Star.
London, England, 1823-03-01 00:00:00

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financial subjects. But what wet the eellAlltslie*?
' He knee/it was nothing elsethin.Whether MOD. WO.
ft• .
1 were to be taken from the tiles of the comitrornet .
I —(Hear, hear).--life believed such an .indutevient
had been offered to the Rouse as, et leak would3n-
! dine it to listen whether a Sinking tend of 4,00.0004.
was to be supported, or a reductinn'ilif limes to that
• amount. He (Mr. Tierney) could say; sailboat fear
lofcontradittion ft om the oldest Memberi orthe House,
that no one had been a more consistent friend to the
plan of Mr. Pitt's Sinking Fund than himself ;.but he '
had often warned the House of the lavish expense of
that Minister, under which no plan of 'a Sinking/ond
could be carried into beneficial effect -(firat, hittr).
' —Though he supported the original principle of the
Sinking Fund, be did not think that the present situ-
ation of the country was such as to bear a Sinking
• Fund of 5,000,0001. That situation was such, that
it requited at least a remiisinn of testes 'to that
amount, to ease the mind of :the people-:—(Herti).4w-
: He had outlived the real Sinking Fund—(ffedr)ifor,
of that established by Mr. Pitt, not a•trace was now
!• remaining !--( Cheers from the Oppaeition benches.).
It was truly mid by his,Hon,Friend behind him, who
had treated the subject With great 'perspicuity, 'that
repeated invasions had been made on-the original
• Sinking Fund. He (Mr.TierneY) had witnessed those
• invasions, and had opposed every one of them.. But'
now the mask was thrown aside, for while-the lasi•
declined that there was a Sinking Fund of .10 Wk.
' .lions, the House was now called upon to declare that
there should be a Sinking Fund of but five millions
—(Hear ! and a laugh).—But it was said oft the op
-
polite side, that the public credit depended on a
Sinking Fund of five millions. But if we adhered to
the principle of public faith, we should have a Sink-
ing Fund of 17 millions—(Hear, hear).—This was
established bylavic, but in the year 1819 the Ministers
changed their plan ; they wished a Resolution of the
House, stating that there should be a Sinking Fund
of five millions, which should be binding upon the
country, and whoever denied it was an -enemy to pub.
lic credit. He (Mr. Tierney) understood public credit
to be nothing' else than a faithful anerenceto public
engagements. But the Ministers asset ted that public.,
credit was to maintain more than we wanted by five
millions—(Hear, hear).—Now, he wanted to knosel
whether it was convenient to the country to hive five'
millions of Sinking Fund under the present State of :
things ; for they were not now to consider the state,-
of the law, but the state of the country? (Hear, hear):;
He could assure his . Hon. Ftiend-(Mr. Baring) thav>
the country would receive . more substantial, istuefit
from the proposed remission of *as in, teeth -soars
than from the support of the Sinking 'Fund. 'itroly,
the Right Hon. Gentlentan (the -Chaittellei.ialille•
Exchequer) seemed .to be. convinced of -I)ds teeth:
though be had, not sufficient resoNtion to carry ink
into complete effect. He had seven - inilliomi t 6 be'.
applied to the riductiOn'Of die'debt, and *why did he '
give up two millioniii it to alto:l63lkb of *taxation?
He (Mr. Tierney) believed be bad done so wisely.
The seven, millions .belonged tp the ftmdbolders as
well as the Ave ;nations,. and w:by. ,had 'the giOt
Hon. Gentleman given up the two milliottitslikeies
convinced he had done so most wisely; its *tit hal
he not gone further? It was,. howevei,cleir that bi
had gone far enough to skew, that'he (the Clareelloa
of the Exchequer)
.and his. opponents' only differed
in the degree, while they -agreed in the principle—'
(Loud cheers).—the *felt Horieuratile 'Oentleniars
was willing to gieenpThie seven millions of Sin*
ing Fund, and to sutsstittite one 'of' five millions;
and at the same -time he Was .determined to. hold
up every one who was for reducing that five -mil.
linos as an enemy to public credit—(Hear, hear)
No one appeared to strike more closely at the prsiv.
cipte of the Sinking Fund than his Hon: Friendl•bnt.
he wanted a surplus of five millions—a surplus which
wis• to. be a security to the public creclitorat the
same time that he allowed it was to be applicable to
certain exigencies which might arise, as in the case-of
war. lt was certainly an excellent thing to have a
'surplus revenue of Ave Millions ; and heAvonlit even
admit that it was much better to have a stirphts 'of
ten millions—(Hear, and laughter).—But the question
wass whether the condition of the country was such
as to allow a Sinking Fund to be applied to that es-
tenttHe thought not. He contended that The House'
might not to bind itself 'down to any specifiC retain.:
don, which could not be got rid of without ail lava-
sionofipnblic credit. The time to get rid of the'prb.
sent*ukins Fund was during a term of peace, as
there Mad sic 4i a more favourable moment for en.:
terraitillig a project for thereinisSion of taxes—.(Hear):
For what could. be more odschieirons than theprin-
!ciple -of a Sinking Fund which 'was to be appliedto
the reduction of the debt, and of course was so far
a security of the public creditor, and which was also
to be apprqpriated in
.ceitain eigencies, such as those
of war, to defray the expenses of theaatide--(Hear).
If the fund were the nieans'Of .iupperting-poblic
• credit, why were they tototold that in case of a war,
Or in unforeseen exigency, chit 'fund was to be
diverted from its original` destiriationthat is, that
when public credit mast wanted' support, it was
' then to be invaded ?..,-iCheiri).*: 'COncerning pub-
lic credit, he believed it to cOnsiatiniliutittestl and
h,om:nirable adherence to national engkrinett .w. ,such
an adherence was our best resource the'prosecution
of a war, and he was convinced that itOttr public
engagements were faithfully disehargertihaf .2 war
• ,prorify undertakenonui in Con;ohaticiirldt -the feel%
leis of the peoPle,.would'be ernply-pioVlded for'lq,
'the tames voted in that Heise, indirofild be rribu,
cheerfully Supported by_ the corisiirt-6 Mir, heir).
The' Hun. Member had Ipiikeit Of ..the 4i = itetaious .9r
hiefrisioese4,-put told us chit thitterini a ehipinew4,
past, 'While he' ;kis biabielf .ed.iioni W.- =I. fe. es
balls on'ille tatilk,ggiel"favisiter): ' add: the
' HOuse vole fer:tneetidtiLlibreAtletalkiseeP the
: real disposable serpleuk-? -It D1,644..4210 ,Ativaii. 4
, great part of Isis Objection if the ~u*,, !whatever it
: .risightVe,"vras iroteilpietely*as a tiWitnbt;a
to the rerisissiog:of.kaaee from doseto:tiijobVerwit:
aut if siaw passed, Wag the 44 ai Ai ert!idialSifi-
!..eully for- she -xedectiorr of!-tbe DebrOltsse-dislor,br
1 likaPecatiOtrithettrileitutrat Most preiedleitl.t: i. -
• AO' tjfe'
,remission ofiliii; chola fay .Plid.eg.itoptilit
i the- amount tekuii•tivity.tepittd..lse Alsesesottnt-liriSt 1
He was of at different opinion..., ifilieueigiesion weitld
help to restore the Revenue, and be believeduthetWit•
fao tlxrep,fition tif Ore Chiuttellor it th*Evihnire*!
ir:Wlifn 14 proposed,' that ofVie 'lleireti7inillteds'il
were to diamtain the PuLlic eiedit, tieligilpre
should be appliedto the ramie:imp of tales:' nteiv