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

• • .•
413;7&0,0001. At the end of the see en• • years, what became. off
.t Sinking Fund ? Where could theYitnd its attributes of cer-
litinty and permanence ? It wa* true the flon.,:hleinber looked
forward to the resources which 'would follow remission of
l
easei fur seven pure. Such an effect ihr follow, but was it
that species of certainty on which the pl go-ef Naimoli Wits
seeured ? The Honotirable Gentleman, by adopting what he
was pleased to call his substitute, would send them, at the
ma of the seven years, fishing in the great ocean of revenue,
heat whether to catch*. whaleOr .41, herring, ,he could not possi-
.DlY ascertain.--(A :laugh, and hear, hear !)=7-/f, therefore, the
proposition of the. Honourable Member was from the very 'na-
ture of its operation the very reverse of his assumption,
there was an end of the two concluding resolutions. But even
were the assumption. well founded, he (the Chancellor elf the'
Exchequer) had great doubts as to die propriety of its adOption.
The Hon. Member had argued that by affording greater fatal-
tin to purchasers the reluctance that existed would be obviated
—that the lethergy which accompanied the operation of the
present Act arose from the onerous conditions which it impoeed
on those who bought. If the House looked back to the state of
circumstances under which that measure was tint proposed, it
would find the very, reverse of the situation in which we now
stood. We were in the middle of a very expensive war, coin-
iled to raise annually, but necessary loans on very ruinous terms.
The
plan was broughtforward? not with the view of relievingany
particular class of the community, but for the ptirpone of counter-
acting those causes- which were producing and had produced a
very considerable depression of the public funds. It was an effort
wide to.raise their price in order to enable the public to borrow
more advantageously. It washoped that such en arrangement
Would give a progressive improvement. The 3 per cents. were
then at 44—they were now at 73. • The mere statement of the
diffetent circumstances of the two periods accounted for that re-
luctance, and that lethargy which latterly accompanid its opera-
tion. They demonstrated the absence of all those motives which
could induce fundholders to become_porchesers,—(llear !) The
lion. Member, however, conceived that I,dl the obstacle* to it-s
?pick progress arose from the reetiictions.imposed by the Actor
Mr. Pitt, and he thereforeeuggested that those restrictions should
be done away. 'Mt n° first place, it merit on that prestimption,
be admitted that whatever advantages were comprehended witbe
in these restrictions,' would be lost to the public. he placed; ice
great stress on that part; as Oions of greater weight presented:
themselves to the manner in which it was intended the plan should
be brought into operation. The first option of purchase was to
proprietor of theland ; should he not be able, or not feel inclined
to redeem, he has the disagreeable alternative euspended over his
head, of-a stranger, an individual unknown in his district. or
cennty, without any local connection, some perion, perhaps,
from 'Change A Iley;'poesessing a clam on his estate. Now that
the Land Tax was made perpetual, he could. not but.coneider
that such as power, even without additional advantages given to
a stranger over the estate of a person who.would not or could not
4Cquiene in the terms of repurchase, a very great hardship on the
landed proptieton—illear, hear bee-The Hon. Member would,
M order to create inducemente to purchasers, put the stranger
on a better footing than he was placed by the Act of Mr. Pitt—
[No-.-from Mr. Maberly, on the name tooting—five per cent.
in the event of repurchase.l—But was there not an extension of
qualifications, independent of the five per cene—qualifications,
which appeared to him most objeetionable ? Hon. Member
w hilted to male:his proposition so palatable as to induce strangers,
large bulks, and public companies to dabble in the specule-
tion. He would place a mere stranger, on the ground of such'
A transfer of stock, on the same footing with the Magistracy of
the Counties of England. lie would allow to any casual pur-
chaser the., same rights in qualifying for a seat in Parliament,
as the resident landholder possessed. From considerations of
v. much more elevated nature than those of finance--that was
a ding! in the construction of society in this country, and to
most ajectionable, and which he could knot sanction by his
support. 'Thinking the alterations most objectionable, having,
heerusted, proved that the beide of the Resolutions was at va-
riance with thdeubstitute proposed; be should feel it his duty
to move the previous question on the first eleven, and giv a
decided negative to the twelfth.--(Hear!)
Captain MAliklllLY had come down to the House, in the
expectation ofd-bearing something like argurnente from the
Right lion. Gentleman, against the practicability of the melt.
attroiproposed;by his Hon. Relative, But he was eurprised to
tind. diet the teliservations of that Right Hon. Gente had chiefly
been t.onfinede,to the objects of Mr. Pitt's Act. The lion.
Member gave tedescrintive outline of Mr. Pitt's plan, and.then
vent on to contepil that the country would be equally able to
steeply revenue at the end of die seven years under his Finn. ,
F.4etivehi plan. as under that of the Sinking Fund of five
eelliireva All that was asked was, to give lip thie revenue for
seven yeas, and by those meanseo get rid of the bickeringe and
ttetterellinge, and confusion betwixt landlord and tenant, grow-
mg cut of the extreme distress which ufflicted both parties.—
'aere was no intention whatever of affecting the principle et'
uho Sinking Bond. The plan of his Hon. Relative had, to him,
many recemmendations ; and amongst them it was not the
leest elute It would prevent the Minieters from layingliands upon
tee leisiking Fund for the period of seven' yeare at least. ft had
elready beer. seized three tunes, and' an obsequious Parliament
scull; al ways •be too ready to grant money of this kind where
teere was not it necessity of making fresh impose~ on the people.
itie objection was not to a Sinking Fund in principle, but he
gjecteel, twit bemuse it was impossible to tie it up.—(Hear.)--
There was another point of view in which the plan was most
dreirable to be adopted. lie was aware he was about to allude
te a delicate topic, but he would briefly, say, that whatever
f;:reign negocietions we were carrying on could not fail to have
increased in weight, if supported by showing to those Govern-
:r-ents; that independented a Sinking Fund opperating the re-
duction of our National Debt, we had a surplus revenue of
seven minter* At our dieposal. The flimourable Member con-
elewhe!. by repeating that he hail heard •no argument against
• tile proposition of his Honourable Relative, excepting what he
NI refined, rentl he trusted that the House would give it their
a. oft.
r. RICARDO said, that he aggreed with the Right no,
;Amebic tiehtleman opposite, that the plan now proposed to
the House witth quite different in principle from the Resolutione
Aver! in 18111. But although this difference existed, that
Wee rte. a ground for rejecting the proposition, because it
reeteht have merits of its own that deserved attention. If it were
Oopoeed that the Tax redeemed should be paid and cancelled,
tteetnite, then the object of his lion. Friend would be acme.
felfod. But' If there were to be receivers ape tinted, and the
motel watt to be handed into the Bank, then it was in reality
only n trensfer from the Three per Cents. int a new Stock-.
which the transaction itself would create. If the imminent
wee: to be left in the same condition as a mertgagee, without
tee ietervention of the Government, then there would he no rib.
jectien whatever to the ohm. The Right If enottrahle Chan.
edict, of"the Exchequer had talked about t;,e .baniship yf a
Stranger coming npret the state of the proprietor and claiming
en interest. For' ins own part he did nut nee the. great hardship
ortLin, and the Right lionourehlUGentleine» seemed entirely
v forget that there was, meler the present :.ystem, a claimant
14 ate shape •,6f a tax-gatherer, who was net always the most
pieseant and agreeable eistitor, that could be received.—(A
level-44—Tc the pioc were .put upon proper grounds, it would
i.ft..-et the tc%inintniee of the -national debt, mid effect it by the
reverie he better! inuelt at inert, !timely, a _contribution of pro-
eesey. The ' proposed'. intiaeure was certeittly not a substitute
ter t.te stinking thud, fot- it was nething,likr twee!)
respect to the sinking fund, he was prepared to vote
foe the remission of taxes to its amount; but he could not vote
fur die redumine oaf 7 millions„.because. he could not vote for
mere than he conecientionidybelieved the amount of the Sink-
ina fond to hi. 'The. Right lion: time Chancellor of the Ex-
cieeetier .had.indeadesteted, tits sterplas revenue to tie' seven
mi,hotis • but if, • .04.6i-eI:RA' :that canilOar which,gererati
rt:arpttehertilzhim, muemle that two:millions of that stun.
!Rein horrowed fry -t .tine public, hy the measure which related
e payment or i,he 'Petteleilee lend deed' weight. - He could
net veto fer rekold thine as sha•y 00°aq-because he eliel .not,eiiOtt, thateseven eenk,l lit! reduced ; but.if hie Hon.
Friend would Ater the amopnt te five riiilliorra he should haVe
his decided hieoport.-e( Hear; beni; hear It-elf-the lloitee:wtaild
4,11 aw him, lie evoold eeplain his views, tie to what he, thought
to. he an uniting.-Fund,,S An efficient. Sinking'
rued, in the opihiori of 'runny Honoutatilh Frhindteareuild
hint could` not ettist;•'While•yaia inc eased the debt. Now,
Ise did not egtee to, this doetrine.. Pitt in. his financial
:operations,
car 411 ho'incr*ed the debt, bad an efficient Sink-
ing Fund. Whenever he raised it loan, hi provided a fund tor
its rstinction. This Olin could not, however, be sustained; be-
caug.t thelo:.tns for carrying voile ,war, eecesseeily beca»ie so
greet- If the country had beat nt 'peace within a reasonable
Alma, tail theloahs which Mr. Pitt contracted would have been
~provided,for! white was the fact wide regard to the.,Sitili.
leg Fund that had Inter! provided ? The Chancellor orate Ex-
obequer eatee down p, the. Hew, mei took away eight milllotig
of it at once:-(liekir, hear !reeand then he told them that mere'
would'hc exthignisiteikby a'guall. Sinking. fond than by.
die iarge.eitc,,whicit he pail teken away.--.(4 laugh.)—But this
eess nothing le what he afterwards perforined. At a :eUbSettuent
period 'he tame to ilie-COrnmissioncrs and saidel.k My accounte
„leave ene fifteen millions deficient," and then seized. uppn their
fUlui to melee up the ciefickney... Now het, !avid self wiiether
,
a Chenceller of this Exchequer Won lit hide- dared to leen thii
ficieney ih his iceoun th,lfth is flhelhei;teet been, exitetattee;audl
it th; re hidetot been puticrvitur .I)44fewi to N,PPitrt
This teal lee; eiNhetion etefeiiipking g 40.., Ile wee convinced
'that if one tui fleihrthVititiMler
'at the ritiftetpter would oatitt!, &Attu herafter,#44.:drogowit
be fund eepetly its 11114PuBi dei*nhitOils4.oc4lo4. trte
lioncurable Member then put a ciesaof en indiViduel th show
mere clearly, the dangers his "optitchenderribirtritid wiistem•
establishing Sinking Funds, and then destroying them in
~:the !mintier he had described. He supposed a private Gen-
elemin to have an estate, of one thousand pounds a-year,
iurn which there was u mortgage of SUU us then came to