Star.
London, England, 1813-04-08 00:00:00

biATIuNAL DEBr BILL.

The CHANCELLOR of the EXCHEQUER
moved the third reading of the National Debt Bill.
Mr. H. I'HORNTON observed, that antiough it
was generally agreed mat the Bill would materially
operate to the immediate relief of the public burdens,
and to the preventio. ,of taxes yet its plain and natu-
ral effect would ix to enlarge the national debt in its
future progress and ultimate results. It was, in fact,
so very technical, that he believed none out of and
very few in the House, could form a just opinion and
correct estimate of its nature and merits. He could
not, therefore, but consider it rather singular, that the
Right Hon. the Chancellor of the Exchequer should
maintain that the public debt would be sooner extin-
guished by its operation than by that of the old sys-
tem. He had to object to the preamble of the Bill,
when compared with the body and substance of it ;
for the preamble stated, that the Bill would accele-
rate the reduction of the national debt, and yet the
assurance thus expressed was founded upon the pro-
posed extinction within 45 years. The period was ..t
too great a distance, and the means to be applied too
small. It should be considered, that the recent debt
to be reduced amounted to 600 millions; but when the
single million of the Sinking Fund was created, it had
to operate but on the sum of 268 millions; and though
the operation of the million was so mach more in fa-
vour of the old system, as the am unt to be extin-
guished was proportionally iess, yet Mr. Pitt felt the
necessity of adding the further sum of £200,000, and
of one per cent. for the purpose of increasing its
effect. The principle, however productive of imme-
diate relief, appeared to him highly dangerous, by
.the alienation of the Sinking Fund from its direct
and legitimate ends ; while the progress and ulti-
mate results of the plan might be most injurious to
the real and permanent interests of the country.
Sir HENRY PARNELL was decidedly of
nion, that with all the temporary relief which the
Bill might produce to the public, it was founded in
inaccurate statements and fallacious representations.
He could not help thinking from the several instances
which had occurred in the misapplication of the pub-
lic money, and in cases of defaulters, that the country
would have derived more essential benefit from the
adoption of a well.regulated system of economy, and
the prevention of abuses, than from the measure then
before the House. Had the Chancellor of the E--
chequer exerted himself to give to the Treasury a
proper check and efficient contrcul over all the
branches of public expenditure, he would have ac-
complished more for the advantage of the country,
than the operation of his new plan could produce.
The CH INCELLOR of the EXCHEQUER
felt himself called upon to repel the charge made by
the Honourable Baronet, that the plan was founded
upon inaccurate statements. Had his Honourable
Friend (Mr. Huskisson), who had delivered his sen-
timents so very ably au the subject, been present, 1-,e

Would have bees saved the trouble of ft
charge ; for whatever objections his •
Fnend entertained to the plan, not one of those obi.
• jections was made against the inaccuracy of the state-
ments or the fallacy of the represeattations. The ta-
bles were fosmed upon incontrovertible data, and
their correctness was not before doubted by any one
of those who were unfriendly to the measure. With
respect to the preamble* he begged leave to say, that
it was in strict conformity with the body and sense
of the Bill ; for it was proved by the tables, that the
extinction of the public debt would be accelerated.
The prospect was calculated to inspire the best
founded hopes. When Mr. Pitt came into office, the
debts of King William were unpaid, the debts of the
revolutionary war were unpaid, and now we were
paying off the debts of the 20th of George the Third.
Mr. C. GRANT said, he bad to complain, that
the tables produced a false result upon the minds of
those who did-not take the trouble to examine them ;
and though the statements were accurate, they led to
a fallacious policy. It was, in his mind, a plan, alike
unfit for the redemption of the national debt, for the
decrease of loans, and for the effectual relief of the
country. It contained, in his view of the subject, all
that was objectionable in the other plans of finance.
Mr. VANSITTART and Mr. MACDONALD explained.
The BiU was read the third time and passed.

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