The Statesman.
London, England, 1822-05-04 00:00:00

hit principal point thetefore was to ask what security
tumid be obtained from 1140 watt-inters for the perform-
aloe of their contrast?
The CHANCELLOR of the EV:HEVER thought
Off 'Weill, the Of-Jere the Day for bringing op the
Report of the Committee. it would be
wasting this time
of the house to 'slaw on the details of the measure,
but he was ready to give every information lo Iris
power, in the progress of the measure. Th. Hon. Hest-
Ileums must he aware that many of the previsions whirh
must accompany a bargain of this nature, coold only be
gone into when the terms of it came to be discharged.
flit the question of the Hon. Gentleman he would an-
swer in a wanner which lie O,OOEIII would be satisfac-
tory. The Hon. Gentleman asked what security would
be obtained from the contractors for the fulfilment of
their engagements. He concluded there would not be
the smallest difficulty in the world in obtaining wend-
ties from parties who were in the first instance to ad-
Mice large aims to the public. which were only to be
gradually repaid. The business could he managed in
the same way Mall ordinary loan transaction.
The Order of the Day was then read, and Mr. Haw -
ntw
breffffht op the Report.
General GASCOYNL took occasion to 14 that on a
former night be had fallen into a mistake with respect
to the plan. He had not bees singular in this, for it
did sot appear to him very clear bathe now did net ob-
ject to the principle of it.
• The Resolutions come into the Committee, were then
read. On the sixth Resolution, which seen: to authorise
the Commissioners of the Treasury to treat or contract
erith corporate or other bodies for the sums required,'
Mr. HUME sail, as it appeared that the precedlog
Resolutions had nothing to do with the subject, he rose
in this, considering it to be the only one of conseq u . .
The house would recollect that Ministers had proposed
to establish a Sinking Fund of five millious, to be sus-
tained by the imposed on the present generation,
In order to diminish the National Debt in thetime to
come. The Gentlemen on that (the Opposition) side of
the House, feeling that the country tuust be relieved.
had been content that four or five million of taxes should
be taken oE They were, in fact, willing to give up
that Sinking Fund which the Ministers considered to
be so necessary. But this plan bad bettarejecteil by a
large majority, and so far the business hadibeeo settled.
Bat now what had been done by those who hod told
them how discouraging it would be, with such a na-
tional debt, if measures were not adopted for reduciag
its amount ; and who hail insisted ou the necessity of
their meeting this eltarge? He for one, and he believed
the country. at large, had been munch surprised that these
very itadirtJuals bad now brought forward a scheme to
invert their own system, and to defeat their own object.
Their first proposition was, that the present generation
should bear the expense, which was the subject of con-
sideration, to relieve these who might come after them.
The effect of the plan now brought forward, was to les-
sen the charge on the present age, by extendiog it to
posterity. Yet this was the effect of what was now pr.:-
posed, so completely at variance were the two pro/Ms/-
dons which had been submitted to Parliament. Tim
House knew that the finances of the country had been
for years carried on by a series of shifting expedients,
instead of bringing them before the House in o simple
amt intelligible form. IVithout more simplicity in their
arrangement, it was impossible for the country to un-
derstand the situation in which its affairs were placed.
Bat instead of adopting a more simple plan, one of in-
creased complexity for throwing the (-barge of certain
pensions over the next forty-live years, which plan would
operate directly against the one of which they had pre-
vious)y been the advocates. in carrying this scheme
into effect, more diffi.-alties would be 'found in the way
'than the Chancellor of the Exchequer could easily get
over. He was satisfied that but few contractors would
be found who would be able to advance large stuns of
money for sixteen years in succession, without receiving
any thing in return. He was therefore satisfied that
such ho and such terms would be demanded on
the part of the contractors as could not be granted with-
out injury to the country. It was then for the Bongo
I. consider whether some better plan for relieving the
country from taxes to the amount of 2,200,000 f. could
not be devised. Why should not a simple plan be pre-
ferred one of complexity? If a measure like that
now proposed were necessary, why not take the sum
wanted from the 5,000,0001. which had been set apart
to diminish the public debt? Why not at once contract
with the Commissioners of the Sinking Fund to wake
the payments required, and thus enable the Government
to remit the proposed amount of taxation. 1,01 the
2.200,090/. be at once taken front the Sinking
This would be a comparatively simple measure. There
would be no loss sustained in bonuses given to the con;
tractors, and in this way the best possible use would be
made of what was called a Sinking Fund. Taking this
view of the subject, he was about to offer an amend-
ment. Lest any loan should suppose that it was his ob-
ject to oppose the contemplated remission of 2,21.10,0001.
In taxes, he begged to say that he and his Hon. Friends
near hint were willing to go beyond that, and to consent
that very night to the remission of taxes to the amount
of 5 millions. Why not relieve the country to the ex-
tent of the surplus revenue? Let this be dune, and he
had no doubt Irons that 5 millions being placed in the
pockets of the country, twice the suns might be levied
If circumstances should make it necessary. He now
moved to omit the words " and treat " after the word
contract, and to insert the words "Commissioners for
the redemption of the National Debt ;" so that the re-
solution as amended would read—" That it is the
opinion of this Committee that Commissioners of the
'treasury should be authorised to contract with the Com-
missioners for the reduction of the National Debt for
the sums required."
Mr. CRI PPS was surprised at the course taken hy the
Honourable Member for Aberdeen. As he wished to
diminish the burdens of the people, be had not expected
him to oppose the present plans. lie was satisfied with
it, the Noble Maress hav!ng proposed to tie up the
existing Sinking Fund, to increase by compound in-
terest till it amounted to one per cent. on the whole
debt. The present plan was as simple as any thing
could be. lie admitted that it in some degree operated
against the principle of the Sinking Fund, as at the
end of forty-five years we should not be so much out of
debt as we 'night have been, hail we gone on with the
lives and annuities. He had not the least possible
doubt but that many persons would be ready to take the
contract without any extraordinary profit. He thought
it highly disadvantageous to throw obstacles in the way
of a measure calculated to afford so much relief to the
country. and lie hoped the House would therefore agree
to it without hesitation.

Mr. WIIITAIWIF. thought the view which the Hon.
Member for Aberdeen had taken, was the correct one.
The question was purely one of arithmetic, and he mold
not see nhy it was not as well to take the money from
the Sinking Fund at once. With this view he should
support the Amendment.
Mr. J. MARTIN remarked upon the inconsistency
of Government purchasing Aurosities under one lir-
rancernent, ant wishing to sell them by another.

3lr. It I LIMA/ said that the matter of eotttiry was,
what was the mug economical mode of reduung a cer-
tain amount of taxation. It was unite impossible that
this contract could be made without advantage to the
contractors. They must hare their bonus, and wuatever
the amount might be, that must be lost to the country.
If they took the amount trout the Sinking Fund, be
would say that Ike country would be in a better condition
it the end of the forty-fire years, than by the adoption
of the proposed measure. IVhen t try had a plain easy