Star.
London, England, 1829-05-09 00:00:00

nn malt and spirits. With regard to the latter, did
the Right Hooosiabke Gentleman mean to say that
the driukiug of whiskey was a sign of the prosperity
of the e. merry ? or did he not know that them were
thousands who were driven to that resource for the per
pose of dispelling care and meeting the cravings of
nature? With regard to the revenue on malt, it ap-
wea.ed that from the years 1765 to 1795 the people of
this country had enjoyed that beverage in equal quan-
tity and of a much better quality than at present; and
with half the present revenue they took a pure malt
liquor which the people could'snot at present touch.—
Were they, then, to be told that it was an evidence of
the prosperity of the country, that with a population of
twice the number only the same quantity was con-
sumed ? Under these circumstances he thought it was
use duty of the Government not merely to appropriate
the surplus revenue,but to reduce espenditure,for the pur-
pose of giving relief to the country. What, be would ask.
bad been done towards reducing expenditure? There
I were it appeared eighteenCommiuioner s discharged. He
'questioned whether the half of these had not been pen-
/soiled off. He contended th it the expenditure had not
been hr ught down to the lowest rate which thy were
led to expect. He saw no chance of any further reduc-
tio.,; and were the Representatives of the People to sit
down and allow things to proceed in such a manner?
He contended that if the Right Honourable Gentleman
did not think proper to condescend to the examination.
it was t se duty of the House to look to the causes of the
Present distress, and the means ut reducing it. The
Right Holm rrable Gentleman had said that allowances
should be made for the ups and downs—for the varia-
tion of expenditure. But he would only ask Ihn.Gen-
tlemen to look to the affairs of the country as they would
look to their own private affairs, and if the expenses of
their own families were liable to vary at d fferent pe-
riods, would they not provide against such variation
by arranging their expenses, rather uncles than below
them, as the Right Honourable Gentleman had done
at the very highest rate. There were a great many
other items which the Right Honourable Gentleman
had mentioned; amongst others.the duty on sugar. He
hoped the House would oblige the Minister to effect the
reduction which was so desirable, by withholding some
of those duties. There was only one other mater on
which the Right Honourable Gentleman had slightly
touched—n mely, the funding of Exchequer Bills. He
(Mr. Hume) c• uld not approve of the plan of raising
money at one amount And tundi.rg it at another. at an
enormous loss. With regard to applying the residue
to the unfunded debt, he was one of those who, in Mr.
Canning's time, opposed that plan. He thought it was
lamentable to think that the country should be in such
a state as to require that there should be a loss of four
millions on a revenue of thirteen millions, and all to
keep up a nominal sinking fund, which he was happy
so find them Ave none now to defend. If the House
took his advice they would not agree to the useless in-
considerate bargain made by the Chancellor of the Ex
chequer and the First Lord of the Treasury with respect
vr the funding Exchequer bills. The brokers in the
city were the only parties who would profit by the
arrangements now made, bra the country would be
immense losers ; and he thought the House would concur
with him when he stated, that if there was money to
spare it should be applied to diminish taxation instead
of squandering it in the stock market. In 1826 eight
millions were funded, the money for which was advanced
In Exchequer Bills. Now, he thought that this power
of issuing Exchequer Bills was most dangerous to give
'any Government. The Chancellor of the Exchequer
had it in his power any day to pot 60,0001. or 100,0001.
into the hands of any individual, by merely acquainting
that individual with the intentions of Government. In the
quarter ending Sept.lB27, 2,680,0001. worth of Exche.
goer Bills were sold, probably in one day, and she
effect of course was to raise the market. The Chan-
cellor of the Exchequer had therefore a power over
the money market, which no man ought to have.—
By this operation of throwing money into the market in
large quantities the price of stock was raised mot.
moody, and the country lost by the rise. On the last
occasion of funding the eight millions, which was in
1827. no less than eighteen per cent. was lost for ever.
In fact, two millions and a half of money were lost by!
the system of issuing Exchequer Bills to buy up Stock,
and afterwards funding that Stock. The Chancellor of
the Exchequer now stated that he only gave a bonus of
SOs. but he had no right to give a bonus of 30 farthings,
for the result would be, that the country would lose
the bonus and too difference of interest too. He con-
tended that this was not the way in which taxation
ought to go on. The present arrangement might be
simply stated. It was as if the Chancellor of the
Exchequer proposed to borrow 1001. which was to be
paid to him in five different instalments; 20 per cent.
to be paid every two months until the whole amount
was paid, and though the whole amount would not be
paid for ten months, the Chancellor of the Exchequer
proposed to pay the interest for the whole from the period
the first instalment was paid. This was the real fact
simply stated. The Chancellor of the Exchequer pro-1
posed to pay those from whom be borrowed a double
interest. They were to receive interest on the whole
sum borrowed from the period of the first instalment,
and they would also receive the interest on their Ex-
chequer Bills—( Hear, hear). In his (Mr. Hume's) opi-
nion the Chancellor of the Exchequer and the First Lord'
of the Treasury ought to be hat in the lurch and made
to pay the loan themselves—(A laugh,. The Chancellor
of the Exchequer ought first to have brought in his'
Sinking Fund Bill before he made any bargains in the
money market; for if the Sinking Fund system was pro-
perly understood no such bargain would ever have been
made. The system now acted upon was, he would not
say po.fitable, because that had been objected to, but it
was wasteful, because it was unnecessary. Much had
been said out of doors about some great financial mea-1
sure which was to be introduced by the Duke of Wel-
lington. It was in every one's mouth, and he (Mr.
Hume) expected some masterpiece in the way of
finance; and then, after all the foss and vaunting,
out came this project, than which nothing could be
more extravagant and ridiculous. All he wished was.
that the House should make the Right Honuorable
Gentleman pay for his most improvident barga;n, and
that they should read a lesson to the Prime Minister,
which should pi ose to him that he was not to throw away
the public money. He wished distinctly to disclaim
my thing like personality; but he thought the Chancel-
Or or the Exchequer betrayed his ignorance of the
tate of the country when he tallied of its happy, con-
tented, and prosperous state—(Hear, )sear).-..1c was
well known to almost every landed proprietor that
rents had nearly fallen to the golden times of 1792.
lie had beban informed by a Member of that House that,
teas were now reduced to the same amount they'
ere at in 1796. and that there could belittle doubt that
they would saris come down to the stindaid of 17911-
-When tents were reduceo t • the standard of 1792.
ie asked, how, it would be possible to meet the in
leased exoenditure of the country ? In order to
oabl Gentlemen to estima e the eels tire) ►ad to con-
nd with in such an event, he would read (mi. taw,