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be fairly discussed without including meet, that the income would be the sinking fund. In order to put equal to the expenditure, and that the matter in a way in which it would there would be a surplus ? The be more intelligible, he should take noble lord said he should be glad it thus :-The surplus of the consoli- to take advice where he could with dated fund, after considering the in- propriety. He did not suppose for come as opposed to the charge upon a nioment, that his advice, or the it, he took io be L. 214,000. But did advice and wisdom of Seneca, would the Noble Lord state what was to have produced any impression on be done with this ? He would ex- the honourable gentlemen opposite, plain the matter. There was an old if not supported by the counterdebt upon that fund of L. 3,300,000 ; sign of the public. It was the reupon this the noble lord was also cent strong and general expreswholly silent. Then he (Mr Tier- sion of public opinion, the unani. Dey) 'should say, that before one mous calls for economy from one farthing of the surplus of that fund end of the kingdom to the other, could be made available to the ex- which had made an impression on penses of the current year, the the noble lord and his colleagues, whole of the old debt upon it must and to which was due any forced be wiped off. If then this sum or effort of theirs to economise. But surplus were added to the debt of supposing the whole of the relast year, there would be an improve- ductions to make the expenditure ment in this year of L. 2,000,000; this year less by a million than that and on the 5th of January 1820, all of the last, there would still remain the advance which the country would an expenditure to be provided for have made would be to get clear of amounting to L.20,000,000. Then adthe old debt. It was evident, then, mitting L.1,000,000 less for the prethat this surplus of the consolidated sent year, how was it to be met He fund could not be taken into the had shown, that the right honourable Fays and means of the present year; gentleman (the Chancellor of the and what was to be taken into those Exchequer) had not ways and means ways and means ? There were the that any person yet knew of, exceedland and malt tax, the war and ex. ing L.7,000,000. How were thirteen cise taxes, and the lottery; the more to be made up? for after all the whole of which would not, after de reductions, there would still remain ducting all expenses of collection, that sum to be provided for. How exceed more than L. 7,000,000. could any man in his senses say, that Beyond those L. 7,000,000 there was with an income of only L.7,000,000, nothing else that any one knew of. and an expenditure of L.20,000,000, He might, perhaps, except the mil. both ends would be made to meet, lion which was due from France, and and a surplus left? Where was the which the country were led to ex- sinking fund, or what had been said pect would be paid upon the eva. about it? It would be said that there cuation of the French territory. was a sinking fund of L.14,000,000, Well, then, how was the difference at least it would soon be nearly that between the income (L.7,000,000) sum; but to support it, it would be and the expenditure to be supplied, necessary to borrow L.13,500,000. or how would the noble lord support Arguments founded

upon the argument that both ends would strength of that fund, as applicable to

the ment were

the public service, would be found to were to be borrowed ; and could only be a gross delusion. It was absolute consider it as another insult which mockery, to talk of the advantages of was to be offered to them. a sinking fund, whilst the Government The Chancellor of the Exchequer was obliged to borrow a sum of made a few observations, contending L.13,000,000 a-year to support it. that the reductions which had taken He should again ask-for in looking place were great and surprising beat this crippled state of finance, the yond all belief. He would not hesi. question naturally arose-how, under tate to say, that if any individual had such circumstances, could the Bank been told in 1792, before the war be expected to pay while Govern- commenced, that we should be en

confessedly unable to gaged in a series of hostilities for make good their engagements to five-and-twenty years, that these bosthem? And yet in this very state tilities should leave us with an unre. of things, the right honourable gen- deemed debt of L. 800,000,000, and tleman (the Chancellor of the Exche. that, notwithstanding, at the end of quer) was about to call upon them the third year of peace, there should that night to vote L. 24,000,000 of be a surplus of L. 3,000,000 or Exchequer-bills, without coming to L.4,000,000 in the revenue, that inthe point of whether that would re- dividual would have returned for anlieve the country from its difficul. swer, “ It is beyond all hope, it is ties. Would the noble lord say, beyond all credibility, it is a fairy with these facts staring him in prospect that can never be realized.” the face, that the country was in a And yet such was the state of facts, most prosperous state, that we were even after L. 18,000,000 of annual going on flourishingly, and were the taxes had been remitted to the astonishment of the world? He did country. not mean to deny, that if peace was The question for appointing the of long continuance the country pos. committee being then put, and carsessed resources which, if properly ried unanimously, the following memapplied, might bring us out of our bers were elected to compose it, viz. difficulties. He was as sanguine on Lord Castlereagh, Mr H. Bankes, that head as any member of his Ma. The Chancellor of the Exchequer, jesty's Government could be; but Lord Binning, Right Hon. R. Peel, the Chancellor of the Exchequer Mr B. Wilbraham, Mr Hart Davis, might as well think of raising the Sir George Clerk, Right Hon. W. dead as of raising another large loan. Huskisson, Mr F. Lewis, Sir G. Hill, He did not mean any of those obser. Mr Tremayne, Mr N. Calvert, Mr vations to apply to the right honour. D. Gilbert, Mr Lyttleton, Mr Gooch, able gentleman as an individual, for Mr Calcraft, Mr'J. H. Smyth, Lord he looked

upon him only as the organ, Clive, Mr Holford, and Mr Cour. and he was the most faithful organ, tenay. which a besotted Administration, on On the 3d of June the Chancellor the subject of finance, ever possessed; of the Exchequer, who stated his an. but he applied them collectively to xiety to draw the House into a more the whole body of Ministers acting elaborate discussion of our financial together. He could not see any rea- arrangements than could convenient. son why the people were to be tax. ly take place when the budget was ed L. 14,000,000, when L.12,000,000 brought forward, moved the follow.

ing resolutions : “ That since the try a prospect of future relief from a termination of the war in 1815, the part of its present burdens, it is ab. property-tax in Great Britain, and solutely necessary that there should other taxes in Great Britain and Ire- be a clear surplus of the income of land, wbich yielded a revenue of up- the country, beyond the expenditure, wards of L. 18,000,000 per annum, of not less than five millions; and that have expired, or been repealed or re- with a view to the attainment of this duced : That by an act passed in the important object, it is expedient now 56th Geo. III. c. 98, the revenues of to increase the income of the country Great Britain and Ireland were con- by the imposition of taxes to the asolidated from the 5th of January mount of L.3,000,000 per annum.” 1817; and that in the year preced- On the motion of the Chancellor ing the said consolidation, the net of the Exchequer, the House on the separate revenue of Ireland was 8th resolved itself into a Committee L.4,561,353, and the charge of the on the Finance Report, when he profunded and unfunded debt of Ireland ceeded to explain the resolutions was L.6,446,825, including therein which he had on a former evening the sum of L.2,434,124 as the sink. laid on the table. Whenever an oping fund applicable to the reduction portunity arose for Parliament to of the debt, which charge exceeded take into its consideration the finanthe whole net revenue of Ireland by cial arrangements of the country, it the sum of L.1,885,472, without af- was natural to expect something fording any provision for the civil list more than a statement of the proand other permanent charges, or for visions made for the immediate serthe proportion of supplies to be de. vice of the year. In order to explain fraged by that part of the United his plan in the most satisfactory manKingdom; and that no provision has ner, it was desirable that a general been made by Parliament to supply view should first be presented, and this deficiency: That the supplies to that the technical details should be be voted for the present year by Pare reserved for the budget of the year. liament may be estimated at twenty His object at present was to exhibit millions five hundred thousand the leading features and general prinpounds: That the existing revenue ciples of the financial arrangements applicable to the supplies cannot pos- for the year; and the truth was, that sibly be estimated at more than whatever details they might enter in. L. 7,000,000, leaving the sum of to, the great leading question would L.13,500,000 to be raised by loan, or always be, whether the income was other extraordinary resource: That equal to the expenditure. He was the sinking fund applicable to the first to give a general view of the renational debt in the present year may solutions which he had laid upon the be estimated at about L.15,500,000, table, and he would then more par. exceeding the above sum necessary ticularly state the mode in which he to be raised for the service of the proposed to carry those resolutions year by about L. 2,000,000 only: into effect. The first resolution sta. That to provide for the exigencies of ted, “ that since the termination of the public service, to make such pro- the war in 1815, the property tax in gressive reduction of the national Great Britain, and other taxes in debt as may adequately support pu. Great Britain and Ireland, which blic credit, and to afford to the coun- yielded a revenue of upwards of L.18,000,000 per annum, have ex- public debt of Great Britain increapired, or been repealed, or reduced.” Sed as one to seven; that of Ireland For illustrating that resolution he had eightfold. The 3d, 4th, and 5th relaid an account upon the table, form solutions stated, “ that in the year ed from the several accounts which preceding the said consolidation, the had been previously produced. By net separate income of Ireland was this account it was made manifest L.4,561,353, and the charge of the that taxes had been reduced since the funded and unfunded debt of Ireland peace to the amount of L.18,700,000. L. 6,446,835, which exceeded the The second resolution stated, “ that whole net revenue by the sum of by an act passed in the 56th Geo. III, L. 1,885,472, exclusive of the civil c. 98, the revenues of Great Britain list and other permanent charges of and Ireland were consolidated.” The Ireland, and of the proportion of the act here mentioned had thrown the supplies to be defrayed by that part revenues of the two countries into one of the united kingdom ; that no progeneral mass. And here he wished vision has been made by Parliament to to state, that he would by no means supply this deficiency; and that the be understood to say that Ireland had supplies to be voted by Parliament not paid a fair proportion of revenue. for the service of the united kingAt the period when the union of Ire. dom, for the year ending the 5th of land with Great Britain had taken April 1820, may be estimated at place, it could not have been fore- L:20,000,000.Those resolutions seen that for fourteen years there contained no statement which could would be an uninterrupted course be controverted, or which required of the most expensive war ever elucidation. They served principal. known. If any human foresight ly to introduce the remaining four recould have calculated the expences, solutions, “ that the existing revenue the enormous magnitude of the sum applicable to these services cannot be would have astonished and appalled estimated at more than L.7,000,000, the stoutest heart. The revenue leaving the sum of L. 13,000,000 to had been then apportioned to Great be raised by loan or other extraordiBritain and Ireland. Whether

nary resources; that the sinking fund more revenue might not then have annually applicable to the national been obtained, and more taxes im- debt may be estimated at 15,000,0001. posed in Ireland, it was now impos. exceeding the above sum necessary sible to say: but in consequence of to be raised for the service of the the internal commotions and expen- year by L. 2,000,000 only; that to sive measures that had taken place provide for the exigencies of the puin the years 1798 and 1799, the taxes blic service, to make such progresin Ireland had become so great, that sive reduction of the national debt as if a larger proportion of revenue had may adequately support public crebeen immediately proposed, it would dit, and to afford to the country a have proved a strong obstacle to the prospect of future relief from a part Union. The consequence, however, of its present burdens, it is absolutewas, that while Great Britain raised ly necessary that there should be a a large proportion of the supplies, clear surplus of the income of the Ireland had recourse to loans. Be- country beyond the expenditure of tween the union of the two kingdoms, not less than L.5,000,000 ; and that and the union of the treasuries, the with a view to the attainment of this

important object, it is expedient now had been resorted to in consequence to increase the income of the country of the repeal were the best which by the imposition of taxes to the a- could be adopted in the situation of the mount of L.3,000,000 per annum." country. Although they were temThe whole substance of the above re- porary expedients, yet they brought solutions was, that in order to have a the country to its present condition, clear sinking fund of L 5,000,000, it without diminution of credit, withwas necessary to raise L.3,000,000 out any imputation on its character, more than the present income. The and without any tax on the necesfoundation of this necessity had been saries of life. When the property Jaid by the repeal of the property tax, tax had been repealed, a considerand other war taxes, in 1816. He able part of its produce had not been was far from arraigning the honour recovered. The sums of this deand humanity which had insisted up. scription, afterwards received, conon that repeal, but he must main. tributed very materially to lessen the tain upon his conscience as a man, inconveniences which would otherand his responsibility as a minister, wise have been felt. The Bank, that it had not produced the advan. knowing the necessity of preparing tages which had been held out to the for cash-payments, had begun to recountry as its consequences. He duce their issues ; but it had been was ready to admit that it had afford- obvious that cash-payments could ed relief in the time of great embar. pot be at once resumed. Their rassment and distress, and contribu- treasury had been exhausted during ted to the restoration of credit and the war, and time had therefore been industry. But at the same time it given to make that preparation which was evident that credit could not be was necessary. During the three supported, and that industry could years that had elapsed since the not long have free scope, by any peace, no inconvenience had been means so sure and permanent, as by felt in resorting to the Bank. Laplacing the revenue beyond the ex. bour, which had suffered greatly penditure of the country. What be from the restriction of the circulatproposed to be done this day was to ing medium in 1816, was revived by place the revenue in the same state the increase of Bank issues to the in which it would now have been, if amount of L. 1,500,000, and by the the property tax had not been repeal- issue of Exchequer-bills. But they ed." if, instead of the total repeal were now called upon to adopt a which had been made in 1816, the more permanent and systematic arproperty tax had been continued for rangement, and to ascertain the real iwo years longer, at the modified rate amount of income necessary for the which had been proposed, the impo- expenditure of the country. sition of new taxes would have now resolution which stated the sinkingbeen unnecessary. The consequence fund to be only L. 2,000,000 was of its continuance would have been, taken from the first report of the that L.18,000,000 of debt would have Finance Committee of the present been spared to the country, and the year. But the Finance Committee difficulty now felt, of paying to the had made reports before the revenue Bank, would have been avoided, be- had become greater than the expencause a new debt would not have been diture, and their reports extended contracted. The measures which from that.period till now, when the


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