Star.
London, England, 1819-06-08 00:00:00

to do but to look up to Mr. Pitt's system and adhere
to it. In 1802, that system had been altered, and
the Sinking Fund was broken through. In Ibl3.
the Right Honourable Gentleman had said, in L,
various and complicated speech, that the redaction of
the Sinking Fund would be of use to the Stocklu,lde,
and that the increase of it V.'culd have the effect sa
bringing down the interest of money ,o low as the
Goo only knew what would become of those Gentle
men who had money to put out at iiiterset—O laugh
Indeed, he remembered that there was a statcmer,
laid on the table by the Right IlonGurable Genth
man as to the danger likely to arise from an incrva:

of the Sinking Fund. If that Fund had ne,nleftll..
touched, it would ntw have ;irritiunted tc.,twcistv-c,n
tnillions. Out cf this, five millions were taken ti
the purpose, it was said, cf saving T.l,.es to tL_,
amount. The benefit of this, as had been stated
would be felt by the country to the latex time.
Well, the Right Ilonoura.lo.e Gentleman's plars h

been agreed to, and now we ale aknat to leok for 7.i
this great good, he turns ronnd and toll, the
is an en Ito al your expectittiory—yriu ha•ve row bi
two millions of a Sinking Fund, and want tlaee
lions to make it five millicr s." In print of fact, the.:
avowal of the necessity of five millions WAS no mor,,
than saying„ in order to support the Stockaolder,
Taxes to the amount cf three n:i:lions ap: necessary
It was absurd to think of applying for any effector
purpose a Sinking Fund of five millions to a debt
no less than eight hundred millions, though the Rigi
Honourable Gentleman had with great confideno
asserted that it would extinguish the National lk
in forty-five years. However, he did not pretend .
say it would have 1.11:1t effect without the concurrence
of a great number of very favourable circunistanct-
But be (Mr. Tierney) did not think that a peace

that ccntinuance wits to be assumed but as a most
improbable event. In looking to the continuarr
of a state of peace in general, he was justi:ied
drawing the conclusion that it would be of no such
duration. Five years of pace had already elapse
which bore a great proportion to the period tisiria,
allotted to political tranquillity, yet, after the expira•
tion of those five years, the country was told that
was to start anew with a diminished Sinking Fur
in the hope of discharging the enormous debt,
getting rid of the burdens that bowed its spirit to;
limits of endurance. By such a proposition Govern-
ment seemed to laugh at the House and the Count
The annual application of 1:5,000,000 to I:800,000.06o
of debt, could in no moderate time produce any sen-
sible relief—it was a mockery to suppose that

burdens of the people could receive, by the opera.
tion of such a plan, any perceptible alleviation,—
There could, at all events, be no national result,
which ought to bu an adequate temptation to Minis.
tern to commit such a breach of faith as the proposed
diminution of the Sinking Fund must be considered.
lle (Mr. Tierney) was not for interpreting literally
under all circumstances, the Sinking Fund Act ;
if the melancholy state of the finances of the nat..
requited that Government should depart from
principle formerly acted upon by Mr. Pitt and Lori
Sidniouth, the duty to the country at large was
paramount duty, and if the country at present
boured under a pressure of taxes beyond which any
additional burdens would be unjust and improper,
let, in that case, said the Right Honourable Mem-
ber, the whole Sinking Fund be applied to the dread.
ful exigencies of the public service. But Nlin;sters,
when they brought forward their Resolutions, shewr
no symptoms of compunction at the course ahi
their extravagance had at length, in the face of
insulted Empire, compelled him to take—Mein
they exhibited no sense of shame, no traits of that-
lutary remorse which gave the slightest indications
of amendment ; so far from it, the Right Honour-
able Gentleman had accompanied his modest prop
sal with the usual grace of his flourishing periods—.
(A laugh.)--Nor did he condescend to tell the House
what had been done with the millions already voted,
and which were unprecedented in their amount dor.
ing a time of peace. The country was afflicted wit'
various and unexampled calamity—three millions(
new taxes, after five years of peace, was the siwpl
panacea of the Right Honourable Gentleman
(Hear, hear.)—This little pill, and the palatable _
lution in which it was administered, was, without
any necessity of confinement, to restore the nation
to a state of convalescence—(lfear, and laughter.'
He (Mr. Tierney) did not think it just or fair that
such additional Taxes as were now proposed for
purpose of augmenting the Sinking Fund to ire.
lions, that the Stock-holder should be exposed
public odium, and made to bear the whole but
of national execration. Thirteen millions and
half of the Sinking Fund was to be applied to
public service, and, in the name of the Stock-hcl
three millions of new Taxes were to be raised,

stituting more than one half the Sinking Fund
to be in operation for the interest of the Stock-hoi
Thus the latter should bear the odium of the
Taxes; fur it would be said that now was his has
from the value of the reduced currency; but it ott
to be recollected, said the Right Hon. Member,
the poor Stock-holder had previously borne all
inconvenience of a different state a things, and
now entitled to the turn in his favour, and ought
therefore to he made the subject of either reprok
or derision. The Right lion. Member again adv-
to the disproportion between the Sinking Fund
the Debt and other burdens which it was intendi
relieve, and deprecated the idea of its efficacy as
and impracticable. He then proceeded to ob:
that the proposition of the Right lion. the Chanel
of the Exchequer contained three positiOns ; the
was, that it was necessary to have a Sinking
of only five millions, and the others that it 'a
maintain public credit, and deliver the country
its embarrassments. The two latter positions, ht
not hesitate to say, were untrue; and as to the
it might possibly be supported, hut net till h,
argument had been fulai-hed in its favour than
been yet laid before the 'louse. In order to giv
opportunity for better satisfying the !louse et
subject, he',elt it his duty to meet that proposity
not, indeed, by a nt2g:uire at present, ten: by me
t; is previous question before he sat d lull. Ile c
not take it upon himself to justify the 1:
millions of additional 'fuses en a r'11:1
so oppressed by taxation, at least
arguments than those by which the mess
been as vet advocated. ,But whe
were called for; it was not consider:_
the real amount kc•f these three millions under tit

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