The Statesman.
London, England, 1822-05-25 00:00:00

. ,
by Parliament, and the whole would be condu—.. .ith
As small a charge for Managementis possible, in advan-
tage which, would result from the appeintrient of titir
tees. The sum of 2,300,0001.°1ffid brew aeimied* se the
proper amount of annuity, although perbips it might
have been smaller if contracted for by etreprivate body,
snpposing the rate of Interest to be fitile ignite thee
three and a half per tent.. kit Milting the postract on
the part. of the public, it was pqt na-Mloiary to he parts-'
eider an'tn the .precise sow, altleodirlabliNiMi Friend',
(the Marquess of Londonderry), oveWliog the general
plan to the House,had very properly assturied a pure,*
prier. The calcaletion bid been made opens the 3 per Cent.
Consols, being at the supposed Trice' of 821. tiny
taking throyat 75/., the amount would be 2.,362,500/.
*hone 02,11011/. more than the saris proposed in the origi-
nal statement. With the rate of interest at q per teat.
at which it was fair to assume it, with reference to the
late financial operation, the sum would be 2.902,000/.
and perhaps that wield have beetle, a:fair ratio for any
contract in this case. He aseatioaml-thW, because they
had taken it at 100,1100/. less time it *JIM bus been in
the event of any other aerangenseot having totes enter=
ed into witk a private party. But they did not egret to
remit taxes to that amain. The remainder of the pro-.
emeings as to the conduct of the plat was very import-
ant. The 'noisily would be landed !tithe hatidebf trus
tees to the sort of permit's which had hitherto beet, Min;
netted with the Tune and piyinents of these pentions.—.
These were—the First Lord of the Treasury; the Chan.'
collar of the Excherkuer, the PaymastarAleneral of the
Forces. the fhaster-lseneral of the Ordnance, the Tree-
surer of the Navy, and the Governor and Deputy Gom-
a*, of the Bank of England.. As the payments were
made through the Bank in some measure, it was highly
desirable that • free and confidentier communication
should animist. The second and third resolutions were
then read by the Right Honourable Gentlethan as fol-
lows :
2. " That it is the opinion of this Committee, that
the said Trustees should pay into the Exchequer the se-
veral 1 sums hereinafter mentiosed, by four equal
quarterly instalments, on or below the 15tiy January,
the 15th April, the 15th July, with' 20th Oct. ; thofirst
payment thereof to be made oa • the 20th Oct. HIM—
.4Here follows a aeries of annually decreasing sums, from
,9110,0001. in the etiening year, to 300,0001. in the year
eliding 15th July 13371—And that the said sereeihed4
of such part thereof as may be necessary, should Ulf
propriated and applied equirsrmably to the said lbeeolei-
does. it-- •r-
-3. " That it is the *ship of this Committee, that foe
the purpose of enabling elmtnerlillrustees to make the
Excise-
several payments hereinfmleetimeuelosed, at the ExCibe•
quer, at the teeml pertedirellressid, they alsonld be eta-
pawned, from time to Buie, to sell tad dispose of's*
much of the said annuity as may be becessery for that
purpose, but so as that no greater amount of annuity
should be, sold or diapoded of, in any one year, than
weahl be sufficient to raise the sums, necessary to coat-
tails the whole of the payments to be made within tbe
year, or to discharge and pay elf the prineipal mid inter-
est f any Exchequer Bills which ay have been leased
is seeenot of such payments. 4
It was desirable thatthe pervert° issue Exchequer Bills
x
should be given to ,she ry, In order to elude the
necessity of going IMF arket when In an Ws-,
vourable state for the of any part of the annuity.
Accordingly this was in the Fourth Resole-
Soo, with the power resorting to other Funds for
the payment of the interest Uputa,mtels isivaares• Tiro
Right Hee. Beadsman: duo passiiiia. state die 4th
Resolution to the Committser, - • • •
" 4. That it is the opinion of Ibis Committee, That
for the purpose of enabling the said Puttees the more
readily to provide the means necessary for making hit
said payments, in the most convenient and economies,
manner, the eommissioners of his Majesty's T y
should be empowered to issue, to thisald Trustees, Ex-
chequer Bills to ao amount not exceeding the anon ne-
cessary for completing from time to time the said pay-
ments: which Exchequer Bills, together with interest
thereupon should from time to time be discharged and
satisfied by the said Trustees out of any monies to arise
by the sale of the said annuities, or out of the dividends
thereof; and that, mail such payment, the interest ac-
cruing cn such Exchequer Bills, may be paid out of any
aunties voted by Parliament.
The first half-yearly dividend, amounting to 1,400,000!.
would be paid on the 20th October, commencing fiom
the sth April ; but the Trustees would have a quarterly
payment of pensionto make before this, and for the 20th
October, 75,000/. over and above the portion of dividend
received, would be required to meet the demand of the
pensions. For the January quarter it would he ones-
leery to be prepared with a million of money, from one
Iscarce or other. On the sth of April following, anotherl
half-pearly dividend would be paid ; and on the sth July
again there would be another payment of a million to
make. In the October and April quarters there would
be no difficulty, but provision most be made for the pay-
ment in January and July. The whole difficulty would
consist in providing for the first years. In three years
the amount of the pensions would be reduced to
4,500,000/.; in five years to 4,100,0001.; and in seven
years it would be 4,000,0001. The annuity in the hands
of the Commissioners after a certain time would meet
the amount of the pensions, and therefore there would be
nothing to provide when that period should arrive.
Among the various points of view in which thirst-range-
ment was important, was its relation to the Sibking
I Fund, inasmuch as it would he connected with that cote-
Itlisliment. They were bound by the resolutions of that
Parliament andthe preceding, to uphold the principles(
e Sinking Fund, to the amount of five millions ; and no
part of that would he taken from that fund by this ar-
rangement, but the five millions would remain in the
beads of the Commissioners to the end of the term.
This new arrangement provided its own extinction in 45
years, at the saute time that it added no permanent
charge to the burdens of the country.—There was a fu-
ture charge of half-pay and pension to he incurred,,,
which would not be provided for by this plan. Although
a sum of 200,000/. would be saved to the public annu-
ally, yet • proportion of that would be reserved to meet.
the growing charge for half-pay which must arise. It
was difficult to. estimate the probable alumna of this
charge, which must depend upon the rapidity of promo-
tions anti other causes not easily calculated. But it was
proposed to reserve 400,0001. a.year out of the saving to
the public to he appropriated to this purpose. He consi-
dered that in less than eleven years the Sinking Fond
will hare arrived at that which was proposed to be its'
maximum at compound interest, via. to the proposition
of one per cent. of the whole debt. lie prupotwil, turn
fire, that 400,00/. should be added annually to the
Sinking Fund to accumulate at compound interest till it
WAS wanted to meet the growing charge, as be had
stated, for half-pay. It was plain, therefore, that this
plan most, in some way or another, operate in the re.
duction of unfunded debt. He had stated that there
would be a saving of 2.2410,000/. by this arrangement,
.sod die proposed to give 1,500,000/. to the public in the I
shape of remission of taxes.—(Hear, hear.)—ths re-
liaiffing 400,000 f. would be appropriated as he had he-
'ore stated. It might, perhaps, he considered to pets'
mature for him to go tutu a statement of the tone- he

... ..... aiberty procreating
eflo oaf reervile,-- Meer, hear.)
He had sleeted suck tail" for redaction sa apMareil ti.
tweet likely In meet the feelings at tintSPltatrf. awl
imbat was more. afford., entistmetiel relief at,, the Mere
;rim'.' ildPbelieriid Abets icat,l/04 little difereoce of opjc
nib. either Witte partitives prep/sited hatted a hover. or,
in the sentiments of-Hen. Hembree. mle its b;tittir d•
Arable thetthe Salt Tax should, he rechisoil.--(llean,
rill
.
thear.)—Hs hail takes the liberty to object to a motion.
lot the Ho/. Menthe), for Wartime (tlr.,Caleraft) at ter
beginning of the Seesioa for slie retlnctiona oi tbts !rat.
;Bikinis he theseghttheenotie in whirl, a he piropeeed .1),1
ieflbct that reductiellitewasid IN. pieherremide and •iiii,l-
- to the trade iti that article, and lists because it was
connected with an attack on the public creditor, but not
.from any paitiality for the tax itself. The amount of
duty at present was 15s. on the bushel ar, salt, aid-ge,
.should proposeto give up 13.. of that, leaving a daty of.
2*. • bushel, which he intended should be equalise.'
throughout the United Kingston), including Ireland.—
,(11ear.)—In doing this, however. it w.le necessery fp
:consider the inte sssss of the trade; and it was chvloni
,tlygt the remission of 13.. would hr rui nonitothe dealers in
, the article, and all traders, whose commodities littera or.
trios (suit, if it were not removed to a certain limited penod.
Although. tberefore,it was his intention to move the re-
gaieties direetiv, he did not contemplate the reduction
of this duty beiore the Zilh of January seat. The Meek
nem to head would by that time be di.posed of, and-Jey
en armagesent with the Zseise all fustier difbealijos
alight be obviated. Though the public weal& ask,
they would always have this Israeli: is view. and maw
while the traders would have time to adjust their W.,
termite. With regard to Scotland, it was his intestioo
to reduce the duty in that country from its. to Ys. In en
der that there might he a free trade of the artistic
throughout the empire.—(Hear.)—He *Weld ales Ms
pose that all exemptions mid allowenctaripoolteltbir iv-
pealed. except is cases of enportation tab fereigo poets.
For the purposes of exportation he should propose that
salt be allowed to r duty free; but for no other pur-
pose. By equalizing the duty with the Irish, meat
fraud would be prevented!. British salt exported to Sea
land would go duty free, and the trade of every port of
the United Kingdom would be free anti nofetterod.oi
(Hear, bear.)--Hy this arrangement, therefore, it 'Hs
plain that the fisheries would greatly benefit. For the
protection of the British salt-maker it would be meow
sary to pit a daty of 21.3.1. on foreign salt for the
fries.dile'
ees. The amount of reduction of taxation lentrnini._
from this would be 1.3011,00 W. leaving a duty id two
hundred thousand .poands. is the aggregate to be
levied oa that article. The duty would comas,' to be
collected by the Excise, hut, once paid, it would be free
to go through all the internal parts of the Itingibisn„,
Sir JOHN NEWPORT asked •what seers the sight
Hon. Gentlynaa's intestioas with regard to &taiga milt
in frelitaid
Tito CHANCELLOR of the EXCHEQUER said
there breed be so aheratlon observed towards knead.
The met article to be affected was on the Other side of
the Channel, and he confessed he was the more disposed
to concede sontethieg to Ireland, as the repeal of the
Salt Duty in this oriantry would be rather prejsilisial
than otherwise to diet country. Tbe high sate of duty
hi this country we* sis advantage to Inland, blabs was
Mrs Hat gessoes people wield as. Aria to as
advatitagi to the detriment of their fellow subject.. and
therefore it was that bedenred that this imasare should
be assecited with some matimpospeous
(Hsacoomi-
applicable to larelmed.—ar.)—The
House ttlet4t6la it there was noddle; in which He feel.
Hp of Ireland were mono samiseas thus is desiring
HS repeal of the Window Tax—sad it was his intention
that duty from the bib
tr;olert.—a(cfrear,iliteearriers
of
repeal
naddition to that he Amid
else propose to take o. the Hearth Duty—as impost
tbst had been removed in this country since the time of
William the Third, as a tax improper in its 'latera—
1' r, hear.)—The amount of the Window and Hearth.
a
remitted would hardly exceed 250,0e0i. The next
a was one on which there was a considerable hel-
los in the public, but ate en which it was emissary to
have some little explaaation—be alluded to the duty es
Ileather.—(llear, bear.) He did not, however, see in tbe
reduction of this tax all that benefit that other Gentle-
men anticipated. He meant to propose, therefore, that
the duty of the year 1812 be given lip, and then that ar-
ticle would be os the same footing as to tax as it was
Itten the time of Queen Anne to the year 1812. But he
t warn the House that unless it watched in this cam.
lihe consumer would be in danger of being deprived of
his just benefit. The House must be as wary in this in-
sten.:e as it was with regard to the brewers not long back,
and the remission of duty should not take place till
they had a fair experimental assurance of fair deal-
ing.—(Hear, hear, hear.)-11e said this, because be
thought the reduction in the price of leather aim* the
peace did not bear a fair proportion to the reduction in
other articles. Bat, if accompanied with a bona Side re-
duction, it would prove a great benefit to the inferior
classes, who paid their full share towards the consump-
tion of this commodity.—(Hear, bear !)—The amount
of this reduction would he three hundred thousand
pounds. The amount of the whole revenue from the
tax on leather was six hundred thousand pounds. anal
thus one-half would be given up (Hear, hear!)—He
bad got so far in the work of remission ; but he heal
great satisfaction in saying that be was got yet at the
ead of bis hudget.—(flear, and a langle)—He had ano-
' Hier reduction to propose, which he thonght was equally
riasirable. They bad all heard on the subject of a Bill
relative to the Navigation Laws, that notwithstanding
the .g I benefit to commerce, from the liberal prin-
ciples of trade, arising from the relaxation of those laws,
there was one important ioterest which dial not partici-
pate in that benefit, but on the contrary languished in
depression. Hs alluded to the shipping interest, and lie
thought that any alleviation of the burdens upon that
interest would shew a most grateful protecting spirit on
the part of the House, at the saute time that it assisted
*gine of the most important breeches of the commercial
interest of the country. He proposed, therefore, that
the tonnage dnty granted during the war should be dis-
continued. This was in amount one hundred thousand
pounds, which, added to one million eight hundred and
fifty thousand pounds, the amount of the remission of
taxation on the other articles before specified, would be
in all ooe rid Ilion nine hundred and fifty thousand pounds.
--(Hear, hear.)—This. was more than was warranted
by the anticipated saving of 1,500,0001. clear of tlw •
400,9001. to he reserved from the whole 2,200.1.100/. Bat
he expected that the remission of the salt tax might
operate an increase is the revertne from increased eon.
Awmption to die extra amount. Ile certainly hoped that
the remission of two millions of taxes would not pro-
duce an ultimate loss to the pithlic.—(hear, hear.) He
hoped that he had thus without entering into any very
niinute anti particular calculation, sufficiently explained
the principles of the mode of management so as to be
fully understood by the House. . This way of accom-
plishing the wishes of the House was better than the
other, and the House ought not to sacrifice an advan-
tage because it could lot be obtained through the mesas
originally contemplated. It rather became it to try sense
other arraagement. if it found that impracticable. He
KU decidedly of opinioa that the strangemeets he bat.

tip. purpose of appertioning, met wi111617-4
lotions of this House of the day of i
May. the harden imlated by
and Naval mo
Pension?. it is expedipatt that at
Opal Annuity of aLls4l9,ollyltirlat 11
years: AlO4 041714_, 181
la trews% to he saseen a
tonsil ehmthi he charged epos Ik. I
Feud ail ilia Halted ling/dem
• •
Sir. CAIA:RAFT veer is asagennine rJ
tharritement they hail jest beardleadt tht
lientleman opposite. lie 4.41/Leitit Mot on
his pineere regret that he shaitht hare so s
'Right Hoe. Hendee:as as in sipetwe that
slid thskt the reduction of tales would emit
atom rrlsevr the Outering intrre‘t. Be the
it might, let it hat hail passed that night tea
of Consumes to persevere in Uiejeepposid
ter*, in cosjonctioo oils their imarattUtee
felt assurance. that 'tularemia alwansteal
ward, as their' niaelisiess threegivent this
obtained for them that evenieg. He wig'
the front of the hut ghat tax, on the• reflect
he bad pieced his fendeet wishes. He r.
greater immunities were Dot greeted to tit
pries; hot be man glad that the duty of 2
future to he R al all over the kinetic'
ctangraiulate•l the coonars•ero•ritis wadi el
taxation ; although he siojsi elogegy.shot
went far enough to carry easiest relief
eel part of the commealty. With regard
part of the plan, be reef:seed with all tit
had paid to its'beeduld "(Meer that ke ui
mode by which the-Riled lion. Dentition
Jett the arrangement he had detailed to ti
one, he was sore. that heillsearci the rend
which the Noble Marquess. oPrilibt eft
great measure to tbs.ilitmestletl *WI 11l
be had dose. thatlarbeileitesersasaftlin
within his roasisi—hiaseppeemei. thee.
and his Majeatisfeedillimmileisee
this tninabie,lrettitpboniess they wield ■
the suggestion's Otitis, Bide of the Hesee
beginning. of doyffeeilea. If the Blew
man won fd twig the indoor his liesoluti
Fund," instead Of'" Consolidated Fund,
perfectly autderstmal Isle. andchers woe
race between them. Bet both he and ti
geese bad said so mock shoat their tie
Feed, that they•atesid net "Inmost to sett
had said. lie assored them, however. the
to rivulet in this osio:os it had been in t
shoot taxation. • ell as be had sot a ell
of the.ltight Hoe..flestiensank plan, and
liege that he hedhlasseiche weight not
thee observationlion the suitjeet. He ea
notice, that if huloand tire remaining dot
heavily ea thalitberiess M 4 Ireekl Form
that fill setter which they dntereerl knot
The Itiorgeows atILAANDDBILRY a
rise to interrupt the ..lasmatowy Whisk •se
among the lientletusw en the ether side,
—He would be eon, Se chreefillet happy
which they were wrajopedft—(iirar. het
ter)—hat wheelie Boa. Weedier for
Calcraft) bad encouraged his /Heeds toy
posing the Agnislers, ;abuse, by so doe
soeceod In obtahlitte ressabstios •of tel
hearts mutest; let (hoed 'lsitt•esderry)
dbued it be polistedpet titeadmmtage of
klinistirs, for tellies ,tetital sappert„ and
ofpublie tdtelibe.booa was greeted
lien was Formed iaceemgmace of dm
oisters•recaivadonal as from the uppc.
givesihem. With respect tatie s
of taxed** wont& steed the weary, ti,
congratulated bieweetf that his Majesty
length concurred its that opinion.• Bet
that Mieleters were always as anxious se
her for reducing taxes, as far as they ea
with the securlayof the national faith, a
of the necessary eitablishelents. They t
bold out any delasive hopes to the ace
they indulge in the delogios themselves,
tion theneoeld make, could give adept
the existing distresses of the farmers.
the reduction of 1,900.0001. in the Deily
• log on the heel of the repeal of the Ain
Tax to the amount of 450,000/. together
posed reduction to the amount St 2,0 C
was not deluded enough to suppose that
although considerable io itself, could zit
great and unprecedented distress. ender
culteral interests of this country, i a coiner
claims i n all other countries, were then 11
lion. Member bad repressed a hope that ti
farther ch an red, and tb at the Si nth ag Fru
stitnted for the Convolidated Fend in the
that would meet the lion. Member's isle
perfection--(Hear. hear, and laeghing)
begged leave most distinctly to protest a
trine, that the present plan was seisms
principles of the Sinking Fund.
more distant than that plan from the
Sinking Fend. The latter was a sum of
excess'of reveller beyond expenditure,
pound interests io the reduction of the e
tional Debt. He would be allowed to 01
the same tire millioes which was to be
rate on the military and naval peasions
they chose, marry the two sums, but
make tea millions. The five anginas t
deratitia were to go to the payment of ti
allowances which were a dead weight
sad which would decrease by dm opera
He would not say one word more, lest
the harmony of the evening. —(near, 1
Sir J. NEWPORT did uot rise fo
examining how far the intermarriage c
might or might net beget harmony II
express his: sinierisatisfaction on the
try with which he was store immediate
the measures proposed ley his Niajeit_
Sir R. SHAW thanked the Right H
for of the Exchequer moat sincerely of
land for the remission of taxes affectie
kingdom. Ile wished to ask tbe
gentleman at it hat pi.riod the repeal a
hearth tax would commence, and whet
would he granted to parties WOO had
taxes
The CIIANCF.I.I.OR of the EXCHI
payments snide attn the sth July
course hr reivilred.,
general 6ASCOTNE said that the
ammo did nut vti r•ittlicieutly the in
sumption of salt io cotiseyence of th.
t;nn. He thanked his Majesty's Min,
luestiiioienpsinpere:eosetl, particularly terteeth
of
fdr:litT)lF. said that no one was
propds.il rhiluetins than himself. Be
to see sn mall. Hon. heutlemen expel
hest .wi..g kaase 'nu ltlinia efs for doll
air dull.• lie too would pre thanks

THE S TJSMAN. ..:..,
_. .„ . _ _
.- - ,-- - ___ _
____„. . 4.... , . diminish. ..
most have ~►M` emo loco. mob .4eitse is i lr: 1,1,0 . ♦ Jnch♦ rsgmett weal it Mid to ow hour wese C. pail,' we au ioe
. Dentition, in amen tig.the nctiou lead in view, and were likely to be attended
01011,0p.en'o olibjetlleoliedeettithrb:em• that `11.411.P°, wo.• it ril ''of.. - "r". ad , he Alen be wys then ldling hefori tle disadvantage as was inseparable from a 1
providing for thorn payments. The Hon. Centleioan thein. Hit. as he was desirous of
/~weerww►nt-eiJerlle
the whol. emitter. He therefore hayed tbat the Coma
141,68 few ;gig"( iwoktioo.- o.,hoepsoittly read by the plan of lii*Alsiesty's Oweersinient-nador Ilse slew of 11, Allow him to move his first Resolution.
Chairmen. The dote of !Hawn the 4,fiatv.4. ppyments, bonse,and knew how crite4estivat this branch of it %es. lino. Gentleman sat down amidst loud cheer
end receiving the dividends of ihe anoidtyi *wad' he to pettotilerdt 0( dottrel, and id How. Members who feh parts of the Mese. The fulloniug was th,
vested front the .Ith Aptil l$ 2e treeteea.sebe,easned with them, he 'mold tali? the liberty_of proceeding ti. the Chair:—
I.- 0_..ii.,......, ..„I it,. *,hale would be conducted with that part of hissnliject willionireserii4treer,hear.)— "That it Is the opinion of this Cosunitt
.. ........_..._._, 1. • aim f
- ..... - oar ....hsetian ai aungareil to the purpose of apportioning, confernsably,l