The Statesman.
London, England, 1822-02-26 00:00:00

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111111thialle. le AM* Apia!' tidti; —to Miry
iligliebewalon of Lineage salliadow..Sf tinriplawwile
110P1Pileffidecwellap N hothefinte Alia**
Ile
to MOAN/. pe ilielsrwippp
•
portion of this Nock on
'and they ,milli not hi ~Ye
edible the plea Whowiehiwo bane. capital foiW
.1 sod HO would he tiro dialseter of objaiddirile
41 Per Got. Ateeh• #l.• Patent% the plan • •
for the careening of dissent Instead of assent.
he thought' It'woiso cakoliated to Save ,rushee
gow dm altsteiity. The proprietors of i pie e"
Pic* were tory ntuntwoes—they aisoeittid
.10041109 penes. and short bO.IIIDO of these: Wilt
holders of stock to the ass onne of 1.00091. or lessoodb
Firma. To collect the sandman, of the hoidens dp
talus would he sent round to thins; they were
bin prepared, and they would be ready lo a 1M
lame who expressed thole dissent wan bi
OA Nino the 3th of Jot} next, in each au
Alarii,abent should hereof:or direct. should
of dissentients render en applies*" to
the stNeet necessary, an event that he
ie see realised. However, that was a
jice which on a sabsequeot occasion he

empties. Mao whether it was likely
deka meld. dm paid •en ese thy. The
chap. altowed that Parliament lad
power of direetieg the form of payment.
for *eels purpose were to I. thretted In
✓ioners for the liquidatios of the National

bad saw stated Mr. Pethaer'S plant where

was departed from. and the reasons for
that pine. The fund to be created weal
able within a given time—seven years
accomplish this object, be deemed to he s..
of the benefit resulting from a tiros adherence

emaintaiaaaes of their public faith. It was
of the advaotage resulting from the determinetio■
pressed bes:eforth to adhere to
meats wade by Parßassein for the
public credit and tire restocation of
By the operation of this plan, sad by
. . .

,f the ordinary taxes, with the 'seepdon
tax the business of the country email be carried en,
end their public credit sustained. He might be asked,
Why be bad not recommended this plan in 1818, as at
that period the fund was at a higher price. He consi-
dered himself bound to testy' his reasons for sot the.
spropiaing the present plan. There were two reason*
arising out of the efforts making to restore the car-
reacy of the country, and of the reduction of the
charge if the debt. He did not consider that it
would be fair and equitable to the parties. to pro-
pose the reduction of their stock at inch a dope;
nor would there hare been the means of a guaranloo
against suffering, perhaps cousiderabli to . Frost
the high prices of 1818 the prices felt so coedited-
ably, that had sock plats been persevered in, it
meet have been atteasied with lowa to the pantile
ur to the public. Ile therefore felt ,That it woo)* %I
an ii.jusiice to all parties, to promyte.uny such
Cash Payments were restored: Justice aad policy were
not then se much in favour oriht plan; Now
great remedy of the possarasisa le4llll6*PairretaVllllll
supplied, Ike felt that .14 Vaa, 'Was AO' recammilli
this measure. Thete,ftwOoly stet befe g
opportunity for the r1*104114 ont.
ha Mak a pla„aseria•gerkatte as the rawer.
di
t fralimastasen.' *ld be plreimded.. fo
they gad-appropriated a part of the Sinking Pea I
further measures for upholding it had since boa
adapted ; and those measures, together with the lie
solution of the House agreed to on Therselainight,
had placed him in so favourable a situatfoo, as to
be enabled to submit his present plan to the boast.
At that late hour be ehoeld not tresspsss on
the indulgence of the house, to explain more minutely
the particulars of the plan; ether occasions would
occur for more minutely going into the detaile.-,..
He concluded with =owlet *Resolution. "That everY
person possessing portions of the five per cent. mock
sod who should not signify isle dissent; for every 401 W,
should receive WM. of the f ,ur per cent. stoki
that the dividends on such fore per rent. stock be 'pay-
able half yearly ; and that such newly-created stock be
not liable .o be paid off before 1829.
Mr. ELLICE, before he made soy remarks on what
bad fallen from the Chancellor of the Exchequer,
wished to ask one question, which m as, we believe,
whether the plan bad been posisively determined
open.
The CHANCELLOR of the EXCHEQUER re-
plied, he was nut aware dent there would be any
necessity (or altering the nab proposed by Hovers-
anent.

Mr. ELLICE again rote. He ob;etted to the
scheme altogether. The Right Hon. Gentleman bad
professed to follow the precedent given.in the instance
of Mr. Pelham; bat Ur. Pelhatu's plan was distin-
guished for its openness, frankness, and fair dealing,
while the present plan was only characterised by its
crooked principle, by its trick and device. He wished
.the Rightlflon. Gentleman bad been advised by some
such person as Sir J. Barnard. Ho was sui• that
such an adviser would not have recommended the re-
duction of one part of the debt, by changing. the stock
of the holder, by placing him in a worse sitairiun thud
that in which he stood before, or by compelling him
to accept the terms offered, otherwise reducing bin,
to a situation of considerable difficulty. The plan of
learning's. 1.0 were the dissentient'', reduced the holders
of the stock to such dithculty. If be (Mr. Ellis:o.J
for instance, were amongst the dissentients, he should
be asked, supposing he desired to sell his stork, how
he stood on the list of the dissentient.. Thus being
high or low on that list, as dissentients were to he
paid off ac sag to the turn of having expressed dis-
sent, would affect ON sale tof his property. Hart Oil
the difficulty arose Ott
the Right Honourable tiled-,
denten nut having followed that straight-forwaaiilath.
which was pointed out by Mr.. Pelona'. MD. The
Right Hun. Gentleman had bees obliged to admit that
7.114W,01101. would be added to the public bat :—but
if Mr. Pelham's plea had been .followed, the stock
would hays been gradually reduced from fr to 411 per
cent. and then to 4 per cent. Stab a pins would
have been gladly acceded tut and I. sopfeet of ft
there would not have been required asst ice(
the Chancellor's loarishlag. statewide& Hot afar
the Chancellor of the &limper die etwit al lueriy'S
—Why would be allow ethyl tea dt}s'd 4 b ibs
Aimentieota to expose their IlliftprOb4l4,
.1

.--,T-rw*-
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41Ib blllien of 1$11190i,000i: It;;141 to 1. iiii iNtir•
bsbosborebspaPpwetillawdlistpltiod of ebo selleare?
Atdinkfdatelkwas to be do east dq. /be tiepin
tr‘;14,11641111* "Oa not 47 ikg 6.044Pe is the
,fr,
itaisitip4i,doe of the . ',pop sr#4. which be
"iitehl ' ' 'lttSers. 'flit' rpetly.isd. tbot soalitlenee,
' lidiepreperis at pfiland 'tvittt'io math baste.
IN tostad tbOptab so* proposed* Ittairiedisio effeet,
wsibl wilps a twettobooli• so !Woke credit. and would
Prose higkly Injerione.. to indieWuals. It was sow-
doss thei. before the.,pseetpur of Parliament, spasm's-
done to a Teri 41614.'46 extent had taken Place on
the !tirellit seltaiKihiPill with the the to OOP dp
the tan& ' Attsorts tf Maas bad been adopesil it
totoopilalribie object; lied Jebel the isbjent pas en*
1 . ' t was part of the Noble Lord's sebemito
AO% !leek emulation!' were upstream'
ellyiejarkes, and the effect had been to
" - ink aid ode f rel n faads, as well as
". were ntriCatinir.

Nether those who
; in consequence
Tito iiii4NCELLOR•of the ENCHEQUHR said
they Weald still possess the power of transfertiog the
stock. bat considered as stock to be pail utf, and soh-
* to ). payment in the order in which it stood un the
list. 1'
•411. MABIOILY then said that be teas ienpinion
thaighe period proposed by the Right Hoooerable
4ileelteman would nut be sufficie* for the holders of
'this Stock to decide; that a considerable portion of it
w*llt the hands of trustees; that the 30th of March
email be the better tome ; that in 1749 three month*
were allowed ; this the political sate of Europe
should be considered ; and that the allowing such a
shah time would induce the eantry Ib **pose they
wore hurtled ism the mat** • •
agreed as to the proposal, hot
iihriglouk 14, the time However gnirkly application
tlPsetle. Ole qecatiun *gist at use eittu e ,ditfacti ity.•
Hi no dotiht of tyat•wish ivere,t.eansfetved i.
Lqedieret the iyarkek.44o 'of sake
of *EOM itit 1 tad ica 44 4tal In. it.
' irdeitf deireft to explain
hy.mblatledatilobllthallmledtto off the ttesninds of
th+oelett amid Cara m this proposition. The
eg loggias be suppose/1

films tn.
lirl.pet:cest-494; - -
to
Mullin, will withhojk declaring it until the latest
nitament---the 16th of Mirth. 1822, lest by declariog
earlier, hit Might make • had fiargain. Perhapiit
was in the eonteutp!atton of the Right Hernooratild
Gentleman to raise by Exclftquer Bills the money with
which he intended to pay the holders of five per cents.
who might refuse to take foot per cent. in the new
stock. He would think it a great advantage if the
public were allowed to subscribe to the ave per cent.
stock in lien of those who mkgbt dissent from the
Right lion. Gentleman's measure.
Mr. T. WILSON thought, that in reducing the five
per cent. to four per cent., a great hardship was ant.
posed on those who had small incomes. It placed
them in a state which might subject them to many
difficulties, because it would ulnae a considerable re-
duction in their means. It was boiling an iron cud
over their heads. Those who held from 201. to 50f.
a-year would still suffer a greater redo-ohm by putting
them in the three per cents. It was his opinion that
• longer period than seven years should be given for
paying off the new stork.
Mr. BRIGHT said it would be of more advantage
to the country if the five per cent. was reduced to four
and a half, than have an additional debt of 7,000,0001.
upon the country He did not like that cerium
should be obliged to signify their dissent, because he,
thought it a
beg leave In ask :he Right Honourable Gentleman
upon what system the rules and regulations by which
the trustees should be gni led, were to be conducted?
l 9 r. BANKS wished to ask the Chancellor of thei
Exchequer if the system of compound interest was :•
go on as usual, or whether it was to undergo any Mot
alteration ? •
The CHANCELLOR of the EXCHEQUER rose
to reply. He said he would fi-st answer the qnestion
of the Hon. Member fur Curie Castle (Mr. Bank.;)
the question of compound interest remained yet no-
decided, an ii must be a subject fur the futtarecoosider-
alien of Parliament. It would be necessary to intro
duce in a tangible shape. and in such • lurm that it
would meet with • fair rlisc.:•,•,ion. With regard to
the question proposed by the Hon. Metuber for Bristol
(Mr. Bright), as to the regulations to be adopted con-
cerning the trustees, he %stolid say that the same sys-
tem wolltinow be adopted which had been in 1749
when a Rill of Indemnification was ecarred for thew.
The Hun. Member for Weymouth (Mr. W. Williams)
shoed alone in doubting the competency of Parliament
W interfere. It was not doubted in 1749, when a Bill
was introduced for reducing 49 millions. The lion
Member fur the City of Loudon (Mr.. Wilson) said
titatlisaay tenons would su :er under the new system ;
bkt Iso (the Chancellor of the Exchequer) thought, it
theydid staffer, 0 proceeded from an anavoirlable coo.
tioamicy ; however, he could not agree that any per-
sons would he tuaterially injured by his plats—
they purchased, subject to contingencies, at a low
price, and afterwards there was a considerable in-
-so they", bad been a long time gainers. It was.
imports*, to kits', the: if they' suffered a reduction:
of IS per tile; there was as still greater redaction,
of 13 pee dfik tic tbe prices :PI provisions and turces7,
, I•vit !set .41. •

,

.did be seas to
The perdu{ oboe, of gold
lit present misery under
'dui. Should these
4sol Of Capital out of,
reconsider the
It was dot b,,
be served. The
not beoetit the
. and device. It
without diecolty,
• the distrait of a

the. proposed ipanid
persons; U tatted
r to be iteldire of
)bjeetiii lelt irk
seven 11111110 ed Ife
redeems
,200,000/. of *MO Ilse

or—r•
_.Add

..... • Z

Is maw as the tboshareitailitlighlinibtXbash,wileh;
mad the,ounilwr He ashwillise Right Hoe. Gentleasau..€
Parliament on inereue the Funded Debt? The pard"
B did not expect sod pa In 10 it„liad caused thermal'
part uf the ma. which .‘a
. *as labalrlat,,.
should lie* is hatted[. elites the seCisoft-Or
thus thealleirstw the; coy .' t eroald be nbligeed to
26th 0•4. Wo. . seho currency.
d raerrised„the Immo , 90. the ankotry cools'
it. • The apes subterflefeefd /teal cussing would I
a the [ULM- nation. This ne no time for trick ai
dial Debt. • 'th Wei a pl—..SlvAue "Sak,%..„,...isite plan that, with
Ater* mash plea tad ',Mitotic' teeth. would relieve th
r departing from geneses. penpi :. .. ,
old be redeem- Mr. Wlfefell hiP.thought the.propoi
rtio
To be able to press bard a the ifty thousand pen
he strung proof by tbilchk ie, tof the Exchequer tc
lberente to the small saiestgroffitock. Another obje
vas alseevideace that, libeitti df- redneisg, it added se,
'termination ex- the ament ot the National Debt, to
) the o ge- mould fittirq six years of tie 1,200,000
he support of country was to be annually relieved.
f the currency. Mr. IdABOHLY wished to kouw who
r the enactment should ,disseould be oireacuscribed I
ion of the halt in dicier ilowdnnf treader,