Star.
London, England, 1822-02-16 00:00:00

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a as every reason to hope that the difficulties Which
pressed on agriculture, like those whith had affected
xnanuf.ictores, would diminish. The increased ...abi-
lity to consume more, was the most certain harbinger
of an improvement in the interests of agriculture,
which were bound up and identified with the interests,
of the country. The Honourable and Learned Gesibi
tieman had dwelt at much length on the currenclSA
and told them in a grave manner that the Bank Re.
striction Act was the origin of all our evils. With
regard to the relief suggested by his Noble Friend,
the raising of four titillions by Exchequer Bills, he
cared not whether it remained in the country or went
out of it, the effect would be the same, that of giving
great ease to the distressed classes. He would ask,'
if the Bank, instead of demanding ten millions from
the Public, had only taken six millions, would it not
have had a serious effect on the country? It would
have produced the same effect as the four millions
which his Noble Friend's measure would give to the
country, by lessening the discounts of the Bank.
lie did not give an unqualified assent to the Report
of the Agricultural Committee. He protested against
the doctrine that taxation was rather a positive evil.
The Honourable and Learned Gentleman said, that in Ind,
our expenditure amounted to 84,000,0004, and that of IS to
60,000,0001. In 1514 our expenditure amounted to considerably
more. The sum actually levied was only 84,000,0001. In war
it was our policy to raise money by loans, and it would be there-
fore prepaterous to make a companion between the ties periods.
The expenditure for the present year, however, would be below
50,000,000!. The Hon. and Learned Gentleman said, that not-
withstanding the great increase of popatatioo, there was a de-
cease of cit-7seventh in the consumption of mak. If he bad
looked at the subject accurately, be would have found that the
consumption of malt, since the tax was imposed inl 917, amounted
to 29,000,000 bushels, and for the same period, previous to the im-
position, to 21,600,000. The Hon. and Learised Gentleman said,
we receive goods from China amounting to 30,000,0001. and that
we make no return. If he were addressing i 'Mob in Covent-
garden, he could scarcely have used an argument More ridiculous.
—The Hon. and Learned Gentleman had totally mistaken the
principle on which Mr. Pitt established the operation of the
&liking Fund. His principle was that there should be a tax of
oar per cent. set apart from every loan, until, by the operation
of that one pet cent. as a Sinking Fund, that loan would be en-
tirely paid off. He *as of opinion that the only Sinking Fund
whlcb the country could have, was an antes of Revenue
e'luve the expenditure in time of peace. He naught that nothing
should he more cautiously avoided than even the least incline-
ton to trench on the Sinking Fund. By touching that, they
would avow to Europe and to the world the weaknels and va.
ciliation of their conduct. When all other countries possessed a
Sinking Fund for the reduction of their debt, should 11. land
abandon tier's? He might argue the principles of supporting
public faith to the national creditor. When the maintenance of
ear Sinking Fund was founded both on principle and on policy,
they should hesitate before they would listen to any proposition
which would imply an attack on it. Sinking Funds had been
established in all countries. In France it was in the proportion
of one out of five of the debt. In England it was established
in the proportion of twinekventbs. In American was in a still
greater proportion of the debt. The lion.and Learned Gentle-
man said he would break in on the Sinking Fund now, and ap-
ply it to the present emergency, but would restore it bertafter.—
But how would public credit be affected by such a measure?—
The state of public credit was intimately connected with the
continuance of the Sinking Fund. If by the judicious operation
of that fund one and a half million of our debt was reduced this
Tear, was that but a little? lie who proposed a reduction of
our income to our immediate wants would leave no room for
unfamseen occurrences and sudden events. The Hon. and
i.:-rued Gentleman said the public creditor hail no lien on the
land; be had no mortgages, no parchments, no title deeds it
was true, but ho had that security which the power of Parlia-
ment afforded. He bad that security which the person who
claimed by the law of descents bad—he bad the same security
which every one had for his rights by the power of Parliament;
arid if you destroyed that power, what would become of all en-
gagements? lie bad no hesitation in saying, that the difficulties
under which the agriculturists laboured were mainly of a tem-
porary nature. The lion. and Learned Gentleman had entirely
3,' istaken,and consequently misrepresented what his Noble Friend
(Lord Londonderry) had said with regard to the assisting of die.
tricts with loans on security. What his Noble Friend did say, was,
that the Commissioners for managing Exchequer Bills would
Lave no objection to grant loans for public works to some districts
on good security, to be repaid by instalments out of the parbth rates.
Ile (Mr. Htokisson) did not see anything ridiculous in the pro-
position of assisting a parish or district to the extent of the pre-
sent pressure. Money advanced for canning on of public works,
such as roads or churches, would relieve and assist the pariah
rates by giving employment. And although the Honourable
and Learned Gentleman culled it extravagance, yet he (Mr.
Iluskisson) felt that it would relieve the distress f different dis-
tricts. If after all the difficulties from which they had extricated
themselves—if after all the dangers which they had surmounted—
if after all the trials and struggles to which they had been ex-
posed—if after all these, they were to destroy that put.lic faith
and public credit by which they stood so proudly among the
other nations of the world, he was sure himself and his friends
would not be consenting 'parties. He would implore them, in'
the name of that great t.• 7. so often mentioned (Mr. I'iu)—he
would implore them in the name of his great rival—he would
implore them in the name of all that was great and glarious, not
to mutilate that great monument of their power and greatness.
Let them rather retire and leave the destruction to other hands;
for by the destruction of the public credit they would destroy all
other securities.
Mr. BROUGHAM, in explanation. stated, that be was in
bad health during the discussion on the Bank Base, and conse-
quently did not take part in the debate upon off the stages.
Colonel DAVIS was surprised at the apathy with which that
question was received in the House. They were set to sup-
pose the country would be satisfied with the reduction of the
Alalt Tax. Ile was of opinion, notwkhstanding all that the
Hight Honourable Gentleman had said, that public credit, so
fir from being injured, would, on the contrary, be earported
and served by the application of the Sinking Fund to the pea
sent emergencies of the state. Not one word had been said by
the Noble Maundy or the Right Hon. Gentleman about eels-
:mill in the collection of the Revenge, in which so much ex-
travagance was found. Ile would, while en that subject. take
the opportunity of stating that it was his intuition to bring the
collection of the Revenue before the House as soon as possible.
Mr. HUME hoped the Howe would indulge him with a
few minutes' hearing. while he should confute many of the po-
sitions of the Right lion. Gentleman. Aher the speech they
had heard, he would Appeal to any Member in the House, If
en r it was known in Parliament that one Member came down
to that (louse, after a week, to answer, paragraph by paragraph,
a speech made by another Hon. Member a week before? The
Bight lion. Gentleman had attempted to answer the speech his
lion. and Learned Friend had made a week ago. and not the
speech he made that night.—(Bear, hear!) Ile would beg of
the I louse to allow him to proceed to state three gross tra-
dictions in the Right lion. Gentleman's speech. The Hon.
'Member then examined the position made by Mr. Hultkisson,
avid canon toed upon it. Ile defended Mr. Bruugham's argu-
ments, avid contended that they were misrepresented both by
the Marquis of Londonderry and Mr. Huskisson. He said no
credit should he given to the statements of the' Marquis of Lon-
donderry, and quoted souki of.his speeches to prove that be
had often, in 1817, and since, held out the same promises of re-
duction, but never carried' his promises into effect. He was
convinced that nothing would reclaim Ministers but taking
from them the means of being extravagant. He warned the
!louse against receiving the fallacious statements of the Goo
averment accounts; for though there might be an artificial in-
crease in the employment of our manufacturers, yet he would
say, that Ministers brought forward the ideal excellence of our
manufactures, instead of their true situation. He said, that to
tajer to the country at this time of day a reduction of taxation
to the amount of about 1,500,000/. was doing nothing. Instead
of beg' •.gby a system of protecting public credit, the Noble
Marquis had broached a new system, which would end in a de-
struction of all public credit. Every man, from one end of the
le other, wuyld scout the idea of giving four mil-
Overseers of the Poor, for the purpose of relieving
mil Interest. This would never be received by
England ; the Chancellor of the Exchequer could

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