Star.
London, England, 1823-03-01 00:00:00

• -ir

a.

otiginallr Paid, which five per cent. should be
• the stranger's profit. This plan would hold out
strimg inducements to Corporate-, Bodies to make
large purchases of the Land Tar: He would make
it catty with it qualifications for killing game—for
'sitting its Magistrates—for voting at Elections; and',
these advantages would render the Land Tax ex.'
lirerisolly saleable; while they cost the country nothing.
*ln particular cases, heswould authorise the sang
it by auction, With a reserved price; and in this way
he thought it would always fetch its value, and the
country could desire no more. He proposed also
that numbered certificates should be issued, which
would enable the 'purchasers to receive their divi-
dends, if they thought proper, at the Bank of Eng-
land; He thought he had said enough to chew that
the Land Tax might be made as saleable as anything
which the Government had ever offered to the Public.
'ln the mode lie selected, a greater proportion of the.
'Debt *could be cancelled 'than could be purchased
'by cil'ulat• hivestment of the Sinking Fund of
taken (torn thepeople, if k were regular!7.
invested in Stocks for'seven years; supposing no acct•
dent should happen; Ind-that the country remained'
peach .‘"Hit4ttlingly imisted• on the right of tbe.
Chancel/M.4f the Exchequer to apply the means to
.be derived/risme* Redemption of the Land Tax to
extingttish-qhe National Debt. It was asked; how.
would this affeetpublic "credit? He would answer,
:that the publivttixlifor'would probably benefitfrom
• the'phie.• Every 'one Must admit that his security
depeneed `riot-:se' Much in the ability as on the will
-of the publttereSitOr 03 pay in taxes. Now if the
•sonstryweinilelievid to the extent he proposed, the
remaiitdevof thesaxes would be cheerfully paid, and
thus theJpatilie creditor would avoid the discussion
of that ilnestibn Whit% 'he feared would otherwise be
entertained 4s to the propriety of diminishing his in.
tereiL lie deprecated raising such a question; but
• it was teett:tbat it was agitated at every public meet-
ings tsi that who since the year 1815 had seen capi.
• tal-to tire amount Of 38,000,000 L belonging to them
annihilated, and themselves reduced to beggary,
withelk any fault or misconduct on their part. The
nitwit ought not to be satisfied with telling these suf.

lorettlhat they Could afford them no relief. It was
their ditty-to alleviatetheir distress as much as pos-
'sialt The Debt; he contended, Would be just as ho-
uestlj redeetned if this plan were adopted, which
'.*Auld afford such large relief from taxation, as if the
--resent system were persevered in. In order to skew
--Ithet he did not call upon the Government to give up
' every sixpence,- so that they should have no chance
of al surplus Revenue, he would state that he thought
die Revenue wbuid4wcrease, and seby he thought so.
He bad always beet, of this opinion, and had never
• taken a gloomy view of our situation, as he calculated
otVan increase of Revenue from the employment of
aye increasing population. The Right Honourable
Gentleman would agree with him, that, by repealing
tent to the amount of 7,000,0001. ht had no right
to: atnicipate a loss of Revenue to that amount.-
- Supposing the lase sustained to be 6,000,0001. the
Right Honourable Gentleman would still possess an
annual surplus of 1,000;0001. and the operation of
this plan would, inthe'course of three years, take
41,000,0001. out of the Stock-Market, and by re-
ducing the interest nn the. Four per Cents. effect an
annual sating of 750,0001. He would not now pledge
the /louse as to what particular taxes should be re-
duced. He called upon them for the generalteduc-
tion of 7,000,0001. of taxation, and then it would. be
for the House in hr wisdom to say in what manner
the relief should be granted to the People. But if it
should hereafter agree with him in directing the re-
duction of the Assessed Taxes, the sum of 3.50,000/.
would he saved in the establishment for collecting
. them. The-great reason why he dissented from the
plan of the Right Honourable Gentleman, as deve-
loped in- his statement the other night, was, that it
kept up the establishment; it kept'Up the patronage;
it kept up the corruption. He believed that a fartaer4
reduction of out eeperatiture, to the eittent Of one mil-
- lion Might be'effeeted;cwhieh would make altogether, ,
according CO hiseetedhltionia seringlaf-fdur millions.'
It might be'saitt,that this was only statement; but he
would .ask igny-1110b. Member Atefiether he 'did not
think it. htowlikely that thete would be an increase.
in the'Reveitile terthle'OrOotbit.Ofen -if lien°
• millions of taxes *ems retkiced?- Attd if: the ;educdbii
of the Four per Cents, td Three were effected, there
would be anotheilsiosititre savineol-756,0001.-
therefore, made,':ea'atriOuni of
which there ribald be tiddoubt.• Altai' with all this,
in seven leste as nnielvdebtsvottkl he'poid of as by,
the operatio4 *of the Sittking4 Fetid Oflise
Where, tharefore; the .datiget Co p4lic credit?
He'liad-nor Much Morelto'state, forteallY-the ques--
tion was -extremely simple; It.was in factabe of tite
siMplest-questionv that trret,comp be Parliament..
He trusted -than' Ifeine 'AtetelterS, and poyticulatly
Gentteiuen 00 she'otherlide,wenl6l nisi consider this
measure its bts own: It -was one Which he found ex-
'o6 log; anal his desire- was -to give.it revival. If the..
House sopporreittim in it, he *night •it would be
the means of cotteiliatieg.;hat clasi whom it was to
- important -in his opinioirto conciliate, he meant the
landed interest; and they would at the same time,
si ve that general relief which he confidegayanticipated

•••
.11,"

4~

'hells it. • l‘te b 7
• vir-rl7l-"."-1—"'"--7----- ErsOkeielutinsi'
sit millions Otinillions of millions of pounds sterling 1.1
:Ho wished,. instead of taking 5,000,0001. out of the 'l. inglcselliFtgivrodkiii.vrett;Tim warat7LWra
poekees of the people fora Sinking Fund, to Mall- be wasted now mount ossiniaanions." •
.lisp oainkting Fund which would he more efficient The CH,OCELLOR of the EXCHEQUER said,
• •then!tbt onsent-ote, white great relief was afforded that he hoped pat ut occupy. the" House 'at much
,t 0 .chine who were now so.. severely. depressedi .He I length,: in noticiat the arguments bfwliich the Hon.
nusrslOttu the- House by going- much into th entleman had attempted to support the proposition
• detalls.ii his phi!, but must enter
_ into some details ho. had submitted to their consideration. In fact,
(41144.iiit:ibOW thif ricialptaiticable. He would many very important concessions Were made to him
pr Aitt,loot. in the Three pet Cent. Stock by the Resolutions themselves, which went directly to
ehWd;l4r4kkaie SL .11.1 =yedr of the Land Tar. He destroy the principles upon whiclfthat proposition was
ortpitd.l64l.l4 owner of the land pridrity ; but if he said to be founded. In the first Resolution, the Hon.
-refilassd' 'oedema the Tax within six months, the Member adniitted the deciiion of Parliament, in 1319,
stranger might they Mme in on the same terms. that the annual amount of five millions should be sip.
Doing this, if things atmAined as they, were now,. he plied to the reduction of debt (flearfrontAinilfaberly).
would gall ibur per cent -oq his. money, and he If the Honourable Member did not admit the pro-
would recoilamend that it should be paid by the coV priety of that decision, then all he had to say was,
-loiters of:the Tax; but thli he should'itill haslet* that his proposition was more untenable than before,
claim to seike 'on the land. fle would nolive hiit because it contradicted itself throughout. That ad-
nll the'ailianiagel of the proprietor, .Ikta he.‘onhi mission and that Resolution appeared to him to be the
girt lots; for Members of Parifiartneot,' would
the sub aittuas of 'all the others. The Resolutions then
• strange' came in .at the expiration of .lit months, went on down to the twelfth to state the plan, and to
and redeemed the Tar, he would alloW the proprie- declare that the surplus of Revenue 'over the Expen-
'tor five years to reclaim it in—providing, however, diture amounted to 7,000,0001. Therefore the only
!bat he shall pay five per cent. molt than he would points of principle 'against which he hat to onntend
Aave .

were'coneained in the three last. After detailing Ins
'plant 'the Honourable Member stated in the twelfth
Resolution—if That it appeals that this method of re-
ducing debt by no means direr: in its substance from
that which was adopted by the House is the Resolu-
tions of 1819, the essential attributes of bilth Houses
being the Maintenance of public credit by the dimi-
nution of the quantity of debt"—Now it was upon
this basis; that the Honourable Member rested the
whole, and that -Resolution was Acterdingly fol-
lowed by others, expressing his wish to sub?titute
this plan for the One which the House"had alreasly
sanctioned. lt was therefore manifest, that opt* the
accuracy of the twelfth Resolution the merits of .he
other must stand. And, if he could sliew'nhat it was
not only not correct, but the very reverse of correct,:
then be should shew that the plan .of the Honourable
Member was ab,olutely impracticable as a Mbstitu-
tion for that of the Sinking Fund already established.
This Resolution -then stated, that in principle the
proposed measure was substantially the same as that
of the year 1819; and for this reason be was at sr
loss to comprehend why, at the set out, the Hon:
Member bad dissented from his (the Chancellor of
the Exchequer's) proposition, that the first Resolu-,
don declared his coincidence id that decision of Par-
ament: But he would deny that the two mea-
sures were the least like one another--(Hear, hear).—
If a Sinkin4 Fund had any principle- at all, it was
that, while it reduced debt, at must not necessarily
be accompanied by a loss of revenue. "If a surplus
revenue arose beyond it, then that surplus was left
in the hands pf Parliament, either to meet any con-.
dttgency which *the circumstances of the country
Wight create, or, if it were found advisable, to remit
it to the people in taxes. But the measure of the
Hon. GentleMan,•while it diminished debt, min-,
ished revenue. It realty appeared w him incredible
ow the Hon. Gentleman's intelligent mind could
have failed to see the fallacy into which he had frlllen.
He should say, also, with respect to' such extinetion
kof revenue, it gave no relief. at all. To calf it are=
demption of Land Tax was a misnomer; for it was,
in fact, no extinction of debt at all. The Right Hon..
Gentleman here a case to shew that the purchatie

. .
- • ,
AV. IsetkviXoeilidiiid be
mitaiwte iss 'itie the:right of
alloWfit a third pe).son t) bilk tinder certaitiljreutn-
'btu he co' tad. novsee tite right'of *Mug that-
petaoti advantages to cadtice him to' w. To astY
to the proprietor of the land, "*you do not choose to
purchase upon our terms, here is a thlidrpetsonfwbo
Shall come on'andhave a claim upon your property,"
was in his mind a hard thing upon that-class—(Heir,
hear).-rMr-Patt saw this difficulty, and endeavoured
to provide for it, by making difference in the tifrin's
upon which the tax should be redeemed.'" Attorci
ing to this plan the first ptirchaser sacrificed ICI pet
cent. .and the second 20. But the 1-tonotttabie
Gentleman proposed to make the conditions more
onerous on the proprietor, by placing the stranger
upon a more advantageous footing—tHear,Aarri.—
At all events, the only advantage which the proprietor
had, was that of being able to buy our, by giving,
the stranger five per cent. upon his purchase. And
to make this the more palatable to the proprietor, the,
third person was to be made a Magistrate. But he
Could see in this a field for certain large Companies,
who would no doubt be glad to-dabble in such a trans-
action. Speculators would go and buy up the Land
Tax upon the proposed terms, and then come upon
the proprietors for the percentage, or exercise all the

-.Lag
privileges which would be thus obtained, to the great
vexation and detriment of that class. lie was satis-
fied, that the conditions proposed would make the
Act more objectionable now than it was originally;
and conceiving the plan of the Hon. Member to,
be nothing like the same as that which it professed
to* be like, namely, the Resolutions of 1819 ; and
conceiving that fact to destroy the basis upon which'
the LL ht le tested, he should vote against the propo-
sition of the Hon. Member. He should move the
previous question upon the first Resolution, and so
on down to the twelfth, which be should propose to
meet with a negative, as well as the two last.
Captain MABERLY was surprised to find that
the observations of the Right Honourable Gentleman
liad chiefly been. confined to the objects of Mr.. Pitt's
Act. His Ropourable,Relative did nbt wish to pledge
the House to anything more than the giving up five
millions of taxes for seven years, and after Wards it
remained with the House to do as it pleased. By his
plan a Sinking Fund would be created, perfectly se-
cure from the rapacity of Ministers-411ear,laar)—
ottin the fate that had attended three successive
*nking Funds which Ministers had' laid hold of-.
bear)—it would put a stop to many of those
capensiae prOjects which an obsequious Parliament
wit; idw.rys so apt to follow when they found the
rites. raised before them. By the proposed scheme the
,IgtAtittg Fund' would be placed beyond their grasp,
'lnd secured frOM most of the disadvantages hitherto
objected to it--(ffear, hear).--For himself, he did
not so Much object* to a Sinking Fund' as he did
to its yiolib;lo,--.10 the temptation which it held'
out to Miaiiir7a.tealptilition they rarely had the
firmness ta reigt;-(flear, hear).—The plan of his Ho:
noitrahle lit Aiserve, would increase the funds of, be;
country, 151444.0 the Government greatet,elnl
nen-ec eyft, coms4, Statet: it. Would ittforrn thetfi That
there were tet9lorceilik *Out itintonificti and funds in'
our fraasurk,,*hk.ll.*Naird lo'rge:efry of
the exigencies Agit 'wire like to.4wiseL.:{HeerraAsirr)?;
'Mr. RI,CAItDOSid. might'
feel disiried
.tenor .104 Ark of theiiro'position
of the Honailoier,. yea* *at ta)inied to say, that k
did bit deirible4iubititt

put _
" ___ not Appear to Aim to stilesiribletisk. ...ante for,
of Land Tax by an individual was only a relief to the Si4kin Fund. Ite.Alitr,;,Tficatdo) *as quite as,
him, and not a diminution of debt., Then he appre- de:irons is his 'Ret.4 Friend Cosad'helo,relieee the
headed that it was an essential attribute of all Sink- country from the hiavy 44i'whfrititknited upon it;
ing Funds, that-they should have some character of and though the plan proposed was in some
way. unarm
permanence about them: He did not say that, upon 'adapted to accomplish such an end.yr .it must "be
any great emergency—any pressing difficulty of the by applying it in a very different' IF he bed
country—it might not be rendered available ; but it proposed that• the purchases should have been so
was essential that,- under common and ordinary cir- made, as to equalize the tax, and that each pail
cumstances, a Sinking Fund should be distinguished should purchase on no other ground than that *II' •
by permanency and certainty—Wear, hear, hear).-- a mortgagee has on land, then he would have ac-
But there was not in those 'Resolutions one single quiesced ; but by the present plan, which was consi-
word which said we were to haven Sinking Fund at derably encumbered, a Receiver-General was to be
the end of seven years. The object of the Hoer. Gen- appointed. to receive the tax, and, in fact, it iva;4l:
tleman was to take away the taxes which formed the substituting one sort of the debt for anothes'
Sinking Fund. The nation would thus 'be left with- He had raised a new stock- to be transferred iotba'
out any resource, and if, at the expiration of this same way as the old, and one tax Was put in the
plan, its circumstances should require exertion and place of another. He (Mr. Ricardo) hail spoken so
action, they might go and fish in the ocean of the often on the subject, that. the House was well. aware
Sinking Fund without knowing whether they should of his great anxiety to get lid of the debt ; and if the
catch a herring or a whale I—(Hear ! and laughter). Hon. Gentleman had proposed merely that all classes
Unless he was mistaken in all these elementary prin. of persons should be allowed to purchase the Land
eiples, which he considered indispensable to a Sinking Tax without the interference of the Government, then 1,
Fund, the Honourable Member's proposition could a considerable amount of debt Would have been can.;
hive no such effect as that which he anticipated for it. celled. ' One. objection of the Right Honourable the
But even supposing the Hon. Gentleman's conclusions Chancellor of the Exchequer did not appear to hint
to have been well founded as to that part of his plan, to possess . the weight which the. Right Honourable
he confessed that he had much doubt as to its practi- Gentleman had attributed to it, which was, the
cability. The Hon. Gentleman -said,- that it was his great hardship that a stranger would be-enabled to I
desire to assist the Act in question ; and that its lan- place himself oe the same footing with a proprietor:
guid operation-Was consequent upon the onerous con- If the Land Tax could thereby be redeemed, he should
ditions which it now imposed on persons who wished have no objection to.this equality., With' regard to
to purchase. It was quite. true that a less quantity of the Sinking Fund, he •did not perceive that the pao.
the tax had been redeemed than Mr. Pitt expected. position ofhis penotirable Friend was toialliuncon-
But if they looked into the circumstances of the times netted with it.. Indeed, the Chancellor of the Ek-,
when the Act was passed—and it was curious to see chequer might say that the, plan was a good plan,
how they had ,changed at present, the region- would and that he was not unwilling to adopt it, but not as
soon be discovered why the redemption had not gone a substitute for the Sinking kuail., He himself, was
on of late years as well as it was expected' to do. In Teri' rvady.,to voice a reniissiOn. of taxes to the amount
the first place, at that' ime the countrywni engaged of vhe Sinking Fund,. but. nisi' for a larger sum thitn,
in 'an expensive Wit," of which nobody *gild loresee the*
Sinking Food. That amount .was never More'
.11se ternianation:; and•we were in the habit. of raising than the-
surplus of Revenue. beyond Expenditure.
Urge loans at aloost 'ruinbus rate, with the three per the Chancellor of the Exchequer, *ith the catIZIQUr
tents. down at 48. Now, this measure-14i not brOtight .whieh_belonged to him, were, .to ask Air a sum
eesvard for the relief of any particular dais oil per..
.5,00•0004, be, cupid obtain
..it. only by borrowing
wins, but to raise the funds in order to it rove the' irons 'the ppbliC Oa the one liarld,, rw. taking from the
tiOnclitioni of these leans, which we were abiditolt SitiliiiniFond on the othert, The one mode would in-
bbligidlo borrow.. The' funds then beitt kiii.. infr stealWaii dr*, tiwtotiver i.,_ol4tiliooth tie stirous
the. value ef laud iMpri.raipg;- here war a 'cleat. ,
_. Reiinna. .He was therefsio.ef. 41puirable to *rcriiiir!
iiiioirat law* to i6d4ce Persons to ttelisfe.T 601* elm of taxes. to the antolgit 0f05.09010P0L not bait
Goo the' Ftitub to' landed securities. Eiteri.bOdr what• bethought that,, by gr4t economy on 'the part
ir:that Aerial Funds Were at I'...ApAl liMattuf6v.. : of Government, they would allow 7,000,000/. bet
.41004 in i'less fittisOelbus state. This/ istlikiPm°, be was-afraid thati with all'Orait professions of eCo:
slitenehtid..ttiost sadilactbrily for theiery tlow
.pro- noniy, reliance enough' could not be plaCed Lipari
iiihiels'ihe Act hid recently made: But the Hog. then, to warrant the additional remission of two
, I
seemed to believe that the real 'obstacles iinillions. -Ministers told the House they had a sur..i
, .
• hotline more than i the restriCtionsimpose pon phis of 0001 .7.600,. and if the House voted a remis-,
lseksolsOl'edeethik_the tat, and tiSat !het .°OBht toile j ualoacs to that amount, then they would say-
'done away With.- To the mode ptOpOsed by the Hon., upFy. rasse.aut bound to be snore economical than
Masher for dailig this; he saw very gfeat objection. they mercer present. because the House had taken
The Haiii. 'timid be swam, that althout.' . c the aaway..the whole of their. surplus. Akbaugh Mr.
original Act the first option of imirebise 'w iAweito. Pitt, after establishing the Sinking Fund, had,
the proprietor of the land, yet; to induce him to bor.. daring his life, 'Linder the pressure bf die 'Svii., in-
there was suspended over his head an alternative 4 ereauld the debt sore. than the Sinking Fund paid
'Avery disagree' lia nature. It was, that any third . vg, yet in every loan that ha made, them WAS 4-

•

rs some provision for its payment—War, hottr).—a
doubt the erpenses of the war had foreoti his! to

to LW,
[ion was I
It WAS bac
bad not vi,
.p give wi
vir net. Ba

lierow more than was tetleemed by t'le Waking
''Foild, yet, when peace arrived, the country would
have been in possession of an efficient Sinking Find
—(Hear).—lf the system had been adhered to is
pettee whielythelitoYarumlnt pursued! during thew%
he (Mr. Ricardo) would have been the •last to raise
his voice apaintt,it. La the year 1813, however, the
late Chancellok-Of the Exchequer' had taken away
B,oatoool. atiffnalti-fionith4Siliking'Fund—(liear).
This violent measateMearcornpapied Kith the sin.
gular aiierticia that-hes/I'6l'dd be abie•to tar nil the
debt in a shorter ttittie..siithotit-,t1ie'.8,000.0001. dram
with' teem7--(firver).:-.41e ' accompanied 'tilts at* '4
spoliation with very magnificent . promises,. none of
which had been paotined. gut this was quite el
trifle competed •with some'of the subseqtatintattersite
on the Binting•Fund.' Instead of providint•lnamad
for wiping off ihelniereit, it was 'suffered minion*/
at a compound rate, and then the Chancellor cif chef
Exeliequeroaniedown and said, though there wee
15,0004900Ctiefoie; yet, through. my erpenditut*,./
have left st..deficiericy, of I5,000,0001.—(A laughle—
But diancellun ot the.. Exchequer would not eanr
to come doon, year after year, and take twelve or
15,000,0001. unless they found a subservient Parlito•
ment to uphold them—(Hear, briar).—The Sicking
Fund would again go on increasing at corn pound in.
terest, and, after it bad arrived at nine or 104000,0001. •
some future Chancellor of the Exchequer ssould have
the audacity to appropriate it to his own usei—( Hear).
All Ministers stere"ilike'; and it they were to consider
the Sinking Fund in the light in which it bad been
recently considered, it would be much better for thews
to set it aside entirely. The object of the Sinking
'Fund was to pay the Debt, and- nothing else. He
would' esplain the nature of the Sinking Fund by a
familiar exanile:—Suppote a private individtial had
'an estate of 1,0001. a year, nod found it necessary to
borrow 1 0;0001. agreeing with his creditors to set apart
5001. a year of his income it) pay the debt. Stippose
then that his steward tells him that if he skill consent
to live on 4001. a year, and give him the other 1001.
he would be enabled in' a much shorter period to I
pay off the debt. He consents, and living on.i.oot ;
a year, he pays 6001. to his creditor and his steward.
The first year the steward pays his creditor the 1001.
leaving the debt9,9oo/. and reduces the interest t 04951. •
but the owner continues to pay 6001. a year, and the. '
next year the steward pays 1051. and continues inthe•
same proportion from year to year. At the end ofrt cer-
tain number of years half the debt is reduced, leaving
2501. to he paid to the creditor, and 100/. todiesteiward .
annually. The steward, for some purpose otbisdita,
with or without his master's knowledge, borrowed*
slain of £7OOO, which swallows up the whole of the
£350- per annum, that had been appropriated to pay
the interest and diminish the £5OOO still due of tie
original debt-lifear, /teary= And what is the siren•
tioo-o(the borrower ? Instead of being relieved irom
the debt,-he is involved to the amount of £12,000.
•£9ooomore than he originally borrowed, -and his
'own Friniting Fond besides----(Hear, hear).--The Ho-
I nOullible Member said, in his conscience he believed
4
that theamount of the Debt would not have been
ly eo great as-et present, if Mr. Pitt had lived—. ,
Meta, hear)-übeeattse he always provided foe ex-
penditure, and at the end of the war would have had
an efficient Sinking Fund. He had begun to despair
clever seeing a real Sinking Fund, and therefore was
ready to support his Hon. Friend; if he would limit
his motion for the remissioti•Of taxes to five milliOnst
seven was, in his opinion,. considerably beyond 'the
proper mark. He hoped that the present Chant:elle
of the Exchequer would come down and move the
repeal of the Resolution which had been pasied ivlth
respect' ter the Sinking Fund last year. The cowrie
which it became him to pursue as a statesman, Was '
adirect, -and not a round-about way— Weer).
Mt. BARING expressed his surprise that his Ho..
nourable Friend (Mr. Mabeiley), after such a dimities
of years of experience and attention to matters of Fi•
nonce, should have suffered himself forumeihriet*
the House' with a bubble like this—the lightvdt
.bubble that ever was blown within its walls. Hi
Was desirous of offering a few remarks oponirile
'question; and upon the obser4ations of his abldlM"
'ablerriend, the Member for Portarlington vahChe
moit'say, that hecould not have imagined -Sul ass '
rration worse chosen, than that of the rianagehabot
of the embarrassed estate of a private gentleanab
when the question to be illustrated was the Snkiaf
Fund Or a great country like this. A gentlessums
steward had only to male his arrangements, sad
they would operate independently' of any contia-'
geodes. But the affairs of a State might•deonind
front year to year such exertions as mighebe ii1i45117
The' ' 'incompatible with former regulations.pfeiro-
sition of his Honourable Friend had been sufficidatly
exposed by the Right Honourable the Ghanedlideof
the Exchequer, and by his Honourable Friend lbe
Member for Portarlington (Mr. Ricardo); stl -that
it was not necessary for him to' enter into it 'Sat
the calculations might bejtided of at first sight,
when they saw it was proposed that the sum Which
seven millions a year for seven-.
years would de-
stroy, should be destroyed by "twelve millions.
-,
The time was past when the Finances of this country. '
were to be managed by conjttring—(Hear, isetteq).—
and he really should not hive been more stirprisedit
his Hon. Friend hadrome &min to the Molise 'maid
told them he was going to'get info' a quart bottle I
(A laugh)—than *hen he said that 1,4200,000 V. Inv
equivalent to 'seven minions of Revenue—ill/err,
/rear)..—But the fait leis, that his Hon.Friendwoinlst
leave the century at thernd'of seven years Without
any Sinking Fund 'at all. ' He fertgor also, thketlienr.
must be this-diatintition 'of 1,100,0001. 'a Seat Oro •
the Revenue la consequence 'of the redemption ti
that arnothit!of -Land Tax—(l4, tth,
.ftilitit Mr.ilfa-
lierlfr.--If it was fiot so, his Hon. Friend tentildhire
'itti wiitiortmiltref replying to his observations": ''lees
wished Sat tineleird'upon'the observatititis'bflas
Hoe. Priencli" the Member /Or Poltorli4ioni'teo
the Sinking Fond. It tiraa a questronOrthi4*/
greatest mothenr, in his judgment, whether tliefrowo,
ley was to be left stitholit a surplus revenue' erFiliar
The Observatiohi of liii'Htm. Friend wee most M'
ttadietory. He disliked the Sinking- Fund; .gsg
Mr. Pitts for a tinieliis observed. and Wlen
away for the emeigenties of the TeOlintiji:''Phi4
se& objectibti'4Vas --that he via' quite I ores'ores'l,l
Minister -*aid' leinlVdoscif" ffeeiftiF . 'lik.
this away also; and, therefore, he ir# .
renting him by taking it away hittisertq' •

• country w►
yeatte, in ti
confidence
plain with
-tans, he
aed fir mne
in legiocas

at the car
own. If al
for the nex
?byte recnu
.4iaking ru
/operated ui
—away. Cir
- isrartsitory e
• vim' eking Ft

.'surplus of I
wn.ihled thl
without a I
,' TlOns. T
.047 n
off
interests of
ing Fund, 1
the injury i
this at the 1
After the 21
upon the ss
.eighty mill
It now hap
to make a t
be more) N
. of the justii
• this was nu
Governmen
forty millio

• supplies she
surplus. '1
such trying
surplus onl
Goverunten
they looked
trust have it

which had t

and was re:
its lagitimal
• the first tin

cial state of
rubles for
All the Pos
contingencii
were left w•
dignity, no
to. It WAS tl
of the coun

that conditi4
character al
With regan
Member for
under his sy

mind made
sion ? It v

but it woulc

tunate Spaii
the necessar
snies. Let th
arose from 2
sent the cre
than that of
dispose of
Government
got everyth
was one not
most momei

tension and
pike of these
is situatio
apgression f
4* and pobl
,be !eft vopri
rep. Which
tire upon tb
Member for

statraTts°
tof
clic
ffrar) ha*
:-AF44l**
ith respec
ASTA
Ifictit:4o thas

vitiosatigating
-*obi the c
:„ ONO. if the
•:,,itorying sin
-tear, beyone
tre "Told
might
the :Lite in
--.-aterwloog 4Ze
faltiLf, who
• ir93l
1'49,9014 am
4 Jaavesistion.?

liretica been it
• 434.494t.tk

'7l.tera

'malted, t
enabled
and suc

-I

sum of equivalent to -.sew
think it. Moat Mat mete would be an increase. cents. down at 48. Now, this measure was not brought Which.belonged to him, wer; to. ;isk i'Qr a ...ivy oven in
en 'millions of Restinte...-iffift,
~., ,
in the Reveltne 4V/e'er/fount Ofeaniilliim,•if Seven forward for the relief of any particular class of per., 5,600,0004 he could obtain ji. on. br hy horrowing
• sriillions Of tate, sterereduceri?-Auclifthe reduction 'ions, but to raise the fun& in order to inipriare the fivm the public ne the one WO, i ' tak ; tf. tag Pram t c -oysteen Juni
licar).•::- But the fact was, that his Hon. Friend wtotild Pornit.thi
f fl leave the county at theend'of seven years without Admviistr4
of the Four per Dolts. to Three were effected, there conditions of these lbatis, which we Were absolittelv'sinki*litpd on the other..., The one mode would In- any Sinking Fund at all. ' He forgot also, tlititibeie
would be anotherViositite sftineofls6,l:looL - niis,, Obligidtto borrow. • The' funds then being lOvi, and crease the debt, the otilei wolild diminish the surplus must be this-diminntion of- 1,200p00k ,alrai.tiOnts mired, that 1
enabled the
therefore, made-Anolitnount of 111180,0001. about the value'of laud iMpriiiipk- here was. a clear and Reienue. -He was therefine fairourahle to a minis- 'the Revenue' In. consequence of the • redeniptien ri I, ; end success.
which there 06tdirbe tie doubs.• .411'4' with all this, manifeit reason to induce persons to transfer Capitel got Di taxes. to the amount of
.5 not but chat amount Of .Land 'rks—(No, no, frill. Mr.ltra- ' . . scess.
in seven loft* as imiehtdebt-wetild bepajd of as by:ftern • the Pupil's t 6 landeci securities. Everyedy h., be..i h.h
-. W.,......mug..t ....at,, by .gr,c'at economy on the part berly).—lf it was not so, his Hon. Friend iintildbiry Ix _ tog-tht
the operatiokof the Sitikier Fund Of ;fire iniw' that trowlheFlitids Were at 73, and 1 a anis
-an— .-----1: of Government, they would allow 7,000,0001. but • F
an o portimity- of replying to his observtionie •.'He 1
.tharergive
Where, thlrrefore, 'wwirtbe statiget Co tic credit ? timatery in i'lest Pteliethot state. This, in 'his Mind. he was-afraid thati with all'theis professions of eco- wished to say One. *lora upon the obsertiatidhs:bilis v
~c-ika;__
He brad roe much Move‘telbate, furreallY•the clues: aecounted..nititt satidadtrily for dicier Tow
nowt,pi.e..i
re .nice enough could not be laced upon Hon. Friend,' the A/ember . for Poi tariingionin?‘• traciT-caTal'i
tioa was -extremely timple; itiwas in fact-one of the
.gtess which the Act bad recently made: llnt, the Hon.'
I them,. to warrant the additional remission of tv,.o the Sinking Fatid. It tiras a question:or-the-inky • m
siniplest.qisestionv•that ever,teine Wore 'Parliament.. Mensbet seemed to believe that. the real ahstaelesmillions. -Minibus: told the HOuse they had a sur- greatest mornear,. . r. Tl*li
in hii judgmknt, whether the'exauk ! -e.._, ..
~ „. -
He- trusted -that' TIM% 'Mutter% -and -pskstitalarly were' nething more than the restilatirie impose)ti
s -Pm I phis of 7400,0001.. and if the Iluuse voted a semis- uy was to be left Without a surplus revenue' tiVeis, ..,::=Ja'r
Gentlemen oar the. othetlide, Votielii Mt consider this pinieraiiiiiititining the int, and tilt they ought tole •
I of of .times to that amount, then they would site` The Observationi of idillon. Friend ire* treifidt. __ .`"'• W-001
iPoseiwaticona
nieasUre WS b% own. 'lt was one Which be found ex- 'dune innkf lifith.-otheraode proposed by the Hon:4 they sue. not bound to be more economical than ttachetory. He disliked the Sinking: Pkind;,.. . Rl, '• •
pisinge;and his desi.rer was. •so give.it.revi!al. If the Meifnlis- fate !king. this, .be saw yety_great ob
tecur.• they.tvere.at present, because the House had taken Mr. Flu's for
.st tfltfe,n•ks observed; st'rvedi antt.)then,,,,,i • ra:74.
Mouse sepperrett bins in it, he theifght •• it would be The Ohluid be awase, that although: t AblE annir , the whole of their surplus. Akbeugh Mr. away for the.entetgeneset of the. mutely. p, * e
the means of. coireiliatiii(ihat class whom it was to original Act the first optien of purchase Qs Versa. Pi, after establishing the Sinking Fund, had, seat objectionlias,--dixt -he was quite' uri .._ itz,heari.
- important •in hisepiniostro conciliate, he meant the the proprietor of the land, yet; t45-itaitee hint Inlay.. durini bre life, . tinder the pressure bf the **al., hi. MlOkter -wowWicOrra Ao*7l' heir:et-6' . !Fag d .nisaire
Linded intere,t ; and they would at the same time, there was suspen4sd over his bead an. alternative- 41 creased the, debt %ore than the Sinking Fund paid this away also i and, therefore, he ir_iY ..
_rig," tent-of the
gi re thou general relief whichlreconfiderlayanticipated ta, vet, ditagitealta nature. It was, that any third . a•
W
tro, yet in every loan that ha made, there A$ 41- ' venting him by taking it away hintselr-44 lid %I
• .
, .
. •
. .
. •
. .
;, -
-- .. . • . _ • - _ .- • • . ~
. -4.
. . . ..dir
. -

- Vend. Qs %hi
th a
11VMM
oWie
• t'*l:lC444l.eip,
fraCllCal obi
Mr., Tip
Ati,043:400
103 rf,
gbworit,Opsi,
C_Attg
.44 iae
. 14greir Aeon.
. tent-Of the %I