Star.
London, England, 1824-05-08 00:00:00

COMMITTEE OF WAYS AND MESS.

On the motion of the CHA scELLou of the Lxerm-
QUM, the House resolved itself into a Committee of
Ways and Means.
The CiIANCELLOR of the LXCI I EQUEII. said, he
had so fully stated the financial measures of the year at
the commencement of the Scs:ion, and the subject was
so well understood by the House and by the country,
that it was quite unnecessary to repe,it the statements
he had then made. The amount of the supply voted
for Army, Navy, Ordnance, and Miscellanies, was
18,28+,714/. Time were afro Exchequer Bills to the
amount of :31.,:310,000/. to he provided far. Thirty mil-
lions of this amount vas provided for by votes for the
issue of two triis of 15,J00,000/. each in Exchequer
Bills ; and there was a surplus of 10,600,090/. in the
Consolidated Fund. Thew would be a deficiency of
1,200,0001. in the Revenue, in consequence of the re•
peal of taxes, and it would take a sum cf 500,000!.
to repay the duty on silk on hand. This sum was more
than was supposed by him at the time the Bill was
passing through the House, but the measure would be.
productive of great public benefit ; and he felt great
satisfaction in congratulating the House and the coun-
try, that a measure which opposed established preju-
dices had been carried into operation without any
difficulty ; and certainly the persons by whom it was op-
posed, and who thought that their interests would be
most injuriously affected by it, were entitled to praise

for having conducted their Opposition in that constitu-
tional and peaceable manner for which they were al-
Ways distinguished, and which must always entitle them
to the best consideration of the House ; and he w as happy
to state, that so groundless were their fears, that since
the passing of the Bill, the Silk Trade was in a state of •
the greatest activity—(flcar).—The only financial mea-
sitre he thought it necessary now to state at any length
was the reduction that had taken place of the Four per
Cent. Stock to Three and a Half per Cent. Stock, a
measure which had succeeded beyond his most sanguine
expectations. By the Bill ere House had agreed to for
that purpose, those persons who had refused to take the
Three and a Half per Cent. Stock were to be paid one-
.
thn d of their Four per Cent. Siock immediately, and a
power was given to Government to give them notice
to pay the remaining two.thirds within six months. He
was afraid, on proposing the measure, to bind Govern.
ment to the payment in full in six months ; the dissen-
tients might be so numerous, that some inconvenience
might be felt; but out of the holders of £75,0(X),000
of Pout per Cent. Stack, the holders of E 68,000,000 had
assented to the exchange, aid Government had in copses
(pence given the holders of the e:7,000,000 t ho dissented,'
notice that they shook' be paid off on the 10th October:
The great facility with which this importaet measure
had been carried into effect, proved time high state of
the public credit Of the country. The slimmer in which
be proposed to provide for the 7,0.:0,0001. tom payment
of the dissentients, was by an issue of Exchequer Bids
to that amount ; but although Exchequer Bills were in
great demand in the market, yet he did not w ish to add
that amount to what would be in eii culation, as it was
desirable that they should always be in it:vest, as af-
fording a ready means of raising a sum of m mney on
any emergency; he therefore pi opfoed to transfer that
amount to the Commissioners for the reduction or the
National Debt, at an interest of three per cent. and to
be liquidated at the rate of one million a quarter. Ile
considered that the time had art ived svhco a reduction
of the interest on Exchequer Bids could be effected.—
They were at an interest of 9d. be. proposed tint the
next issue should be at I J. This he calcul.hed would
be an annual saving of '2e0,000/. on 30,000,000/. Ex-
chequer Bills; therefore, if the market would bear such
reduction, instead of asking next year for 1,000,0001.
minus, the amount of saving, he should be happy to give
any explanation; he believed, however, that he had I ully
described his plans. He then moved, that 15,000,000/.
of Exchequer Bills he granted for the service of 1524.
Sir H. PARNELL expressed his approbation of the
statements and plans, as far as they went ; he, however,
thought the Chancelior of the Exchequer might Lave
gone farther; but a beginning had been made. As to
the Sinking Fund, we had tint one to the amount stated ;
the surplus had hardly been 1,000,000/. Besides, it the
country were to be involved in a war, the Ministers, as
a matter of course, were availing themselves of this
Fund as a reservation. lie had before suggested the
plan of Long Annuities, as the means of reducing the
debt, and thus superseding the necessity for a Sinking
Fund. He now again urged it, as he had never heard
a solid objection made against his plen.
Mr. HUME trusted that the original plan regarding
the Timber Duties should be resorted to. Why should
such sacrifices be made for one Colony ? It was most
unwise. He again condemned the manner in which the
1): ad Weight Loan" had been conducted. Upwards of
11,000.000/. had been borrowed, be as f einously as
the difference of 73 and 96. Ile believed that the
country would eventually lose 6,000,0001. by this
disastrous transaction—by time Dead Weight Loan.—
Ile also condemned the Sinking Fund plans. No
one defended the scheme of that Fund row.. They
had been promised a simplification of the accounts,
but the Chancellor of the Exchequer was again com-
plicating it. As to the grant for building new Churches,
nothing had been said about it. Was it to be continued
or abandoned ?---EThe ell .1 NCELLOR of the ExcuFl, CER
said there would he a Bill on the subject.)—!le (Mr.
Hume) was sorty to hear it. Ile had not heard one
person out of the !louse, whether belonging to the house
or nut ; but somehow or another, when persons were in
the Ilou,e they were under the influence of some spell.
They saeared to have fears of their Constituents ; 01
sortiebca!y else. He would resist the Bill on every occa-
sion—(Thar, hear, hear). Ile then dwelt on the Esta-
bli,liment of National Banks, of Banks like those of
Eugland. By a National Bank (Mi. 11!carsioh: plan),
time expeihe of the managemeut of the Debt, het e een
omie and two millions, might be saved; and ought not
such saving to be effected if it could be done ?—(tleer,
hear.) Those Banks over the country, too, woul
prrsede those Bankuh...; conceins which had spread so
much ruin. If the law prevented such establi,hments,
the law ought to be amended. Time reduction of die
interest of the debt could be tapidly reduct:;!; it edght
scam be reduced to '2.4 percent. Time 1,1;111 of lesorting
to Annuities, as regarshad the floating stein, merited at-
teosi .. ; at all events, he pi otested against raising any
more money at three per cent.
Mr. ROBERTSON defended time Sinking Fund, as
a simple and straight-forward way of getting rid of the
debt, and he trusted that it would be pet severed in. Ile
hoped the Chancellor of the Exchequer would not be
led away by the" refinements"of time Gentlemen opposite.
As to the imaginary disadvantages, ti.ere could be no
injustice in the nation pacing its debts.
Mr. W. WHITAIORE complained of the present
scale of wool duties. As to the :monist of the Sinking
Fund, he agreed with Mr. Hume, that it was not above
three or four millions ; but he was not prepared to say
that such amount was too great.
Resolutions agreed to. Report on Monday.