Star.
London, England, 1823-03-18 00:00:00

Lyears there certainly was a surplus; bat it Nfts
trifling indeed; for the six years last past, the revenii
had been 373,000,0001. and the ekpenditure come. •
thing more than 372,000,0001. leaving a real surplus
on six years of 738,0001. to this he would add the
loan of 1815, of 5,900,0001. and a further sum of
2,000,0001. which by error of account, in 1816, vial
charged above the expendithiei the-whiile excess
-would take in five years at 7400,0001. Yet..will
this sum of seven millions and a half, aad the shaft '
system which had existed, it was stated that fifty.
eight millions seven hundred and thirty-two thus.
sands pounds of debt had been paid off; it might
have been so, but look at the other side, and it would
be seen :hat by the process of this sinking Fund-1b
less a sum than 57,000,0001. had been added to th,
debt. The Honourable Gentleman contended dui
I the whole system of the present Bill, like the las,
was to establish a sham Sinking Fund. He eon:awful
that the further proceedings in this Bill should lti
postponed till after the holidays, to give the Hoto
full time to c'pnsider its provisions.
The CHANCELLOR of the EXCHEQUER saidi
it would be unnecessary for him to repeat all his fat.
mer arguments in favour of this Bill ; he would only
I repeat one of his statements—he had stated, that c
the sth of January; 1816, when our debt was at in
highest, the amount of funded and unfunded dell
was no less than 864,000,0001. and on the sth
January it was no more than 840,000,0001. here wit
a reduction of 24,000,0001. and by that reduction,
a further saving to the Public of •3,000,000/..thio,
he contended, was performed by the operation of
the Sinking Fund.
Mr. TIERNEY rather regretted that his Honour-
able Friend's Amendment had not been for a delay ,
of six weeks instead of six months; this would have
afforded him time for full consideration. The-00.
.nion of the House was evidently for a Sinking Fund,
and therefore he would not is! ess on the HOlise any
motion against that point; but he most again protest
against the Annuity plan. If there was a Sinking
Fund, he contended it should be coil fined to real nu-
plus, and the two millions taken on the Annuity plae
was a fallacy. The Right Honourable Geotleinin
then entered into a review of the operation of die As.
nuity scheme, which he said in its effect h.,u only to
create two millions irredeemable Annuity, for the plip
pose of giving to the Chancellor of the Exchequer I
sum of-two millions to go to the Minket with to buy
up redeemable Annuities. He considered this as 4
fallacy, by which all the money given to lawiersani
for stamps was throWn away. There was also ano.
ther absurdity attending this plan. A Sinkiiig-Fund
had for its object to relieve posterity, by imposing a
burthen on the present generation, whilstthe Annuity
plan was to relieve the existing generation by law-
ing a burthen on posterity. Ile could not suffer this
Bill to pass without protesting agaimt its absurdity.
He called on the House to alter this Biil, and if they
did pass it, pass it without its containing such anah.
surdity, by confining the operation to three million;
the real surplus; and should he receive any encou-
ragement, he would propose to postpone the tune-
deration of the third reading for six weeks.

Mr. HUSKISSON was highly satisfied to heir
from his Right Honourable Friend who had last ads
dressed the House, and also from the Hvnourabb
Member loc Fortallington, the fact, that( they corn`
dered a real Sinking Fund as necessary; They had
said a Sinking Fund was necessary tot the-relief at
posterity; but he would also contend that it was no
cessary for the support of our present credit, and
that we could not give it up ilAgss sye were cunteat
to acknowledge our extreme -weakness and exhatts.
tion. He proceeded to defend-. the Annuity plan,
which, he said, was a plan to convert Annuities fa
life into Annuities terminable in forty-five years;
and also by this plan to lessen expenditure at least
two millions annually, which might be applied either
to a Sinking Fund, or the reduction of taxation.
Lord A. H ANIILTOIs) denied that a Sinking Fund
of five millions could be established, when the Right
Honourable Gentleman himself admitted that the
clear surplus was only three millions. The Right
Honourable Gentleman had assumed that the present
Sinking Fund would not be diverted fr..sn its ob)ject,
though that was the case with all former Sinking
Funds. It was a known fact that 300 millions h
been taken from the Sinking Fund. The applica,tioa
of this Sinking Fund should be taken away tioni di
House and from Ministers, else the same effect 1414
.
take place as before. .
,••
Mr. BARING said, it was now admitted shit tired •
was a Sinking Fund of three millions, and•hot gfita
It was a clumsy contrivance to exaggeiare'the, sum
above its real amount. The present plan was arlegarr
of the late Chancellor .of the Exchequer ; and the
Right Hon. Gentleman, from delicacy, might-not be
inclined to deal with it as he other Wise would do.' IT
not for the reduction of debt, a sum of three millions
was necessary to support the steadiness of the 'Trento;
it was highly necessary that there should be some se-
curity against a defalcation in the public revenne.—,
He could not see the propriety of selling an annuity
of 45 years for the purpose of buying Stock, as the
bargain must be disadvantageous. He saw no possible
advantage from postponing the reading of the Bill
Should the motion of the Member for Aberdeen be
rejected, he (Mr. Baring) should move that the sum
be reduced to three millions. That would render tbk
whole of the process simple and satisfactory. It wall'
also to be considered, that the country had a benefici*
interest in the extinction of.the annuities spread over
a space of 45 years.
Sir H. PARNELL said, that the plan was only
raise two millions by way of loan. -
Mr. RICA RDO observed, that the plan of zl
Chancellor of the Exchequer was to change a life a!'
nuity into one for 4.5 years. The surplus revenue wag
only three millions, and the money that fell in frog
the extinction of annuities might be•applie'd to dd
redemption of debt. There were thi Long-Annuitim
in the market, and these afforded a test for the par'
chase of annuities ; and by a proper arrangement Of
annuities, instead of being made terminable e
years, might be shortened to 37 years. The smog.
of the charge that had been got rid of was very I
indeed, though there bad been a tednetioa of
lions of debt.- . ~21./t!. • - .
Mr. ELLiCEsaid.ehat the Mil embraced se
L.contlAdictiolis, that it was diult to percei
one could vote. . Myr the eambroue esteshinal
Ithe old Sinking Fund had been removed, be

riot vote.with the
not object-to ade
The Hour the
For the Moe
AgalAft it
Majerl
The House Agit
'heat, that went
millions as the at
-- Per tile Masi
As last it •
• : Atajoel
lib. ,Bill yeas di
Nam Awls A HA.
On the Order e
Tnittee of Supply,
Mr. CREEVE'
'ance E,timates c
island of Barbadc,
vial Act pa,sed ii
-a land, called the
for colonial purp
plied for some tin
had been restore,
would therefore
House could be ca
of fortifications in
concluded by mov
" Resolved, That
laid before it for the SI
there is a sum of £2,.2
tions in the island of I

" That by an Act
Which was passed in t
purpose of ' mahttaini
of a Sessions House, al
cumbent on the Govei
dead commodities of t
at the same, should h
cessors, for ever, afrei
say, 411 in specie for ev
" That it further ap
that in the first year
was presented to it fro
in the Island of llarb.
Barbrelots before refer
of 4k pt. centum migt
of fortifications, and
irernment there, as th,
being diverted to uthe
that, in consequence o
her Majesty Queen AI
stored to the purposes
Act of llathadors,
:Message from her Alaj
accordingly.'

a Thai notwithuan
by the Colonial Act of
fortifications in that isl
of that law by this Ilu
fund is now fur the r
country, Including eve
lies, whilst the fort&
-does are left to he man
people; and that, undo
adverting likewise to t
portion of these king&
due to its own charact
bly to request his Maj
431 of 4
of ti.thiliiiel:s.e.trr cqiiigtuci.niu
ela‘tslvtpl:Aolu ii thenropasei
at
-any opportunity in
present.:iwow for :r:
nl l
nae
the about
wt at
building
inbh
ei scoti"lgai:
purposes
fioacsb;eit:tstiulonttinlttestt,oll'itblbe:etnic:'lli
dolled in the Act
Arsenal at 13,116adi
of the West India
.Barbadoes : and di
course of repak w
Leeward Islaiids,
.be fairly included
Mr. HUNIE du
than the present co
this subject under
only unlucky. that.
too long, for if it 1
from the- reign of
the point would
laigkter). He meal
-lifter year when tl
lean* would not ir.i
[plied to; the putpo
, Sir C. LUNG wi
.that bad been disci
itessian, the H. ;use
ed with the at
lbe Resolution. N
-Aberdeen could 1
brought the topic
:since the first.pf.Cli
tii.ras-sit4asti
40, dii nciuse: wct
have rejected his Fit
to-bear in mind, di:
in lieu of another ini
end in order to obt
a confirmation of tl
gotten also, that ?
pher, had all mad
his successors, with
disputed that they
etttithformanCveigund
eeri
eridoonto
pifi
tcoHh thet
honlgeoeneuros
Fa bet ers
efcce jut- neli 'll
Centuryo thenorde w
leoad mattern
partfd.tPt h
thaiecat: least) di
ittiiltor
iant
et present,
itwouldpentordu
e o i
ibda)
eaytnrrefeo stealth,ddfl
roiaet
r ach, cdeecoi
es
disci
I I,
fond into his consid
bathing of the mod
Mr.
alt so
Mr. WILMOT re
if his as,ertion of th
contribute to. ts owl
losing their time in
had urp time. Th
ae
been die 54nm
tulY, akitl had been
Arid Ilik) which tot'

t
c.... 1
s:niporegio
sal
some
naisFtis
i.eiltbto
e,s
e.tlihi
th
gi
te .
c„, , onlyttohoisl sotin unlucky.bg cfotru ftntic
he Hight from the- reign
i
le present
.` the pilot woul
its oiect, • lategketi. He rn
r Siaing • .rifter yesr when
Ilions harl -years* would not
vlica,tiort •i plied to* the put
b 4,6 thi I, Sir C. LUNG
mt woii4 - that bad been di
~ cession, the H.
•• d• sattsfie with thl
that tired • :t•.
the Resolution.
4 f6lfi • .11berdeen conic
..hburotu:h‘tvatil.iiettitoi
since the first of
be
dh'atath.rdnilleodeg::4's:athell -•' higa'vetirleeillec6tedusebi:
to•bear in mind,
in lieu
:nhooafrdadneaprltlthoeur4
apnalicdeornfirmation o
:venntiuelli„,ons ..
n annuity gotten also, that
his successors, w
I the Hilt,
tenturify
disputed that tl
rdeen is f, Crown. In th
haatdiecaonstst
on the Petition c
t the sae.
ender*
1144e:all:mnatilatertarn°odtfathcgecer:
bend It waleci*
ttithoot scruple I
sand into his con
reetilated the
inidead the Hou
primed by steak
ikeirial.nseannin..anluenodif:fefri:ilua:al:ll:l: ':-
bothimprn.rgwoiirtsifhoeor mil
a io 1i 0
ellv ee
Mr
traded
shalt E
the Li
the pgy tontioued for a c
lint 11#
~_
at 0 if his as,ertion of
i'lc_...„th it would relieve
121"trt contribute to .its r
1,4 . losing their time
• tek. -n
sown, ! ettime.l
eimbor nr• —yet
been the um
............._ of Awry, aijci had eel
nhelD7:oo .I.ld Ilti,‘ which
.1,