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nature without a previous notice. Such (such motion, he would then suggest to the notice being always usual upon grave occa- noble lord the propriety of appointing a sions, he confessed that he was not ready day for the house to resolve itself into to enter into this question at present: nor such comaittee. He was sorry, as the did he believe the parties interested for the noble lord adhered to notices, that he did petition were ready either. For neither he not, on some former day, give notice of nor they could have expected that the bouse this petition, and then there could be no would have felt disposed to deviate from its reason for the delay that noble lord now general practice in this particular instance. proposed. Without entering at present
Mr. Sheridan felt it his duty to abstain into the general merits of the petition, he at present from any remark upon this ex- bad no hesitation in saying that there was traordinary petition. Indeed, if he were one part of the prayer with which he could now to enter into its allegations, he very not concur. Indeed, it would be quite much apprehended that he might be led to unusual to introduce counsel upon such an speak of it in warmer terms of scorn and occasion. But independently of custom, contempt than would be quite becoming, the house must feel ihat it would be incona afier the order which the house had just sistent with its dignity to have counsel at made. His hope and desire was, that the its bar, discussing the nature of its own consideration of this subject would be pro- privileges, aud the means of preserving ceeded upon as soon as possible, and he them. That part of the prayer of the pesincerely wished that the noble lord might tition, therefore, he should feel it his duty collect and present petitions, containing to oppose. He again said, that he should all the charges circulated against him, wish the noble lord to proceed at once either during the progress, or since the upon this important question. termination of the Westminster election. The Speaker observed, that as the house He would be glad to have the whole of that had already ordered the petition to lie og transaction brought before the house, and the table, it was now too late to make any fully investigated. It was not one act other order. alone, bat every part of the proceeding
Lord Folkestone was not aware that it that it was his wish to have discussed. ile had ever been the practice to give any nohad no reason to be afraid of any thing tice of the intention to present a petition. tbat could be proved. It was the loose al- If such bad been the custom, the noble legation which originated in falsehood, secretary would not have had to express which was propagated by craft, and shrunk any regret on this occasion. The only nofrom enquiry, that could alone affect his tice which he understood custom to reinteresi. With regard to the charges quire, he had not neglected in this instance, against him, contained in the petition be- namely, that of apprising the individual fore the house, he did not know whether concerned of bis intentiou to present such it would be decent to say that every word a petition. For he himself left a note the of them was a gross falsehood. But this he preceding day at the house of the right knew, that he was fully prepared to shew hon. gent. (Mr. Sheridan) acquainting at the bar, if permitted to prove, that all him of bis intention of presenting the petithe witnesses examined at the bar were for- tion this day. With respect to the nature sworn, but that, he said, would be mat- of his future proceeding, he felt some diffiter for future observation.
culty in determining, in consequence of the Lord Howick rather. wished the house declaration which the house had just heard should not separate without some farther from the noble secretary of state, as he proceeding upon the subject of the petition. had calculated upon the necessity and As to the doctrine of notices, he did not propriety of counsel to examine the witnes conceive it by any ineans so sacred as the ses. This new difficulty rendered him of noble lord professed to think. It certain course still less capable of proceeding with ly was not a settled practice, or a standing the promptitude wbich the noble secretary order, although it had of late been general professed to desire. At this desire he could ly observed. This practice, therefore, not help feeling some astonishment, consineed not be adhered to on the present oc- dering how much the doctrine of notices had casion. His desire was to avoid any un- been often insisted upon,recollecting indeed, necessary delay, and that the noble lord that the neglect of previous notice had should at once move to refer the petition been sometimes deemed a fatal objection to to the committee of privileges; and after the adoption of a motion. But to return to the noble secretary's wish for proceeding tion as to the charges alleged in the petition. that night, the fact was, that such a course (New PLAN OF FINANCE.] Lord Caswould serve to render the whole business nu-tlereagh, before he proposed to name anogatory, a
,and would indeed operate to stifle the ther day for the consideration of tbe Fienquiry, as none of the necessary witnesses nancial Resolutions he had laid before the were then in attendance, nor could, perhaps, house, wished to take this opportunity of be immediately found. He therefore should submitting three other resolutions which he postpone the subject until the next day. proposed to bring under its cousideration.
Lord Howick, influenced by what had He did not wish to enter into any detail fallen from the chair, did not mean to press that could provoke discussion or call for any farther proceeding that night. But, reply. His object was, simply to state the in order to obviate the possibility of any object of the new resolutious he meant to misconception or misconstruction arising propose. He felt himself called upon to out of what the noble lord liad said relative bring forward these resolutions, and par. to the idea of rendering this business nuga- ticularly in consequence of certain exprestory, or stilling enquiry, he thought it necessions which fell fronı an hon. geut. (Mr. sary to repeat the substance of what he H. Thornton), whose opinions were much had before stated. In urging the noble looked up to on all subjects, but particu. lord to move at once for referring the pe- larly on subjects of this nature. That bon, tition on the table to a committee of privi- gent had complainedthat his(lord C.'s) resoleges, he by no means proposed that the lutious instituted comparisons between the poble lord should al once be called on to noble lord's system and the old mode (Mr. produce his witnesses, and go into the er- Pile's) of raising the expences within the quiry; on the contrary, he had distinctly year, and not with either of the plans he stated, that a future day should be ap- proposed to substitute, and that this was pointed for the committee to sit. There- not fair at a tine when it was universally fore, no expression whatever had escaped agreed that further taxation ought to be him which could warrant any man in sup- abstained from. Two of the resolutions posing that he wished the noble lord to be he had now to propose, were to shew that taken by surprise, or hurried into the en- the noble lord's plan would bear as little quiry without ample preparation. Now, comparison with the modifications of it in order that full time should be allowed which he had proposed, as with the old systhe noble lord to prepare and bring for- tem. The third resolution was to shew, ward his witnesses, be proposed that the that by the noble lord's mode of managing further consideration of this subject should the sinking fund, more injury would be be postponed till Monday.
done to the stockholders, than by the Lord Folkestone expressed his willingness former system, or either of the plans proto adopt the suggestion of the noble secre- posed by him. He wished to make a few tary of state, by postponing till Monday verbal amendments in the resolutions now his intended motion upon the subject of before the house, in order to put the house Mr. Paull's petition.
fully in possession of bis views. Upon the Mr. Adam wished to know the precise fullest consideration, he saw no reason to nature of the noble lord's motion, in order alter the opinion he had at first formed of that gentlemen should have an opportunity the noble lord's plan, and his objections to previously to consider it: for with all the it were rather confirmed and increased, desire that he felt to have a charge of such than diminished.The further consideraaggravated character probed to the bottom, tion of all the resolutions was then de still he might feel himself under the neces- ferred till Monday fortnight. The whole sity of negativing the noble lord's motion, of the Resolutions moved by the poble lord should it prove to be incorrect in its nature. were as follow:
Lord Folkestone felt himself unable to No. 1.-" That it is proposed by the give a precise answer to the learned gent.'s New Plan of Finance, brought forward by question, particularly in consequence of the chancellor of the exchequer, that the what had fallen from the noble secretary annual excesses of the present sinking of state. He therefore could not at present fund, above the interest of the debt charged say distinctly what would be the form of bis upon it in any given year, should be demotion; but he had no objection to state clared to be at the disposal of parliament, generally, that the object of it would be to and applicable to the public service. And huve witnesses called to the bar for examina. it appears that the aggregate produce of
the said excesses, between the years 1816 that event be entirely remitted ; in which and 1826, will amount in the whole to case (exclusive of any mortgage at the tinie 11,122,8091. (E.)* — Tbat annuities to the affecting the residue of the war taxes) the amount of 683,0621. will fall in between portion of them which might be continued, the years 1807 and 1826. (K.)-That it without material prejudice to the public is proposed by the New Plan of Finance, to revenue beyond the war, must be wholly charge, on the aggregate produce of the insufficient io equalize the revenue with the said excesses of the sinking fund, and upon peace expenditure. the said annuities, the interest and sinking Suppose a Peace Establishment at £.15,000,000 : fund of 204,200,000/. supplementary
if the War Taxes were mortgaged, there would
remain, loans (B.); and to impose, in aid of the Land and Malt £.2,750,000 said aggregate produce, between the years Surplus of Consolida1810 and 1816, new taxes, to the amount
3,500,000 of 2,051,0001. (C.)--That, in addition to
450,000 the supplementary loans so to be provided
£.6,700,000 - 6,700,000 for, it is proposed by the New Plan Annual Deficiency to be provided for
by New Loans or Taxes
8,300,000 to raise war loans to the amount of supposing the Peace Establishment to 292,000,0001. on the credit of the war
20,000,000 taxes, amoupling to 21,000,0001. (C.)– The Deficiency to be provided for, in
13,300,000 That the war and supplementary loans of
like manner, would be each year, added to so much of the war taxes as may remain unmortgaged, will No. 3.-" That the New Plan will re. produce in each year respectively the sum ; quire loans to a greater amount, to be of 32,000,0001. (B.)—That, in order to raised in each year, than would be required raise the said sum of 32,000,0001. in each if the usual system of borrowing were pera year, without mortgaging the war taxes,
severed in. there would be required, in addition to the By the present System, in order to 21,000,0001. of war taxes, an annual loan cover a War Expenditure of 2.32,000,000 of 11 millions only.—That, without any
There would be wanted in each mortgage upon the war taxes, (supposing
year, in aid of the twenty
one Millions War Taxes, a the charge and the permanent provision Loan of
11,000,000 for the interest and sinking fund of the Amounting, in twenty years, to 220,000,000 same, to arise proportionably in the respective years) an annual loan of 11 mil.
New PLAN: lions might be provided for, for nearly 19 Amount of War Loans, for twenty
£. 292,000,000 years, by the application of the same Ditto of Supplementary Loans, for funds; viz. the annuities, announting to ditto (B)
204,200,000 683,0621. ; the excesses of the sinking
£.496,400,000 fund, Ainounting 10 11,122,8091.; and, the Total Excess by the New Plan - £.276,200,000 new taxes intended to be imposed by the
The average capital to be annually raised New Plan, amounting to: 2,051,0001., on
by the New Plan is, which the supplementary loans are to
Annual Amount of Loans, by the New Plan, on be charged."
a 20-years' average : War Loan
£. 14,600,000 No. 2.-" That the proposed system of
Supplementary Ditto - 10,200,000
Total by New Plan - 84,800,800 Finance proceeds gradually to mortgage, for 14
years, the whole of the war taxes' for Average Abnual Excess by New Plan 13,800,000 the interest of loans in war.--That these taxes are not generally of a nature which
No. 4.-"That the comparative Increase can, with propriety, be so pledged as se- of the Public Debt, which would be proveral of them (such as the tax on tondage duced by the two Systems, and the effect and exports, and the duties on tea and they will have on the proportionate amount on spirits) must probably either be modi-of the sinking funt, by their operation in fied, or reduced, on a peace ; whilst it is
is as follows: proposed by the said Plan, that the proper- EFFECT OF THE PRESENT System, ty tax, amounting to 11,500,000l. should in as existing under 26, 34, & 42 Geo. III. cap.
31, 55, & 71. * Note.The letters refer to the tables in the The Amount of Money Capital of the Public printed papers, in which the price of the 3 per Debt is (by Table N.) in the year cent. stock is taken at 60.
£363,793,722 £. 14,296,388
The Amount of ditto will be, in the
wbich would take place, were the present year 1826, supposing 11 millions raised in each year
system persevered in. 270,443, 05
EFFECTS OF THE PRESENT SYSTEN. Decrease of Debt in 20 years,
Annual Loan £: 11,000,000.-Charge · raising 11 millions in each
for Interest and Sinking Fund (L) 4. 733,553 year
Amount of Loans for tu enty
years, £.220,000,000.-Charge ErreCT OF THE NEW PLAN:
for ditto (L.)
14,666,680 Amount of the Money Capital of the Public Debt, under the New Plan, is, in 1807, £. 364,993,722
EFFECT OF The New PLAN : The amount ofditto will be, in 1826, 455,537,932 Charge of the Supplementary Loans, Increase by New Plan in 20 years £. 90,544,210
amounting in 20 years to £.204,200,000.
Expiring Annuities deducted (C) £. 14,266,58 Decrease of Debt by Present System,
War Taxes, mortgaged at the end as above
of 20 years, which are to be libeIncrease of ditto by the New Plan 90,544,210
rated successively in the next 14
21,000,000 Total increase of debt by New System 2.183,891,667
Charge, as above, under the present EFFECT OF THE PRESENT PLAN ON THE System (L)
£. 14,666,660 SINING FUND:
Charge under the New Plan, for SupAmount of Sinking Fund, imder the
plementary Loans only (G.) - 14,099,393 Present System on the Public Debt,
Difference, exclusive of Charge of 1807, (N)
Distribution, as stated in ResoluAmount of ditto will be, in 1826 (N) 27,115,881
tion 8. A.
£. 370,972 Increase of Sinking Fund in 20 years 18,610,839
W'ar Taxes, mortgaged as above for
War Loans, according to the EFFECT OF THE NEW PLAN ON THE
4.21,000,000 SINKING FUND:
Ditto, according to the present Amount of Sinking Fund, under the
Nil. New System, is stated to be, in 1807
. 8,935,042 Amount ofditto under the New Sys
No. 6,-" That the Ways and Means, tem, will be, in 1896
26,901,360 proposed by the New Plan, to prevent the Increase in 20 years
3.17,966,318 necessity of imposing new taxes to any Difference in favour of present
considerable amount, viz. the expiring System
annuities, together with the excesses of So that the New Plan gives only the sinking fund above the interest of the 26,901,3601. sinking fund on a debt of unredeemed debt, are equally applicable, 455,537,932. ; whilse the present sysiem pro tanto, to mitigate their inerease under would give the larger sinking fund of any other mode of raising loans which may 27,115,8811. on the smaller debt of be decided on.
The means proposed by 270,443,3057. (N.)-The proportion of the the New Plan, of defraying ibe interest sinking
fund to the wbole debt would be, un and siuking fund of the supplementary der the present Plan, iu 1826, above one
loans are as fo Hows : tenth. Theproportion of the sinking fund to
Produce of the Excess of the Sinking Fund be.
tween 1816 and 1826, above the interest of the ihe whole debt, under the New Plan, will be
Unredeemed Debt (F) 1.11,122,809 in 1826, about one-seventeenth. (N.)– The Applicable by the failing-in of Ansinking fund, under the present plan,
6$8,062 above stated at 27,115,8811. continues to
New Permanent Taxes proposed by
the New Plan to be raised beincrease at compound interest, after the
tween 1810 and 1817, to the year 1826, till the whole debt is redeemed. amount of (K)
9,051,000 The Sinkiug Fund, under the New Plan,ba
£. 13,856,571 ving attained its maximuin of 28,155,3581. in the year 1820, descends to 26,901,3601.
Charge of Supplementary Loans,
Annuities not deducted (C) in the year 1826 ; and must continue to
* Ways and Means as above -... 13,856,871 decline after that period, so long as the
Remains to be provided for, excluexcesses shall be deducted."
sive of the charge of equalizmg the
Ways and Means, with the charge, No. 5.-" That an Increase of Charges
80 far as they do not arise proporfor the interest and sinking sund of loans,
tionally within the respective years, £. 459,517 for the 20 years, must take place under the New Plan, compared with the like charge,
* Vide Res. 8. A.
Charge for the total amount of Loans, at the consolidated into a common debt ; and
Ł.14,666,660 or fresh loans,"
No 8.-" That the sum of 11 millions a raising the Interest and Sinking
year, required in aid of the 21 millions Fund of the Supplementary Loans, may be applied, pro tanto 13,856,871
War Taxes, to complete the War ExpendiRemains to be provided for, in
ture of 32 millions, may be raised (should order to cover the charge, ex
the principle of applying the excesses of clusive of the charge of dis
the Sinking Fund to the public service be tribution, as above
£.809,789 decided on) according to the following
mode, without mortgaging the war taxes; It therefore appears, that the means re- without swelling the loans to be raised quired to be applied under the New System, within the year to the inordinate amount to defray the charge for Interest and Sink- of 32 millions sterling; without rendering ing Fund on the Supplementary Loans new taxes of any materially greater amount alone, would, with the addition of taxes to necessary than it is proposed to lay on by the amount of 370,272., and the charge of the New System, and without making so distribution, as above, defray the total considerable an addition to the debt as will charges of the loans required to complete be made, should the New System be carried the fund of 32,000,0001. annually for war into execution. expenditure, without the necessity of any in
The sum required as above, to procumbrance whatever upon the War Taxes. vide for a loan of 11 millions per
No. 7.-" That the comparative Effects ann., for 20 years, is - - - £. 14,666,660 which would be produced on the Public
The resources available, amount(ex-
clusive of the charges of distribu-
13,356,871 peace, and on the formation of a peace es
Deficiency £. 809,789 tablishment, are as follows: UNDER THE PRESENT PLAN :
The deficiency of 809,7891. exceeding onThere would be no charge whatever upon ly by 370,27 21. the charges for supplemenany part of the war taxes. The whole 21 tary loans, would remain an additional millions would remain free. The property charge to be provided for, in addition to tax, or whatever portion of the other war the charge of equalizing the ways and taxes were not required towards making means with the annual demauds within the an adequate provision for the peace esta- respective years.--As the charges upon a blishment, might be immediately remitted, loan of 11 millions would, in each year, leaving that resource unpledged, and amount to 733,3331., if it should be thought available on the recurrence of war. fit, in aid of the annuities, to raise, in the
UNDER TUE New SYSTEM: first 9 years, only the precise amount of When peace takes place, a considerable taxes proposed by the New Plan, until the part, if not the whole of the war taxes, excesses of the sinking fund shall arise in will have been mortgaged. In the latter 1816; the difference between the above case, there will only remain a clear reve- funds, and the annual charge of 733,3331. Rue of 6,700,0001. immediately applicable may be added as it arises in the said peto support the charges of a peace esta- riod, to the loan of the year ; the interest blishment.--By table R. it appears that in and sinking fund thereon being detrayed, 1826, the excesses of the war and present in the first instance, out of the consolidated sinking fund, will, if peace be then made, fund, till otherwise replaced." amount to 10,720,7301. If this sum shall be then preferably applied to liberate a
No, 8.-(A.)“ That the comparative efpart of the property tax mortgaged for the war debt, the remainder of the property with the New System, may be stated as
fects of tbe Plan in Res, 8. as contrasted tax, and all the war taxes, will become per
follows: manent taxes, and part of the consolidated fund, and be mortgaged, like the other FIRST CASE.-Supposing peace to take parts of that fund, for the redemption of place at the end of the ninth year, that is, the war debt, and the present debt thus in 1815 :