The Statesman.
London, England, 1823-04-29 00:00:00

.NA.;V:Krtili...-/-11.ii'ARY PENSIONS' BILL.

On the Order of the Day for the third reading of this Bill,
Lord KING rose and declared it as his opinion that it
was one of the most foolish Bills that ever came before
Parliament. The object seemed to be, to complete the
system adopted last year, which was not understood at
the time. Ile wished to know why a bargain had been
made with the Batik of England, at a time when the funds
were considerably lower than at present, end when his
Majesty's Ministers must have known that the funds
would recover from, the depression they then experienced ;
for if they had resolved to observe a system of neutrality,
they knew the funds would rise; and therefore he asked
Irby they did not wait fur that molt before they made
suet an improvident bargain ? Indeed, whether the
couetry was to be in a state of peace or war, this measure
ought not to have been adopted, for nothing could be
snare ahs'tr.l than the act of keeping up a fund for reliev-
ing posterity from future burdens, and ,at the sane Aline
mfopting another measure Which went &Welin
to implote
a burden on posterity. This was a piece of gerdema
more worlly of conjurors than of Ministerl- of State.
For these rcasons he would move, as an am* dment, to
insert the following words:—" Whereas lb ge-
neration and posterity may derive great advantage from
keeping tip a Sinking Fund, to be counterbalanced by
laws : be it. enacted that the Lords Commissioners of the •
Trevory, in order to increase the revenue, may have
power to raise from the Bank of England any sum not 4
exc cling ten millions, for 100 years to come, the same
to be paid he deferred stock."
Lord BEXLEY defended the present measure on the
same gooot is which he had advanced while Chancellor
of the Exchequer. The object of it was to relieve the
country from its present pressure, by equalizing certain
payments for the space of forty-five years, after which
they were wholly to cease, and by that means.the country
would experience a present relief of two millions annu-
ally. He contended that the bargain had been made on
the most advantageous terms.
Lord ELLENBOROUGH said the present appeared
to him a most complicated transaction, in which the Bank
of England had completely overreached the Noble Lord
opposif.e.
fhe Earl of LIVERPOOL said the only question then
for their Lordships now to consider was, whether, in the
long war the country was not likely to derive consider-
able advantage from this measure, and whether the terms
made by Government with the Bank were not such as
ought to have been made. The bargain had been con-
cluded on the same terms that had been proposed last
year, and he was sure their Lordships would be of opi-
nion that 4 per cent. was a pretty fair average of per
ventage in time of peace. The only question then was,
whether it had been vise to conclude the bargain at all.
Of that their Lordships would be able to judge when they
considered that the measure produced au immediate say-
ia;; of two millions a-year.
Ile Marquess of LANSDOWNE conceived the pre-
sent to be a case in whici. the bargain could not be belle-
ticiJl to either party; and he did not conceive that that
which went to throw a burden on posterity could operate
as a relief to the country. It was, besides, doing away the ,
effects intended to be produced by the Sinking 1 und,
which imposed a much greater burden than the relief
proposed by tl:e present measure. It deprived the finan-
cial system of the country of all its simplicity, and, in
conjunction with the Sinking Fund, went tc introduce
an artificial system of the most inconvenient and objec-
tionable nature. Therefore be could not consider the
present Bill as entitled to the approbation of their Lord-
ships. As to the probability of our being engaged in
war, or continuing in peace, it was so far as regarded
the present measure, quite immaterial, after we had, as
appeared by papers lately laid on•the table, completely
lost that ascendancy in the councils of Europe winch we
ought to have maintained.
The Bill was then read a third time and passed.
The other Bills on the table being read in their stages,
the House adjourned.