Star.
London, England, 1824-02-24 00:00:00

P WI"

. . -

Off that dent ;titian tit' steel ;. he ptciphsadrthetefore,
Compliance with this laws to gisie notice that the seven'
Lire millions of Fonr pdr tents. should be paid of
October next, unless Within six weeks from that f
the persons entitled to it would consent to tab
amount
_of their respective stock at par in the Tin
and a Half per. Cents. The Right Honourable Gentle
man, in adopting this plan, should hor;ever be aware,
that unless he previously effected a reduction in the iii-
terest of Exchequer Bills, there would be in the market a
fund which would be held against him by the persons
entitled to be paid off; because, as semi as the notice,
should be given, the persons holding four per ceats.woeld
prefei to receive the market price of their stock ; and
Exchequer Bills, bearing an interest of 4 per ct. but not
being worth more in the market than at ',berate of Three
per Cent. they would invest their money in that kind of
security: he (Mr. Baring) could not, therefore, see what
advantage the Right Hon. Gentleman thought to gain
by his measure. If the Right Hon. Gentleman had re-
duced, as still he might, the interest of the Exchequer
Bills, then he would reduce the value of that fund, the
competition of which, with his proposed scheme, would
be so mischievous to the latter. He (Mr. Baring)
wished, however, particularly that it should be explained
in the Committee upon what grounds it was that the
Right Hon. Gentleman made out that the annual reduc-
don of 520,000/. would enable him to reduce the taxa-
tion to the amount of 1,062,0001. There was one "very
important question which had been touched upon—he
meant the iutroduction of foreign manufactures. To the
principle of this he had no objection ; but it would have
been much more satisfactory, if the Right Hon. Gentle-
man had, at the same time, stated whether any comm.
nications had been had on this subject with other coun-
tries, and whether the advantages which the commerce of
such countries was to derive from this was to be repaid by
any reciproCal concessions on their parts. He (Nlr.Baring)
did not say, that even. with such -reciprocity, it w ourd
be expedient to adopt the measure riivretent ; it would
require great care and attention, before it could be en-
tered upon as rapidly as the-Right Honourable Gentle. I
man proposed, lest great injury should' be aone to many:
,valuable branched of our :manufactures. In tlle fist
' place, the silk-trade would be operated upon by this
regulation, and he (Mr. Bat irtg) should not be surprised
if very setious consequences were to result from it.
Setting aside the alteration which it would make in
commercial speculations generally, a still greater incon-
Venienc,e, he apprehended, would result, to the silk-
manufacturers. Not only would the taking off a duty
of Thirty per Cent. upon the raw material have a con-
siderable effect upon the manufactures, but the pre-
ference which was always given to Fiend) patterns,
and the superiority of that cation in the art of dying,
,might really do serious injury to this branch of our bade.
'While; he repeated, that his object in rising had been
merely to obtain a fuller explanation of the means by
which the Right Honourable Gentleman thought that
the certain reductions which he had stated could be
-effected from the hazardous surplus upon which he cal-
culated, he must, however, say, that the statement of
the' Right Honourable Gentleman was highly satis-
factory, because it would convince the most incredu-
lous of the advantages of the systeM by which the im-
provement had beetreffected, and by which the public
credit had been preserved. Even those who had ob-
jected to that system (he believed there were none such
now, and that they had never been any other than the
'senseless populace, whose huzzaing at Public Meetings
proceeded rather from ignorance than from a rational
disapprobation of it) would at length see that the re-
duction of the just debt of the country had been brought
about by the only honest means which could ever hive
effected it, and that it never could have been otherwise
done, but by shaking at the same time the credit of the
nation, and by the sacrifice of principle which ought
never to be lost sight of. For himself, he looked upon
it as a subject of national pride and exultation, that,
recovering from-a long and expansive war, we were
enabled to effect such improvements in the finances of
the country, without the violation of any honourable
principle, or of , those moral obligations by which
society was held together.
The CHANCELLOR of the EXCHEQUER thought
he had fully explained the plan for the reduction which
he had proposed; but as it appeared the Hon. Gentle-
man had not comprehended him entirely, he must' have
failed in that intention. It would be observed, that in
the calculation he had made of the produce of the last,
year, although he had taken the surplus at its actual
amount, he hid not estimated any increase of termite
on account of the reduction. In the Custpms, also, he
had assumed no addition on account of the progressive.
increase which might be reasonably expected. Nor had
he, with respect to the Assessed Taxes, caliulated upon
any improvement in those which remained. He had
made no such prospective calculation; nor had he, on
the other hand, allowed for any increase of expenditure
for the ensuing four years,trusting that the additionthere-
by to be incurred would be supplied by the natural de-
crement which might be expected to occur in that pet iod.
If, by any accident, not now to be foreseen, that event
should happen which would necessarily overturn all
calculations—he meant a war, the Government then
must rely upon the public spirit of the country to enable
them to meet the exoenses which it would bring with at.
11, however, the tranquillity which at present prevailed
should continue, the calculations which he had made
would be found, he trusted, quite correct; and at the
end of the time to which they reached, the Parliament
would be enabled to judge of the operation of this im-
proved system. If any deficiency were then found, it
would be the time to supply it, but he thought.in the
interim be was entitled to assume (notwithstanding the
apprehensions of the Honourable Gentleman) that no
such deficiency would be found.
Mr. BARING said, he had not misunderstood the
Right H 97 Gentleman. He thought the country would
be placed in a very dangerous situation if a war were to
break out previous to October, and it were then called
epon to pay 25;000,000/. Instead of keeping up a largo
floating debt, as the Right Hon. Gentleman proposed to
bo, it would be better to employ the 'money as a Sink-
ing Fund to purchase the S per cents. above 901.
-Mr. ELLICE rose to ask the Right Honourable Gen-
tleman opposite a question relating to a particular sub-
ject, io which he' (Mr. Ellice) from his situation as the
representative of one of the greatest silk manufacturing
tOwns in the kingdom, felt peculiarly interested. -The
Right Honourable Gentleatan. had-stated that he in-
tended-to reduce the duty on silks immediately the was
afield that ifabe Right Honourable Gentleman carried
his resolution into effect, it would occasion the greatest'
ingoinfeideace. and distress amongst the silk manufae-i
curing population. He perfectly agreedwith the 'Lahti,
HenourabtaGentleman in the expediency of ultimately,
'educing the duty). but lee pfotested egaiestainy great
' sudsiest reduatooi p 444 w.qu.l4 materially affect