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Brought over, £81,368,926 which he had enumerated would prove To these were to be added those

sufficient. After a clear statement items to be borne by England, which come under the head of

of the terms on which the loans had SEPARATE CHARGES.

been contracted, which were obviously These were as follows:

prudent, and advantageous; and an Interest on Exchequer Bills 2,000,000 explanation of the grounds on which Sinking Fund on ditto

270,000 he took the surplus of the consolidaDebentures and Loyalty Loan 90,000 Vote of Credit Bills 1814, and

ted fund at three millions, the ChanReduction of Exchequer Bills . 6,000,000 cellor of the Exchequer proceeded to

state the amount of the charges on the

£89,728,926 country by the loans, and the way in Deduct Irish Proportion

which it was proposed to meet them. of Joint Charge. 9,572,814

The total amount of the capital creaDitto Civil List and Consolidated Fund 188,000

ted by the exchequer bills funded, and 9,760,814

the loan in the five per cents. amount

ed to 21,208,0001. 5 per cent. stock ; And there remained to be borne

the interest of this to 1,060,0001. ; by England

£79,968,112 the sinking fund to 331,0001, with

the usual charge for management. The The vote of credit intended to be loan obtained that day created a capiproposed this year, and included in tal of 49,680,0001., the interest of the above statement, was to the which would be 1,517,000l. ; the sink. amount of six millions, and would ing fund would amount to 758,7001., be made good in the usual way, by a to which would be added the charge vote of exchequer bills to the same for management. The total amount extent. Anxious, however, that there of the capital created in the present should not be too great a pressure on year by funding, was 70,888,0001. these securities, he should propose a

The interest on this was 2,577,0001. ; reduction of three millions from those the sinking fund 1,090,000l. ; the tovoted last year, besides the repayment tal annual charge to the country of five millions issued on the last vote 3,689,0001. The rate per cent. at of credit : by these means the sum which the whole of the sum raised in paid off would be equal to that which it the present year had been obtained might be necessary to issue in the course was, to the subscribers. (including the of the year. He then proceeded to sinking fund), 5l. 14s. 24d. The tostate the ways and means, for meeting tal charge to the country was, every the supplies which had been voted. He thing included, 8l. 3s. 5d. He shew. took the annual duties at 3,000,0001.; ed, by a comparison of the expences the surplus of the consolidated fund he of this loan with those of former years, also took at 3,000,0001.—He took the that, notwithstanding the immense adwar taxes at 22,000,0001. ; the lot. dition to our debt, the increased extery at 250,0001. ; old naval stores pence of these loans was very trifling. at 508,0001. : the vote of credit, he This, he said, might be considered to had stated at 6,000,0001.; the exche result from an astonishing increase of quer bills funded, and the loan in the public credit since the period to which five per cents.would give 18,185,0001.: he had referred, or to the improved sithe second luan 27,000,0001. The 'tuation of the country And which amount of these sums fell a little short ever way it was viewed, the effect was of the supplies ; but upon the whole equally gratifying. To provide for he expected that the ways and means the annual charge of 3,689,0001., the

House had already supplied by taxes man fulfilled the duties of his high ofof customs and excise on tobacco, and fice with exemplary attention, he must on excise licences, about 600,0001., contend, that he was mistaken when he and there were now under the consic conceived it possible to carry on the deration of the House additions to the war without an increasing, instead of a stamps and postage to the amount of diminishing expenditure. It was in about 1,200,0001. more, making in the the nature of such an expenditure to whole a provision by new taxes of be rapidly increasing. Circumstances about 1,800,0001. Thus it would be were perpetually starting up to proseen about half the necessary supplies duce this effect. This was a frightful were provided by taxes now agreed to, prospect for the country." He then or in progress through the House. adverted to the deviation from the sysFor the remainder, he proposed to tem of Mr Pitt, of raising so much of take a sum of from 1,800,0001. to the supplies within the year as should 1,900,0001. out of the sums in the materially reduce the amount of the hands of the commissioners for liqui- loan ; and of affording, by the operadating the national debt, as he was au tion oft

the sinking fund, the means of obthorised to do by the act of 1813. taining the loan on better terms than the The sum in their hands was at present country could otherwise have enjoyed. about 70,000,0001., and he proposed But by comparing the amount of the to cancel so much of that as would loan, and the amount of the taxation suffice to meet the remainder of the during the last eight years, he shewed charge created by the loan. After a that, while, previous to 1812, the taxes variety of general observations on the each year amounted to a great deal state of the country and its foreign re more than the loan, since that period lations, he concluded by moving the the reverse had been the case ; so much first resolution necessary for carrying so, that in the present year the loan the foregoing views into effect. exceeded the taxes by 17 millions and

Mr Tierney paid the Chancellor a half. As to the sinking fund, it, by of the Exchequer some well merited the present financial system, instead of compliments on the clearness and fair- increasing, was daily becoming less. ness of his statements with regard to He contended that, in place of prothe existing ways and means, on which, ceeding in this manner, it would be upon the whole, he said, that he agreed better for the country to look its ex. with him. With regard to the sup. penditure in the face, and either to replies, however, he stated his appre- duce its amount, or to meet it at once hension, that these, instead of remain. by taxation. He concluded by an at. ing at their present amount, immense tack upon the policy of the governas it was, would go on continually in ment, in having entered into the precreasing.--"

- Let the committee,” he sent war with France.- The Chancelsaid, “ look at the progress of our ex. lor of the Exchequer replied to the difpenditure, creeping up as it had been ferent observations of Mr Tierney. In for the last six or seven years. In answer to that gentleman's censure of 1808, it had been 45 millione; in 1809, the financial arrangements, he referred 50 millions ; in 1810, 48 millions; in to the measures of Mr Pitt at different 1811, 52 millions ; in 1812, 55 mil. periods, and particularly in 1805, to lions ; in 1813, 57 millions ; in 1814, shew, that that statesman did not, in 63 millions; and now, in 1815, 72 great and extraordinary emergencies, millions. Willing as he was to ad- attempt to raise the whole of the exmit that the right honourable gentle- penses by taxation, but by an increase

on the amount of the loans; and he amount of which he estimated at justified his own proceedings by the 760,000l. British money. The resolu. authority of that great man’s prece. tions moved by him were all agreed to. dent. He likewise entered into a va The last financial measure before riety of calculations, showing the effect the House of Commons this session of the system introduced in 1813, re was the vote of credit, which it has specting the sinking fund, and proving been seen the Chancellor of the Ex. that the progress of the redemption of chequer meant to propose as part of the national debt would be perfectly the ways and means for the year. On satisfactory, notwithstanding the relief 28th June, he moved, “ That a sum afforded to the public burthens. not exceeding six millions be granted

The different resolutions proposed to his majesty in Great Britain, and by the Chancellor of the Exchequer 28,0001. for Ireland, to enable his were then put, and agreed to. majesty to take such measures as the

On 16th June, the Irish budget was exigency of affairs may require, and laid before the House, by Mr Vesey that such sum of six millions be rai. Fitzgerald, the Chancellor of the Irish sed by exchequer bills in Great Bri. Exchequer. The substance of his tain, to be charged on the first aids to statement was as follows : The sup. be granted in the next session of parplies consisted of the estimated quota liament.” of contribution of the year 1815, sta

Mr Whitbread said, " he should ted at 10,574,2151., and of the inte- ' not oppose the motion, conceiving, rest and sinking fund on the debt, that, under the present circumstances, 6,098,1491., making the total supplies it was material that the crown should 16,672,3641. The ways and means be provided with powers capable of were,

meeting any exigency that might arise

during the recess. He hoped, that Surplus of the consolidated fund L.688,807 before the re-assembling of parliament, The produce of the revenue he

the blessings of peace would be restoshould estimate at

6,100,000 red to the country. Whatever differThe profits on lotteries, one half of what had been computed

ence of opinion might exist with refor Great Britain

125,000 spect to the original justice of the war Re-payment of sums advanced

(and no change whatever had taken by Ireland for naval and mili.

place in his opinions on that subject,) tary services

100,000 2-17ths of old naval stores, 150

there could be but one sentiment on 17ths having been taken cre

the splendour of our recent successes ; dit for by England

90,305 which, however, he trusted would not Loan raised in England for the

induce his majesty's government to go service of Ireland, 9,000,000l.

in pursuit of objects utterly foreign to British

9,750,000

our true policy. It was impossible to Making a total ways and means of 16,854,112 foresee what events might speedily oc

If the noble duke, who, with He stated the whole of the above in his glorious army, had achieved a tri. Irish currency, and the committee umph so memorable, should reach the would observe that there was an ex- metropolis of France, he trusted that cess of ways and means above the his protecting arm would avert the supply of 171,000l. The charge for horrors which might otherwise be prothe loan he stated at 727,3501. ; to duced by that event. A vigorous ef. cover this charge, he stated certain fort had been made by his majesty's proposed additions to the taxes, the government to crush the resistance or

cur.

the enemy. He congratulated them Spaniards who had escaped from the on their efforts having produced a re. yoke which it was attempted to imsult far exceeding the most sanguine pose in that country on all that was expectations. He hoped that they liberal and enlightened, that ministers would not now make a turn, and en- had assisted the government of Spain gage in the pursuit of objects, which, in their nefarious

designs. He hoped in his opinion, would be calculated to and believed that this suspicion was protract the existing warfare. There unfounded, for he could conceive no was one part of Europe in which he appropriation of the public money so trusted no part of his vote of credit highly reprehensible." The resolution would be applied-he alluded to Spain. was then cordially agreed to. A great suspicion existed among those

CHAP. II.

Bank of England-Renewal of Restrictions on Cash-payments. Proceedings

as to the Profits of the Bank on its Transactions with Government.--Bill for putting an end to the exclusive Privilege of the South Sea Company.-Bill to make Freehold Estates liable for simple Contract Debts.Bill to Amend the Laws respecting Insolvent Debtors.--Abolition of Gaol Fees.-Bill for Abolition of the Pillory.--Act for extending Jury Trial in Civil Causes to Scotland.

Tue affairs of the Bank of England,

The Chancellor of the Exchequer and the relations between government said, that as the noble lord's arguand that great establishment, gave risements were founded on the supposito several important proceedings in tion, that the bank restrictions would parliament this session. The restric. be continued to an indefinite period, tions on payments in cash were to expire he thought it hardly necessary to enter on the 5th of April; and it became ne- into a refutation of them, as it was cessary to consider whether or not expected that the restrictions would these restrictions were to be renewed. cease on the 5th of July 1816. He On the 2d of March Lord Archibald entered, however, into an examination Hamilton, in the House of Commons, of those arguments, in the course of moved for a committee to enquire into which he maintained, that no measure the affairs of the Bank of England, could be more calculated to defeat the and into the effects produced on the resumption of cash-payments than the currency and commercial relations of very enquiries which were wished to be the kingdom by the different restric. made ; for, if once the information tion acts. His lordship took a view of which these enquiries would give were the great increase in the issues of pa- published, it would place the bank at per since the restrictions commenced; the mercy of every speculator in bul. and argued that, in consequence of lion in the country'; and he concluded these issues, not only did the proprie- by stating the grounds on which he tors of the bank derive exorbitant pro- conceived it more than probable that fits at the expence of the public, bụt cash-payments would be resumed in the value of our currency was exces- July, 1816.-“ If," he said, " the sively depreciated ; and, among other peace with America had been ratified evils' attending this depreciation, he at the same time with that at Paris contended, that it was in part, at least, if the foreign expences had been cona cause of the late high prices of corn. * cluded—if the arrears which were due

* For some observations on the Bullion Question, and its relation to the question as to the price of corn, see p. 00 of this volume.

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