Star.
London, England, 1819-05-14 00:00:00

4114111.04 r. kitievetr"tobrilhi!gli faithiorwlaircthklhptthis way
weol~i `e
inerpedient, anti a great breach of his dm- es-.
nister of Finance, to enter, on this occ:isio !
neral exposition of the,financial state of Zle Which must so Hun be brought forwa..d th'-' lar mode--(Hear, car.) —He fully felt the e
tance of many of the topics upon which the
Gentleman had touched ; and perhaps pe,r, tra,
them no great difference of opinion subsisted 1r
them. But confining himself to the motion het
the House, he must meet it by a decided nerazi,,
being vague, and as fettering a discretion which
now very wisely vested in the Cununivioners
Act of Parliament—(Hear). -
Lord ALTHOUP said, If the House aprve,
the principle on whiCh his Honourable Friend ;
seeded; they Must recollect how little chance
was that the Chancellor of.the Exchequer
st
adopt it, considering bow long time had eLt
Athout any attempt of the kind being made.
It
easy to go back, far enough to see what had bet
effect upon the price of the Funds before then
been any Commissioners of the Sinking Fuel
It appeared that in those times the prices of S.
had been as steady as at present.

Mr. T. WILSON said, he had felt st,
u-tled at the Honourable Mover's proposition
ceiving that the system which he reconamr,
be productive of many fluctuations and false al
in the money market. If the present plan shou
departed front, no one would know what to 100 l
ward to in the following year. A dangerous
dent would have been established, and the
for of the Exchequer might be tempted to.
providing for the public service in the same stx,
the present financial sate of the country, ire
to look our difficulties in the face: The reg
plication of the Sinking Fund might be con',
but it would endanger the revenue, and rendi
necessity of retrenchment less chitin's. If
proceeding, however, were modified, and him
a particular exigency, he should not oppcheit,
was one difficulty under which we laboured,
believed that all were agreed in the propriety
recommendation containedin the Report if the
Committee : he alluded to the necessity of p
the Bank into possession of its own meanso
view of enabling it to resume cash payments.
peared to him that £10,014400 would be too
a sum' tn pay to the Bank out of an; Lean, an
£.5,000,000 might, thevefore, on this occasi
advantageously taken from the Sinking Fund

Mr. RICARDO understood his Honourable
(Mr. Grenfell) in his observations respectirgtl
vantage derived by the Loan Contractors, to,
the terms of the Loan, and not to any suL
uncertain profit. .This was a certain advantage
wholly indent of suclfevents as the ba
Waterloo. It was an advantage obtained by
but which might be secured to the country
certainly could nt)t se.: the benefit derived
chasing Stock with one hand, and creatin
the other. If the Cummissiorers for the

of the Debt made their periodical purchases,
contractors for a new loan also paid its by ins::
at different periods. With regard to the pou
jobbers to impose bard terms on the sells, soh
notion implied ignorance of the money market ir
country. It was a fair open market, subject
monopoly. He rook no exectil to himself for hit
servation to the Chancellor of the Exchequer in'
It referred to an opinion which it was well
he always entertained, and which it was,
his duty to avow: Others, holding a very ,
opinion, had expressed it with equal candour.
Mr. MISKISSON said, his Right
Friend's observations had been applied to the
meat on the table respecting the Loan of 181:,
to the Motion itself, at was not stated for•whAt
pose they were to go into the Committee. It
question that could not be det.rmined at one
According to the statements m ide, we were
to redeem the debt at the rate a: which we had ,
rowed since 1793. But it required much detail
decide upon such a quest on. The Rowan.
tleman had said, that we had lost millions of
by the operation of the inking Fund ; but
to decide upon this question, it would be
to ascertain what we had lost every ycar by
A question of this nature, defending upcn I
being high cr low, could but be argued on
grounds. 'lt was improper to argue a
this nature upon general grounds. By the w,
worthy Alderman—(Cries of " He is so*
man")—he begged his pardon, but he meant
that it was most inconvenient to discuss a

this nature before any definite plan of fin—
year had been announced. He believed that
Right Honourable Friend would give his best
tion to any advice on the subject.

. Mr. J. P. GRANT thought that his Hi
Friend had, by his present' Motion, added
many obligations under which the House it.
country lay to him. One reason urged against
Motion was, that it had embraced no specific,
and yet at the same time it was argued. that
improper to fetter the Right Honourable s
in If.s measures of finance. He thought the ,
highly deserving of the attention of the Hoax.
he could not understand why an individual
country should borrow from others, when
the sum necessary without borrowing. It had
alleged, that the Sinking. Fund kept up the •
the Funds, as the Commissioners could at thi
'sure keep back or sell, according to the state
market. But he for one was not diVgd
der this as any advantage, because the highest
made in this way was not sufficient to defray
pense of management. • As an individual it-
rassed circumstances added to his debt the e
of managing loans, so we added to out debt t
pease of conducting the Sinking Fund, trh:
had no-surplus of revenue. Would not the
of his. Honourable Friend save us from cm.tiil
-
for Loans on disadvantageous terms? What
contractors for loans to offer their loans, -butt':
mium or bonus offered upon the contract?
would not that bonus be saved by going into hi
nom able Friend's Metion? No man lent
. with the prospect,of making more profit by in
it than be could make of it in: any other wain
profit, therefore, thus made in linding
irowcr would necessarily save could he ace T...
ing the money. Upeu aerlying thiJ doctr

•
his realns tot
!"61111belii,
dut.:.
r•osic, .1;413
e of ;lie cot: 4
a..d in the
felt the • • •
which the
mot:
.übsitted het
re motion bef
:ided nerati-
.'"
lotion which
mivioner, by
DM! approye!
able Friend ~
the chance L...
tacuequee ht ,
ime had eti
ing rt,a,jt.
vhat had been ,
before there
Log Fund
prices of
felt son.
; proposition,
°nonleaded •
and false a' .
nt plan should •
what to look F.
dang „
and emust
npted to coo:.
the saonewaT. '
citutrrY, we cr:,.
The retaiai
lit be con:
e, and render
vioas. If sorb
ed, and limited
it oppose it. • .
re laboured, at
e propriety of
report if the ,
tcessity of pa.:.
WTI means,.
payments. It .
could be too
ny Lcan, and
this occasion,
iking Fund.
honourable Fr:
TeSPeCtin the
motors, to refer
any subsequnt
in advantage,
is as the battle
obtained by
the countrv.
derived fro'ln
creating it
for the Itedud,
:al purchases,
I it' by inralme
E to the poser.
the sells, sold
mey market in
ket, subject to
himself for Lis .'
exchequer in Hi
it was well kno
it was, th. .•
1g a very di:. •
ail candour.
tight Honours►
alied to the
.oan of 1815.
tted forwhat •
nmittee. It an
lined at one vi
e, we were bo.-
which we had
rd much detail
Honourabk
millions of
oind ; but in • .
vould be •
r year by the
ing upon the f
argued On 1.1
gut a questing
By the way,
re is so* it •
it he meantoi•
I‘CIASS a quoits
n of finalcefor
believed that
give his bat •
at his Honeroa
t, added one to
to House and
urged aitainst
no specific 0b...
Ltgueila that it
curable
bought the soli:
of the Home
individual a
•s, when they
ring. It had
?t up the
:ould at their
to ire one of
disposed to ".
the highest'
t ,
to decay Lu`
dividnal in ter,
t debt the espy.
:o our debt r:.'et
• Fund,
Id rot the
from emt'sc
going
loans,s
cc 0
ningi/1:;ut
Octa d::
an lent inene%'.
• Prprofitb • T
c other war
y*
• tht N.
nding i!,1170,;(
!he 10'7 •
doctr:3:,