Star.
London, England, 1827-06-02 00:00:00

hopes, and which we ought not premataiely to 'abaft,
don without a due consideration of what coarse to purl
sue. If I were to decide for myself in taking a course
like this, without first stating it to Parliament, I feel'
that the respinsibility would be too great for me to as-
sume. But it is because I have frankly and openly
stated it to Parliament—because I have nothing to keep
back or to colour—because there is no concealment—
' because I have no object other then to represent things
las they are, that I have the courage to wait and expect,
and that I do hope that more benefit will be derived
from leaving things for the present as they are, than
from any premature measure that could be adopted.
I have thus far stated the general principles on which I
think it expedient and vise to proceed, rather than enter
into any complicated accounts, or multiplied details,
which may only add to the complication, and which
belong to a department in which, I am free to admit,
my experience is not very great—(Hear, hear !) My
object has been to put forward the principles upon which
I propose to proceed, in as conspicuous a way, as I wish
the course to be pursued to be clear and satisfactory.—
It only remains for me to state the Supplies for this year :
Army . £8,194,000
Navy . 6,125,000
Ordnance . . 1,649,000
Nisi:4ll46ms . 2,275,000
Interest on &chequer Bitla . 650,000 •
1E1,893,060
The vote of 2500,000 was rendered rejuisite, on ac-
' count of our troops in Portugal. The Right Hon.
Gentleman then proceeded to state, that, besides the
vote of credit, the accounts on the table 'state an ex-
cess to the Ways and Means of last year over the
supply • . 2900,000
Vote of credit . . 2500,000

Sinking Fund

Total Expenditure . . .

. 157,464,000

17.10Selene* to be provided for in 1827 . . . .12,864,000
Military and Naval Pensions 455,000
Debt from the East India Company and Military ) 100,000
' Expenses . . . f
Duties on Sugar : • • • . . 50,000
Having proposed to provide for these charges on the
"Consolidated Fund, the Right Honourable Gentleman
proceeded :—From what I have stated, it is for the
Committee to decided under the circumstances of the
country, whether we shall go on through the present
year, not in ignorance, but with a full knowledge of
our situation, and abstain from a change until we
I await the growing effects of our present prospects of
prosperity, rather than hastily press forward to that
question of financial consideration which stands for next
year, with a risk before to of deranging our present
accounts without knowing the possible effects of that
derangement. In the Supplies of last year, there is
an increase, beyond the estimated charge, of 800,0001.
This increase arose from certain charges on account
of Army Extraordinaries' and on account of the Vote
of Credit for Portugal. I know it will be urged that it
is desirable to bring us back to a fixed and certain ex-
penditure. As to this or any precise limit, or any future
measure, I forbear from making any promises; and for
this reason, that I have always observed that promises
of this kind are always exaggerated by those to whom
they are made, and because, as mote is expected than
is held out, they generally end is disappointment. All
I can say on the part of Government is, that Ministers
are disposed and determined to apply their best efforts,
and that they nave resolved to take the House Into
counsel on the subject. This is all that, in the circum-
stances of the country, the House can expect, or that
Government can do—(Cheers). In its present state we
should not even aid the country, but leave it to its na- ,
tural course, and, before the adoption of any new mea-
sure, wait until the prosperity of the country was more
unequivocal—(Hear.) I have a confident hope that that
I prosperity which has commenced will continue to pt-
crease. That hope I found on a knowlege and reliance
of its intrinsic energies—of its ascertained, though not
' now put-forth power, rather than on any particular cir-
cumstances which might, in the statement, lead into
urinate and detailed explaoation—(Cheers). Before 1
sit down I will, with thepermission of the House, read
an extract from an eminent authority in support of the
propriety and efficacy of the principles on which I have
professea and avowed my reliance.—[The Right Hon.
Gentleman then read the following extract Q " But thee*
is still another cause, even more satisfactory than there,
because it is of a still more extensive and permanent
nature—that constant accumulation of capital, tkat con
tinual tendency to increase the operation is universally'
seen in a greater or less proportion, whenever it is not
obstructed by some public calamity, or by some mis-
taken and mischievous policy, but which must be con-
spicuous And rapid indeed in any country which has
at once arrived at an advanced state of commercial
prosperity. Simple and obvious as this principle is,
and felt and observed as it must have been, in a•
greater or less degree, even from the earliest periods,
I doubt whether it has ever been fully developed
and sufficiently explained, but in the writings of an
author of our times, now unfortunately no more
(Adam Smith), whose extensive knowledge of de-
tail, and depth of philosophical research, will, I be-
lieve, furnish the best solution to every question connected
with the history of commerce, or with the systems of
political economy. This accumulation of capital arises
from the continual applicetion of a part, at least, of the
-profit obtained in each year, to increase the total amount
of capital, to be employed in a similar manner, and with
continued profit, la the year following. The great
mass bf the property of the nation is thus constantly in-
creasing at compound interest, the progress of which in
any considerable period, is whet at hrst view would
appear incredible: Great as 'here been the effects of
this cause already, they must be greater in future; for
' its powers are augmented in proportion as they are
exerted. It acts with a velocity continually accele-
rated, with a force continually increased, it may, indeed,
it we have ourselves experienced, be checked or retard-
'ed by particular circeniltances—it may for a time be
interrupted, or even overpowered; but, where there is a
fund of productive labour and active industry, it can
sever 'be totally extinguished. In the season of the
severest calamity and disues=, its operations will still
counteract and diminish their effects; in the first return-
ing intetval of prosperity, it will be active to repair them.
If WC look to a peeled, like the present, of continued
tranquillity, the elifficu!ty will be to imagine limits to
its operation. None can be &end while there exists at
home any one object of
.A.iii Or industry short of its
utino.t possible petfectiOl-ope spot of ground in the j
country capable of higher cultivation and improvement;
or white there remains abroad any new market that
can be exploird, br any exiting market that can be
extended. From the intercourse of commerce, it will
iii some measure participate in the growth of other n 4
ions—ln all the poiiible* VAtieties ofthetr situations.—
The rude s% ants of countries emerging tiom barbarism,