Star.
London, England, 1824-03-03 00:00:00

rasairmeetgroraitarptreposeta! Ax to! the Sink.
ing Bondi, he•did-nottliok-that.we were justified in
keeping it up whilst the people weire opplesved. • -
.Mr..GIPPS sepportedebe grime foe buihilagashurches,
and referred to. this- last Report of the Commissiosters,
to shevr that they hadfbeen ohliged,,ini many instances,
to reject the application of . parishes for want of funds.
Mr. WHlTMORE:recommended to the Cheneelliir
of the Eitchequee to make some altteation in' the,Coin
Laws. • It was of the utmost importence'to the pro-
-ducers and consumers that these laws should.beit laced
eepon an equitable footing. He was an advocate for a
Sinking Fund, and thinking any further reduction of
taxes ioconsistent with that, he should vote against the
present 'Motion:, ~s „.. ,- . . .
Lord ALTHORP said :he should vote for the Mo-
tion. Ile conceived, that in order to diminish the bre-
den of a debt bearing interest, it is the same thing whe-
ther you redeem a great part of the :capital or reduce
the. annuity arising nut of that capital. Suppose a Ca-
pital of debt at ten millions, upon which an interest-ef
[five per cent. was payable, way it not the same whether
vou reduce the interest so much that its general ailment
I will be lessened—say one-eighth, or redeem one-eighth
part of the capital, upon e filch of.cotirse interest will be
no longer payable? The Sinking Fund had for its object
to redeem the capital, but tie would reduce the interest.
This might be done by reducing the rate el interest
upon money generally, by which the public creditor
would be obliged to looser his interest upon the debt.
At this moment the interest upon money generally was
low ;. why was it so ? Did it proceed from the small
operations of the Sinking Fund? Certainly not, but •
from the increased 4. earth of tee country. Increase.then
that wealth, by the remission of five nrillions of taxes,
and the interest on the debt will be eventually dirainisl.ede
To think• -of redeeming a debt of 800000,0001. by
5.00 r,000!. a-year seemed absurd, but circulate these
.5,000,0001. amongst the peOple, and commerce will be
stimulated, wealth increased, and the interest upon • .
money lowered—(Hear). Upon the ground then, that a s . i. a
-.•
-ase- .. Is'e
1.0, .:
surplus of revenue over expenditure was impolitic at Na,-•a% .•.,A
this time, he should support a remission of taxes, and, • iia'
asahete was none which had a better claim than this to
be repealed, he should give the motion his support.-
Mr. BARING said, that if there mesion of ntax. was .
to depend upon the question of a Sinking Fund or no!:
Sinking Fund, he (Mr. Baling) should certainly vote for
the maintenance of thelatter, however unwilling he might
be not taremit the former. Witheut, however, admit-
ting that the present question was involved in that is-
sue, he would endeavour to reply to some of the. Noble
Lord's arguments, more particularly as they seemed to
have made some impression upon Gentlemen. at this
side of the House. The Noble Lord had stated truly,
that the debt was a perpetual annuity, of•which the ca-
pital might be taken to he that limitation of amount at
which it -could be paid off. And from this he drew
*the most extraordinary inference, that it was the same
thing to the Stockholder whether his interest was re-
duced from Four to Three and a Half per Cent. by
law, or whether, by depressing the tate of interest in
the market generally, you reduce him to the necudity
of lowering his interest, as if you had offered .liim the
alternative of doing so; or being paid off. Bat there
was this essential difference in these two modes of pro- .
ceecting : that in one • case yon fulfil the contract with •
the public creditoo---(1/enr),—you off:r him his 1001.
and give him tire option of disposing of ices he thought
proper; whereas here, by creating an artsitrary.redue-
tion of intered, you compel him to lower his demand
without leaving him any discretion at all.
Lord ALTHORP disclaimed the meaning imputed
to his %voids by hie Honourable Friend.
Mr. BARING cnntinut d.—He did not wish to misre-
present his Noble Friend, but such was the idea the
words conveyed to his mind. Bat, abandoning that
point, his Noble Friend had maintained that the price
of Stock did not depend in any. measure on the trifling
operation of the Sinking Fund. N w, he. would say on
the contrary, that it did entirely deeend on the opera-
tion of the Sinking Fund. The rate at which Govern-
ment borroaed money •was always measured by their
credit, and that credit was enhenced by their Fayingoff.
In Holland, now, and in France• at one time, Govern-
ment could not raise money many. teats above indivi-
duals. In Holland money may be had for two and a
half per cent. upon good security, by an ilidividualrhut
the Government will not get it at five per cent. because
their Revenue is not equal to their expenditure. -Who
could say whateould be asked of this Gra ernment in
a hundred years hence, if we . were always borrowing
in war, and never paying in peace ?—(fiear, hear.)—
The Sinking Fund had brought its through our difficul-
ties, and would be still a stay to us in time of trouble,
and was now to be calculated upon in this country.
O.casions might arise to force the country into a war.
Suppose this occurrence had can place in a country
where there was a revenue calculated to meet its expen-
diture. A question of war arose—you wanted to, make
an armament=to speak to France or Russia, or make
a political demonstration—would it be wise, or consis-
tent with the interests of the country, fur the sake of a
passing cloud, that might begone M a month, to derange
theinterests of the country with taxation ? You wanted
25,000,0001. extraordinary ;no system could be. more -
wise than to borrow the sum, and wait till the return of .
peace for its gradual reduction. The Sinking-Fund had
got a bad name, and had grown a little into. ridicule—
(h eer, hear); but taking. it as a surplus of Revenue he
mail-stained we could have ho credit or security, ur
any respect in a foreign country, without i . Any
country in Europe would laugh at used we made
declarations with our pockets empty. Better have
an Army and - Navy in disorder than a • Treasury,
which was the real source of power. In alluding to
a further reductiop in taxation, the Honourable Gen-
tleman said he did not think the repeal of the Salt Acts
air object. If you consulted people out of doors; they
would tell you the present duty was very little felt—
(Hear, hear). Ask them what taxes tl4ey considered
pressing, not one in a thousand would think of salt. The
preselit duty did not prevent its tr,e in agricstitaie. On _
the question of the Silk Duties, he objected to thein
being taken off, the manufacturilig interest being in a
thriving state. The repeal of the Window Tax %souk!,
:howeeer,giee more.setilection to every class t.f. peop•e.
He considered the course laid down by the Itiala Ho-
nourable Gentleman 'not only ctinsistenta with the cha- •
raider, fecurity* .
inc and 'resaectability of the country, but
e most effectual
.. .
t rans of arriviuget Whet everybody
"T
• •
*anted; the'faie :alter ()Labe people 11-011341440ful•
''''Lord A LTHORP eeplained..l.-iis LlonotrrahletKriend,
;late, Netplier -fot
,Tau 'nen, lied enjoinder-stood thesecoi:e
of:hiiyollservetitios. . Jle"did,pot mean to speak of the
-etivctaahicii woukirestrktdoalie.Stockafromliayiog ao
ar.e a sum* in the!-pockets•of the people,, but, what
agdi
'j
'uld be the effects of that -in increasing the cavital of
the country, ,a., „.,. .

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