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

laugh).—This was • Mouthing like the advice given
to a Lady, that the best way toffsseaping tompta.
Lion was to give way at once...gime? laughilig).-1
It was hecau,e his tlonourable Friend believed they
bad not virtue enough to resist, that he wished them
to give way at once, and not try whether they had it'
or not. Bin feeling, as he did, that the finances of the
• country were now, for the first time for a number of •
years, in the hands of a Gentleinan likely to have the
confidence of the House—(//ear)—and able to ex-
plain with soundness and eloquence its financial trans-
acti-ms, he did hope that they should find both virtue
and firmness enough to support the Sinking Fund for
its legitimate ohjects—( Hear, hear).—Let them look
at the consequence of seducing seven niillions of
taxes. If any deficit should take place in the Revenue
for the next year, and they should be compelled to
have recourse ao Loans, he should say also that the
inking Fund was an advantage, for the reason which
Toperated upon his Hon. Friend's mind for taking it
• 'away. Circurr*tances might arise of sudden and yet
:transitory em gency, which they could apply the
'Sicking Fun to with immense advantage. If the
. surplus of P venue were kept up at five millions, that
.en.ibled th to meet such temporarSr emergency
without a dying to. the People for fresh contribu-
-..
,- tions. T be imposing taxes one year, and taking
. them off e next, was extremely injurious to all the
'interests cf the country ; and by applying the Sink-
ing Fund, when necessary, to this legitimate object,
the injury was avoided. There was an example of
this at the present moment in the case of France.—
After the restoration they established a Sinking Fund
upon the same principles as ours, to the amount of
eighty millions of francs, about four millions sterling.
It now happened that France felt herself called upon
to make a military demonstration (he feared it would
be more) against 'Spain. He was not at all speaking
of the justice or of the merits of such proceedings—
this was merely a question of Finance. The French
Government had an excess of income amounting to
forty millions of francs, and the remainder of the
supplies she required was to be made up from the
surplus. Thus her credit had been preserved under
such trying circumstances, and by her having that
surplus only. It. would be seen that all the other
Governments of Europe were in the same state. If
they looked to America—with whom this country
must have its first serious war, she had a Sinking Fund,
which had been applied to the redemption of her debt,
and was ready to be applied to the support of war as
its legitimate object. The Emperor of Russia, for
the first time, had condescended to publish the finan-
cial state of his empire, and he had thirty millions of
rubles for a Sinking Fund upon the same system.
All the Powers of the world were prepared for any
continAencies which might arise ; and if this country
were left without preparation, there would be no in-
dignity, no dependence she would not be reduccd
to. It was the duty of the House to view the finances
of the country as statesmen, and to'place them in
that condition which a proper maintenance of the
character and interests of the country required...—
With regard to the view taken by the Honourable
Member for Portarlington, he wished to know how,
under his system, we' were to meet any sudden de-
mand made upon our exertions by foreign aggres-
sion ? It would not only take this power from us,
but it would put the country into the state of unfor-
tunate Spain ; not to be able to raise upon its credit
the necessary means of defence against foreign ene-
mies. Let them look at the internal advantages which
arose from a maintenance of public credit. At pre-
sent the credit of the Government was much hater
than that of any individual. All who had money to
dispose of were anxious to deal with it, and to get
Government security. The consequence was, that it
got everything upon the best terms. The question
was one not to be treated lightly, but as one •of the
most momentous topics which could require the•at-
, tention and the decision of Parliament. It involved.
one of these two results—whether we should be placed
in a situation like other countries, to meet and repel
aggression from without, and to maintain.public ere:.
dit and public faith at home—or whether we- should
be left unprepared and defenceless against any dan-
gers which may arise, be they ever so exigent,
He should trouble the House with one more observa-
tion upon the plans of his Honourable Friend (the
Member for Portarlington), in conjunction with some
statements of the Honourable Member tor Abeadeen
”-a.name he never mentioned -without -feeling how
much. the country was indebted• to his• services—
(lear, hear).—His Honourable Friend was .conti-
nually reverting to a plan of;an eqUitible adjustment
. and contribution upon all debts and upon-all property.
Now this he was convinced was totallyimpracticable.
With respect to the statement of the Mt: Member
.Or Aberdeen, it would be Toting' a most interesting
QV to those Gentlemen who took the • trouble- .of
. iavestigating such subjects. It sheaved—and. no
doubt the calculation was arithmetically: correct,—
that if the House had come to the resolution of
levying six milliOns of taxes annually, airing .the
war, beyond the amount which the People did• pay,
there would hgve been no increase of the debt:—
This might be quitetruein figures; but looking, to'
the state in which this country-had been, and the tre-
mendous exertions which she had been compelled to'
make, who would say that a direct increase of taxes,'
from sixteen millions to'iwenty-two, could haVeheen-
pmposed and adopted without creatinganarcby.Mtd
evolution ? Suclt a calculation might, therefore,..bel
Iritknetically correct, -but the measure itself would
have been impracticable—(Hear, hear).—There was
no-doubt that there was a great abuse of the funding
system during the war, but it was in the Addington
Administration, which he by no means generally ad--; ,
mired, that those masses of taxes were laid on, which
enabled the country to prosecute the war wish vigour ,
and success. But as to the additional taxation, pro!
posed by the one Hon. Member. and she adjusement
of property suggested by the other, be must assert',
that however specious in theory, or valid I 4Listract
Sslculation. they were totally inaßplicgble to any
practical object—(Hear, hear). • • . ..
Mr. TIERNEY commenced by observing that the:
tluestion" was of so impOrtant a nature, 'that he "was'
ture the House would pardon .him if htee paste.* few
observations upon it;, he could assure.hliHon..F. iiend,
(Mr. Baring) that he did not .view theiehjecFlsell .. 1.
but attached as much weight and,copsi;derfki!,t..s4! t.
as the Hon. Member himsejf could posii4lYo* . ,
(Hear, hear).—He was -convinced clear be was as
deeply impressed with a sense,of the interest and ex-
tent of the question as any man who meddled with ,