Star.
London, England, 1826-03-11 00:00:00

In SE,

Ah , ,• -
V- -.. '

~ t,•~

whitt all
nealsititf*d* ci;itifitiy.—.
The; dealer. or Wig so beiiy
thirmartif leas; that though they were securities at a
loaf ate f l they were Al wa y i demandable
•chirse,_azid might involve us io very',
etmidderahleilllficuity'if the holders preised' for pay-
ment..d theist at an inconvenient time. There bad
brEtta Se-O nppottunity, in Its mind, lost for the reduc-
tion of die .'ainOttot. of this_aott of security,• when the
raisigt tisan'fiMis 80 to-93. Why had not
la. *Anted. a cris°: so Vet*
had been said, to be
bad steed 800,0001.
than equipoised by
on that transaction
observe, that instead
Sculling Pond.. as had
the tended Debt, it
to the reduction of
branch of finance he
Made out to prove that
bad not conducted
_ the country judi-
_ should take the liberty
:riesins,* train of, resolutions which. would throw
••
Atttlystsiv- on the. situation of the money
relations of ahiscomstry and...secondly, point out some
of thexiwildorr asd'asore obvious means of remedy for
the present evils of them:tem. The Hon. Member here
read wee. 'ltealslutioos. which itt.,aubstaaCe were as
follow :—that it appeared to the. Rouse, from returns
and papers lbid -before it, -that on the 6th of January,
18291 the .I7nfonifecUtlebt of the :Country amounted to.
Sloslll.oool4bat &OMdifferent ~mates these securities
in Exchequer bills fell on the 20th :ef December to Ai
discount of 80s. percent. from•whicis depression it was
rqieved by the Measure adopted by the Bank of Eng-
land of pUrehasing Exchequer mah in die isarket,which
relied thest.sebui itiss to part and yet 'notwithstanding
this remeskrik liseasore for the absorption of &whelp*
Beilsissitd- the increased interest allowed by Goiern,
meat on Item' to keep op their priCe, they became aguish
asst 1411 tain.,,: :of February, at a.. discount of 21:shil-
-1 ngs„Oling, to the heavy adenines which It was known
the Batik had made: tralkoternmencond on annuities,
besielethesifrinee Of three minims to pay the dissen-
tient holders Of four per-Cenk....stOck, had disabled aad
embarrasiid the Bonk arnaileb, that had thud Excite.
quer Bills. been returned on Government,- as they
might have been, in the way of payment of -Revenue,
Gosectilliesit not have had the mean; to pay the
diltidal4loeply.).o4l the Bank safely have advanted,
GoViummonasitathey Goan issue of Exchequer to
eaublh ?Moister, to pay the dividends ; and finally,that,
it appeared highty expedient' to the House, underlhe
circumstances, „to .reduce the VatfandedJ)elst within
much smaller -limits, than hitherto had.. the
'sane of: that species of. security. Ie addition kr his
objectionite the conduct of the Right Honourable Can.
elenrao and his Colleagues on this pat titular bend,- he
had to: Amite the Right Honourable Gentleman wits
shotting his eyes .to the obvious inconveniences and
Mismanagement which vete known to be for some
time titian in our financial transactions. He alluded
to the et for the maintenance of a clear Sinking
Fond oi.6va.Millions applicable to the reduction of the
Funded Debt, pectrosed by a Noble Lord in 1822, and
7ft all sbia protiosit: was followed in less than four-
teen days. after "Akita under the name of the Dead
.W 404 to the amount of seventy-four millions, which
was-pr ed aid immediately carried. . Of this loan
the Rat*.purchased*thitteen millions, having already
maltolllll.B4l/111iCISS on it to the amount of eight mil-
lips.' Now if the Bank, loaded as it now was, were
Asps:aid to ease itself and sell this debt, what would
be the consequence? He denied the Bank could convert
thii4ohintot inoirey,if pressed. Certainly it could not,
paitictilaily if the Ilachanges were against this country ;
orif it attempted to do so, it must be done at enormous
sacvsTaifts; 111 fact, these Exchequer Bills were no longer a
cootietailtasetwity,, and yet the Bank continued to ad-
vairci to rummest to the extent of above 25 million,.
It *ovulate clear, that haorpered and engaged as the
Bank WAS, it would never convert these securities into
MACY, in time to save itself and preserve its credits.
For these obvious reasons, he should .stt commie' y advise
the Right Honourable Gentleman to repeat that Act
which created that anomoly, the Dead Weight, alto-
gether. The accounts of the Public Debt too were' all
erroneously taken,aod as a consequence the interest of the'
debt was incorrectly taken. This he should be able to
iove in a few days,by the statement from the Exchequer
fEce .a4trittitlotral Debt 'OlUce, by which it would be.
found.that, contrasting the charge of 11321 with that Of
thiserier.there would be found thu sum of 31.2951. more!
i* charge of interest, notwithstanding the country had
had parninally the benefit of scary-one millions of debt.
rechked. Now, be would contend, that instead of'
para ii,uff debt. as the Right :Hon. Gentleman had
asserted, we were accumulating debt daily in come.
quince of the operation of the Dead Weight. which was
now. only beginning to come to light. In truth he had
.no, doubt, from ale... facts, thAt the Bank of England
h‘ad made an oves-issue of paper as well as other parties,
who were accused of bibs in danger from act wet.•
is:ne of their paper as private bankers. What. he:
•voisuld ask, could or would the,.Right Hououradle G• 11-.
unman do with the remainder of hit Dead Weight ? Lea
hitt be warned in time; let him abandon the meastoei
• add 'titan° more of it, for it roust best a great sacrifice. On this
literas vatislled the night lion. Gentle Man had not the co&
cia+cn the very intviligent asvistaine and Coadjutors whoa If&
hiro in ‘flice, and be thereihnevoith tlli circuit
etkeldilnei ittiPlored Man to turn round, fund the detrt *aloft- vim
~,,,thattiol, and thus leave the Guy ornate-tic:nil the Ilanb *fast,
upliacklicstitinitcomt wtott turgid. Loth should bt frOollMpot.
pared to cooperate forth. public saryty. The Mo. Melnik, con+

try
. the
time of :moving for that paper, of the fallacy to which
it would lead, he would have moved for other papers
kr the purpose of explaining it. The conclusion of his,
on. Friend was, that between the /ears 1820 and!
1526, au increase had actually
.taken place.in the public]
bt, and not only so, but that the difDrence was to an
aintunt sd enormous; that every person must know his
conclusion to be erroneous. He had refrained from
Moving for such papers, because he contded in the good
ose and information of his Hon. Friend to protect
him from the errors into which he had fallen. By
merely running the eye down the column of figures
in the statement of the Hen. Member its utter impro-
bability and extravagance became manifest; From the'
year 1820 to 1824, he saw in the first year of the series ,
,S 4 millionsof floating debts or thereabouts, and then all
At once he saw the amount expended to 107 millions--
this was alone sufficient to :hew the fallacy of consi- 1
tiering these annuities as an increase of debt. If he had
been told that there was a confusion in supposing any
diminution of debt to have arisen from granting these
annuities; that he could have understood, but when a
measure, which consisted merely in spreading over a
longer period of time tertain annual payments, was
treated as if it had been a creation of debt, he must
my, that in so treating it, there was the most inextrica-.
ble.confusion. The value of the public:debt never on.
tered into their accounts, and that for good reasons;
the capital and the annual chair werestated, and that
was the only clear way in wilds the public accounts
could be made up. - Hi would'next endeavour to shew
'that With respect to.the unfunded debt the Government
net been so improvident or imprudent as .the Hon.
.
sideman would -have them believe. He censured
cnrettnisent foi pot hiving reduced the unfunded debt
at a more profitable time. The comparison, however,
emu any former time and the present could not be
very usefully made till it waoknown Whether the. pre-
, ~ Alma was to be. selected for that purpose. He
1' . d , loot. back to ' the year 1819, the year of the
*in Committee, to see.what that Committee had
mended, and would then see what had since been
actually . done. The "recommendation of that Com-
mittee had-been io reduCe .the unfinded -debt ten
millions. Unquestionably this bad not only been ac-
-complished, but the reductfoa . had been carried even
much further. The unfunded debt consisted of two
parts ; of Exchequer Baltimprovidesl for, and of ad.
varies isy the-Hank in - indeipettoo of the ordinary re-
venue. To the meoncrEirrasteb of the unfunded debt it
was the Ids necessary Mario adOMt, es it, Was pro-
vided for, and did not require any operation on the pert
of Servetwasent; and mate charge against Government
refiiteiftinty- to the unfunded debt unprovided for.—
To.lhat up Addition bid been litade since 1819, but,
on the •cantiatTi it bad been gradially and considers
bly redueedi. On Janeery 5, 1819, it amounted to
19,480,0001. On January 5,1826, it was no more than
6,189.0001. He was now speaking of that portion of the
unfunded debt which was in the hands of the Bank.
The most.rapid reduction had taken place in the three
first years. In the year 1822, it had been reduced t
little more theft 9P00,0004 and in the years
.1828
and 5, it underwent a further dimunition of 3,000,001.
snaking altogether a reduction of 13,000,0001. He
would then ask the House, if this gradual reduction was
an indication of that carelessness upon this important-1
subject, of which Government had been scented. There
were only two modes by which the Unfunded Debt
could be reduced. One was by the appropriation of
soplus revenue, and the other by the creation of
funded debt. The question then was, whether in any
one of the years 1823.4 or 5 it would have been wiser,

taking into view all the circumstances of those periods,.
to rim money in the pablie market for the purpose of
paying off part of the lJnfunded ffebt, than to adopt
the measures which in each of those years were actually
taken. The objects which then pressed .upon the at-
tention of Government were, to afford relief to the sub-
ject from the Pressure of taxation, and •at the same time
to lower the prcfits; and *withdraw the temptatioui tb'
contraband trade. It could not have escaped their sit-
tention that it would have been better to have had a
smaller Unfunded Debt ; but they could not aim at
conflicting objects, it was not easy to row two ways at
the same..time. A funding of gichtquer Bills would
have occas oned a great increase of the annual charge ;
and he would ask, it there was any thing in the state of
the country in any of those years to iodate them to make
the sacrifice? Was there any thing ire ich threatened
public credit—any thing which made it in iheleast pro-
bable shat- Exchequer Bills should go to such a discount,
Or to make them Roar into the EXthequer it payment of
la.ccs ? safar'froni this:ba-Mg.the case, they bore a high
pretniuMs4nd wertindeed-so much.in request as to afford
Uovernmeut the opportunity, which itrwru its dirty riot
to refuse, of ,reducing the interest upon them. Indeed
the premiuM presented an. obstacle to their redemption.
Go. ernment was net at all likely to buy ilieto at SOs.
premium, as there was a provisioa in the Sinking Fund
Act which prohibited the purchase of soy funds when
above par. He begged: to.say, t%at during,this period
re° Exchequer Bills had been jawed, eicepting Such as
were given, in exchange for old bills called.in. Ad-
setting to these circuit-minces he had a right to say,
that ..here could have Bern ezpectation,ot the count
uy.betos in %yell a statikas,ihey bad recently Witoessed.,
No man would, he thought, preis suchan argument.
Governmerit would hive :hewn no wisdom, if, instead
bf those other beneficial measures. which were adoptoti,
they had resorted to a funding of Eicheqtrer, Bills even
if the state of the market had not iuterirosed great
&collies in -the way ut 'such a procedure. . He would
state the prnOunt of loss which the country woOld hirer
suitained by the funding 4g44.11i,i(1i1ki!i5,,.00004.8
for argument sake that the whole amoubt outstanding.

respect -
no advances had been 'made upon- them, so that his
Hon. Friend might dismiss whatever apprehensions he
i entertained on that score. In regard to the deficiences
10f-the general revenue, the advances of the Bank to
supply them had in ni case exceeded the balance of
'public money in its Molds, and at the present moment
were nothing like so much. The advance on this head'
was seldom more than one or. two millions, and could
not have pfoduced that effect of choking up the re-
sources of the Bank, of which they had heard so much.
The operation of these advances during the late season
of distress had been most unfairly urged. The defi-
ciency bill was always calculated upon the state of the
advances on the .sfh of January, and the Hon. Member
therefore.assunied that the amount w as the same at the
period of the distress. So far was this from being cor-
rect, that in November and December, when the distress
was at its highest pitch, the Bank was not at all in ad-
vance to Government on occount of deficiencies. Thus
it appeared, if Hon. Gentlemen would take .the trouble
of stripping the account of 'what did not belting to. it,
how little the distress was to be ascribed to this cause.
Then with respect to the hell'' aye and pensions, deduct-
ing what is to be paid to the Bank from what they have
eo pay, they will not be in advance above fifteen mil-
lons,, instead of twenty-four; now deducting nine
from twenty-four millions, materially altered the com-
flexion of it. His Honourable Friend would say
' sighteen millions, but even . between eighteen and
wenty.fotir millions, there was still a great difference.
What, however, was the state of the fact ? • Was there
anybody that believed the Bank really to have been
embarrassed or in difficulties ?. - They bad always been
ready to advance to individual merchants as-far as pru-
dence would warrant. : fished never put a question
on this subject to his Hon.,Frieads behind him, he had
not thought it necessary. - lb facts showed that they
were not choked up. When the necessity arose, they did
take that course which circumstances required, sod that
without being impeded by anything arising out of their
connection with Government. They bad acted in a
manner the most prudent, and the most conducive to
the public welfare, and he must take that opportunity
of saying that, In all the *ermine be had had with the Bank Di.
rectors, he had found ohm! most anxious to promote the gement
welfare of the co . The Resolutions of his Hon. Friend
were prospeteve. Ilk • s would receive their ill-
twee from Ile Rightness; Mind a long lidalapeeds
He had, in insewo: MR, In '66146 et. main ,lase with the
Chancellor of the Reeheiser, Isaias ;be statement of thellseosial
Asada° et the montry antlal the *ewe of Government mesa be
laid before the noes its two ar thaw sky. be wee at a him tau"'
pose why it' should pow be meek* to pledge itself to my porde*.
lar measures. If any such pledge were now given it would be in-
consistent with the usual &compaction of that Komi& With's*•
specs to that pm of the resoludees which was retrospietive ; be
trusted be had said enough to aideliete the Rouse that Govern.
went bad net been 0 careiesi til of ifs' duty as to merit
the censures which tie resolutions „TY.
Mr. BARING said that it mig I 14,71Upposed, from
n 25
the speech of the Hon. Gentleman, that the motion re-
lated to the recent distress. The question, however, was
upon the state of the Unfunded Debt. And here he
must agree with the Honourable Gentleman, that it
would be improper and inconsistent to put Resolutions
upon their Journal en the Friday, relating to a subject
which was in a formal and regular way to be brought
ender their notice en the following Monday. After
he Chancellor of the Elehequer should have made his
statement, it would then be a lit time-for his Honour-
able Friend to bring forward any measures he might
have to suggest. The amount of the Unfunded Dart
would be too much or trio little according to circum-
stances. Without giving any opinion as to what ought
now to be done, he certainty thought it would have been
wise when Consuls were 95, to fund not only Exche-
quer Bilis, bat every other claim upon Government for
which money could be demanded. The advance of the
Bank capital felt under this description, and more par-
ticularly deserted attention, as the period was fast
approaching *hen it must be repaid, or, as the only
alternative, a renewed chatter granted to the Bank.
—This claim amounted to thirteen millions. He
thought there must be some error In the calculations
of tbe.Hon. Gentleman. The whole amount was not
sufficient, he thought, to give such large results. What-
ever might be said of sagacity after the evil, he could
not help saying, that when the funds were.so near 100,
it Wot.ld have been good policy to fund. There might
then have been a loss of five or six per cent. but they
were now liable to a loss of thirty or forty. Compared
with The importance of placing the country in a situa-
tion of &rime:tend atrengtb, the object of a oilllion pr
two of amaryllis' of little consequence. He naccon-
winced th at his calculation of taventy4our millions is the
amount of the Bah* engagements with Government
when he took the liberty upon the Currency question of
stating the resources of the Bank were choked up, was
below the mark. He had compared the present Wise-
d .n of the Bank with its situation in 1783 and 1797,
and for this purpose was warranted in taking the de-
ficiency bills as the groundwork of his reasoning. He
had not yet heard any thing from the Treasury Bench
to exculpate the Government. The Bank had been
compelled by the state of the exchanges to screw down
the currency, and this had contributed to the calamities.
The history of the thing was as plain as figures could
make it. In the spring of last y,ear,which was the bubble
period, the Bank notes in circulation were from twenty
to twenty-one millions. Then the Bank took alarm in
the state of the exchanges. sad began drawing in, till
they came down to 17,400,0001. at which point they,
stood in November of last year, when the distress bad
got nearly to its worst. Then the Bank began to dis-
play its gallantry, end it has now notes in circulation
to the amount of twenty-six trillions. He was not in
kW secret,' chive these transsetions as well
tie if he bad sitting,he whole of the time in the
Bank. parlour. These violent chanhesi this sporting

occupied
without expressing Wimp. that. OD ledd taw.
vene before the Amocoliar of the 1.40.01 hje bnut-
,
man. The greatest satiety preWalled tbr dtgiotures he would
have to make.

The CHANCELLOR of the EXCHEQUER said,
that his Honourable Friend bad so ably leplied to the
observations of the.tlonourable Member for-Abingdon,
that it-would only. be necessary for him to say a very
few words. He agreed with the Honourable Gentleman
who had just spoken, that the success of the present
Resolutions would perplex and confuse the arrange.
Brent of business in. tbat Hotisiiiiiioir as march as the
papers of the Hontinrable.Mer perpliiet, and con-.
fused the subject to which 'they related. .414.411.1 a 4iicie
think himself called upon to defend thiiithiffeinnic '
proceedings of Government for the lasi'etii Tdirt. ' So'
long as he had been particularly conCii.necl-, it 'certainly
had not been any part of the policy of Gioyettinsent to '
keep up a large unfunded debt as a thing deiirable in It.'
self. What.-however,•was the amount of the Uotinded
Debt ten years ago ?On the sth Jan. 1816, it vim 61 mil •
lions; it was now SO millions—not so much as one-hilf.'
Hon. Gentlemen might say that this reduction .was not
enough; it was enough, however, to afford, primel facie
evidence that Government had not been negligent of
the subject; hut with respect to the last Ole years.
during which period be had been particsdarly cue-
cerned, the funds during the whole of this reseed bad
been between 90 and 100. •In April 1825, theylshil
been no more than 74, and a short time previode to
that they were only at 72. Now, he ventured to say,
that if they had inclined to fund at this price;•the Hon.
Gentlemen opposite would have' been heard in their
condemnation. Then, with, respect . to. the year 16114
the Hon. Gentleman assumed that they had never
turned their.thoughts towards the subject. It most be
remembered, that when Exchequer Bills were at a high
premium, as they were at that time, the holders would
not be very ready to-fund them, without the iodate-
ment of a high bonus. To have offered a high bonus
would not have been good economy, it would hare'
raised the economical spirit of the Hon. Member Ink
Aberdeen, and they would have been lashed probably
MOTO than on any other occasion. Besides, it !Mtn
have been unwise to fund Exchequer Bills, and-thin
lower the price of the stocks, when at the same inotnek ,
they were reducing, the interests of the Four per Centki, ..
sit operation the success of which depended on the. ,
Stocks being high. Unless they had abandoned that
beneficial measure, it would have been impossible to '
reduce the unfunded debt to any considerable eitent.
Something, however, was done in that year. The reve-
nue war so flourishing as to reduce the deficiency bills.
The subject of the deficiency bills was not generally un-
derstood, he would endeavour in a few words to explain.
There were certain quarterly paymfnts; he meant the dt-
vidends upon the public debt, and the Civil X.ist, which
were charged upoo. the Consolidated Fund, That ,foriel
greatly exceeded the charges upon it. Without pro-
fessing to be quire accurate, he would call- the charger
25 millions annually, and the amount of the Consoli-
dated Fund 45 millions. The difference was applied to-
the general services of the State. The taxes were how-
ever always in progressive course of payment, poi tidos-
of them were received every day and lodged stn th,
Bank: that corporation thus obtained the use of 'large
sums of public money. It was however, thought ad-
viseable that the public should have the profit arising
from their own money. These !silences were, there-
fore, diminished. It then became necessary that the
Bank should, at the quarterly periosis of paying the
dividends and the Civil List advance whatever sum
might be wanted to make up the difference between
what was in the Exchequer, and the ani,:ont of claims.
These advances were made on the credit of Excherver .
Bills : and such was the history of the deficiency bills.
But in 1823, the receipts of the Revenue hid .so in-
creased, that there was scarcely any necessity for these
deficiency hills, for • all demands upon the Exchequer:
were promptly met. In 1824, it appeared 'that it woad
be desirable to apply 4,000,0001. of the glowing pro-: •
duce of the Revenorao the reduction of she permanent
Unfunded Debt. 'This measure, when proposed to-tire-
House, was approved—the Ho•nourable Member 'Mr'
Aberdeen and the Honourable Member for Akir g.
don, joined in that approval. *.Then in Octobei,AB24,
:1.000,0001. had been appropriated to this .object; in
March,lB2s, another million; in June, 1825. another
million, besides 3,000,0001. paid to the public; so that
since Ott. 11144, the debt bad been reduced 6,oo9lotipt,
But for these payments made to the public,' 4.:01-.
ciency bills ott the sth of January, 1826, Would Aegg,
been almost nothing; so that the Hon. Member for
Taunton was. not justified in charging his Majesty's
Ministers with neglect and incapacity id retail* ab this
matter. If he thought the financial concerns of the
country had been mismanaged, he (the Chancellor of
the Exchequer) was surprised that he did not bring the
subject to‘ the test, by laying the question fitrly behove
the House: -Now, before the' flonailuniber Ipruught
these swee ing charges forward; if they 'were- founded,
he (the Ch ncellor of the Exchequer) was perfectly unfit
to retain h s situation ; and if the House thought it.
right to come to that conclusion, he should not be c
very much distressed as some Honourable Gentleinno
appeared to thick. lie was not so delig.hteti'ettb
the duties of office as that he should, f-MT mar ysty,
vehement uneasiness at being relieved.
..thee.-:
but be did wish that the charges which( accused •
him of utter incapacity had been brought forwast
more • fairly and directly—not in the shape of au
amendment to a /notion with which such a fact 144
'nothing to do. Certainly, it was competent to the Hoo.
'Gentlemen to take the course which he had mien ; but
as the. VantlintiOn proposed involved such a direct coo.'
;lire upon his (the Chancellor of the Easbequeei)

- .. , . .. .
• ,
,•- - ,
~e:J:. .I_____... eluded hi Immo' as an ammgaissat .11‘ itasnbotin which he hid had been so diposed of. If in the year 1818, when th, with the whole property of the country, was hiel# •
i . • injurious. Some might impute the blame to Ibe Gotiern;
.
due antottts434B)iii. He contended there had been a fir..'
Ergadßitiat tame .
-
greet oyes-issuer of this sort of security. In November .on ''' ii: •:• -4. • ' '4' •
. • ~:.... .. • ''s .1111011.4 d '', '• r" 'llt . • -rtj'i rreissewntereimea,t 58!): ),,,,. —.,. -. :19, went, others to the Bank, but it was quite clear that they
' .....'
•
•
, . %,., :.....‘ the
ou _
c....i,
,t
s- ,;.
uipnwlaBr.
1.4 'i.
ii i .2 i.!
i).,.
144111,-, s
!unsts,
hdei divide tihdenbotlampreetlazdwteoeidl
ettehnnemi,nien. ...ihfaithperrip4orni
thts tschequer Bills were at a.discount of 80s. The 'e i- . . .., i • 'lrk ....t4)l. the H -
..
Aloritso Government •; . the Bank kitidly consented.. to • • - s
• 'ICI ..! t,0001.; in 1:. ' 1T I a .1. if 0", -- • h•. not been in distress, its sales of Eschequev• Bills
go•icto the limner market, and buy these securities*, . • . jii.v.'.• • ' ~ . '.. at ~.,: ~. •n. Frien .40.
~.i.
I. -- "d.. , ."..• the fawn 31 • 11., ''l.•,C, .' if this ss _
,• . ~ -jig
...b.* .13 h d excited the idea that something most be wrong, on/
_ _ .
which. raised them to par. Govettunent too had securities
. .._,__. . ,.
&wt., okhas ~. 9h, tr_s..jea:_.
.... ,
..?!..!:e a_ecnsed,n,... , *." ••• :-. ,e. had taken t e who siniount . • .. equer had rottspeairem natural . tpc. The • .. Meig
canted to raise the interest owthetn, to Wirer. . era,. w-
on .
...,„ .
fisactittair -ot• c . . tbiti ot COM • . IlitYl- led 'than • • `a ' •' 4 • "..".----.--.1- = - . '•‘•.- • e•-•---. 11? •' ' ". tor MI lirr- 1,
tnilia4ticamiiikti*Watliteb'. 34 they were-again as low .. -. •
as al.
iti;:iii.4.4404.4.0.4104.rck., it_a
sky tf. Ali, of want of fidelity
„iss, the public raaikt.. s. !Ile hii..l4 kbasight-e"rr'o"si;hnet tiffretag illlgfitlundetildSin awn..wy of theillateyears ar pa; the Dead Weight, n f ii." • .to bit
ieeedAre.sholclAitatitto silo! that A#loanfazipaji* bad
.-diolled..init.theircouid 440'1%40 ninl4 , • - If, ...,•41,eiW,14a5....150r.- • • .
~ -
purchawlargely, atisiela again. brought:theroWpi; thiti
• ''. , was in themind of*st,lion - a hire' r ilpon.,* --.•-• -..;" iiiii -r---- • - :Ir-- -- -' ; • ir-- • it ..
the •i lattetitrintrift-EtcheNuer Bills come ire quarleriy, ,;__ ,_, ~__"4l4_, `-,• e r --1,7-r Wis -.7A , 7,...N ‘. . opasieu...tioa iptal I R
sf
.4 anne#l_llBo*WeDWlFedrigOritW .
swum:greater. coT 1!1,SIVIII pawcopFt.itberpipufe. The addition lo ptbei subsissatiat reasons.of 'public .feeling, payenettts., .When Ithe Bank vilsitil tO r,'''. I ' •
as It;Tenuth, ialc,h they.. Would-hive done bat for the - vitt, ...
the p!tper,for which .ya,gt_ :Asst., #e_lppately for which alone would have been sufficient to justify Go, the dealers would' tl!ars all* ;bi..:wsli 7 4 ,
,-4
kilo), lateirategikel.o( - the' Bank in two instances,
a printed,• or etrettin.sp%r paper he vernsnent in the course it pursued. With respect to the cause every body kith"; that' iiiti•s '2
• -. :visaalif •
Right Voss. Getttleman.wouid ant hate had any money 1.1111311143 t Yet
could have dernosnartitartbat,the . _ ,
.41eman'tvai part of the Unfunded Debt, that which was provided be attended by a diming clue- pt 'be fill
"-
• 'y
th'
.herewith to pay the dividends or interest. of the Debt,
entirely. in error. Tbe.infentinn
.0.,
,liii. on: Friend for, he should not much advert to it. It consisted bargain 4id nothing but nerpliik• the.natinnal • ......
and be would have bten obliged to have asked an advante
was to
..institute. a coaspanson between the amount. of principally of advances made by the Bank, for the pur- Even a Right Hoopenorustriemb!ed-Goetvtleremassagnet'n !Ws.' :,.. 'W .-
of Excheqbei Di lti; gi ring the Bank as * guaotutee a pro-
the public debt in the &stand the last of a series of pose of enabling Government to pay off the aissen• lent it
. was to follow the • .. ,
mrOwtox,rtAt the:Basile* Bill for suspending their.Casli
tewars, arlding to. ft! last y.ear's amount the calculated holders of f and 5 pet cent Stocks. The whole of this t't ?ituartp:
cad dons Thdfermisietbagis,l4. this . ~,,
Pa rice iii inie it ereiatikran upon it. In what a seri-
e of a.termina le annuity of 2,800, . payable account between Governmem and the Bank would, ho by the Army Rsdiaatast4t 012 dift- •Mlaalri appeared
oni-Vnisatinit iv/cilia tliii'.c,amtty -be in this condition of v.
Half-pay
the Bank of Ansland, .on account of the Military had the satisfaction to statt,liidispissed of by the end Thus the whole forndation if - their eakeiiitionii`
affAis;' itthe:loiiisiiiit atthr were to mirth into Tudor,
i. and Pensions. it be had been aware,, at• the of the present year. With relpect', to the annual duties. avrai. The Honourable Membet speioatsed 'to g 461:t-
-iiveall wiii'llok all. fingkobltille. • Such -Mr event •Inutt ►1111111.• M. rranu'iner fur 1112 P n2nor_ AE' dip fallocv en Which net mAerea.g.m. h.A l•AIMIS ON MAM 21.01 k. Anew en at a,. Isi• occupied the attention of the Hue,.. Ho woSW not sic down

the 10: M Tien: entierni chant
taleodilgtir lbr -the public? It hi
sure;
.th4t ,by -not doing so,. he ha
yeaily interest. Inrt this was more 1
thi lbw oltikbt-Millionk of stock 0
otiq: '''lii tiii`ifeit place lie • Must 01
oill ***it:lie eliiile of the ti
. taliptioa of ill,
i)ea milikai l'utit:,;* apply it 1
I'd tht ;: • 0i: - . ,Zetit ' 'oh this bet
t..!:;
.. jerilitrotigiiise was mad
t , .. . Aimourable Genthtenao
flea is monied transactions of
cioteelyc Itdr these reasons he shot
_ .. .