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dens of the people rendered such clause imposing an addícional duty a measure at present peculiarly se- on British spirits was agreed to with vere. To this Mr Vansittart replied, out a division. that as it had been arranged that Op the clause for imposing an adthe duty of 1s. 2d. should be paid, ditional excise duty of 4 per cent on

- the first instalment of 2d. in No. tea being read, an amendment was vember, the second of 3d. in Decem- proposed by Mr T. Wilson, and ber, the third of 4d. in January, and adopted, for exempting from addithe fourth of 5d. in February and tional duty teas sold at the East InMarch, less inconvenience would be dia sales at or under

2s. per lb. The oceasioned by the tax than some Customs' Duties Bill also went honourable gentlemen had anticipat- through a committee, in which the ed. After some farther discussion, clause for laying an additional duty the question was put, that the clause on wool was carried, on a division, should stand part of the bill, and car. by 106 to 63. ried in the affirmative without a di- The House having, on the motion vision. The Chancellor of the Ex- of the Chancellor of the Exchequer, chequer, in moving to fill up the resolved itself into a Committee of blanks in the clause which followed, Supply, and the titles of several doproposed that 3d. per bushel, in part cuments referred to the committee payment of the new duty, should be being read, that right honourable come due on the 10th of November gentleman moved, that a sum be next; 3d. further on the 10th of Janu- granted, not exceeding L. 1,200,000, ary 1820; 4d. on the 10th of Febru- for defraying the Extraordinary Ex. ary; and the residue on the 10th of pences of the army of Great Britain April. Mr Brande expressed a wish, for the present year. This motion that the first payment should be made gave rise to considerable discussion, in December : but the Chancellor of and the repetition of many topics the Exchequer said, that it was im- formerly adduced on both sides. possible to accede to this delay with. Mr C. Hutchinson wished to have out likewise postponing the period some explanatiob respecting the item of final payment. On its being un. of L. 73,000 on account of the comderstood that this was the clause missariat and auditor-general's office which provided for taxing the stock at Lisbon. The Chancellor of the in hand, a division took place, and Exchequer observed, that the esthe clause as originally proposed was tablishment had answered every carried by 175 to 67.

purpose originally contemplated, and The next clause was that which ihạt the greatest exertions were now related to coffee, and which raised making to wind up every account the duty on low-priced coffee from arising out of the late war. The 7{d. to 1s. per 1b. Mr J. P. Grant resolution for voting the sum of moved, to insert in the clause the old L. 67,534 for the expences of the duty of 71d.; but the motion was ne. Government of Ceylon was then gatived without a division, and the agreed to. On the motion of the clause as originally proposed agreed Chancellor of the Exchequer, the toThe clause imposing an addi- sum of L. 20,000 was voted for the tional duty of 1s. 2d. on every bushel extraordinary expences of the army of malt, from the 5th of July, mak- in Ireland. The right honourable ing the whole duty per bushel 8s. gentleman next moved for a grant 6d., was carried by 171 to 82. The to the amount of L. 1,000,000,

as part payment of the sum of proceeded to remark on this stateL. 2,000,000, towards the repair of ment as contrasted with the report fortifications in the Low Countries, of the Finance Committee. He bewhich was also agreed to. Various lieved that there had not been a other sums were then voted for parti- surplus of L. 2,000,000 in the year cular or local purposes, viz. L.100,000 1818, and that the surplus would for the aid of the poor clergy in Eng. not, in fact, be found to exceed land; L. 10,000 to the poor clergy L.500,000. He also believed, that of Scotland; L. 48,904 for payment none of the interest of the public debt of the interest due on the sum of had been reduced since the peace. L. 300,000 stipulated to be advanced The Chancellor of the Bxchequer by treaty to the Portuguese Govern- had not expected to be called upon ment in the year 1815; L.23,094 at this time to give a general statefor supplying deficiencies in the fee ment of the funded and unfunded fund; L. 15,000 for the expence of debt, and of the system of finance certain improvements at Bangor. Fer. by which they were managed. But ry, in North Wales ; L. 12,500 for the most superficial acquaintance improving the harbour of Holyhead; with the subject would supply sufL. 13,300 for repairing the harbour ficient answers to the observations of of Lyme; L.1,000 to the Board of the honourable gentleman. There Agriculture; L.28,000 for repairing had been, on the 5th of January last, British forts on the coast of Africa; a reduction of the funded' debt an allowance of L, 1,175 to Andrew since the peace to the amount of Alley and Edward Stanley, two of L. 28,000,000. The interest of this his Majesty'ssuperannuated consuls; sum might be stated at L. 900,000. L. 24,000 for defraying the expences It was true there had been at the of the Protestant charter-schools in same time an increase of the unfund. Ireland ; L. 30,000 for the Foundling ed debt of about L. 4,000,000. The Hospital; and L. 32,000 currency unfunded debt had been on the 5th for the House of Industry and Asy- January 1816, the period from which lum for indigent Children. The the peace was dated, L. 41,000,000; usual grants of the year for Ireland and on the 5th of January last, it were likewise put and carried. had been L. 45,000,000. But in

On the following day Mr Brogden 1816, the whole of the unfunded brought up the Report of the Com- debt had been at 5 per cent.; and mitiee of Ways and Means, and the in January last it had been at the two first resolutions were agreed to rate of S per cent. There was, thereby the House. On the third resolu- fore, a reduction of interest for untion being put, namely, “ that the funded debt of about L. 800,000. sum of L. 244,892:18:6, being the The whole reduction of interest was surplus amount now remaining in thus L. 1,700,000. The only reason the Exchequer of the ways and for not having paid the interest to means voted for 1818, be applied to the Bank, as appeared by the report the service of the present year," of the Bank committee, was, ihat Mr Hume, after calling the atten. the Bank had refused to exchange tion of the House to the statement the principal, it being usually un. made by the Chancellor of the Ex- derstood that interest was not due chequer, that he had in the course to the Bank, till the principal was of the three last years redeemed either paid off or exchanged. But L. 23,000,000 of the national debt, the only consequence of this delay


was, that the interest was in arrear. ment in the Exchequer, which of It had been provided for by Parlia- course still further reduced the a. ment in the supplies of the year. mount of those bills held by private The sum of L. 1,600,000, mentioned individuals. After a short discussion, by the honourable member, was the the three following resolutions, forcharge upon the loan of last year, merly proposed, were severally put and was provided for by the new and agreed to: “ That a sum of taxes granted this year by that L. 16,500,000 be raised, by ExcheHouse.

quer-bills, for the services of the preThe resolutions were then agreed sent year, 1819: That L.2,000,000,

British currency, be raised by ExOn the 28th of June the Report chequer-bills, for the service of Ireof the Committee of Ways and Means land for the present year: And was received; and, after some discus. that the sum of L.214,892 : 18 : 9, sion on this subject, the House re- being the surplus amount now resolved itself into a Committee, when maining in the Exchequer of the the Chancellor of the Exchequer sta- ways and means voted for 1818, be ted, that the whole amount of out- applied to the service of the present standing Exchequer-bills last year year." was L.49,000,000, which at the close Our readers will have seen, that of this year would be reduced to part of the Ways and Means detailed 104 millions, leaving L. 38,500,000, in the budget, for meeting the serof which the Bank of Ireland would vice of the current year, was the aphold about L.2,500,000 and the Bank propriation of L. 12,000,000 from of England about L. 14,000,000. the Sinking Fund; a measure as to

- Taking these sums, jointly at the policy or impolicy of which we L. 19,000,000, and deducting the are in a great measure prevented from L. 5,000,000 to be paid to the Bank, giving an opinion, by reflecting that it the bills would then amount to had become one of stern and inevitable L. 14,000,000. Now, as he meant necessity. This result had indeed to propose a grant of L. 16,500,000 been long ago predicted; and there Exchequer-bills, if this sum were de- can be little doubt that such a fund ducted from L. 38,500,000, there offered strong temptations to Miniswould remain L. 22,000,000 of un- ters, and held out a ready resource funded debt in Exchequer-bills, in in case of difficulty; but, on the the hands of private individuals; to other hand, when we reflect on the replace which L. 20,000,000 in Ex- circumstances of Europe, the magchequer-bills had already been grant. nitude of the establishments we were ed. 'Of Irish bills now outstanding compelled to maintain, in order to there were L.4,500,000; but he pre- preserve our relative position among sumed that a grant of L.2,000,000 in ihe other nations, the abolition of Irish Exchequer-bilis would be suffi. the property-tax and others to the cient to replace them. There was also amount of L. 18,000,000, and the a surplus of monies granted for the undoubted fact, that the accumulaservice of last year, amounting to tion of that fund beyond certain liL.244,892 : 18: 9, which he should mits would be attended with the move the House to apply to the ser- most ruinous consequences, first to vice of the present year. Besides funded, and ultimately to all other this, there were nearly L. 3,000,000 species of property, we are the less deposited by various acts of Parlia- inclined to regret the adoption of a

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measure which promised present re- have no bad effect upon the state lief, without adding materially to the of the funds. It appeared, indeed, taxes levied from an already over to him that it mattered little wheburdened people, or tending in any ther we took from one hand and degree to impair public credit and gave with another the same sum, the faith of the nation. According- or took and gave nothing at all. ly, the House having, on the 29th of The state of supply and demand June, resolved itself into a Commit- governed the market. Now, as tee for appropriating a portion of there would be no new supply of the sinking fund to the service of stock, the demand might be supposthe year, the Chancellor of the Ex ed to be increased. On the 5th of chequer remarked, that he had this January 1818, the price of the 3 per year provided a part of the supply cent. stocks had risen above 80; it from the sinking fund, because it had even at some time gone higher would be no breach of faith with the than that: the amount of the 3 per public creditor, and because the cent. consolidated fund was then measure was in some degree provid- L. 372,000,000 of capital stock. On ed for in the original constitution of the 5th of July 1820, it would only the fund. The period of Auctuation be L. 368,000,000, showing a reducin the public funds, and speculation tion in these 2 years of L.4,000,000. on the Stock Exchange, would now On the 5th of January 1818, the be at an end, by the settlement of amount of the 3 per cent. reduced our currency, and the sufficiency of was L. 135,000,000; and on the 5th our resources to answer all public of July 1820, it would not exceed purposes, without resorting to bor- L. 132,000,000, exhibiting a reducrowing. It might be supposed that tion of L. 3,000,000. Thus, there the present measure would have an would only be a smaller supply, unfavourable effect upon the funds, while the demand might be supposed by diminishing the purchases of the to be increased. Nothing could procommissioners. This, however, he mote this more than an abandonment hoped might not be the case. When of the system of borrowing. The we had no more need for loans, and amount to be taken from the sinking when we were found to possess a fund next year would be as great as really effective sinking fund to the in the present ; but its operation amount contemplated, he was con- would be increased by the addition vinced that there would be a gradual of the new taxes. Its influence on improvement in public credit, and the funds, too, would be aided by that the funds would make a progres- another cause, which it gave him sive advancement without being great pleasure to mention; he meant liable to fluctuation. In the course the sums invested in the public funds of the ensuing year, as has been from the savings banks. He was already stated, there would only be happy to mention that these wise and L.4,000,000 or L.5,000,000 to be salutary institutions were so encou. provided for. He hoped that the raged, after a general admission of sum might be so reduced as to be their utility, that L. 20,000 a week provided for in other ways than by were invested in the public securiloan, and thus prevent any new bur- ties. The amount of stock already den on the Thus purchased was so high as L.3,000,000, the present measure, of taking so and was progressively increasing. much from the sinking fund, would As these savings were paid into the

public stocks without coming again say that we had only L. 5,000,000 of into the market, they acted as a real a sinking fund, thus confessing the sinking fund, and produced as great truth in a public measure itself, an effect as the purchases of the which was admitted in the explanacommissioners to the same amount. tion of it?

Mr Ricardo remarked, that there The Chancellor of the Exchequer was one disadvantage that resulted said, that with respect to the sinking from the improvement of the public fund, he did not mean to pass by funds, namely, that as the capital rose, lightly the observations of the hothe interest fell; and persons would nourable gentleman ; but he would thus be induced to sell out when they give it as his opinion, that we had were high, in order to re-invest their not yet arrived at a state when it money in them when they were low: would be prudent to make any final thus they might sell out at 70 or 80, arrangement regarding it. He exand when war occurred buy in again pected that we should next year have at 60 or 70, creating a loss of 20 per a clear surplus of L. 5,000,000 for cent. to the nation, which would go the redemption of the public debt, into the pockets of those whom it and that this sum would in a short was not our wish to favour. With time be increased to L. 8,000,000. respect to the sinking fund, he re- This would be at the original rate of gretted that the right honourable 1 per cent. Till the fund attained gentleman had not niade a final ar- that height, he was not sure that he rangement with regard to it, and should be led to propose any change thus destroyed that system of delu- in the machinery. He was uncer. sion which had so long prevailed. tain what he might do next year ; Yet the Chancellor of the Exchequer but, at any rate, when the sinking seemed still determined to keep up fund had attained L. 8,000,000, it the machinery; for he had said would be time for him, or his succesthat next year we should have sor, to propose some fipal arrangeL. 16,000,000 of a sinking fund, and ment. should only require to borrow The Sinking Fund Loan Bill then L.11,000,000 for the supplies of the passed through the committee. year, leaving a surplus of L.5,000,000 On the 12th of July, Sir H. Parfor the extinction of the debt. nell, who had previously laid on the Would it not be better to destroy table of the House of Commons a the machinery altogether, and to series of resolutions * on the sub

We have not room for the enormous string of resolutions, 47 in all, which gave rise to the discussion of which we here give an outline. This is the less to be regretted, as, by the admission of all parties, they appear to be little else than a series of blunders in finance, which it is the more difficult to account for or excuse, as, notwithstanding the com. plaint of the honourable Baronet, tbat he bad no access to official documents, it was incontestably shown by Lord Palmerston, that he had constructed them from the documents laid on the table of the House of Commons. We shall, however, give a few of the more important of them, carefully avoiding the errors which were either acknowledged or detected in tbe course of the debate. The gross amount of the revenue for 1818 is stated at L. 62,230,527, and the charges of collection and mapagement L. 5,540,866, leaving the net amount available to the service of the country L. 56,689,661. The rates per cent. at which the rea venue was collected in 1818, 1810, and 1796 are then given, by which it appears that the excise duties are collected at much less expence to the country than the customs. Upon this a number of resolutions are founded, the object of which is to propose the consolidation of the present boards for collecting the revenue, and the simplification of the public accounts. These are followed by statements of the expence of the Admirally, Treasury, and Navy

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