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

usual sources if
.innatipan put so & Joh.-
sod •• Haar, heart , to that bate
Members who wet . when the milt ..,
first read, and to the 0e..,0 who were present at Mawr.
rend reeding, whether he had not strenuously apply
edit.
, The motion was flea .aejratived without a de*
aid the house them went iota a Committesea the •
la which the classes were agreed to. l'hellhas dm
reseed, sad the Report was orders*. ititsosived $i '. .'
morrow: . • • ^ • • . , .
eteuttai ebire. '' , . . _.-
Mr. Pliallt roes to redeems pledge whiskie MO
givens. the lint Arlo of a eliamion, to call the Mew
taus e att the opeektion of eke king Fund, arstibit pre.
seat state of the fissaceo:oe is rosary. He thought,
late as it was.in the Sostlfitos, that the House ought sat
to separate without Slant seam step to pat a atop. to
the ruinous consignees* wilds. bad ',noi trona and
which were stiU arising eat Of the system which, safer.
tanately for the country, had so long been acted apes.
It was bold is him to Impugn a system which bad met
with the approbation if some of the greatest men who
had sat is that liollee..leit he thought he should be able
to pruve that the prieelphisif the Sicking Pond missed'
that it never could pro.** those melte which had *rt.
gloally bees expected f, it. To prevent mistake he
would state, that by Siablei Paid he understood a sue
of money to hem moat; ;.i trim was to be set apart to
accumulate at somptimmi MOM, is order to pay of i •
putt of the Na %ORO a way as shoulder
itop
pear most the, RI ' Mr. !'met bad expert&
tbit by a filo ellf " a wield he Imo
iig
than could'be erected irony .utode. Ito coafideni,
was he on this subject, that is 1 .he thus =pretend.
himself respecting it. " This pan has long hemilitp
wish and the hope of all men, and l am mod to Surety
myself with the hope that my name trill be inscribed on.
the firs monument sow about to*raised for the ?silk
safety and public prosperity." HI (UV. Mame) how-
ever would contend that it was sot withli the power of
figures, to Mate a Sinking had, tikes from the gsye.
rat revenue of the country, It beneficial effects.
as the Boat so taken'must rilidietipisb the gone-.
rat ue,of which it bad formed apart. Installl of
raining by such a tonne, a loss most be instaimed, for
the charges incurred on mantel of management, re-
demption, end enfilading. This hunt .be the effect of
a Kinking Fund, where a sorplainvenne was emesei ~
bat far greater would be the loss sastidned if, eucl4.
system were adhered to is a cats whore the income of ,
the cematry fell short of its expooditom This bad been
tbe situation of England from the yeat'lt33to 1817, slid
the'ainount igloos enendned In tionsqhttl6e of out bor-
rowing mosey to gite to the Cemmissioders to redeem .
thideltt, eneededetery thin that geoid be jormieed
by any individual who hid sot astettaloeil It as he bad
from those proofs which figures alone could supply. In
addition to other evils this milted frost ft; that we bor..
rowed on *ore favourable terms than we theuld other-
wise be compelled to accept. ifWe rent into the market
for 600 millions, instead of only tiling loans to ball
the amount. Hestrongly deprecated the practice whisk
had obtained of not raising the supplies:within-the:est.
It would surprise Gentlemen to hear, that in the twenty-
nine years which had elapsed since 1793, supposing the
saute slims to be expended (exclusive of the charge for
the Debt and the Sinking Fond), the eependitore for .
the Civil Service, the Army, Navy, and every other ser-
vice might have been covered without borrowing, by
an additional 6 or 6 utilliOns per annum, and with As
sum the whole of our warfare might have been rallied ' :I
en, and the whole of our establishments kept op as ..:
actually had beeo, without adding to the public
Arid the coon which he suggested been pursued,
Merest would oar present shuttle° have been I
~,,
Interest of the debt would at the present moment bit
been between 7 end 9 millions, instead of amounting as a. • -
it.now did to so less thee front 32 to 33 millions. Ho
divided the. whole iperiod of 29
two periods; the brat comprehending the year. from
•
1793 to 1917, in which there was an excess of expand.
turn over the income; the second embracing the years
which bad since elapsed, in which there had been an
excess of income over expenditure. In the former pe-
riod there bad been an increase of the funded debt, to
the antoontof 618 sill-was. Per the sum of 584,874,5571.
which bad been loaded, the public had received bat
379.791,35 W from the Contractors. Here that, as ho •
shewed in his third Resolution, was a total loss of
.5.093.16 W.; which was stopped by the Contractors for
prompt paynieot,though theism he had mentioned bore
interest free the day on which it was funded. He ...
showed that by the most in which the loans bad bees '
negociated, and the snaelkor in which the instalments •
had been arranged, sot loss than 15 sillies had been
lost to the public. This sum he regarded as a bonus
ghee to the Contractors, by whom it bad generally bees
shared. The first dividends of all loans had been ex-
cased from 'the Income Tax. Considering this as so
much taken from the revenue, and adding the amount
to what be bad already mentioned, he conceived the
country so have sawed by the operatios to which he
referred, what might be regarded as equal to a lose of
eapital to the amount of 38 millions stock. These cal-
culations he did not risk on his own authority. He had
been much assisted by a Gentleman of the name of
Marten, bat though he had the fullest confidence in thp
accuracy of his relativists, he had had them checked
by others. He had dose that in order to produce a
statement of the finances of the country, which should
be as free from fault as possible. He next described his
fourth and fifth resolutions, which run as follow :
" That for she sum of 579,791,3881. of money received
and accounted for, no stated in the preceding resolution.
from the let of February, 1793, to the Stb of January.
1917, there his been created capital in stocks of various
denominations, to the ansonot of 879.289, MI., at an an-
nual charge for loterest in perpetuity to the amount of
29.289,6661.; and of 439.0001. of annuities from May,
1795, to May, .1819; sad of 654,6951. annuities from va-
rious dates, all terminable in 1660, making a total as-
anal charge of interest and annuities of 30,174,3631.
(exclusive of about 160,0001. per annum for manage-
ment) which sum of 30374,3631.. equal to 30,010,445!.
in perpetuity, ,converted into a 3 per coot. capital, is
equal to 1A11446.1661, bouriag at the rate of 1721. 14s.
of 3 per cent. capital for every lOW, of the 579.791,3881.
money received, or 101.11. 3 per cent. capital, for every
57/. Itnt. in money.
" That if the conversion of the 4 and 5 per coat. ca-
pitals is made at the average relative priers they bore to
3 per cents. at the time they were funded, the total
mown in 3 per cent. capital will be 975.794.5991. in-
stead of 1,091,349,1 W, as stated in the preceding reso-
lution."
The 40182,119/. of 4 per cents. were fended at an
I average of lOW. capital for 821. money, the relative cur-
rent value of the 3 per coots. being 671. which gives of
3 per cents.- £61,171,13J
The 190,557.4711. of 5 per cents. were
4anded at an average of lOW. capital fur
901. money, the relative t value of the
3 per cents. being 001. u Lich gives of 3 per
cents. - ..... - 100,834,906
The amount of 3 per cents. funded • 706,750.353
The 44,61141. of terminable annuities,
reduced into a perpetual annuity of 750,7771.
equal to 3 per cent. capital - - - 25.925,900
Total 3 per cent. capital -

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