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ing sensible in his own mind, that the for the service of the year would thereaugmentation had not arisen from any fore be 20,728,0001., while in 1819 it voluntary disposition in the govern- had been 20,488,0001. But, in addiment to increase the military force, tion to the provision necessary to be but from the urgent necessity of pro- made for the services properly beviding additional protection for the longing to the year, there was to be loyal and industrious part of the po- added a sum for the further reduction pulation of the country.
of unfunded debt. It had been reHe next adverted to the naval ser- commended by the committee of both vices, which amounted to 6,586,0001., Houses of Parliament, that the sums and under which head of expenditure due by Government to the Bank there had also been an increase of should be diminished by a repayment 150,0001., arising principally from of 10,000,000l., of which 5,000,0001. the same necessity which had pro- having been provided for in the last duced the augmentation of the ex- year, there remained a sum of five penses of the army, an additional millions now to provide. It also
apnumber of 2000 marines having been peared to be necessary, in order to voted to perform garrison duty on remove the pressure of unfunded debt shore.
upon the market, to provide for a The ordnance estimate amounted farther reduction of the exchequer to 1,204,0001., being nearly the same
bills in the hands of individuals to as in the last year, and in both, the the extent of 4,000,0001., making in actual expense considerably exceeded the whole a diminution of unfunded the sums granted by Parliament, the debt to the amount of 9,000,0001., supplies being made good by the sale and which, added to the provision of stores remaining at the close of the for the services of the year, would war, and which it was no longer ne- make a total supply to the extent of cessary to preserve.
29,723,0001. Themiscellaneous services he should
To meet these charges, the first ar. estimate at 22,0001. more than in the ticle of ways and means was the conyear 1819; but in the estimate of the tinuation of the usual annual taxes, present year he included the sum amounting to 3,000,0001. which it had been supposed would be The next would be a grant upon necessary for the expenses of the co- the produce of the temporary excise ronation. The total amount of the duties, which had been continued heads of expenditure which he had since the war. In the year 1819, enumerated was 19,313,0001., being 3,500,000l. had been granted upon about 825,000l. more than those of those duties, being about equal to the last year ; but this excess in the their actual produce in the then preexpense of the general service of the ceding year; but, owing principally state would be in part compensated to the variations of payment which by a diminution of the charges of had been caused by the consolidation the unfunded debt, which in 1819 of the excise duties in July last, there had amounted to 2,000,0001., viz. remained on the 5th July 1820, a sum 1,570,0001. for interest, and 430,0001. of 900,0001. still to be made good for sinking fund on exchequer bills. upon that grant. He should thereIn the present year it was only ne- fore, for the present year, propose to cessary to provide 1,000,0001. for the vote only 2,500,000l. upon that fund, interest, and 410,0001. for sinking in order that the grant might be nearfund. The total sum to be provided ly completed before the month of
April next. The remaining articles year: the whole transaction would, of ordinary income were the lottery, however, be wound up without any and the old naval stores. The for- loss to the public, and at a rate of inmer he should estimate at 240,000l., terest which would afford provision and the latter at 260,0001., being the for all the charges attending the opeproduce of the sales of the last year. ration of the act. The total amountof these several items Having thus stated the various of ordinary income was 6,000,0001., items of supply and ways and means, which, being deducted from the sup- it might be necessary to explain the ply he had before stated, would leave situation of the unfunded debt as setthe sum of 20,700,000l. to be provi- tled by the votes of the last year,
and ded for by extraordinary means. He as now proposed to be reduced by the had already had occasion to explain arrangements for the present. The to Parliament the mode in which
amount of exchequer bills authorised 7,000,000l. of exchequer bills had to be issued by the acts of 1819 was been funded, and a loan of 5,000,000l. 36,500,0001., to which was to be addcontracted; and he had had the satis. ed the sum of 1,000,000l., issued, as faction to observe, that the terms he had before observed, under the which he had obtained for the public the 57th of the late King ; and also in each of those transactions had met 2,000,0001. of Irish treasury bills, the with the general approbation of the value of which the Bank of Ireland House. He should now further pro- had advanced to Government. He pose a vote sanctioning a loan of should propose for the present year 12,000,000l. from the sinking fund, to grant 29,000,0001. of exchequer making in the whole an amount of bills, and 1,500,0001. of Irish treasury ways and means of 30,000,0001., and bills, making together 30,500,0001., exceeding the supply granted by be- and making a diminution of the tween 200,000l. and 300,000l. There unfunded debt, compared with the remained a small article of income, last year, as he had before stated, which it would be necessary to note, of 9,000,0001. but of which he could not offer a spe- The exchequer bills he should cific estimate. It would arise from propose to vote this evening, but the repayments which might take to reserve the Irish treasury bills place of advances made to corpora- for a future occasion, as he was not tions or individuals, under the autho- certain whether the Bank of Irerity of an act of the 57th of his late land, which had already exchanged Majesty, for affording encouragement 500,0001. of the Irish treasury bills to public works. Under that act held by them for English exchequer about 1,000,000l. had been advanced bills, might not be desirous of exin exchequer bills, which would be changing a farther sum in the same come due in October next, and for the payment of which Parliament had The terms of the sinking fund loan made provision in the present session; he should propose to regulate by those but the individuals who had received of the contract which had been enthese loans were in many instances tered into for the loan of 5,000,0001., allowed to repay them by distant in- it appearing to be the most equitable stalments, so that only a small pro- principle, that the sum borrowed portion of the sums advanced could from the commissioners of the sinkbe expected to be repaid in the present ing fund, should be taken at the same rate of interest as that at which occasion. Whatever might be the the money of individuals had been necessity of an individual to bring his advanced.
stock to sale, he knew that there was The payments of this loan would a constant and considerable purchaser be so arranged as to leave the sum of in the market, and that he could 5,000,0001. applicable by the com- not fail, with the delay of a few missioners to the purchase of stock in days, to obtain the fair current price the year
ended 5th July, 1821. In of what he had to sell. It was also the year ended 5th July, 1820, the
to be recollected for how many years sum applied by the commissioners the public had been accustomed to had amounted to about 4,400,0001., the constant practice of these purincluding about 600,0001. applied in chases, and how much their feelings Ireland. In the present year the to- might have been acted upon, and tal sum would be somewhat more their apprehensions excited, by the than 5,000,0001., of which between total cessation of an establishment 600,0001. and 700,0001. would also which has always been deemed so be applied in Ireland, leaving about beneficial. He had not indeed been 4,400,0001. for purchases in England: without some alarm at the effect which and here it might be proper for him might be produced upon public opi. to answer a question which had been nion in the last year, when a loan more than once put to him by the from the sinking fund was for the honourable member for Penrhyn, viz. first time carried into effect. He was why, as the sinking fund now amount- ready to allow that the experiment ed to 17,000,0001., and would there. had ended more favourably than he fore have been sufficient, in addition had apprehended it might do ; but to the proposed loan of 12,000,0001., the difference was very great between the renaining sum of 5,000,0001. had the diminution, though considerable, had not also been borrowed from the and the total cessation of a resource of sinking fund, so as to leave no sum this kind. In future, indeed, he hoto be borrowed from individuals ? ped that this ground of difference of To this he should answer, that al. opinion between the honourablememthough the amount of debt remaining ber and himself would no longer exunredeemed at the close of the year ist ; for he saw no reason to depart might have been nearly the same in from the expectation which he had one mode of proceeding as in the last year held out to Parliament, that other, yet it appeared to him that the the loan lately concluded would be effect
upon credit and public conveni- the last which, so long as peace conence would have been extremely dif- tinued, the government would be unferent in the two cases. The
pur- der the necessity of contracting, exchases of commissioners had not only cept by application to the commisthe effect of cancelling a certain por. sioners for the sinking fund. He was tion of stock at the end of every year; here naturally led to explain a part but, by their equable and regular ope- of the subject which had on various ration, they in a degree regulated the occasions been alluded to, and which market during the whole of the year, nearly connected itself with this quesand prevented those sudden fluctua- tion-hemeant a comparison between tions which the accidental circum- the estimates which had been formed stances of sales, and of the combina- in the session of 1819, and the actual tions of speculators, might otherwise result of the finances of that year.
He was ready to admit, that it was might not be realized in the present less favourable than had been antici- year, which laboured under some cirpated, but he contended that the fail. cumstances of depression too obvious ure was not so considerable as to ex- to require particular notice, he by no ceed ordinary Auctuations, or to jus- means saw reason to doubt that it tify the alarms which had frequently would be speedily completed. One been expressed. The finance com- indispensable requisite, indeed, as mittee, in April 1819, had estimated well to all financial prosperity as to the total income of the United King- every effective economy, and to all dom at 54,000,000l. ; its actual pro- encouragement of industry, was the duce had been very near 33,000,0001., complete and permanent establishof which, however, 500,0001. had ment of tranquillity and good order arisen from taxes imposed since the among the people. When that great committee had made their report. point was effectually secured, he felt The diminution, therefore, of reve- the greatest confidence of the rest. nue, which arose almost wholly in the Having completed this part of his October quarter, and in the branch of statement, he adverted, in a subsecustoms, might be taken at 1,500,0001. quent explanation, to the mode by They had estimated the clear excess which the charges of the loan were of income beyond expenditure at to be provided for. The principle about 2,000,000l., to which would which he adopted was that of the have been added the amount of any
act of 1813. It had been at that time taxes afterwards enforced. The ac- explained, though not positively entual excess, estimated in various ways, acted, that a sum of '100 millions might be taken from one million to ought in time of peace to be reserved a million and a half; and, though in the hands of the commissioners, certainly much less than was desir- as a resource for the first exigencies able to secure the prosperity of the of any future wars. That sum had country in the time of peace, yet was been now completed, and there was sufficient to complete the gloomy a considerable excess in the hands of observations which were frequently the commissioners. The sum now acthrown out of a great existing defi. tually standing in their names amountciency.
ed to about 144,000,000!. He should In the present year it appeared, therefore propose to provide for the from the accounts on the table, as charge of the present loans by cannearly certain as any estimate which celling the excess of stock beyond could be formed, that the new taxes 100,000,0001. in the names of the enforced in 1819 would produce at commissioners to such an extent as least the estimated sum of three mil. was necessary for providing for the lions. There would therefore be a expense as it arose, and so as to leave sum of about 2,500,0001. to add to the sum of at least 5,000,000l. as a the surplus of income beyond expen- clear sinking fund for the present diture in 1819, making a clear im- year, provement in our situation, in the Although another subject (to be present year, of about three millions speedily introduced) had now almost and a half. It is true that this sum falls exclusively occupied publicattention, considerably short of the 5,000,0001. yet some observations were made on of clear income which were last year this exposition of the financial state intended to be provided by Parlia- of the country. Mr A. Baring having ment: but although that estimate made an inquiry about the consoli
dated fund, the Chancellor of the Ex- than gold.-Mr Huskisson, admitting chequer admitted that it was last year how important it was that the consothree millions in arrear. This defi- lidated fund should be out of arrears, ciency had arisen before the new and that there should exist an effec. taxes became productive, and also tive sinking fund, expressed his hope included the charge of two loans.- that the latter would soon amount to Mr Grenfell here deprecated the sys- 5,000,0001. The debate here closed. tem of the government being depen. The opposition, during the present dent on the Bank of England for the session, found only one opportunity means of meeting the deficiency on 'to exercise their function of watching the consolidated fund. It did appear the minor steps of ministerial proto him an unseemly and odious blot ceeding, and advancing charges of on its character, to be unable to pay blameable profusion of the public the public creditor except at the will money. This charge, which excited and pleasure of that corporation.- considerable interest, was founded on Mr Ricardo insisted, that, unsatisfac- the filling up of the situation of fifth tory as the statement of the Chancel. Baron of Exchequer, after a commislor of the Exchequer had been, it was sion, appointed to inquire into Scots still more favourable than the truth courts of justice, had reported their --that instead of any the smallest opinion that the number four would sinking fund, there was an actual de- be sufficient. Lord Archibald Haficiency.-Mr Maberley, after draw- milton, who stood now as head of the ing an almost equally gloomy picture whig interest for Scotland, introduof the state of the finances, concluded ced this subject to the notice of Parby recommending a property tax, as liament on the 15th of May. He bethe least objectionable and only ef- gan with stating the proceedings out fectual mode of placing affairs in a of which the report arose. more favourable state. This hint was
now six years since his right honournot ill received by Mr Vansittart, able friend (Sir J. Newport) comwho expressed his belief that the menced his exertions for an inquiry country
would at last feel the neces- into the courts of justice, with a view sity of this or some other equally ri- to their improvement. His motion gorous financial measure. Alderman for the appointment of commissioners Heygate deprecated the system of for that purpose was made and agreed loans in time of peace, and conceived to in 1814. Now it would scarcely it unworthy of a country like Eng- be believed, that after the lapse of six land to be eternally changing her years not one arrangement was made plans of finance. He hoped the de- for carrying into effect the recomficiency, if any, of next year, would mendation of the commissioners. The be met by more vigorous and effec- report giving an account of the Court tive measures. He ascribed much of of Exchequer in Scotland, called the the distress of the country to the re- sixth report, was laid upon the table cent diminution of 5,000,0001. in the last year, and two other reports had issue of Bank of England notes, and been since presented. He should 4,000,0001. in those of country banks, quote the very words of the commisin all 9,000,0001., about a sixth part sioners upon the appointment which of the currency of the country. There was the subject of his motion. They could be no pretence for a further di- were as follows : “ We think it our minution of the circulating medium; duty here to express our opinion that indeed paper was now more valuable the provisions made in respect to an