Star.
London, England, 1823-03-04 00:00:00

Igyeatest difficulty to-defray y *ere the landed Geit.
tlemen of England ready to acquiesce in their own
degradation ? Were they ready to fall down and vvor-
ship that divinity, called the Sinking Fund? He stip. -1:
posed that the proposition of the Right lion. Gentle.
man was occasioned by the present threatening atti-
tude of France. But he warned the Right Hon,
Gentleman, and he warned the House, against allow.
ing a temporary motive to betray them into the
adoption of a permanent evil. For himself, he should,
be at all times disposed to confide the vindication of
the honour and dignity of the country, to that scions
arm and sinew of war—the Property Tax.
Mr. ROBERTSON said, that in 1792 the country
had to pay 20 millions more, in consequence
operation of the sinking Fund. The House did net
do justice to the country by persisting in the delusion;
70 yeari ago, the country had borrowed money at
three per cent. and now the country was caned to
pay two-thirds more than had been received loin the
Exchequer. In the last war, money had been bor-
rowed upon more disadvantageous terms than had
ever been done before. The country was gradually
sinking under the terms of such contracts. In 1815,
1001. had been paid, and only 511. 6s. 4d. had been ~
received into the F.xchequer. In the late war with
America, the President, to avoid borrowing money,
had. issued Exchequer Bills; while in France, which
plan had been recommended to us, money had beer!
borrowed at from 15 to 20 per cent. He was so
anxious to reduce the debt, that in a choice of diffi-
culties he was favourable to a Sinking Fund, as a
low rate of interest would keep up the value of pro.
pert), in land. In consequence of the terms on which
the money had been borrowed, the fundhnlder would
receive double of what he had advanced. Under
such a system, the constitution of the country could
not stand. If stock.jobbing was done away, a large
mass of capital, that was now locked up, would be
spread, and fructify over the face cf the country—
( Hear, hear).—The different Chancellors of the Ex-
chequer had been no match fur the monied capi.
talists of the City. Whatever reforms were reitiired,
should be made in time of peace.
Mr. HUME said he had heard the statement which
had been made by the Chancellor of the Exchequer
with considerable surprise, because it was in contra-
diction to documents which had been laid on the Wile
of the House. He therefore hoped that the Right
Hon. Gentleman would, as early as possible, put the
house in possession of a printed statement, which •
might be compared with other documents. It was
impossible that the House could come to a just con-
clusion with respect to the operations of the Sinking
'Fund, without referring to all the accounts which had
been laid before Parliament; and there were four or
five different sets of these accounts, all diffei ingfrom
each other, as he should be able to prove, if the Chan-
cellor of tl,e Exchequer would consent to go into a
Committee upon the Resolutions which he (Mr.
Hume) had the honour of submitting to the House
last year, and which he intended again to propose.—
The Hon. Gentleman then prcceeded to argue that
the Chancellor of the Exchequer was wrong in the
calculation which he had made of the amount of debt
redeemed by the operation of the Sinking Fund, from
1816 to the present time. The diminution of the -
debt, which the Chancellor of the Exchequer con-
sidered to be the result of the operation of the Sink-
ing Fund, was, in fact, occasioned by the falling in
of terminable annuities. The Chancellor of the Ex-
chequer had said, that the charge for the debt was
less now than in 1817. He (1.1/41r. Hume) had not had
an opportunity of seeing the accounts for the present
year, but he would spew the House, that up to 1822
the charge, instead of being less, was actually more
than in 1817. The amount of our income and ex-
penditure, from the period of the junction of the two
revenues of England and Ireland in 1817 to 1822,
including every charge except that of the Sinking
Fund, was as follows:

Income. Expenditure.
Year 1817 - X 57,650,589 - - .€58,544,049
1818 - 59,667,941 - - 57,872,428
1819 - 58,680,252 - - 57,392,54+
1820 - 59,769,680 - - 57,476,755
1821 - 60,686,076 - - 57,659,896

Total - 296,184,538 - - 288,925,668
From this calculation .it resulted that there was an
excess of income over expenditure to the amount of
7,528,8691. Notwithstanding that excess of income,
no less than 90,761,9201. had been raised during the
five years from 1317 to 1822, to support a Sinking
Fund, of which sum 82,053,7581. had, it was said;
been appropriated to the reduction of the debt. • Al-
though the debt had been reduced, by the falling in
of terminable annuities, in the proportion of 211,2221
per annum, the amount charged in each year, for
the interest and management, was as follows:
In 1817 - - - 5e31,266,601
1818 - - - 31,551,751
1819 - 50,792,025

1820 -

-31,202,62 t

1821 - - 51,966,075
Shewing an actual increase of 669,4.771. since the
year 1817. The Hon. Gentleman then proceeded to
argue that an immense saving would have been effected •
if the Government had imposed taxes to supply its -
wants, instead of having recourse to the ruinous sys-
tem of loans. The actual amount of the Revenue of
Great Britain, derived from taxes, from the Rth of
January, 1793, to the sth of January, 1817, was
1,114,318,5631. and the expenditure for the same
period, including the charge on the debt as it stood
prior to the sth of January, 1793, and every other
expense except the charge on the money borrowed
since 1793, was 1,252,867,6031. being an excess of ex,
penditure over income to the amount of 138,21,9,094&
In order to meet this excess, not less than 618,16301671,
were raised by creating 879,289,9431. of nominal co,
pital, and increasing the issue of Exchegt
the amount of 33,289,8001. at an
30,179,3631. Out of that sum of
Commissioners for reducing the National
received 188;522,2401. with which
Stock,thedividend upon which amount
By those operations, the Government
an annual charge in perpetuity
which would hive been avoided
138,349,0401. had been raised in
24 years, at the rate of six million.
Much had been said of the necessit,
the Sinking Fund, for the sake of
credit. He could not see the force
It was, in his opinion, impossible i
distinction between public and pri'.
both depended upon the same circumsi

the ptuteta
the Public
perpetual
to iA ho

Eliktonz:shhtegiecitu:ted:ec r
itock. Wi
late Chanc
that a high
try. He we

cellor of thl
the means
' vp the fun(
iesults? Tl
1817 to 181
L 7,528,869
Exchequer
vf that sure
seduction o
they parch;
respective )
In 1817
In 1818
In 1819
In 1820
In 1821

. Nothing co
Sinking Fui
actions. A
of 7,000,00(
the Chancel
by means of
80,000,0001
of the Maio
of Stock. iII
The effect o

induce Enk
seem itiesi w
lutions whic
of the Excli
of the Sinkii
step—( Ilea,
able Gentler
rowing with
ad,liti vial e:
cancel ling t
Right Hong
upon a dlt er i
that?—that
be effectual'
lions as a Sii
Ifs had cont
could exist
He now asks
come to the
lions, by ad
of five millie
Revenue ani
cease to objc
had been sal
creditor was
currency tba!
greater part
here again n
should be
Chancellor w
quired in jus
munity, for
other brancl
5.006,0001. t
Now, he con
greater real
the same tin
other classes.
to all, inasr
continue the
But it might
Yes, he woul
in taxes, and
from 1,000,C
venue would
the people w
of the Salt T;
comeback to
be the same
considerable
back in the if
He therefore
the continual
the delusive
tic faith or si
were in a cot
was due to h
rorred, Thi
More flourisl
resources we
effect, no sun
1817 we were
Plind, and p
kept up in a I
The Honour
that it was a
giving a surf
of some mill
would be w
might exist a
to them at
original purr
The House
He hoped, th
would not pi
Sinking Fun
maintained tl
wanted no at
Fund would
tinuance of
large portion
tressed, and

Exchequer Bills td • tilt it border
n annual charge of honourable
F 618,16 W/. the Ik!sument of
National Debt had Mr. A. Bali
ich they purchased Policy to leas
tuntedt09,168,23% in case of an
tent had occasioned • If it were to
y of 21,006,1304 for the redut
td if the sum d daction of di
i taxes during tht Cirri), and no
ilions annually...-. those who we
ssity of suppordsi (her manner.
maintaining publil surplus applii
e of that argutnatf ceiling stock,
to draw a lips if is out in buyi
rivate.credit.rdlit than SO, wont
2Jnstuace-4apieli lic money.
- .