The Statesman.
London, England, 1823-03-01 00:00:00

TIIE STATESMAN,

the Sinking Fund, he did not think that the present si-
tuation of the country was such as to bear a Sicking
Fund of five millions. That situation was such, tkat it
required at least a remission of taxes to that amount, to
ease the minds of the people.—(Hear.) He had out-lived
the real Sinking Fund, for of that established by Mr.
Pitt not a trace was now remaining.—(Cheers on the
Opposition Benches.) It was truly said by his Honour-
able Friend behind him, who had treated the subject o it h
great perspicuity, that repeated invasions had been made
on the original Sinking Fund. He (Mr. T.) had nit•
nessed those invasions, and hat opposed every one of
them. But now the mask was thrown aside, for whili
the law declared that there was a Sinking Fund of 10
millions, the house was now called upon to declare that
there should be a Sinking Fund of but five millions.
But it oat, said on the opposite side, that the public co-
: tilt depended on a Sinking Fund of five millions. But
if we adhered to the principle of public faith, we should
have a Sinking Fund of 17 millions.—(tlear, hear.)
This was established by law, but in the yeer 1819 the
Ministers changed their plan ; they wished a Repulution
of the house, stating that there should be a Sinking
Fund of five millions, which should be binding upon the
country, and whoever denied it was an enemy to piddle
credit. He (Mr. T.) understood public credit to be no-
thing else than a faithful adherence to piddle engage-
ments. But the Ministers asserted that puha:. cer.dt
was to maintain more than we wanted by five millions.
—(Hear, hear.) Now, he wanted to know whether it
was convenient to the country to have five millions of
Sinking Fund under the present state of thistle; for they
were not now to consider the state of the law, but the
state of the country.— (Hear, hear.) He could assure
his honourable friend (Mr. Baring). that the country
would receive more substantial benefit from the pro-
posed remission of taxes in seven years than from the
support of the Sinking Fund. Now, ;he Right Hon.
Gentleman ctlie Chancellor of the Exchequer) seemed
to be convinced of this truth, though he ha 1 not suffi-
cient resolution to carry it into complete effect. He hid
seven millions to be applied to the reduction of the debt,
and why did he give up two millions of it to a rends-
sion of taxation? He (Mr. T.) believed he had done
so wisely. The seven millions belonged to the fund-
holders as well as the five mdlions, and why had the
Bight Honourable Gentleman given up the two mil-
lions ?—(Hear.) He was convinced he had done so
most wisely ; and why bad he not gone further?—however, clear that lied gone far enough to altew,
that he (the Chancellor of the Exchequer) and his oppo-
nents only. differed in the degree, while they agreed in
I the principle (loud cheers). The Itight• Honourable
Gentleman ass willing to give op his seven millions of
' Sinking Fund, and to substitute one of five millions ;
' and at the same time he was determined to hold up every
one who was for reducing that five millions as an enemy
to public credit (hear, }tear!). No one appeared to
strike more closely at the principle of the Sinking Fund
' than his Honourable Friend ,• but he wanted a surplus of
' five millions—a surplus which was to be a security to the
politic creditor—at the same time that he allowed it was
to he applicable to eortain exigencies which might
arise, as in the case of war. It was certainly an excellent
I thing to have a surplus revenue of five millions ; and it
would even admit that it was much better to have a sur-
plus of ten millions (hear, and laughter). , But the ques-
t tion was, whether the condition of the country was such
' as to allow a Sinking Fund to be applied to that ex-
! tent ? He thought nor. He contended that the House
ought not to bind itself down to any specific resolution,
which could not be gut rid of without an invasion of pub-
lic credit. The time to get rid of the present Sinking
Food was during a term of peace, as there could not be
a more favourable moment for entertaiuing a project for
the remission of taxes [bear!). For what could be more
mischievous than the principle of a Sinleng Fund
which was to be applied to the reduction of the debt,
and of course was so far a security of the public credi-
tor, and which was also to be appropriated in cer-
tain exigencies, such as those of war, to defray the ex-
! petters of the nation (lea*, hear '.). If the fund were the
means of supporting public credit, why were they to be
told that in case of a war, or in any unforeseen exigency,
that Fund was to be diverted from is original destination
—that is, that when public credit most warted support,
it was then to he invaded?—(Cheers.)—Concerning pub-
lic credit, he believed it to consist in a punctual and ho-
nourable adherence to national engagements ; such an
adherence was our best resource in the prosecution of a
war, and he was convinced that if our public engagements
were faithfully discharged. that a war property under.'
falcon, and in consonance with the feelings of the people,
would be amply provided for by thedaxes voted in that
hoes!, and would lie most cheerfully supported by the
country.—(Hear.)—The honourable member had spoken
of the deceptions of hoer,: poen*, and told ns that the
time of cobjuring was past, while he was himself anxious
to lay a few balls on the table.—(Loud laughter.) Would
the house vote for seven millions or five ridllions as the
real disposable surplus ? It would take away a great
part of his objection if the sum, whatever it might be,was
voted merely as a surplus, to he applied to the remission
of taxes from time to time. But if a law passed, fixing the
sum as a fund specifically for the reduction of the
debt, any change of its epplicatioe must operate as most
prejudicial. As to the remission of taxes, could any one
beoeve that the amount taken away would be the amount
lost? He was of a different opinion. The remission
would help to restore the revenue, and he believed that
to be the opinion of the Chancellor of the Exchequrr
when he proprose 1 that of the seven millions which n ere
to maintain the public credit, two millions should be ap-
plied to the remission of taxes. He knew that the most
beneficial effects must result from a reduction of taxes
equivalent to that seven millions ; the most advantageous
result must flow from the diffusion of so much capital
over the country, and it must be lunch Inure productive of
national benefit than it could have been in the hands of
Commissioners, to be laid out for the reduction of the
debt from time to time (hear, hear.) Every man must
wish that there was not only a surplus of five millions,
but much more, but could any one doubt the dreadful
state of the country since the conclusion of the late war ?
He requested that he should not be asked to strut and-tri-
umph as one who had gained something, when his great-
est exertions could scarcely keep what he possessed.—
The stockholder ought not to let it out of his mind that
men of landed property were placed in the most difficult
circumstances. He hoped the stockholder would not
find fault with him, because he extended his sympathy to
that class, who had to pay off jointures, life annuities
and mortgages, engaged for under circumstances very
different trom the pros-nt. He was sure from the state-
ment of the Chancellor of the Exchequer, that their
only relief was in the reductiim o f taxation. On this
point, he (Mr. T.) thought they hail been ail agreed;
but now this nolievy resolution was put forward, and as
he understood, to ne embodied into a law on Monday
next, that five millions represented the public credit. He
thought the country was highly indebted to his honour-
able friend (Mr. Maberly), for having brought forward a
plan for the reduction of the taxes. %Vheiher that plan
ell-renal the purpose i wended, was another question; but
it was one that if it did no good could do no harm. Sup-
posing that purchases were made, as his lion, friend sug-
, geated, no one could doubt that the stock market email
be relieved to the amount of 41 millions. It was stated
hat this would throw away 1,200,0001. of income;
not so, for it could lessen the burdens of the people.
-(Hear.) It he were to transfer ten annul's)? of 100
3 per uents. to the public, he would bare au annuity
of 31. a year on the land, so that in the transactions
there he neither profit nor loss.—(Hear.) If this scheme
~1
were foolish, all 'the folly of it Could be imputed to the

plan of Mr. Pitt; for it was the principlelf that Minis
ter Os relieve the stock market from the depression aris-
ing from the amount of stork, which in his time was be-
tween three and four hundred millions; hut he avould
like to know what he would say now when it was neat
eight hundred millions?—(Hear, hear.) It had be--a ar
toed that his Honourable Friend's plan would give the
, Stockholder an advantage, by raising the price of the
fonds. If it did give the Stockholder that advantage, it
was one to which he was entitled, in return for the ile-
, privation of the Sinking Fund. On subjects of this
kind it was right to take into consideration the fair claim
of all parties ; and if the Stockhuder could be benefittril
. whi:rat any injory to the country generally, he did not
see that any objection mild he made to it. Tier Hon.
Member for Taiinton said the stocks might rise for a
time, if the propositions es ere adopted. Be it so. H-
(Mr. Tiercey) was quite indifferent on the subject. If,
however% there was one thing from which he would more
earnestly implore the Right llonoarable the Chancellor
of the Excheqieer to abstain than from any other (and he
aas sore, from the character of the Right Iluniotrable
Gentleman, that he noel i not torn a rlenf ear to the sug-
gestion) it was fro.n the miserable tricks which the
c minty had formerly wit oessed for the purpose of raising
the funds on the Stock Exchang,e, and then of coming
down to the lipase of CO:litilOaS and exclaiming, " 0!
the fluids have risen one or two per ten:." He (Mr. T.)
would Fawn his life indeed, from all which he hail ob-
served of the conduct of the Right Hon. Gentleman,
that-ha would never descend to any such artifices. With
regard to the jostive of t' e measure, be was wAling to al-
low, that on the first view of it, it di 1 appear rather a
sharp proceeding to imply by the redemption of the land
tax, that that tax was necessarily perpetual in its charm'
ter, while all other tax,s were liable to repeal. Mr.
Pitt distinctly saw that hardship; hut he said, that if
the landed gentlemen would lend themselves to the pro-
ceeding, they would materially benefit public credit, by
dimiaishing the load of debt in the market, and putting
it in another shale-. All that his friend wished (whether
wisely or not he wool I 1110 t Say), was to tread in this re-
spect io Mr. Pitt's footsteps. There wet this difference,
however, in the two plats. Mr. Pitt's plan was baffled
by the terms being such that a witch smaller portion
has redeemed than he anticipate I ; of two millions only
about 7011,00/. had been redeemed. His lion. f iend
recommended that better terms shout I he given;—that
'three pounds should be ode. n with one band, and three
pounds taken by the other. Anil this Wee what the hon.
'member for Taunton called locus picas! To relieve the
'Stockholder from the disaivant ige which he would'ssis-
. Min from t tieing away the Sinking Fund, and at the
,
Fame time to relieve the country form paying five
millions annually more than WaS necessary, the Hon.
. Gentleman called hocus pocus. It would seem from the
! arguments which hail been urged against his honourable
Friend's proposition, that if taxation were suspended for
six or seven years, it could never be a2ain laid on. Now
' really to tell I that if after such a period of relief any
emergency should require the imposition of fresh taxes,
I they might not easily be imposed, and under the circum-
i 'tames of that relief cheerfully paid, was to tell hint
! something which he could not at all understand, with
respect to his llon. Friend's Resolutions, lie did not deny
that some of than might require alteration. What he
now supported, however, was the first Re-olution, de-
claratory of the disposiiion of the house to entertain the
project. A cheap and valuable project, in his opinion,
it was. it 000ld enable Pediment to relieve the pen-
plc at once one a considerable sum in taxation. He by
! no means boomsr thought that the %shale seven millions
should be taken off. Some part of it o ight to reinain,to meet
' any exigency which might arise; but, after leasing a
auffiaimstoorplu,s.a great Lome might be conferred on the
country by the renrssion He hod already sail that the
stockholder would benefit by the adoption of the plan;
but even if he were not to do so, the stockhol ler ought
of all mi n to be forward in making any fair sacrifice that
would he conducive to the general interest; and thereby
to sheer his gratitude or the way in which the rest of the
community, beset with difficulties as they were, had
steadily defen led his rights. He ought to do all he
could to show his disposition to participate in the general
effort to lighten the difficulties of the country ; anobject
which in his (Mr. Tierhey's) firm opinion, would be,
more effectually obtained by the diminution of taxes tiara
by any other course that could be pursued (hear!).'
Mr. HUSKISSON apologised to the hove for address-
ing them after the very able manner in which the subject
had been discussed by his Right Hon, Friend the Chan-
cellor of the Exchequer, and by the hon. member for
Taunton. The house would at once perceive that the
present was an anticipation of the discussion that would
tyke place more regularly on Monday next, when his
Right thin. Friend had signified his intention of bring-
ing the whole question respecting that most important
part of our financial system, the Sinking Fund, under
their consideration. He would not complain of it, but
the Right lion. gent. who had just spoken hail introduced
the subject rather prematurely in his observations on the
sp pelt of the hon. member for Taunton—a speech which
he (Mr. Huskisson) had heard with the greatest satisfac-
tion, exhibiting, as it dill, the most statesman-like and just
views with regard to the great importance of tetai'doir a
surplus revenne,and employing it in the liquidation of the
debt. Coming, asthat opinion did, from an individual
of the lion. gent.'s knowledge and experience, he (Sir.
I II.) was persuaded that it would have more weight in the
country, and tend more to the maintenance of the public
credit, than if it had proceeded from almost any other
person in the house. Ile owned that he was 'ouch cur-
prized at what had just fallen from the Right Hon. gent.
on the subject of the Sinking Fund. The Right
Hon. Gentleman's observations were as applicable
against the creation of a Sinking Fund at any period, as
-they were against the maintenance of a Sinking Fluid at
p present. When he recollected how strenuous a supporter
slat Right Honourable Gentleman was of the establish-
; went of the Sinking Fund in 1786, he was at a loss to
understand why he hail so completely changed his opi-
nion on the subject. The Right Honourable Gentlemen
had urged as one objection to the application of the sur-
plus of five millions as &Sinking Fund, that it was taking
that sum out of the pockets of the people, which would
fructify to the national advantage in their pickets much
more than in the redncion of t-he debt. There was no
objection more trite, nor any which had been so fre-
quently brought against the Sinkine. Fund. but it was
general in its nature. It was applicable not only to the
present time and eireums!anses, hat to all time; and cir•
cumstances ; when it was proposed so as to apply a sur-
plus revenue. He (Mr. Ilitskisson) wss one of those who
regretted the departure Iron) the origin principles of
the Sinking Fond. He wished that those principles. hag
been hell inviolable. Adverting to the argument of the
Honourable Member for Portarlington grounded on
the enrolee I case of an individual who having an estate
worth 10,0001., with an incumbrance of s,otier., set aside
1001, from his remaining income as a Sinking. Fund
for the liquidation of his debt; lee observed that the
lion. Gentleman ha I forgotten that in the c ese of a nation
there might be a paramount necessity for such a proceed-
ing as the subsequent loan ; and that even in the ima-
ginary ease which the lion. gent. had par, the supposed
individual would have been ultimately in debt only
12,0001. instead of 17,000 L The lion. gentleman's illus-
tration therefore afforded, in his (Mr. Iluskision's) opi-
nion, a strong instance of the advantage n hich the
country must derive from the' maintenance of some
Sinking Fond. The night Honourable Member for
Knareshorongh admitted, and he (Mr. lissakisiceii) hailed
the adiniesioa with great satistnctiOn, that some surplus
revenue wale indispensable in order to maiptaio the
'fic credit on aay emergency to avoid temporary- embar.

fasoinalite, and to avoid the necessity of resort
to loans On trifling occasions. The only quests
lion therefore was, what ought to he the amount of that
sarp'ss ? Was 'a suplus of five millions more than was
adequate to the necessity? On that point, then, and on
that alone, he was at issue with the Right Honourable
Oentleman. Of this he was persuaded, that even if the
Sinking Fnnd were abolished, it would he expedient to
have.a surplus of not much less than five millions to
meet soy occasional fluctuations that might take place
in the-amount of the revenue, and to provide against un-
ompeced contingencies. He would ask those who were
rejoiciog at the present improvement in the revenue (and
no man more einceiely rejoiced at it than himself) whe-
ther, if the country were to Lie visited with a bad hu-
gest, which would necessarily be for.owed by a great
change in the price of all the articles of life, and of com-
fortable subsistence, there would nut be a considerable
diminution in the Revenue of Excise? In that case, if
the present estimated surplus were less than five millions
might not serious public inconvenience and embarrass-
ment be the result, To the Right Hon. Gentleman's
question, why a surplus of five mil:ions should be pre-
served ? he had thus given one ansoer. But he would.
go for her. Whether the Resolution which had been
adopted by the House of Commons in 1819, was wise or
no', was net the present question. But it ought to be re-
collected,that it was a resolution which hail been adopted
by a very large majority of the house. if it were nowt')
be departed from, what would be the impression on the
country, what would be the impression on all Eu-
rope in the present feverish state of the world?—
(Hear, hear.) What would be the general inference
which would be drawn from such a proceeding, both
abroad and at home?—(Hear.) Did the house recol-
lect the distinct and explicit terms of the Resolution to
which he adverted? They were these: "That to pro-
vide for the exigencies of the public service, to make
such progressive reduction of the national debt as may
'a tequately support public credit, and to afford to the
country a prospect of future relief from a part of its pre-
sent burthens, it is absolutely necessary that there should
he a clear surplus of the income of the country beyond
the expenditure, of not less than 5,000,0001." Were that
Resohrimi not io the way, the Right Ilunourable tae ,-
tleman -niialst, perhaps, argue more effectaatly a4ai .Ist
the maintenance of such a surplus. But with such a Re•
solution on the Journals of the !iodise of Common*, no-
thing short of the most pressing necessity could jortlfy
yp in inspiring the national creek in the eyes of hnrcoe,
' abandoning the surplus which we had solemnly d—
ared it was indispensable to maintain. if, on the ut roc
hand, it was a.question as to the amount of surplus, he
contended that 5,090,0001. was not a larger sum than
was necessary to maintain our credit in the eyes of the
world, especially at a time when there was not a country
in the world which did not think it essential to its own
power and security to imitate, and in sonic instances to
surpass, the example of England in the reduction of
debt. Another and a better opportunity, however,
would occur on Monday, for discussing that most i:n-
portant point. It was admitted on all hands that there
should be some surplus; and it became, therefore, livie
more than a dispute about words, whether that surplus
should be called a Sinking Fund, or some otter
name. With respect to the Resolutions which had
been moved by the Honourable Member fur Abingdon, he
would not detain the house with more than a few seg.
tences upon them. He [Mr. Huskisson] quite agreed
with the honourable member for Taunton, that if those
resolutions were proposed as a substitute for the Sink;no
Fund, nothing could be devised less deserving of the
office. The honourable gentleman's second resolnion
declared, that it had been agreed unanimously by the
house, that the only Sinking Fund which could be
efficient was that which was produced by a surplus of
income over expenditure. That was the ground work
of the honoorable gentleman's plan ; and We way
which lie proceeded to carry into executioa this 'deelsra- .
t on of the House, was by proposing to do away with
any surplus whatever who!ed of the honourahhe
member for Abingdon's plan was to transfer
-11,330,000'. of stuck from the purchasers of the Land
Tax, provided the whole 1,239,7011. were redeemed and
purchased. For what was commonly called the redemp-
tion of the land tax was simply the transfer of a poi tiom
of the debt from one class of individuals to another.
Suppose the bouourable gentleman found persona ready
to-morrow morning to conclude the whole transaction,
what would be the consequence P—The public charge
and the public incene would be equally diminished. Hy
the Act of 1786, each separate loan was to be considered
as a separate debt. Fur the interest of each loan a ape-
edit: sum was provided by specific taxes for that purpose.
He would ask whether if, with regard to any loan subse-
enent to 179•2, and any tax given—the sugar duty for
insttnee—had been appropriated to the payment of the
interest on that loan, and we were now to allow that
duty to Ise redeemed, any advantage would be gained ?
It would be very ea•iy to write off all our debt in a similar
way ; but when we hail done an, we should be paying just
the same interest, and be liable to just the saute chugs
as at present. But as the Honourable Member for Aber-
deen had said on a recent occasion, we ought tolook
at the debt with reference not to the capital, bat to the
annual charge upon it. That charge being in no way
affected by the proposition of the honourable member foe
Abingdon. lie must say, with all his :•eApect for that Hods
nourable Gen.leman's acuteness and ingenuity, that lie
thought the Honourable Member for Taunton justified
in calling it a species of conjuring. With the greate.t
respect for the talents which had been displayed by the
Honourable Relation of the Honourable stiover of the
pl in under consideration, he in tut positively deny that
there was any resemblance between the present case area
the circumstances under which Mr. Pitt proposed his
measure. In the present state of the country the loegis-
latere had no object in view to induce them to call ott
the country to make sacrifices for the purpose of keeping
up the price of the funds. la time of -war such a pro-
ceeding might be extremely desirable; but in time of
peace, when, if there were any willed; of revenue, it secs
applied to the reduction of the d,bt, and when the:ero-
tism were no longer the creaters and sellers, but the poi.-
chasers f stork, they could have no possible reason for
wishing to raise the price of the funds. lf, therefore,
the prOpoved plan were worthy of adoption at any period.
it would rather be at a time when public credit
might
be labouring from great drains upon it, than eta time
when it was in circumstances of comparative elevation ;
it would be at a time when goverrmien: were sellers ra-
ther than when they were purchasers of smelt. The whole
proposed proeeeditig, therefore, appeared to him to be de-
lusive. And even if it were adopted, lie rather thought
that great disappointment would ensue it itli regard to the
extent of its practicable execution. There were a great
m my iircuinstancee, which would conspite to pre vent
front bnying up the Lind 'Fax, and which
wools( induce them to prefer the ease and seeer:ty of
the public funds. 'I he amount of the Land 'fax in
each co in'y was fixed, and was the same now as is
the reign of Wi liam II I. It did not vat r. Hot in the
event of the eiection of a great number of boildinge
in any particular ilis•rict, a new apportion ono of she laud
tax might take place. For that r soon individuais
would be reluctant to buy what could rot increase
hot might stieidnish in amount. The Right Ilona
(lent. concluded by begging pardon. of the house for
having intruded so long on. their attention. The
Sinking Fend basing been attacked by sacb high ae-
thori is, he felt it his duty to shoe how inedossioesit
the are's:merits on which that attack was founded, were
with the d nnination to which Parliament ban alrestly
come on tt.e oubjact,. as well as with the general policy
by which the country ought to be actuateti Anti re-

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*Mee V t domestic condition, and to its relations to
the rest Europe. (he: r.)
it
Mr. t: LCHAFF said he considered the present goer
1;oes important, as it regarded the application of a one
plei revenue. and as it regarded the doctrine of a Sink-,
ing html. With respect to the charge of the Member
for Liverpeol against his Right Honourable Friend (Mr.
Tiercey), he tli.l not think that the charge applied, bi-
nose the internal state of the country now is ilifferenr
from the state of the country in 17t56. After all, there
was not so great a difference between the two sides of the
hoese. The Gentlemen opposite proposed a reduction of
taxation to the amount of two millions, leaving a Sink-
ing Fund of five millions. They (the Oppositioo) pr-
uo-ctl a further reduction of three millions, and that the
wteploe revenue called a Sinking Fund, of five millions,
should be-educed to-two millions. There was no Gen-
tleman in that louse who did not see that a large remis-
sion of taxes must give the certainty of an improvement
in the remaining branches of the revenue; the sum of
two millions would undoubtedly he mach increased at
the end of the year. The Right HononrableGentlern An
(Mr.,lluskisson) argued as if the Resolutions of ISI9 i
were so binding that any breath of those would
be a violation of public faith, and an -attack
upon public credit; now what, be would ask, could be
more inconsistent than the Right Honourable Urn-
tleman, who, in order to get np to that Resolatioe,
passed over the law of the country. The highest doc-
trine on the Sinking Fund was held by his bun. friend
(Bering), his (Mr. Maberly's) objection to that doctrine
wee, that in dealing with the people it could not be car-
ried into effect ; if it were to be applied to au inanimate
body, it would be easily well, but it seemed to leave out
of consideration the wants and the distresses of the peo-
tp'e. In his (Mr. Caleraft's) view of the case, the houge,
under the present circumstances of the country, ought to
emit five millions of taxes (hear, bear, hear !). Remit-
ting eetnneb, there would still remain a sum of two mil-
lions—a surplus, in his opinion, amply suffiaient to meet
any sudden emerrency. The Minister, in 1819—in a
tulle of place—laid on additional taxes to the amount of
three millions, and yet it was assumed that, if after that
house lad remitted tones to the utmost farthing, a cwt.
den occasion shonld arise, cansed by the necessity of de.
toolingpur national honour; or protecting the princi-
ciples of liberty (hear, hear !). that the people of F.ng-
. land would wormer at new and necessary hurtling ;—lie
did not believe it ; let the Government, by every honour-
ableireane, relieve the people; and the people; by every
pootble means. si mild support the Government.
Mr. MA ItERLY rose to reply. He said that the Hi.
rentable Member for Taunton had thought fit, in the
course of his speech, th apply some hard terms; he had
' called his (llr. Maberlv's) plan, a bubble—if it were a
ibultle, it was the bubble which the lion. Gentleman op-
prolte bed continued to support to the present hour ; hut
be would tell'the Hononrable Member that it was not a
bubble. It Was notorious that the Land Tax was made
perpetual fin the purpose of re !eruption, and redeemable
ftt the pnrposo of pnechase. The Hon. Member (or ;
'Tonnton lied said there was no foundation for his (Mr.
'hi 's) -plan—tie -was not the projector of that plan; but
at allevewte it bad the fonntlatton of an Act of Parka-
' meat: The Rieht Hon. Gent. (Mr. Huai:lsom) seemed
'to ear, it old be difficult to effect the sale of the land
tat. He (Mr. Idiberly) thought, if the difficulties whirl,
lee had that night already stated were removed, that there
•woold bestowal more rapid sale efferted that he (Mr.
M.) had stated. The Honourable Member fot Porter!-
! ton had started a most extraordinary objection ; he
said that he'was an enemy to the Sinking Fund, and he
'gave it as o reason that it was mismanaged ; surely that
was no irrnment arainst the sobstitnte for a Sinking
Fond, which he (Mr. M.) proposed. He agreed with
that bon. gentleman. that the Chancellor of the Hecht.-
vet had not A Sinking Fund honestly and fairly ae-
tefred Is the last year the Chaneell'or of the Riche-
queer hate etatetthat /bete was a Sinking Fund of fire
tilittens.wnel in fourteen days after he destroyed the
principle of that fund ; he mated a fixed annuity on'
rented, df 2f3 hundred thousand pounds. for a period
o' forty-five years. Coder all the circumstances, he sloe
ro reason why the house should not remit five mil-
hors, and to provide a substitute by the sale of the
Land Tar.
The house then divided:—For the mistio,, 72; against
it, 157.—Majority against the motion, B.i.
The other orders of the day is ere then disposed of;
and the hoose adjourned.