Star.
London, England, 1828-07-25 00:00:00

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FRIDAY-EVTANIING, J.ULY,2S; '1828;

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[Paidx-Szvmrrwes:

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• - AMERICAN PAPERS:

econd was, to give full supporfto piablic credit' and'
maintain unimpaired all the resonreei of the State
Jkainit the demand for extraordinary expenses in case
of war ; and the third was ultimately to relieve the pub.
lic from the•burdens they might be called on ts bear
du;ing a state of war. Whatever deductions other persons
mae draw frorn'th.e Repori ' et the Committee, the ac-
counts annexed to it have C invinced him that Mr. Pitt's
system had been solid arid apcacioes, and had answered
•ts-purposes beyoncretpectation. Mr. Pitt's Sinking
.F n I Was put to a severe trial soon after it was estab-
lished, by the breaking out of the most expensive war
ow which this Country was ever engaged. At no period
cf that war was the support of the Sinking Fund not
•nost efficacious, sots not t I leave the smallest reason to.
knelt that cur financial situation was better when the
war etv'ed than when it began. To illusttatethis, he,
wools, briefly refer to the, public accounts. In 1792, the
4:cinite of Great Britain and Ireland..-Irelend beg
• h:n •seprati -from Great.' I3ritain--wa518,900,000/.
rti 1 tte pronrtion 'of this appropri!tid tcy he tray rnent
~t the interest of the debt,' ancrother.perinasent cpargim:
,so the'Oanidlidattd Palo', ifiiill,o6B Mg 'the income,.
therefor‘vehich etseld:tbeis be Jeweled is; Other cbarket
was 7 158;000/. In Me )ear-18?2,-*the clear income of
'the colon. yqir isingtroai t itec.anstrait -dr032.778,C001.
the amount ofllle'pernianent charge on the Coesolidat2d.
Fund for'the'N..tiOnal Debt, and other purposes, wise
V1'529,1;001 leaving 11,249,0001. applicable to the peace.
establiihrrient,und otter expenses (+the couqtry, which
was an increase Over" the year-1192 of one million and a
half. In 1804., atteti the income tax, and other addi-
tional taxes,•had'been letried,the public income was •
42.287.0001. the charge for the debt and civillist, on the , ,
Consolidated Fund, 'was 22,485,0001..1eating a surplus of .•
19,802,0001. applicable to the current expenses of the
year. In 1813, the public income, exclusive of the Pro• •
petty Tax, amounted to 53,385,0001. the charge for the
'Natinnai Debt and other purposes, on the Consolidated '
Fund, was 30,199,0001. leaving a surplus revenue of
23,136,0001. ‘ln 1813, we had arrived at the crisis of
the war, when, if ever it could be justified, the operation .
of the Sinking Fend might be ruspended,and he bad then
felt it histluty to recommend a reduction of that Fund. - •
'He begged leave to remind their Lordships that he was
then placed in one of the most arduous
,situations it had '•
ever fallen to the lot of a man to fill. There was, on the
one side, every encouragement. to go on, making even :
greater exertioits than" we had before made; for .there -
'was then:sifter the glorious victories obtained by the
Noble Dtike Opposite, egreat prospect of successfully. •
terminating the war; A au& on the other hand, it was
felt.that taxatioh had retehtd its maximum, and ccand .
not be carried further.. without occasioning very great
distress. In the view; be then took, he saw in the sink.. •
ing•Fund thepossibilita of. obtaining a, resou.ae., The
Si a king Fund, in 1813, amotroteclio.nrarly 14,0001000/. - •
a year, a larger sum, he, thought, .than was ne‘essiier. i
Of could with tafetfiro applied, lo a; time !of peace-to •
the retie/400i detit ; fur it, would overflew the,
Money Mir tet;. end' Cause i greaeiAfisia &capital from 1. :
the erittatrya *few which bedirenforlareaed by what ~
had taken place 'ince the :tense.. jle thought, Ahem-- . •
forss,Ase might lakeirosn ihat find the sups -already, ap- •
Propriated•to the' rederititinn Of debit Hehad proposed
this plait to his Noble-Friend then ut the. bead cf the
Trtaiury, who agreed with .hini set ie. the propriety Of
limiting that hind. 'What be
.pr' ppmer4l wavao appro-
priate the sums already redeemed.aed :standing in the
namesief the Commissionero but he diil novpropose
to tooth ,the raies; the' arbOunil.ct, F, hie*, erms op; no- -
priated to thear.• At th.t time tbitevprisysthameasswilest. .
10,000,0091. slid Wing so large, there.wan no. *ogee ..• •
of crieplingifii'OescU Os 'cif die country., -Their-Lbede ..' .'
ships would *s,e the Arley of` his, plan by, what he 14..
should proceecho state.. In the year ••19.15, we Ma, : .•
called on' ra provide for in expenditure that might :• .•
almost be said tis be indefinite in its„amount. We bad' ••• •
all the armies On the Continent to Anpport, and we hai••••••
our own great haial .p.soiver to sustain.. In 1813, wta• ••••
bad to provide no leis tom tlion.lot.s 900,0001- besides. • ''.
the sums applicable to theNatiOpal
„peat. We were . •
.obliged. in the folloveinx'yeajipalio,..tosmake great ex. •
,ertians, and t t ptowidet,td I814.:100.QQ00001..and in
1816, ninety•twomilliOnS; liekieg, in the three years,
a stim of 303 militant, Whiehhad all been i.rovided for. ;
without any .additional Wes, by the funds accumulated I •••
'in ibeisaMe of the eommissioners.of the Booking Fmicia4ntei;•
I.Notwithstanding. this astonishing eipenditure; he coss,Wloo-e-,..
not 'tomtit& That the finances .of the country:4Na ..• ..
in a dilapidated condition. In 1823, when he retitled. ••';
fiwnrjhe titaation.of Chancellor •of the g;checper. be - • :•
I . -tjser public ineo*ra.for the, year.1892, amounting •
te 52-,060k. the, thiegis on the eocsolidate:i Fund ;
tig ••-
eftts4
II 902i)001.' leaeing.a revenue for other porpo,es •.,
1;690,6001. llettiern the neginning of the re ace; •
arid
.1t22,' thee& had' been gieeq up to the p o,sle
18,000))001. the' ads ain't of taxes which had been re- .. -
peii*•• -His Noble Friend, wlrceaucceeded bun in the • '•
offi,ei'r f Chancellor of the Exchequer, began by repeal.
inguirossed taxes to thgenrount of 3 000,000/. and so
fesrouteb4 did he (Lied A 1,.? eleet think of the financial
situation of the'codutraf atli.li"ot thie, that by was him-
self ready to makes the XaMproposition.- . Alter that •
proposition hadbeen tail i#o7llo lObleTtiendproposed
to provide an annual suni:onroo9,co6l. for a § nking
Fundi.artd this propotal stras,lgxee‘to as it had been • ,
settlesi in 1819. His•Stitrie rtitpd let 4 his intention
of providing for 6ei' years. 15tartnual suns eL five
millions for the Sinkiiik Futillswjsich,would have been
'carried Into tottcntion-ef theie had been no further re- • •
pealsvf taxation; butiii.gose five yearr2B millions • f
taus. liad-been remitted. In fart, the clear surplus off .
these ,kie years, after the remission- of these taxes,
amounted to 14 Millions::. Instead, therefore, of there
ling onif 25 Millions of clear surplus revenue to be
applied to therederiiption of the debt, bat for. the re.
dee.tirer of the totes there would have been 41 Millions
surplus. He waenot disposed to object to that repeal
nftaxation,bod there could be no dould that the sepeal
had given great relief to tne public. 'He thought that
some of those taxes ought to base been repealed, as
giving relief to the public, and that removing others,
lied probably given an additional stimulus to our com-
merce, and justified the large reduction ; but whether it
had rror been too rapidly made admitted in his opinion cf
a doubt. • He thought then, on the whole, that the
finances of this • coutitry.stood •on solid grounds ;,,and
i!behouelitH pobiereit.: DiturekeannoctviiiiitotlhdesahesaindkeifngthFeuGnord eorinnthleritiet
'millions aslear,' 'Mit bias good season to believe
that it •sirlsad be attended with great advantages.—
'Ahead/ it Very"latge. iittUction of the National. Dcbt 4 ..e..
t bitd taken filiitnby ineans•Of the Sinking Funds but its

uttneacouasz BETWEEN AMERII9A AND HANOVILL

PnoCLAuATION.
Whereas by an Act of the Congress of the Unitedi
States, of the Ith of Jaimarvid24, entitied k An Act,
itincerning discriMinating duties 44* tannage and im
post,' it is. provided tbat„ upon tatist•ctory evidence
being given to the 'President Of the United States,.
by the Government of any fOriign nfitionr. .t rat. no
discrimituiting duties of tonnage. or impost are, ion-i
posed or levied within the ports, of the said natii,n
upon vessels belonging. to citizens of the
United States, or upon. merebandise, the produce m
manutactutO thereof, imported in the same, the Presi-
dent is thereby audio; ised.to issue hi s pruclatnati.ni, de-
claring that the lot eigh discriminating.duites of tonnage
.end impost within the Un4 If States.; ors, and shall br
suspended and discoatiunesf,.sos far VI .cespucts lbs.ses-
sels of the sand nation. and the Merchandise, f f iris pro-
duce or manniCtive, imported inthr.'he tNteifilittes
the same; the said susp4tision to t•ke effect Cron the
time of such notification being give:l to the..kresidest
of the United States, and -) continue so long as the're-
crpstical okesuption of vesseli sbelanging to citizens of
the ilniteditues,and ate ch midis', a • sdssresaid, theinti•
laden, bhiii eiirtainiecf, atickno Jong .r.
And whereasaiosta. tot y. e.i,ieuce has been received
•hy nee, front hrs 'Britannic Majesty,.as Kik% of Hano.
vet, through the Right lion.Chai lei Richard Vaughan,
this Envtiy Ettioordsnary anstMinister Pfeiiipotentiiry,
that vesallf;..a bully Isetimi2itig to citizens of the United
States, of -nteiOandise, the predate -or manufacture
thereof, imported In such vessel are not, n:n- shail.bd, on,
their catering •any Hanoveviau port, subject to thr pay-
ment of-higher-duties of, tonnage or imposts than ate
'levied on Hanoverian ships, or sierehandise, the produce
manufacture of the United titates• imported in such
vessels t

" Now, therefore, I, John Quincy Adams, President
of the United States of America. do hereby declare and
proclaiM,. that so mooch of tae several Acts imposing
dtities on the tonnage r fshi in and vessels; and on goods,
wares, and merchandise imported intothe United States,
as imposed a discriruinatinr, duty nt tannage between the
vessels of the kingdom of Hanover end the vessels of the
United. States, and bet weengm•ds imported into the Urn-
, ted Awns in ;reacts of the lemigdom of, Hs neVer and ve.-
sels of the UaitedStates, ate suspended an d diseontinued,
so far as the same respect she produce or inanuractuie of
the sada *tiflgdoin of 114nover ; the said suspension to
takeeffeet this day, and to .continue t.enclor ward, so
.long.as the reciprocal -exemption. of the vendh or the
United States, and of •the merchandise laden therein,
as aforesaid,shall he continued in the ports of .the king-
dom of Hanover. . . , . .
"f Given under my hand, artbe city of •Washiogton. this first
day of July, in the year or our Lose one thousand eight
hundred and tweuty-eight, and ihe htly-second of use
lidependerice of the United States.
. .
' • . ,"jollet saUttICY ADAII6.
"7iithe President. • al AA 4 Ws. *WY" et hats.' .

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• -4(115gR1A14 TAIII4IAIIIEN
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1-• , , HousE OF. LORDS. hay 24.
Mr. WaLutit,, from the Orme of• Woods And. Forests, presented
at the Bar I copy of the Lease granted by theyrownof the Alswor
of Eltlism; Kale; isnd topics of Reports received by the COMlli3.
siooets,ot Woods and Fines:, relating thereto. •
The Karl of PIAFTESBURY presented, by his Alsjesty's
minmand, the Eighteenth Report of the Commissioners fur Impair-.
ling into Ch#ritists.M.Huglaild and Wales.
The ugar Duties Bill went thmugh a Committee, and the Re-
pert was received. • • ' •
The Welland Canal. Bill Instead a third time and passed.

r•:'a

NATIONAL FLNANCES. .. • . •
On the notion fur the third trading of tpe National Debt Bill,
Lord BEXLEY rose and .said, he had ,alWays in-
tended to offer their Lordships some remarks o'n this
measure, but he bed wished to .postpone them t.ll.he
had seen the ieasons.given by the Finance Committee
of the House of 'Commons for ieconitnendmg thepines-
sure. He *shouliPtint, he thought, be guilty iif a great,
'irregularite by referring to the Report Viat Committee
'had made, as it was-already before t, e public, and was .
most probably knows• to their L•rdshiply and would;
he hoped, be soou laid on their, table. That..Repots
WAS one of the most valuable official documents ever-
laid before Parliament. It did equal credit to the ta-
'lenta-and industry of the 'membeis of the Cdinmittee,
•particularly to the talents and airdiistry•of the official
Gentlemen who had supplied most of the toformationt
Af thi same time he mug be at liberty nit to adoptasll
the reasonings and all the deductions of the Committee.
The Bill then before their•Lordshipi latrine i• the suml I
be applied by the Commissioners fur the • Resiuction •of
National Debt to three indlio.ts a year. To ;his he had no
obiectitin. ' The Comm tree were anxious, ae it appeared
fintat thelteport,that the sorpius revenue tithe-year en!y,
add no mote, should be applied to this put pose. He et:•
lively concurred in this viewond thought that the Sinking
Fund should be limited to.the clear surp,us revenue.. It
was the only solid. principle on which tae redemption of
debt could be fOunded. Whatever uonseuse might have
keen talked on this suhjectband whatever might base beep
said about redeeming a debt by borrowing, 'Ole system
on which Mr. Pitt proceeded was not so shallow:. Dv.
Price, when he stated his financial paradox of the woo-
den, to be effected. by, a penny in the course 0f.1.800
.years, put out to compound interest, founded
culation on the originalttear stirphis of a penny. Tnat
the idea entertained by Mr. Pitt was that of a clear sur-
plus, was sufficiently shown by the acclaims' taxesto
the clear amount of one million, which he laid onto
supply it. He could not concur in .the recommendation
of the Committee, to apply only the surplus of each
year to the redemption of each year. The suriallis of
the year could not be ascertained' till' the year had
passed, and it was liable to vary from various causes.
account in which, it. was stated was alwaysinade
up from estimates which v,aiied from (patter to quart
ter, and year to year. Mr. l'itt flamed his Sinking
Fund on ise-rtaining the average surplus of several
years', and that sum he directed to be constantly applied
to the redemption of debt. Unless the machinery' for
the rederuptionni •the National Debt were kepi out of
the.view a Parliament, he was afraid there would be
110 reJemption., If she Sinking Fund was every year•
to be made the subject of -ittlebaar, lie could nartel'eve
that any effecidal pi ogress would be made ru resieenisag-1
the debt. Iteasoas oi expediency would never he went-
. tog to .doubts on the utility of so applying•the-1
money, and diverting it to some Lithe, purpose.,
'Pitt's plan, of 'a Sinking Fund was -founded oar
principles. . The lust WAS to prevent the accumulation.
of debt, even when theie•was no aedemptioo. 'The-se