The Statesman.
London, England, 1822-07-26 00:00:00

_ ..... ... , _ . r
den.' debt, between the fah of January, 1793. I°'•
the brb of Jepuary, 1822. not only has no redectior
been effected 'herein, bat, on the contrary. It has se
(sally been increased to the amount of 603,449,8391
at an simnel charge of 22,3111,3701.1 hereby demon-
strating that the Slaking Food system was founded
in fallacy. and has been maintained by delasion. Hr
therefore felt warranted in essuailog, in his 30th
resolution, that whether the Unsocial system of the
country be regarded. in ref to the increased bur-
den of 1,144,387/. per annum, occasioned by site Com.
miuioners of the Sinking Fund, in merely purchasing
stork on worse terms than at which It was created, as
stated in the 24th resolution; or in reference to that
of 6,749,4661. occasioned by the estension and tom-
pliestion of the accounts, in consequesee of the esist-
dice of the Sinking Filed system, as stated is the
34th resolution; or in reference to the increased bur-
den of 22,312,3701. per annum, which has bees in-
flicted on the public since 1793, and to continue in per-
petoity by not baviag raised about 138 =Wiese of
additional taxes is the 24 years, from the sth of Jas..
1793, to the sth of Jas,. 1817, and which occasioned tax-
ation in 1821 to upwards of 60 million, whilst abolit 3ii
millions only would have soloed, as provionsly shown
;is the `lsth resolution; either ease sufficiestly shows
that the Seancial system of the country Is founded on
erroneous principles, porteedine consequences airaio-
Sens and fatal as the Sinking Fund -system is demos-
-111.
cri steeled to be fallacious sad delusive. The two resole-
Hopi Which followed were intended to prove that the
of the Noble Lord, for tyleg •P 5.4:1000W• as a
•
Fund for ten years, in the manner proposed,
most ruinous to the country. They took a
pective view of the molt of a Sinking Fund applied
ten years to the purchase of stock, sad drew this in-
, that under the °paroles eel a Sinkleg Fend to
amount, set apart to accumulate at cemponod inter-
est, no relief whatever from taxation will be afforded to
the country for ten years; and without say guarantee
that the exaction of so peat as amount of taxes may
so', nodes the present difficulties of the wintry, occa-
sion an increase of distress and pauperism more than
equivalent to any advantages that can ermines the re-
,&tadon of 2,193.0434 of taxes per annum, at the expire-
dim of that period: whilst the ionteediete remission of
taxes, to the amount of 5,000,0001. per ansum. will ii•
40 a most important and essential relief *Me these
hardens which at present press so heavily on dm leder
try of the country. He contended, that if the plan of
the Noble Marquees were attempted to be tarried into
effect, no security would be given that the Sinking Fend
Mould not be seised hereafter by the Chancellor of the
Subequer. le 1786, Mr. Pitt calculated that a Sinking
UW41,000,0001. would-, in 23 years, sweat to
1. oars being taken that it should sot be broken
is ispen„srbich practice he remarked bed hitherto bees
the bane of the country. Bat for this, Mr. Pitt had laid
the public debt would not have been se burdensome as
it then was. But it was in vain that attempts bad been
made to prevent Molders' from seising on that which
ought to have bees held sacred. Not only had the
sent Chancellor of the Exchequer Om but
had ventured to do what Mr. Pitt Memo
imprudence would set dare to attemptetee- 14 esti
dared it to be his intention, so to hied his sacceesem.,
that to violate the principhlof the Sinking Fond should
be impossible. if the Sioking Fend were kept Bpi they
Aught to know in what way it was proposed to secure
it from the Chancellor of the Exchequer, but be contend-
ed that for the preemie it would be better to have so
Sinking Fund. There were some few, be believed, who,
by some strange infatuation. thought that the Sinkieg
Vied had some operation in upholding the peak
_real;
'bet be maintained that the public creditsiembh•hiele
Leann more schema's!!y kept apby cooking tlmi
iej:
a loans, and abandoning the Sinking Pond alteeletleter
Every man who knew any Wag knew that the Sin
Fund was now nothing. .Ile feared that be shouldwoll
sake such an impression upon the boom as this enquiry
lad made upon his mind. If he could, he was sore that
they would see the necessity of entering into the salej.et
et *nee, although it might lengthen the Session for six
weeks or two months. As he feared that lie shoal.' not
convey that impression to the hotm, be at least hoped
that he should succeed is persuading it, early in the
next Session, to enquire into the operation of the Sink-
ing Food, and the whole system of our Finance. He
concluded by moving the first resolution, which was as,
follows:
" That the national debt of Great Britain unredeemed,
on the bth of January, 1793, was 239,350.1431. • din-
sisting,of 227,999.1431. at funded, and of 11,361.0;001. of
Exchequer Bills, at an annual charge of 9,403,9741."
The CHANCELLOR of the EXCHEQUER said,
that as the house had not had an opportunity of exam
mining the eakulations and antennas; of the How
Member, in the few observations he was about to sub-
mit, be wished to be considered as neither admitting
nor denying the accuracy of the figures. It appeared
that these resointions were to form a basis for some
further measures which the lion. Member proposed to
introduce in a future Session of Parliament; he thought,
therefore, that until they knew to what the Resolutions
were intended to lead, it would be better to adjourn
any consideratien of their merits. lie should, however,
midi to make a few ob tions upon some g 1
prharieles which pervaded-the Hon. Member's state
met ; and in doing so. he .1100141 class the subject ender
three dietinet beads. The first would embrace the de-
toleration of the Hon. Member, that a great saving would
hays been effected, if during the war, the expenses of
the country bad been raised 'by war taxes front year to
veer. This proposition was not new to Parliament,—
)Iy a resolution entered on their Journals in the. year
Jlll2, it appeared that the principle was recogeseelaer
But such a system mast have its limits; and it wool
+doubtful whether it would have been applicable to rlie.
extended expenditure which was afterwards created hy•
the protracted war. It as adopted after the penes of
Amiens; and he recurred to that with some pleawarmo
on *emus' of the Minister of that day—those esertiose
were merle by Air. Addington. To this part of the lion.
Members propositions. he should not in principle tali,
ject. With regard to his opinions as to the use dam
Sinking Fund time of war, wbith formed the mooed
bead of the observations. be intended to submit, the
stns. Member hsd adopted the conelssions of Pr. 11a-
mullion. Bat the general opinion of those meat conver-
sant with the subject by practice wait, that spit lilt.
whole very material advantage was derived from' shm
system which had been adopted. With respect to tbe.l
third part of the subject, that which related to the gear
cal conduct of the finances, he thought they should be'
better able to enter upon that discussion when the Hoe..
•-aleinher wu prepared to state the plan upon which be,
considered they ought to be conducted. I u the man
time there were a few observations which be. am sir-
sirens M making upon this bead. The lion. Lientle-
lath. is comparing the charge of the debt since Suit sad
of the war. appeared to have lota sight of the saving.
which bad been effected upon the int • of the Un-
funded Debt. The interest at that time was three mil.
lions, whereas it new only amounted to oce. (Sir.
!lame iodinated to the Right Hutt. Headman, that this
redaction was accounted for in kis 26th Resolution.)—
The diminution in the Unfut.ded Debt was *anew-
'edged, but sot the diminution of the charge to the
sawing of two millions. The charge upon the Forded
Debt was not materially diutinithed, but as be bad be.
stated, there was a seduction upon el ergs of the
taftt..Jed, au.cutatias to two millions. It angst be ols-•

At 4N.

'C'

. •

•••••••••erVell".

Timis that this was the effect of the arition of the
sinking Fund; for it was that which ad raised the
Fends to a state at which great financial measures had
been accomplished with so mucfi advantage. Dr. Hl-
milton, from whom the Hen.Gentlensao had taken so
of hie opinions, and who said that the operation of the
Sinking Find in till° of war was disadvantareeet, mid
also that a surplus beyond expenditure could not be so
beneficially applied as to the redaction of debt. To
the arquiremeat of such a surplus, all their efforts had
been directed ; and the five willies* which bad been so
'acquired, was that which the Hon. Gentleman now''
wished to take frets them. The Hee.Gentleman seemed
to imply that be had some means of reducinedebt with-
out a Sinking Fnnd. But it appeared to bias to be one
of those inventions which were more
,easily promised
than realised. The present system was sanctioned and
supported by the beat practical aethorities, and by the
common sense of the country. The Hight Hon. Gem-
tleman concluded by moving " That the farther meat-
deration of the Resolution be adjourned to this day
three months."
Upon the Amendment being pat,
Mr. GRIENFELL rose to pay hie tribute to the im-
portance of the subject. He was of opinion tbat the
surplus revenue ought not to bedaterfered with, both
torehe perpeae of securing the public (skis. and of pro-
moting the good. of the coaatw. While be soppommie
the Fund daring pease. he &duetted that its "motion.
was disadvantageons during war. From a paper which
he beldla his band he would state geoerally; that bad
it not bees for the effect of this Fend, there would have
been a saving of six or allies millions. This nes the
opinion of those who concurred with Mr. Philo 17W,
and it was the opinion even of Mr. Pitt himself.
Mr. HUME replied, and the postposement to that day
three menthe was . greed to without a division.
SLAVZIT AS Till CAPS OP GOOD SOPS.
• Mr. WILBERFORCE said, that the last time of iris
'hatiag the honour to address Ae house. it was to nitwit
a Mottos for as Address to his Majesty, praying that be
would small the intleesee be possessed, to induce Fa
reign Powers to assist io pettingdows the Slave Trade,
and his present motion might be considered . nipple-
* that; because, in the mini deem titat
we W urged the duties of lismaelty spot ethers, it
became us to discharge them strictly and perfectly our-
selves. In the very coasidersble materials's which hat
taken place from this country to the Cape of Good Hope,
assay emigrants bad gone to the rasters Woods:lmp and ,
two large settlements had been there formed. All the in
formation which he bad received convinced him that if
measures were see taken W pieveat it, great daner'
Medd arise of a large slave colony Wag established is .
-that quarter. Fran the present state of the population
there were very few slaves, only as many at were *mete
Nary to serve the few families sprinkled about the coun-
try; and it was an object of his motion to prevent their
Imweshe by specalators, or persons embarking is any
penults which required great human labour; and to
mareeserth permits that their designs cook) sot be carried
on brew of slaves. By such moons aloe, could they
pretest slavery from establishing itself is that part of
the world. He alluded to the classes trisected in the
grants of land for preventing the use of slaves, bat he
considered them to be ineffectual to the object is-
tended. The Hon. Member then expatiated epos the
blessings which liberty imparted to slaves, and apes
the duty which attached to these who lived seder a
free Constitution, of affording it to them erlreeever It
was possible for them to do so. The aptitude which demo
poor creatures possessed for instructioa sad civilian**
which was an visible, that in time there was as doubt bet
that tl ey should see those who were mow Aims, bearish%
happy and industrious peesafftey. The settle's, In the
parts to whittle he had. alkdol, would have suestgessmp
SOLAGOA for the introduction of slaves both by sea sad
land. And Duthie/to:mild be more disgriesefal to tide
meatry then to Imveatavery to be establialsed Worse of
!eat eels colonies where it never existed. before. lifter
the efflett'sieleareetade in rich 'a easier, Weida it not
be isid, ••• Ohl . What d &Shag off it hater' 'lf after
`indeavouriieg to essetraste slavery in all ether pone of
the wield see allowed it to be muillished wader each el,-
coma...nem ?. He thou attested to cambia which slavery
hid lime extermisated is colonies by tits exertions of
individuals—and instanced St. Helena, where Had-. 4
son Law., aided by the liberal conduct of the East India
Compent, bad ehanged a set of wretched people is
chains *sad slavery into a set of person labouring for
their hire. The way to abolish the slave trade was thus
to instigate slavery. These was. at the Caps. =tether
set of people who were formerly the nuistdegesded.apsa
the face of the eerth. He nova the Hotteetota. He
understood that Sir James Grey had succeeded in form-
ing WINO of them into a legimeat, and had found them
tractable and intelligent . The Hon. Member concluded
by moving se addressee his Majesty, stating in sale
stance the satisfaction of the house, that slave labour bad
been forbidden at the Cape, and that a Slav* Registry
'had been established there, and recomineadia% the Hots
tentot population to his Si ..
jjesty's protection, to the con-
fident hope that they wool , with the assistance of edit-
cation. and moral and religious instructios, become useful
members of society.
Mr. WILMOT concurred entirely in the priselpal of
the inetioa i bat he thought that his Hem Friend had
no just grounds for the apprehensions he eaterioined.
At present the slave population at the Cams of Good
Hope was very small, there being only 546 males, and
461 females. Ir was to be observed, that the heie dis-
tricts were sot to be looked epos as new colonies, but as
attached to the old ones, where it was Not found practi-
cable to the ',stern of slavery as at preemie eitietteg.—
All, therefore, that could be done was to proves% so far
as it was possible, the further introduction of slaves.—
He considered that if manurnision becanie general all at
once it would be attended with the most in afoot effects
to the slaves themselves, as being incapacitated by their
habits for the sadden enjoyment of 4reedoes. Press all
all the facts that. had come to his knowledge, he could
see no .longer of the introduction of slates limn the ine
Senior. Certainly no instance of it had yet occurred.
The natural impediments which the coast presented
were all against the facility of an introduction by sea.
With respect to the Commissioners who were going out,
a positive Instrnetion was to be ghee to these, to see
that so fresh introdectina of slaves took place.
Mr. W. SMITH expressed his hearty approbation of
the emotion. . He never would admit that any teas bad
a right of property, as it bed been called, in the peso°n
of another.
Mr. moN Elf also *peke in favour of the motion.
Dr. PHILLIMORit agreed that the rights of our
Dotois solajects at the Carr, ought to be toothed with
extreme caution; bin in the general principles stated
by the lien. Mower lie hilly eiwicarre.i.
Mr. uterus support/.l the 'audios. which. after a few
words Lola Mr. Wil searouce, was agreed to.
Tilt CIPI, hAVIIITILII. C. TLOX. Le.
Mr. WILMOT ruse pursuant to motive. to move as
Address for Ciounib..ionern of inquhry to be sent oust to
the Cape of (toed Hope, Mauritius, Ceylon. and the Lee-
ward Isiauds.—The lion. Member stated shortly the
object the Commissioners would have in view. In the
first place, they noeld have to inqaire into the gravel
date of those Colueies, the state of Civil Government.
and whether olhces were list is to reduction; also to 's-
quire into the state of the taw, the state of slaves, and
the best amens of enforcing the laws for the abolition of
the Slave Trade. The depreciation of the currency
would co se under their mouldered se, and they would
have to suggest such improvements a. mold be salarei
for the iaselituntion. of the condition of Art .ettiontett,
lie :resod the house would sem wit i Vt., tint those