Capital borrowed in 9 years by New System. |ing Fund, supposing peace then made, £130,000,000 the excesses of the war sinking fund being War Loans Supplementary Loans 30,200,000 previously deducted in order to liberate Total borrowed by New Plan £.160,2000,00 the larger proportion of War Taxes: Capital borrowed in 9 years by Resolution 8. Ordinary Loans, at 11 millions an £. 99,000,000 29,791,234 Total borrowed by Resolution 8 - 128,791,234 More capital borrowed by New Plan £. 31,408,766 Debt remaining unredeemed at the end of 1815; also, Comparative Amount of Sinking Fund, supposing peace then to take place, the excesses of the war sinking fund in New Plan being previously deducted, in order to liberate the larger proportion of war taxes: £9,517,749 24,000,000 By Resolution 8. War Taxes pledged In the above case no new taxes, beyond those to be imposed by the New Plap, will be required; as the excesses of the pre sent sinking fund arising in 1816, will fully supply the permanent provision for the postponed charge of the loans raised in the preceding 9 years. SECOND CASE.-Supposing war to continue to the end of 20 years: Capital to be raised by New Plan. War Loans *292,000,000 Supplementary Loans 204,200,000 Ditto, by Resolution 8, 11 millions to 1815 By New Plan, 1826 498,636,572-17,525,698— By Res. 8. in do. 341,960,615—15,740,171 - £. 86,675,957 No. 9.-" That nearly the same results the war taxes, and the having kept the (viz. the having abstained from mortgaging loan of the year within moderate limits,) may be produced, by determining, that when the loan of the year in war does not exceed the amount of the sinking fund in the said year, instead of making provi sion for the interest of the said loan by new taxes, the same shall be provided for by and out of the Interest receivable on the Amount of Stock in that year, redeemed by the commissioners of the national debt; in which case, the amount of debt unredeemed will continue stationary during war. 220,000,000 The Sinking Fund is at present (N) £. 8,331,709 It will be, at the close of 1810 10,956,941 29,791,234 To equalize ditto up to 1826, supposing 500,000l. New Taxes (in addition to those proposed by New Plan) to be imposed in each of the 6 years successively from 1816. to 1821, both inclusive 16,807,600 Total Capital borrowed by Res. 8 - £.266,598,834 More Capital borrowed by New Plan- 229,601,166 Debt remaining unredeemed at the end of 1826; also, Comparative Amount of Sink In about 4 years therefore, from the present time, no new taxes will be required (the data remaining the same) however long the war may continue; and the war taxes will remain free at the close of the war, when the sinking fund will resume its progressive operation; the purchase of stock by the commissioners being continued, in the mean time, to the full amount of the sinking fund, Ditto in 1826, by this plan 358,955,705 428,636,572 358,955,705 2d CASE.-Supposing peace to take By New Plan, War Loans - - 210,000,000 94,200,000 Total borrowed by New Plan - 304,200,000 By Res. 9. 11 millions in each year 154,000,000 More borrowed by New Plan £. 1:0,200,000 Debt unredeemed at end of 1820; also Comparative Amount of Sinking Fund, supposing peace then made, stated as in preceding case : By New Plan- Debt: Sinking Fund: .401,231,629 - 17,744,021 358,955,705 - 10,956,941-33 Difference of Debt in favour of this plan£.69,680,867 By New Plan, War Taxes rendered permanent - L By Res. 9. War Taxes pledged By New Plan, Loan in 1820 £9,180,896 Nil. 2,051,000 2,547,810 32,000,000 11,000,000 3d CASE.-Supposing peace to take place at the end of 20 years, 1826: Capital borrowed in 20 years, By New Plan, War Loans 292,000,000 204.200,000 496,200,000 Total borrowed by New Plan By Res. 9, 11 millions in each year 220,000,000 More borrowed by New Plan £. 276,200,000 Debt unredeemed at end of 1826; also, Comparative Amount of Sinking Fund, supposing peace then made, stated as in the preceding cases: By New Plan New Plan } Debt: Sinking Fund! 17,524,698 358,955,705 - 10,956,941 69,682,867 By New Plan, War Taxes rendered By Res. 9. War Taxes pledged 10,280,000 Nil. 2,051,000 2,547,810 32,000,000 By New Plan, Loan in 1826 = By New Plan - £. 377,653,730 - 15,915,952 - That the improvidence of the mode of raising money, proposed by the New Plan, will best appear, if, instead of having the whole of the war taxes free upon a peace, as is the case by Res. 9. a portion of them 1,172,000 equal to the amount pledged, and ren2,547,810 dered permanent in 1826 by the New Plan, viz. 10,279,2701. should be then gi ven over to the sinking fund, as it will stand by Resolution 9, in that year. The 20,800,000 comparison of debt and sinking fund would the market, have a tendency to lower the then stand thus; the war taxes being price of the public securities, and conseequally mortgaged : Debt. By New Plan- £.428,636,572 - £.17,525,698 By Res. 9. - 358,955,705 By New Plan, £.69,680,867 more Debt. Sinking Fund. 21,236,211 } £3,710,513 I Sless Sinking Fund The same observation applies to both the preceding cases. quently to reduce the value of the property of the stockholder.-That the negociation of loans to so large an amount, and the augmented issues which will be required to be made from the exchequer in execution of the said Plan, must lead to an excountry, to increased charges of managetension of the circulating medium of the If the measure of imposing the 2,547,810l. accelerated depreciation of the value of ment on the part of the public, and to the new taxes, required by resolution 9. in the money, on the stability of which the interfirst four years, be objected to, and it be est of the stockholder, and those who may deemed expedient that the imposition of enjoy fixed rents, so peculiarly depends.new taxes in the next three years be That the principle of placing at the disposal wholly abstained from, their commence- of parliament the excesses of the sinking ment may be postponed till the fourth fund above the interest of the debt unreyear, by simply confining the provision in deemed, as proposed by the New Plan, is the first 3 years to a sum sufficient to co-calculated to lead to a much more extenver the difference between the eleven mil-ded diversion of the sinking fund from its lions to be raised, and the stock purchased application to the purchase of stock, than within the year, by the sinking fund, that the principle proposed in Resolution 9. viz. is, to the sum of 2,668,2917., the annual that of applying in war, not the fund itself, interest and sinking fund on which amoun- but the interest of the stock redeemed ting to 177,8867., will be nearly covered within the year by the fund, as a provision by the annuities which are to fall in, in for the loan of that particular year; inasthe two first years. A small increase of tax-much as the latter only proposes to derive es beyond the 2,547,8167., viz. of 533,658. will result from this temporary iudulgence in the following years; but, on the other hand, credit may be taken for the annuities, amounting to 298,0927. which are subsequently to fall in.” aid from the operations of the sinking fund during war, and only to the precise extent of the interest of the sums redeemed within the year, leaving the fund entire to resume its operation at compound interest, upon a peace; whereas the former Plan opens No. 9.-(B.) "That much prejudice and solute disposal of parliament, in peace as well the excesses of the sinking fund to the abembarrassment is likely to result both to as in war, " for such public services as parthe interest of the stockholder, and to the liament may direct," without any other limimoney transactions of the country, from tation than that a sum equal to the debt the large and rapidly increasing loans subsisting in 1802, shall be redeemed withwhich must be raised, according to the in 45 years from that period, instead of 24 New Plan, in each year of war, the annual years from the present time, as it would be amount of which, in the latter years of the reduced by the operations of the fund, as operation (if to their estimated amount, it now stands, under the provisions of the viz. 32 millions, be added the sums which 42d Geo. III. cap. 71. thereby annually will be required for the service of Ireland, subtracting from the fund itself after the for subsidies, and other unforeseen expen-year 1816, and rendering it, even in peace, ces, and for the progressive advance of a declining instead of a growing fund.charge upon any given establishment) will That the equivalent which, it is alleged, probably not fall short before the close of is to be given to the stockholder for so exthe period, of from 40 to 50 millious money capital; which, supposing the 3 percents. at 60, would require the creation of a capital of from 66 to 82 millions annually. That the making of loans to such an inordinate amount (increasing in each year in a greater proportion than the sinking fund) must, by the great influx of new stock to be thus created, and sold in tensive and permanent a disappropriation of the sinking fund from the redemption of the debt; viz. the additional 5 per-cent. sinking fund on the war loans, cannot be deemed, for the reasons above stated, even in time of war, to operate as any compensation or equivalent whatever, as the value of his property is likely to be more injured by the unnecessary and improvident accu Payments as above Total Payments PRESENT SYSTEM: 16,800,000 £. 60,144,000 The Interest and Sinking Fund on a loan of 12,000,000l., at six per-cent. amounts, per annum, to 720,000%. This charge being raised on a one-percent. sinking fund, may be considered as an annuity of 43 years. Payments to be made on account £. 30,960,000 - 60.144,000 30,960,000 mulation of loans in the market, than improved by the addition thereby made to the sinking fund of the year by borrowed capital. But as the benefit (if it really were one) can accrue only during war, and must cease with it, the stockholder is called upon, for the temporary enjoyment of this questionable advantage (possibly only for a few months) to submit to have the sinking fund, which is now expressly pledged by the 5th section of the 42d of Geo. III. cap. 71. to the uninterrupted liquidation of his debt, largely diverted from that object even in time of peace, when no adequate public exigency can be alleged to justify the same; and when, from a variety of intervening causes, (at least there are no grounds upon which parliament can at this day safely conclude to the contrary) the interests of the stock-ton rose and spoke as follows:-Pursuant holder, as well as those of the public, may sir, to call the attention of the house to to a notice I gave on a former day, I rise, be best consulted, by suffering the accumuthe subject of the Carnatic. The papers lation of the sinking fund to proceed, as which I think necessary for the elucidation hitherto, at compound interest, in reduction of the national debt, and in con- in the motion I shall have the honour of of that subject, and which will be specified formity to the provisions of the existing making, and to which, I trust, there will be no objection, since they have already been laid upon the table of this house, and remained there for a considera law." Payments on New System, upon a loan of 12,000,000 Ditto on present System Excess of the charge of Redemption by New System" £. 29,184,000" [CARNATIC PAPERS.] Sir Thomas Tur ble time-the papers alluded to were calof this house, and they were moved for led for by an hon. gent. not now a member No. 10.-"That the expence of raising any given amount of loan on the present system; viz. by a single loan, with a sinking fund of one per-cent. as compared with the principle of the New Plan, of raising the same amount by double and originally on reasons which I hope will apconcurrent loans; the one raised upon a ply now. Suppose 12,000,000l. to be raised: Ten per cent. Interest and Sinking Fund on 1,200,000 12,000,000l. for 1 year After a short statement of the fund of ten per-cent. for interest and sink-case, I am inclined to believe there will be ing fund; the other raised upon a fund of no objection to my motion, because the six per-cent. for interest and sinking documents it calls for are necessary for the fund; calculating the payments on of justice, as well towards the parac- purpose When the count thereof from the commencement to ty accused, as to the accuser. the final liquidation of the said loan, is as motion was formerly made on this subject, follows; the sinking fund in both cases the facts were then recent in the recollecbeing taken on the money, instead of the tion of the house, from the history of the nominal capital: transactions which was then given. Sir, it is in the recollection of almost every man, that intelligence arrived in this country, of the death of Omdut ul Omrah, commonly called the nabob of the Carnatic, and of the circumstances of his lineal successor, 15,600,000 as he would have been by the Mahomedan £.16,800,000 law, being dethroned, and another placed Many persons acquainted To cover the interest and sinking fund in his room. of 1,200,000l. at six per-cent. a fund of with Indian politics, perfectly well know 72,000l. must be provided in each of the the circumstances attending that deposifourteen years;-the amount thereof is tion-but none could reconcile the act on any principle of justice; for every one 1,008,000/. The latter sum, being raised on a one-knew, from the youth of the prince, as per-cent, sinking fund, may be considered well as from his mode of conduct, that the act could not have arisen out of any proas an annuity of 43 years. He had not had an ceedings of his own. A like charge for 13 years more, at which time the Principal is redeemed Total Payments Payments on account thereof - 43,344,000 opportunity of doing any oue act of govern- any where except in this house, and it is ment, before the Indian presidencies had as essential to the interests of this nation, adopted a line of policy which had depri- as it is to those of the noble marquis, to ved him of the Musnud. Enquiries were have the matter completely investigated, accordingly made into the subject, and and to remove all suspicions that can posthat young prince found a very able advo-sibly attach to any of the transactions in cate in the right hon. gent. opposite to me, which that noble marquis is concerned. I (Mr. Sheridan,) and also in an hon. gent. wish to say nothing farther of that noblenot now a member of this house. Upon man at present, than that he is a man of that occasion the enquiry took up a consi-great abilities and comprehensive talents, derable length of time, the number of pa- of which he has given proof on many occapers moved for swelled to a very consider- sions. It has been rumoured, that the able size, and the subject was interrupted by noble marquis is thought of, as a fit person the dissolution of the late parliament. It is to fill a high and responsible office in this unnecessary for me to enter into any discus-country-a circumstance which can never sion on the propriety of renewing the con-happen, until his character shall be ressideration of this important subject, much cued from the situation in which it appears less is it necessary for me to enquire into to be implicated, as relating to the Carnathe motives which could induce the right tic transactions. In urging the investigahon. gent. who had once brought the sub-tion of the Carnatic Papers, I am consultject before the house, to relinquish it, ing the only fair mode of establishing the since it is not in my power to know the mo- character of that nobleman, for which be tives that might influence his conduct. I ought to be thankful. It appears to me, am well assured, from the general tenour from the papers which I am about to call and habits of his political life, nothing for, and which have been already upon could have induced him to decline bringing the table of this house, a considerable forward the subject that is inconsistent portion of criminality attaches to the with his notions of public duty; yet it is court of directors here, and to the conduct impossible not to perceive that the right of their principal officers abroad, as well as hon. gent.'s connections at present are to the board of controul, by which I do persons who, if their wishes could operate not mean the present board, but a former upon his judgment, would certainly induce board. The Papers which I shall call for, him to decline the further investigation of will shew what degree of blame, if any, is this subject and that the right hon. gent.imputable to each of these descriptions of does decline it, we have his own declara- persons, and that is one of the great ubtion. It has, therefore, devolved to me,jects for which my motion is brought forand I cannot help regretting that it has ward. With regard to the new papers, not fallen into abler hands. But it is a du- which I think it my duty to move for, it is ty, as I feel it, to bring this question for- necessary that I should call the attention ward, for reasons which must be obvious of the house to the manner in which I first to the house, and which I hinted at when proposed to make a motion, when you, I gave my notice. I said then, and I now sir, very properly prevented me from en. repeat it, if any other member of the house tering into any detail on that occasion, should be inclined to take the subject out when I confined myself to the bare notice of my hands, I should most cheerfully de- of a motion for printing those papers, only, liver it up to such a person, promising which, in my judgment, had a direct bearhim most faithfully that he shall have my ing upon the question to be discussed, not cordial, active, and zealous support, to wishing to embarrass it with documents the utmost of my power. But if no other which I thought had no bearing upon the gentleman chooses to take that part, I feel question. For the same reason I intend that I have a claim upon the justice of the to exclude the 2d volume of papers which house, in calling its attention to this sub-were laid on the table in the month of Auject. I will add, that not only do I con-gust 1803; as they relate to stale accounts ceive that I have a claim upon the justice of the house in soliciting its attention; but I have a claim also to the assistance of the house in discussing it; for you know, sir, that those who have any reason to complain upon this subject, can have no redress from lord Hobart and lord Macartney, which appear to me to have very little bearing upon the question which I am desirous to have discussed. But if any gentleman thinks they are necessary, I can have no objection to their production. It is now |