The Statesman.
London, England, 1823-03-14 00:00:00

the expenditere of the country, to be applied to the re
auction of the debt ; if ep, they not only prevented 'eh
taking off tales. should the Revenue increase, but in the
event of its tailiog off, they prevented an increase of the
Revenue. ll* putting on new taxes, proportionate to it.
ditcreese, In the event of a decrease of the Revenue.
they could not have recourse to Exchequer Bills and thus
itspornc the 'Unfunded Debt, because by the resolutions
of 1019, the incoroe of the country must exceed its expen-
atop, hy five milflions, if a deficiency should arise, he
-zra not therefore see how it was possible to make good
the Ave millions, beenusebyttese resolutions do recourse ,
could he had to borrowing. Gentlemen 'did not seem
-aware of the length they wire going in givipg their
their simpott to the Bill. Whether the surplus con-
Meted of five or three millions was dot clearly tinder-.
*rood, because there was not One paper produced .by
which it could be discovered from whet source the five
dtallliotis was derived. The Chancellor of the Exchequer
must certainly be the best informed upon this matter,
from the peculiae eoureesof information which he -pose
tweed, bat as yet it was, enveloped in a mystery which
ought to be removed. He was inimical to the Sinking
Peind, and wished fora reduction, of taxes. Upon the
latter ground, be principally ohjected to the resolutions,
because they tied up the hands of Ptriameat from giv.
In relief to the country, should an improvement of the
Keeton afford such an opportneity. He did not ,see
after assenting to this Bill, bow the house could with any
doges* of consistency support the module of which an
Hon. Friend of his had given notice for a reduction of
taxation. He could not understand bow the two mil .
lions said to be saved by the Half-pay and Pension Bill,
was so arianged.as to become income, betiause so much
must be hbrroweil within the year, and it wide no differ.
core whether it was borrowed by Dwane of perpetual or
tertnindhle annuities: It did not matter in what way
money was tailed, oe to whet purpose it was to he con-
verted ; no iinelificallon raid make it become income.
However the Chaheillot of the Exchequer could set the
House upon a correct viest of this point by the produce'
lion-of a single papir. should be glad to learn from
the Right Hon. Gentlemen What was the real amount of I
-surplus, because if the Heine pledged itself to mnintain
a Sinking Fund of five millions, it was bound to adhere
to that pledge, if not, it might apply an increase of Re-1
venue to a reduction of taxation. Suppose, according
to the statement of the Right Honourable Gent., there
was an actual surplus of five millions, be would be
plod to know whether di no the income must continue
tosexceed the expenditure by that sum? betause one of
tee resolutions of 1819, stated—" That for the purple
of providing for the reduction of the National Debt, it
wee absolutely necessary that there should be a clear
surplus beyond the expenditure of five millions." • If
so, this pledged them not to make good a certain sum,
but a surplus beyond tlicexpenditure, whatever it might
be; of five millions. He therefore wished to learn from
the Right Hon. Gentleman if the Revenue should so
fall off as to cause a diminution of the surplus of five
mallow, by what means be meant to make good the
difference.,
The CHANCELLOR of the EXCHEQUER could
assure the House, that he was as anxious as the Right
Hon. Geatleinan could be that the present measure should
be fully understood. Ire would endeavour to answer the
• two remarks of the Right Hon. Gentleman, though he
could scarcely hope ever tir be able to express himself.
with that al •arness which appeared almost peculiar to
the Right lion. Gentleman.' He would first explain
why it was thet'he considered himself entitled to assume
a surplus of five millions this year. Speaking in round
numbers, the total of income was .10 millions, after de-
ducting the two millions of taxes repealed. The enneal•
expenditure, including the charge on the unfunded debt,'
was 47 millions, leavtug a surplus of three millions. But
he was entitled to calculate on the benefit to be derived
by the sale of Annuities to discharge the haMpay pen-
sions; (though this calculation was, of course, made on
the assumption that the plan would succeed;) and thus
calculating. the benefit in question, being two millions
added to the three, would make five millions. fie would
explain this—lf, for instance, Parliament agreed with
• the individual holders of this half-pay, to pay them two
u i lilting and upwards, for forty-five years certain, instead
of ninv paying four millions and upwards, with the chance
of paying less as the different lives dropped, bow would
the case amid? The four millions formed part of the 41,
millions expenditure be had before mentioned ; and there-
fore that 47 millions would be relieved of two millions of
the agreement. This, theo, would reduce the expendi-
ture to 45 millions, which deducted from the 50 mil-
l:rots of income, would still leave a surplus of fire mil.
lione.• Arguing upon this hypothesis, and which he
submitted he had a right to do, he would ask what pos-
sible difference there could be in substance which.
.ever way the plan in question was reduced to-calcula-
tion? He contended that the five millions in question
• formed a bone fide surplus applicable to the reduction of
dell. He saw no mystery in the transaction, nor any
thing of that wtiich, as applied to this question, had been
familiarly called Isom pocus. The next question of the
.Right Honourable Gentleman appesred to be " how was
it proposed to guard against the consequence of those vi-
ta ssitinimi which must attend every public revenue ?"' Aod
then the Right Hon. Gentleman assumed that fresh taxes
must be imposed to supply any deficiency herraftet. Cer-
tainly it was impossible to regulate any Sinking Fund
• with so minute in accuracy as to prevent the occurrence
•of sash vicissitudes. The. Home in case.of a deficiency
would not. in his apprehen4on, be bound down so tight
es the Melt Hon. Gehtlemmi imagined. Neither did be
'think, that in treating of the. present Surplus, it was at
all necessary to anticipate or provide for a future possible
deficiency. To preeent such a deficiency be was free to
adsnit, that upon mere financial grounds, he would ra-
tios. provide a surplus actually exceeding the sum he pro-
pesed toset apart for the reduction of the debt.. Its, how-
ever, he did not Vollic at the question upon mete financial
grounds, be thought it better to give the country tbe be-
nefit of a remission of taxation down to the retention of
the specific surplus. Five millions was, he thought,
as low a sum as could reasonably be filed upon ; and
beyond that he bad no• doubt the country would derive'
Lenetit from the "emission actually made. The difficulty
• suggested by the Right Honourable Gentleman. he (the
. Chancellor of the Exchequer) was sanguine enough to
helieee was very r :mote; and he had no doubt that his
future consideration woold be drawn to the question (AA
further retnission of taxation: and he could promise the
Mouse that that consideration should be moist favoarably
given.
Mr. HUME contended that the Resolutions were not,
consistent with the preamble of the Bill, and if the
House allowed them to' pass they would stultify them.l
'elves by making• one part of the Bill contrary to the
preamble. The Right Hon. Gentleman, on a former oc--11
motion, declared that any attempt to establish a Sinking'
Fond without a real surplus was a mockery and a delit-1
sioo,and he could not conceive on what grounds- he now
allowed the-Actto be so framed as to leave room for an I
infringement of this principle. He, therefore, felt it his
duty, as. thi only means of tytitg down the bands of the
Chincellor of the Exchequer, to mbve as an amendment,
That after the word annual, the words" Sinking Fund
of five millions," contained in the Resolution as it now
stood, be left out, and the following words inserted : "
real surplus not excee:ting five millions, the amount of
the same to be estimated by the. Look of the Treasury, to
he increased or diminished in proportion to the increase
or diminution of the Revenue. . •
Mr. O. BENNET seconded the motion.
Colonel DAVIES approved of the clause In the Bit
which enabled the Muse to consider it again during the
Session. He thought the measure ill advised,erhen the