The Statesman.
London, England, 1822-07-02 00:00:00

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'Mich greater. The manser is which the messes
Is id been eatrled into execution. proved Hooch proof bad
',.en wanted. to foreign nations teed to ourselves, the
...Midi!), of our credit, and the immense extent of our re.
'enforces. It hail been ohj.ction to that gooiest that
it was likely to he injurious to the stock-bolder. Tbiv
opisiou.eras- not barna ott by the result. ...110.,,jseule ..
were at this moment considerably higher duo they
were when this measure was proposed. knead dew
of the bolder of the 3 per cents. haerdg any 'Midi Of ' •
complaint, they had a tight to ray that be bad Frothed
to the full extent upon which he could have ealeolated.
The beneficial arrangement, arising out of the Reve-
lation of that House to support public credit. had al.
ready introduced other advantages. The Resolutiots
lately come to by the Beek for disesuming as four
per cent. was one of Amt. That eiramtstance could
not have been expected to take place bad not Parlia-
ment led the way, by setting the example of reducing
the me of interest. This came in aid of the resole-
doe of Parliament so snppoet psblis coedit, sad be
knew. of no clicantstaoce more likely to give effeetval
relief to the public than the resoled*. which bad
been so adopted by the Bank. He had heard that
Jay of a singular feet growing out of that resoletios.-
A sale bad taken place under an order of the evaded
Chancery. It brought a much larger sum than Wm
expected. and upon the Solicitor who purchased it
being asked how he came to give so Much, his reply
was, that be bad given 600111. more than be originally
intended to offer in eoutequenee of the reduction of
interest by the Bank. Hi considered this a most gra-
tifyiog fact. and could not but bopelbit the transac-
tion referred to would peeve the. prelude to many
others of the sante kind. There were those who en-
' lertained the opinion that a forced operation for the
reduction of the interest of money would be advanta-
geous ; but to acting on such a plan, be for one was
. ile could only approve of regulating the
interest of money by means previtrisly knows to our
laws. The best thing they could- de was, to adhere
to the old regilsfion, and fore any thing further than
that which had beep already sanctioned by the House.
he mild not give his vote.' He did not know that it
was necessary for him to occupy mere of their due;
hat if any circumstance sheeld call for further espla-
nation that he had given, be should le happy to af-
'ford it. The Right Honourable (Meditation concluded
by moving his first Resolution. whirl, was—That a
sum of 7,500,0001. shoed( be grankd fur the service
of the year.
Ur. 31ABERliEleassiA. that be laboured 'mkt;
great dissdvestage in following die Right Hoot. Gene
denuto, not haring before him those papers necessary
Ito his understanding fully the subject. Ha had aa-
lliestetal the Right Hot). Gentleman sufficiently, how-
ever, to perceive that the Sinking Feud wee pee
forward by him as what he might call Inc hoer: poets
of the year. He had takes from that fund, and added
to it in each a manlier, that it was impossible to make
the tree state of it at all intelligible, osithost a die.
tinet discussion with regard to it. The nest point
was the debt of the East India Company, upon which
!topic he must say, that he found some difficulty in
Atemprehendi.ng the sort efliquidation that had been
.stele. He was sorry, that it bad been rested to a
settlement ; for it-no. "peered that we wen debtors
to the Company, and at all events se we.e mints, as
regarded that Compaq. I,3oo,oooL—The Melt
Hon. Gentleman then wmit to the Finances of 1923.
and from this part of hiostatement, the Home agithe
country had le:arned, that the Right Hon. Geitleman
mid his colleagues had come to the end of their re-
dactient of the public expenditure. For in his emi.
mate of the year 1823, be took all the eetimateeier
the present year at the same amount for the next. ft
mppeared plainly, therefore, that they had time to the
end of their saving,. But he shonid say. that if they
were to have six millions of Sinking Fund neat year.
at this rate, they ought to have nine and ten millions
if those reductions were made which ought to be
made. The Noble Marquess opposite, whom he
should call the Finance Minister, informed them at the
commencement of the Session, that he grounded all
his measures upon the maintenance of public credit.
and that upon that principle, no reduction of taxa.
don could be made, but what was afforded by the re-
duction of the Five per Cents. Previously to this. how-
ever, be bad stated, that no reduction of taxation was
to be made, and that it would afford no relief if it were
made. The house bad all heard of a speech..delivered
no matter where, which stated that if the farmer were
acquainted with the first principles of political econo-
my, be would know that the reduction of taxation
would afford him no relief—that the principles of ma-
tare, if left to froetify, would restore things to their
proper state; but that any advantage accruing to the
fanner from a remission of taxes, would be taken from
him by thelandlord. This speech was made is Fe-
bruary, and he contended that the principles there laid
down were entirely departed from in the snbse-
quent financial operations of the Noble Marquess. The
'Annuity Plan was a complete deletion of the principle
of the Sinking Fund, by placing a certain portion of
debt upon posterity to relieve the rem° generaties.---
Tbe way, that be (Mr. Maberley) should have recom-
mended them to reduce taxation, would bare beep by
reducing the whole expenditure of the country. The
Committee of Finance of 1617 had declared, as their
deliberate opinion, that the charge of the Army, Navy.
Ordnance, and Miscellaneous Services, should net fir
the future exceed 17,350001. Since that year, hem
ever, these services had regularly exceeded that, and
the total excess had been 6,19:1,0001. This year diete
was only a decreue of 600,000/. as compered aids the
last. the was sure, that it the Committee of 161; could
have foreseen that a reduction of 30 per Lent. in all or-
tides would take place, they would have made the Esti-
mates touch lower. No saving, therefore, load in OM
been made on this head, as would appear by their rem
paring the, present Estimates thus reduced with the
amount a hid; the Committee of Finance bad stated the
Estimates at, which I:e contended was the proper test
by which to judge of the apparent reduction. Govern.
ment should have reformed abuse., and particularly hare
pruned as av the excrescent abuses of the mode of col.
lecting the ttevenue. To give the house an idea of dole
he woulti etas a few facts. The revenue of the Excise
amounted to thirty millions, and the charge for collect-
lion was 1,420.000/. being at the rate of 4/. 19s. per test.
floe Customs produced somewhat less time 13 minium
and the expense of collection was 1,4;9,0004 bailor 11.1
the rate of 13 per cent. tie begged the house to. looe
it this fronarkable difference—the lesser seas requiring
the larger amount for collection. This, steely deemed.
ell investigation. lie should next go to the Wane!'
coaches. which produced 26,00111.; the expense of col
lection was four thousand pounds. The Hawkers all