The Statesman.
London, England, 1822-02-27 00:00:00

A as for as possible ; for he and his connotes had
often asserted the lame in Parliament before. As
the last proposition, be wished to ask whether or sot
there was a real Sinking Fund. This Fond bad bees
so often diverted from the purposes for which it wis
originally intended, that lie could not believe there
wee ',eh a feed in existence. to 1113 Mr. FluslOt.
son declared that Parliament was applying the Siok.
ling Fond to purposes foreign to those intended fey llr
Pitt. Althostgh the Chancellor of the Exelseepoodii
resolve then to abandon that plan, on which Mr, pie
had established the operation of the Sinking 1,2,0,
yet he said he had the same object in view, aid woiod
sooner arrive at the and contemplated by Mr. Pitt._
that was, that he would engage still for every 1.4 a
to pay itself in forty-fireyeara. But he (the Mailmen
of Lansdowne) would ask if they had then the swam
of effecting that promise? Were they then able ,
show that they had the meant of redeeming thcoe
loans? Had they the means of returning then totb,
principle of the Sinking Fund as established by 11r.
Pitt? Their Siakiag Fund of fire enilliere was as
more adequate ,o the redemption of the debt is forte•
fire years, than they were at Front able to token
the whole National Debt. On the principle of pub';;
expediency and of public policy, they shonld diaisish
the }eedle!' of taxation, which pressed so heavily as
the industrious classes of the community. The find.
holders would consider their best security to ail,
from the flourishing conditioo and from the prosfer;o
of ail classes. He would not then detain their 100.
ships by following the Noble Sari through all of
machinery of his Sinking Fund. They All stood es
the single principle of borrowing money (coin use per.
son to pay it to another—of raising money at a high
interest, to pay off money paying less interest. Tb.,
were principles which would necessarily lead MO*
destruction of any thing like prosperity. The Noble
Marquest then adverted to the opinions of Doctor Ne•
milton on the true nature of a Sinking Fuel, 10
uaintained that the doctrine which he laid doors en
sound and rational. But the principle of the Sinking
Fund, as at first established. had been long timer's+,
ilvay—for what reasons be would not then state—bo
he contended that no bing could equal in aloonlio
:he present system. Were his Majesty's 31iniste;
weak enough to suppose that they could impose to
the umlerstanding of the people: Could the Noble
Earl expect to succeed in convincing *he people Cot
the affairs of the nation were improved in any, the
slightest deoree, by the proposed measures? Wasit
because the Chancellor of the Exchequer proposed to
:sake money out of one kind of stork, and created an,
'her kind of stock to the same or to.a greaterameao,
:bat he expected to impose oo the andererandings of
Ilse landholders? What was called a Sinking fail
eked beer. convenient fur us in peace and in war, bo
lot to call it a Sinking Fund was absurd. hr,
'minded him of the part of" Lord Peter, in the Tah of
a Tub." Lied Peter would lay the worst and da
stalest bread before his brothers, and arnald mewl
them to eat it, swearing that it was the hest of mo.
ton that bad been laid before them.—(Hear,
and a laugh.)—The stale bread was as much entithd
to the name of mutton, as that to the same of Sinking
Fond. However anxious he felt for au additional re.
deletion sf faxes to the amount of four on five millioro,
pat he would Cut be a person to sanction the applies.
lien of tbat Fund, if he could think the prinepledir,
us it then existed, necessary to the keeping sap
*lce of the public stocks. But the fact was, Mats.
witch thing was necessary, for a real Sinking rand
limy had so Sink* Fond. In the year 1919, go fir
Ina having a Sinking Fund of five millions, they bad
only one million and a half. He would ask them
public credit was in any degree iojnred by that dr:;•
cieocy ? Were tbe public stocks dep d?on t"
contrary, the prices of stocks were far higher tin'
"meal, or could be expected. The facility also of
lag money did not depend on the Sinking Fund, Pr
slat was greater without a Sinking Food. That
regulated by the profits of capital. The profit' et
capital regulated the rate of interest. When the pr,
fits of capital were less in such cases, there was the
greater facility of raising money, and at a less rate o;
interest ; neither was it owing to the existence of
Sinking Fund. He was surprised to beer the Noble
Earl talking of withdrawing from that fond what bob
been already withdrawn. A Sinking Fond of
17,000,000/. had not existed long since. The Nab
Earl observed, that a remission of taxation to We
amount of three or four militant, would not praises
any great effect oo the state of the country. Bet leo
it certain that the application of five millions, for
years would have so much erect In reducing thr
debt ? It was not stated hr the Noble Earl, 'br-
iber taxes were to be taken off in proportion
to the fire millions. A remission of taxes to of
amount of 1,250,0001. would have a great effect—
He would not dwell on that part, but be wished"
state whet the country hail to expect from the Flo
proposed by the Noble Bari. By the annual speirp
tion of five millions, to the reduction of the debt of
eight hundred millions, they would reduce shout few
millions, in eight years; hut a remission of moos
to the amount of 1,230,0001. annually, for the '.+e
period, would produce a better effect on the m't ,
the country. la the year 1019 there was as 010'1
of taxes to the amount of three millions. The tan":
quence was, that after six years, and after the app'"
cation of the five millions, they would have, in
more taxes that' they had in 1810. It coned WO"
be said that they would have any relief from meant,
within that time. If they were resolved to serve t"
country, more benefit might be conferred ea it, in tw
coarse of six years, by a eatniseion of tales NM'
easount of 1,200,0001. The diminution of tacit"'
much more effectual than a diminution of the debt
The operative of the former was two-fold; it word
increase the produce of the country, and the consort
non of that produce. The Noble Earl had called::
him (Lord Lansdowne)—as he certainly had a
cell,ti-
tLss,; as
togive well
ve i 4
a ha o.ep
spinier wit
un h
other
t,N operationoble Lord o
i of
the
i
plait he proposed, and of the future state of theca!
try. He tires of opinion that the coaster was atil"(
sent is a state of great distreee. But if a system 4
retrenchment were adopted ; if taxes to the amosili.;,
four or five millions were taken of from seredni
til
a:n
articlei of consumption, a greater reduction th
tbr
c"terpintia would be effected, and the cootellat!olc
a
iDecrerasamelter resettnnupet.ioqnoti throeaivrt.A.Westaateroneldiphtilim.r]
would act more wisely' by affording retest. rer