The Sun.
London, England, 1816-05-28 00:00:00

with the Sinking Fund of one per cent. \could
create a charge of 182,5001. a-year. IVlmen it WAS
recollected, that no encroachment had been made
on time Sinking Fund in Ireland, and also the re-
lative proportions of the .two Sim:king Funds to
the respective debts of the two countries, be trust-
ed that time Committee would approve of the pro-
position which he was about to make of provid-
ing forthe above charge, by cancelling a certain
portion of the stock now standing in the names of
the Commissioners 'for the reduction of the Na-
tional Debt in Ireland. A similar principle
.had
been acted upon in England. If this proposition
should meet whir the concurrence of the Com-
mittee, he should . enter more into details on a
future day. The amount of the capital redeemed
in Ireland was—

.. L. 1,852,072
In 5 per Cent.
In 4 per Cent. 594,500
5,745,958
In 31 per Cent

Making together 7,892,530 •
—He shourd..propose to cancel the•whole of the
live per cent. and of the 4 per cent. Stock, and
portion of 34 per cent. amounting' to 2,231,9141.
the dividend-upon which amounted to 182.5001.
which would-cover the expenee of the interest
and Sinking Fund of the Loan of the present
year. It would be proper that this should be
made applicable to the same charge, whenever
the stock created became a part of the fundeil
debt. He begged leave to obSeive, that the ca-
pital thus cancelled was much less than that
which existed in Ireland, when the Sinking Fund
was firlt rstahlished there. At •that period 4797)
the debt in Ireland was 5;525,5001. The amount
of the Sinki.,g Fund which would remain would
he 736,4301. which would be mote than sufficient
for they firbt it had to act upon. Ile had caus-
ed calculations to be made of the proportion
which the Irish Bliking Fund would bear to
the debt of Ireland 'after making this• dedoc-
tion. lie had, on a former night, ventured to
promise, t had when• the consolidation of the Ex 7
chequers took place, Ireland would bring a Siok-
ing Fond, hearihg a larger proportion to her debt
than the Sinking. Fund oi•Great Lirl ain would do

. _
to J►er's : he had stated, that it would remain as I
to 54, and he was more than borne out by the
calculations which had been made. - He hoped
that he should meet with the conciirrenee.of
'lament in the proposition which he should make;
indeed he saw no alternative which -could he •
adopted. The Committee would gee how small a
Proportion it bore to the demands which EnglatO
had made upon her Sinking Fund during the last
dime years. Every 'effort had been made by Ire-
tneet .the exigencies of the public service,
and she•now applied to this source only because
all other means of taxation were exhausted. If
LnAlettul had cancelled 250,000,0001. of her debt,
she. had purchased a right to do so by her great
exertions, and he trusted that it would be admit-
ted I hat the financial efforts he had made afforded
a-proof that he was not disposed. to have recourse
to it unheeessarily.inireland. He would not oc-
cupy more of the time Of the House; many of the
topics
.had already
.undergone ample discussion ;
moue opportunities for discussing them, it ne-
cessary, would occur .during the progress of the
Bills for consolidating the Exchequers of the two
countries.

Mr. PoNLONBY did not rise to follow the state-
mentS of the two Right! Hon Gentlemen, or to
consider the melancholi state of the revenue of
the country. These subjects would be more hilly
discussed' totnotiow, when the Motion of an
lion. Friend of his would be brought forward:,
Ne wished only to cocgratidate the Ci4ncellor of
the Exchequer
.on what had happened, that the
House, :in. putting an end to the Property Tax,
had not brought 'npon me country all the evils
which he had. anticipated, and that the Right
Hon. dentlemrin bad been able to raise a Wu'
equal to the produce of that impost, in a way
which he himself 'Stated must be most satistac.;
tory• to•the House, and most lightly felt by. the
country It was certainly au object of great con-
gratulation, that by wimofly di-regarding the me-
naces and pred•ctions of the Right Hon. Gentle.,
man, the House should have -procured his Own.
testimony in favour of the conduct which it 'had
adopted. It was atiothetsdhject of congrattitt-,
tioa too, that they (the Opposition) who had
been accused of shaking the credit of the Bank
of England, should stow find that company able
to advance nine millions to the public service, to
add nearly three Millions to their own capital,
and thus to aogynctit it, credit, and, give greater
security to the noblie than before. This was a
proof of the solidit y4it the resonrces.ot the cowl-
try when well -managed; and that the Bank of
ghgland , instead 'of being shaken' by the pretend-
ad attacks made upon it, increased in credit and
prosperity, These facts had plunged him into so
agreeable a state mil mind, that he could not
refrain from offering his congratulations to the
House.,

Lord A. HAMILTON called the attention of the
House to the new arrangement proposed with the
Bank. That Company had agreed to lend three
millions at three Per cent. and the Government,
on the other hand, had agreed to recommend to
ParliaMent to allow the Bank of England to in-
crease its capital by 2,900,0001. Ile wished to
knoW whether, in case the House should admit
one part ot the bargain and reject the other, the
Right Honourable Gentleman would accept or
obtain hk'three millions for the service, of the
year 1 he did not believe it. The House were,
therefore, not called to vote unshackled on this
matter, but were required to acquiesce with an
Act which would give an immense augmentation
to the Bank. It the Right Hon. Gentleinan had
displayed his whole view of the question respect-
ing his arrangements with the Bank at once, he
doubted whether the House would have sanction-
ed the Bill which hail already passed respecting
the advance of six millions. On this augmenta-
tion of capital, the Baal( would pay themselves
10 per cent., which, with the three allowed by
Government, would make 13 per cent.: he was
confident that it the negociation bad been pro.
petly conducted, the proposed, addition to the
capital Would have been accepted, and the 3 per
cent. saved to the country.,., toklatsk paper
being taken in payment of certain debts, even
after the restrictions should have expired, he did