The Statesman.
London, England, 1823-03-01 00:00:00

SINKING POND.
Mr. MABERLY rose pursuant to notice to submit Re-
edlutions relative to the Sinking Fusil, and observed,
that after the innumerab'e petitions which bad been laid
upon the table of the bootee complaining of the. weight
of taxation, and of agricultural distress, attil 'praying. for
relief, it was with the object of remedying that suffering,
and affording that relief that be asked the house to agree
to the measure contained in his Resolutions. If he could
show that it would have the effect of relieving the people
4t seven millions of taxes, and allow Government to carry
on the operations of the country with credit and with
honour, unless some extraordinary circumstance took
place : and if they did arrive, he still trusted that there
would he no objection to support the measure he intended
to submit. If any unusual circumstances should arrive,
he pledged himself, if his Resolutions were carried,
that he was ready not to move upon them until some un-
derstanding of the energy was arranged, and he would
wait e any measure founded upon them until the more im-
portant question was decided.—(Hear.) His objects then
.were, Ist. a reduction of a large portion of taxes. 2111 y,
A better appropriation of the public money. 3dly, A
,conciliation of the landed interests. Aud 4thly, To
make an efficient Sinking Fund; to make that fund
efficient instead of one supported by five millions of taxes
taken unfairly, and he thought dishonestly, from the
people. In 1798. Mr. Pitt was anxious to support public
credit, en I the plan he adopted was that of making the
tax on laud perpetual, and then redeeming and selling
the Land Tax to the extent of two millions annually.—
Ihe preamble of the Act showed that his object was to
re I. cm i.e' debt. He contemplived at that time an ex-
ctss of 400,000/. a year revenue oser the two millions,
but he over estimated the return and the value of the
_laud. He manifested the strongest proof that his object
wee a reduction of the debt, wad upholding public ere-
alit, as he might have adopted another course, and gone
.sea reducing debt gradually and annually. The hon.
trendeman here reed the preamble of Mr. Pitt's Bill for
the Redemption of the Land Tex, and then continued.
Reappeared that Mr. Pitt proposed that the Crown lands
*hooka be sold for the pane se of etdeeming 80 millions
of debt, but the plan did not realise eligeßroposed Sink-
ing Fond for that purpose, in coo seiftWw of the high
price put on the lam's. In the first instanowiMac pro-
posed to redeem the land 10 per cent, over the fklire —3l;
6e in the Life Annuities aasto be cecina • for 31.
i
in land, if the proprietor undertook the r t ption;
and in case of his refusal of the preference . 12a.
eves the price fixed for a stranger who became the
pstreli tser. There were some other advantages added,
such as';he power of voting foi a Member of Parlia-
ment. From this plan was anticipated a gradual pro-
duce in revenue. Mr. Pitt looked upon that as an effec-
ewal foundation of a Sinking Fund. He adopted it,—
thoegb it might be said there was another sluicing fund
In eeisteace at the time, but that was then as delusive
and as fraudulent, as it has since turned out to be. The
fedi** of the plan was easy enough to conceive—Mr.
'input too high a price on the article for sale. '1 he
Consequence was, that up to the year 1801, there were
seventeen millions ; from 1801 to 1822, eight millions
only redeemed in addition thereto ; and last year there
.were but forty come thousand redeemed. In his view of
,the plan, forty one millions of capital would be reduced
in seven years. The total expense of managing ;the debt
.atneunteil to 4,400,0001. n filch, if calculated for one
thousand years, would reach a sum far beyond the whole
national debt. lie hail a calculation of it which the
house world think ludicrous if he was to read it. The
result of the caltulation was, that a sem so laid out would
anemia to 136 millions of millions of millions of pounds
.sterling. The Si uking Fund, as hitherto manad, was
of no use aeall, or 'whittle for any purpose whatever.
Pis colijeet was to make the Act of Parliament effective--
1p have a real Sinking Fund, and it' he could show any
enedety which it could be effected, he would be entitled
to ask with what justice could they call on the landed
*terra for any sacrifice of property? If it could be
merle available to its real objects, could they call on the
. public at large at that moment when petition on petition
;arm laid oe the table, or continue taxes upon them? The
%Mow would Out expect him to go into all the details of
his proposition, but to keep to the general principle; but
• ate. was obliged to go a little into calculation to show that
• the measure was practical. He proposed that on the
plan of Mr. Pitt 1001.3 per cent. stock should be the
.price of 3!, a year in land, always giving a preference of
jedemption to the proprie:or of it. li the proprietor
di& not choose to redeem the land within six months, a
.stranger might then become the purchaser. A par-
Asset in the present day would get about 4 per cent. fur
hit money, and become the holder of land at a fee farm
rent, and el aim a seism upon the land to all intents and
benefit asanother landed proprietor. He also proposed
..t.' at the proprietor of the ground should have, fur the
space of five years, the option of still claiming it from
;ete stronger no the tranfer of the same amount of stock,
aml the payment of 5 per cent. a; sprout to the purchaser.
Soh a plan would act as a great indarement to public
companies and large capitalists to make investments, as it
stimieed them from thecertainty of lass, and the probability
oftA profit of 5 per cent. in addition. lie would be further
. eivesed to give the purchaser all the advantages that
ittieht be fairly admitted, such as the qualification of kill-
ing game —of being a Magistrate, or a Member of Far-
b 'event. , These advantages, in his opinion, would make
land extremely saleable. Another proposition u as, that
if the proprie:or and the stranger both neglected to snake
, the purchase, the land should be sold in districts, and
. in.portions, by public auction, at a reserved price. That
would base tee effect of disposing of it at the real value
it' the millet, whatever that might be. As a further
indneement, the dividends might be made payable at GP
limiltof England, and the transfer of stock registered in
theimninsy where the purchase was made, to render the
eertificates of it disposable. In fact, the property would
in that may lecome immediately transferable. As to the
. right of-euting, that might be managed on the system► of
sec East India Company, by certain qualifications as to
• time, oppose for six or twelve months. The Crown
bawds on i that plan would become a saleable and a de-
sirable article in the market, as the only reason why
, they were wet so hitherto was the high price Mr. Pitt
God on the-transfer. An available Sinking Fund would
he established, and the people might le saved from the
pressure-of five millions of taxes for seven years. He
contended that his measure would have the effect of be-
nefiting the public creditor, anti making his security the
stronger, inasmuch as security did not depthd upon the
ability, but on the willingness te pay. 'fhepubliccreditor
-mould further avoid the discussion in that house, which
belnareil was approaching, whether he should receive a
lees illiert it on his stock.. Such an idea he was ready to
deprecate, but it could not Le denied that it was agi.ated
to all public meetings convened by the people, who have
ne..s, cut * certain period, thirty-six minims of aueney.
W hen the house daily saw people reduced from affluence
to beteg:ley, they sere bound to effete' them every means
. of rent fin ;heir power.—(Hear.) In order to slow that
lie was not seeking to deprive Ministers of the means of
poprorting the necesssry establishments, be could show
that the revenue• ass likely to increase. lie always said
that the revenue could increase. Ile never took any
_ather yew of the subject. It was not a fair inference to
draw, that if, they took off seven millions of taxes, they
. gave up seven millions of revenue. He would admit the
effect of so doing as far as six millions of revenue. If the
plain was owe adopted, the whole forty-one millions pro-
. parsed for reduction in seven years Wight be contracted
for at a bonus, and admit the reduction of the Four per
. Cents, and create an addition to the revenue of 750,000
a year. The reductions proposed by the Chancellor of
the &chequer were certainly beneficial, but his plan was