to the amount of five millions.

g. That at the time in question, it was agreed unanimously
that the only Sinking Fund which can be efficient, is, that
which is produced by a surplus of income over expenditure.
" 3. That as far as can be collected from the papers laid
upon the Table of the House, there actually exists a sum of
about five millions, applicable to the reduction of the. National
Debt.

" 4. That in addition to these five millions, applicable to the
reduction of the debt, there is at the disposition of Parliament,
arising from the increased productiveness of several branches
of Revenue, and the various plans of reform and economy in
the administration of the country, proposed to be carried into
execution this year, a sum of about 2,200,0001.
" 5. That it appears, therefore, that a total sum of 7,200,0001.
arising from the above-mentioned sources, is applicable to the
maintenance of public credit, ar.d to the relief of agricultural
or other distress, by remission of taxation.
" G. That although it was determined, that the capital stock
purchased by the Commissioners for the redemption of the Na.
tional Debt, with this efficient Sinking Fund, should be• trans.
furred to their account, it wart nevertheless understood, that the
interest payable upon the stock so purchased, should either de.
termine at the time'of purchase, or be paid over and become
pert of.the Consolidate d Fund.
" 7. That taking 801. as the price ref 1001; in '3 per cent. Con.
sot swirl it appears that five millions of money annually laid
out durum the space of, seven years, would redeem about
48,750,001. of 3 per cent. Annuities, but should we remain at
peace it would redeem a much smaller sum.
" 8. That in the year 1798, for the support of public credit?.
there was passed an:Act fur the redemptron and purchase of
Land Tax, which Act, 'from the exorbitant conditions attached
to such redemption anti purchase, has in a great measure failed
in effecting the destined object.
9. That notwithstanding the obstacles thus created, such
has been. the anxiety of the public to redeem their lands, and
to purchase landed tieuriti...s, that the sum redeemed and pur-
chased. amounts to 700,0001. and upwards.
"10. That if so large a proportion of the Land Tax has
been redeemed and purchased, at a sacrifice, in the first in.
stance of 101. and in the second of 201. per cent., it is but rea-
sonable to conclude that the remaining balance of' 1,239,701/.
would be similarly redeemed and purchased it' no sacrifice was
necessary.
_

" 11. That it appears that 1,239,7011. of Land Tax, thus re-
deemed and purchased, and paid for in 3 per cent. Consolidat-
ed Annuities, would cancel a sum, in such annuities, of about
41,330,0001. being more than the amount that would be pur-
chased by the regular investment of the Sinking Fund, in
Stock, for the space of seven years, if we remain at peace.
" 12. That it appears that-this method of reducing debt by no
means differs in its substance from that which was adopted by
the House in the Resolutions of 1819, the essential attributes of
both plans being the maintenance.of public credit, by the di-
minution of the quantity of debt,
13. That as the mode of' redeeming the National Debt by re-
demption and purchase of Land Tax injures no class of pro-
prietors, and will absorb a quantity of debt nearly equal to
that which would be redeemed by an efficient Sinking Fund of
five:millions annually laid out during seven years, it is expo-
dient to substitute it for the Sinking Fund adopted in the Re.
olutions of the House, of 1819.
" 14, That by this substitution there may be remitted to the
people, in alleviation of their distress, *even million of taxes,"
'I he Member cotteluded by observing that he might be
mistaken in his views, but they were the conscientious con-
viction of his mind. If the measure he proposed should be lost,
he should always be convinced thatit was from want of ability
in the individual who brought it forward.
Mr. RICARDO—After what the House had, in common
with the country, witnessed of the variety, vacillation, and
fickleness .of opinion manifested .within that House ten