Star.
London, England, 1807-04-14 00:00:00

LAN INTEREST BILL.

Tile Honfe having refolved itfelf into a Committee
on this Bill, and the Bill being read,
The CHANCELLOR of the EXCHEQUER
laid, that he had no objection to the intera of the
loan being for the prefent year fecured according to
•he mode pointed out in the plan of the Noble Lord
( Lord H. Petty). He %%Abed, however, to avoid
pledging the Houle to approve of any part of that
r.latt for the future. He was very ready to agree to
the firß abject that was Bated, to prevent any new
t ,Ixativn in the prefent year; he was ready to agree
to the to per cent. which was created for the intereft
of the loan tithe prefent year, and the Sinking Fund
—but there were other parts of that very complicated
ly Rem which required a more ample confideration
han could be well bellowed upon it in the courfe of
he prefent Seglon. There were many objections to
the principle of making permanent thofe taxes which
were originally raifed as mere war taxes, and making
them the fund which was to fecure the intereß of the
loans. He had been well informed, that a confiderable
degree of fentation and alarm had been excited by the
idea of continuing the duties on exports and tonnage
after the war) and he thought that was a part of the

Noble Lord's plan which ought not to be perfevered
in. The completion of any permanent fiflem mnatake
a confiderable time ; and fence the plan was.origi- ,
nally propofed, a great deal of new light had been
thrown upon the fubjeet;both in the difeuffion which
took place in and out of that Houk. He concluded
by propofing an amendment to the claufe in the bill
agroeable to the obfervations he had thrown out.
Lord H. PETTY Paid, that if the loan of the prefent
year was fecured in the manner which had been
already determined by the Refolutions of that Houfe,
he could have nn cbjeftion to adjourn the confiders-
lion of the general merits of the plan he hid the ho-
nour to bring•forward to a future time, when it might
' be fubmitted to the fulled enquiry, and to the final
judgment of Parliament. As to the alarm and fenfa-
lion produced by the tonnage and export duties, if
any fuch alarm did exifi, it muff have proceeded from
a mifunderßanding of what he had Paid. He had
Rated molt exptefsly, that he did not with to pledge
the Houfe to tie continuance of any one of thofe
taxes, but that he meant merely to aflign that portion
of the taxes, which was now reprefented by the war
taxes, as the fecurity of the loan ; and to pledge the
Houfe only to fubßitute other taxes for any of thofe
which they might refolve to difcontinue. As for
what taxes fhould be continued after the war, and
what (hould be difcontinued, he had always [fated,
and Rill was of opinion, that the return of peace
would be the proper period, in which that fubjed
thonld be taken into confederation.

The CHANCELLOR of the EXCHEQUER
would have no oblation to extend the period to
twelve months, after peace, inflead of fix ; in which
cafe Parliament mull meet, and would have time to
decide finally on the fubjeft. He thought nothing
could be more objationable than the principle of the
prefect plan, which went to pledge the Houle to
continue nine millions and a half of taxes as a fecurity
for twelve millions of money. The furplus of the
Confolidated Fund was now three millions and a
half, and he thought that was a very abundant fe-
culity. It certainly would be poliible to avoid the
pledging the whole of the War Taxes, by making
permanent Tome of the leaft objalionable of them.
Mr. TIERNEY again protefied agaisill looking
to a fir ppofed future excefs of the Confolidated Fund,
as a fecurity. It would be entirely departing from
all the principles of Finance which had been eltablith.
ed in this country. The fat now Rood thus : the
original bargain with the contrators for the loan
was, that it was to be fecured on thofe taxes, and in
confequence of that bargain, the Minifters received
their money, and had it now in their pockets. It was
then too much now to fay, that we would neither
give them that fecurity for which they bargained,
nor any other fecurity, fuch as was ever given for a
loan, but throw them merely on the chance furplus
in the confolidated fund, when peace fhould be re-
ftored.

Lord H. PETTY (aid, that the Right Hon. Gen•
tleman (the Chancellor of the Exchequer) certainly
was not advifed by the Nrble Lord who fat near him
(Lord Calllereagli), in (peaking of a violation of
faith, in applying part of the exceffes of the Confoli-
dated Fund, as that Noble Lord's plan went entirely
on applying the Sinking Fund to the purpofe of the
loans.

The CHANCELLOR of the EXCHEQUER
raid, that the Public Creditor wai not entitled to more
from the War Taxes, than a fecurity for the intereft
of the Loan, and for the Sinking Fund created. As
to charging loans on the furplus of the Confolidated
Fund, it was not In extraordinary as had been re
prefented. The Chancellor of the Exchequer of
Ireland (Sir John Newport) had charged any defi-
ciency in the produO of the Sugar Tax upon the
furplus of the Irifh Ccnfolidatcd Fund.

Mr. TIERNEY laid, the arguments of the Right
Honourable, for he could no more call him the
Learned Gentleman, were Inch as could not be ex-
cufed even in a man who had been five days Chancellor
of the Exchequer. If he were appealed to as a lawyer
he could not argue that it would be better for his
client to have one fatuity than ttvo, and that if he
already had two, it would be doing him no injury to
take away one of them. There never was an inftance
of any Loan charged upon the Confolidated Fund,
without making tome increafe to it by taxes. If the
Right Hon. Gentleman would affign tamoool.
taxes, for the intereft and Sinking Fund of the Loan
of this year, he would be content; but if he did not,
the Contrators had, in common juftice, a right to
the fecurity for which they originally bargained.
Sir JOHN NEWPORT Rated, that the difference
in the cafe of the Ira Loan was, that it was fecured
upon annual, and not upon permanent taxes.
The CHANCELLOR of the EXCHEQUER
raid, that no abfurdity could, in p aaice, be greater
than that of affigning a portion only of the war taxes
for the loan. It would be impoffible to tell the Col-
lators of the Cullom. or Excife, that they mull flop
collating the taxes when they had got fo much
money. ' He did not, however, now with to prefs his
amendment, if it did not meet the fenfe of the Houle;
but it appeared to him, that the Houfe had an UP
doubted right to fubflitute the fecurity of the Confo-
lidated Fund for that of any particular taxes.
Lord H. PETTY faid, that in the prefent cafe there
was no fubfiitution at all. The Right Honourable
Gentleman's idea would go merely to take from the
Contrators of the Loan one of their fatuities, with-
out giving them any thing in the place of it. As to
the general fecurity of the Confolidated Fund, and the
faith of PArliament, they were already poffeffed of
that. The Right Honourable Gentleman, therefore,
appeared to him to with to take from them the fpe-
eific fecurity of the War Taxes, without giving them
any thing elle in the place of it.
After a variety of explanations from the CHAN-
CELLOR of the EXCHEQUER, Lord H.PErrY,
Mr. HUSKISSON, and hlr. 'I'IERNEY, it was re-.
folved to poflpone the iifeuffion till to-morrow.
The Chairman, therefore, reported progrefs, and
the Houfe are to go into a Committee to-morrow
upon the Bill.

INOIMPIRS RATES 07 SUBSISTSIICE BILL.

The Inn,keepers Rates of Subfillence Bill was
brought up, read a fire, and ordered to be read a
fecond time on Wednefday.