Star.
London, England, 1826-03-14 00:00:00

Never *as Oyster ingenuity eierciseci than in this
antraband traffic. The trimenittee would be quite
Astonished, if I Wits Prepared at • this moment to go
iato the details of the ingentoubdeviCes of that most in-'
genious class of persons. ''he loss on this article I esti-1
Mate at 600,(0001. I should feel great pleastire in applyingi
the reduction of duty to various other articles, whick
are not within my reach at present. Ido not profess 10
be a prophet, nor would I hold out expectations that I
would net, if in my +power, immediately fulfil. Yet,
when I state, that during the last seven years I have
proposed the reduction of eight millions of taxes, I say
"enough, I think, to entitle me to the confidence of
Parliament, that I should not be -slow in carrying
that system more extensively into practice if thel
' opportunity were off:red to me --.• (Herr.)—There
s another subject to which I have yet to call the
';attention of the Committee. I have endeavoured to'
hew that it is our duty to put the finances of the coun-
-ry in such a situation that they may be perfectly pre-
pared to meet all the demands that the public service
May require. I wish I could carry the reduction of the
public but diens to a greater extent ; but there are cer-
tain points,- of even greater importance, to which the
attention of Parliament must be directed. In the course
of the discussions of the present Session, much has been
said as to the state in which theßank of England has been
placid in consequence of the advances made by that body
to Government. Though lam ready to defend the con-
duct Of
.Government.w ith respect to those transactions,
certainly, I would not fora moment contend that it is not
desirable to diminish the amount of those advances, and
generally to reduce the amount df the Unfunded Debt.
These are two important objects, I admit; and though
no blame is justly chargeable on us, yet I agree that if
is not fit they should be lost-sight of. On the Sib of
JanuarY, 1826, the Bank held six million pounds of Ex
chequer Bills. This was the amount on which they had
originally advanced money. to Government. They also
held some which they had purchased. in the market ii
the ordinary way. On these they had made no ad-'
dances, and if they thought fit to sell them, they might
at any moment have dcue so, without any right on the
part of his Majesty's Government to find fault with their
conduct. In February of the present year, the Bank, at
the instance of Government, consented to purchase
2,000,0004 of the Exchequer Bills then outstanding.
The object of this measure was to relieve the market
from the pressure under which that species of security
vas suffering, in consequence of the difficulties then
besetting all classes of commercial men. But it is quite
clear that the Bank would not have bought these Ex-
chequer Bills unless they had received some assurance
that the amount should be repaid them at no distant
period. Government stand pledged to redeem this ad.
varce in the come of the present year ; indeed, I be-
lieve the time indicated was. the middle of Jane. At a
subsequent period the Bank consented to make advances
on goods for the relief of the mercantile world. Having
undertaken this arrangement, it is still more desirable
that means should be placed in the hands of the Bank
to bear- the burthen• they had take* on themselves; it is
necessary they should be repaid a considerable portion
of the advances they had made. The proposition I
intend to submit is, that in the course of the present
sear, and as early as circumstances may render it ad.
s %sable, the Bauk shall be Tepid(' six- 'millions of the
Exchequer Bills in their pcossession.r. In the first place,
they had six mil:ions in J.inaavy last ; secondly, they
purchased Eno nii!lions more in February ; and, thirdly,
they held three millionson account of the advances they
have made to pay off the Four per Cent. dissentients.
The total amount of Exchequer Bills in their posses
sion is elev,-n millions. For the last three millions pro-
vision has been made by a charge on the Sinking Fund,
by which all that portion will be nearly extinguished.
There remain eight millions, of which I propose to pay
off six millions during the present year. It is very
desirable, I admit, that at ne distant period, a reduc-
tion should be effected in the unfunded debt. I, there-
fores propose a moderate reduction in the amount of
outstanding Exchequer Bills in the hands of the
country; and with this view, I suggest the funding of
two or three millions of them. To effect these two 1
objects which I have stated, six or eight millions'
would be appropriated. At the same time that it is
desirable that the unfunded debt should be still more
reduced, yet in finding means of doing it, we should
be careful not to proceed with too great rapidity. At
no remote period after the present year, I propose that
the Sinking Fund should be applied to relieve the 1
country from a portion of the unfunded debt. It is right
that the Sinking Fund should be appropriated as well to'
the Unfunded as the Funded Debt. The principle,in both
cases, the reduction of debt, was precisely the same.—
The principle of the Sinking Fund was,.that it should
go on accumulating at compound interest, until it
reached one per cent. upon the capital of the whole
debt. It had since been applied to the reduction of the
Funded Debt, and I see no reason why it should not be
applied to the reduction of one species of debt as well
as of another. The portion of stock which may be each
day disposed of in the marker by this mode of reducing
the unfunded debt, may not be considerable, but that is
a matter of small account. This alteration, as well as
the others I have recommended, is suggested by what I
consider most beneficial to the country, by what may
best enable it to encounter whatever its exigencies may
render requisite, and whatever may render its resources.
most available in subsequent years. I have now
endeavoured to submit a statement of the revenue
of the present 'year—of the circumstances in which
it stands—of the grounds of our proceedings—pro-
ceedings which have been adopted upon principles
proposed by Government, and sanctioned by Parlia-
ment (hear). Upon these measures I do not hesitate
to say that I rely for a prosperous future (cheers). I
am not afraid or ashamed to utter that expression—
proaperous. When I look around me, and see the ela
moats of power and strength which are to be found in
Ibil countrys--when I see Government engaged in
giving energy to that power and strength, and the
Legislature entering into emulation with the Go-
vernment, in correcting what is defective—in remov-
ing tt hat is obstructive—and in giving force and life,
in what is active (cheers); when I see, too, the com-
manding internee which our foreign policy gives
a.; and when 1 behold that influence confirmed, and
doily extending among other nations, so that we are
tumbled to assert our station and maintain our dignity:
moreover, when I witness a gradual and great improve-
ment in the laws of the country, so that they may be
mitered intelligible and easy in the administration for
*oat to whom the administration of them is entrusted,
and satisfactory to those for whose benefit they are dis-
pensed; when, again, I see the approved principles on
which its finances are regulated; when 1 see that the
measures adopted are only with a view of maintain-
ing the safety and asserting the dignity of the country