The Statesman.
London, England, 1823-03-12 00:00:00

THE STATESMAN:

: 1.

the contracting of loans. He was alsisys of opinion that
great praise was due to the Right Hon. Gentleman, now
a Noble Lord, for the teansactions of 1919, alluded to by
his Hon. Friend, when, instead of 24 millions, he li-
mited the loan to 12 millions. The result proved the
propriety of the measure. He Wili one of those who
thought that the country could go on in the present sys-
tem of raising money far two years longer without the
service of the Sinking Fund.
Sir HENRY PARNELL said that the Hon. Member
for linaresborough had put the question of the Sinking
Fund on its true grouoils, when he asked if the country
was in a state to bear the appropriation of a surplus to
such a purpose. if the country were not c•ipable of bear-
ing ir, he could certainly oppose any measure which
went to effect such an object. But when he 'coked at the
improved state of our commerce and manufactures, he
hail no hesitation In saying that the country was in a
fiouriehing condition, and was therefore in a condition to
bear a Sinking Fund. An improvement had taken place
even in the agricultural interest, and it was 'now in a
much better state than it was last year. He would agree
to the proposal of the Chancellor of the Exchequer on
certain conoitions. Whatever surplus existed, should be
produced in such a manner as would give most ease and
convenience to the public, particularly at the present
moment. It was the duty of the house to look at every
establishment, with a view of making further reductions.
He admitted that Government, withih the fist two years,
had made considerable reductions in the several tiepin-
rnents; hut ha thought more were still prbcticable, if they
were seriously examined. lie also ,bout ht that consi-
derable benefit would be conferred on the country hy.a
revision of taxation, as many taxes had been imposed in
great haste. A surplus thus obtained would not ember-
rase the resources of the .country. tVith regard to the
half-pay measure, he thought one so inconsistent would,
on asecmidjconsideratioii of it, be abandoned. His great
objection to a Sinking Fund was, that it always left a stir-
plus in the hauls of Ministers, and was thus a temptation
to extravagance ; but this might he removed by applying
the surplus to the diminution of the capital of the debt,
im adding one per cent. to the interest. The project
which he would recommend, was to convert the perpetual
Annuities into terminable Annuities, and thus extinguish
the capital of the 3 per cents., by increasing' the interest
to 4 per cent. This plan would completely take the sur-
plus out of the bands of Ministers.
Mr. RICARDO said, that his objectioo was not so much
to the principle of the Sinking Fund, as to its being at
the disposal of Ministers.. lie therefore concurred in tlie
plan suggested by his lion. Friend (Sir H. Parnell), be-
cause it would take the surplus revenue out of the bawls
of Ministers. His boo. friend the Member for Penryn
(Mr. tirenfell) io reference to his (Mr. R.'s) plan for the
pigment of a national contribution, spoke of the difficul-
ty of adjusting property. The Hun. Gentleman spoke as
lithe project were to be executed in the space of ore or
two months, but be (Mr. It.) meant it should be paid by
instalments, uhieb would spread it over a considerable
time, and thus remove the duficully of adjustment. He
admitted that the Sinking Fund would decrease the
debt if it were applied to this purpose, but the uncer-
tainty that this would be the case, being confirmed by
experience, induced him to concur in the project of his
Hun. Friend.
A MEMBER, whose name we could not learn, said
that the present state of the Sinking Fund of five tail-
, lions, was partly real end;partly delusive, there being but
II a real Fund of three million.. lie approved of the prin.
Iciple, if the Fund could be applied to its propel object.
He did not concur with those who wished to do away
with a Sinking Fund altogether, because that would be
declaring that it never had been of use. Upon the whole
the country would lose by doing a its), with it, because
it would be compelled to borrow money on worse terms
than if it bad existed. %nether the National Debt wee
properly or improperly contracted, was immaterial; it
was contacted on the public faith, and should therefore
be kept inviolable. The Honourable Gentleman con-
cluded by saying be would vote for the meature of the
Chancellor of the Exchequer, because he was friendly to
the principle of a Sinking Fund.
Mr. MONCK maintained that the best security to the
public creditor would be the abandonment of the Fund
altogether, and a corresponding reduction of taxes.—
The rest of the taxes would then be paid wish more ease
and god.l humour, which was the best security the pub-
lic creditor could have.
Mr. T. MAR riN concurred with those Members who
were of opinion that the Sinking Fund should be taken
out of the hands of Ministers.
Mr. 11U ME said, that nobody coati doubt that the
Sinking Fund was at the disposal of Ministers, when
from time to time they had encroached upon it, till they
had taken from It 324 millions. He could cot agree to
the Sinkiog Fund toll its system was altered.
The house haviog then resolved itself into a Committee
on the Bill,
Mr. HUaIE proposed that the blank should be
up with three millions instead of live millions.
The CHANCELLOR of the EXCHEQUER said,
that if the half-pay and pension urnsure should he sec-
cessful, there would bean actual surplus et five millions ;
if it felled. the case would be exactly the same tab if a
casual diminution of the revenue had taken plat-e, and
there would be a Sinking Fund of only three millions,
In the format eveut, it worth! be neeeseary to have. the
blank filled up with five millions, and he therefers thought
it better to insert that sum now, while the proposition
of the Hon. Gentleman vcoeld leave the Sinking Fund at
three milliens, thoeirh it had been actually five million;.
Mr. OREN FELL wished to learn from the Chancellor
of the Exchequer, whether in the event of not selling the
half-pay and pension annuities, at whit he would consi-
der a fair price, he would allow the Commissioners for
reducing the National Debt to beeome the parch tsars,
and then only three millions would be applicable to the
purchasing et the three per rents, ; or it in ease of 361-
ing, he would go on purchasing with the t.ve
Mr. HUSItiI9SON (as well as we could cat-hi his oh-
servntioos) said, that in the event of failure, the Com-
missioners would beallowed to become purchasers; which-
formed a part of the plan so much approved by some
Gentlemen at the other side of the house, that of solvat-
ing perpetual into terminable annuities.
After a few further observations from Mr. Meter:o,
Mr. OftartgaLL, and Mr. Hesittssoo,
Mr. HUME then moved, as an amendment, that the
bleak be filled up with the words " surplus revenue not
exceeding 3,001.1,00 W.," instead of 5,000,Cria.1.
After a few words from Mr. theitoratt and dl r. Hes-
orison.
Mr. HUME said he wishe i to know from the Chan-
cellor of the Exchequer whether, in the event of the Re-
venee falling MI, he still intended to pay s,Mio.tifitlf. from
the Consolidated Fund to the Cumnosatunera fur the kir-
duciion of the National Debt? •
The CHANCEL Wit of the EXCHEQUER replied,
that, in case of any such debeienev, the amount was to be
made up in some other way. It would be meat extraor-
dinary It the fluctuations in the Revenue from one yea,
to another should prevent a certain sum being opptupri-
ated to the reduction of the debt.
Mr. RICARDO said, that the objection of his hop.
friend (Mr. Home) was, that that should be made certain
which was not so in rc'lity. It was ..rohsble that, in
one sr, the surplus revenue might not be more than
LOOthbOUI. or it might be 10,000,0001. ; but the chaniel-
'tor of the Exchequer still wished to fix the amount at the
Sinking? Fund at 5,000,0001. certain.
Mr. ORENFELL said he should support • the vote for
5,000,01.41. as he was convinced the surplus revenue this
yea would amount to that sum. The result, however,
could. not be known till the end of the year.

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The Countnitter then iitiatt,pl uu t.ie Ameti.►tneut:—
Ayer. 7 ;-1110m, ;—Majority agrinit the Ais vd-
ment, 4d.
The other ciaose3 of the 13111 wee.. tiro agreed to, to.l
the Report was ordered to he received ruff.
ASSESSLD TAXES.

On the motion of the CHANCELLOR of the E!•-
CHEQUER, the Report of the Assessed Taxes Reda:-
flow Bill was bronght up, and the st semi amendineLts
agreed to. The Bill 11,ilb that Lead a third time ant
itemised.
The Irish A rme.Bill was read a third time and pitted.
The Kaport of the Irish Ye.noanry Bill was hroag:tt
up, and the several amendments using agreed to, tie
Bill was ordered to be read a third time to-morrow.
Mr. HUME gave notice that he would, toonorrow,
move for certain It urns i.,lative to tlie public debt.
The other Orders of the Day were then d'aposed
land the House adjourned a few 'ninnies after b u clocks.

SWEDEN.

STOCENOLN, rm.. 21.—The Nino has given the fat'
lowing Anse er to a congratulatory AthireSS, presented
him by the States General, on the marria4e either Prince
Royal nkb the Princess of Leuchteuhurg :
" I receive your Address, and the congratu'ations
which it courains, with tho expression of sentialeats
which von have always testified towards me, and which
bear the character of independence and of sincere grati-
tude. The diecussions which took place on the soh ect
of this address, have given a new proof of the &tbs.:o.-
ment which the national representation bears to me se
well as to my son. This earnestliess uo its part weald
inspire we with new energy in the fulfilment of my 'dui!,
were it possible to augment my soul's forte and ari'eset
desire for the welfare of the country. My eon hat en-
tercel on a state, to which tl.e unanimous wish of the na-
tion called bin. The efforts it has made, and the
unexpected results produced by these efforts, are
powerful motives far desiring ti.c continuance of t'
representative sys'em, which we have tanatcrea.
A representative liosernment should preserve a jus
medium between expression and licentiousness ; tt
natural preperiaity of man carries him to them et.-
terrors. it is difficult to €u I and maintain a Lae; ed.
point, but we hare attained this end. '1 here rc:gns
here neither despotism nor licentiousness. The zeal aait
interest which liberty inspires, are, doubtless, wool.
of praise ; but when they are no longer contain id witi-ti
just bound', the nation loses that liberty whirn it loves,
instead of cwasolidatints its possession. Ido nut corneal
from myself the obstacles which 1 hare encountered at
first to obtain this teid:l;6mo ; these difficulties are mr..-
tiplied wl en we elms: pass from ore old, ins'ilution to a
mew Constitution, and from the laws and cus'oms Cony-
trated by the first to the improvements which the recomr
presents us. As the guardian of this contract, I feel tbCt
it is necessary to regard the influence of opinion. and the
power of habit ; 1 equally respect teeth one and the othe r
among men who have strong predilections for the :h:nre
which they. have I:ard from their infancy, sad wiekh
1 they cherish more than their property. 1 beseech
PaomeNce to preserve to us the national hot:oar is ith-
out stain—the only good to which we ought to attach the
greatest value. 1 lien, in :he quality of Beat Rept-seer:Le
live and the first Citizen, I shall have acquired an tube-
rent right to the gra junk of a brave and loyal peop'w.
alio have elmeen me to watch over their destinies, and
raise again the glory of their name. Few years reirain
for met but my last breath shall sound a wish for 'he
happiness of the Suedish people, and of the -Ykancitizav'.
•