The Sun.
London, England, 1817-02-08 00:00:00

other G, ntlettgo who held offices tinder tlme Crowti
would f;diow the ,•,,,,onh; wlii• w e Item from
the highest varier, and would MR.ke the sa'cutficeS
which the Illustriow Person at the head cat toe Go-
vernment had felt it his duty to make. As to'
what bad fallen from the Right lionouralde (-Jen-
tieman on the subject of the Sinking
,Fend, it
'was with „teat pleasure that he heard troin him
'and the other Gentletuth nit that side of the House
the sentit»tros which tool been expres•eil as to the
steady and inviolable faith whiCh ought to be kept
with the pablic creditor. Bin althotigh the aight
Min. Gentleman rusts very wrong in his di ails
with respect to the'Sinking Fund, it was much
'ni-ore important to notice an error which that
Right Hon. Gentleman had made in summing tip
account of the Income and Expi:.
making up his account of the In'elonie, the Right
lion. Gentleman stated only that of the tritish
consolidated Fund, but in the char'ge heineladed
the whole, of the expellee of a great n'art of that
of. Ireland, to 'ibe amount of 3,000,0(;U1. Sc)' that
the Right Hon. G(hitlethan'tvaa whong in no. 1:e;a
a sem than this 3,000,000).
_flist Correct 'the •
erroneous impt.eiSlontvhich might be giveo by the
View of the stale of our finances, Which hadheen
taken by the Right Hon. Gentleman, he harts
more dysirohs of, offering a few -observations to
time House : Ist, on the balance between nut in-
come and expenditure ; 2dly, as to the debt which
'llad; been Contracted and paid off .; rind, 3div,
as to the View wh cim the Right Honourable
Gentleman bad taken of the sit ustionn ! our
• ,
resources and of the state' of Our finances Oa-
lug the last year, as compared' with that ,vnich
was to• be expected trout the present. First,
then, as to the balance 1, et ween One iticOttie
and expenditure,' it was very satiStactio•y•ro think
that during the last year, notwithstanding the
heavy disadvantages, under which the tinauces
of the country lithoured, the 'Navy Debt waa
reduced to the ix st of 1,000.0001. 'while thtit
of the Exchetpler ,was increased by exactiy
the same ammtht. In the Consolidate-11 Fund
`there h..d certainly been a consider able delieienc 1..
For tl,e lour latiartos ending sth January, 181..7,
the total amount of the deficiency in the Cosoli-
dated Fund was about 970,0001 , or perlt ale 3
might be more accurately ,dated at .1,000,0001.
"I he actual deficiency was 400,0001, to whit
to be added the arrear of the Property Tan Un-
appropriated, which made it op to the sum which
lie stated. During the year'there had been a de-
ficiency'in most of the branches of the public re-
-venue, which on sonic' branches was more,,and
un
whets, might, on-the whole be tairly calculated at
a 111.1111"Mainn of 10 percent: 011 the whole revenue.
In the CnitoMs it tuns' ae much as '2O per cent.
lin,
in
the other branches it. MO thildh less,
I niAing it on the wlitile Vilna he had stated it to
he. Ile: would lsk whether, considerihg oil the
ciretunstaisces at the last year, this defieieney
was to be wondered tit, when it wai'consideted
that, in firmer years, there,bad been a deficiency
of 10 per cent. occasioned merely. by a`bad lose,
vest ? Any 'predictions-es to 'the future pre pects
of our income were lo be made with cantion, The
Committee, about. the appointment of which the
question now was, would have an opportunity Of
acquiring into the eorrectnesi of the data nn
which he founded his ho;se, that it mink! con-
siderably increase. 'rite Righi 'Hon. ,Gentleutaia
having stated a contrary opinion, induced Won to
say this, and he said it with confidetice; though 'it
was nn opinion Which experience ntust prove or
overlie's. • With 'respect to the third 'branch,
it bee great satisfaction' to the !louse, to
know, that withstanding the diminution at
the income, which had rendered it necessary, to
anticipate the taxes by issuing Exehrquer Bills to
a very eoosiderahle amount, yet treat prngresa,
had been made tast year in the ditsainetiou of the
piddle debt, a progress much griaitel than Unties all
the circumstances of he cve conic; have beets
expected, and certainly greater t h 1.4.1 i ad felt
[druid!' las(stinmter warranted ia holding out to
the House. The diminution of the Debt which had
been effected, was larger titan had been matte in
atiy former year. The Antonia of time ptrbiic
debt paid off in this conntry was nineteen mil-
stock, atid its Ireland one million' making
toeet her 20,000 ;000 Stork, or a hoist 13,000,000 of
Money. 'Under these 'circious..'aaces it Might lia-
torsilly be supposed that the Unfuntled'Debt mu t
have heels greatly at,j;nwhied,, but he was happy
to say that studs Was not the etise. 04 the fitli
Ja'sultry, 'lBl6', the amount of outstanding
chequer I>ilis was linty-one millions and a half,
and on,the sth-,lanoary, 1817, thirty-eight
mil-
lions and a halt, be'ides six millions which the
Hank held in consequence of an •ativenee WhiLli it
Made ft') Goveraneut ; there was therefore tin iii-
crea.fe of about three millions in the ,thtflinded
Debt, but there was at the same, time a dimi-
nution ,of two nsillions of Navy Debt, and at
500;000 of Arnay Hills. So that in fact there
was ho thrust! incre'ase of the Unfoudeil Debt
in this Country. Jut Ireland the Unfunded Deht
had been increased by the issue of Once Mil-
lions 'of Excheyier'lo,l4, so that deductint; the
increa,.. of 'the Unfounded Debt its Ireland front
the decrease of the Funded I)eht in England, it
wianld appear that the ;lethal dimiuntion of the
total Debt of the United Kingdom was oboist ten
tot of stock but of money, in the counts
of the last year. This statement ironic! afford
solid grounds` of hope for the futtire, and he
thought it necessary to say thus notels,"ht order to
take ottiosy unfavourable impression made by the
speech of the Right Hots. fientleman ; hast Ire
would not 'occupy more of the dine of the Milne
st present, es many OnpOrtuoilies would occur of
going more into detail, and of laying before the
House full explanations on the subject.—(Hear,
hear, hear l) ' ' • :‘
Mr. OtteNFett.. asked whether It 'was probable
that in the eourse of the preseut year any part of
the National Debt would be paid off, mid .whe-
therit was hOpCd that the income would ,equal
the expenditnre ?
The CnANcru,ott of the EXCUillir*R- replied,
that he certainly confidently expected that -a tort.
siderabie pal t of our debt would be paid off dor-
irtg the pvt:,.,eitt year. lie had atentionedthe tinnt
paid off last year, even when there:wits' a tittioleii••
ey in the reveonc;With the view of abewing ivbat
WLis tit* hoped for during this year, The fah
rovi•ing- iiiight be assitmed as to • what. wistdd be
carried to the charge of the Unfunded Debt for,