The Sun.
London, England, 1815-06-15 00:00:00

moat. On t1.0.t actoraft (he was not sure the sum
-0-name was .quite• correct, as the
were, not finally 'Made' up, but fid Was
satisfied.it would prove nearly accurate) there was
a charge 'of 370;000/. 'To cumplete the subsidies
granted to Austria rinser former treaties, a sum
of- 400,000/: was necessary. This arose partly.
front the circumstance of stores having been with--;
Arawn, which were intended :to be delivered for
the Austrian service, and which -wei:e.", conse-
quently, to be made up in money. The io'eater
part of this sum had already been paid. Tine Ac-
counts rvOnld he laid before die flouse, and the
proper deduction would be made for the stores
delivered. He hail stated the Bills of credit voted
by Parliament, to amount to 1,550,000/. There
remained the sum of 250,0001. to be made good
to complete the two millions and a half which
we were bound to provide by the Treatrof Chau-
There was Illso due to Russia on'engage-
rnents contracted during a former war the stun of
200,0001. ; 100,0001, was due to Spaio, and
209,0001. to Portugal, on a similar ACCM!rit.-
Thest accounts Were now tinder examination ;
but be considered himself justified in stating
the supplies for these services to amount
to 3;000,090/. which, IVith 1,000,0001. voted as
a compensation to Swede': for the cession of Gni.-
daloupe, made a charge of 4,000,0001. for fo-
_reign expenditure, in additiou_ to the 5,000,000/.
voted as subsidies to the three great Powers, Ails-
ttia, 'Russia, and Prussia. Tile tiital amount
therefore of the charge for foreign payments:in--
eluding tills of credit, was '9,000,0001. He should
have letters to propOSe to ParliaMent a vote of
credit, to nark e good to the army which had
foti2lit under Lord, Welliagton the amount of the
-value of stores captured. by them in different for-
tresses. This charge was not of an ordinary na-
ture, and though considerable in its atiminit, in
the present instance it was not one of those which
would be viewed with jealousy as likely to make
a permanently important addition to the services
of the year. On the reduction of a fortress an
estimate %vas commonly made of the" value of the
stores optured, which were afterwards accounted
for to the captors. Front the extent of the service
perfOrmed in the course of a war which had con-
tinned for seven years, this charge formed a con-
siderable item ; it was estimated at eight hundred
thousand pounds, and to this the sum-of 142,000/.
was to he added, for the'stores and artillery taken
at the capture of the island of Java. It %i'as pro-
per here to observe, that in the operations against
that island, no part of the Royal Artillery was
employed. The artillery. which was used there
was brought forward for the public service by
Officers of tire East India CoMpany. It had been
considered, the same arrangement ought to be
made • there %t it!) respect to them, 'as' had been
made iu other. cases, where fortified places had
been captured. The service wilich 'they had per-
formed was thought to come within the principles
of the ordinary service, though the Ordnance De-
partment had hot thought proper to issue an order
for the payment of the stun which appeared due,
without first having the special authority of Par-.
liament, to dd so. Ile -had considered it* his duff
to
:offer this short explanation. lie How came to
the Miscellaneous Services. Of these a great part
1614
ain j 1
for the' fiirire conslihration of the 1-louse: Tine
amount of the whole he-took at 3,000,000/. The
supplie,s, then, which 'he would now'shortly re-
capitulate, stood as folloirs
1814. •SUPPLIES.

111 Cn t .

1815,

Navy and .
Trilnsports .

L.14,897,L,55
3,746.945

Army
3;955,658 Ordnance
Foreign Paymer►ts, in-
eluding Bills of Credit
3,000,000 Vote of Credit
200,000 Ditto for Ireland
Army Prize Money
2,500,000 Aliscallaneous

L.. 13,644,9.00
29,150,756
4,131,643

9,000,000
6,04)0,000
,200,000
942,347
3,000,000

The 1301. given in the 3 per cent. Reduced at 5.1 i,
were worth....
The 16/. in the 4 per cent. at 671 6 19 9
The 441. in the 3 per Cent. Consols, at 54 23 16 2f

To these were to be added tliose items to he b0rnL.51,36'8,026e . •
by England, which come under the head of
SEPARATE 'CHARGES. •
These were as follow:- • •
1,980,000 Interest on ,Exchequer.
Bills L.2,000,C00 -
290,000 Sinking Fund OH ditto 270,000
121,000 Debentures and Loyalty
Loan 900,000
Vote of Creditßills 1814,
6,000,000 and Reduction-of Ex-. 6,000,000
{
chtquer 131111
--......_.--
.8,nc0,000
•
Deduct Irish Proportion 89,738,926
s_', , 107,094
of. Joint Charge ...
Ditto Civil List and C '''
9,572,814
(111.•
solidated Fund - I o,tioo • . ,

Total 4.101 15 3S
The Consols being shut, there was •no money
price to them, and the time's price was something
more than the money price of that stock. The
time's price was. 54, but from this one and a half
per cent. was to be deducted, on account *of the.
dividend to arisefrom the half-year which had just
expired ; as no-dividend would be paid to thesub-
scribers to the loan on that stock till' January
next. This, therefore, reduced the value of the
3 per cents. consols to 541. which made the total
sum given to the subscribers ryhat he had before
stated ; 1011. 155. 2id. to which adding the sum
which would be allowed them in case of prompt
payment, made an addition of 21. 133. 7s-d. and'
the total 1041. Ss. 101 cf. including the whole` of
the discount allowed to inry who might pay their
subscriptions at once. But it Ns as obvious, the
Loan being on so large a scale, it" would .not 'be
fair to expect that so many could do this as had
so come forward_ on forrnr occasions, and it
was also clear' that the Monthly payments could
not be so considerable as they Ihrd been when a
smaller Loan was called tor. The bonus which
the Contractors would _receive., was .no more than
31. 2s. per cent. The bargain therefore was not
unreasonably favourable to them, and there was
reason to re joice. that such a Loan could be
'obtained -at a period like the present on such
terms. - lie would now proceed to eXplain the
grounds on which
.he_ took the surplus of the Con-
solidated Fund at three millions. The actual pro-
dove of that ',Fund in the last year, deducting the
charges on- it: and 'taking away the 284;000/.
which in April-- was-demanded 'to make good for-
mer grants, left a-
Surplus of
The Revenue was. .............
The appropriated War Taxes.....

9,760,814

__
And there remained to_be borne bi- England.... 7,.79,9:;5012
r.rbc Vote of Credit which was this 6,000,0001. had usually been made good by ear
an
i,,sne of Exchequer Bills to the same a,,nbunt.—
Anxious that there should not be too great a pres-
sure on these secnrities, he should propose a re-
duction of 3,000,000. from those voted last year, and
restiict the issue to 3,000,000 in the present in-
stance,on account oft lie Vote ot'Credit for this year.
—When it was foreseen that an expenditure to the,
immense amount which had now become neces-
sary, must be provided for in the course of the
present Session, an important consideration arose,
whether it would be better that an' extraordinary
exertion should be made to raise an unusually
large proportion of the supplies witliin the year,
or whether it would be preferable to call on the
public for what they had been accustomed 'to pay
in former years, and raise what remained wanting
by means of a loan. Much might be said in fa- •
vour•or either course. For his own part, he had
no hesitation in declaring, that if he had consi-
dered it probable that a similar expenditure would '
be necessary in future years, he would at once,
`—, Tatar. ............ ‘................. C. 41,408,000
whatever the hazard might be, have made an ap- ►
014 of this was 'to be dedtieted for the rharges on
peal to the spirit and magnanimity of the country;
and from such an appeal lie was sure the country
istd:l3i7lls° 61y81'1°°1!iit i;i ick left a surplus- of 3,900,000/..:
fi.hed itint in estimitintT the..surplus
would not have shrunk. Front the feeling which which
for the present }'eat ht 3;536,000/. It would
had been manifested in consequence of the recent
even have borne him out in taking its produce at
events,he was satisfied that those nzeasure4, which
between three millions and. au half and four ma-
the •wi:doln of Parliament might think. necessarT
to the honour and security of the countr would lions.: But as no inconrenienee Would arise from
be cheerfully submitted to. But thinkinyg- as be it 4 being.estimated too low, and some had been
did, that an expenditure to the amount of (I,4't 01- experienced From an error of an opposite nature,
the present year, was not likely again. to recur he thought the safer cdnrse was to--take it at
even if the war should COntilltlC on the present 3,°9'"1',, With respect to th'-' War Taxes. :lie i
- •
scale, which was that which he could out awici- . should at a future day l'ri•que a %cite highly sat's-

• • ..
38,702,000
2,706,000

factory, from the vic‘ir tviiich it grtvet).:nfleY oti:tenwteillr°i"
creasing means of the country.
the War ',Faxes, taking them at whal th
year, and adding the estimated produce
last
•operty Tax, would furnish 32,925,4541'
i,
From this deducting the sum remain-

. ,
pate, • he tied tbought it Wiper to have recout-se to
thosemeans, which it had been usual-fel: the Mi-
nister..to adapt on former • ocei'esions. -However
large the demand which - had in ctinsequence beets;
made-on the credit of the country, he satin no rea.-'•1
Son to regret this resolution had been come to.—
The Itight Hon. Gentleman , now proceeded to
state t;te Ways and Means which would be, in the
opiniorrof his Majesty's Ministers, the, fittest to
meet the supplies which -had been voted. He took.
the Annual Duties at 23000,0001. the surplus of
the Consolidated Fund be also took at 3,000,0001.
It .would be satisfac:ory to the House to-learn the
grounds on WillCh he estimated the surplus (tithe
.Consolidated Fund, at that amount ; and they
would view with pleasure We increased resources
of the country. It might 'dist) be proper that he
sfeauld spew the grounds on which he intended to
propose -on a future day; a grant of 22,000,0001.
out of the growing produce of the War Taxes.—
fie should not call upon them to conic to this vote
that night, as it was_ more consisteht with the
form oh Parliament, that some portion of the Ways
and Means of the year should be reserved for
a time to meet any future grants which night vet
be, made in the course of the Session. He;
however, conside..red himself- justified in taking
the War TaxeS at 22,000,000!. ; the Lottery
he took at 250,000/. ; old -.Nava! Stores' at
508,5001. ; the Vote of Credit he had stated
at six millions; the Exchequer Bilk funded, and
the loan iu the Five per Ceut: would give
18,135,0001.- The' second Loan 27 millions.=
These were the lltairs and Means by which he pro-
posed to meet ,the charge of the year, imatclise as
it was. The total amount of them was 79,593,500/.
This sum fell a little short of the supplies, but
upon the whole lie expected the Ways and Means .
which he had enutnerated would prove sufficient.
It •was his peculiar duty this day to state- the terms
on which the Loan had been contracted • for-the
service of the public. It had been the object of
the Treasury to diffuse the loans called for, over
different species of stock, in order to divide the
hurt hen, to remove all inconveniences to the
public creditor, and to provide for the:exigency
on the easiest terms. This would be seen by ad-.
vesting to their former proceedings in the course
of the Session. It had been proposed to fund
eighteen millions of Exchequer Bills.. This, in
the first instance, they had not been able to ef-
fect ; but subsequently on a loan in the live per
cents. subscribers had gone beyond the eighteen
millions by a sum of 135,0001. The sum, there-
fore, of 18,135,0001. was-thus.plaeed in the Ways
and Means. The Committee were aware, that
by theloan that day, no !ess a sum than 27 ma-
tions for England was to be raised, and as the 5 -
per Cents. -were sufficiently burthened, it became
necessary that this shohld principally fall on the,
3 and the 4 per Cent. Stocks. It was originally
proposed that the larger sum should he taken in
the 4 per Cents, but on the subscrihers'objeeting
to this, 101. per cent. only had been given out.of-
that Stock; 130/. had been taken from rhe 3.per
per Cent. Rediiced, and the,remaining part of the
100/. was to b'e by bichlings in the 3 per Cent.
Consols.. It had happened singularly enough, as
it had once on a former occasion,_ about eighteen-
months ago, " that the sum offered by the sub-
scribers. was exactly the minimum of what the
Treasury had resolved to accept. This was a cir-
cumstance so iiir satisfactory, as it went to show
that both parties met on fair and honourable
terms, and met at the sanieyoint from reasoning
in different ways. It, proved too, -that Ministers
were correct in-the view which they had taken of
the case, as four different calculations had been
made by tourdiffereot persons, and all had con-
curred in naming 44/. in the 3 per Cent. Consols
as that which 0at.,711t- to be the bidding. The bo-
nus which the subscribers had was to be estimat
ed in Urfa manner :

ing to complete the Grant of War
Taxes for 1814 L S C 05997
Add the War Taxes pledged fur In-
terest of Debt.

2.706,000 „„4
10M

TiolefrethNevoyueladrr.e.i..u.a.l
.. . t.0.i.)
.. . gr.a...n.t.e.d.
.......
....... . service.4.22l:eintsollit.
00:
2tl2l.e,o.coroedit of this he slibuld consider „ant'
rd
d
esibfliitail:ciellikyiri.aJilte();l:selitiutilaicfi)::eo:l(l,iooloiltlft:_i3icn:ttr:.l;e:
eeanld,soile.l:tvs•s_iiattiiillivgi..(ll.ail,ealis:catici)e:lsilect,isooai
3,als.7tft(e'iiiitl:iiiitctet.tlic.l,ll:ll'ek,.sitici(iiiillel33;rllp;tels.(:).ttc:tecii:o6,e,olotiii
the
mittee were aware that no large addition t°lo to.
year eliding 11. '''' 5, 1813:their total produce se
b .p,il lie' Ye
somewhat less than 60 millions.. In t-,,1 toil'::
buns 80t4‘ptillilou5s'at11(81s15;,t1tiluiseygiavnitTguil::(1i7civ.;;Isve lit '
itinvieistnibileli(a)i:lsn-liatit"eid , a thatl:al f.
the Bytel tt'-r e"1111:111°01:111) Ateirliiii'csl::
1813, had been less productive than sqmefe die
8
had preceded it. He now came to 5(, jaaas
amount of the charge on the country, ii) tikvit Os
for the present year and the•‘c(ly in tvt'ic" of the ,
proposed to meet them. The total antoontrotiew.
capital created by the Exchequer' Bills
.tiited- to::
and( the. loan in the 5 .per cents, atn°ll,_rcst'of
21,`208,0001
5 per cent. Stock ; the il o'rf 4,0001. ,
this to 1,060,0001 ; the Sinking Fund to 'rill, loan
with the Usual charge for matiag-eine°.tn. r,r-s0,00°1"
todl:t(aleit:ithtlathat day et•eated a capital of 42,uns--1 , tlie•
7st laiite:ci7iiitoltgoe:ve. st:toEtio(xi:c,litiN,:llll iicliii‘;‘),'o
tuhied
abect
.10,1.5. 117s(1°,,,,°;;;iist ext ; :
for management.
cliti'lle'll'i.ve4ls3tioltit: i:11(.!"'t 1(11(111(tlei‘t130t7111.:t11c1-"jhle:i.gas::-.
pital created in the present year by f"nd',",;'cs. 01,.
. ; ~
70,888,0001. The interest on this was 2,Zi
,inauel_
the- Sinking Fund 1,090,0001, ; rlie tot
Irate pt i
torah cent,
s: ie(el at
subscribersit:ost7 il :eit cl::rtceisoieet,lnnit: country
irel 161;:a91't,Y °lthfei the 511111
il's.s:::i'i:b;t:, :lac:ile'g:ed ,11,1bi:::::111:): :1: '
51.145. 2-Id. The total charge. t
1 fie 'II b,
was, every thing included, 8/. 3s• 51.`" ; a 043('-'
ed .to show what had been the itnpr'ss'°""of tb6
on the Stocks by the financial operation.sai
that .
present year, and to compare tile"' ,wlse inea"
which had formerly been produced by t"°:,i, late
sures rendered necessary to prosecUte " A
41. }-3'"
war. In 1795, a Loan. was obtained
ear
,i3i
per cent. In that and the following
andYc' the
millions were added to the tuitional debt, for ,•
effect of this on the Stocks was- such,,,,t Itlie rib-
loafi borrowed at the beginoing of 179" : being
lic Were compelled to pay 61. 7s• OCr cent.: 2 de„
an increase of interest, and consequen IYOO the
pression 0:-- Dublic credit of 35 ..,_,
sir sioc.‘ of
in - per cent; tbe
interest pa;;; in the former year. IN° ' scd lc"
year 1813 the public debt had been 1U
that yeaf
millions, and the effect was this: in til },ear
th.s)
we paid Si. Bs. to the Subscribers : we k„rebe.
paid, 5/. 14s. U. on the whole amount '''''' clue
i I.tie n t°' ,x.
en. So that with thii iminense two '.. dit cv.:-
(iti:dilitliitie.c!
elsr)aatte,taii-)ynsulleitpio:o greaterl:f. supplies}
i
observable than six- shillings' per .01'tto'nis'hing
might be considered to result fratu an a 5. to wllicli
h e had referred, plhli co
or it'ei:litt6hssei9loinii,l(oitteiito.spotot:iliat(e:te.lat
inisel,ttpaii,.c,,iiceti,l4:ece:itil
the country. And whichever way it vvus
~.tie ice
,-rio woo , a
i the effect was equally ~.;:ratifying. A ) eO3
was
s theex
expected
(oi Customs
baeni(ilitieltPaeENreex,e'sc:is,6r°e, "Ft li:s le'les;1114-e°bLvels11138:::'
e of , '
about half the6r. necessary
soa, Or
yooslo.
liespipno re os :et:11,1,1'1.o
ab eg
is, ea:
litab.
iil
Ilyzseleittiisnaiiixtati eolotlsifs7:lJ
gifi:10.10:;t: l
the
eilategiNi 1 ieles:liaAetoitnol(ctintosoa(o)(,l:)ol:rDll. itseittiiii,3tl),),Or.i.
c(11:1;s:Pfro,i
vi:'ollillsoill:::eotitiiiisl;::::°eln3'ict(o,ll,(rlingiti3ei:betirjyts°ll.lll:illir:fielocilkoi:er...rse'i.
House. For the remainder, lie proP°6ol. out of '
d
hands was at present 17,000,0001, }9.t, suffice t°
meet
td
theto cancel
remainderso m toicfh
tobfet:leTita
la; e
create
.Id,
as
he..
Loan. He wished fit to be borne in
ouLt a.corr;
considered it of no small importance, ticta6„cii for ‘
siderable part of the immense stint
a_liarroorS •
must have been borne by the country r Js. again'
of the late war, had- not the resent cveFrance,
IO less owl
plced us in a state of hostility
On the most moderate calculation, n° of this
21,000,0001. would have been suificient.:
col _ -,-,•%.....
12,000,0001. were for the arrears
it f the IN
and
. •
1 traordinarics :- for the mere paYniel °e credit
1 Debt 2,000,0001. more ; -for Bills ottl roiatois.
arrears of Subsidies 3,000,0001.; fort tf ele''ss osn
sariat Department in Portugal, 11°-10 „ineßeli
2;500,0G0z. . I
r...liese sums tOgether, ma(..-, The
Million ;five hundred tit/ousel»! poun.,l:: which
12,000,0001. for the Army Extraordinatteo,
year,
he bad mentioned were for the for:not:Tile .
though included in the
without complaining' grant for the
fore':'pll-sGn sub.-
, Payment of the 9,500„0.001. doe as a
t. 'lb°
silly, had been suspended during
parties hat; acquiesced cheerfulrY in
theheaarrange_
to e interest'.
meat made, and consented to receive ivrocid not ,
of the 1 y.::va.,
e
he. paid, This
t 1) e monied
ofs s atttlhileaftacctotit 7tl)(cia9sc( fii°lt) al. :tirleeirCgeiri:lae nat itte: lir.
1 number of the creditors were British ili'le'aet thalt
I had the interest of the nation more "t made La'
their own ‘p,rivate profit. TheYlled,ad, the ex'
considerable sacrifice, as the state 02.
,cat add
change would, have (riven them a gl tbern
t t°
vantage, which must 7'be AV !lolly just
er, sv°`ll(l
, by this arrangement, which, ho roll
corn
the
• .1)1e11°"1"
economy in those departments in u . 0 ~....inense
iPnrc°t•vectuibeer s tit
rceila)ig tti: 'of public
leircesdcirt v,
i.l.cr,er e aat 1; 11
../_°„riTiv°ict : •
„had hitherto been conducted abroad at att.:.'". car.
'expense ; and thus our .opetations uotiilitice"`nlost
fled on with new 'vigour.. The Co"
Pressure of
see with pleasure, that even under themetals 110(1
• -ioce last (I
IPT(l,..eesitetiittl :;ccliire(tteult:l:sc.l:7';:ievt es; in tllep'ircic,''c i(s'4": o„;e:'e.inli:ial.
Guld, wb:ch had thaei heel) :it. es• ole of dollarg
been rediteed to 51 ss. and the, I:ri '6es. Sit.' liar
had stink within tho sa;;P! perioo •
c,oabled, no,
stated fti:.; to show that wc had -1)"" t the (fill!'
only: (0 meet, hilt »it:at to Surninunolic ap jlii
cthti"s of GUI' situation. Isle 'had bcolo