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

feCt rf complicating and obscuring the national ac-
caniii..—(Hear, hear, from Mr. Hume); and because
n has that effect, I am apprehensive that more blame
k ally attributed to it than really belongs to it—.
ear). As to this account, however, its operation not
,sly had no ill effect, but really gives an advantage to it.
ybeenntribation from the Commissioners of Half-pay
~,a fiensiona wa5'7,600,0001• but the Committee should
in, in mind, that at the time the measure of the Dead-
„apt was introduced, annual taxes to the amount of
toot were repealed. Before it was assumed,
Mete,
foie that this 7,600,0001. imparted an exaggerated
"wince to the statement of our income, Honourable
'ac;ntlemen should consider what would have been the
Tome of the taxes that were repealed because this
contribution, and only because this contribution was
e.tablished—(Loud cries of hear, hear). These taxes,
if now utirepealed, and which only were repealed to
d now
arrive at this object
(the
Hear,Dea hear).g ht) would
So far, there-
amount w 8,200,000 L—(
foie, from the statement being unfairly swollen by this
contribution, to whatever objections it may be liable
from introducing obscurity into our accounts, as far as
relates to the charge of presenting the accounts which I
have submitted in a false point of view, it is perfectly
guiltless; for if it had never been established, the in-
come would be 600 bOOl. more than it actually appears
so be. The general effect, therefore, of introducing this
measure, has been, instead of increasing to diminish the
general account, from 1,800,0001. to 1,200,0001. The
obvious faults of the measure I admit, but it has coun-
ter/ailing merits; and of these I own I was not aware,
until! examined into the subject. Before I had done)
ao, like others who are in ignorance of it, l was alive
only to its evils; but it cannot be denied, that during
the last four years of its existence, very substantial be-
atfit has been derived from it. At the expiration of
the contract, it will be our duty to consider its de-
fects and compensating advantages, and, in the con-
iideration, mainly to be directed by the view of sim.
plifying our accounts. This is not, however, the
time for discussing it; it will become us, when that
toe comes, to meet the difficulty fully in the face, and
to take up that part of the burden from which we have
been relieved. More benefit will be derived from wait-
ing for that time, than flom prematurely adopting any
sweeping measure now. I forbear from giving any
pledge upon this subject, further than this, and it is
all that the House can expect, or the Government
can do. The Committee cannot fail to perceive, from
what I have endeavoured to enforce, that I have enter-
tained the expediency of a Sinking Fund (whether it be
called by that name or Surplus Expenditure), to assist
us in maintaining the national faith and national credit.
I may ask the Committee, what would they suppose
of a country that was not in a condition to provide for
a sudden defalcation of revenue, or an unforeseen emer-
&mei ? The past year has brought both these necessi-
ties upon us—a sudden falling off of revenue, and an
emergency coming upon us suddenly and unawares—
(Hear, hear). What would they think of the situation
of a private Gentleman, who would squander kis ascer.
taineJ income, and not lay by a part of it to meet any
sudden call that may be made upon him, or demand
that may not be foreseen?—(Hear, hear, hear). What
should be the amount of such a surplus fund, it is not
our business now to discuss; but I own that it does
appear to my mind that there ought to be a Sinking
Fund of not less than five millions on a revenue ti
fifty millions—less than this we should not have, judgiiie
ing from our own experience and acting consistently,
with private analogies. I abstain now from expressing
how large that fund should be, but express frankly my
opinion that it should exist ;reserving the determination
of its amount, until the whole question of our finances
shall be considered. On such au occasion Government

shotililnoiiothe----advieirsit Parliament. The question
for the Committee now is, whether the deficiency,
vhich I have stated in round numbers to be three mil-
lions or something less, shall be provided for by any
extraordinary course, or by taking credit on the Conso-
lidated Fuod ; and also to wait until next year for the
adoption of•any measure of a stronger character, should
such a measure be deemed necessary? The first ques-
tion for the Committee is, whether the amount of Ex-
chequer Bills are at present at such a rate that the
hypothetical addition may be safely made? or whether,
by making it, they would run the risk of bearing too
bard upon them? This may be determined by a
consideration pf their present price. The present re-
ams is 50s. on each 1901. Each 1001. yields three,
and there is so appearance at present of an over-
stocked markei. 'The whole amount of Exchequer
4i/JS out at present is 23,500,00172 SIAPOO4 that
amount to be increased according to the state of the
revenue and of the country for the last four inooths,,
and without taking into account the indications--1
sot say of prosperity, but of activity, nod einumerce-.-:'
suppose the !Opts the utmost they can tsi at the'
close of:the present year trill be 26,7.0 I &Mk
from the united testimonies that have reached the Go:
vernment and the House froth all parts SA di quiltry.
Suppose even: this to be she . **bunt, it err uold be a
smaller ' amount of- _ oer than ace been
•
afloat any yeagfpwAsi last twenty years; but.withont
taking the nogg Avow able view for the relief of the
deficiency of the present year, there is an important
view of the subject which should be presented to the
Committee, namely, torsonsider .that of :the whole ag-
gregate of these Exchequer Bills, *ione-fifth is not Bk.:
chequer Bills, in the ordinary sense of that ,term; so
that there would remain but four-fifths to which that
term is fairly applicable. I say that one•fifth does not
fairly come under the denomination, as they are re-
presented by advances made by and due to the GIP
vernmeat—in public works, in loans, kc. which wor,
available securities. This reduces the whole amount?
of Exchequer Bills, on the supposition of their pos-
sibly increasing to twenty-six millions, which is not,
only couiderably less than the estimate I have made,
but is by five millions less than the amount of Exche-
quer Bills afloat at any time within the last twenty years.
This consideration of the present state of outstanding
Exchequer Bills, and a comparison of it with the possi-
ble effect of any other mode, strongly incline me to
meet the deficiency by the cotrr* I have suggested.—
lhe present condition of the country is that of hopeful,
sot confirmed convalescence. 1 trust and believe that ,
it is proceeding to a return of its former power and
security (of course I mean financial security), provided
!tit not at this critical period tampered with by any
n'lerious remedy, or by any sudden shock, which
!lay uivert it from the course of prosperity in which
,n giadually, but directly advancing--(Cheets).
I see iniprovement in our reson:ces, which induces
tae to trust much to the old natural means for
relief, and not allow ourselves to be preahaturily
tvluipteti from that sys.em, n a perseverance 'in
ivh:th I think we may rely for a realization of Our