The Sun.
London, England, 1827-06-02 00:00:00

CORN LAWS.

Lord FEVERSHAM presented a petition from an Agri-
cultural Society in Yorkshire, against the proposed altera-
tion in the Corn Laws. The petition was received as
coming from the individual who signed it. The Noble
Lord presented petitions to the same effect from a place in
the East Riding of Yorkshire; and from Pomfret.
The Earl of POWIS presented a petition from the
owners and occupiers of land in the parish of Sarum, to the
same effect.

Lord KENYON presented a petition from the graziers
of East Grinstead and Romney Marsh, praying for protee-
tion'agaimkt the importation of Foreign Wool.
The Earl of DARNLEY observed, that although the
importation of wool had been immense, the manufacturers
had not been benefitted by it, while it had inflicted a seri-
ous injury on the agricultural interests.
Lord ELLENBOROUGH presented a petition from the
Millers and Mealmen of Cahir, praying for protection hn
the proposed alteration of the Corn Laws. The Noble
Lord said that he should take an early opportunity of
asking, some questions with regard to the disposal of some
of the items included in the returns of secret service money.

Lord CARBERY presented a petition front Cork, against
any alteration in the Corn Laws. . _

The Earl of MALMESBURY said, that it would be in
the recollection of their Lordships, that be bad yesterday
given notice of his intention to ask this day some questions
respecting the importation of Foreign Wool ; but at the
present late hour, thinking it would be better that the
House should proceed with the order of the day, he would
defer asking those questions to another opportunity, and at
the same time postpone the presentation of two important
petitions which he had on the subject from the owners and
occupiers of a district of poor land in the neighbourhood of
Salisbury: but he would avail himself of this opportunity
of exempting himself, like the Noble and Learned Lord,
from the remarks of the Noble Marquis, by stating that for
the last two years he had been opposed to Lord Liverpool's
Government, on the principle of the proposed Bill.
The Earl of WESTMORLAND said he wee willing to
take his share of the responsibility in recommending the
Bill now before the House to their Lordships ; and in allu-
sion to what had occurred in a former debate on this mea-
sure, declared that he agreed with the Noble Lord oppo-
site (Lord Goderich)in all that he had urged in its favour;
at the lame time that he disagreed with the arguments
which hid been used for the same purpose by the Noble
Marquis (Lansdown). The Noble Earl was proceeding to
state his opinion on the proposed measure, when
Lord GODERICH reminded the Noble Earl that there
was no question before the House.

Lord WESTMORLAND said lie would cure that defect
by moving that the Bill be recommitted. The Noble Lord
then proceeded to argue in support of the principle of the
13i11, which he said it was necessary to settle for the benefit
of all parties: He considered the law, as it at present stood,
injurious to those who were dependent on labour fur their
support, to the cultivators of land, and to the commercial
and financial interests of the country. He wag opposed to
extremes. A writer who was a great enemy of the Cora
Laws had said, let wheat be ss. per bushel, and the com-
munity at large would be benefitted ; but if we once had
wheat at that price, lie considered that the country would
be ruined. The Noble Lord then entered into a detail of
the manner by which the agricultural interest might be in-
jured by the importation of foreign corn by a sacrifice of
capital to the extent of 10 or 20 per cent. by the import-
ers; and concluded by stating that, approving of the prin-
ciple, he should give his voice in favour of the Bill, though
lie thought a price should be fixed when the importation of
foreign corn should commence ; and when in the Com-
mittee, he should propose that that price should be 50s.—
The Noble Lord then moved that the House should resolve
itself into a Committee..

The House then resolved itself into a Committee, the
Earl of SUAFTZSBULLY in the Chair.

Lord STAN HOPE moved that the words " meal" and
" flour" be omitted from every part of the Bill.
Lord GODERICII observed,- that it was not usual to
object to the preamble of the Bill, until the clauses should
have been read.

Lord REDESDALR objeeted to the wording of the
Bill: he thought the repealing clauses should only repeal
such parts of former Acts as were not already repealed.
Lord GODERICH explained that the Act of 1816 re-
pealed all the antecedent Acts. If, therefore, that Act was
repealed, it would revive all the antecedent Acts.
Thestirst dance having now been read,

Lord GODERICH said, with reference to the amend-
ment proposed by the Noble Lord (Stanhope), that the
law as it now stood between Great Britain and Ireland,
prohibiting the importation of flour, was an act of the
Irish Parliament. That prohibition had not been altered
by the acts of 1804, 1806, 1815, or 1822, and the
amendment, if adopted, would not be beneficial to any class.
By documents which had been produced before the other
House, it had been shown, that the importation had never
amounted to any degree of importance, except when the
harvests all over Europe were bad.. In 1801, a quantity
of flour had been imported from the United States, but
the advantages derived from it, were inadequate to the risk.
If that were the result when the temptation to introduce
it was so mucl► greater, there could be now no danger from
the measure. The amendinent would only have the effect
of throwing into the hands of a few opulent millers in the
neighbourhood of town a monopoly of the Wupply of flour.
Lord ELLENBOROUGH supported the amendment el
his Noble. Friend," m an Englishnian looking to the inte-
rests of Ireland. He knelt, that there was a large capital
sunk in that country in the corn and flour trade, and he
would give Ireland a monopoly up to a certain extent, in
order to protect the capital invested in that trade.
Earl STANHOPE was at a loss te know on what prin-
ciple they could refuse the benefit to the people of that king-
dom, which they derived from the existing laws. Their
Lordships were well aware that if flour was iu a good state
it would bear the longest voyages.
The Earl of HARROWBY did not agree with the
Noble Baron (Ellenberough) in thinking, that for the
sake of the millers of Ireland, their Lordships ought to ex-
clude all foreign meal and flour from this country. He
contended that the principle of the corn laws had always
applied equally te flour as to wheat. But even were it
otherwise, he would put it to their Lordships whether
they would, particularly under present circumstances, im-
pose a prohibition on the importation of that article which
constituted the most considerable of the exports of the
United States of America, and thus :deprive thorn of the
principal means by which they were enabled to purchase
our manufactures.

The Marquis of SALISBURY supported the amend-
ment. It had always been the object of the legislature to
encourage the Irish miller.
The Earl of MALMESBURY could not agree in all
the principles advanced by his Noble Friend; but be had
no objection to giving Ireland the advantage of a prohibi-
tion. With respect to the doctrine of the Noble Earl op-
posite (Harrowby) that Aour and wheat ought to be pot
upon the same footing, it was certainly one in which he
(Lord Malmesbury) could not concur; because flour was a
manufactured article, and was therefore entitled to more
protection than wheat, which was the raw material. As
to depriving Ireland of an advantage for the sake of the
United States, that certainly was manifesting a degree of
sympathy for them "FLA they had never etinead towards

us. On the eentriry, thole liferlrlitticloktlntrf the Dia-
meter of whose eomiaevel4l4* *ran Iteore' *Aim, to the
manufacturing interests.
Lord REDESDALR inlAteel:attniteidininit, and
argued against the general 'lWlNsip);4l;the'Biti, The
tystsui on which it proceeded 'wee, thee-Vie^ fitemeter:were
not to receive a greater price for iabiar earn • thin fins.,
which sum was held to be a remunerating price. Now
in very bad seasons, that sum, so far from being a remu-
nerating pries, would bee ruinous prise to the farmer, and
therefore the principle on which the measure was grounded
failed. With respect :to ground corn, theirLordshipeshould
remember that whenever the country imported an article
in a manufactured, instead of a raw state, she threw away
an advantage which she ought to have retained to herself:
The general effect of the Bill would be to produce a con-
stant and regular importation of foreign corn, and the
British farmer would be ruined. For whenever a bad season
came, which would yield him but halfa erop,being obliged,
nevertheless, to sell this half crop at the same price as if
it produced him a whole, it was clear he must be a loser
that season; and then, not being allowed to remunerate
himself for this less, in the next season he would also be a
loser on that. The Noble Lerch went ou to contend, that
by diminishing the price of corn, the farmer was obliged
to diminish the quantity of stock ; and by diminishing his
quantity of stock, he would be rendered unable to manure
as much land as-before. Thus the operation of the Bill
would be to defeat its own object; for by throwing land
cat of cultivation, it would of necessity render corn morn
dear. With respect to Ireland, their Lordships, he thought,
were bound to afford every eneouragetnent to the cultiva-
tion of laud in that country ; for if the land there were
properly cultivated, it would produce more than double the
quantity of corn suffieient for the consumption of this
country. His Lordship, after adducing many of the argu-
ments which he had urged on a former night, cone/tided
by exhorting the House not to permit the importation of
meal and flour, as it was contrary to every principle of
sound government to admit manufactured produce into the
country.
Lord CARBERY said a few words, which, were not
distinctly heard.
Lord ELLENBOROUGH observed, that there was no
small contradiction between the statements of the Noble
Viscount (Goderish) and the Noble earl (Harrowby) op-
posite, as to the amount of flour imported from the United
States. The Noble Viscount said the quantity was very
trifling; while the Welds Marl gave the House to under-
stand that It was very great. Howeer, be it great or
small, be (Lord litllesiberoagis) was not disposed to sacrifice
the manufacture of Ireland to Shaker America,--a country,
which was certainly net she asset friendly is her disposition;
towards us. A great many Irish Lords seemed disposed to
vote for this Bill undo( • mistaken impression. They
thought that they'derived an.advaltage ender this Bill in
having a concession made tathent with respect to oats. Now
he (Lord Illlenborough) first entreated of these Noble Lords
who were connected with Ireland, not to separate the in-
terests of that country from those of England ; for whenever
they did so, they would find that, ultimately, it would
turn out to their prejudice. But did this Bill, upon the
whole, afford *am an advantage over the Bill of 18t%
It was true, that under the present Bill, when oats conti-
nued for three months at from 28s. to 29a. there would he
an advantage of 9d. over the Bill of 18%2 ; but, except
when that contingency occurred, there would be a 10111.-
131. a he entreated the people of that country to look more
to the export of wheat. He knew that jest now, oats con-
stituted a more important object with them than wheat ;
but let them look at the history of their agriculture, and
they would find that wheat was a new invention in Ireland.
It was not very long sines there was not a loaf of wheaten,
bread to be had in the opulent town of Belfast ; and those
who first attempted to sow any wheat there, were looked
upon as making a most extravagant experiment ; yet now
they produced wheat of the finest quality. He therefore
entreated the Noble Lords connected with that country to
afford every encouragement in their power to the cultiva-
tion of wheat.

After a few words frout the Earl of Wscatow, which
were wholly inaudible, the question that the words—
"meal and Bout" should continue pelt of the Bill was
agreed to without a division.
Earl BATHURST objected to the words "should at all
times." He contended that the preamble was in direct:
contradiction to the emu/ding clause; these worde ware in
contradiction to the principle of the Bill.—(Hear, hear.)—
He stated " that it was expedient that corn, &c., ghoul/ at
all times be allowed to be imported into the fruited King-
dom for consumption," upon payment of certain duties.—
Now these duties were prohibitory duties; was it common.
sense then to say, that at all times these articles should be
imported at prohibitory duties? Was it common sense to
say, that, whereas it was expedient to allow snore corn stud
flour to be admitted into this country, be it therefore
enacted that it be admitted at 101. more than the price it
bore here ? But he denied that the principle of this Bill
was prohibitory. The duties were partly prohibi-
tory, partly reetriet,ive, and partly nominal. When
the price of corn was under 60s. they were prohi-
bitory ; when it was at 655., they were restrictive ; and.
when it reached 70e., they were only nominal. Now, when.
'he fret read those words, they appeared to hint to be of
great importance, but they appeared still more so, since he
had heard the Noble Marquis who supported this Bill de-
clare that this country should be dependent on foreign na-
tions. He (Lord Bathurst) denieel that such was intended.
to be the principle of this Bill. And with respect to the
principles of free trade generally, he denied that the late.
measures of Government were founded on principlea cet:
free trade, any more than this Bill was founded on the
rinciple of a free trade in coin. It proceeded on prin-
ciples of prohibition, regulated by restrictive duties ; an/
as well might it be said that the press was free if it were
placed under the controul of a licenser, to that this trade
was free while it was eontrouled by restrictive duties. They
might as,well talk of a free press under a censorship, as of
free trade in grain under graduated duties. He concluded
by moving for the omission of the words " not at all
times."

The Earl of HARROWBY said, that the eltitt nierit
of the Bill lay in faing the prohibitory duty at such a
point as would satisfy both parties throughout the country,.

The Earl of MALNIESBURY disliked the Bill, becaesu
it was a clumsy plan of prohibition. He pointed out thc,
hazards with which the native growers were threatened by
speculations in foreign grain, and asked why the Govern-
ment should not, instead of the Bill, protest the agricul-
turists by a plain prohibitiLm. He would move the sub-
stitution of fists, instead of 60a., which was proposed as
the remunerating price, at the proper opportunity.
The Marquis of LANSDOWN said, that it was inipeti-
gaols for him to have stated, as Lad been alleged by a Noble
Earl, that it was desirable for this country to be aepeudent
upon others for a great or any considerable portion of her
grain. What he bad said was, that it was in the nature
of things that a rich country should be so dependent 011
others, and that this tendency could not be checked, with-
ous injuring the wealth of the richer country, and conse-
quently, in our case, without injuring the capital which
was to remunerate the agricultural interests. But it was..
utterly impossible for him to agree with those who thougiit
that the country ought to be wholly independent of foreign
countries for any portion of the food of the populatiouS.
He thought that it was highly desirable to get rid of the
word prohibition from our commercial code, and thotigh
there were many restraining duties which acted as prohibi-
tions, and which in the present artificial state of the affairs
of the country could not immediitely be done away, yet. it
was something to gefrid of the term prohibition.

The Marl of LAUDERDALE said that the °Meet of the
Bill won't, lower the, „prices of grain, and as high prices
argued an increased state Of enjoyment and a better remu-
neration to all the opetati.ye 'classes, low yricte were shy
thing but desirable.

Viscount GODERICH weld; that Al were justified by
the experience of a century in concluding that this country
must from time to time Ink dependent upon others for a supply
in times of scarcity. He admitted that in some sense they
must have prohibition, because, for reasons of state, the native
grower could teener be allowed to have the fall benefit of high
prices, and therefore he must be protected from the effects of
very low prices ; the supply of the food of the population
having to depend upon the agricultural classes. He had never
contended for an entirely free trade, even in other com-
munities, without paying any duties ; bet he thought it de-
sirable to modify the duties according to the reduction of
expences in mAnnfeetures, especially as many of thorns
duties had operated as prohibitions, though never intended,
to be such by the legislature. The House had only to re-
flect that many of those duties were mere exi4encies, to
which the Goveininent had been driven by the expensive
operations of the war.
Lord ELLENBOBOUGH advised thP:o Ministers would
hold several Cabinet Council', and apse upon some under.
standing of certain terms of politiel economy commonly in
use among them, such as those of prohibition and free trade.
He thought that the view held out by the Noble Marquis
(Lansdown) and those who acted with him, was the most
dangerous and mischievous that could be entertained by any
government. They argued only as to what was proper to be
done in a rich oountry to increase tie national wealth. But
were there eo other considerations besides wealth in the
practice of government ? country was an agricultural
as well as a commercial country. Great and superior wealth
did not imply national strength. Let their Lordships look
at the growth of mercantile wealth in this country. lied
the happiness and morals of the people been increased
Had they not rather increaled in Rimy and 'rime beyond

the proportion of their increased numbers? A wise go-
vernment should no more devote all its energies to the in-
crease of wealth than a wise man. He preferred either of
the Bills of 1815 or 1822 to this, which he declared to
be an anomaly in the law. There was no article in the
custom-house that was subjected to such regulations—
It was impossible ever_to effect a tree trade in corn, and it
was absurd to talk of putting food upon the same-footing
as commodities which were not of prime necessity. Above
all, be must contend against treating the interests of this
country as a question of mere commercial policy, when all
the proceeds of trade and commerce taken together formed
but a small amoont in comparison ' with the as. ount and
value of agricultural produce. The Noble Marquis had
said, that the country ought to be, or must be, depen-
dent upon others foe some portion of the supply. What
portion would the Noble Marquis name as that which
it was desirable under the present arrangements of capi-
tal for the country to draw from abroad? The country
could not prosper when the prices of grain were very low.
The Noble Lord went on to object to the affixing a maxi-
mum to the price of corn in England, and especially to the
fixing it at such a point as must be below a remunerating
price in seasons of scarcity. If the price of corn was not to
rise when the crop was deficient, how was it possible for
the farmer to be paid? Ile was perfectly ready to call into
immediate action the Bill of 1522, and even to attach a gra-
duated scale of duties to that Bill. Or he would make an
alteration in the importation price of 70e., fixed by that
Bill. But to the Bill before the House he was decidedly
Ilium. The former Bills had been bills of compromise
between the two interests, which were supposed to be op-
posed to each other ; but the present Bill was one of capi-
tulation, and it should never have his consent. He saw
no reason for departing from the provisions of the Bill 'of
1922, unless it were to introduce some measure of increased
protection rather to the agriculturiso. The price of goldin
1822, when that Bill was passed, bad been below the Mint
price. The distress of the country had been greater in 1822
than it was at present. The only difference was, that the agri-
culture of the country required more proteetion now, be-
c ruse it had been longer in a state of depression ; and yet
here was a call at once upon the landed interest to reduce
their corn 109. a quarter. The Noble Lord -sat down by
proposing an amendment, founded upon the Bill of 1815 ;
the effect of which he said, would be to substitute an
actual prohibition for the system of apparent prohibitory
-duty set up by the-Present measure.
Lord Viscount GODERICH was desirous to know to
what price the Noble Lord's scheme of prohibition was
meant to extend.
Lord ELLENBOROUGH said, that if the House sanc-
tioned the principle of his amendment, the question of price
could be settled afterwards.
The House then divided, when the numbers were—
For the Amendment
Against it

Majority for the —44.
On our re-admission we foutid
Lord FARNHAM on hit legs, contending that the
averages struck ought to include the prices of. Ireland ; at
present they extended. to Great Britain only.
Lord GODERICH, said, that the Act empowered his
Majesty •to make additions at his pleasure to the ports at
which .the avesages4weror directed to be struck.
Lord ELLEN-BOROUGH supported the extension .of
the averages tOlrelamt. •
Earl STANHOPE contended that it was fit that She
whole matter eotineetM with the bill should he brought-b -
fore the house irt once.
The-Eaa of LAUDERDALE said that the .inconveni-
ence of not placing the circumstances of the Bill all before
the House at once were very great. There was a Bill sOll
pending in the otter /louse upon the averages ; and if dirt
happened to be tbrown out, all-the labour of their Lord-
ships so far would be thrown away. The Noble Efirl
farther objected to the manner which had been used, and,
under the provisions of the Bill, was to be continued to IR
used, of striking the averages.
The Earl of HARROWBY thought that, as the present
Bill was framed with some sort of reference to the effect of
the former Bills, it would be most convenient that the
averages should continue to be taken under it in the same
way as under the,fOrmer .Bills they had been taken.

The_Bishop of BATH and, .WELLS opposed the prin-
ciple of the Bill the-effect of which, he said, must be to
'throw the light Wads, of tho-eountry out of cultivation, and
to crowd thetpostsboststs-Witis-'oue peasantry.
Lord MAIIIIIESTRTRir thoutht that the calculation of
the averages ouglreittliiei,*le'tli'prices in Ireland.
Lord GODERICILiaid that there could be no difficulty
in. point of form, to die House- introducing the average of
Irish cortt"specifieally into the Bill, or in adding to the
ports already named for the ,Cart..illation of the averages
some pert oeportsin Ireland.
-It was then agreed that the average should stand gene-
rally—L., Thei,ayerage of corn in, the market, made up
by law;" the word " *itiahl.being omitted. ;
Lord ROSSLYN proposed an amendment, imposing
certain restrictions under the warehousing system, which
was ,opposed by Lords Goderich, Harrowby, and Lens-
. _ _ _

down, and supported by Lords Lauderdale, Ellenborough,
and Reclesdale. Their Lordships were then about to divide
when-r

The Duke of WELLINGTON objected to the clause
proposed by the Noble Lord .(Rosslyn); because he should
always feel disinclined to place the warehousing system-4
system in which property to a considerable amount was
embarked—on any other than a secure foundation.—
Having attended the committee on the corn trade, and
having carefully read over the evidence taken before that
• committee, it appeared to him absolutely necessary that the
-warehousing system should not be made a vehicle of fraud,
by means of taking averages.—(Hear.)—He had reason to
believe that his Noble Friend (Lord Goderich) would not
be indisposed to accede to another measure which he (the
"Duke of Wellington) intended to propose to the committee
measure which would have the double effect of placing
the warehousing system on a secure footing, and remedy
any frauds which might occur in the averages. He should
therefore oppose the clause of the Noble Lord (Rosalyn),
and propose, by way of amendment, that " foreign corn in
bond should not be taken out of bond until the average
price of corn shall have reached 66s:"—(Hear.)
Lord GODERICII said that his Noble Friend (the Duke
of Wellington) had very much misunderstood lam, if lie
supposed that he (Lord Goderich) had ever expressedidiri-
self in favour of this clause. The fact was quite the "re-
verse; for he was of opinion that if the clause of the Noble
Puke were adopted, its introduction must, as a necessary
consequence; lead to the rejection of the Bill altogether.—
(Cries of " No, ' no," add laughter, from the Opposition
benches.) He (Lord Goderich) was somewhat at a loss tb
-'know what Noble Lords alluded to by these expressions Jf
their merriment ; but this much he would say, that thosle
Noble Lords should not laugh him'out of his opinions. lie
felt it his duty to oppoie the amendment of the Noble
DUke, because he felt that-it was at direct variance with the
principles of the Bill, and would tend at once to encourage
'that prohibition which the Bill removed. It was some-
what singular that his Noble Friend, who had ample oppoe-
tunities, should not have discovered the imperfections of this
• Bill until the present occasion.—(Hear, hear.)
'The Duke of WELLINGTON explained. He had never
been a party to the framing of the Bill, which he never saw
until printed ; and he had supported its general principles
for the good of the country, but without. pledging himself to
':',s,upport all its clauses. ,
Lord GODERICH said he wished to stand fairly with
' *•.; IllsTonle Friend. Re adeistia his clause to be
- that no cova in bond in warehouse or on ship-hoard should
be taken out of bond until the average price of corn
amounted to 665.
The Duke of WELLINGTON expressed his assent, and
addxl a few words in explanation, which were totally in-
audible below the bar.
Lord ROSSLYN was understood to withdraw his
Amendment.

Strangers were then ordered to withdraw, and soon after
the-result of 'the division to which their Lordships had
come to was announced by the loud cheers of that side of
the House in favour of which it bad taken place. Their
'Lordships continued in debate for some time after, and
when the doors were again opened, we found the numbers
to be as follows:
For the Amendment 7B
• Against it 74
Majority

Lord DAC3E proposed, as an amendment, that the
period for taking the averages should be extended over a
period of six weeks ii:stead of one.
Lord GODERICII said, that with respect to the Noble
Lord's proposition, it had always appeared to hitu that it
should be decided by the pract►cal opinions of those beat
acquainted with the subject. A great deal might be said
in favour of the clause as it now stood in another place;
the preponderance of opinion was in favour of the Bill in its
present state, but it was not a point on which he should
set his own opinion against that of others; he had, there-
fore, nonbjection to the amendment.
Other Aniendments having been agreed to,
The Earl of MALMESBURY observed, that it being
a late hour, he thought it would be better to adjourn the
further consideration of the Bill. •
Lord GODERICH was very glad to adopt the ougges-

tion of the Noble Earl, and the further consideration of
the Bill was fixed for Wednesday.
The House adjourned at Half-past Twelve, till `Wednesday

HOUSE OF COMMONS, FRIDAY, JuNx I.

At as early an hour as two o'clock this day the
gallery of the House was filled, and all the avenues
leading to it were crowded. So great was the in-
terest excited by the expectation of the Chancellor
of the Exchequer's financial statement, that several
Members posted their names in the body of the
House, for the purpose of securing places.
The Speaker entered the House a few minutes
before four o'clock, and the House immediately pro-
ceeded to business.
EDINBURGH OIL GAS COMPANY.
Mr. W. DUNDAS brought up the Report of the
Committee on the Edinburgh Gas Company.

Mr. HUME said that, in 1824., a compact was
entered into between the Edinburgh Oil Gas
Company and the Edinburgh Coal Gas Com-
pany, that the one should not make gas
from oil, nor the other from coal. After a while
the Oil Gas Company found that the arrangement
they had made was not profitable, and they called
upon the House to sanction a breach of contract, and
to permit them to make gas from coal. Qt► these
grounds he opposed the Bill, and moved that the re-
port be taken into further consideration this day three
months.

Mr. W. DUNDAS defended the object of the
proposed Bill.
Sir R. FERGUSSON said, his Hon. Friend
(Mr. Dundas) was like him (Sir R. Fergusson), a
Proprietor of the Coal Gas Company ; and, therefore,
he thought neither of them had a right to vote.—
(A laugh.)
Mr. W. DUNDAS said, he certainly had a 1001.
share in the Coal Gas Company, which yielded
71. 10s. a-year, and he hoped this would not be
"thought to disqualify him.
Mr. ABERCROMBIE supported the Bill.
-Mr.-BRIGHT thought it was a breach of faith
to introduce the present Bill, and if there was faith
or fairness in this fiouse the Bill ought to be re-
jected.
Mr. LITTLETON spoke on the same side.

After some observations from. Mr. Joss, Sir J.
FoßsEs,and other Hon. Members, the House divided.

For Mr. Hume's Amendment
Against it
Majority
A Message from the Lords announced their
Lordships' assent to several private Bills.

' WHITSUNTIDE HOLIDAYS.
• 'Upcs.ll the motion of Mr. CANNING it was
reinlved that the House, at its rising, should adjourn
to Wednesday next.
Upon the motion of Mr. CANNING the trouse
then resolved into a Committee of Supply,

The SPEAKER then left the Chair.
THE BUDGET.

Mr. CANNING addresSed the House to the
following effect :—The task which it is this day my
duty to perform, difficult as it must be at any time
to a person called for the first time to perform it,
is certainly not less so by the consideration that
the picture of the financial state of the country
which I have to bring forward is not one of unqua-
lified prosperity. Undoubtedly a complexion is thrown
over the whole of it by the dark spots of particular
parts, which has made a deeper impression than is
perhaps warranted in this House and the country ;
and it is a consolation, that the nearer one ap-
proaches, and the more accurately one looks into it,
there is the more ground to hope that that complexion
has been, in the opinion of the public, exaggerated;
and, if it has, as it is impossible to suppose it has
not, there are and will be, nevertheless. the means and
determination to repair it. Sir, the financial situa-
tion of the country is undoubtedly one which requires
to be looked at with a steady and scrutinizing eye,
but in proportion as that scrutiny is accurate and
steady I am happy to say that it will be the justifica-
tion of hopes that the reparation is neither difficult
nor remote.—(Cheers.)—Sir, without further pre-
face, as a proof of the sincerity with which I. mean
to deal with this subject, I shall proceed to state, in
the first instance, what was our precise financial
situation at the end of the past year; secondly,
to combine and compare, as has been the habit of
my Noble Friend, my predecessor in this place,
that one year with several years preceding;
and lastly, to•suggest the provision for the present
year, and to state the grounds on which I think
myself authorized to look forward with encourage-
ment to the future. Sir, in stating the first and second
of these heads, namely, our situation at the end of
the last financial year, andour situation at the end of
that year,combined with the year preceding, I shall pro-
duce papers, which I am sure every gentleman who may
look at them, will be able to verify and compare.
With respect to the third head, the present and
the future, I can only again appeal to the
manifestation I have given, of the sincerity with
which I mean to treat this subject, in ab-
staining from further comment, merely stating
that it is not my intention either to keep
back any thing that ought to be brought for-
ward, or to state any thing unnecessarily; and I can
assure the House at least, that I shall press no opinion
upon them which I do not honestly and sincerely enter-
tain myself.—(Hear.)--Sir, to begin with the first
head to which I have called the attention of
the House—the state of our finances, at the
end of the year 1826. At the end of that
year, after balancing the income and expenditure of
the year, there remained a surplus towards defray-
ing the Sinking Fund of only one million. The
amount.applicable to the Sinking Fund of that
year, was five millions five hundred thousand
pounds; there was, therefore, an apparent deficit
of four millions five hundred thousand pounds.-
I state this amount, because from that deficit are
to be deducted two sums which considerably
reduce it. The first of these sums; is the aggre-
gate of the advances made from the Exchequer, under
several Acts of Parliament, either for public works
in Great Britain and Ireland, or for the pur-
Chase of beneficial interests, which are not
only likely but certain to make a more
than adequate return. It is quite obvious,
that money laid out in this manner, and for which
the claims are available and outstanding, is not to be
fairly placed to the expenditure of any particular
year.—(Hear.)—Those expenses occurred upon a
balance which took place in the preceding year, to
the amount of twelve hundred thousand pounds.
The particulars of those advances, I think I may
spare the time of the House, by not detailing the
papers which would be unnecessary, for every
Gentleman has access to them, and by a reference to
which he may immediately satisfy himself if he
doubts my word. To this was to be added the
circumstance, that in the course - of the year
1826, over-payments, or payments for expenses
not incurred in either years, but defrayed in
that year, occurred to the amount of twelie
hundred thousand pounds; that also is to' be

found in a specific paper. Those two sums
of twelve hundred thousand voUnda each deduct-
ed from the 4,500,0001., which I have stated
as the deficiency of the year, has left a clear defi-
ciency of 2,100,0001., including the payment to be
made by law on account of the Sinking Fund.
Such, Sir, was the state of our finances at the
end of the year; but before we take that as the
measure of the financial ability—still more as a
proof of the financial ability of the country—
it will be most fit and pro,* to refer to
that process which I have 'Said my Noble
Friend referred to, that of combining the par-
ticular year with the preceding year, and draw-
ing an average upon the whole, and an inference
from the aggregate amount. Sir, it is just four
years since the Sinking Fund was placed in its present
more simple form ; those four years, therefore,
naturally formed the period which it is proper to
combine, in order to arrive at a general result.—
Taking those four years combined, the total income of
the country in those four years at two hundred and
twenty nine millions and a fraction—say, in round
numbers 230,000,000 the expenditure of those
four years taken together, exclusive of the Sink-
ing Fund, was,—say for the purpose of dealing rith
it more easily, 210,000,000 the surplus which
which remained towards defraying the Sinking
Fund for those • four years, we will say was
twenty millioni. - The total aggregate income
of the four years something under two hundred
and thirty millions, -the total expenditure some-
thing under two hundred and ten millions, and
the surplus remaining towards, the Sinking
Fund, a trifle under , twenty millions. The
45a aim of the sinking fund for these four years was
21 millions and a quarter, leaving an apparent deficit for
the four years in the whole expenditure of the country of
1,265,0001.; but against this deficiency, and the committee
would see that it deserved that character, was to be placed
the amount of the sums . advanced by the Exchequer for
,the,carrying on of the public:works, for valuable purchases
made, oa account of the ustion,,, and which the public now
possessed, as a security fur the money expended on them.
It would therefore be manifestly unjust to consider the
2,400,0001. so advanced by the Exchequer, and re-
payable, as part of the actual expenditure ; deduct-
ing therefore the apparent deficiency of 1,265,000/.
from the 2,400,0001., there •remains a real surplus of
1,100,000!. for the year, after defraying all the expendi-
ture of the country.-7-(Rear, hear.) I now proceed to
state the income of the present year. The estimated Re-
ceipts of 1827, founded on the actual Receipts of 1826,
amount to 54,600,000 T. The estimated Expenditure of
18.27, exclusive of Sink Fund, 51,700,0001. Add Sink-
ing Fund to Expenditure, and the account will stand thus:—
Expenditure
Sinking Fund 5,700,000

Total - £57,464,000
Leaving thus, I am sorry to say, a deficiency to be provided
for in 1827, somewhat above 2,100,0007. Before I come
to the statement of the present year, I wish to state the
result of the Revenue of the last four years, supposing the
data on which I proceed to be as accurate as those to which
I have already referred. Income of the last four years,
viz. 1823, 24, 25, and
26, exclusive of Advances and Repay-
menu ,
Estimated Income of 182'7 54,600,000

Total . £282,600,000
In adding the Income of the present year, I have omitted
(as has been admitted), in the calculation of the preceding
years, the amount arising from adVances- and repayments,
and also so much of it as arose front grants and loans.. The
estimated. Income of 1827 being' thus 54,600,0001., awl
the estimated amount of that of the last four years giving a
sum total of 242;60;0001., it remains next to consider the
Expenditure of these four years, as i:orupared with the
Estimated Expenditure of the present year: . ,
Expenditure of 1823, 24, 25, and 26
Estimated, Expenditure of 1627 51,810,000

Sum total £257,477,000
Leaving thereby .a surplus in the aggregate amount of the
Income and Expenditure of the last five years of 26,000,000/.
and something more.
Surplus Srnkirig Fund, by law; iu
1823, 24, 25, and 26 • .-X1,22.7,1765

Ditto of 1W1:7
26,927,765

Deficiency of Income, in the 5 rears, to meet - -
the Sinking Fund required by law X1,1304,765

This is the deficiency, as it were, by law,l laid on the
Sinking Fund for a space Spread over five years, for which
we were left to provide- out ''Of our- present resources.,
Now, Sir, from this retrospective consideration from the
commencement of 1823 up to the end of the present year,
it appears that the deficiency is something under 2,000,0001.,
which, on a revenue of nearly 300,000,000/. spread over
five years, is not a deficiency to which I will not even
say the House of Commons "should be reconciled, but
which is much smaller than my apprehensions led me
to anticipate, and much less than the House and the
country generally conceived it to be.—(Hear, hear.)--
I am aware it may be said that there is a fallacy which
pervades the whole of this statement, arising out of that
circumstance, which is familiarly designated, and ge-
nerally named, the Dead Weight, but I think that -it
is an entire mistake to consider that the operation
of the dead weight can have the effect of falsifying this ac-
count. I ant willing to accede that the system has its
faults—that it has the effect of complicating and obscuring
our financial statements—(hear, hear,)—but I believe that
on this account more blaMe has been attached to it than
really belongs to it, and in respect to this particular account
I contend, that it is an advantage mad a benefit to
the country. The contribution from the Commis-
sioners, of Naval and Military Pensions within the
last four years, amounted to 7,600,000/. But, Gen-
tlemen must not forget, that when that contribution, was
established, no less than two millions of taxes were annually
repealed ; and before it is supposed that the. Dead Weight
produces an exaggerated account of the National income,
Hon. Gentlemen must consider what amount of taxes
was repealed only because this contribution was unposed.
As I said before, nearly two millions of taxes per annum
were repealed, and in the same period in which the dead
weight produced the contribution of '7,600,000/., those
taxes, if unrepealed, would have produced no less than
8,200,000/. So far from the amount of the income,
therefore, being unfairly swelled on one • side, the
fact is, that that side loses 600,000/. by the dead weight.
I do not `mean to contest that the dead weight does not
produce obscurity ; but as to the charges of
swelling and inflaming the income of the country,l
it is perfectly guiltless. In fact, as I said before,
' the income of the country would appear to be
600,0001. greater than it is now, if it were not
for the Dead Weight. The continuance of those
taxes if not repealed too, would leave a balance against the
country of from 800,000/. to 1,200,000/. I repeat
that this is not the opportunity to enter into the merits or
demerits of the dead weight; I admit its faults, and
frankly own that I was ignorant of its merits until I had
occasion to examine into it. I believe too, that many
other Hon. Gentlemen have the same impression which I
had, and which impression will be removed by ex-
amination. I contend that the country has received
substantial benefits, and when we come to consider
the question with the Bank, whilst we calculate how
much we shall gain, by simplifying our National
accounts, and being enabled as it were, fairly to look
our difficulties in the face, we must not forget that the
price which must be paid for those advantages, is our tak-
ing up again a part of that burden, we had laid
down, and from which we ,have been, relieved during
a period of four years. More benefit will be derived

from waiting for that time, than from prematurely adopt-
ing any iWeePitig Measure now. I forbear from giving
any pledge upon this subject, further than this, and it is
all that the House can expect, or the Government can do.
(Hear.)—The Committee will not fail to perceive, that in
all I have stated I have assumed the fact of the existence
of a Sinking Fund, or of some fund by whatever
name it is "called, which will have' the effect of pre-
serving our national fame, and prove a national benefit.
I assume the existence of a fond which will enable us to
meet any sudden financial difficulty or any unforeseen
public exigency. The present year affords an illustration
of all that I mean. During the present year we had a
sudden falling off in the Revenue, and a foreign exigency
coming upon us unawares; and I would ask, what
would become of us if we were that country which
should square its income and expenditure so exactly
as not to be able to meet- the call which must ne-
cessarily be made in the event of those emergencies to which
I have alluded.—(Cheers. )_I do not now inquire what
amount of surplus revenue would meet such casualties,
But if I might be allowed to give an opinion on such a
subject, judging from experience, I should say, that it
would require a proportion of
.five millions out of fifty.
In this particular I am mahr stating my impression
to the House, and not by any means my deeided con-
viction. But, for the present year, the question which
arises, and which the Committee have to decide is whether
the deficiency which -I have stated in round numbers at
three millions, and which there appears every prospect of
being less at the end of the year, is to be made provision
for by extraordinary means, by imposing new taxes, or
whether we should take credit on the Consolidated
Fund, and not decide fully upon making up the
deficiency, and meeting our difficulties until the year
1827 is ended. .The question is, therefore, whether
the amount of Exchequer Bills now out, is such as
would bear the effect of this hypothetical action ; or whether
the amount in circulation, and their price, is such as
that it would be dangerous to admit the attempt. This may
be known by considering their present price. Exchequer.
Bill!, are now. at a premium of 50e. on the 1001., and
it is well ,known that they bear a small interest. From
the price, therefore, we cannot conclude that there is an
overstocked market. The whOle amount of Exchequer
Bills outstanding is 23,800,0001. supposing us even
to go on at the rate we have for the four months
past, supposing all the accounts we have receiv-
ed, I will not say of the reviving prosperity, but
I may say of the reviving activity in manufactures. and
commerce, prove fallacious, taking things at the worst,
the COmmittee will agree with me that the utmost to which
the amount of outstanding Exchequer Bills can extend
at the expiration of the present year will he twenty six
millions, seven hundred thousand pounds. Without
taking any thing of the prophet on myself, however,
and only consider ing the accounts which come from all
parts of the country, I do not think I can be considered
too sanguine when I suppose that there will be an accele•
rated ratio of revenue during the rest of the year...
But, supposing that we were to rely solely upon those re-
sources, calculating at the same rate for the remainder of
the year, as for the portion already passed, even then there
would be a lesser quantity of Exchequer Bills outstanding,
than had ever been outstanding before within the last
twenty years,--not as to the quantity actually in circula-
tion, but as to that quantity if added to the deficiency of
the present year. I also beg to call the attention of
the Committee to the 26,000,000 of Exchequer Bills
now outstanding; one-fifth is of a different nature
from the remaining four fifths, and from Exchequer Bills
in general. The aggregate of these were advances made
by Government, and now due to them to the amount of
five millions. These were represented by the different
public works, which, might be consi3c.ed as available, and
convertible securities. This would reduce the amount of
Exchequer Bills, even taking the most unfavourable view,
so that including the deficiency of the present year,
they weald Kinnunkil 21,009,0004 only is circulation,
which is lesS than had ever been outstanding during the
last 20 years.. UnAertheme circumstances I put it to the
committee, whether it wilibe better to run the serious risk of
defraying the expenditure to be provided for by an addition
to the Exchequer tilts; ';twill be for them to compare
the result. of such,,a proceeding with the effect which
might ~be presumed to_ follow any other mode. For my
own part, A•aip strongly inclined to that method to
which I —first -alluded. The state of the couutry is
now hopeful( ; its prosperity cannot be consider-
ed as completely, confined, but I trust that it is
proceeding to return gradually to its former power
and security. That it will attain it. I have no
doubt, provided nothing extraordinary occurs ; and
provided also, that it i* not haMpered by any thing which
can divert the"course we which it has already entered.
I state, Sir, that we have an improving revenue; but I am
not so sanguine as to imagine that we can overtake the de-
ficiency which has occurred ; but it will be wise, neverthe-
len, to wait its realization or disappointment before
we decide what other course is to be adopted.
Sir, if I had to decide whether I should take a course like
this without having the advantage of previously stating it
to Parliament, I should :have felt the responsibility too
great ; but, having that opportunity, and because
I have nothing to keep secret or concealed—nothing to
keep back, I have the courage to say that to wait and to
expect is ,better than to be premature and precipitate. I
have thus far stated the general principles on which I think
it expedient and wise to proceed, rather than enter into any
complicated accounts, or multiplied details, which may only
add to the complication, and which belong to a department
in which, lam free to admit, my experience is not very
great.—( Hear, hear.)—My object has been to put forward
the principles upon which I propose to proceed, in as con-
spicuous a way, as I wish. the course to be pursued to he
clear and satisfactory. It only remains for me to state the
Supplies for this yeaer--
Army £8,194,000
Navy 6,125,000
Ordnance
Miscellaneous 2,275,000
Interest on Exchequer Bills 650,000
—18,892,000
The vote of 500,000/.. was rendered requisite on account of
our troops in Portugal. The Right Hon. Gentleman then
proceeded to state, that, besides the vote of credit, the ac-
counts on the Table state an excess in the Ways and Means
of last year over the supply of £BOO,OOO
Vote of credit

51,764,000
Sinking Fund

Total Expenditure 57,464,000

Deficiency to be provided for in 1827 £2,864,000
Military and Naval Pensions 455,000
Debt from the Eaet India Company & Military
Exper;rea.

Duties on Sugar 30,000
Having proposed to provide for these charges on the Con-
solidated Fund, the Right Honourable Gentleman pro-
ceeded :—From what I have stated, it is for the Committee
to decide, under the circumstances of the country, whether
we shall go on through the present year, not in ignorance,
but with a full knowledge of our situation, and abstain
from a change until we await the growing effects of our
present prospects of prosperity, rather than hastily press
forward to that question of financial consideration which
stands for next year, with a risk before us of deranging our
present accounts, without knowing the possible effects of
that derangement. In the supplies of last year there is an
increase, beyond the estimated charge, of 800,0001. This
increase arose from certain charges on account of Army
Extraordivaries, and on account of the Vete of Credit for
Portugal. I know it will be urged that it is desirable to
bring us back to a fixed and certain expenditure. As to
this, or any precise limit, or any future measure, I forbear
from making any promises ; and for this reason, that I
have always observed that promises of this kind are always
exaggerated by those to whom they are made, and because,
as more is expected than is held out, they generally end in
diSappointnient. All I can say on the part of Government
is, that Ministers are disposed and determined to apply
their best efforts ; and that they have revolted to take the
House into Counsel on the subject. This is all that, in
the circumstances of the country, the House can expect, or
the Government can do.—(Cheers.)—ln its present state,
we should not even aid the country, but leave it to its na-
tural course, and before the gdoptien of goy new, unainge,

wait until the prosperity of the nation was more unequi-
vocal.—(Hear, hear.)—l have a confident hope that the
prosperity which has commenced will continue to increase--
that hope I found on a knowledge and reliance of its in-
trinsic energies—of its ascertained, though not now put
forth power, rather than on any particular circumstances
which might, in the statement, lead into minute and de-
tailed explanation.—(Cheers.)—Before I sit down I will,
with the permission of the House, read an extract from an
eminent authority, in support of the propriety and efficacy
of the principles on which I have professed and avowed my
reliance. " But there is still another cause, even more sa-
tisfactory than these, because it is of a still more extensive
and permanent nature—that constant accumulation of Ca-
pital, that continual tendency to increase the operation is
universally seen in a greater or lees proportion, whenever it
is not obstructed by some public calamity, or by some mis-
taken and mischievous policy, but which must be conspi-
cuous and rapid indeed in any country which has at once
arrived at an advanced state of commercial prosperity.
—Simple and obvious as this principle is, and felt
and observed as it must have been, iu a greater or less de-
gree, even from the earliest periods, I doubt whether it has
ever been fully developed and sufficiently explained, but in
the writings of an author of our times, now unfortunately
no more (I mean the Author of a celebrated Treatise on
the Wealth of Nations), whose extensive knowledge of de-
tail, and depth of philosophical research, will, I believe,
furnish the best solution to every question connected with
the history of commerce, or with the systems of political
economy. This accumulation of capital arises from the
continual application of a part, at least, of the profit oh-
tained - in each year, to increase the total amount of capital
to he employed in a similar manner, and with continued
profit, in the year following. The great mass of the pro-
perty of the nation is thus constantly increasing at com-
pound interest, the progress of which in any considerable
period, is what at first view would appear incredible.
Great as have been the effects of this cause already, they
must be greater in future ; for its powers are augmented in
proportion as they are exerted. It acts with a velocity
continually accelerated, with a force continually increased.
It may indeed, as we have ourselves experienced, be check-
ed or retarded by particular circumstances—it may for a
time be interrupted, or even overpowered ; but, where
there is a fund of productive labour and' active industry, it
can nevor be totally extinguished. In the season of the
severest calamity and distress, its operations will still
counteract and diminish their effects; in the first re •
turning interval of prosperity, it will be active to repair
them; If we look to a period, like- the present, of conti;-
:Med tranquillity, the difficulty will be to imagine limits to
its operation. None can be found while there exists at
home any one object of skill or industry short of its utmost
-possible perfection—one spot of ground in the country
capable of 'higher cultivation and' improvement ; or while
there remains abroad any new market that can be explored
or any existing market that can he extended. From the
intercourse of commerce, it will in some measure partici-
pate in the growth of other nations—in all the possible
varieties of their situations. The rude wants of countries
emerging from barbarism, and the artificial and increasing
demands of luxury and refinement, will equally open new
sources of treasure and new fields of exertion, in every
state of society, and in the remotest quarters of the globe.
It is this principle which, I believe, according to the uni-
form result of history and experience, maintains, on the
whole—in spite of the vicissitudes of fortune, and the die-
asters of empires--t continued course of successive im-
provement in the general order of the world." These are
the words of Mr. Pitt. Adam Smith is the authority cited.
Let those who regard the application of philosophy to po-
litics as innovation, go back with me to the principles
avowed in this House by Mr. Pitt In 1792.—(Cheers.)--
I now speak them from my mouth—l adopt them as my
principles—l proclaim them to Parliament as the guide
soil pular star of my political course."--(The Right Hou.
Gentleman sat down amid loud and continued cheers.)
Mr. HUME observed, that the Right Hon. Gentleman
had taken a very extensive view of the condition of the
country ; and had very properly concluded it by admitting,
what indeed it would have been impossible to escape from
admitting, that there was a considerable deficiency in the
income of the country as compared with its expenditure.
The Right Hon. Gentleman had added, that that was a
circumstance which did not create in his mind any despon-
dency. hi that sentiment he (Mr. Hume) so far agreed
with the Right Hon. Gentleman, that he was persuaded
we might call out resources, and make efforts commensurate
with any difficulties which we might be required to meet.
The great difference of opinion between the Right Hon.
Gentleman
,and himself was on the question whether, after
the experience of eleven or twelve years' peace, we were
now to go on for another year cherishing those delusive
expectations by which we had hitherto 'been deceived.
Year after year, since the termination of the Isar, the
House had been assured that the prosperity of the country
was increasing ; and year after year had that assurance
been falsified by the event. Going back to one of the
periOds to which the Right Hon.,Gentleman bad adverted,
the year 1792, let the House look at the difference between
the financial condition of the country at that period, and
its financial condition at the present moment. In 1792,
the debt was only 223,000,0001. ; it was now above
500,000,0001. In 1792 the whole revenue was
16,000,060/. ; it was now 69,600,000/. Under such
circumstances, could the House possibly feel justified
in allowing another year to pass, with an avowed de-
falcation in the Revenue, and make no effort to arrest
the evil ? He would only say, that if the House, with
the knowledge upon the subject which it now pos-
sessed, were as regardless of the interests of the
country as to, take no immediate step with respect to
it, it would grossly fail in its duty. The intended ap-
pointment of a Committee of Finance in the next Ses.
sion was dwelt upon by come Hon. Members ; but it ought
to be recollected, that if the House were to set about the
task immediately, they might make a beneficial reduc-
tion in our expenditure, while, on the; other hand, a de-
lay until the next Session would have the effect of unne-
cessarily adding three or four millions more to our debt.—
The Right Hon. Gentleman had favoured the-House with
a quotation from Adam Smith ; . and on that foundation
had built
.a flattering prospect of increasing prosperity in
the years to come. To him (Mr. Hume) such suppositions
scented to be merely castles in the air, well calculated to
anwee for the moment; but having no foundation whatever
in the reality of things. Whet was the declaration that had
been candidly made by the Right Hon. Gent. ? That after
twelve years of peace, during which time we had been com-
pelled to borrow money every year, whenever the loan
from the Bank stopped, they must make up their minds
either to have recourse to a loan or to lay on new taxes.—
Was it possible, after such a statement as that, that the
House could allow his Majesty's Government to go on
with the unexampled expenditure which had been hitherto
permitted.? Instead of taking the more fair and manly course
which so obviously presented itself, the Right Hon. Gent.
had said, that we must be prepared to meet our difficulties
at the end of another year. What prevented us from en-
deavouring to meet our. difficulties instantly ? But the
Right Hon. Gentleman, it seemed, calculated on a great in-
crease in our productive wealth, resulting from a longseon-
tinned peace—from the opening of trade with new coun-
tries, and from the benefits derived from employing the
profits derived from our existing capital. How could the
Right lion. Gentleman thus shut his eyes to the facts of the
case? Let him look at the state of the Shipping Interests;
(lid they hold out any expectation of a realization of his
anticipations? Again, what was the state of our Manufac-
turing interests ? 'Was thereon lion. Gentleman in that
House, acquainted with the condition of the manufacturing
districts, who would say, that it was probable the profits
of manufactures would accumulate, as the Right Hon.
Gentleman anticipated, to capital ? Look to any other mer-
cantile interest, and the same appearances would present
themselves. The Right Hon. Gentleman argued, that
the credit , of the country was high, because the funds
were high; lite (Mr. liume'e) argument was directly the
reverse ; and he would ask any commercial man in the
House if his argument was not the better founded. The Rt.
Hon. Gent. supposed that there would soon be increasing
demands upon our commercial productions which must have
a beneficial effect on the revenue. . Whence were those
demands to proceed? From the reduced income of every
member of the community at home, except the per-
sons who lived on the taxes, or from other countries? So
far from their being any well-grounded expectation of in-
creased demand from either quarter, the probability was
that the demand would be diminished. He should be glad
to hear in what particular branches of our commerce or
manufactures the Right Hon. Gentleman expected that that
demand would manifest itself. The general interests of
the-country, whether shipping, manufacturing, er com-
mercial, were in such a state that it was impossible they
could long hold out under their present pressure. No one
could deny:this. If we !net a man staggering along with
a great weight to which his strength was evidently unequal,
ought we to say, " 0 ! let hiin go on;. he will make his
way ;" or would not humanity rather dictate that we should
endeavour to relieve hint from a portion of his burden ?
He (Mr. Hume) must once more protest against our large
and extravagant establishments. Instead of having been
diminished, they were actually larger than last. year, by
the sum of 890,000/. Although the Right Hon. Gen-
tleman had not ventured to take the course which some of
his predecessors had taken under similar circumstances,
~although he did not talk of our being in a cowl-
raßnding
.situation, of otir. being on: a high eminence
from which wo lodod dtml with F•onecipao opeciarity

on the rest of the world (not one of all
flourishing statements bid ever been founded in truss'
verified by events), he spoke of the public credit as tlitt
which he principally depended. He (Mr. Hume) sit--
wished that there was no such thing as public Credit-1
laugh.)—Enigmatical as it might appear, public aro
would be the ruin of this country. It was to support lid
lie credit that Mr. Pitt established the Sinking Fund; fir
by the public credit thus sustained, be and succeeding,)
nisters had been enabled to add 870,0001 e to the inn,'
debt. To all the interests of the country it eras deolici,
jurious, but to the agricultural interest especially a151.A13%,
The danger to them was not remote; it was iinnd
lie was at a loss to understand, from the statement 0;
Right Honourable Gentleman, how the Bank Loan e°s:
be beneficial. The fact was, that we had been actuallY'i
rowing money every year, for the purpose of keeisingo
ogt hfo
tohagep
on
Unfundeda
irrrahie enutelb.hcluolepi
borrowed
onrornuoe
dofplunwaasedipeibsdnoSst
eu,yl
rnnnhfs.
oktdi
or:
pounds
ole.:enneF
topmpbuywruenoi
;:dh.t
millions,
rtintsreeds:li
oaptgea
against
atysta.protestedtithiecents.
na:vnfteaetraattsh
bj.tebeif:
had
ea
istra gs
na:e::to
oe
i 4
the absurd system of the Sinking ,Fund. It was n 1,;•10
g
iasEnebnv;geuBnlra2tdny2d- andt
hwa
re-purchased the same stock at eighty-three, and eess-usli
ninety-fire and ninety-six ; thereby occasioning woe,
public a considerable loss. He was prepared to P
that, from the time of its establishment by Mr. 06 ei
country had lost 224,000,0001. by the Sinking
Last year the Unfunded Debt had been reduced; Pt tdstrongly protested, on the part of the public, Wits*
Right Hon. Gentleman's risking such a crisis as thn_st
occurred before, by keeping up so large an unfunded pew
It was most injurious, and ought not to be
s,
pbl
tioned by Parliament. The finances presented theuedte
spectacle of a diminished income and an la"-t
expenditure. With respect to the reduction rbs
millions of taxes, to which the Right Hon. Gentlennfos
alluded, he begged to ask whether the House would et
agreed to that reduction if they had thought that itle°-ts
be followed by an annual addition of two millions t°,oo,
debt? At least he was cure that he would not balesii,
sented to the reduction on those terms; nor did
that it would have been consented to by his Hen: 'web'
who then sat near him, although he did not know eo.
they were now.—(A laugh)..-..Ay the woo at pi t
pursued, our financial system was, so complicated
demised it oa principle. He condemnitYl-iirstnul:galeraljestaltil\-etli)%l
listens for endeavouring to enforce a Government smut
country. Where was the majority—in the Gonligbi
rwo r:inlsithbehGeedroaadltrin,sopihynimcoiipen,alexPletyrorttinioohgeamilmai?thoGwvTehohvieeiernistutio.ihgeijoilotobi
t i
Honourable Gentleman had looked- for support ? M.
nmwaitwhllooloaueursusi itit•lausd impossiblel)
people,
elleyt:e,
Gentleman'—Afo: t aon
ythe
was,n-iani expedition
tseemed, l'r°gdisplaying a elan
round which all liberal men rallied. He bad no obit's.' '
to the Right Hon. Gentleman's doing so, if it were deres
his own expense; but he had a great objection to Ilis.sftii
so at the expence of the country. On this subject ba' dil
nion was so decided, that if the Right Hon. Gentlenonfros
not state distinctly that our troops were coining awarsoli
Portugal, he (Mr. Hume) would bring the subject
the consideration of the House before the close of ttee
sion. Again he put it to every man of common eerie
sel
the House whether this country ought not to be "-,:0101
from taxation for the purpose of maintaining Oa ire
establishments far exceeding in extent the wants of eet
of
State. A free country ought to be protected in tirsegelar
peace by an armed people, and not by an expeneive oif
army. How striking a contrast, io that respect, di_u ttsa
country present to one which we ought to dread noileto
any other in the world—he meant America! ffel
almost universal suffrage existed. For what svere t%eebl
lifications required to enable the people to choose th"-ase
whom they were to be taxed The elections prr
by ballot. In New York the election of the es,
sident and of all the Officers of the Government, We'
complished in two days, and with much less nnieestoa'
disturbance than attended the election of sssioag'
Friend, the Member for Westminster. The only slit'essere
put to the electors to ascertain whether or not the,' test
qualified to vote, were, " Have you paid your patisli; hale
Have you a musket, a coat, and accoutrements; 411 ng he
you done military service for three days ?" Ain° Seel;
'millions of people, they had only five regimenta'ssasol
was the striking contrast presented between this
and that. Under all these circumstances, ought /fe 01
on blindly in our present souse? If any thing %as to
more importance to the country than another, it Awe
keep the public expenditure within the income--to tote
the expruces to the lowest pitch, and -to relieve tbe to&
and industry of the country from the- pressure of the tote)
In the year ending the tsth of January, 1824, &go
amount of the public income was .Clout fifty-one no
and a half, while the expenditure was about fifty
and nhalf, leaving a surplus revenue of about a 1111 ot
This was the real and bona fide statement of the set!'
.fivuosi
for it was not fair in the Chancellor of the Eleniler
to include in the account the repayment of • the age
trian Loan, to the amount of 2,000,0001., 03"iftlia
money borrowed on account of Naval Pensions• oe)
last was a most ridiculous and absurd loan. All err
items ought to be left out, and he (Mr. Hume), frera
fore, confined himself strictly to the revenue arisingelt
taxation. nas all that the country ought to f
and every thing else included in the ac count was Eletila
serted to produce a confusion and complexity calenw.-est
mislead people. For the year 1825, the income Wsetoler
fifty-two millions, whilst the expenditure was rather 10
that sum. In the year ending the sth of JanuarYttees
die Revenue was 51,700,000/. and the Expendite.er-
e
tesg
50,862,000/. In the succeeding year, the incelitaq
forty-nine millions and, a half, whilst the expend aits
amounted to fifty-two millions, making in one Ye,s,,,,r.oas is
ference to the country of between three and four 03,_'"2„..).'
the balance of receipt and disbursements.._—(Hear,-,;00
This was the point to look to, as well as the conseq:
that were likely to ensue. There would. be ats gre_asiteid be
ficit in-the current year. This increase of debt s"e",ello‘
reduced, instead of which the Right lion. the Chtn fit,
of the Exchequer said, « let it lie over." For his fven
he could not conceive the financial wisdom, or el, bold'
mon sense, nor indeed the common honesty of tit- ogee'
ing out the palpably delusive expectation that each 6osiag
ing year would be better. The country was °list •
pdeereapeevreraanndcedeeinpecio•nedvoecryt, year,whic hanedxphereiepnrceotieeat:dwearol rev
son, told them was so ruinous. Neal
Lord ALTHOItP although afraid that the stated dot
of the Right Hon. Gentleman were too sanguine, °there'
the country required immediate retrenchment, did not t she
fore agree with the Hon. Member for Aberdeen,' at
House ought, at the present time, to press upon lifreo,l
ring. •It %V M not fair, upon the Right Limb Genttos
coining into office, to compel him to go into VII ropee„.
detail. It would be bad policy to do so with
to the future reduction of the expenditure. Tot Fre
Hon. Gentleman had expressed his intention Stb
posing the, - in
of a Finance Committee s
COre
bid
next Session of Parliament, and he (Lord stlthorPi
so doubt that it would be a Committee entitled to ticile_sseef
deuce of the country. The Chancellor of the Ex i'sfst
well knew that it was impossible, at the- present dirt to
any Committee to give satisfaction to the House or d deter
public, unless fairly composed of gentlemen able an.
_A ow,
mined to do their duty. He (Lord Althorp) loosrojeSt
ward to the appointment of that Committee
of great importance, for if he did not expect, n:1; seof'
should not hereafter find, that it recommended ours,
strict economy in every branch of the public experttp the
it would be impossible for him to give his supporttitutel;
Administration. If the Committee were fairly e°oeretigli
he felt no doubt that very great reductions would be wa Debt
forward. lie thought the increase of the Vufunde uceo,
would be dvantmagoereousr,eaadnyd
than under
himselfothe rcitrocu:r'tsj t eeteoit ;$
no xtr
man elwy
but under all the present circumstances, he though
for the country that it should be agreed to. -o,atiafscs
Sir 11. PARNELL thought that the most tni pet
tory part of the Finance statement was, that atil): Pe
of twelve years there was no reduction of the otcht,
extremely
thought it incumbent upon the Chancellor off
`i Pet:i(
pier to devise some means of redociog the Natie; 1/0
He (Sir H. Parnell) objected to the Sinking Fa°d f „e
0 co
Mr. Pitt had borrowed money upon the prine'lS 010 A
Annuities, instead of upon that of the Sinking tupe.d. ,
of hie debt would at this moment have been exkluss's
or
system of Long Annuities should new be resort...lgo to
the reduction of the debt. He could not agreed iseble
lion. Member for Aberdeen, that the country' In
on.
Looking to the commercial history of Oa CAI ige 013 s r
thou ht there was ever yho pe of its recovery frohl' toll
vial the
embarrassment. He looked forward to beee
the proposed Finance Committee as likely to be .
6:1:1.
se des
to the country. nt
Colonel DAVIES said, that unless Parlianie be iitt
ternsined to see every possible reduction made in t__bsesteu.
expenditure, the resources of the country would be i 000:1
Lord MILTON could not entirely agree withs,..;eo bad
Friend (Mr. Hume's) opinions. His lion• r" at once
arraigned his Majesty's Government for not havingsote be
i
conic forward with some specific financial pan' a period
(Vara Milton) thought, that if ever there v.ir.sod pees
when it would be improper to introduce a eneon'tlear,)i
ad
manent financial plan, it was the present--(llear'ssre
For although the distress under which the cow"

abide

100

been -unhappily labouring for the last two years Ras, in a
great.degree, decreasing ; still no man could pretend to say
that the country was restored to that tranquillity which
would enable Government to take a full review of the finan-
cial state of the country, and of the difficulties which they
had to meet, in such a manner as would justify them in
calling for the confidence and co-operation of that House—
(Hear, hear.)—lf former Governments had exerted
themselves, and had, in fact, exhausted the means
of making the expenditure meet the income of the
country, then,- indeed, he should despair. But when
be looked back to what had taken place within
,the last few years, he felt it was greatly to be deplored
that the public expenditure had only not been greatly de-
creased, but had been considerably augmented.—(Hear.)—
Ile trusted, however, that under the auspices of the Right
Hon. Gentleman, reductions would be made in the public
expenditure. With respect to the Sinking Fund, he thought
it a great delusion to imagine that that fund was to be kept
UP by an addition of taxation upon the country. It was
one of-the great errors of Mr. Pitt's system that the people
should be taxed to buy up a debt standing at four or five
per cent.• interest, when it was clear that that money,
it left to fructify in the pockets of the people, would ac-
cumulate-more rapidly, and add more to the resources of
the country, than it could possibly do according to his plan.
Sir .1. NEWPORT said, it would be unpardonable in
him to take up much of their time, after the very able and
eloquent speech of his Right Hon. Friend the Chancellor
of the Exchequer. That Right Hon. Gentleman had
Pledged himself to the appointment of a Finance Commit-
the next year, and from the labours of that Committee it
Might be confidently expected that the public expenditure
Would be diminished, and that at the same time the public
revenue would be considered more productive.—(Hear.
With respect to Portugal, he must observe, that if there
were only one man in the House to support the Right Hon.
Gentleman in the course he had taken, he (Sir_ J. New-
port) would be that man.—(Hear, was im-
possible that we could have taken any other course, eo"-
- sistently with our honour and good faith. We were bound
to protect Portugal, our ancient ally, from being overrun
and enslaved by the higotted Junta who had attempted to
domineer over her..--(Hear, hear.)
Mr. WARBURTON wished that the usual vote of the
Session might be passed upon this occasion, in order that
Gentlemen should not have an opportunity of pleading the
dura et regni novitas. It appeared that the whole
question of Finance was to be passed over until submitted
'to a Committee next year. That the Finance of the pre-
sent year ought to be inquired into at present was clear
-"can the fact that, -with respect to Canada alone, there was
all item of expense of 170,000/. This sum, it appeared,
Wi,,,°,lllid be- expended in making canals and roads in that
„,„7"*"11Y, from which no benefit was to he derived to this
11111trY. This was the first time that such grants appeared
aaien g the votes, and, in the name of God, let them not
over the present Session without a proper inquiry into
and the other financial arrangements.
E. OWEN defended the construction of the canals
aoad roads alluded to, on the ground that they were formed
Dlline necessary to the defence of the Colony.—(Hear.)
r. 'WARBURTON and another Member rose toge-
ther, but the other Gentleman gave way, and Mr. War-
:ton proceeded. The Gallant Officer stated that the
Worts had been commenced, and that the money ought not
to be kept back. Nov he thought that They ought not to
sel'ote such a grant, forty-one thousand pounds, for the pre-
In year, Without inquiry.
Mr. BROUGHAM confessed that he could not alto-
getlier agree with what had fallen from hie Hon. Friend
-(Mr. Hume); on the contrary, he felt, after the most
kinute attention, perfectly satisfied with the mode in which
Vie
,Right Hon. the Chancellor of the Exchequer was about
`n provide for the exigencies of the year. He could not,
therefore,
concur entirely with what had fallen from his
Friend (Mr. Hume) ; and the rather, because,
although closely attending to his Hon. Friend's argument,
r.felt unable to arrive at the conclusion which his Hon.
ternlend had reached. What was the objection to the pre-
t arrangement at which' his Hon. Friend, and he be-
Ined one other Member, and only one, had stopped
"70Tr. Brougham) g
understood the Right Hon. the Chan-
:o7or of the Exchequer's plan, it was this :—After stating
Peculiar exigency of the case, he observed, that he
t'ionic] take a credit to the amount of three millions. The
eliti°n, as to whether there ought to be any loan at all,
Mr. Brougham) would touch upon by-and-by. But
there ought to be an' additional sum granted—which,
the resent, he would presume there ought--then it
fClear that there'were only three modes of granting it.
at was to say—first,- by the creation of a new tax ;
• tri %Idly by funding, and thirdly (as Tuuderstand it to be
uellight Hon. Gentleman's plan to do), by adding to the
wader
Debt. Now, as to any increase of taxes,
tomilder the labouring circumstances of the country ;—for
certain extent, though recovering, she was still labour-
under distress--it would be alike unjust, unwise, and
-'4lP°litic. He remembered what he told Mr. Perceval
upon a former occasion—that if he went on to impose new
would diminish, instead of increase, the Revenue
• ''''that if he pursued such a course, he would find a pro-
',_l•ftsive falling off, not only in that, but in many other
;linniehes of taxation ; so that each new tax would prove,
1," a gain but a decided loss to the Government—as well
:Pthe decrease of the. Revenue, as by the additional ex-
e:tee of the machinery necessary to collect it. Having
. three to this conclusion at that period, and having repeated
lame sentiments. In 1819, when three or four, or he
believed 5,000,000/. of additional taxes were imsed...-.
(
11‘4;41,,1i0n. Gentleman said " taxes to the amount of po
three
three millions; either sum would answer
44uallY well for hie argument ; upon that occasion lie
th.ltte,dhis reasons for opposing the measure. He stated,
'4, It was the worst resource of any Government ;—he
eolt4ted, that at a period when the sinews of the country were
terrelaxed by the heavy burdens she had borne as to render
bent icapable of further exertion, such a tax would
til o only impolitic but unproductive. He warned
tee Government against the mistaken views they entertain-
:, and assured them, that in proportion as they imposed
"elv taxes, the whole revenue would become unproductive.
"sslf these were his opinions in 1819, what must they be
aow that we had this additional three millions of taxes
pressing upon us ?—(An Hon. Member here observed, that
'the malt tax and wool tax had been repealed.)—True,
I.aere had been a repeal of the malt and wool taxes; but if
Lae whole amount had been taken off, or had never been
Posed in 1819, still he should, with equal earnestness,
vaation Ministers against the imposition of new taxes in
h;1747-.—(Hear.)—lle did not think that any man who saw
impropriety of imposing additional taxes seven or eight
Yeeall ago, could advocate the imposition of three millions
°.
07J taxes in the present year. He had always been one
Zito.t°ose•who thought loans generally were a great evil,
he never concealed from himself the fact, that under
;,
euliar circumstances, a loan might be the most advan-
foe niode of raising the additional supplies necessary
ell 'Heconduct of the Goverument. If a country was
r;slll6t,ed by
laboured-underdrain and unusual calls upon her resources,
°tee: she
• tllf end required relief, that wttB precisely the state of
age which justified his Majesty's Ministers in afford-
. aa'ulithat relief by a loan. The money being to be had,
• e Presumed it was, it wouldbe perfectly easy to pro-
. t.pe for the interest, although the raising the principal sum
turn the people would be Severely and oppressively felt.—
.. ear, hear. Then the question was reduced to for
y the)oney. to be raised by the funding stem, or
oY *Wing to the Unfunded Debt? The question was clear,
fd within the comprehension of every man who was capable
01 reading a price current. The present price of the Three
four" Eighty..
yeighty-four; it was sufficient for him that
.„Inxteen per cent. below par. What was the
• price of .cxoliego ~• Am
508. So that tilse. ; a premium of
they were at
he raised by thel2 f wit.ele amount of three millions might
funding system of 4 per cent. or about
0,000/. per annum iutei
it could be had at an annualtilt
; While h)? Exchequer Bills
die charge of $O,OOO/. to the of 90,000/.,. making.lis
gallery prevented us from hearn country. (A noise
iet When the, Hon. Member g the next sentence or
we,
intwt
hinl observing, that a parr vin
became
au l,
Bills
we understood), received lOys. boldingExchequeresstantheholder of
°tiler Security.)
thllire is HUME (across the table) Yes, but he receive,
.L.'lfference when" he (tells again.
thitalt • BROUGHAM—Aye, when he sold out again ;
11,1 W‘ao, if he knew as welt as his Hon. Friend (Mr.'
seturae) When to sell out—(a langh)—and if he knew as
- .48 his Hon. Friend (Mr. Hume) what he was to get
~_en he did sell_out..—(A laugh.)—But the seller in such
qviruld not be supposed to be possessed of as much
tto, edge as his Hon. Friend.—(A laugh. )—The disas-
eY entailed upon the country by the late war—
eCees Which, perhaps, the youngest man in that House
t 4 id never see us relieved from—rendered a loan upon
the,- Preaent occasion the more necessary. He was one of
e Who felt perfect satisfaction at the statement made by
re,iellaneellor of the Exchequer on a former occasion, and
ponied that night. He was perfectly satisfied with the
ae of a Finance Co • • ensuing year • he
Committee in the y
aski to the Report of that Committee for the greatest
the ~,lanat important information with respect to the Debt,
ttrith`klea, and the Public Expenditure. If he looked
„. •
d confidence to the Report of a Committee appointed
ini 4lr• 13.
es day—if be looked with confidence to the
ike—",„ee Ceramittee appointed in 1817...—he' trusted that he
'44 sot be considered @supine, if lig entertajneci 0444

etpecfatione from the Committee to be appointed teat
year ; and the more so, when he law a better light, both
with respect to trade and to finance, breaking in through
the walls of that Houe, since the appointment of the last
Committee; when he reflected that great errors had been
swept away from our commercial policy—when lie looked
back upon what bad been truly remarked by Dean Swift,
in his Financial Arithmetic—who, speaking of Excise and
Customs, observed, that two and two did not always make
four, that sometimes they did not make three, and often not
even two—when he perceived that the increase of taxes, in .
stead of adding to the Revenue generally, caused a defalcation
--when he considered that taking off taxes had added to the
Revenue in almost every instance in which it had been tried
—when he knew that lightening the burthens of the people
added to, instead of decreasing the weight of the public
purse—when he found that the light was slowly, late, but
surely and steadily breaking in, as well upon the country
as upon the minds of Members of that House, and enlight-
ening the darkness in which they had hitherto sat there—
he had great and ardent hopes in the Report of that Com-
mittee.—(Hear, hear.)—ln his opinion, the Chancellor of
the Exchequer had acted right, well, and wisely, in not
giving to the House an exaggerated picture of the pros-
perity of the country. He had done well, too, not to draw
a too florid, a too picturesque representation of the financial
resources of the country. He (Mr. Brougham) had had too
much of Budgets brought forward by different Ministers,
trust implicitly to any statement of that kind which it had
been his fortune to hear. He must say--and he was sure
the Right Hon. Gentleman (Mr. Canning) would forgive
him, when he made the observation—that he always felt the
euspieions character in which a Chancellor of the Exche-
quer came forward. It might be that a man's feeling or
his prejudice led him to imagine his statements true; but
still they must be received with doubt ; therefore it was
that he gave the Right Hon. Gentleman credit for not hav-
ing overcharged his statement, either of the finances or re-
sources of the country. There was no doubt that the
country was recovering from that great and pressing dis-
tress under which it had laboured, and which every man
must deplore. It seemed to him that the plan now sub-
mitted to the Committee was a plan for gradual, and, there-
fore, in all probability, for permanent reduction. Having
' said so much on the general subject, he should wish now to
allude to a particular part of it which bad some refer-
ence to what had passed last night in the House.
There was one tax which pressed upon a particular branch
of industry, and which affected a particular class of con-
sumers—that branch of industry which, of all others, they
ought to encourage, and that class of consumers which, of
all others, they ought to endeavour to increase. He meant
especially to refer to the priuters and readers of the small
periodical papers. He hoped that some steps would be
taken to relieve these persons by a reduction of the duty
on paper, which operated with much severity on that class
of persons, and by the adoption of some means which would
assist in'extending the class of cheap publications that had
for their object the conveying of useful knowledge to all
parts of the community. He thought that these publica-
tions, existing under proper restrictions—he meant such
restrictions as the old, and not as the new, laws regarding
them had placed in the hands of the Government--restric.
tions that were in themselves amply sufficient—might be
made the best, the most effective, and the most salutary
means of diffusing information among the people. He was
convinced that, if the tax upon these publications should
be taken off, or at least so much reduced as not materially
to affect them, the Revenue would be rather increased than
diminished. He wished, too, that some facilities should be
given to the circulation of these weekly publications by the
post, although they might contain some few articles of in-
formation upon the passing events of the day.—(Hear,
hear, hear.)--At present the tax upon every sixpenny
publication amounted to threepence, and that amount of
tax was too much for these publications to bear, although
by that tax they obtained the means of going by the post.
(Hear, hear.)--Upon the subject of going by the post
too, lie wished to say one word. In the kingdom of France
these sort of publications, circulated by the post, on the
payment of about one sous, or a halfpenny, while, in the
United States of America they are circulated on payment
of about half a farthing ; and by these petty payments all
the small useful publications went freely throughout those
countries. He thought such an arrangement most excel-
lent, and he recommended it for adoption here. He would
say, "Don't be afraid of sedition-.-a good, a free, a libe-
ral Government, is never afraid of it.—(hear, hear).--If
you are afraid of sedition, better your measures—if you are
afraid of the light, be sure that it is because there is not
enough of it. Let in, therefore, more light, and be as-
sured that no diffusion of light can act otherwise upon a
good Government, than to strengthen and assist it; while
it will, at the same time, better the people in point ef mo-
rals and religion, and render them more firm in their elle-
giance.—(Hear, hear.)—Having said- so much upon that
point, he thought it might be as well for him to say a few
words with respect to what had occurred last night. He
hoped to see some parts of an Act which had been passed
in troublesome times repealed:' The subject of that Act had
been taken up last night ratheil inconsiderately, by au Hon.
Friend of his, in h►l absence; it was rather hard that his
own offspring should have been taken from him, and treat-
ed, as he thought it had been, rather ungently, and then
there should be persons found who would turn round upon
him and say, " Oh, you unnatural man ; why did you nut
come and see your offspring mangled before your sight."—
(Hear, hear, sod a laugh?)— Now it was universally
admitted that animals possessed great tenderness for
their offspring, and he must say it would be ►ery unkind
to deny to legislators that tenderness which animals were
allowed to possess ;—(Laughter)--.and for himself, declar-
ing, as he did, that he actually felt that tenderness, lie
avowed that he could not come and see it taken from him
and killed.—(Laughter.)—His Hon. Friend had taken his
offspring from him, and dangled it as a lion would have
dangled a kid—(a laugh)—with infinite strength indeed,
but ip such a rough and ungentle manner as would have
made any one, but especially its parent, piteously moved to
have seen it--(hear, hear)--and when be heard that so
many hands had been raised against its life, that ne less
than 120 had been lifted up for its destruction, and only
10 could be found to be raised in favour, he felt obliged to
adopt the fashion of ancient times ; and since lie could
not prevent his child from being taken from him, he
claimed at least to be allowed to turn away his eyes
from its obsequies.--(Laughter.)—He had protested
against this being done ; he had requested the Hon.
Member to abstain from the motion; and if his wish
had been granted, and he had been permitted to bring
forward the matter in his own way, he should have en-
tirely disconnected the discussion about the Press from
that regarding the Six Acts; because he knew, that by
uniting them he should gain no support in the House, espe-
cially from that Hon. Member who had commented upon
his absence, and from the party to which the Hon. Mem-
ber belonged. If lie could be sure of their support, l►e
should perhaps have produced his own child to their notice
at an earlier period, but he felt that he could not rely en
them for that support ; and as this object had been to
disconnect the two discussions to which he had alluded,
and as he saw that object defeated by the incautious,
but, no doubt well-intended conduct of his Hon. Friend,
who, by that conduct, had almost sacrificed his offspring,
he abstained from being present at the mournful ceremony.
It was a great mistake to suppose that it was his intention
to have supported the Repeal of the Six Acts. He certainly
objected to all of them, and had done what he could to pre-
vent their being/passed. He had been at that time in pos-
session of a seat on the Opposition benches, but he had
not now changed his opinions because lie had changed his
seat. On the contrary, it was a fact, that while he re-
tained his seat on the Opposition side, he had absented
himself from the discussion of two motions for their partial
repeal. Yet his opposition to the Bills themselves still
continued the same, and he had manifested that opposition
by a speech, delivered at three o'clock in the morning, after
a most painful ceremony to the hearer, and he must have
leave to say, by no mean, a pleasing task to the speaker.—
(Hear, and laughter.)—The same hostility which he had
once entertained he still continued to entertain towards
those Bills ; and yet it was true that he had been absent
from the discussion yesterday. In truth lie hail been en-
gaged to dinner, but he could as easily have been present at
the discussion as have been where he was ; but he staid
away purposely, and he intended, as often as any Hon.
Member chose, without his leave, and, indeed, against his
wish, to take up any motion that he had intended to bring
before the House, to do as he bad done yesterday, and to
stay from the discussion.

Mr. HUME could not but regret the absence of his Hon.
and Learned Friend most deeply, since he was convinced
that if the Hon. and Learned Gentleman had made last
night the same speech .which l►e had just delivered, he
would most powerfully. lave supported the motion.
The Resolution was then agreed to.
The House resumed, and the Report was ordered to be
received on Wednesday next.
On the motion of Mr. BERRIES, the Report on the
Customs and Duties' Act was brought up, read, and
agreed to.
Sir J. NEWPORT withdrew the Bill relating to the
Church Rates in Ireland.

Mr. HUME moved the second rending of the Bill re-
garding Arrests on Mesne Process.
The SOLICITOR-GENERAL opposed the motion.
Mr. HUME was surprised at this opposition, at the
Hon. and Learned Member had himself introduced a Bill
founded upon a similar principle.

The AiTORNEY.GOtRAL regiirk94 in terwof

LONDON,
SATURDAY EVENING, JUNE 2, 1627.

The deep anxiety felt throughout the Country
respecting the Budget, induced us to publish
last night a THIRD EDITION, containing the
whole of Mr. CANKINp's Speech. As the
Right Honourable Gentleman did not commence
his speech till near six o'clock, we were only able
to give a part of it in time for the Post, for

it was half past eight before the whole edition
was completed, containing four columns of
Debate, with the Gazette of the evening. The

mails had then an hour's start, and it was neces-

nary to overtake them by expresses ; but we
are happy to say, that, about forty miles from

London, we were enabled to overtake those for

all Ireland, and for Manchester, Liverpool,
Chester, Birmingham, Leeds, Glasgow, &c. &c.
Our expresses also overtook the mails for the
West of England, Portsmouth, Brighton, &c. ;
hut we regret to add, that the unhandsome con.

duct of an Agent, in whom we trusted, prevented
the Papers being forwarded to Edinburgh. Our

readers will appreciate our anxiety to give them
the earliest intelligence, by reflecting on the great
obstacles which we had to overcome.

The Paris Papers of Wednesday, and the
Etoilc of Thursday morning, have been received,
but do not contain any news. The Etoile
classes under " Lies of the Day" the statement
of the Journal des Debats that the Emperor of
BRAZIL has announced to the Senate at Rio
de Janeiro his intention to proceed to Europe.
The discussion on the Budget still continues in
the Chamber of Deputies. Some amendments
proposed by M. B. CONSTANT, for the reduc-
tion of duties on certain articles, were nega-
tived, after a long debate, during which M.
St. CRxco, the President 9f the Board of Trade,

entered into a general statement of the state of
the. Agriculture, Manufactures, and Commerce
of France. He admitted that there were some
Commercial embarrassments, but satisfactorily
proved by facts that they had been greatly exag-
gerated. In some branches of Trade and Manu-
factures he shewed that there had been a great
improvement since 1816.
We subjoin the price of the Funds :

FatsNcti Furrns, MAT SO.—Five per Cents. 100 f. 60e. ;
Three per Cents. 70f. 50c. ; Bank Stock, 2030 f. ; Rent..
de Naples, 77f. 60c. ; Spanish Loan (1823), 56.—Ex-
abenge on London—One Month, paper, 2M. 42ic.,
money, 25f. 40c. ; three months, paper, 25f. 210.,
money, 2M. 2.50.

Our Readers will perceive that an extraordi-
nary division took place last night in the House
of Lords, on an Amendment of the Duke of
'WELLINGTON'S, respecting a clause in the new
Corn Bill. The majority was 78 to 74, in a
House of 152 Members, whereas the House on
25th May consisted oflB3 Members, and the ma-
jority on the general principle of the Bill was
57. The Division of last night only spews
that the Ministry were not so much on the alert
as the Opposition, and it was particularly re-
marked that there was a very thin attendance of
Spiritual Lords. But when the Committee
come to report to the House, this clause can
then be thrown out. Indeed, as involving a
money question, it seems inadequate for their
Lordships to originate the amendment.
It is rather strange that the Duke of WEL-
LINGTON should have offered this opposition to
a Bill emanating from a Cabinet of which
he was lately a Member. Proud of his Grace,
as every Briton ought to be, we are far from
admiring him as a Statesman, but have always
considered him a straight-forward character, and
we should be sorry indeed to change our
opinion.

We have long expressed our conviction that
Mr. CANNING would not follow the example of
some of his predecessors in the office of CHAN-
CELLOR of the EXCHEQUER, in endeavouring
to throw over the Financial circumstances of the
country so much mystery and darkness as to
render them unintelligible to all, excepting those
few persons who have made the subject of
Finance their particular study, but that the Right
Honourable Gentleman would, in speaking on
this subject in the House, adopt the same clearness
and perspicuity of explanation which so peculiarly
distinguish his observations on subjects of
less difficulty and importance. Mr. CANNING
fully realized this expectation in his financial ex-
pose of last night. Instead of enveloping his
statement in the intricacy of figures, lie con-
tented himself with fairly reviewing the Financial
situation of the country during the four last
years—stating, how it stood at the close of the
last year—and how he estimated it would stand
at the close of the present—and, if the review of
the past, and the anticipations of the future, are
not so bright as those who, by throwing an air of
mystery over the subject have endeavoured to
make us believe, still there is nothing in them to
excite alarm, or to destroy hope of the present
difficulties being temporary and likely to be sur-
mounted.
The clearness and conciseness of the CHAN-
CELLOR of the EXCHEQUER'S language render
it needless to attempt (and it would be impos-
sible to succeed in the attempt) to abridge his
statement. It may, therefore, suffice to say, that
leaving out of the calculation all the sums ad-
vanced by Government on public works, and the
repayments made ofthose advances, Mr. CANNING
shewed that the surplus Income actually applicable
to the Sinking Fund in the last four years, had
been short of the amount of that Fund, as fixed
by law, by the sum only of 1,269,000/. ; and,
that to maintain the Sinking Fund, at its present
amount, during the present year, lie estimated the
deficiency to be provided for in the year, would
be only 2,864,0001. This deficiency he pro-
posed to supply by issuing additional Exchequer
Bills to that amount, or about 3,000,000/. in
round numbers, leaving the full consideration of
our Financial situation, and the permanent means
of supplying any deficiency till next year, when the
Committee which is to be appointed would face
the subject with the advantage of having
ascer-
tained whether the present progressive improve-
ment of .trade had continued during the year,
and was likely permanently to advance.
The total estimated charge of the present year
will exceed that of the' last by 800,0001., of
which 500,000/. is the amount of a vote of credit
to be taken for the Army, in the event of any
emergency ; but that part of the CHANCELLOR
of the EXCHEQUER'S Speech will be read with
great satisfaction, in which he held out a hope,
without binding himself by any promise, that the
expenditure rould be materially lessened, and
that his MAJESTY'S Ministers would apply them-
selves by every means to the reduction of expellee
and the increase of our Revenue.

The great resources of this mighty empire
were happily described by Mr. CANNING, and
the Right Hon. Gentleman illustrated his own
ideas of the active principle of increasing capital,
ever in operation in this country, by quoting,
from a speech delivered by Mr. PITT in 1792,
the passage in which he so powerfully, delineated
the operation and effects of that principle.
Under the peculiar circumstances in which the
country is now placed, we are satisfied that the
course proposed to be pursued by the CRAN-
CELLOR of the EXCISaQUER will be hailed with
satisfaction by all. Temporary measures are
justifiable in certain cases, and that case has
been clearly made out by Mr. CANNING ; but he
has, in doing so, manfully expressed his deter-
mination to meet the real state of the question
early next Session, with a view to the establish-
ment of some permanent and right principle of
Finance.

Frankfort papers of the 26th ult. have been
received this morning. The fair at Leipsic was
tolerably good, and English manufactures main-
tained their wonted superiority.

LEIPSIC, MAT 18

The fair is now over, and may be reckoned among the
tolerable good ones. A vast quantity of goods were sold,
but the prices of many things were low. The number of
strangers from all quarters was great, and we had a nume-
rous eoncourse of buyers and sellers from the East, as well
as from the West. The most extensive sales were made
in English manufactures, which at this time combine
beauty and cheapness. Middling woollen cloths, elegant
printed cAlic;oet, linen, leather, furs, Sic. were in great

demand ; and as the country people, and the inhabitants
of small towns came in great numbers to the fair, much

business was done.

ALEXAMAIA, APRIL 10.

The Viceroy has arrived here to hasten the armament
against Hydra. The Turkish fleet from Motion, in which
there are two ships of the line, has arrived in this pork;
another ship of the lime is expected from Constantinople.
This fleet with that of the Pacha, will make 53 men of
war ; the Pacha intends to command in person, the Porte
has appointed him Governor-General of all the Turkish
provinces and possessions on this side of the Dardanelles.
At Cairo the military duty has been taken from the
Albanians, and confided to the regular troops. The Al-
banians have been sent to Rosetta, and those that mur-
mured, either strangled or drowned.
The young Duke of Richelieu has been here for these
few days, and will soon return to Italy, by way of Malta.
M. Alexander Delaborde, is now in Syria, he has been as
far as Palmyra, but incurred considerable danger, the Be-
douins arrested him, and it was with great difficulty he
got free. M. Dioretti, the French Consul, is preparing
to leave us, he has arrived at Toulon.

THE FUNDS-(THIS DAY).

CITY, Twelve o' Met

The English Funds are in a very undecided state this
morning, and the contents of the Budget are viewed byspe-
culators in various lights, whilst those are not wanting who
entertain an opinion that the present price of Console may
Ise deemed a good one ; there are others who contend that
the Minister has taken a manly and straight forward view
of the real state of the Finance of the Country ; and ap it
is now in a progressive state of improvement, with 'the
abundance of unemployed capital, together with the benefit
which is likely to arise from the labours of the proposed
Committee of Finance next year ; this will give rise not
only to an improvement of our. Revenue, but that the ex-
penditure will also be subject to a rigid system of economy ;
for these reasons the latter party argue an improvement in
the Funds. Consols opened at 84 f, with the transac-
tions of a limited character; and after continuing nearly
up to the above hour at that rate; became 84k, buyers.
Scarcely any thing has been done in Exchequer Bills, they
were quoted, at an early hour, at 50 2 pm., bat are now
45 50, nominally.
Three per Cent. Consols, shut; Ditto for account, 84k,
buyers; Three per Cent. Reduced, 831 j; Three and a
half per Cent. Reduced, 99 ; Four per Cent., shut;
Four per Cent., 1826, 994 4- ; India Bonds, 80 5I pm. ;
Exchequer Bills, 50_2 pm. .

Foßminx.—BraziliSa, 581 9 ; Buenos Ayres, 00 1 ;
MINES.--Anglo Mexican, 50 die. ; Brazilian, 8 2 die.;
Two o' Clock.
_ _

Consols have been 841. I, but are again 841 f ; the issue
of the amendment on the Corn Bill last night, is given as the
cause of the market wearing rather a heavy appearance, and
the opposition and amendment brought forward from
the quarter it did, has puzzled the citizens not a little
on the score of consistency of character. They have
therefore come to a conclusion that the motives which in-
duced this line of conduct towardsa measure in which he was
originally himself when in Office favourable, is the result
of a determined spirit to oppose, right or wrong, any
attempt to benefit the manufacturing, districts, merely
in opposition to his Majesty's present Ministers, and
from being one of the most popular of public cha-
racters, that he is desirous to gain the enviable character
of being the most unpopular Nobleman in the country.
THREE 0' CL 0 CI.

Consols, 84 I.
FOUR o'CLOCK--CLOSING PRICES.
Consols Danish Bonds 62f
Do. for Ac. 84i a Greek Do. 182.5, 16}
Brazilian Bonds 58i Mexican Do. 1825 68i
Buenos Ayres Do. Peruvian Do. 25i
Chilian Do. Russian Do. 921
Columbian, 1824, 31i Spanish Do. 111

SHIPPING INTELLIGENCE-(THIS DAY.)

FROM LLOYD'S.

DS AL, JU NH 1.--Wind W.S.W.—Arrived the Lalla
Rookh, Stewart, from Penang; the William, Lushington,
from St. Kitt's. Arrived from London, the Canning, for
Lisbon ; the Speculation, Marshall, for Gibraltar ; and
the Reliance, Jenkins, for Demerara.
POET MO UTN, JUNE 1.--Wind S.W.—Arrived the
Princess Charlotte of Wales, Brown, from Madras and
Bengal. _ _

Coax, MAY 29. —Wind S.W.—Arrived the Arab
transport, from Portsmouth, with troops for Quebec.
The Betsy, James, from Pernambuco to IVfaranharn, is
lost off Cape St. Roque.
PERNAMBUCO, Aran. 21.—A piratical or privateer
schooner, captured two smacks off this port two days ago :
one of them she sunk, after taking out the silver which was
on board, and sent the other to A►uarcllo. The schooner
has since made her appearance off here, and the Captain
reports that there were seven other privateers on the coast.
The Government has sent despatches to Macao for the
Thetis frigate, lying there, to be sent to this port, and also
sent to Bahia and Rio Janeiro for vessels of war. In the
mean time the Portuguese ship Mercurio will be armed,
and cruise off here. The coasting trade will be put a stop
to for some time.