The Sun.
London, England, 1824-05-27 00:00:00

CITY BONDS.

• Mr. FATELL brought up the report from the Finance Com-
wince upon the subject of paying off the city bonds. It re-
-commended a reduction of the. interest from sto 4 per cent..
-allowing a month to the bondholders from the passing of the
Act, either to assent to this reduction, or be repaid the princi-
pal. The report went into calculations to shew that the Cor-
poration would effect a saving by adopting this measure.
111 r. FAYE r.r. in moving that the Court do agree with the
Committee in `their report, defended the Corporation from the
charge ofbreach of faith, which bad been brought against them
by the bondholders, in adopting this measure ; and contended
that they were fully justified hi paying off these bonds if they
could, and thereby effecting a saving
.to the Corporation tcr
.considerable amount. -•

Sir C. S. 11 UN T aft avowed that he-was a deeply. interested
party in this quegtion, and therefore regretted being obliged to
speak upon it. But he could not help complaining of the mode
in which the Committee had proceeded, as not being.So fair and
open as he should have. expected. Ile admitted that there was
some ground for an anxiety to pay off' the debt in respect of
the navigation-tolls ; but he denied that there would be a saving
accomplished by the payment of the debt secured upon the
Orphan's Fund, or of that upon the coal-market, convinced as
he was, upon good authority, that the Minister would not remit
the stamp upon the new bonds ; and, conceiving as he. id, that
it would be unreasonable and improper to. ask the Officers to
remit their fees.

Mr. JAMES suggested, that it would be better to allow the
report to be agreed to, and the lion. Baronet could then bring
forward his motion in whatever shape he pleased, and.avon!d
be enticed to the reply.
This suggestion being acted upon, the report was agreed to.
Sir C. S. HUNTER then enforced his arguments against
the measure, which would be an act, of great injustice to
the bond holders, who were led to suppose, by the officers
of the Corporation when they were about to ptirehase, that
the bonds would only be paid off out of the annual sur-
pluses of the respective funds upon which they were charged.
It would therefore be unreasonable and unjust for the sake
of a future saving to the city of 4,6001., (even if it could be
accomplished,) to inflict an injury upon the bond-holders to
the extent of 31,0001. He concluded by moving that-the Com-
mittee be instructed not to proceed with the Bills before Par-
liament, respecting the Orphans' Fund and Coal-market debts.
Mr. DixoN seconded the motion, and argued that the city
would be guilty of a breach of faith in mirsuing the measure.
Mr. Mc); moved an amendment—that it be referred hack
to the Committee to adopt such measures respecting-the whole
of the Bills as they shall be advised.
Mr. ROUSE seconded the amendment. If Parliament con-
sidered there was. any .thing unfair in the measure, they would
throw it out.
Mr. Jaacts contended that the measure would he a gross vio-
lation of public faith on the part of the Corporation ; ;and that
it would be highly impolitic to inflict a present injury upon
their creditors to effect a saving 50 years hence, even ifit could
be effected, which he denied ; for he insisted that it would be
accompanied with a loss, and not a saving. This was not the
case of an ordinary bond to secure the repayment of a.sum of
money ; each of these bonds was purchased as a security for an
annuity ; and the purchasers' were thereby induced -to•give a
higher price for them than they otherwise would. Be atipported
the original motion.
tCt'o
Mr. Alderman. Lucas spoke on the same side.
Mr. Alderman WOOD saidohat when he was bringing fo-..
ward this motion, he -was aware he should give offence to some
and argued that there. ruld
of his friends ; and accordingly-lie was told that he would hear
deter him from discharging what- he conceived a publ;e
duty ; not even the risk of losing the seat' which he bad' the
hofonitouhri that no threat should ever
Alderman contended, th'at.,the
measure would be attended with a saving to the city, and-great
advantages to the public at large;
be no injustice done to the bondholders,. who originally
Wloirethryeplied,
pur-
chased the bonds at so low a' Price as 1101., in consequence
of the distant period at which they were then likely to be
'
paid off.
rds from Mr. FAVELL and Mr. JAltta qtr a few wo A ,
C. S. HUNTER replied.
was then put, and the amendment carried
The questionwith-
out a division.

About twelve o'clock on Tuesday night, n'fiie
, .
was discovered in one of the rooms of Lord
cARTSFORT'S house, in Lower Berkeley-street.
glad corner of Portman-square. In a few momen s
after the discovery the flames considerably
creased, and serious apprehensions were enter-
tained for the %bole mansion ; but by the prodipt
exertions of his Lordship's domestics, with-sone.
neighbours and watchmen, the destructive *ele-
ment was confined to tl-ie apartment were it made-
its appearance. The whole-Of the furniture,- with
some paintings and other valuables which were in
the room, were destroyed.