Star.
London, England, 1823-03-04 00:00:00

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light as the old King of Pruisii would, as a treastafe
to Ist nceslnto later! far the ptirpose of carrying on war;
With the House the object should be directly the rel
verse, viz. to put the money out of the reach of Mi-
. nisters, to caned Stick, and to, remit Tilts. Coder
present circumstances, !se should, however, object to
the application of even half a million to the reduction
of Vie Debt; and if there was but half a million, the
only way isi which it co Id be applied, s 4 ith justice
to the country, was to the reduction of taxes.
Mr: J. SMITH c )uld not hear publit credit spant
lightly of. The :11ernber lot TAu nton had clearly sheWri
that everything which contributed to use maintenance
of public credit, contributed also to economy.
Every .
one must admit that the distress of the c,untry was
most severe, and he would go any length for A remiti•
ion of agricultural distress, but he was sure that thit
interest would suffer one of the first by anything that
affected public credit. Every nation in Europe had
followed our system of haviEg a Sinking Fund ; and
should we be the first to destiny that great source of
public credit ? Ile should, therefore, vote for the
Chancellor of the I.7:chequer', proposition.
The LORD M A YOR thought the House ought to
pause before it passed a Resolution which went to alter
those laws to which the public creditor had been ac-
customed to look for security through thelast 30 years:
Mr. RICARDO declared it to be his opinion, that
the agricultural interest had suffered but little by the
restoration of the currency.—The Resolution was
then agreed to: .
Mr. HUME objected to the alteration of time to
which the accounts would be maJe up if the present
Resolutions were carried. He wished to know if the
Chancellor of the Exchequer intended to give up the
humbug of the two millions connected with the half-
pay annuities. He announced it to be his purpose to
submit to the Committee, a Resolution declaring it td
he inexpedient to maintain a Sinking Fund for more
than 3,000,0001. and desirable to appropriate any sur-
plus revenue over that sum to the remisrion of taxes.
The CHANCELLOR of the EXCHEQUER was
of opinion that no confusion could arise from the
period named in these Resolutions by making up the
accounts. They could be annually made up to the
sth January, as usual, though in the next year, the
first quarter's business must be arranged on the old
system—the other three-quarters on the new one.
With respect to the question asked as to the course to
be pursued with respect to the Half-pay Annuities,
it had never been contended on that side of the
House that if the Annuities were not sold, the dif-
ference belween 2,800,000/. on their former amount
must be made up, or by borrowing from the Sinking
Fund. This he had never pretended to deny. But if
the Annuities should be sold, there would really I.
5,000,000/. applicable to the reduction of debt with-
out that issue of Exchequer Bills, which in the case he
had supposed might be necessary ; he did not say that
it was a matter of course that the plan should succeed ;
but he had as good a right to assume that it would as he
had to assume thegeneral improvement ofthe Revenue. .
Should-it fail, the same effect would be produced as
if the taxes were to fall short in any particular year.
If from a bad harvest, or any other circumstance, a
deficiency of 2,000,0001. were to occur, it must be
made up by an issue of Exchequer Bills, and in such
year there could be no surplus of 5,000,000/. But
because in a particular case it might become neces-
sary to increase the unfunded debt of the country,
that was no reason fur laying it down as a principle
that a certain sum should not be set apart for the re-
duction of a funded debt.

Mr. RICAItDO understood the Right Hon. Gen-
tleman to .consider, that there would be a manifest
difference between the plan being successful, as he
called it, and unsuccessful. To him it appeared, that
in either case the result would be the same. This plan
could not increase our means, and, indeed, he rather
wished it might prove unsuccessful than otherwise;
for, as the Right lion. Gentleman would not be able
to sell the annuities but on bad terms, it would be
better for the country that they should not be sold at
all. The plan carried into effect, a debt should be
created proportionate to the relief afforded, and such
being the fact, how could it be said that we kept up
a clear Sinking Fund of £5.000,000?
Mr. HUME contended that the Sinking Fund
ought only to be considered to amount to 3,000,0001.
Ile moved, as an amendment on the Resolutions re-
specting the half-pay annuities,
" That, in the opinion of this Committee, it is inexpedient to
maintain a real Sinking Fund of more than 3,000,0001. and that
it is necessary to afford the people relief by repealing Taxes to
the amount of the remaining surplus revenue."
Mr. TIERNEY said, that no man could tell what
was the real amount of the Sinking Fund. He wished,
however, to get every remission of taxes that was
practicable. He found, at the same time, that those
whom he wished to relieve, seemed to have no wish
to be relieved. They must not therefore be angry with
him if he fought no more for them. He wished to
know what the teal amount of the Sinking Fund was?
Mr. D. GILBERT explained. He had only said
that the support of a Sinking Fund would be a relief
to the Agricultural Interest. He was of opinion that
' the whole scheme of the last Chancellor of the Exche-
quer was an entire delusion.
Mr. HUSKISSON maintained that taxes to the
amount of six millions had been remitted in two
years ; and yet there was now a clear surplus of three
millions. He defended the late Chancellor of the Ex-
chequer's plan of annuities paid to half-pay Officers.
The Committee then divided on Mr. Hume's Amendment,
when the numbers were, _