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

1;4

coseseltepursee, be could not see why they. *ere to take
.the crooked path. The plaie and aimpleway.wee 40
take the 2400,01.101. from the Sinking Feeds sad shwa
there would remain to deem exactly the same as by the
other plan, the sum of 2,800.000. At present be shaidd
not enter isle any further oblectioes to the memo.
Mr. T. WILSON could assure the Hoe. Member who
-.poke laat, that be had the greatest aversion to crooked
andmoil about courses, and as he saw the 11". °fa'
tlesau going a retied about way to attack the Slaking
Fund, he was determined to take a 'Weight forward one
so support it.—(Hear.) The Hon. Member had spoken
ut the comparative situation in which we should be
Piimetl by the adoption or rejection of this measure. He
defied him 0 make such a calculation, unless he could
'4....... • tell tbe chances of war and other causes which might
:`.
.-%.....,'. operate upon the Funds to the disadvantage of the con-
:.,- tractors. tie thought It would prove a good and a mood
4 rgain. The Sinking Fund must be preserved. They
)
e-
iad ibtlyeasecitotels
innltthhee veryiii
reductiontp o r tosfm
thetep efirvaet fro nsr
Cwenbi et:.
Pe hoped to se, that operation followed bye similar one
upon the Freer per Cent. Stock, and that not long first;
tmt it never could be expected, if the Sinking Fend
were not appliid to it. legitimate purpose. For thew
sea-ous he should give the immure his firm support.
Mr, BROUGHAM was of opinion that smite answer
ought to be given to the cogent arguments which had
been adeacced hy his Hon. Friends. He congratulated
- . thelloiliellor of the Exchequer on his having at leegth
consented to reduce taxation. Ile bad begun well, for
* . toot Millions was .good deal for a man who a short time
ago soitl that becoold not give op a farthing ; and it should
not be Lis fault if be did out rethwo 1 millions
more. If an advantage were effected in the contract
from the probable falling of the Funds, m bad been
stated by the Hon. Member for the City of London, why
not contract a loan of '20,000,000L, and apply that sem
to a Sinking Fend or any other useful purpose? There
was also 30,000,0911/. of unfunded debt, and why net
fond that debt if there were such advantages to be de-
rivritfrom it? It was quite obvious that the taking the
money from the Sinking Fund would be the mode most
consistent with economy; for by doing So we should re-
tain to ourselves the profit which must go to the con-
tractors, be they who they may. It necerearily followed
from this plan that we borrowed, and that payment was
sit bored Co our posterity. As to the Noble Lord's plan
of the Sinking head, to let the 5,000,001 W. go on secs-
ululating at compound interest for ten years until it
amounted to 8,0010110 i.; during that period no taxes
fc..!,1 he taken away; but after its expiration the fined
would be applied year after year to the reduction of
taxes; while the country was in its present lamentable
state of dieters', he contended that we bad better have
no such Sinking Flout at all. The 5,000,1100 f. ought to
he taken for the repeal of taxes, to he laid on again when
the country was sufficiently recruited to bear it. But
then came the question, since they were to have a Sink
log Fund, what were the best means of employing it.
Now he had a plan which be wonhl state to the House,
and Whielt be cousidered to be of mach more value to
the country than the Noble Lord's. He would take the
5,0110,0001. and let it operate by simple interest only,
which would give !WHIM a-year, to be repealed
in taxes immediately. in the ten years this would re-
duce 2,500,0001. taxes, and in twenty years, 5,000,0001.
By the Nob!e Lord's plan, in twenty years they should
have remitted 4-000,0001. of taxes. Ai twenty.six years
the Noble Lora'a plan would overtake his, and after
that it would have the advantage. How, be would ask,
slid this correspond with the Annuity Plan? The one
matte the expense fall upon the future generation, and
the other took it off. The two plans were directly
opposed to each other. With regard to the Chan-
cellor of the Exchequer's plan, its novelty would raise
tie market against Lint lien must always be bribed
into such transactions as they aid not understand from
experience. The market into which the Right-How
Gentleman would go, must necessarily lie confined. He
entreated the House to consider what most needs follow
sorb an arrangement. There was no difficulty in nego-
rioting a loan, bet:Attar prreous having money to spare
- would embark it in that, knoning that their returns were
immediate. lint in this ease the bidders must necessa-
rily be contracted. and confined to large capitalists.—
That private intliviatials, therefore, should embark pro-,
petty in it was not to be believed when they saw the
very few persons who entered into tontine concerts, not-1
withstanding the means taken to unit' them. A few, who'
wished to pre; isle for their children by advancing sums
at their birth, to be received when they became of age,
might purchase in this Fund ; but the naturally limited
rharacter, of the market ren.lertl it certaiu, that per-
sena must be bribed, is order to indite. them to contract.
In env cane an advantage 'inlet be given, and he int rested
the House to think who was to pay it. Let them only
look at the ridicule which would attach to their commit
ting such an absurdity. At the same time when they
were locking up 5.0110,0001. in a chest, and lending
money to great disadvantage, they were to go into
the market and borrow money at a great loss. Titus,
whether they were borrowers or lentfere, the profit al-
ways went to the contractor. Any Gentleman, in private
life, who pursued a similar course, instead of being sent
to his Olea mansion would he taken to Bethlem Hospi-
tal The Hononraitle and Learned Member then put the
1
calker a private individual borrowing money at disad-
vantage, when he bail the means of paying the debt in
his own hands. Ile saw no reason to shift from the
grounds upon which he first heard and understood it,
and upon those grounds he should vote for the amend-
ment.
The CHANCELLOR of the EXCHEQUER said, in
reply that in the beginning of the Session both sides of
the Ileum took an active mash' supporting the Sinking
Fund, on the principle that public credit and the dig-
T buy of the country ought to be maintained. One mih
hint attd a holf was already saved to the country by the
I+l t: et, S of one of the greatest financial schemes ever in-
troduced into any country, and now another was pro-
posed, which would carry reduction to a still farther
,'stout. The ytestion between the lion. and Learned
Gentleman and himself resoired into this—whether they
should wait for the slow Operation of 'SO,OOOI. a year,
or should immediately (detain a remission of taxes of
warty '2.00.1.M0f. Ile thought it but jest to divide this
leirden between the present gent-lotion and posterity,
o wl „would reap the advantage of the 'Ostia exertions)
the present generation. If the country were
to such a state that it could not hear a pressure
eif 5 1,0001. it must he acknowledged that the present
„would
. 'plats mild be fully adequate to relieve it of the burden,
1(141 ptrlotps save it from the worst consequences. It
*as Material to ninety., that since the peace not less
. tharldo,ollo,lNlo/. of taxes bad been reduced.
"ou'iing: BROUGHAM, in explanation, said that be never
Zradvocate for the fetal destruction of the Sinking
slt .I All that he wished was, that its operation should
lo suspended duriug the coutiattance of the distresses
of the country.
Sir. J. F. GRANT said be was quite unable to com-
prehend the plan of the Right Hon. Gentleman, the
Chancellor of the Exchequer. Whatry.r might be the
expediency of abandoning the Sinkine Ftind,he thought
that the remission of taxation- ought to be the first ob-
ject of the country.
Mr. JONES obsecved, that if the amendment of the
Hon. Member for Montrose was adopted, and she ma-
nagement of the plan given to the Commissioners of the
Sinking Fund instead of to Contractors, the effect
must be to suspend the operation of the Sinking
Fund for sixteen years, to the manifest prejudice
of the public creditor. tientlenteu in that House
entertained notions so very dill' oo the subject e