The Sun.
London, England, 1802-06-04 00:00:00

• ,
take off 'faxes, weia'iltt, be I 8-68 ; and, if the 3 Per
Cents. were at 9e, 13a,0001. would be the annual
,luni lo'be taken off in Taxes. Now it 'Was- to be
' le°llefted latafic., Committee, . tlett by .the present
t` an, at thi1,"1,,,i,a, the Public will have had the
"fit of avoiding the oharge aro-1ually•of 900,0001.
it'd
the interest of 4,z00;0001- would be applicable
Etna' year to'vear for the reduftion of the Debt;
ants to take cff Taxes in 1808, the suM of 5t 2,00°1.
Spa the sum of t,coo,ocol-. that would fall in by the
4art Annuities, would be applicable, as he bad al.-
teadY stated. In r 808, under the old System,
It a
eo -aoool. supposing the 3 per Cents to be at par,
;°4l be annually paid in the course of /2 years—
u2,, times 120' 000 l; would be the amount Of relief
°r , led to the Subjtft in Taxes previous-to the year
88i4; the whole purchase of which would be about
ec*ioatal. What would, be the effeft in the other
'e.? The Public, instead of being relieved 12
times 120,600 i. would be relieved to the ex.
Ltr of 3,-000,0001. ; that is, they will have paid
'e 40,00a,0001. less in Taxes than they would
-47 e been liable to in the other case. He now
!411_,'e to the strong point of objeftion which was
I);94ne to this plan, and which had been stated by
41',800. Friend, and he was accurate as to time
n" sums; there would be an interval in which the
t.tiantity of unredeemed Stock would be greater by
l'it measure now
.proposed than it would- by the
diluent now in force.--Here he proceeded through
e'Statement of the Calculations Number 2, of the
e,,,
`'nted papers, stating how the unredeemed Stock
',,**°°4lStand at different periods ; sliming, amongst
etner things; that supposing the '3 per Cents at
igi and the 4 and s at par, &c. the difference in
e mass of unredeemed Stock wider the two plans
11-netheyear 1825, will be 26,600,a001. To this he
oain to propose this consideration (without repeating
f',tut's he had stated so often already), and to which
ofile attached great importance, namely, the relief af_
oiliftel-ed in the ioterim, by not imposing die burden
lif9Qclieraol. Taxes yearly, and--the means afforded
he g rv'ng relief by adually. taking Taxes off, which •
°ad also stated already ; but let the Committee
,etc,,Qed, that the period when this difference would
s4t would not be long, and, as 'the amount of
• ,: unredeemed Stock was greater at that period,
in a short time afterwards the present plan would
t• utstaip the other, and then its progress would be
'"de with accelerated velocity towards the total
a:ketinOion of the -Debt, so as to leave behind.at a
114- distaace the plans of 1786 and of 1792. In
ling this . and in taking the calculations upon the
ht'Plaasition of the 3 per Cents being at 75; he
14°Ped the Committee would not suppose that he was
• It king the most favourable-posture of our probable -
,te of liinance ; he had certainly hopes of a much
;tore favourable condition for them.—He was fully
aware, as his Hon. Friend had stated, how difficult
was to make arguments intelligible on such a sub-
le as this : he had only to recapitulate the sub.
44nce of. what he had stated already on the subject,
t'f this plan, the benefits of which were these, the
mediate (-Wed of affording relief to the amount of
,°oioool. annually, b?forbearing to lay on Taxes
° that auriount.—LA further relief in tBoB to the ex-
'srt''lt of Sr 2,0001. by the Short Annuities which
ticliild then tall in, and a still further relief when
le
S and 4 per Cents shall have been redeemed
1 in 1808 the,plan otitaking:otT Taxes may corn.
hfce, at the •wili of Parliament, but which he
ep.:d.would be continued to be carried to the re.
ofu'crinn of the Debt ;-ararl, finally, that the whole
laidhe present National Debt will have been
off- much sooner by this new plan than
t would have been' by the old - ores, both of
7136 and 1792. He had not concealed from the
ii,naitnittee the objections to -which thi.,, plan was
):Ible ; he admitted them' as far as they went ; hut
Ite submitted to ahe Committee, that they were
,1:1 more than cote'iterbalanced by the advantages
it tne measure. The effeet of this plan was, that
eta "niti extinguish- the National Debt in a much
re''Grter period than by the former plan, and it af.
Itrded relief for the payment of 900,0001. :Faxes.
otafforded means also for supporting-the Finances
io tits Country, in the event of its being eugaged
a, Vat', either for the security of its Possessions,
0, the maintenance of its Honour. - It was for
ae'e nhjea.ts, that he submitted this plan for the
liiel),obation of the Committee, for the immediate re.
t it would afford in sparing 900,0b01. Taxes, for
tiersbProvision it inade for the extinction of the whole
till r, much sootier than .by the former plans—tenot.
did he: meant ,to say--that this 'Plan was 'of a
,froereot nature; or founded
,on different principles
1411 those of 86 and 92, so far from.being so, it
ten., a measure groWmg out of these plans, and it
fot:ed to spew the wisdom in which they were
precildcd ; and fiteie plans were not .only capable of
tae• u,cink all the advantages he had mentioned, and
Sears we all 7hi'itl Witnessed within these-8 or 9 ,
the
see in particular, but to these plana he imputed
tle„security we had found for every thing that was
4,-ft° "si especially our Constitution.
lias ;if.' TniRNEY said, that whatever political
teot"ity had prevailed between himself and
,the au.
e4sir °f the Sinking Fund, System, he had on all oc-
%tv °ns given him the praise he deaerved far his per_
tlierance in that measure. He was afraid the present
Tti"cEetma of the ExcliE4t7itt would not ac.
It, re so much credit by hiS proposed alterations in -
taro„t'The principal argument advanced. for this al. •
de on was, that it saves the laying on new litir-
L,n_to provide for the one pe; Cent. on the Loan.
ex7ll—W --Lca tecolleCted,, however,. thatethe_ chief
tit 'rsence of the plan adopted in 7792, over that •
ta,e?:s7, was, that it prevented any dangerous ac-
eiinulation of additional Debt, by constantly pro.
,Leti 2 a Fund for it 3 liquidation. A plan that
ttienlt'sPired so much confidence into the' monied
arid which leaterity4 442.441A1:4r . thq ,relief of pos-
tught'f"r'the-burdens --we- imposed- upon them, .
tint not to he hastily abandoned. The dis-
'a/ate Pc'd effeets promised from the new plan
aavanuY no means to be compated with the actual
tbetv,t"ges of the old p actuallan. He 'then proceeded to
Often frotnseveral instances,. that calculations had •
tioas deceived us, and with regard to distant pe-
,
Prove Iwere neaer to be trusted, unless we could
terven,t_nat they were nit. to be affected by any in-
tat eying accidents or change of eirtinnstances..
baeo st4posing the-new plan to operate as had,
city ,IZei,`,l,,ktiti, i“):N. - coujd we imagine: that- poste_.
`l ne more provident- than ourselves- I If