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Bank had not interfered in their call for inquiry from any motives of private interest. The question of the restriction was a great national question, and not so much connected with the interests of the Bank, as of the public. For any peculiar interest the Bank had in the decision on this subject, the House might fix upon any time they chose for the cessation of the restriction, without meeting with opposition from that body. They had manifested an inclination to fulfil the act which had been passed for a return to cash payments, and had actually paid a part of their notes in cash. The Bank was not only then of opinion, that the restriction might be completely and safely removed at the period appointed by act of parliament, but they entertained the idea to a very late period.

Mr. Tierney hoped that the House would indulge him with its attention for a short time, while he should reply to some remarks advanced by the gentlemen on the opposite side. He had been accused of saying every thing against the Bank of England; an assertion illiberal and erroneous in the extreme. In fact, he had never advanced a syllable against the Bank. He felt seriously for the Bank, with respect to the apparent necessity of continuing the restriction from cash payment. He therefore sympathized with it; but while he confessed this, he found himself called upon to discharge his duty to the public. One right hon. gentleman had exercised his talents for jocularity and wit at his expense This was no new

invention of those who endeavour to make us laugh at the national calamities. It was, however, useless and nugatory to pursue this subject further in the strain of good humour or merriment. If his majesty's ministers chose to screen themselves from the bitterness of reproach by jesting with the feelings of the people, to such men only be the shame attached to such conduct. To come at once to the question. It was the intention of ministers

at least they would have the country believe so-to take off the restriction in March 1820; but suddenly a new light broke in, and now the course was to be changed. Their plan seemed to him to be this. We will continue the restriction up to 1820, and then we shall have a committee to inquire. After that, we shall be able to start on a new score. The Bank, to show the sincerity of its wish to fulfil its engagements, had paid a part of its notes in specie, and then complained that this specie had disappeared. He had no conviction that they would reduce their issues; but he did not find fault with the Bank on this account. They had been so beset with claims from all quarters, that they could not think themselves safe in their house in Threadneedle-street, if they refused discounts. Their inclination, he had no doubt, was good; and had they a government who would stand by them, and support them in their resolutions, he was sure the object might be accomplished. He suspected, all the way through, that the purpose of the committee which

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the right hon. gentleman proposed was not to bring out the thing that he wanted. What he wanted was, to oblige them to make a distinct answer, of which every man could judge for himself. The right hon. gentleman wished them to state that the foreign loans constituted a reason to justify the restriction; but he (Mr. Tierney) could not conceive it possible that such a return could be made. The return of the committee might mean any thing; which he should take to mean nothing at all. A great deal had been said as to the nomination of the committee; but notwithstanding all that had been urged in favour of a ballot, he, for one, would not be satisfied with the nomination of the committee by the chancellor of the exchequer, surrounded as he was by Jew brokers, speculators, and other interested adventurers. He saw no possible objection to the resumption of cash payments by the Bank, provided they would reduce their issues gradually and gently, between this and next July. If we had an administration which possessed sufficient manliness to face the difficulties of the country, and to probe this subject to the bottom, it might be found that the restriction of cash payments ought not to be continued; but the present administration could come to no decision on the question.

After the long discussion which had taken place, he would refrain from troubling the House any further. The resolution he had submitted to the House was the result of his serious and deliberate consideration, feeling, as he did, VOL. LXI.

that the question was, in every respect, one of the most important that could occupy the attention of the legislature. Acting with that view, he would now submit it to their consideration, and take the sense of the House upon it.

The question being put, That the words proposed to be left out, stand part of the question, the House divided: Ayes, 168; Noes, 277: Majority against the motion, 109.

The motion of the Chancellor of the Exchequer for a secret committee to be chosen by ballot was then agreed to.

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On February 3rd the Chancellor of the Exchequer moved the order of the day for the House to proceed to ballot for a committee of secrecy to inquire into the state of the Bank of England, with reference to the expediency of the resumption of cash payments. In the course of the evening, Mr. Brogden reported the names of the secret committee to stand as follows: Lord Castlereagh, Mr. Chancellor of the Exchequer, Mr. Tierney, Mr. Canning, Mr. Wellesley Pole, Mr. Lamb, Mr. F. Robinson, Mr. Grenfell, Mr. Huskisson, Mr. James Abercromby, Mr. Bankes, Sir James Mackintosh, Mr. Peel, Sir John Nicholl, Mr. Littleton, Mr. Wilson, Mr. Stuart Wortley, Mr. Manning, Mr. Frankland Lewis, Mr. Ashhurst, Sir John Newport.

On February 8th, Lord Castlereagh rose, pursuant to notice, to move for the appointment of a Select Committee, to inquire into the Income and Expenditure of the country. He said, that he felt that he owed to the House of [D] Commons

Commons some explanation of the reasons why he recommended such a measure in the present instance, since the House would undoubtedly expose itself to a great deal of just reproach, if the only plan of economy it had in contemplation was that which had been occasioned by the change in the Windsor establishment. When two years ago he had adopted the same course he was now pursuing, he had stated that the then condition of the country required it. At that time, his hon. friend, the member for Bramber, expressed some alarm, because he had admitted that he was not sanguine enough to hope that in the course of that session, the committee would be able to establish so flattering a result. He now felt great confidence that at the termination of the labours of the committee he was about to propose, it would be found that there had been that growing surplus of which he had then spoken, and that the balance in favour of income had been created by the progressive advance of the various sources of revenue. His lordship now entered into a statement of the income of the country, comparing the quarter ending on Jan. 5th, 1818, with the quarter ending on the 5th of Jan. 1819. receipts on the former were 51,665,458., that of the latter 54,062,000l. showing an increase upon the last quarter of 2,397,000l. It was material, however, to observe, that upon the sum first named, there were certain arrears of war duties on malt and property considerably beyond 2,000,000l. which reduced the income to the 5th Jan. 1818, to 49,334,9277.; while the arrears of the same

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taxes up to Jan. last amounted only to 566,6397.; so that the produce of the permanent taxes for the latter quarter was in truth 53,497,000l., being an improvement in the whole of 4,163,000l., deducting from both the amount of the arrears of each. Members were likewise probably aware that a considerable amount of sugar duty had been admitted into the receipts for Dec. 1818, which in fact belonged to the revenue of the preceding year, and which ought therefore to be added to the produce of the sugar duties of 1819: this would take a considerable sum from the nett produce of 1818, and reduce it to 48,724,000l., while that of 1819 remained at 54,062,000l.: the difference, allowing for some trifling deductions, would be 5,328,000l., or not less than an increase of 10 per cent upon the ancient permanent taxes. It was impossible to announce to the House a more encouraging prospect than this state of things afforded.

With respect to the expenditure, the finance committee of last year had stated it at 51,062,000l.; but the estimates before the House showed that it was only 50,442,000l., or about 650,000%. less than the sum expected. Adding therefore the reduction by economy of 650,000l. to the improved revenue, it appeared that the country was now in a better situation by 2,145,000l., than the former finance committee had ventured to anticipate and adding also to that sum the 1,413,000l. on which that committee had calculated, a total surplus of 3,558,000l. was the result, applicable to the reduction of the

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national debt. Out of that, the interest on the loan was to be provided for, amounting to 1,000,000l. which still left 2,500,000l. of a surplus revenue. The noble lord now touched upon those points on which ministers had the satisfaction of feeling that subsequent reductions might be effected in the present condition of the country. In his details on this subject, he chiefly dwelt on the reductions to be expected in the army, hich alone parliament would be called upon to vote, connected with the topic of military reduction. He concluded with admitting, that if this were a deduction of prosperity merely drawn from the alleviation of the burthens of the nation, the prospect would not be by any means so enlivening; but it was peculiarly satisfactory to trace the growing resources of the country to the industry and every thing that constituted the real and solid wealth of a people.

He concluded by moving, "That a Select Committee be appointed to inquire into and state the Income and Expenditure of the United Kingdom, for the year ended the 5th of January 1819; and also to consider and state the probable Income and Expenditure for the year ending the 5th of January 1820, and to report the same, together with their observations thereupon, to the House; and also, to consider what further measures may be adopted for the relief of the country from any part of the said expenditure, without detriment to the public interests."

Mr. Tierney began his speech with several remarks upon the ex

pected Finance Committee, from which he was prepared to regard them in the same light with their predecessors. He then came to the substantial part of the noble lord's speech, the improvement in the revenue. He said, that what he wished to see, was the exact sum which would be available for the present year. The noble lord had affirmed, that the income and expenditure would meet, and there would remain a surplus. But in building up this argument, and drawing so happy a conclusion from it, he had thrown out of his view altogether the sinking fund. This, he conceived, was a delusion on the part of the noble lord. He would explain the matter. There was an old debt upon that fund of 8,300,000%. : then he should say, that before one farthing of the surplus of that fund could be made available to the expenses of the current year, the whole of the old debt upon must be wiped off. If then, this sum or surplus were added to the debt of last year, there would be an improvement in this year of two millions; and on the 5th of January 1820, all the advance which the country could make would be to get clear of the old debt. There were, indeed, various taxes, the whole of which exceeded more than seven millions; but this was the outside of the amount towards covering the expenses of the army, the navy, the ordnance, and the miscellaneous services. A million, indeed, was due from France, which the country were led to expect, would be paid upon the evacuation of the French territory; but the chancellor of the exchequer seems to show that [D 2] the

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the sum cannot be calculated upon. Mr. Tierney proceeded It was the recent, strong, and general expression of public opinion, the unanimous calls for economy from one end of the kingdom to the other, which had made an impression on the noble lord and his colleagues, and to which was due any forced effort of theirs to economise. How could any man in his senses say, that with an income of only seven millions, and an expenditure of twenty millions, both ends would be made to meet, and a surplus left. Arguments founded upon the sinking fund, as applicable to the public service, would be a gross delusion; yet it was a delusion which had long been prac-. tised, and would still be supported by the finance committee. It was absolute mockery to talk of the advantages of a sinking fund, whilst the government was obliged to borrow a sum of 13,000,000l. a year to support it. Then, what was to be done? He would not say that faith should be broken with the public creditor; but he did say, that the system which had been and was still pursued by ministers, would lead to that or to some other measure equally dangerous. How, under such circumstances, could the Bank be expected to pay, while government were confessedly unable to make good their engagements to them? And yet, in this very state of things, the Chancellor of the Exchequer was about to call upon them that night to vote 24 millions of exchequer bills in one line, without coming to the point that would relieve the country from its difficulties. Would the

noble lord say, with these facts staring him in the face, that the country was in a most prosperous state, that we were going on flourishingly, and were the astonishment of the world? He conceived that, instead of being in a prosperous, we were absolutely in a frightful, situation; and if the world looked upon us with astonishment, he should only say, well they might, for he believed that never at any period did we present such a melancholy picture of financial derangement.

Mr. Tierney spoke some time further, particularly commenting upon the noble lord, and the chancellor of the exchequer; and he concluded by saying, that the system on which ministers were proceeding, was one against which he must protest, inasmuch as artful men were making large sums by it, whilst the bulk of the people were consigned by it to ruin.

The Chancellor of the Exchequer commenced by defending the Finance Committee from the attacks of the last right hon. gentleman, assuring the House that the country had been much indebted to its labours, and that many sinecures had been abolished, and much reduction had taken place in the military and naval establishments, in consequence of their recommendations. Among other objects, for example, the committee had anticipated that the revenue of the year ending 5th of January last, would exceed the expenditure by two millions and a half. In fact, it did exceed it by four millions; but the right hon. gentleman, finding that that statement exhi

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