Star.
London, England, 1813-03-04 00:00:00

had ever soft submitted to the judgment of Par-
lament The principal advantages of the pro- 11114
r;l74plan, in time of peace, would be the faci.
4:11 keeping in reserve the puns of funding a
ill r sum (suppose 4100kp00.000), as a re.
sera ucase of the renewal of hostilities. This
find, which would be formed in a few years by the
redeemed stock standing in the names of the Com.
missioners, would be continually increasing, unless
checked in the manner above mentioned ; and in n•
cue stffiuld it be reduced below such a sum as may
be thought limply sufficient to support the confidence
of the country at home, and to maintain its dignity
abroad. It would, indeed, be such a treasure, as no
other country has ever possessed ; and the first exam.
pie of an immense accumulation of public property,
formed without the impoverishment of any individual,
or any embarrassment of the general circulation. As
it would remain, likewise, entirely subject to the con-
troul of the Legislature, there would be no gionnd
for entertaining any jealousy at seeing so large a
sum in the hands of the Crown. With respect to t.l e
safety of the Consolidated Fund, he was as anxious
concerning it as the Right Hots. Gentleman ; but the
measure which he had recommenced could not pos.
sibly affect it, unless by indirectly augmenting it. It
would not operate to reduce it one single penny, as
be proposed to shew, when the time should come for
a more detailed exposition.
Mr. BARING would not, with the imperfect in.
formation before the Committee, enter into any mi-
nute examination of the Right Hon. Gentleman's
statements ; but as they would unquestionably affect
the apprehension of stockholders, (fur he himself felt
considerable alarm,) it became those who were ac-
customed to watch the state of public credit, to avow
their general impression s, ith respect to the Right •
Hon. Gentleman's project. He agreed, that at some
time or other the .sinking fund must be made avail-
able to the service of the State ; but there was a great
difference between regulating this operation and per-
forming it-without any modify ation whatever. The
financial situation of the country was certainly such
as to entitle the present measure to the most atten-
tive consideration ; and he could not help wishing
that . the Public should have .the plan fully before
them, and that it should be generally and clearly un-
derstood. He was of opinion, too, that it could not
injure the public credit immediately ; for the sinking
fund would, in fact, this year, be increased by the
sum of £870,000, and the difference between that
sum and the interest of the sum taken from the sink-
ing fund, would, of course, he so much net addition
to the redeeming stock. Its remote operation could
therefore, alone form the subject of consideration tef,
those who were qualified to engage in the discussion.
He rose merely to throw out those general observa-
tions, and to declare his intention of meeting the
question wholly divested of every political feeling or
party object.
Lord QAS TL ER FkA G H expressed his satisfac.
tion at Vie temper untlisairhich the Honourable Gen.
tleman, whose authority was so deservedly high upon
those subjects, had stated his general view and im.
presskon of the plan of his Right Hon. Friend, which
had been detailed with that lucidness always conspi-
cuous in his financial expositions. He was happy
that he had abstained from any expression calculated
30 excite alarm in the minds of stockholders. He
hoped, too, that Members world keep their judg.
menu open; till fully informed and adequately pre-
pared for the ultimate decision.
Sir JQHN NEWPORT conceived, that the great
utility of a Committee Of the sshole House was, chat
lon a plan being laid before it, the diffleent Members
had an opportunity of stating such objections to it, at
the moment, as then struck them. Thus, if Gentle.
men supposed that the present plan was like* to
.trench upon public credit, it was their duty to sug.
gest what their view of the subject dictated, that their
objections might be gravely considered, and might
undergo the invustigation of the Gentleman who pro.
posed the. plan. It it were otherwise, every effect of
the Committee wd4141 be answered by placing in the
hands of Members those documents which were con.
netted v ith the plan. The statements which had
been that night made, did not arise from the minds
of Gentlemen being made up on the subject, but, in
the spirit of candour and fairness, they expressed cer.
lain doubts, in the hope of procuring information Oa
the points to which they related. The Noble Lord
observed, that observations were made which would
probably affect public credit. But this circumstance
could not be avoided. Between the introduction dt
sugh a measure, and its discussion, it was not in the
nature of things to prevent an effect, more or less,
being produced. Unless indeed the House proceeded
with such a degree of rapidity, as would completely
deprive the public of the benefit of a calm considera.
Lion of the measure.
Mr. H. THORNTON hoped that no unfair ins.
pression would go abroad. His own general opinion
was, thatit was better to pass a prospective measure
of this,description than to adopt it suddenly. It was
not enough to look at it as it might affect taxation,
but its future operation on the stt.ck.market it was
equally important to attend to. Another point was,
how far it was consistent with the public faith, and
the Act of Parliament upon which those who lent
their money to the State relied for redemption at *
particular period. The other main objection that
occurred to him was, the effect which the precedent
might have in affecting the confidence of the creditor
in tuture. At present he would not enter farther
into the subject, but reserve himself for a more mi.
Elute inquiry.
The CHANCELLOR of the EXCHEQUER,
observed, that his Hon. Friend appeared to suppose i
that there would be an actual diminution of seven
millions : it would probably vary or average two mil-
lions for the next tour years. After the year 1817
the Sinking Fund would again begin to recover w11:4
it bad lost, because fresh taxes must then become
necessary. If reference were made to his tables of
compound interest this would appear obvious. With
respect to the objection of the faith pledged to the
creditor, he must repeat that all the new stock erected
since 1792, had been indiscriminately formed upois
all the old funds, so that the national debt had be- .
come one consolidated mass, and must ,be gradually
redeemed. Mr. Pitt's plan, in 1792, contemplated
45 years as the period of entire redemption. Lord
Sicnouth, in 1802, and the Marquis of Lansdowne
afterwards, made alterations which curtailed that
period, His own plan would provide in a still shorter
tine for the redemption of the whole additional debt