surely, under these circumstances, could not expect that the produce of the taxes in future would rise to any thing like the old amount. Would his estimate of the stamps, for instance, which he gave last summer, still sustain itself? Upon the whole, it appeared to him, that the best

appoint a committee similar to that of 1786, that might investigate, from the best sources, what may be the probable produce of the taxes, and to fix by that estimate the scale of our expenditure. He feared that the returns of the probable. amount of the taxes, when given in to the House, would be most appalling. But the course which he now recommended was followed by the committee of 1786, just after the American war; and a similar system ought to be pursued now.

curtailing their luxuries; but the next quarter or two would speedily show a change. But did the Chancellor of the Exchequer foresee all this at the time of the discussions on the Bullion question, since his noble friend had declared that the bloated state of our currency might have been expected to shrink on the re-thing that could be done, would be to turn of peace? He conjectured that the right hon. gentleman would now be extremely glad, could he withdraw from the Journals that famous resolution of his, that there was no difference between a guinea and a one pound note, since every man and woman who read those journals, and knew any thing of the matter, was now convinced that there was a real difference. He was happy to understand that there was no idea of touching the sinking fund. But the Chancellor of the Exchequer should be the last man to cheer this, or to take credit for it, as he himself had already taken seven millions from that deposit. If, however, the sinking fund is to be held sacred, it may be fairly asked, what are you to do to make all ends meet? This was a question which called for their whole attention; at any rate, he trusted the House would not be forward in voting supplies, until they knew what was to be the utmost amount of our establishments. [Hear, hear! from lord Castlereagh.] There should be no voting of sums piecemeal for this department and the other department. The peace which the noble lord had concluded might be a very fine one; but then, perhaps, after all we could not afford it. It was the fault of those who had so long postponed the meeting of parliament, that the immediate operation and consequent expenses of the treaty were now beyond their reach. Never had a parliament met so late as the 1st of February, with all that multiplicity of business that was before the present,— business which it required all the temper of that House to discuss with moderation and fairness. He did not see how it would be possible to make the means of the country meet its expenditure without the most diligent investigation and retrenchment. We were desired to derive comfort from the large exports of our manufactures; but whether that was a loss or gain could not be ascertained until we had known the returns. In the mean time, as his hon. and learned friend had justly remarked, we had lost the home market, and that was the most profitable of all. The Chancellor of the Exchequer

So

Sir Gilbert Heathcote declared himself rejoiced at the conclusion of peace, in the abstract, but confessed that his pleasure was much abated, when he learned, from public report, the conditions of the treaty on which the present pacification was founded. The conditions were, as he understood them, so hostile to public liberty in general, so opposite to the principles of the British constitution, fraught with danger to the existence of the peace which had been restored, so replete with the embers of future continental wars, that he could not but express his regret, that such conditions should have been acceded to by any of his Majesty's ministers. It appeared as if, after the battle of Waterloo, that every previous promise had been violated by the Allies. That battle placed in our power the great individual, in opposition to whose autho rity the nations of Europe entered into a military combination. But, if they looked to the general effect which it had on the affairs of Europe, perhaps not so much ground for exultation would appear, as many gentlemen seemed inclined to suppose. He would not now enter minutely into any subject of foreign policy; his intention was rather to examine the internal affairs of the country, the prospect of which appeared to him to be very gloomy indeed. Wherever their footsteps were directed, a general complaint of the stagnation of trade, and of the scarcity of money, was heard. But, whilst every one felt eager to propose some remedy, there was no person to be found who did not wish to shift the burthen from his own shoulders to those of his neigh

bours. He should reserve to himself the ference in matters of such extreme deliright, before the end of the present ses- cacy. Peace had been restored-and he sion, to enter into a full detail on this, and returned thanks to the Almighty for the other subjects which, he conceived, the blessing; but, while the present military extreme pressure of the times, would com- force was kept up, and while the present pel ministers to bring under the consi- treaties, as described to him, were in existderation of the House. He should sup- ence-he knew not any body in the counport the amendment of his hon. friend, try that was likely to be much benefited because it enforced on the minds of the by it. A paper had lately appeared in hon. gentlemen opposite, and of the na- one of the public prints, purporting to be tion at large, the necessity of doing some- a supplemental letter, sent round by mithing to ameliorate the political situation of nisters to their friends in parliament. He the country. In his opinion, ministers had should like to know from some of the hon. fallen into a very considerable dilemma, gentlemen opposite, whether the letter with respect to the foreign policy of Great alluded to was an authentic document ?— Britain. After the battle of Waterloo, it [A laugh from ministers]. He did not would seem as if they were determined, care whether gentlemen chose to answer although they had previously denied their his question or not; but that letter being actuated by such a policy, to restore contained such extraordinary assertions, the Bourbons, however unpopular they that he felt himself bound to notice them. might be in France. Louis 18 was, in con- It was there stated, that ministers had paid sequence of this determination, guarded the utmost attention to the agricultural into Paris by the bayonets of foreign troops. interest-and that the state of distress in The subsequent conduct of the allies ap- which that interest was said to be plunged, peared to have created considerable diffi- was greatly exaggerated. Now, he be culties. For there were many Frenchmen lieved it was a well known fact, that, on -men hostile to a Republican govern- an average, the lands of this country had ment, and enemies to the power of Buo-been let on a calculation, that a quarter of naparté-who were decidedly of opinion, wheat would produce five pounds. Let that foreign troops ought not to be per- the House, keeping this fact in their mitted to sojourn for any time, beyond that minds, examine the last market prices, and which strict public necessity called for. see what that important article in the subNow, no sooner was that country likely sistence of man, now produced. They to be freed from the presence of the allied would find, that it did not fetch more than forces, than Louis 18, who was seated on 48s. per quarter. Many of the members the throne of France by the aid of foreign of that House were supported by the letarms, felt himself unsafe in Paris, and ap-ting of their lands. They must, therepeared to be anxiously desirous for the fore, have been deprived of half their inreturn of those troops, whose appearance comes, when wheat, instead of five pounds, in the French capital must ever render the was sold for 48s. per quarter. Every perBourbon dynasty odious in the eyes of son employed in agricultural pursuits, was the people of France. Formerly a vulgar thus deprived of a moiety of that sum, on notion was entertained, that, when a great, which they had counted. And where bold, and inveterate enemy, was involved lands were rented, if the tenants, in conin difficulties, it was proper for the suc- sequence of this depression of price, could cessful rival to oppress him as much as not pay the stipulated sum, the landlord possible. Such a feeling did not prevail must suffer. The distresses of the agriin his mind. He did not wish to see cultural interest exaggerated! Could such France a prey to anarchy and confusion. an assertion be supported, in the face of He was too much a friend to the happi- the fact he had stated? Surely the disness of mankind to harbour such a wish. tresses of that class who lost one-half of He would, therefore, ask, wherefore should what they had to subsist on could not be this country interfere with the affairs of depicted in colours too gloomy! Those France-an interference which was calcu- who were deprived of half their salaries lated to produce those dissensions and might well be said to be deeply distressed! angry feelings, that ought, if possible, to If the hon. gentlemen opposite were debe prevented? It was better, he thought, prived of half the salaries they now reto suffer the people of that country to ceived, for attending to the affairs of the settle their political affairs amongst them-country, he was sure some very long faces selves, and to abstain entirely from inter- would be exhibited on the treasury-bench.

ditor as for the public itself. The act of 1813 was founded upon this principle; but there was no provision of it which was applicable to a state of peace. He was sure the hon. gentleman could not expect him to give any pledge with respect to the future conduct of Parliament on the subject; but he wished to disclaim, for his own part, any intention of touching the sinking-fund, in a manner which could affect the public credit.

Mr. Baring wished to know whether, while he allowed the whole of the sinking fund to go to the reduction of the national debt, the right hon. gentleman had any intention of adding to this debt by proposing a loan?

The Chancellor of the Exchequer said, that he could not answer a question which must depend upon so many circumstances. He certainly did not mean to preclude himself from loans on the principle of the Act of 1813, if such loans should be necessary for the service of the country.

Mr. Brougham wished to know whether, in the income tax that was to be proposed, any relief would be given to the present pressure on the cultivators of lands? He also wished to know whether the tax on leather, and upon horses used in agriculture, would be taken off?

the Property-tax to the amount of five per cent. with only some few modifications in the Act; or whether it was his intention entirely to remove those inquisitorial powers, which had been the subject of such great complaints? Secondly, he wish ed to know, whether his object in proposing the renewal of this Tax was merely for a temporary purpose of reducing the national debt, or whether he looked to it as a permanent source of revenue? And as it had been stated pretty broadly that in no case should the sinking-fund be touched, he wished to know whether the whole of this fund was to be kept operative for the complete reduction of the national debt, or whether a part of it might not still be touched in the way of a loan. The Chancellor of the Exchequer admitted that these questions had been put to him in a very clear and candid manner. It was his wish to conceal nothing from the House with respect to this subject. The measure he intended to propose would be founded on the basis of the present act; but it was not his intention to propose the renewal of all its provisions, and he meant to propose some modifications. The object of those modifications would be to remove a part of the pressure from some classes of society, but by no means to exempt any class of the commu- The Chancellor of the Exchequer said, nity from contributing its fair proportion. that it was impossible for him, at this As to the duration of the tax, he should early period of the session, to answer propose it, not as a permanent tax, but as those questions. The attention of Parliaa continuation of a war tax for a certain ment would certainly be called to the time. He should propose the continu-present state of the agricultural interest. ance of it for two or three years, when it would be again open to the wisdom of Parliament to dispose of it as they should think proper. The question of its probable duration appeared to be now premature, and it was a question upon which he had by no means made up his own mind. As to the sinking-fund, it was his wish that, for the present year, the whole of the sinking-fund should be left in full operation for the reduction of the national debt. He wished it to be entirely appro-law. priated to this purpose, as long as the public credit required this support. It THE PRINCE REGENT'S SPEECH ON was upon the faith of the Act of 1792 that OPENING THE SESSION.] Mr Methuen by far the greater part of the present pub- brought up the report of the Address on lic debt was contracted. On the faith of the Prince Regent's Speech, which was this Act the subscribers had lent their mo-read a first time. On the question of its ney, and Parliament had guaranteed it in second reading, accepting the loans. He thought, therefore, that that Act could not be departed from, except upon grounds which were equally for the interest of the public cre ́(VÕL. XXXII. )

Mr. W. Smith gave notice, that on an early day, he should call the attention of the House to the practice in the Court of Exchequer of granting extents in aid of any person who, by his affidavit, declared himself to be a debtor of the Crown. It was not his object to interfere with extents really issued to recover debts due to the Crown; but it was to prevent the abuse of private debts being recovered in this manner, without the regular forms of

Mr. Baring said, he could not avoid expressing his regret that the Address did not contain any expression of regret, on the part of the House, that parliament (F)