The Statesman.
London, England, 1821-03-06 00:00:00

I

I

iMtore would I* roe silt wijuld'sto • i - • should,
go be hoped the Hoes* woltid ver-udix soy class be-
load its fair ••roportion. wai sot sound reasontig
to eellist a fair and Altai Tax, lest- an uneqsal one
otroulsi he imposed. • The distress of toe emsetry was
flow ',dice as great as It had been in Prance at the
Welshing of the Revolotien, sad they should imam--
bet, that it was the obstinacy of the plirlleged order,,
to plead:ne their etomptiens, which brought on the
Vitleolties which ensued:' As be thohotht them was a
fair claim in jurstiee sad elpedlemey 'hat the Funds
• Ihowld be subject to taxatioh, he did hot shrink from
the odium of av .wing his opinion. Its moved for in
*count of all Transfers of Stock at the Bank for the
hot ten years (except that transferrid to the Com-
imisslosers of the Sinking Fund), distinguishing each
year, sad each 'species of Stock.
The CHANCELLOR of the EXCHEQUER said,
its should oppose the motion, on the broad grenade of
the basis whit!' the Hon. Member hail laid for it. He
was far from wishing to charge the Hon. blember.ith
aiming at the destruction of public credit and private
property, but he was compelled to say that the propo-
iitioa of the lion. Member was fully deserving of all
the reprobation that could be bestowed on it. The
Mon. Member bad cowlounded two very distinct things
;---4 tax on the funds al such, and a tat on the funds
in amsmon with sill other property. The landholders
bad submitted to the Property 'fat without a murmur,
bat to subject them to special taxation would be a vie-
latiou of the faith which had been pledged to them.
It was stipulated in every loan Bill't hat there should
he no tax on the transfer of stock, so that the Hon.
Member, by proposing a tax upon transfers, had taken
the ball by the horns, because, If ever such a tax was
bemused, all the argument against other taxes from the
breach of public faith was taken :mil. The question
bad been mach confused by the assertion that the debt
had been contracted in a depreciated currency. In the
years is which the currency was depreciated sums
were borrowed not to a greater amount than one
fourth of the debt, and this was so mixed up with the
rest. (as no one who purchased stock knew in what
year his particular portion was creates!) that it was
impossible to trace it. But even if any could he found
in the bands of the original holders it would he
upjest to tax tbstn on account of the depreciation, nor
could it be done without extending the principle to all
private bargains which were made at the same time.
Any tax that was imposed on the fund' would less af-
*el the rich landholder than any other. His capital
Vas speedily transferred, and would be transferred,
on the first intimation of the intention of Parlia-
ment, to foreign funds, where he would get a
higher interest for Isis money.—(llear)—from
which be was now withheld only on account of the
supposed superior security and faith of this country.
At New York or Paris he might laugh at our taxes.
The alarm would soon extend beyond him. The small
fundholders would be alarmed ; the word with all
proprietors of stock would be, saerc qei peal, and
transfer mast soon stop tor want of buyers. Then it
would be that the cries of distress and ruin would be
heard from the orphans and to idows, and from
thousands who depended on the funds alone for their
support. Who could calculate, too, what the effect
on all other property would be, when this vast mass
was reduced to nothing? Tim good faith of Oa,
country bad been its surest stay in tins». 44 l iTiger.
and the measure which would rob En!rl.:nti of it,
public credit, would deprive it of its best support. ;Ina
lay it open to ev.ory enemy. On these grounds lie
should give a negative to the motion.
Mr. JOON MARTIN observed, that as the rest.ir-
lion on the Hank was not a permanent 111C114110e. KU it
was known when the public contracted loan. that an
alteration must take place at some time or other in the
value of the currency.
After a few words in explanation from the CHAN-
CELLOR of the EXCIIEqI'EIt, the sun was:ne-
gatived.
Mr. DUI:DALE moved for leave to bring in a
Rill for the more summary punishment 1,1 juvenile
delinquents. lie stated, that lie intended to routine
the operation of the Bill to delinquents under :•ixtreii
years of age. The 11.11 was to give power to two
11.iristrates summarily to commit them to hard la•
hour, is cases of thefts to a small amount.—Leave
given.