Star.
London, England, 1818-04-21 00:00:00

would be seen, when the accounts should be produ-
ced of the different branches of the Excises in the
last year, as compared with the present, that in a
revenue of 4,800,0001. there had been in the last
quarter an improveinent of 515,0001. or More than
ten per cent. on the whole amount of the Excise. A
great improvement had taken place in the Excise
I.3uties. In the present quarter there was an excess
of 121,000/. over the corresponding quarter of the
last year. This alone he considered sufficient to cover
the difference between the suns received for War
duties in the last year, and that which he calculated
upon as their produce in this. One circumstance he
might refer to, from which a fair judgment might
be formed of the improvement likely to take place in
this branch of the revenue. A bonus had been offer-
ed to those who paid the duties on Sugar before the
.sth January, 1818, and a considerable sum was paid
into the Exchequer by the time specified. Notwith-
standing this, the produce of the present quarter ex-
ceeded that of the corresponding quarter, in 1817,
by five or 600,0001. When this increase in the Cus-
toms was found to have taken place under such cir-
cumstances, it would be seen the improvement in the
present quarter would have been very considerable,
if the duties had not been anticipated. Looking for-
ward to the produce of the present year, he could
not but calculate that the revenue arising from its
navigation and internal industry would be such as to
give a considerable surplus on the Consolidated Fund.
For the charges thrown on the Consolidated Fund this
year, he should propose no new taxes. lit would at
All events abstain from doing so till next year, and
in the interim he hoped the circumstances of the
year, or the consequences of the great measure now,
submitted to the House, would furnish the means of
providing for them in a manner the most satisfactory
to the Public. He then moved his first Resolution.
Mr. BROUGHAM had several observations to
offer on the plan of the Right Honourable Gentle.
man, though now having heard it for the first time,
from the multiplicity of its details, he could not pre-
tend to follow the Chanceller of the Exchequer
through the whole of his statement. It appeared to
him that. the Right Honourable Gentleman had, in
many instances, attempted to conceal from the Com-
mittee the real substance of his plan, which he (and
the Right Honourable Gentleman would correct him
if he were wrong) took to be this : There was, it
should seem, a aear deficit in the revenue to the
amount of 14,000,0001. which was to be made up in
some way or other, by borrowing—by raising new
loans. In this way, by creating a new stock of 3i
per Cent. or Three per Cent. no matter what, the
14,000,000/. wanted was to be obtained, and the ijk•
terest on this sum was to become a charge on the
Sinking Fund. Such was the result or the upshot,
of the whole. Now this was the measure so be're.
sorted to two or three years after the conclusion of a
Peace, and this was expected to call forth their con-
gratulations, but he, for his pull could not see that
there was any thing very flattering in it. The Right
Ilonoura'ile Gentleman hoped the situation of the
country would improve in another year; and this
hope seemed to be founded on the excess of revenue
which had occurred in one single quarter. Whether;
or not this was likely to take place, when it was seen,
that after three years of peace we were still so far
from being able to make our revenue meet our ex-
penditure, that there was a deficit of 14,000,0001.
which was to be met by the old war means, namely,
a loan, the charge of which tnuld not be met by the
old war means, as these were dried up, but was to
be thrown on the Sinking Fund ; he, for one, till
he heard something I 1 t 1;,,, on the subject, deemed
it wise and prudent to withhold his congratulations
on the present flourishing state of the country.—
With the same feeling he must withhold his felicita-
tions on the advantages calculated upon from the new
fund to be established of . , per :tent. sLut.ic Anis ne
considered as a sort of half-way house, preparatory
to the red uc ti on'of the interest on the four and five per
Cent. Stock. What the advantages might be which
were hence to be derived, he could not easily con-
ceive. If a man had stock, on w hich he received five
per cent. he should conceive that if lie were to make
an exchange he would rather receive four per cent.
than Si per cent. but the Right Honourable Gentle-
, man was of a different opinion, and declared a man
thus circumstanced would give the preference to the
14 per Cent. Stock, because he would have a sort of
confidence that that would go no lower, while he
I might apprehend the four per Cents. would be re-
duced. The argument might be a sound one ; but
for himself, if he had had the good fortune to possess
any five per Cent. Stock, and had been asked whether
he would exchange it for the four per Cents. in the 3i
per. Cent Stock, he thought the Right HOn. Gentle-1
man's reasoning would be a great deal too metaphy-1
sisal for him ; and if he apprehended any reduction
of interest were to ta4place, he should prefer holding
the four per Cents. to the Si per Cents. in the mean
time, and, doing this, he should consider that he
gained a half per cent..in every year that might
pass before the Lontemplated change took place.—
What confidence, however, could be placed in the
three and a half per Cents. more than in the 4 per
cents. The latter could not be lowered unless the
price of Stocks should rise so high as to make it an
object of importance to pay them off ; and, in this
case, might not a holder of S and a half per Cast.
Stock' expect to share the same fate? He could not
see what should induce a nee to be given to,
the 3 and a half per Cent. 114tock, nor what were the
great benefits to be derived from its invention. There
was one part of the statement of the Right Hon. Gentle-
man which hecould not suffer to pass without entering
the earliest protest againseit : he alluded to the cir-
cumstance of his intending again to have recourse
to a Lottery, to raise a paltry and contemptible sum.
The Right Hon. Gentleman, when hard pressed on
this subject by an Honourable Gentleman (the Mem-
ber for ~lWyorcestershire), had been unable to reply' to
the arguments used against him, and had at length
clung to the only subterfuge which remained, by ad-
mitting, that the Lottery was liable to the objections
which lead been urged against it : he could not deny
its immorality i he confessed that it had a pernicious
tendency, but he added, he could not afford to give
it up. It should thus seem the Government could
not afford to do what their consciences told them
they ought to do for the morals of the people.—
Yet in the Budget now before them, while this prin-
ciple was still acted updo, it would be seen that
400,0001. was sacrificed in the cause of; justice and
humanity abroad, while at home modality and con-