ing sensible in his own mind, that the augmentation had not arisen from any voluntary disposition in the government to increase the military force, but from the urgent necessity of providing additional protection for the loyal and industrious part of the population of the country.

He next adverted to the naval services, which amounted to 6,586,000l., and under which head of expenditure there had also been an increase of 150,000l., arising principally from the same necessity which had produced the augmentation of the expenses of the army, an additional number of 2000 marines having been voted to perform garrison duty on shore.

The ordnance estimate amounted to 1,204,000l., being nearly the same as in the last year; and in both, the actual expense considerably exceeded the sums granted by Parliament, the supplies being made good by the sale of stores remaining at the close of the war, and which it was no longer necessary to preserve.

The miscellaneous services he should estimate at 22,000l. more than in the year 1819; but in the estimate of the present year he included the sum which it had been supposed would be necessary for the expenses of the coronation. The total amount of the heads of expenditure which he had enumerated was 19,313,000l., being about 825,000l. more than those of the last year; but this excess in the expense of the general service of the state would be in part compensated by a diminution of the charges of the unfunded debt, which in 1819 had amounted to 2,000,000l., viz. 1,570,000l. for interest, and 430,000l. for sinking fund on exchequer bills. In the present year it was only necessary to provide 1,000,000l. for the interest, and 410,000l. for sinking fund. The total sum to be provided

for the service of the year would therefore be 20,723,000l., while in 1819 it had been 20,488,000l. But, in addition to the provision necessary to be made for the services properly belonging to the year, there was to be added a sum for the further reduction of unfunded debt. It had been recommended by the committee of both Houses of Parliament, that the sums due by Government to the Bank should be diminished by a repayment of 10,000,000l., of which 5,000,000l. having been provided for in the last year, there remained a sum of five millions now to provide. It also appeared to be necessary, in order to remove the pressure of unfunded debt upon the market, to provide for a farther reduction of the exchequer bills in the hands of individuals to the extent of 4,000,000l., making in the whole a diminution of unfunded debt to the amount of 9,000,000l., and which, added to the provision for the services of the year, would make a total supply to the extent of 29,723,000l.

To meet these charges, the first article of ways and means was the continuation of the usual annual taxes, amounting to 3,000,000l.

The next would be a grant upon the produce of the temporary excise duties, which had been continued since the war. In the year 1819, 3,500,000l. had been granted upon those duties, being about equal to their actual produce in the then preceding year; but, owing principally to the variations of payment which had been caused by the consolidation of the excise duties in July last, there remained on the 5th July 1820, a sum of 900,000l. still to be made good upon that grant. He should therefore, for the present year, propose to vote only 2,500,000l. upon that fund, in order that the grant might be nearly completed before the month of

April next. The remaining articles of ordinary income were the lottery, and the old naval stores. The former he should estimate at 240,000l., and the latter at 260,000l., being the produce of the sales of the last year. The total amount of these several items of ordinary income was 6,000,000l., which, being deducted from the supply he had before stated, would leave the sum of 20,700,000l. to be provided for by extraordinary means. He had already had occasion to explain to Parliament the mode in which 7,000,000% of exchequer bills had been funded, and a loan of 5,000,000l. contracted; and he had had the satisfaction to observe, that the terms which he had obtained for the public in each of those transactions had met with the general approbation of the House. He should now further propose a vote sanctioning a loan of 12,000,000l. from the sinking fund, making in the whole an amount of ways and means of 30,000,000l., and exceeding the supply granted by between 200,000l. and 300,000l. There remained a small article of income, which it would be necessary to note, but of which he could not offer a specific estimate. It would arise from the repayments which might take place of advances made to corporations or individuals, under the authority of an act of the 57th of his late Majesty, for affording encouragement to public works. Under that act about 1,000,000l. had been advanced in exchequer bills, which would become due in October next, and for the payment of which Parliament had made provision in the present session; but the individuals who had received these loans were in many instances allowed to repay them by distant instalments, so that only a small proportion of the sums advanced could be expected to be repaid in the present

year: the whole transaction would, however, be wound up without any loss to the public, and at a rate of interest which would afford provision for all the charges attending the operation of the act.

Having thus stated the various items of supply and ways and means, it might be necessary to explain the situation of the unfunded debt as settled by the votes of the last year, and as now proposed to be reduced by the arrangements for the present. The amount of exchequer bills authorised to be issued by the acts of 1819 was 36,500,000l., to which was to be added the sum of 1,000,000l., issued, as he had before observed, under the the 57th of the late King; and also 2,000,000l. of Irish treasury bills, the value of which the Bank of Ireland had advanced to Government. He should propose for the present year to grant 29,000,000l. of exchequer bills, and 1,500,000l. of Irish treasury bills, making together 30,500,000, and making a diminution of the unfunded debt, compared with the last year, as he had before stated, of 9,000,000l.

The exchequer bills he should propose to vote this evening, but to reserve the Irish treasury bills for a future occasion, as he was not certain whether the Bank of Ireland, which had already exchanged 500,000l. of the Irish treasury bills held by them for English exchequer bills, might not be desirous of exchanging a farther sum in the same

manner.

The terms of the sinking fund loan he should propose to regulate by those of the contract which had been entered into for the loan of 5,000,000l., it appearing to be the most equitable principle, that the sum borrowed from the commissioners of the sinking fund, should be taken at the

same rate of interest as that at which the money of individuals had been advanced.

The payments of this loan would be so arranged as to leave the sum of 5,000,000l. applicable by the commissioners to the purchase of stock in the year ended 5th July, 1821. In the year ended 5th July, 1820, the sum applied by the commissioners had amounted to about 4,400,000l., including about 600,000l. applied in Ireland. In the present year the total sum would be somewhat more than 5,000,000l., of which between 600,000l. and 700,000l. would also be applied in Ireland, leaving about 4,400,000l. for purchases in England: and here it might be proper for him to answer a question which had been more than once put to him by the honourable member for Penrhyn, viz. why, as the sinking fund now amounted to 17,000,000l., and would therefore have been sufficient, in addition to the proposed loan of 12,000,000l., the remaining sum of 5,000,000l. had had not also been borrowed from the sinking fund, so as to leave no sum to be borrowed from individuals? To this he should answer, that although the amount of debt remaining unredeemed at the close of the year might have been nearly the same in one mode of proceeding as in the other, yet it appeared to him that the effect upon credit and public convenience would have been extremely different in the two cases. The purchases of commissioners had not only the effect of cancelling a certain portion of stock at the end of every year; but, by their equable and regular operation, they in a degree regulated the market during the whole of the year, and prevented those sudden fluctuations which the accidental circumstances of sales, and of the combinations of speculators, might otherwise

occasion. Whatever might be the necessity of an individual to bring his stock to sale, he knew that there was a constant and considerable purchaser in the market, and that he could not fail, with the delay of a few days, to obtain the fair current price of what he had to sell. It was also to be recollected for how many years the public had been accustomed to the constant practice of these purchases, and how much their feelings might have been acted upon, and their apprehensions excited, by the total cessation of an establishment which has always been deemed so beneficial. He had not indeed been without some alarm at the effect which might be produced upon public opi. nion in the last year, when a loan from the sinking fund was for the first time carried into effect. He was ready to allow that the experiment had ended more favourably than he had apprehended it might do ; but the difference was very great between the diminution, though considerable, and the total cessation of a resource of this kind. In future, indeed, he hoped that this ground of difference of opinion between the honourable member and himself would no longer exist; for he saw no reason to depart from the expectation which he had last year held out to Parliament, that the loan lately concluded would be the last which, so long as peace continued, the government would be under the necessity of contracting, except by application to the commissioners for the sinking fund. He was here naturally led to explain a part of the subject which had on various occasions been alluded to, and which nearly connected itself with this question he meant a comparison between the estimates which had been formed in the session of 1819, and the actual result of the finances of that year.

He was ready to admit, that it was less favourable than had been anticipated, but he contended that the failure was not so considerable as to exceed ordinary fluctuations, or to justify the alarms which had frequently been expressed. The finance committee, in April 1819, had estimated the total income of the United Kingdom at 54,000,000l.; its actual produce had been very near 53,000,000l., of which, however, 500,000l. had arisen from taxes imposed since the committee had made their report. The diminution, therefore, of revenue, which arose almost wholly in the October quarter, and in the branch of customs, might be taken at 1,500,000l. They had estimated the clear excess of income beyond expenditure at about 2,000,000l., to which would have been added the amount of any taxes afterwards enforced. The actual excess, estimated in various ways, might be taken from one million to a million and a half; and, though certainly much less than was desirable to secure the prosperity of the country in the time of peace, yet was sufficient to complete the gloomy observations which were frequently thrown out of a great existing deficiency.

In the present year it appeared, from the accounts on the table, as nearly certain as any estimate which could be formed, that the new taxes enforced in 1819 would produce at least the estimated sum of three millions. There would therefore be a sum of about 2,500,000l. to add to the surplus of income beyond expenditure in 1819, making a clear improvement in our situation, in the present year, of about three millions and a half. It is true that this sum falls considerably short of the 5,000,000l. of clear income which were last year intended to be provided by Parliament: but although that estimate

might not be realized in the present year, which laboured under some circumstances of depression too obvious to require particular notice, he by no means saw reason to doubt that it would be speedily completed. One indispensable requisite, indeed, as well to all financial prosperity as to every effective economy, and to all encouragement of industry, was the complete and permanent establishment of tranquillity and good order among the people. When that great point was effectually secured, he felt the greatest confidence of the rest.

Having completed this part of his statement, he adverted, in a subsequent explanation, to the mode by which the charges of the loan were to be provided for. The principle which he adopted was that of the act of 1813. It had been at that time explained, though not positively enacted, that a sum of 100 millions ought in time of peace to be reserved in the hands of the commissioners, as a resource for the first exigencies of any future wars. That sum had been now completed, and there was a considerable excess in the hands of the commissioners. The sum now actually standing in their names amounted to about 144,000,000!. He should therefore propose to provide for the charge of the present loans by cancelling the excess of stock beyond 100,000,000l. in the names of the commissioners to such an extent as was necessary for providing for the expense as it arose, and so as to leave the sum of at least 5,000,000l. as a clear sinking fund for the present year.

Although another subject (to be speedily introduced) had now almost exclusively occupied public attention, yet some observations were made on this exposition of the financial state of the country. Mr A. Baring having made an inquiry about the consoli

dated fund, the Chancellor of the Exchequer admitted that it was last year three millions in arrear. This deficiency had arisen before the new taxes became productive, and also included the charge of two loans.Mr Grenfell here deprecated the system of the government being dependent on the Bank of England for the means of meeting the deficiency on the consolidated fund. It did appear to him an unseemly and odious blot on its character, to be unable to pay the public creditor except at the will and pleasure of that corporation.Mr Ricardo insisted, that, unsatisfactory as the statement of the Chancellor of the Exchequer had been, it was still more favourable than the truth that instead of any the smallest sinking fund, there was an actual deficiency. Mr Maberley, after drawing an almost equally gloomy picture of the state of the finances, concluded by recommending a property tax, as the least objectionable and only effectual mode of placing affairs in a more favourable state. This hint was not ill received by Mr Vansittart, who expressed his belief that the country would at last feel the necessity of this or some other equally rigorous financial measure. Alderman Heygate deprecated the system of loans in time of peace, and conceived it unworthy of a country like England to be eternally changing her plans of finance. He hoped the deficiency, if any, of next year, would be met by more vigorous and effective measures. He ascribed much of the distress of the country to the recent diminution of 5,000,000l. in the issue of Bank of England notes, and 4,000,000l. in those of country banks, in all 9,000,000l., about a sixth part of the currency of the country. There could be no pretence for a further diminution of the circulating medium; indeed paper was now more valuable

than gold.-Mr Huskisson, admitting how important it was that the consolidated fund should be out of arrears, and that there should exist an effective sinking fund, expressed his hope that the latter would soon amount to 5,000,000l. The debate here closed.

The opposition, during the present session, found only one opportunity to exercise their function of watching the minor steps of ministerial proceeding, and advancing charges of blameable profusion of the public money. This charge, which excited considerable interest, was founded on the filling up of the situation of fifth Baron of Exchequer, after a commission, appointed to inquire into Scots courts of justice, had reported their opinion that the number four would be sufficient. Lord Archibald Hamilton, who stood now as head of the whig interest for Scotland, introduced this subject to the notice of Parliament on the 15th of May. He began with stating the proceedings out of which the report arose. It was now six years since his right honourable friend (Sir J. Newport) commenced his exertions for an inquiry into the courts of justice, with a view to their improvement. His motion for the appointment of commissioners for that purpose was made and agreed to in 1814. Now it would scarcely be believed, that after the lapse of six years not one arrangement was made for carrying into effect the recommendation of the commissioners. The report giving an account of the Court of Exchequer in Scotland, called the sixth report, was laid upon the table last year, and two other reports had been since presented. He should quote the very words of the commissioners upon the appointment which was the subject of his motion. They were as follows: "We think it our duty here to express our opinion that the provisions made in respect to an