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referring for proof to certain tables which had been stated in the prewhich were to be put into the ceding speech. hands of the members; and he Mr. Huskisson's arguments were said that the immediate result of supported by Mr, Baring, Mr. H. the system would be equal to a Thornton, and Mr. Tierney: and subsidy of above 100 millions; so the Chancellor's plan was defended that for four years to come, upon by Mr. Long and Mr. Rose. The the supposition of the continue report was ordered for the next day. ance of the war, it might be The subject being resumed on hoped that it would not be neces- March 26th, Mr. Baring said, that sary to impose any other new he should acquiesce in the motion taxes, than such as were requisite for bringing up the report, with a to furnish the additions to the sink- view of moving a resolution that ing fund which he had mentioned. the House would early in the next He concluded with reading a num- session of parliament take it into ber of resolutions to be submitted consideration. He observed that to future discussion.
the great argument used by the The conversation which ensued, supporters of the new plan was, consisting of observations hazarded that it would relieve the country without any precise understanding from the burthen of additional of the proposed plan, may be taxation ; but a very small increase passed over. A future day was of taxation would enable the exappointed for the further conside- isting system to be continued anration of the subject.
other twelvemonth; and he was On March 25th, the House be- persuaded that parliament would ing in a committee on the finances, not object to such an arrangement Mr. Huskisson rose and made a being made as would leave the new long and elaborate speech, dis- measure in an effective operation cussing the nature and merits of at the end of the year, if it were the plan proposed by the chancel- thought advisable to adopt it. lor of the exchequer. As his argu- After several other speakers had ments were entirely founded upon entered into the debate, Mr, Barmatters of calculation, they are in ing made his motion as an amendcapable of abridgment; the generalment. It was negatived without tenor of them, however, was to a division, after which the report show that the new plan was an en- was read and agreed to, and a bill tire and dangerous deviation from ordered upon it. the principles of Mr. Pitt's sinking The resolutions were as follows: fund system, and a breach of faith 1. Resolved, “ That the total with the public creditor ; and that capital of the funded debt of Great the advantages it held out were Britain, in perpetual redeemable mere fallacies.
annuities, on the 5th day of JaThe Chancellor of the Exchequer nuary 1786, was 238,231,2481. 5s. in reply said, that his right hon. 2d. that provision was made for friend had totally misunderstood his the gradual reduction thereof, by plan, and the principles on which an act passed in the same year ; it was founded; and he answered and that further provision has been some of the principal objections made, by several since passed, for the more effectual reduction of the perpetual redeemable annuities, said debt, and of the public debt and producing an interest equal to since contracted.
the dividends thereupon, shall be 2. “That, by virtue of the said so redeemed or transferred. acts, the sum of 238,350,1431. 18s. 4. “ That, after such declaration 1d. exceeding the said sum of as aforesaid, the capital stock pur238,231,2481.5s. 2 d. by 118,8951. chased by the said commissioners, 12s. 10 d. had, on or before the and standing in their names, in the first day of March 1813, been books of the governor and company actually purchased by the com- of the Bank of England and of the missioners for the reduction of South Sea company, shall from the national debt, or transferred to time to time be cancelled, as if the the said commissioners for the re- same had been transferred for the demption of land tax, or for the redemption of land tax, at such purchase of life annuities.
times and in such proportions, not 3. " That it is expedient now exceeding the amount of debt - 80 to declare that a sum of capital declared to be satisfied and disstock equal to the total capital of charged, after reserving thereout the public debt, in perpetual re- any sum or sums necessary to make deemable annuities, existing on provision for the payment of all the said 5th day of January, 1786, life anpuities chargeable upon the hath been purchased or transferred sinking fund of Great Britain, as as aforesaid ; and so soon as further shall be directed by any act or sums of the public debt shall have acts of parliament to be passed for been so purchased or transferred, such purpose; in order to make making in the whole an amount of provision for the charge of any annual charge of the public debt loan or loans thereafter to be con'so purchased or transferred, equal tracted upon the same funds or to the whole annual charge of the securities, as are chargeable with public debt, in perpetual redeem- the said stock so declared to be able annuities, existing on the said satisfied and redeemed. 5th day of January, 1786, to de- 5. “ That, in order more effecclare further that an amount of tually to secure the redemption of public debt equal to the whole of the public debt, conformably to such capital and charge of the the provisions of the acts of the publie debt, existing on the said 32nd and 42nd years of his present 5th day of January, 1786, hath been majesty, it is expedient to enact, satisfied and discharged: and that, that all sums granted for the rein like manner, an amount of pub- duction thereof, by the several acts lic debt equal to the capital and aforesaid, should be further conticharge of every loan contracted nued, and made applicable by the since the said 5th day of Jan. 1786, reduction of all public debt now shall successively, and in its proper existing, or which may be hereorder, be deemed and declared to after contracted during the present be wholly satisfied and discharged war. when and as soon as a further 6. “ That, in order to carry
into amount of capital stock, not less effect the provisions of the said than the capital of such loan, in acts of the 32nd and 42nd of the
king, for redeeming every part year to the said commissioners for of the national debt within the the reduction of the national debt. period of 45 years from the time 8. “ That, for the purpose of its creation, it is also expedient, giving effect to the above resolu. that in future, whenever the a- tions, it is expedient that the said mount of the sum to be raised by act, passed in the 42nd year of his loan, or by any other addition to present majesty, be amended. the public funded debt, shall, in 9. “ That it is expedient to any year, exceed the sum esti- make provision, that an annual mated to be applicable, in the sum of 867,963l. being equal to same year, to the reduction of the one per cent on the capital stock public debt, an annual sum, equal created in respect of several loaos to one half of the interest of the raised by virtue of divers acts passexcess of the said loan, or other ed in the 38th, 39th, and '40th addition beyond the sum so estic and 42nd years of his present mamated to be applicable, shall be jesty, and for the interest and set apart out of the monies com- charges of which provision was posing the consolidated fund of made in the said 42nd year of his Great Britain, and shall be issued majesty, shall be set apart out of at the receipt of the Exchequer to the monies composing the consolithe governor and company of the dated fund of Great Britain, and Bank of England, to be by them shall be issued at the receipt of the placed to the account of the com- Exchequer to the governor and missioners for the reduction of the company of the Bank of England, national debt, and upon the re- to be by them issued to the commainder of such loan, or other missioners for the reduction of the addition, the annual sum of one national debt. per cent, on the capital of all per- 10. " That it is expedient to petual redeemable annuities created make farther provision for the in respect thereof, according to more effectual and speedy redempthe provisions of the said act of the tion of the land tax. 32nd year of his present majesty. On April 2nd, Mr. Tierney in
7. " That, in order to prevent troduced a motion respecting the the increase of the public debt, by sinking fund, the object of which, means of Exchequer bills annually he said, was to call the attention renewed, or other unfunded go- of the House to the foundation on vernment securities, bearing inté- which the plan of the Chancellor rest, it is expedient that, on the of the Exchequer was erected5th day of January in every year, whether his measure was a true an account be taken of all such and equitable construction of the Exchequer bills, and other govern- acts of the 26th, the 32nd, and the ment securities, outstanding and 42nd of the king; and whether, charged upon funds not deemed without a breach of faith with the capable of making good the same, public creditor, he had the means within one year from such 5th day of carrying into effect all the deof January, and that a sum equal tails of the bill before the House. to one per cent thereupon be The hon. member then gave an granted out of the supplies of such account of the nature and purpose of the several acts above specified, to the redemption of the national and endeavoured to show that the debt; and for making further pro, plan proposed was entirely incon- vision in respect thereof," was sistent with the spirit of that of moved on April 7th. The debate 1802. He concluded by moving, on this occasion presented nothing “ That a select committee be ap- new in argument, and the bill pointed to take into consideration passed the House. the acts passed for the more ef- The second reading of this bill fectual reduction of the national in the House of Lords was moved debt, in the 26th, 32nd, and 42nd by the earl of Liverpool on April years of his majesty's reign, and 12th, in a speech which recapituto report to the House whetherlated the substance of that of the due regard being had to the just Chancellor of the Exchequer. claims of the holders of shares in The Marquis of Lansdowne adthe several public funded securi- vanced some objections, chiefly ties, purchased subject to the ope- founded on the injury to the serations of the said acts, any and curity of the public creditor, whiclı what part of the monies placed to would result from this measure. He the account of the commissioners did not mean, however, to give it for reducing the national debt, can a pertinacious opposition. now be placed at the disposal of The Earl of Lauderdale spoke in parliament."
depreciation of the sinking fund The Chancellor of the Exche- altogether, and declared himself to quer contended, that on po former be one of those who held all plans occasion of a similar kind had a of finance very cheap, in compacommittee been previously ap- rison with an effectual plan of pubpointed to investigate the details lic economy. of the subject. He made various No other proceedings are record. remarks to show that his plan in- ed concerning it in the House of volved no breach of the public Lords, and it soon after passed into faith, and said that he should dissent from the motion.
In connection with financial After some observations on each matters, it may be proper to notice side from different members, the the renewal of an attempt to bring Attorney General rose to give a in a bill respecting sinecure offices legal opinion as to the effect of the upon the same principles with that proposed measure on the three acts which had been rejected in the of parliament referred to, and held last session of parliament. It was that there was not the smallest moved in the House of Conimons violation of good faith, or infrac- on Feb. 12, by Mr. Bankes, who tion of the law, in its operation. introduced it with some general
The House at length divided; observations on the nature of the for the motion, 59; against it, 152; intended measure, for the informmajority, 93.
ation of the new members. Its The third reading of the bill, essence was the gradual abolition the title of which was, " To alter of sinecure offices as they should and amend several acts passed in fall vacant, with the provision of his present majesty's reigo, relating a permanent fund for the adequate
reward of meritorious public ser. 94 to 80, and it afterwards passed vices. Leave being given to bring that House. in the bill, it was read the second Its reception in the House of time on March 29th, when its Lords, May 18, was not more faprinciples were combated with the vourable than in the preceding same arguments as those employed year; and on the motion being in the former discussions on the put for the second reading, it was subject. On a division, however, negatived without a division. it was received by a majority of