The Statesman.
London, England, 1818-04-21 00:00:00



plained, that of the 14 millions deficiency to be pro.
aided for, a considerable portion arose from extraor:
dinary charges is the course of the year, notoitb.
standing the most rigid economy had been called for
by the public service. He hoped that out year
the, would be an increase on the Consolidated Fuw!,
the deficiency of which had bean in the kit Tear
slip accounts a ere made up to sth Jsoos ry, amelontr-
thing less than two millions, compared Atith 110,
charges upon it. The Learned Gentleiissis. (Mr.
Broughain) bad expressed his muffin that any
one sheelif prefer St per cent. to 4 per cent. stork.
'One reason was, that it was not to be paid oil for tuts
years, at least, and it approached so near the rata
of interest, to which the Moneyloarket was likely to
settle down, that the people felt a conideoce in its
continvance, end the store readily subseribed. As
to the option of funding'Eacbequer Bills, he had no
doubt the subscribers would take it, judging ,by past
experience ; and if they should not, be was certain
there would be many .otheri ready Id jump into
their places. •
Mr. F. LEWIS said, 'money could beget reedily
at four per coot. why then should the Government
give four ;Wends ten ? • This was a less
which might be ascribed to the circumstance of mak.
ing this a close Losit, insured of following the old
practice, and leaking it all open one. He supposed
the maim Kew sod intent of the plats was, to pre.
'pare Awl*, for the reelection of the fourth and
.fifth to the three and as half per cent. stock; end he
would otaisitain, that no attempt of the kind could
be et/retool, sill the three and a hall per abuts. *ere
aaftootiitiety. He could not conceive why the Right
' Hon. Gentleman should not create stock at three
sad a half per cent. when he might want it. The
plan yes a btesiting in upon alt stock, and prodked
nothing but confusion, giving, however, pro [onto a
bonus to the three and a half per cents. If the stock
to be paid off was at a tuner rate of interest thau
that which was newly created, a plausible rattan was
ratiorded for subscribing to the latter. This was the
fact at present. The Government was paying off at
r3l. 155. per cent. and borroeitsi at 41. UN.-glieer,
hear !] —Ai to the Sinking Food, it was merely a
nominal piece of machinery so called, there WAS
scarcely any such thing, and the expenditure mutt
be greatly reduced, or ten tales imposed, before it
could be madeefficient.

Mr. HART DAVIS pointed out many adnntage4
es likely to result from the plass : the chief of which
was, that the Government would have to pay a less
rate of interest than if a Loan *as funded in the
three per cents.
Mr. lIIJSKISSON Alerted, that it would be dea
sirable for the Commissioners for the National Debt,
to employ a port of the Sinking Fund in redeeming
the newly created stock, when its relative valets was
below that of other stock. Ile always thought
it would be more desirable to borrow money at a
higher rate of capital, when, by doing so, the rate of
interest might be lower; and on that account he
would always wish to see a great redaction of the not►
initial amount of the debt, bemuse by that means we
should be able to borrow money st a less rate of In.
le Ht. TI.III lan year was one of very greet &pros_
floral all the branches of the Funded Debt; the Re.
venue had greatly fallen off; and it was necessary
to have recourse to the mutant, of the Sinking
Fond: It could trot be expected that we should
have a great Sinking Fund at the evince of the
price which the public must pay for it; he could not
see the economy of ti Sinking Fond beyond the ne-
cessity of extinguishing the debt. it was 6t his
Right Ron. Friend should show that he had other
resources besides those ordinarily resorted to in war,
and that there should be no permanent arrangement
as to a Sinking Fund.
Mr. J. P. GRANT said, the only saving here wee,
that of a Sinking Fund in proportion to the debt
created: and he contended that a greater rate of
interest was to be paid by taking 111. and paying 10,.
upon it, when added to the stock already 'tieing.
Mr. C. GRANT conceived It to he a new end mil.
chimes principle to say, that the nation should pay
for more than it had actually received. The net►
plan had the effect of lowering the rate of interest;
and on that account it was highly advantageous to the
Public. On the whole, the plan was the beat that
could be derived.

Mr. LYTTELTON strongly objected to that part
of the Budget, which related to a Lottery for the en.
suing year. lle assured the House, that ha wood ow
all occasions oppose this pernicious system.
Mr. GRENFELL asked if the Chancellor of the
Exchequer thought it would be more ad►issble to
purchase the 3i per cents. at 91, than the 3 per cents.
at 8,
'l•he CHANCELLOR. of the EXCIIEQUEft
replied, that for the first year, he should advise that
the Commissioners should purchase from the three
and a half per cents. by applying to that purpose the
one per cent. appropriated to tee reduction of that
debt. .
Mr. GRENFELL observed, that for many years
on the makioc of every new Loan, a fee yrs, paid
to the Bank of England for the deposit of the Iran :
these fees were proportioned to the amount of the
,sums deposited, and had been paid to an immense es.
tent. He wished now to ask the Right lion. Gentle.
man at what rate now the Bank was to receive tiled•
fees?—Was it for three millions, or for thirty mil-
lions ?

The CHANCELLOR of the EXCHEQUER
answered, that though he did not feel tt decorous to
state what the Commissioners might do, yet it might
be advisable, under the circumstances, to apply more
than one per cent. in purcha;.ing three and a half per
cent. Stock.

Mr. GRENFELL replied, that as he now un-
derstood a charge was to be made, whether the sea,
was made on three millions or on thirty millions,
he would oppose it in ever• stage.
The Resolutions beim all agreed to, the Report
was ordered to to received to•m rrow and thir
Committee was ordered to sit again on Wednesday

nest.
Mr. BF.NNETT postponed the Committee oo
the Ofreodere Conviction 13.11 to Meads), nest, in
cons/Aware of the regeest of Mr. Stores Onerne,
who wished the Perish Vestries Bill to hove the pre-
POOR LAWS AND PARISH VESTRIES AMENDMENT
Oo the motion of Mr. S. BLMJRNE. the Hons. roolverl •
itself into a Coarainec oo the Parish Veruirs