Imágenes de página
PDF
ePub

More Debt boy } £.6,231,128

Capital borrowed in 9 years by New System. ing Fund, supposing peace then made, War Loans

£.130,000,000 the excesses of the war sinking fund being Supplementary Loans

30,200,000 previously deducted in order to liberate Totai borrowed by New Plan £.160,2000,00 ihe larger proportion of War Taxes : Capitalborrowed in 9 years by Resolution 8. By Neste Plan, 425,636,572—17,525,698.— . Ordinary Loans, at 11 millions anally

£. 99,000,000 By Res. 8. in do. - 341,960,615—15,740,171 - 1 To equalize Ways and Means with

More debtunthe charge, within the respective

redeemed by f. 86,675,957 years, including the advances

New Plan, from the Consolidated Fund 29,791,934

By New Plan, War "Taxes pledged, and rendered Total borrowed by Resolution 8 128,791,234

permanent after the excesses of the War Sinking More capital borrowed by New Plan £. 31,408,766 Fund have been deducted £. 10,979,270

By Res 8. War Taxes pledged

Nil. Debt remaining unredeemed at the end of 1815 ; also, Comparative Amount of By New Plan, loan to be raised in 1826 - 32,000,000

By Resolution 8

11,000,000 Sinking Fund, supposing peace then to take place, the excesses of the war sinking fund

There is, however, to be set off against in New Plan being previously deducted, in the 10,279,2701. war taxes rendered perorder to liberate the larger proportion of manent by New Plan, the 3,000,0001. New war taxes:

Taxes to be laid on between 1816 and 1826, Debt:

Sinking Fund : By Now Plan ..384,480,570—18,278,435

supposing the whole period to be one of

war. In the event howerer of peace taBy Res. 8. 378,249,442—15,645,001 - 24 king place between 1816 and 1821, these

New Taxes, according to the period at New Plan

which it shall happen, may be altogether By New Plan, War 'Taxes pledged, and

dispensed with, or proportionably reduced, rendered permanent after the exces

Whereas the amount of the war taxes, ses of War Sinking Fund have been

which will be pledged and rendered perdeducted

of 9,517,749 By Resolution 8. War Taxes pledged Nil.

manent, even at the commencement of By New Plan, Loan raised in 1815 24,000,000 1816, is 9,517,7491." By Res.S. Ditto,inclusing a sum equal to the advances from Consolidated Fund 17,019,360

No.9,-" That nearly the same results In the above case no new taxes, beyond the war taxes, and the having kept the

(viz. the having abstained from mortgaging those to be imposed by the New Play, will be required ; as the excesses of the pre,

loan of the year within moderate limits,) sent sinking fund arising in 1816, will fully may be produced, by determining, that supply the permanent provision for the when the loan of the year in war does postponed charge of the loans raised in the not exceed the amount of the sinking fund preceding 9 years.

in the said year, instead of making provie Second Case.-Supposing war to con

şion for the interest of the said loan by tinue to the end of 20 years :

new taxes, the same shall be provided for

by and out of the Interest receivable on Capital to be raised by New Plan. War Loans

*292,000,000

the Amount of Stock in that year, redeemSupplementary Loans 204,200,000 ed by the commissioners of the national Total borrowed by Noi Plan £. 196,00,000 debt; in which case, the amount of debt

unredeemed will continue stationary due Ditto, by Resolution 8, 11 millions

ring war. in each year

220,000,000 The Sinking Fund is at present (N) £. 8,331,709 To equalize ays and Means up

It will be, at the close of 1810 10,956,941 to 1815

29,791,234

In about 4 years therefore, from the preTo equalize ditto up to 1826, suppo. sing 500,0001. New Taxes (in

sent time, no new taxes will be required addition to those proposed by New

(the data remaining the same) however Plan) to be imposed in each of

long the war may continue; and the war the 6 years successively from 1816 to 1821, both inclusive

taxes will remain free at the close of the 16,807,600

war, when the sinking fund will resume Total Capital borrowed by Res. 8 - £. 2041,598,834 More Capital borrowed by New Plan? 229;601, 166 its progressive operation ; the purchase of

stock by the commissioners being contiDebt remaining unredeemed at the end of vued, in the mean time, to the full amount 1826 ; also, Comparative Amount of Sink: of the sinking fupd,

[ocr errors]

That the charge for 4 years Loán; as above, for 2d CASE.-Supposing peace to take

11 millions in each year, taking place at the end of 14 years, 1820: credit for 385,5151. Annuities,

2,547,810 amounts to .

Capital borrowed in 14 years, Taxes required in each year, for the

By New Plan, War Loans - - 210,000,000 next 4 years

-626,952 By ditto, Supplementary Loans 94,200,000 The taxes so to be imposed exceed only, Total borrowed by New Plan - 301,200,000 by 496,8101. the total amount of New Taxes By Res. 9. 11 millions in each year 154,000,000 proposed by the New Plan to be imposed More borrowed by New Plan £.10.200,000 between 1810 and 1817 ; by which Plau, the war taxes are at tbe same time pro

Debt unredeemed at end of 1820; also gressively absorbed and pledged for the Comparative Amount of Sinking Fund, redemption of the loans raised upon supposing peace then made, stated as in them.

preceding case : According to this plan, the Debt

Debt: Sinking Fund : would continue stationary thrvugh

By New Plan - £.401,231,629 · 17,744,021 out the war, at ·--.

- 358,955,705

By Res. 9. - 358,955,705 - 10,956,941 - 35 Amount of Debt at close of 1826, by

More debt by New Plan (N)

428,636,572

} 42,275,924 Ditto in 1826, by this plan

358,955,705 Difference of Debt in favour of this plan£.09,680,867 By New Plan, War Taxes rendered

permanent

£. 9,180,896 And no War Taxes mortgaged.

By Res. 9. War Taxes pledged

Nil.

By New Plan, New Taxes imposed 2,051,000 Any excess of annual expenditure above

By Res. 9. ditto

2 2,547,810 the 32 millions, is supposed in this, as in

By New Plan, Loan in 1820

32,000,000 the New Plan, to be separately provided By Res. 9. ditto in ditto

11,000,000 for in the usual manner.'

No. 9 (A.) " The Comparative Effect of 3d Case.-Supposing peace to take the above Plan (Res. 9.) as contrasted place at the end of 20 years, 1826: with the New System, may be stated as

Capital borrowed in 20 years, follows:

By New Plan, War Loans

292,000,000

By ditto Supplementary Loans 201.200,00) 1st Case. --Supposing peace to take

Total borrowed by New Plan 496,200,000) place at the end of 7th year, 1813 :

By Res. 9, 11 millions in each year 220,000,000 Capital borrowed in 7 years.

More burrowed by New Plan £. 276,200,000 By New Plan, War Loans

98,000,000 By ditto Supplementary Loans 15,800,000

Debt unredeemed at end of 1826 ; also, Total borrowed by New Plan

113,800,000 Comparative Amount of Sinking Fund, By Res. 9, 11 millions in each year 77,000,000 More borrowed by New Plan £. 36,800,000 supposing peace then made, stated as in the

preceding cases :

Debt: Debt remaining unredeemed at the end

Sinking Fund By New Plan

f. 248,636,572 17,524,698 bf 1813; also Comparative Amount of By Res. 9. 358,955,705 - 10,956,941 the excesses of the War Sinking Fuud in New Plan

69,682,867 New Plan being previously deducted in By New Plan, War Tafes rendered order thereby to liberate the larger pro- permanent

10,280.000 By Res. 9. War Taxes pledged

Nil. portion of war taxes.

By New Plan, New Taxes imposed - 2,051,000
Debt: Sinking Fuad.
By Res. 9. ditto -

2,547,810 By New Plan - £.377,653,730 - 15,915,952

By New Plan, Loan in 1826 - 32,000,000 By Res. 9. 358,955,705 - 10,956,941

By Res. 9. ditto in ditto

11,000,000 New Plan.

That the improvidence of the mode of

raising money, proposed by the New Plan, By New Plan, War Taxes pledged and rendered will best appear, if, instead of having the permanent after the excesses of the War whole of the war taxes free upon a peace,

Sinking Fund are deducted £.7,773,921 By Res. 9. War Taxes pledged

Nil.

as is the case by Res. 9. a portion of thein By New Plan, New Taxes imposed 1,172,000 equal to the amount pledged, and renBy Res, 9 ditto

• 2,547,810 dered permanent in 1826 by the New By New Plan, Loan to be raised in

Plan, viz. 10,279,2701. should be then gi1814

20,800,000 By Res, 9. ditto in ditto

11,000,000

ven over to the sinking fund, as it will stand by Resolution 9. in that year. The

More debet.bue}

1

More webtaboy } · 18,698,625

[ocr errors]

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 coose. equally mortgaged :

quently to reduce the value of the property

of the stockholder. That the negociation Debt. Sinking Fund. By New Plan - £.428,636,578 • 2.17,525,693

of loans to so large an amount, and the By Res. 9. 358,955,705 21,236,211 16 augmented issues which will be required

!o be made from the exchequer in execumore eve bedan,

}£3,710,313

tion of the said Plan, must lead to an exmore Debt. S less Sinking Fund

tension of the circulating medium of the The same observation applies to both country, to increased charges of managethe preceding cases.

ment on the part of the public, and to the If the measure of imposing the 2,547,8101. accelerated depreciation of the value of 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 milded 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 2,668,2911., 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 177,8861., 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 2,5 47,8161., viz. of 533,6581. aid from the operations of the sinking fund will result from this temporary iudul-during war, and only to the precise extent gence in the following years ; but, on of the interest of the sums redeemed within the other hand, credit may be taken for the year, leaving the fund entire to resume the annuities, amounting to 298,092. its operation at compound interest, upon a wliich are subsequently to fall in." peace; whereas the former Plan opens

the excesses of the siukiog fund to the abNo.9.-(B.) “That much prejudice and solute disposal of parliament, in peace as well embarrassment 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 tatio 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 ihe fund itself after the for subsidies, and other unforeseen expen- yeur 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 ex. the period, of from 40 to 50 millions mo- tensive and permanent a disappropriation ney capital; which, supposing the 3 per- of the sinking fund from the redemption of cents. at 60, would require the creation of the debt; viz. the additional 5 per-cent. a capital of from 66 to 82 millions annu- sinking fund on the war loans, cannot be ally. That the making of loans to such deemed, for the reasons above stated, even an inordinate amount (increasing in each in time of war, to operate as any compenyear in a greater proportion than the sation or equivalent whatever, as the value sinking fund) must, by the great influx of of his property is likely to be more injured new stock to be thus created, and sold in by the unnecessary and improvident accue

mulation of loans in the market, than im- Payments as above

16,800,000 proved by the addition thereby made to the

Total Payments

£. 60,144,000 sinking fund of the year by borrowed capital. But as the benefit (if it really were one)

PRÉSENT SYSTEM :

The Interest and Sinking Fund on a can accrúe only during war, and must cease with it, the stockholder is called

loan of 12,000,0001., at six

for upon,

per-cent. the temporary enjoyment of this question- amounts, per apnum, to 720,0001. able advantage (possibly only for a few

This charge being raised on a one-permonths) to submit to have the sinking fund, cent. sinking fund, may be considered as

an annuity of 43 years. which is now expressly pledged by the 5th section of the 42d of Geo. III. cap.71. to the

Payments to be made on account

thereof till its redemption £. 30,960,000 uninterrupted liquidation of his debt, largely diverted from that object even in time of Payments on New System, upon peace, when no adequate public exigency

a loan of 12,000,000

- 60.144,000 Ditto on present System

50,960,000 can be alleged to justify the same; and when, from a variety of intervening causes,

Excess of the charge of Redemption by
New System”

£. 29,184,000" (at least there are no grounds upon which (CARNATIC PAPERS.] Sir Thomas Tur. 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 accumulation of the sinking fand to proceed, as which I think necessary for the elucidation

the subject of the Carnatic. The papers bitherto, 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 law.”

will be no objection, since they have alany given amount of loan on the present ble time-the papers alluded to were calNo. 10.-" That the expence of raising ready been laid upon the table of this

house, and remained there for a considerasystem ; viz. by a single loan, with a sinking fund of one per-cent. as compa- of this house, and they were moved for

led for by an hon. gent, not now a member red with the principle of the New Plan, of raising the same amount by double and originally on reasons which I hope will ap

After a short statement of the concurrent loans; the one raised upon a ply now. 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 sivking documents it calls for are necessary for the fund; calculating the payments on ac- purpose of justice, as well towards the pare

When tlie 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, Suppose 12,000,0001. to be raised :

that intelligence arrived in this country, of Ten per cent. Interest and Sinking Fund on

12,000,0001. for 1 year 1,200,000 the death of Omdut ul Omrah, commonly A like charge for 13 years more, at

called the nabob of the Carnatic, and of which time the Principal is re

the circumstances of his lineal successor, deemed

15,600,000

as be would have been by the Mahomedan Total Payments

£16,800,000

law, being dethroned, and another placed To cover the interest and sinking fund in his room. Many persons acquainted of 1,200,0001. 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 1,008,0001.

any principle of justice ; for every one 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 as an annuity of 43 years.

act could not have arisen out of any proPayments on account thereof - 43,344,000 ceedings of his own. lle had not bad an

opportunity of doing any oue act of govern- any where except in this house, and it is ment, before the Indian presidencies bad as essential to the interests of this nation, adopted a line of policy which bad 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 coucerned. 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 levgth 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 rese sideration 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 Carna. the 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. 1 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 bis 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 bis notions of public duty; yet it is court of directors here, and to the condoct 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 uta tion. 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 dew 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 wbich 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 froni 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 questiou 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 atteution 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 accourts ceive that I have a claim upon the justice from lord Hobart and lord Macartney, of the house in soliciting its attention; but which appear to me to have very little beare I have a claim also to the assistance of the ing upon the question which I ain desirous house in discussing it ; for you know, sir, to have discussed. But if any gentleman that those who have any reason to com- thinks they are necessary, I can have to plain upon this subject, can bave no redress objection to their production. It is now

« AnteriorContinuar »