Star.
London, England, 1813-04-03 00:00:00

p

present, involving the
Parliament. could not be
gible by &discussion ; he wow
appointment of a Select Commit.
that Committee would be, to take into consideration
the Acts of the 26th, 32d, and nd of the King, and
report to the House how far, under thole Acts, any
tart of the Sinking Fund was at the disposal of Par-
liament, consistently with a due regard to the public
creditor and funded securities. In the choice of that
Committee, he would totally discard all party pur-
poses. It was,his intention to name the Attorney
:Ind Solicitor-General, two Hon. Friends of his who
had filled that office, and several Milkers, Members
61 that. House. He would willingly accede to the
Aggestion of any other names of intelligent Gentle-
men conversant with the subject. From that Corn-
inittee the House would receive, not a dexterous
speech, but an intelligent Report. The subject, in
the mind of the Right Hon. Gentleman ( Mr. Tierney)
Was confined withina very narrow compass, but requi-
red not a few words to bring it clearly before the House.
The Hon. Member then went into a minute historical,
detail of the creation of the Sinking Fund by Mr.
Pitt, its progress, and the alterations it underwent;
partictilairly the Act of Consolidation ; and argued,
that by the expressed provisions of several Acts ?f
Parliathent, it was designed that not only the public
debt should be redeemed within 45 years, but that
this should be regularly effected by compound inte-
rest and accumulation. This construction followed
not only from the obvious consideration of the Acts
themselves, but from the Resolutions upon which
they were founded, and the recorded speeches of the
time. The only argument opposed was the Right
J-lonoumble Gentleman's (the Chancellor of the Ex-
chequer) recollections or an idea at some time ex-
pressed by Mr. Pitt. Seven millions of what the
public creditor thought, and had been encouraged to
think his own, was now to be swept away, without
even a proper investigation. Stich an investigation it
was his object to propose. If a Select Committee
were appointed, all doubts on the subject would be
removed, and the public faith of the House would
stand unitive:fished in the eyes of posterity. This
Report would be made with convenience and expedi-
tion.—Even the Right Honourable Gentleman (the
Ceanceltor of the Exchequer) himself should desire
the appointment of such a Committee. Their Report
might simplify and develope a subject so dexterously
involved in an elaborate variety of figures. The
Right Honourable Gentleman contended, that no
diminution of the Sinking Fund would take place
tor the first year. When from any thing we substract
more than we add to it, to his (Mr. Tierney's) plain
understanding it appeared that a diminution must
follow—but perhaps to the More extended views and
acute perception of the Chancellor of the Exchequer,
the fact appeared to be otherwise. The pressure of
the measure might be light for the first year, but in'
the course of two years it would be severely felt and
regretted. He (Mr. Tierney) would take up the
time of the House no longer than merely to move—
is That a Select Committee be appointed, to take into
their consideration how far, under the Acts of the
96th, 32d, and 49d of the King, any part of the.
Sinking Fund, consistently with a doe regard to the
public faith and the several public funded securities,
is left at the disposal of Parliament."
The CHANCELLOR of the EXCHEQUER
contended that a Select Committee had never been ap-
pointed on such an occasion as the present. Com.
pound interest, and the word accumulate, did not oc-
cur in any Act relative to the Sinking Fund before
that of 18(12. The operation of the Sinking Fund had
been frequently altered and modified, yet no Select
Committee was ever proposed: [Mr. Tierney having
said across the table there was, proposed by himself]
....then, said the Chancellor of the Exchequer, the
Right Hon. Member is acting under the authority
of his own precedent, but the House would follow
its precedent, and reject the motion. The Chancel-
lor of the Exchequer then read extracts, in opposition
to the motion, from papers published by Lord Henry
Petty (Marquis of Lansclown), on his financial sys-
tem. The Bill in progress through the House was
sustained by the authority of Mr. Pitt, the illustrious
author of the Sinking Fund, by Lord Grenville, Lord
Henry Petty, and other distinguished persons, most
conversant with subjects of finance. He would de-
precate its being judged of by the representation of
its adversaries.

Sir JOHN NEWPORT observed, that the public
creditor had been taught to believe not only that the
whole debt should be redeemed in 45 years, but also
that the Consolidated Fund should operate by com-
pound interest in the mean time for his benefit.—
When the public exigencies would hereafter oblige us
to have recourse to loans, this invasion of the Sinking
Fund would be severely felt.
Mr. ROSE said, that in the years 1798, 1799, and
1810, liberties had been taken with the Sinking Fund.
Such a measure as the present must be admitted at
spme period ; the only question was, whether the pre-
sent was the proper time ?
Mr. 13A.NKF4 said, he should speak candidly and
fiiirlron the subject. lie bad perused the existing
laws Which regulated the Sinking Fund, and he could
perceive nothing to prevent the plan of the Chancellor
of the Exchequer being carried into effect.—( Cheers
from Afinittere.)—At the same time he could not
avoid saying, that grave and serious doubts were en-
tertained out of doors, whether the measure would
not materially shake public credit.—(Clieer: from Oft-
bim the plan appeared justified only
by the extreme necessity which called for it. Many
objections, however, might be justly made to it, which
lie would state in a Committee; therefore he would
I,upport the Motion.
Mr. CHARLES LONG distinctly stated the ob-
jects which Mr. Pitt bad ip view at the establishment
..of the Sinking Fund, and denied that any one of them
would be defeated by the plan of the Chancellor of
the Exchequer; therefore public credit was not af-
Laved.
Mr. HUSKISSON said he would not trouble the
House with any observation at present upon the -Fi-
uancial System, but he would vote for going into a
Committee, in order that he might there acquire a
knowledge of what he was still ignorant, that the plan
of hes Right Hon. Friend was not an infraction of
public faith.
The ATTORNEY-GENERAL said, he could
not agree with his Right Hooourabl; Friend, that a

required _
Mr. CANNING . his
Friend (Mr.. liuskisson7), that it would be better to
re&r.the matter to a Committee, to ascertain and re-
port hcrtv far the principle of the Sinking Fuid, as
established In, Mr. Pitt, would be departed from by
the adoption of the new plan.
Lord CASTLEREAGH said; he never knee.; a
single instance in which Parliament so much degraded
itself as to refer the construction of Acts of Parlia-
ment to a Committee. Indeed, from all he had
heard, he had yet to learn what Act of Parliament
would be put aside by the plan of his Right Hon.
Friend, tor no Gentleman on the opposite side under-
tevic to specify one, but generally stated collateral
matters of inquiry, and promised in the Committee
to explain themselves more at length. He denied that
by the present plan the public faith was in the least
broken with the stockholder, and therefore he hoped
the people of this country would not suffer themselVes
to be led away by a false notion, of what was calcu-
lated solely to let the enemy know and feel the un-
shaken strength and power of the British Empire.
Mr. TIERNEY; it: reply, said, the faith in Par-
liament would be much affected by the plan of the
Right Hon. Gentleman, and, in confirmation of what
he advanced, he would call upon the Deputy Gover-
nor, or any Director of the Bank of England (Mem-
bers of the House), to say whether the ordinary con-
struction put in the City upon the Acts of Parliament
relating to the Sinking Fund, was not directly con-
trary to that put upon them by Learned Gentlemen
opposite ?—(Hear, hear.)—He admitted that he was
not prepared to state one instance wherein a Com-
mittee was appointed to make the same inquiry as his
motion would direct them, but yet many instances
could be adduced to spew, that, on grave and serious
subjects, Committees had been appointed to inquire
and report, and why not in the present instance,
when the finances of the country, and the laws where-
by they would be regulated, would be the subject of
investigation ?
The House then divided, and the numbers were—
Ayes, 59—Noes, 152—Majority, 93.
On our admission into the Gallery, after the divi-
sion, we found the CHANCELLOR of the Exeneousa
bringing in Bills, in conformity ro 'the Resolutions of
the Committee of Ways and Means fur imposing ad-
iditional duties on Tobacco. &c.

THE EVENING STAR

LONDON.

SATURDAY, APRIL 3, 1813.
PRICE OF STOCKS THIS DAY AT ONE 0 CLOCK
Cons. 584—far ac. 57} per Cent. f —Bonds 6s. 86. dig.
Exchequer Bills a. 7s. prenx.—Omn.t-

Lord MILLAR% in the House of Peers, and Lord
G. L. GOWER and ME. WHITBREAD, in the House of
Commons, last night presented several Petitions In
favour of Peace. This conduct reminds us of the
people who found a person beating his adversary
when lying on the ground, and cried out " Shame !
Shame! Let the man get up again."—" Let him
get up !" said the other, " you don't know how much
trouble it cost me to get him down!"
Lord HOLLAND, in presenting these Petitions, ad.
verted to the Proclamation of Louts XVIII. which
he highly condemned. Mr.vintrattean. in the House
of Commons, alluded to the same production. Lord
CASTLEREAGH denied any share in the measure on
the part of Ministers. They knew of its production,
but bad no hand in it, nor do they consider them-
selves in any manner fettered or restrained by that
publication.
The Income Tax is not to be extended to Ireland.
With respect to prisoners of war, the Marquis of LANs.
DOWN inquired, if any proposition had been lately
made by the enemy, for an Exchange of Prisoners,
and what answer had been returned by Mini3ters.—
Lord LIVERPOOL answered, that an intimation, not
written, but from authority, was made for the pur-
pose of negociating an exchange, but on terms which
were rejected by this Government last year ; and that
Ministers, in their answer to this intimation, again
stated their readiness at all times to agree to any ex-
change upon fair and equitable principles.

The attendance at the Common Hall of the Livery
of London yesterday was numerous and respectable.
An Address to the Princess of WALES, on the subject
of the late wicked attempt against the life and honour
of her Royal Highness, was proposed by Alderman
WOOD, and carried by a large majority. Had more
zeal to vindicate her Royal Highness been manifested
in other quarters, which might be named, we should
perhaps have disapproved of the interference of this
body—indeed it is probable that the meeting would
never have been summoned ; but under all the cir-
I cumstances of the ease, the conduct of the Common
Hall will not only receive the approbation of the
great majority of the people of England, but be fol-
lowed by almost every Corporate Body. It is highly
proper that the public should mark their decided
detestation of the foul attempt that has been made
against her Royal► Highness.

The flames of insurrection seem to be rapidly
spreading---they have now reached North iinlland.
Several vessels have arrived from the Dutch coast
within these twenty-four hours, with various reports
from the places Row supposed to be the scenes of con-
test between the French armlets and their timorous

f
tart rAlflatibbilre "At . rC9Pitneriecejurralive'?nligarrimillr
construction of three, Acts of found en ist* of ar itameiiii Of 11. tile ei
be rendered completely intelli. Com Mons losing so mach sight of its bid the* as
le would therefore propose the leAviug that to be done by a Commiuee which theCen-
: Committee. The btisiness of sdtution required shoujd be done by the Houle itself.
be, to take into consideration Mr. CANNING agreed with his Right Mu.
a t,.._.!___ i las v• • • • • •