Star.
London, England, 1802-06-04 00:00:00

SINKING FUND.

The Houfc having refolved into a Committee
on the Sinking Find,
The CHANCELLOR of the Excarnrsit
that after the full explanation which had I,r-
-merly been given of the intended alteration in
the Sinking Fund, he fhould, at prelent, if no
oppolition occurred, merely proceed to fill up
the blanks. _

Mr. BANEES Paid, that Tome conruflon hid
arifcn in the public mind with regard to the ore-
rations of the exiaing Sinking Fund ar.l that
propofed. The truth was, that no difference ,!s-
--ifted in their ultimate operation, and that no al.-
vantage arofe to the Public from the prop &d
teration, except the one per cent. on the lall
But the difadvantages of this propofed plan, ;:e
contended, were Much greater than the Public had
any idea of. Till z floß it was allowed the advan•
tages of the two plans bore no companion,
the period of their difparity would, on trial, he
doubted, be found ereatly to exceed the calcula-
tion. The new plan was of the nature of a hones
—it relieved ourielves from the neceflity of provi-
ding for the one per cent. on the fall: loan, art
left poilerity to lock to themrelves. He contenc.•
ed, that taking flocks at par, no advantage could
be derived from the ntw plan in lets than 38 yt:•rs
—taking them at 7;, no advantage could be de.
rived from it in leis than 28 years. Until the
arrival of thefe periods, its advantages would I'2
lets than thole of the plan of 1792. Would not
thefe advantages, put off to a diftant period,
when coupled with immediate difadvantagea, have

the effaCt of e the cufpicions of' the monied
men ? He Paid, that any alleviation of Taxes
which took place were fmall in reality. yet its
principle and circd were cl the fird importance,
and by the old Sinking Fond, this alleviation
would have commenced in fix years hence. Such
an immediate operation would be felt and acknow-
ledged by every one ; whereas people were little
affeaed by calculations of ditlant advantages
which they did not underfland. If our debt be
of fuch magnitude as to require the moll power-
ful means to fubduc it, the moil proper method
furcly would be to combine the operations of the
old and new plans, and thus form a machine of
infinite force and efficacy. The refluation of in-
teteft by the continual porchafes of the farmer
plan, he always looked upon as a great objea ;
but the new plan, inilead of lefilnin!.; the ifitereft,
foe many years had the contrary cried, by leav-
ing a great quantity of Stock in the Market, and
of comic reducing its value. From all three con-
fiderations, he found himfelf called upon by his
duty to oppole any deviation frnm the plait of the
Sinking; Fund, fandioned by Parliament in 1792.
The CHANCELLCR oldie EKCH FIVER raid, that
wh dryer might be the difference of opinion be-
twesn his Hon. Friend and himielf, on the. fob.
jea now before the Committee, there cenainly was
note in the Houle, with refpeet to the motive of
his Hon. F, iend ; and whatever variety of opinion
might be entertained in the Committee on the fob-
;Oa atilt', he was lure there was no difference of
opinion on the point of bringing it fairly before the
Honfe; there certainly had been no attempt at any
deception whatever, no endeavour had been made
to draw a veil over the matter; hut on the contrary,
eve• v endeavour had been iffed to lay it before
Pa, iiament as clearly and dillinely as potilhle ;
that the reel nature and all the circronflances of the
cafe might he made manifell. Indeed, he believed.
there never was a cafe in which more pains were
taken to cad light upon the fubjea to he difculfed
than the prefent, the very Tithes of Gentlemen for
information on it had beer, anticipated in every
way they could do, and that with as much difpatch
as the intricacy and importance of the fubjeet
would admit ; he trufted, therefore, that thofe
who brought forward this meafure, would now at
lead Itand well with the Houk itfell, and that
they would be entitled to the credit of having pur-
fued a courfe directly oppofite to that of decep-
tion, in laying th s Winds before the Houle.—
His Hon. Friend had given a defcription of this
Meafure, which he lhould be lorry it defcrved,
that of being a Temporary Isleafure ; whether
that charaEter was appropriate to it, was for the
Committee to determine ; he would fay with con.
6dence, that whatever might be thought of his
Majelty's prefent Servants, the Right Hon. Gen-
tleman, who was the author of the great Nleafnie,
the original plan on which the prefent Mcafute
was founded, (Mr. Prir) was not likely to agree
to a Meafure that was temporary in Inch a cafe as
this; he was no friend to any temporizing Syllem
of Policy; all his planswere broad and permanent :
he was convinced, that if this Syfiem had been of
a temporizing nature, that Right Hon. Gentleman
would have been the first to have lifted up his
voice againft it; intlead of which he had already
declared he did not confider it as incanfillent in
any degree with his original fyftem'a if it had in
any degree defeived the imputation caft upon it,
if tended to weaken the fyliem of that Right
Hon. Gentleman fair the liquidation of the Na-
tional Debt, or had a bearing againit that plan on
which his fair fame was In well founded, and an
inviolable adherence to which had fo juflly con-
tributed to fwell it to its prefent magnitude, he
would have railed his voice agitioft the meafure ;
he would have called upon the Houle, with the
affection of .t parent. to protect his child, when he
Law that not only its health, hut even its exigence
was in danger ; but that Right Hon. Gentleman
had no 111.1 apprehenfion ; on the contrary, he
Law, and he had expreffed it, that the prefent
meafure was perfealy confonant to the fpirit of
his fyilem for the reduCtion of the National Debt.
His Hon. Friend, who had fyoken Tall, had laid;
that the whole of the advantage of the prefent
meafure arore from the relief which it would af-
ford to the Public, by laving, the imposition of
tames in the piolent year, to the amount of S'elo,oool.
Ht del not think his Hon. Friend had examined
the plan with his lifted accuracy, for it he had, he
would not have hated that as the only advantage
of :his meafure. 'What was the efft.a of the plan,
as appeared from papers laid before the Huiil
That in a year when taxes to a limper amount than
were ever before imputed in one Stilton of Par-
ktment, permanent tale; laid upon the people,
their tires a thipolition on the part of the Executive
Government to .ecommend a meafure, the effect
of which, was to avoid an immediate ho :hen upon
the pcoole to the amotiat of non- fee:we:el. and
yet, at the fame time, very much acceleratiog the
rednaion of the `rational Debt ; and alfo to leave
Parliament at liberty, in the year 'Boo, to apply
stocool. the amount of the Short Annuities that
would then fill in. It was atfu ttated, that an ad•
ditional confetpience of that plan would be, to
I,ove at the difpofal of Parliament, in the event
pay Oig off the 5 per cent. between r,4e0,0001.
;111'i f,soo,ouol. for the refluCtion of the Public
Debt, or to relieve the people from taxes to that
Upon this point particular Ilref, had
t ran ieid, and if at this period it ()mold be the dif-
peetion of Parliament to relieve the people from
the then of taxes, they might apply the
Ste,oen!. :;hart Annuities, and the 1,5c0,00c1. ;
Core would then be a relief. to the people of
3.ca0.c001. and the relief of 9ae.,0001. was, he-
ii•ivs, immediate. But it was ree fur him to pre-
V.rne how Pailiarnent would :t.ct in the exercile
01 its diferetion in the year t`dc3.—Bat fuch
vaaild be the 'tate of things when the five and
Nit per Cants were paid off, a period which
vowel not be anticipated with preening]; but it was
l'enal,le to hate it at this otriod.—Sueli were
t!ie retornmeodation.; of the meafure now before
t Committee ; but was that the whsle ? no
liiiiig• —His Honourable Friend had laid.
t the term. Confolidation was a term of fie-
c-aier in this cafe, whiclt was certainly not fo.
Z.e differ:zee between the prefent plan acti that

attic Sinkftng Pa' nJ Aibl;theJ in-r 7116, and which
was called the old Sinking Fond was this, that in
808, when a dircretion was to be afforded to Par-
liament with refped to the meats:re of difpofing of
what was in the hands of the Commiffioners for
the relief of the People in taking s.tf Taxes, it was
propofed, initead of arrelling the progrels of this
Fund, it was to go on until the produaive powers
of compound interest, in conjonetion with the other
Fund, had worked the difchlrge of the whole
Debt ; inftead of refling at 1808, it was to conti-
nue its operation until the whole Debt was dill
charged:—What was the tyftem of 1792 ? By that
measure it was provided, that one per cent. timid
be railed of every Loan that Bionid thereafter be
made, in proportion to the film hoirowed, and
which was to operate till the Debt which it was
calculated to redeem fliould he Jill:barged, and
the furplus to be at the difpotal of Pai lianicnr.—
The alteration now propoted was, that initead of
this being at the difpond of Parliament, it be added
to the Sinking Fund, and both to go on until the
whole Debt was redeemed. Mete were the altera.
liens, and it appeared under the pretent plan. It
appeared under the old plan, fuppofin,,,, the 3 per j
cents at par, and the 4 and 5 paid off, the old debt
would be extinguilhed in forty•tOur years and four
months from February !aft.—Suppofing the 3 per
cents at 75, the whole Debt would be paid off in
32 years and to months; that under the operation
j of the Syllem of 1792, the Debts incurred fince
that time would be difcharged, loppofisig the 3 per
cents at par, in 45 years and 7 months. Suppofing ;
the 3 per cents at 75, the whole of the new Debt
would be dis Charged in 35 years and three months.
By the Confolidated Syllem now propofed, the
whole of that Debt would be extinguished in 3 t
years, that was to fay, in four years lets time than
by the plan of 1792, and in three years lets than
the operation of the plan of 1786 would effeanate
its purpofe.—Suppofing the 3 per cents at 75, the
effect of this coniblidated plan would be to extol-
guifh the whole of the exiting Debt in 33 years
and feven months, that was to fay, the debt exill-
ing previous to the plan of 1786. The period
allowed by the An of 1792 for extinguilhing the
Debt fince, was, 45 years ; and if Gentlemen would
look at the papers before them, they would find the
effed of the confolidated plan would be, fuppofing
the 3 per cents at par, not only to extinguilh near
498,000,0031. but alfo to provide for the extindion
of near 400303,0001. more ; and fuppofing the 3 per
cents at 75,the effed of the confolidared plan would
he, not only to pay off the whole of the prefent
Debt, but alto afford the means of paying off
44,0c0,0001.—N0w he would a& the Committee,
whether a meafure, the tired of which was to
afford immediate relief to the amount of 900,0301.
and to afford relief, if Parliament should chute to
avail itfelf of the opportunity in 1808, of bringing
5 t 2,0001. and the 1,500,0001. in the manner hehad
already Rated, to the relief of the Public in Taxes,
without retarding the progrefs of the Syllem of
1786 or 1792 He would afk, lie faid, whether this
was a plan that could ha confidered as a departure
from the fyllem of 1786 or of 1792 ? What would
be the effed of the At of 1786, in taking off the
Taxes ? According to the mode Bated by his Hon.
Friend the carlieit period under the At of 1786,
at which it would be pollible to apply any part of
the money in the hands of the Commißioners to
take off taxes, would be 1808 ; and, if the 3 per
cents were at 92, 130,0301. would be the annual
rum to be taken off in taxes. Now it was to be
recolle&ed lay the Committee, that by the prefent
plan, at that period, the public will have had the
benefit of avoiding die charge annually of 900,0001.
and the interell of 4,200,0001. would be applicable
from year to year for the reduaion of the debt ;
and, to take of taxes in 1808, the fum of 512,0001.
and the fum of ,5c0,0301. that would fall in by the
Short Annuities, would be applicable, as he had
already Hated. In 1808, under the old fyllem,
120,0001. fuppofing the 3 per cents. to be at par,
would be annually paid in the courfe of 12 years-
-12 times tzo,oool. would be the amount of relief
, afforded to the fubjea in taxes previous to the year
1820 ; the whole purchafe of which would be about
B,oao,cacol. What would be the died :41 the other
cafe ? The public, intlead of being relieved 12
times 120,0001. would be relieved to the ex-
tent of 3,000,0c01, that is, they will have paid'
above 40,000u0001. lefs in taxes than they would
have been liable to in the other cafe. He now
came to the Strong point of ohjeuion which was
made to this plan, and which had been Rated by
his Hon. Friend, and he was accurate as to time
and fustis; dune would be an interval in which the
quantity of unredeemed stoek would be greater by
the meafure now propoled than it would by the
fyllem now in force.—Here he proceeded through
the fiatement of the calculations number 2, of the
printed papers, Slating how the unredeemed Rock
would Rand at t!iffercnt periods.; (hewing amongst
other things, that fiippoling the 3 per Cents at 75,
and the 4 and 5 at par, &c. the difference in the
j mafs of unredeemed flock under the two plans in
the year 1825, will be 26,0040,000 t To this he
had to propole this confideration (*without repeat-
ing others he had Rated fo often already), and to
which he attached great importance, nftmely, the
relief afforded in the interim, by not impoling the
burden of 900.0001. Taxes yearly, and the means
:ifforded ot giving relief by atnally taking Taxes
oti, which lie had Alia Rated already ; but let the
Committee recoiled, that the period when this
difference would fubfift would not be long, and,
as the amount of the unredeemed flock was greater
at that period, fo in a fhort time afterwards the
preterit plan would outstrip the other, and then
its progrefs would be made with accelerated ve-
locity towards the total extinaima of the Debt, fo
as to leave behind at a vaR dillance the plans of
1736 and of t 792. In faring this, and in taking
the calculations upon the fuppofition of the 3
per Cants being at 75, he hoped the Committee
would not fuppofe that he was taking the molt fa-
vourable poiture of our probable fiate of Finance ;
he had certainly hopes of a much more favoura-
ble condition for them.—He was fully aware, as
hiA Honourable Friend had Rated, how- difficult
it wa, to ru;;lce arguments intelligible on filch a
ftihjed as this : he had only to recapitulate the
fttbllazze of what he had stated iircady on the

tohjeet of this Plaa, the benefits of which were
there, the immediate effea of affording relief to
the amount of 900,0001. annually, by. forbearing
to lay on Taxes to that amount.—A further re-
lief in t 808 to the extent of 512,0001. by the Short
Annuities which would then fall in, and a Rill
further relief when the 5 and 4 per Cents !ball
have been redeemed ; and in 1808 the plan of
taking off Taxes may commence, at the will of
Parliament, but which he hoped would be con-
tinued to be carried to the reduftion of the Debt ;
and, finally, that the whole of the prefent National,
Debt will have been paid ofF much Conner by this
new plan than it would have been by the old ones,
both of 1786 and 1792. He had not concealed
from the Committee the objedions to which this
plan was liable; he admitted them as far as
they went ; but fubmitted to the Committee,
that they were much more than counterbalan-
ced by the advantages of the meafure. The ef-
feft of this plan was, that it would extinguifh
the National Debt in a much fhorter period
than by the former plan, arid it afforded re-
lief for the payment of 9,-,0,0001. Taxes. It
afforded means alfo for fitpporting the Finances
of this Country, in the event of its being engaged
in %Var, either for the fecurity of its poffeflionst nr
the maintenance of its Honour. It was for there
objets, that he fubmitted this plan fur the appro.
Ration of the Committee, for the immediate relief
it would afford in paying 900,0001. Taxes, for the
provilion it made for the eetindion of the whole
Debt, much lower than by the former plans—not
that he meant to fay that this plan was of a differ-
ent nature, or founded on different principles from
chore of 86 and 92, fo far from being fii, it was a
meafure growing out of thefe plans, and it tended
to (hew the wifdom in which they were founded ;
and thefe plans were not only capable of producing
all the advantages he had mentioned, and which
we all had witneffed within there eight or nine years
in particular, but to thefe plans he imputed the fe-
curity we had found for every thing that was dear
to us, efpecially our Conilitution.
Mr. TIERNEY made many acknowledgments to
the Chancellor of the Exchequer, for his teadi-
nefs in communicating information upon this fub-
jeft, and the candour which he had difplayed in
all the proceedings connefted with it. A fenfe of
duty, however, compelled him to oppofe a mea-
lure which in his opinion was ill advifed. What-
ever political hoftility there might have been be-
tween him and the late Minitler, he had at all
times admired and praifed the wifdom and perle-
verance he (hewed in his plans to reduce the Na-
tional Debt. That perfeverance he thought well
worthy of imitation, and though the late Chancellor
of the Exchequer had approved of this new [theme,
he could not forget that that Right Hon. Gentle-
man had never brought it forward himfelf, al-
though he might have done fo with equal plaufi-
bility as his fucceffor. This certainly was breaking
in upon the fyflem eflabliflted in 1792, which re-
dounded fo much to the fair fame of its author. He
entreated his Maelly's prefent Chancellor of the
Exchequer to take care left he laid the foundation
for fame of a very different fort. Speeches
would be forgotten, and it would only appear by
the Journals, that as Coon as the Right Hon. Gen-
tleman came into office he changed a fyftem allow-
ed on all hands to be fo beneficial. He allowed that
Parliament had a complete controul over the old
Sinking Fund, and if any wife change in its ma-
nagement were propofed, it would meet with his
cordial fupport. The old Sinking Fund was a bo-
nus given to the Stockholder without any confide-
ration. This propofed change, tho' potlibly
expe-
dient, was a melancholy acknowledgment that our
refources were materially impaired, and that taxes
could no longer be found. There would be this
inconfiftency in the journals, that while one page
recorded a vote of thanks to the late Minißer.
among many other things, for having preferved
and railed the credit of the country, the next
would declare that the fyftem of finance thus ex-
tolled was neceffarily abandoned, and that Govern-
ment was obliged to retort to new expedients.—
By not paying in the 9000l:to the Commiffioners,
the Aft of 1792 was evidently infringed. That
required that no money fhould be borrowed with-
out provifion being made for the extinftion of the
debt within 45 years. To talk of this being a pro-
vifiou was trifling. Nearly zoo millionsmore might
be borrowed, and laid to be provided for in the
fame way. For many years no progrefs would
have been made in the redemption whatever ;
and the period when the fyftem would begin to
operate was fo remote that no confidence could
be placed in its effefts. Nothing but the pref-
fure of circumflances could jullify this Bill ;
and if Gentlemen would defend it upon this
ground it riould have his warmelt fupport. He
did not mean to fay that the Right Honourable
Gentleman meant to deceive the Houle, but the
Houle certainly was deceived. For the fake
of their children they might enter into thefe fpe-
culations, or rather as matter of mere curiofity.
Few could be fo fanguine as to hope to witnefs
the effefts of the Sinking Fund 3o or 4o years
hence. But it was even qinte impoflible to fay
if poierity would abide by the plan now adopt-
ed. Might not fome future Chancellor of the
Exchequer come down and fay, that fince they
did not feel the weight of the national debt,
the Sinking Fund had better be applied to tem-
porary purpofes This fpecies of calculation was
not like meafuring the dillance of the fun. There
every mile was exaftly like that which went before
it. But it was quite impoffible to forefee what
would be the Rate of the country in a very few
years. Events might happen every day to derange
the belt formed theories. He could compare the
Right Hon. Gentleman to nothing but a fchool-
boy, calculating how many barley corns it would
require to furround the earth, or how long it
would take a cannon ball to fly to the moon. Let
the Houk confider the fate of the molt bold and
ingenious calculator that ever appeared. In 1798
the late Chancellor of :he Exchequer commencing
his folid fyaem of finance, maintained that it was
quite unneccifary to provide t per cent• upon the
loan, as in two, five, or, at the very utmoa, ten
years, the whole would be redeemed. Now there I
was not one trace of that folit iNteat making if

and the debt then incurred Would continue to an
indefinite period to burthen the people. When
fuch a fine fabric had given way within three
' years, how could he exped that another, feemingly
not more fubltantial, Ihould !aft for forty-two
years ? A Noble Lord had maintained, that im-
mediately upon the arrival of peace fifteen millions
a year would be paid into the hands of the Commit-
finnei s ; hut in lead of ten millions more, they recelv.
ed goo,osol. lcfs than the Ad ofParl ia meat required.
The circumflance of this plan, at one period, leay.
ing 40 millions more unredeemed, was of itfelf de-
cifive. In cafe of a future war our fituation would
not, by any means, be fo advantageous. A wor.
thy Alderman, and other Loan Contractors, had
often expreffed the fatisfadion they felt on canter?).
plating the Sinking Fund. Would they fay fo
now? Fur the paltry fum of 8 or goo,oool. it was
not worth while to be guilty ofthis breach of faith.
Betides, a fpecific fund was already provided for,
as the Right Hon. Gentleman had taken credit
for nearly a million more than he would want.—
He would willingly incur all the unpopularity of
laying this additional burden upon the people. He
had thought very deeply upon the filbjed, and he
was more and more convinced that the plan was
either abfurd, or that it did not go far enough...-.
Great difficulties alone could jullify it, and if our
difficulties were fo great, more vigorous meafures
iliould have been reforted to. In the 'Well of the
numerous and almoll intolerable impols to which
we were fubjed, it was formerly tome confolation
that we could look forward with tome degree of
'confidence to a period when they would be 'aimed.
Now the profpfd was dark and dreary,and we were
detn ived of hope, the laft refuge of the wretched.
The C N rine et. Loa of the Exert say CR difclairtied
the idea of bringing forward this meafure, in conk-
, quence of any preffure in our finances, the profper-
ous (late of which was never more confpicuoufly
manifelted than in the terms of the laft loan ; it
was no fmall evidence that this plan was not cal-
culated to depreciate the (lability of Government,
or to dircourage the money-lenders, that the Con-
tradors for the hit Loan were fully acquainted
of it, before that loan was concluded. He added,
that he had the bell reafons to hope, that the Con-
folidated Fund would be reinforced in its progrefs,
by the application of Parliamentary grants, an-
thorifed by the growing profperity of the country.
Mr. Tisaitsv declared that he had no very
fanguine hope of any fuch reinforcements as the
Right Hon. Gentleman alluded to.
The CHANCELLOR of the Excimayett laid, he
was not Linguine, but he relied upon it, that the
furplus of taxes would produce It.
Mr. THORN rox expreffed his doubts of the pro.
priety of the prefent meafure, though not exadly
on the grounds urged by other Gentlemen. He
denied that it was any breach of the public faith.
It, however, clearly poftponed our difficulties.-.
It eafed the country for the prefent, but it pro-
mired to burthen poflerity, and gave a pledge in
refpe& to the future which had not before been
given—his objedtion was that the fyflem now pro.
pored would not have the advantage over the old
in accelerating the ipayment of debt, until after
the probable period of the next war. A war might
happen once either in 20 or 3o years, or in to or
15 years, or in 5 or to years. If it Should not
happen till the lateft of thole periods, the prefent
plan might give us an advantage in the courfe of
fuch a war; but if in to or 15 years the cafe would
be the contrary. Now prudence, as he thought,
required, that we Should fo form our Sinking Fund
as to obtain from it the greatett relief within the
time of the earließ probable recurrence of wan-.
One great objed of a Sinking Fund, was to fortify
our finances againfl the event of war. The obfer-
vation made by the Chancellor of the Exchequer
had, however, greatly contributed to remove his
objection; for he now underflood that it was in
Tome meafure intended to reinforce the finking fund
by fums in addition to thofe to w hich this Bill
would pledge the Parliament. His idea was, that
conlidering the Rate of Europe, we ought to make
rapid progrefs in extinguilhing our debt ; he
would not fay in the next one or two, but at
leap in the next eight or ten years. if the
Sinking Fund was confidered as forming only the
minimum or fmalleft fum applicable to this purpofe,
the anneal fum propofed by this Bill might proba-
bly be fufficient. He trilled, however, that Go-
vernment would, at no very diftant time, take into
their confideration the propriety of enlarging the
Sinking Fund in fuels degree as might fuit the cuill-
ing dangers and eircumllances of the country. He
was willing to vote a large Sinking Fund on the
fame principle on which he agreed to an enlarged
Peace Eflablifhment, the one like the other being
the means of preventing War, by making prepara-
tion againft it.
Mr. BOYD vindicated the confolidation of the
two Funds, as a meafure likely to be molt effec.
tive, and to afford the molt prolific grounds of fa.
tisfaiftion. In 45 years, by the propofed meafure,
561 millions of debt would be extinguifhed, which.
according to his calculation, was 68 millions be-
yond its prefent amount. But if, on the contrary,
after the lapfe of ten years, we Should have again
the calamitous vifitation of war, it was a confola.
tion to know, that in that time we fhould have ex-
tinguifhed 65 millions of our debt, and that, at the
fame time, die Sinking Fund, which now amount.
ed to one 87th part, would then amount to one
55th part of the whole of the public burden. Some
Gentlemen had complained of the lengthened pc.
nod mentioned for the liquidation of the public
debt ; but as the confolidation of the two Funds
would accelerate its termination by Come years,
they were bound, even by their own argum.:ats,
to give it o.preference.
Mr. N. VANSITTART obferved upon the advan.
cages that would be derived from the prefent men.
fure. There was one point, he obferved, that
might be liable to objedion, as to the large fum
which would eventually be placed in the hands of
the Commiffioners for the Reduction of the Na.
tional Debt, and thrown upon the market; but if
this produced any evils it mull be left to future
Parliaments to apply the remedy; at prefent they
mutt not omit to apply that remedy which was is
their hands to an exiling evil.
Mr. 'Paean remarked, that from a review of