Star.
London, England, 1822-06-26 00:00:00

PARLIAMENTARY PROCEEDINGS.

HOUSE OF LORDS, JUNE 115.
Mr. Thunman from the House of Commons appeared at the
Lordships
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nark Sheriffs' bar, and informed the House that the Commons had agreed in
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mainham Hospital Bill, the Irish Window Tax Repeal Bill,
and the Insolvent Debtors' Act Amendment Bill, which were
read a lire, time.
R Lord EDESDA LE-presented three Petitions from the
County of Northumberland against the Corn Regulation 1314
as not fixing on any price at which the corn ought to be sold.
Lord CALTHORPE presented five Petitions to the same
effect, from different parts of the County of Suffolk. His Lewd-
ship also presented a Petition from the Inhabitaxts of Bride
Precinct, in favour of the Bill for preventing cruelty to animals.
The Marquis of LANSDOWN presented a Petition from,
certain Owners and Occupiers of Land in the County of Dorset,
against the Corn Bill.
NAVAL AND MILITARY WISIONS.
The Earl of LIVERPOOL moved the second •
reading of the Bill then before the House,-for com-
muting the Half-pay of Naval and Military Officers;
and in doing so he said be felt it necessary to era
plain to their Lordships so much of the financial sys-
tem of the country as was connected with this mea-
sure. In all the discussions that had taken place
upon our Peace Establishment, it was represented to
be so large as to include many charges which never
existed before. The half-pay given to persons who
had served in the army and navy, amounting to
more than five millions annually, was greater than
the whole of our Peace Establishment after the con-
clusion of the American war. In consequence, there-
fore, of the largeness of thisaum, and the heavy bur-
den it must be to the country, it had been thought
' better to transfer it from a Peace Establishment to a
portion of the National Debt, in order that immediate
relief might thereby be given to the country: The
first lnesuon that naturally occurred in the consi-
deration of this business was, whether the thing might
not be effected by an arrangement with the parties
receiving pensions; so as that, in lieu of their half-
pay, they might take a less amount in annuities for a
given number of years—a measure which would cer-
tainly be very fair in itself. This was the first idea
which occurred to his Majesty's Ministers; but when
narrowly looked into, it was found to be impracti-
cable. Many could not live on a less income than
they now received, and a great part of, them had a
dormant duty to perform, because they might at any
time be called into the service again at the will of
' the Crown ; and then if they refused the call, they
forfeited their halflpay. Therefore it was judged
proper to form them in a different manner, and on
terms that would be advantageous to the country.
The most advisable course was therefore held to be,
to make an arrangement with certain contractors for
the payment of the annuities, and allow them annui-
ties for a given number of years. The object of the
Government was, to make an advantageous bargain
for
the Public, while at the same time tt was not to
interfere with the Sinking Fund. The five millions
now given to half-pay Officers was as much a Na-
tional
Debt as the 800 millions which the nation
owed. It was an annual debt of five millions, and
the proposal was to take off nearly one-half of it by
giving annuities for forty-five years, at the end of
which time the whole debt would be at an end. The
question then was, whether this was an advantageous
bargain for the Public? and he contended that it was;
for the burden was never to be greater than what we
took on ourselves: the object was to take an average
sum of £2,800,000 to be paid for forty-five years.
He considered this as a most equitable arrangement
for the present generation, as well as posterity, as it
equalized the burden on the country, and gave to it
an immediate relief. This was the general outline
of the measure, and he conceiveckit a most equitable
transaction. Here the Noble Earl entered into a
statement of the particulars of the measure as they
have already been stated during the proceedings in
the House of Commons. The Noble Earl next took •
occasion to notice the Sinking Fund, to which he said
the country must always look up as a source of
relief: at the same time he must repeat what he had
said before, that he did not think a reduction of tax-
ation would relieve the distresses under which the
agriculturists now laboured. The principle of the
Sinking Fund as now established was this, that as in
time of war there must be a necessity for contracting
large debts and increasing taxation, so in time of
peace, it was the duty of Parliament to lower the
debt by means of a Sinking Fund, which would at
once relieve the country and uphold the public credit.
The Marquis of LANSDOWN said, that as he
had, at the beginning of the Session, urged upon
their Lordships the necessity of making a great reduc-
tion in the taxes, and as the present measure was cal-
culated to effect that purpose, it would be impossible
for him now to refuse his assent to its general prin.
ciple ; at the same time, he thought it a most extra-
ordinary mode of proceeding for the Noble Earl to
keep op a Sinking Fund of five millions with a view
of extinguishing a part of the Public Debt, while
he was creating a new debt, the interest of which
would amount to 4:2,800,000 a year, and by which
a corresponding burden was to be thrown on
posterity. By this measure they were depriving poi-
terity of a relief to which it was legitimately en-
titled. He wished their Lordships to see what
were the operations of this measure with regard
to the Sinking Fund. There were certain Commis-
sioners for managing the Sinking Fund, whose busi-
ness was to reduce the National Debt ; and there was
also a set of Commissioners, being probably the same
persons, appointed under this Bill, whose business it
was to create a debt. The same parties, therefore,
would be contracting and discharging debts at One
and the same time. It was proper to see what ars
effect this system would have on the Stock market,
the interests of which must always be affected in the
same manner as those of other markets. He would
put a case exactly similar to this :—Suppose a farmer
should go into the Corn market, and there, repre-
senting himself as the agent of- some Gentleman, buy
up a quantity of corn, "high he should say that his

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