Star.
London, England, 1817-03-13 00:00:00

WAYS AND &MANS -.111.101 UNYUNDED DEBT.

In a Committee of Ways ancideiiis,thedlAN-
CELLOß of the EXCHEQUER proposed a Vote
of 818,000,000 of Exchequer Bills for the service of
the yeir 1817. He took occasion to state that it was
his intention to pay off the Unfunded Debt of Ire-
land by Exchequer Bills raised in this -country. A
great saving to the public would be thereby effected.
as the Unfunded Debt in Ireland bore more than 5
per cent. interest, while money could be raised in
England at less than 4. The present accumulation
of capital in the money market promi,ed to be of the
utmost benefit to the agricultural and manufacturing
interests of the country
Mr. CURWEN wished to know what part of the
Unfunded Debt was already provided for
Mr. SHARPE observed,-that the issue of a large
quantity of Exchequer Bills would prevent the great
benefit which was anticipated to the merchant and
landholder from the accumulation of capital, by ab-
sorbing that capital in Government securities.
Mr. P. MOORE said. it would be expedient that
the House should have a general view of the Ways
and Means before it, previous tovoting particular sums.
The CHANCELLOR of the EXCH.EQUER,
in answer to the Member for Carlisle (Mr. Curren),
said that the Appendix to the account of the Un-
funded Debt. which had been presented to the House,
contained particulars of the sums already provided,
and of those which remained to be provided for. As
to the observation of the Honourable Member (Mr.
P. Moore) that a general statement of the Ways and
Means should be laid before the House, he could only
say. that it had not been usual, and was not very
possible to make that statement at so early a period
of she Session.

Sir J. NEWPORT said, that the reason the in-
terest on the Unfunded Debt was so high in Ireland
was this—that the Treasury Bills, of which it was
composed, were issued entirely to the Bank of Ireland,
who exacted from the public the highest rate, which by
their Charter they were allowed to take from any in-
dividual in the kingdom. - Before the Chancellor of
the Exchequer paid off those Bills by money raised
in England, he would adfise him to inquire at what
rate money could be raised in Ireland. He hoped
that if it could be raised there at as low a rate as in
this country, the Chancellor of the Exchequer would
not do the monied interest there an injury, by trans.
terring the tlnfonded Debt to this kingdom.
The CHANCELLOR of the EXCHEQUER
said he had no objection to raise the money in Ireland,
if it could be raised there at as low a rate as here.
Hitherto the Treasttry Bills in Ireland had been held
by the Bank : the withdrawing them would do ao in.
jury to the monied Interest.
Sir .1. NEWPORT said, merchants in Ireland had
often endeavoured in vain, for weeks, to procure 'rrea-
sury Bills; and it was in fact next to impossible for a
private merchant to get them.
Mr. GRENFELL wished to know whether any
means were to be taken to relieve the country from
any of thirenormous charges of the Bank of Eng-
land t There was a charge of 41898 for the Ilia•
nagement of four nations of Stock. which had ceased
to exist siaee 1722, As a Committee had been re-
fused, he was obliged to take up this subject piecemeal.
The CHANCELLOR of the EXCHEQUER
having given no answer,
Mr. GRENFELL said, there was another subject
on which the Chancellor of the Exchequer would pro-
bably condescend to give the House some informa-
tion. A sum of 43874., it appeared by the accounts,
was received by the Bank as a per tentage on the
Property Tax, received by them from individuals.
Them was no trouble or risk whatever but to give a
ressipt for the money; yet the Beak had the modesty
to demand, and the Government the profligacy to
give. 2s. 6d. per cent. for this transaction. •
The CHANCELLOR of the EXCHEQUER
said, he bad no transaction to propose which affected
the Bank. The sum mentioned by the Honourable
Gentleman bad been often explained—(Heer, ker.)
The was of 41898, paijl for the management of four
Millions of South Sea Stock, was sanctioned. by Act
set Parliament ever since 1722. As fur the per cep.