The Statesman.
London, England, 1813-03-26 00:00:00

Fir

him bat teWok
'1114(it144
t• • •
tK
of no'ireil be.n;‘ es the public would slot be more
ready to retOtO to, the system 'of fresh talltido.—
lc.
The tame obserenti apppe)tred to hini to applywith
equal strength to wt was now proposed. He should
thority
of certaic

alt
lly _ _
if we could not distinguish between debt wealth :
.as if all public debt was actually public opulence,
instead of beiog:the melancholy record of 40 much
Hoar' ,On•

wealth consumes L-4 . anadyani;ge wM
1-eld oqt as to the .postpoqemeut of the neoeuity of
fresh taxes.-4urely, "len every forme{foeling aad
example were quite lost, we ought to consider well.
all corcuasatinces, before we retorted to this popular
and pladdble expedient. The new tables had pre-
sented to Mm the paradox, that we *Ors to add, to
our unredeemed debt, and diminish our chaegoso-i-It
did seem.to him, in viewing the statements, that In
1830 our debt would be greater, and our.,cluirges
thereby increased. He felt sure there most be some
mistakes in the scheme.: there was a delusion in
the printed tables. In table 1, page 9, it was
stated, that through the operation of the system, a
Waller proportion of our natural resources would
be respired for reducing the- debt: only about
18,0000001. The charge was to be dimiaishedp
sad the Sinking Fund brought to a par. Whys.
in 1821, when the loan of 1807 was to be set free,
was not a sum to ba applied to diminish the charges;
for that would make a difference in the representa-
tion of the amount of taxation ? What was to be-
come, in 1829, or 1830, of 30 millions of taxes,
which were to revert to the public ? Deduct themond
what would be the result ? Or if they dedeoted the

, -
also sefer,:as an , in support of his opi.
Von, to a Protest , in Lords against the syste
Of ipo9.--:ft began in the (*Hewing ,wanner:--::
.44 Beaune we colickye it inconsistent with the win-
,eiples upon which the Sinking Find, ana the War.
Taxes were established,—pripciples which, for 23
years, have never been departed from by Parliament,
notwithstanding the changes' of men an 4 measures
',which have taken place since that time.", The first"
name to that Protest was Lord Sidmouth. The name •
of Lord Grenville was also signed to it; and if, the'
name of Lansdowne was not added, he might ven-
ture to attribute it merely to the circumstance of his
not havi.ig then a scat in the IToase of Lords. In
1809, however, the loan was got on terms ad-
vantageous to the public, and at terms below the
common rate of interest. If, under- proposed
system, a loan of 28 millions was requi 4.he would
senture te•say, that for that purpose, near eu millions
more stock must now be created than at hat period.
TMs difference would lay an additional c rge on the
country of 400,0001. annually for inter t and sink-
ing fund, besides the reduction which fight other.
wise have taken place in the interest Exchequer
_
. Fkiend, b,-
'lt4
ink

21,800,0001. of taxes which were to revert to the Bills to be issued. His Right Hon. , how.
public in 1821 ?—lle then pointed out various other ever, might just as well lave thrown flui interest of
objections to the foundation and operation, of the; the loan of the present year on the Sinking Fund,
system. It was necessary to consider what would , without proposing hik general system. In addition
be the operation of the proposed system Costrasted • to the other authorities, to
,which he hid alluded,
with the present, not only in the accumulation of he would mention the opinion of the greatest of
,au-
, unredeemed debt, and diminution of the pinking thOrities on those subjects, Mr. Pitt himself. In the
Fand, btii also in the positive increase of boles at autnnsu of 1805, before be went to Bath; he 'had
no very distant time. If one was to .look forward many conversations with him respecting his plans of
"to the year 1837, the' proposed system would have finance for the ensuing year, and he not only
per.,
by that time reduced the Sinking Fund by near two feebly recollected the substance of those converse-
! millions annually, while the principal of the ust. • tions, but he could show his Right Hon. Friend, Mr.
redeemed debt 'would be increased near 300 millions. Pitt's ideas, in. his own, hand.viting aboukthettimet
The great desideratum for many years, had been His idea was to lay on as many taxes,.both war taxes
the equalization of the expenditure of the coup. and permanent taxes, as the country could then belie
try with its income. The hopes that had been ; without affecting the source: of its prosperity. It
entertained on that subject, would be dashed , was his intention thus to • add to the Sinking
away for ever if the present system was persevered Fund for the security of the public credit, instead
in. If so great a portion of the Suakin Fund of taking any thing away from it. For the last year,
was now broken in upon, what security would when his Right Hoe. Friend spoke of a vigorous meg.
there be for the public, that the remainder would : sure of Finance, it wis at a time when there wal hard-
uot be broken in upon also, as soon as their conve. ly an idea entertained that Russia could bear up against
nience required it ? Had the Right Honourable the immense force with which she was invaded : and
Gentleman settled in his mind wind he thought was certainly, the most sanguillre mind could not have
the minimum to which the Sinking Fund might contemplated the happy change in which every one
he reduced.• end did he think that the public would' now exalted and rejoiced. It 7 then, Russia had
be satisfied to hoar what this minimum tnight`be ? been Subdued, and the Continent entirely closed
In a very short time, if this system was persevered ; against our commerce--.-then, when the means or the
in, and any enquiries were made about the Sink- ! country were dried up—thee his Right'llon. Friend
lug Fund, the same answer might he given, which was to have come forward with his vigorous system
a Marshal of France gave to Bonaparte, when he of finance. It appealed 'to him, how,ever, that
enquired about the Grand Army, namely, that it whateier cause diminished the means of the country,
only existed upon paper. Under this system, the ' should also teach us to diminish ear war expendi.
accumulation of charge upon the country for the next I ture. As a Member of Parliamept, not .having ac.
Ifour years would be greater than all the charge in. cess to official means of information, he thought
curred by the American war, or by all the wars he. : that he might be allowed to Mier his objections to
fore 1783. It was not safe, merely to set up public any plan proposed, without being called upon to
convenience against tho violation of what was esta- state another. He assured his Right Honoura-
Wished law. This system would be a decided viola. b!e Friend that he was sensible of the great dillicut.
tion of faith to the Stock-holder; for .when a loan ties, he had to contend with; and instead of throwing
was contracted, or, in other words, a sale made of a . any fresh difficulties in his way, he should wish, if
certain number of .annuities chargeable on the re- possible, to lighteu them. As he had trespassed so long'
venue, and subject to the operation of the. Sinking ..on the patience of the House, he thought that it,
"Fund, it was evident, that..tftkittet away (lint Sinking t might be eipected that he would give his ideas on the,
Fund, would, by lessening the demand for the thing I subject. The Right Hon. Gentleman then, in a few
' sold, diminish the value of it in the hands of the words, stated. his plan to be, that 800,0001. now War'
holder, *44* would lie j. invasion of his proei Taxes should be raised, and charged by anticipation
party. It Was by. no means true, tbat.ihose wlio len-tllellnklag Fund. This increased Fund might.'
purchased in the Funds looked only, to, the' security Ibe reduced In few year, by the falling in.of the Im4
of their interest; they looked also totheprobableim- I perial Annuities, and of the Consolidated Fund;
e
provaent of their capital. This would beeesily proved and if peace should be restored, therewOuld be I
re.
from t his circuinstance,that whena few Years ago a pro. ; duction of a million per year on the fire per cents.
position was made to allow the 3 per cents. to be re- I It would be better. to adopt some plan which should
deemed at 80, the idea was immediately scouted ass leave the great system of the Sinking Fund entire,l
violation of the property of the Stock-holder.— t instead of forwarding a'measure which tended to de- ;
Did his Right Honourable Friend now suppose, that ! stroy that excellent establishment. The Chancellor
the Stock-holders would be content if he were to pro- of the Exchequer bad said, on a former occasion, I
pose that the 3 per cents. might be redeemed at 60? diet he was ready to ley' down his life in defence
The reduction of the value iu that time was not,mach ,of his new system;—.—NO one could ,doubt the
short of 20 per cent. The importance of iheSinking.! patriotism and loyal devotedness of that Right
Fund had been acknowledged not only by the tan. IlonoUrable Gentleman ; but lie could not help
guage of Parliament, but by' their conduct for the thinking, that this grand sensivtent belonged
last 23 years. In 1797, during the mutiny of the properly to the development of some other propose-1
Nore,, and at. other times equally MU*, -.Ministers, I lion' than that to which if was the other. •Ight ap.
instead of taking away any thing rom this fund, • pended. It would have become rather the proposal
were intent on adding to' for the pie s ofsivingl of some of those vigorous measures, which were

.;rpoie
additional security to public credit. The ;importance
of the Sinking Fund had been -se acknowledged. by
all nations, that even Bonaparte iu this tesPeqt
found it necessary to take for his model the English
Sink it% Feud. Ile, whose • whole, policy had been
in the destructive transfer of heriaw lives from pre•
duct's° industry to unproductive and destructive war
still found ,it necessary to perpetuate Jds means lir
"mini on bit tot,* to resort to a Sieking Vaud,
which with •,talm wee hot mockery and dirtusi?o.;
hypocrisy Iramimid,te he the hemage whisk vice mud
pay to virtue, so wee fhe estehlislunent of the Fre(seh
Sinking Fuhd, a compliment 0-theiesiellgace of the
•Erigtishkitifutlen'Ai Ii 8416'. er ect.Bng44e
was throwing the internof the loan epee the war

Might H7.44Friend
who
the EXCHEQUER coo.
laded with mistakes, !9
!ptions so radical, that he
incing -the .Committee of
which he had prop,,:m.
in that fear, because his
all the assistance of
illy misunderstood his
which it was founded •
ild havettalten a faire;
contilarid it as the
be enabled on giat play
enjoyment of thOse provisrous
a state of preparation.
the time was reapv
to avail itself of the ad-
prepared. His Right Han.
when he said that the
posed would operate in a
lerests of stockholdilrs,
reconciled himself to the phlo-,
h is Right lion,wri-
Mehtioned. what he (the Chancel-
' helieied was generally under.
: the Act of 1802 muse
at some time or other, necessarily take place. '!Till
was that which must occur, and therefore the quk,,,.
tion mem befdtre them um its a great measure, wile.
they 'r 4%st the'- the

Or . presort was proper time for de-
parting fiTortit ? IV was far from wishing to put the
Sinking Fund claim Instead of doing this, hehoped
the proceeding of that night would place it on a more
soli.l foundation Wall it had ever had been, and make it
more than ever a glorious monument to the memory
of Mr. Pitt. admitted that, for all the loans con-
tracted since t e Acl of .1796 was passed, the creditors
had a right to.the full benefit of the provisions of
that Act; but he contended it was in no degree in.
fringed by the resolutions under consideration.
plan, of which, they were a part, went to annihilate
every debt, contracted not only within the period of
45 yeais, but within a shorter period than that
within which its liquidation was promised by the
existing system. Ile had thought, it probable his
Right HotiOurable. Friend would have pointed o.it
some case in which this could not be made clear, but
as his industry had 'not discovered an instance a
this, he (the Chancellor of the Exchequer) could tu,t
but thinle. he had a right to suppose that such coul.l
not be found. This brought to Ids recollection what
appeared to him a most extraordinary objection to
the'plan, which had been urged 'by the Right flon.
Gentleman. Ile hid objected to it, that it, priu-

ciple was to take the Sinking Fund, and after re-
!serving so much bf it as-would serve to extfitgaiiir
Ithe debt in 45 years, to apply the remainder to the
1 public service. This he declared was no part of tha
present plan, though he contended, by the Act of
11792, to vary the mode of the redemption of the
debt to the principle of extinguishing each succes34e
loan within the period of 45 years, were stedfastly
kept In view. Nothing, however, in the presei.r.
.1 plan brought this question now before the How, a 3
• the plan which he had mu:gelded, wetit to dischar7o
the t debt ineurred by each loan within a shorter
riod even than that within which, by the existie;
:intern, it could be extinguished. That it was the
lopinion of Mr. Ina that it ought to rest with Par-
liament to purchase, in the present mode of redeem).
lug the.public debt without variation, or to vary it
l according to circumstances, was clots from the
proposition brought forward in that House in 1.303,
with the, concurrence, and at the seggestion of
that distinguished. Statesman. The Right Hononr-
able Gentleman had said, that if the Sinking Puae's
operation •by compound interest, were broken in
I upon at all, the o:ie per cent. which formed the
Sinking Fund, might next be taken away.—fie
strongly dissented from this opinion, .and contended
the two eases were quite different. The mode of
redeeming the debt might be varied, but the qiie per
' cent. could not he withheld or taken away. "14'ne se—
veral loans contracted were directed by the Act to he
paid off in regular succession. Tile only way to
effect this, as all the karts were raised in a common
stock, was to pay off a portida of the &It equal to
the amount of .tiotne of the howls, and then to assume
such loans were discharged. The Act of ISO 3 clear-
ly•recognised the right of Parliament to vary the
mode of effecting the redemption of the debt. T!le
great object of this plan had been stated by the Ri&it
Hon. Gentleman, to postpone the chargev which
might now fall on the country for several years. lie
admitted this to be one of the objects' he had in view"
° and he would own that. he thought it one of no small
i importance. no hardly knew what could be more
desirable that' to postpone those charges for flier
years, if this could be done without violating thirs.t
great principles which ought ever to regulate their
conduct. lle would suppose that it could be proved
to Bonaparte, that without, departing, from thaso
F.principles Of good faith which they had hitherto kept
in view, they could prosecute the war with vigour
fur that period without imposing aay new burdens on
the people. He did not think Bonaparte would find
much consolation in looking forwatzl to the bank-
,' ruptcies which might af!:..rwards tako. place. Grp it
advantages might result from such a measure to this
country. Within the, space of four years the face of
Europe might be essentially chanted ; and if ever
there was a period at which great sacrifices could he
made for a time, if they could he ramie without a
felolation of 'great constitutional principles, this w.t*
the period which called for them. The Right lion.
Gentleman fiad laid great stre,:s on the sentiments
which he had delivered on farmer' tatcasiotis. lie
had uodisOosition to deny what he had then state‘l,
nor to explain his statements away. Content to
take them as they stood, they were what he thOugin

•
threatened last Seision, and whisk might bore brought' was right at the time, and in nothing inconsiAte:.6
upon him a full tide of-oblOquy and unpopularity.— with the principles which he m•,h oow. The
The epilogue belonged to, some Other:drama„ond not Committee would see, that a prevision was made in '
to this : for surely noestraordinary stretch of daring, the plan for a long series of years. - That great ex-
n.o particular devotion .•of ,virtoe, watt called for.in I pinces would bog be felt, he could not but expect;
trimly laying hold of a fond which wat ready to..bis . but that the expenditure of the country would very
it
heeds. if the Chancellor of the' Exchequer would lontramain what it was at present, he had no right
r,it. In hits Inlentinn .0f• sei4ing. by vicdpat kinds, 0 take for granted. The Right lion. Geotleoun
eaerlideposit which had hitherto beam unteuclied had taken an advantage of him in teferring to hif
':eiltopivii end opposing Statesmen, he mliht few a statements, sod supposed the case of the war coati-
tAtirp 'procure for kin*: a, deleshiegeSes but tieing for Mrs-and-twenty yeart. If war should
the omit motarty rJaies tw the praise of fortilede, onto contluue the scourge of • &trope for '25 years longer.
. ' Certainly be necessary on
tectir:7oolll terow
tte of. em
Cpirtt 11.COPtcheiss 11611ki
coantryg.er to that cage, we should
.to as the peek of Cosa r.—E /burl. hear!) sir nearly forty-list years (with little •interrup-

-
• ( 0
7- t.--• I ."
. .
. . • • •
.. . •
• • , • , .
,t,c, . -,....72,- , •
.. I . .
. .._
I • • - ' *SI° 4-•
kot fore, and the physician' says._ to- iiigps
~ • . . . , .. flaking a Mullin proportion of them per. The CHANCELLOR of thi
had just concluded, had show
the , covered something In your coastititra .i.a,itt'. •, .
~,
~T.ltli wia la time dogree liable tothe same kissed that the speech of 'his H
‘. - •
tohwe, r:satr,aids3o(f4anianyypabrirtnialg.intesttiaretPivieeas7:l4it dials .....'0• ' anal. 1..n11, -Viking from the disposable fie at:
. 'Salting Fund, amo treat, and with misconceptic
mid Prescribe a copious bleep'. to
.be tellieweek 'with - ,• . ot
_,._._. ti, ',...,d' • -- v._,;.- almost despaired of convinci
red three others ill re . . 'l4 atir OM t
.' ~,._- . • , .....
.: n - . 1'14,41741` °
___.„_._, yr - 1118 the expediency of the plan ii
was the patiene.s mime*,
ell t 4 to oixe tbk, 10.4 d. AO AA: 1 , ...iiiiV 3, ~ " atforinect In ti Right Hon. F riend, who had
piii:zsigil.
*tic
... • 000. nem i . oto
...,,e utast rear. ' !‘7l . _l#' iie was time more confirmed il
or.. body of the public 0
Nat ' tOr the Worst t'fottlf, ifitter the Pislattes 7 ohs ' ' ' •." ta opened Ma Its g*.l n 4hat eillaial information, bad total
re....bleediag 14° . - . 41ia,..-• - • 'r.--- '' Wide* VT
.I"6:ir melrdllesbl4lllollll* phi', and the principles on Y
vieq o..that plan if he hail'
L. him would be very fkrol sm. -, V. ehe Ril r '..
, f 414 144 ' "gr Y yit a r totbe war taxes his Right lion. Friend Would
dch first heard 0 his '4.lleiti;FrlebiPir ' et. be *att. , - . .
.• . : eapedeaditure were equal.
.17111611164
was thought really that he had found out the4„...,,ber,.....d1it.: . , „,,,,,..lioaf.Gaugaft......ohe inappoti,vito"i4
were
to 1
64t cot Sul
Con *Met lisfice life to the -Stock:holdert, Which had4o long been iii a a
Intl stone,. which .bed 16 innch occepitql -littours Of • . r, ' • iseo9l. : 1 •t— to enter upon the onjoyetet
Rai Van
had awl ethers ; 'or , Sonia' a. rot treisude
,re- that had Ipng lan in.ioMe secret &awe of tits Eff. or with thisafety et tieStait, to allowaii .accumui. The' question wag
s, sdieiher
the .chetinPrAt+ 4 1411111.]:-...-Alt to the ,p pie,t of a •latitist'o4o siebfi Wlthostat the mate time. iscreadns. come- when the nation was tc
Itt,' trelistiiw Otte bandied Millions at peace, .wite. it I_ll,tlmeeejle:oppktina, the metes of :iltdetrmit'll. ' railtaies which had been prep
(lago,. a pal life ? We' 'should add soo arillleMs "lW : ilith Relit rientlosiserbad•saidv br,.l6,o9tAhat• Frond was . much mistaken,
he to our arist. 'by War, and .tbatilo tilde 'o:par.:off the plau which had been_ propose
Of ili,plicsaliiee #0 eXtrava64lo to be seri,- manner prejudicial to the inie
*• speedy emeettell of the war and
los 100 of them.. lirkether uatief, said his Right Hon.: 'ON.
was Friend, ever kid such a Aretioure Clikeidy. hot : OM iriiated• ' ,ifidtatidoa was thee le extravagant, He could never hare reconcile
Ing they were net qualified for It. inn 'Preliminary Iralifeenteti to itiarthat %tw0:W.13,110 less so at the jif it could have such an. effect.
ux) condition was, that they. mast . first be.
_ able to get Ottasent'llstMasat. Theigight Ibis' (Gentleman had IWe Friend had not mentioned,
eed into so geoid an athount of debt.-1111.-etSt!)—Tbis at •thaC Shea th t- that the 'respite from fresh ! for of the Exchequer) believed
bea
ted , was really like trilling . with our 11 rsiandiug ;as "leas :fee a fe . years would': be productive! stood, that a departure from
knd .if we could not distiumdsh between debt and wealth ::of, t!it'.llll - . ass the public ;Mould not be more iat some time or other, necesst