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

,p
I

- Mr. WILLIAM SMITH did not deny the benefits of
a real Finking Fund, nor was he therefore for employing
the whole of our surplus Revenue for the remission of
taxes. He Was a friend to a Sinking Fond, but the ar-
gument of his Honourable Friend (Mr. Baring) respect-
ing Holland, did not appear to him to,belust. The in-
terest of money vested in National Seeorides, and the
•interest of money lent to private individuals, were there
'different, nut because Holland was without a Sinking
Fund, but because, as his Hon. Friend had stated, the.
Revenue of that country did not meet the expenditure,
and the credit of Government was consequently not good.
Taxes must thus either be. raised to meet that expendi-
tore, or now loans must be made either of which was
injurious to public credit. The repeal- of the stamp
duties on paper employed in law proceedings had his
hearty approbation ; and he would likeisise vote for the
motion by which his Honourable Friend (Mr. Hob-
hotise) called for the reduction of the window-duty, not
only on account of the smallness of the amount, which
would not interfere with the great principles of the
Chancellor of the Exchequer's plan, but on account of
the circumstances which attended the collection. It
brought the tax-gatherer about our houses, and em-
ployed a host of examiners and collectors. His Ho-
nourable Friend (Mr. Bating) professed a wish to retain
the remainder of the duty on salt, to the repeal of which
the House was pledged ; but in this suggestion lie (Mra
Smith) could not concur. He believed the remaining
duty was not heavily felt; but without a total aboli-
tion, the apparatus of the collection of a tax could not
be abolished.
Mr. BARING explained. Holland had no surplus
revenue, which was the cause of the lowness of her credit.
Lord MILTON thought it unjust that all the other
claws of the community should be taxed fur this Sink-
ing Fund. There was an erroneous opinion, that the
debt , had a real substantial existence. It consisted of
nothing but annuities payable in discharge of the debt.
Therewere two ways of reducing it—one by reducing
the nominal debt itself, and the other by increasing the'
. capital of the country. The capital of the country would
be more increased by leavingin the pockets of the peo-
ple:
the 5,000,0001. than by taking it out of their pockets,
to reduce the nominal Debt. As long as the Sinking
• Fund_existed, the country had a tight to call on us to
- reduce-tisreneation. He hoped the remainder of the
duty on salt would be repealed. There was no tan,
- with the exception of the nialt tax, the reduction of
%%bleb would afford greater comfort to the interior
classes of people. Ile trusted the Chancellor of the
• Exchequer would not be induced, by what had fallen
from the Honourable Member for Taunton, to abandon
the plans he bad submitted to the House relative to the
silk trade. He thought the coal tax ought not to be
remitted, as it was only a partial tax. Uoon the whole,
approving as he did of the plpn which had a relation to
commercial iegnlations, though not approving of the
remission of the coal tax, he should support his Hon.
Friend's proposition.
. Mr. HUME was lorry to observe, that he differed
not only from his Hon. Friend_ (Mr. Baring), but from
almost all his Hon. Fliends about bins lasigh). The
• question was not whether we should repeal the window-
tax, or abandon the Sinking Fund ; for it was not ne-
ces,ary that we should do the latter because we agreed
to the farmer. The House might reps-al this tax, and
yet, if it thought-it expedient, maintain the Sinking
Fund at its present rate, by diminishing the establish-
ments. The supplies for the Army and miscellaneous
services this year amounted to 16 millions; the amount
of the w hdle expenditure in 1792. This would bear a
very large reduction, without ,any detriment to the
public interests or the national security. He re-
membered, about three years ago, when he pro-
posed reductions, the Noble Lord (Palmerston)
-contended that the estimates had been made as low
as they could be, and. that he would not remain
in his place if they were reduced. Be. Ore next Session
they had, however, been reduced a million and a halt;
and the business of the native went on as before.—
Let but the Hobe repeal the Window-tax to-night, and
without touching the Sinking Fund, an equivalent for
it would be found in a reduction of our establishments.
If the House agreed to the former pan of the propo-
sition, he would pledge hints. lf to the truth of the latter.
Let not, then, Honourable Gentlemen be afraid of the .
*.-Sinking Fund, for it was not menaced by the million of
his Hon. Friend. But he would go farther, and spew
that this Si king Fund, so much vaunted and strictly
guaided, was in itself injurious tc, the country, and that
if it had not existed, the nation would at this moment
have been in a situation so much the more prosperous.
For the twenty-four -years between 1796 and. 1820, we
had borrowed 479,000,0001. at an average of .54 3s. per
cent. and lent out at 41. 17s. per cent. thus losing six
shillings interest on tlx sum borrowed for, a Sinking
Fund. The Honourable Gentleman here, entered into
various statements to strew the delusive. or ruinous
nature of the nominal Finking Fund kept up during
the war. The Hon. Gentleman then concluded, by ob-
serving, be the matter as it would, however, it was de-
termined to have a real fund, and therefore a loan was
made with the Bank.
_The transaction was such as
would disgrace any man who knew the 4 common rules
of arithmetic. We borrowed 5,000,000/. from_ the
Rink ; and the simple word of the Chancellor of the
Exchequer converted that loan into a surplus. Would
the House consent to be led by Ministers who had done
things like these? He knew that his calculations would
not pass with the Gentlemen opposite. It he put two
and two rngurher, they were not allowed to make four
—(Laughter.) But was the country to go on with this
delusion, while there were people in it who needed re-
lief fiom taxation? By an improvident loan, we had
what was called a surplus; and at least let it be applied
to taking off the Assessed Taxes. Let this course be
adopted, and he would warrant the three per cents. soon
to be at par. Upon these views, he trusted the House
wiold acquiesce in the present motion. By so doing, it
would act wisely, and with a regard which became
them to the interests of the people. And he hoped to
see, before, ong, another vote assented to, which should
have the effect of doing away with the Sinking Fund.
Mr. SYKES, amidst loud cries of " Question, question !" said
that be was disposed us. join in the approbation bestowed upon the
financial plan of the Chancellor of the Exchequer. He approved
of the rent eian of those taxes which were likely to improve our
commercial credit. On the Sinking Fu:4, he must say be had no
reliance, and from the time of its institution by Sir R.. Walpole
down to the present day, its only use was to furnish Ministers with
the means of extravagance.
Mr. HOEHOUSE aridly replied. He said that the Chancellor
of the Exchequer had not got rid of one question which had been
put to him—whether the taxation of fifty-six millions shouki coo.
tines for four years longer ? Whatever might be the opinion in the
Howie, Its (lir. Hobbouse) was sure that out of it, it would be
deemed noNearrakeoss. It had bean admired by every Member in
die Housoi,mildevesli his M*444 Ministers, that k would be
»letter die Miaow Tax dim soy other. In alluding to the
eipuilm iefid ti Hottoktnble Member raid" t° the Pate'
don vilddlillggaillbrod by taxiatlieren, be ( Ss. Hohhouse) kaew

•

that their conduct was too often very different ; that they not un-
frequently took the beds from under the persons of those who were
is debt for the taz so pievoudy complained of
Strangers were ordered to withdraw, and the House' divided;
when there appeared—
For the Mottos - 88 Against It .
Majority agiust the blocks - 67
The other Orders of the Day were *en disposed of, and the
House adjourned at Twelve o'Clock.

THE EVENING STA

LONDON.

155

WEDNESDAY, MARCH 3, 1324.
ASH.WIMINZSDAY. Holiday at the Bank.
THE FUNDS.
STOCK EXCHANGE, TWELVE O'CLOCK.
Consols opened this morning at 944, 1, at which price they re-
main steady, with little doing.
This being a Holiday the Bank is shut, but the Stock Exchange
and Foreign Market remain open.
FOREIGN FUNDS.
- The Market opened this morning in Mexican Bonds, which
were done at 84, a. French Scrip appears to be on the rise, and
in demand. The Greek &rip remains steady.
Current Prices:, New Spanish 184 to 19. Old 2414, Russian 94,
Chilian 82a to 834, Austrian 124 to 4, New Prussian 951 to 96,.
Old 93 to 4, Colombian 68, Mexican Scrip 81,1, •Frynch Scrip
154 11, Greek 21, Mikes Mexican Mines 4 to I dis. Anglo 7 to 1.
Neapolitan 87i, Portuguese 54 to 6.

It k not true, as stated in some of the Morning Papers,
that Colonel FRELMANTLE has proceeded, or is about
to proceed, to "Mexico, on an important mission.

We have received, this forenoon, a file of Charleston
Papers to the 25th January. The following Are extracts:

FROM THE COURIER OF THE 17TH JANUARY.
FROM BRAZIL.
In the proceedings of the General Assembly we find
the report of a debate, which continued several days, on
the subject of the titular honour of the Marquis of Ma-
ranham, which !fad been conferred by the Emperor on
Lord Cochrane. The form in which the point was pre-
sented was offered by Senor Montezuma, that the appoint-
ment should not In confirmed, inasmuch as the As..
sembly had passed no law. authorizing such an appoint
ment. The Resolution was supported w:h considerable
warmth by many Members: others were opposed to any
proceeding. on the subject, upon the principle that,
under a Monarchical Government, it was an inherent
poster of the Executive to create Nobility, independent
of any legislative act.