a saving either to be made over to the Sinking Fund, or to be appropriated to the public service, as may appear most expedient, under all the circumstances of the country, at the time when it may take place.

In 1819, we should have the further aid of the Imperial Annuities (230,000l. a year), which will then fall in; and in 1821, the charge of the loan of 1807, amounting to 1,200,000l. a year, will be set free. Without anticipating the duty of a future parliament, as to what may be the most proper application of these sums; it is obvious that these resources, from the proximity of their falling in, might, in the event of peace, afford further facilities in the execution of the suggestion of which I am now stating only a very general outline.

Let us suppose that we act upon the principle of this suggestion, and that peace is not restored sooner than the end of the year 1816. We should, by that time, have mortgaged the Sinking Fund to the amount of about six millions. Its whole amount applicable to the reduction of debt, in 1816, would be upwards of eighteen millions. It is not over-sanguine to assume, that by the effect of the continuance of such a Sinking Fund, with its annual improvement, for two years after a peace, the interest on the five per cent. stock might be reduced to four per cent. On the other hand, it cannot be denied by those who are acquainted with the nature of our war taxes, that several of the most productive (independent of the property-tax, which, in a more or less proportion, must, I think, be continued, at least for some years, as the foundation of our peace establishment) might without difficulty be maintained for two years after the restoration of peace; say till the close of 1818. The Sinking Fund would then have reached nearly to twenty millions. By deducting the aid of the war taxes, it would, in the year 1819, be reduced to somewhat above

fourteen millions, or fifteen, if the saving by the contemporaneous reduction of the five per cents. should be allotted to it. From that period, so long as peace should continue, we should have annually the gratifying task to perform, of remitting to the people more or less of their burdens; and we might look back upon our past difficulties with the cheering recollection, that a firm adherence to the principles laid down by Mr. Pitt in 1792 had enabled us to provide for all the exigencies of this tremendous and protracted contest, without for a moment swerving from that strict good faith which at once raises our character and doubles our resources; at once enables us, by exertions unparalleled in our history, to uphold the glory of our arms in every quarter of the world, and to find in the public credit at home the means by which such exertions are to be sustained.

I will not weary the Committee by going into further details of the alteration which I could wish to see introduced into the plan of my right honourable friend. If the principle of that alteration should once be admitted by him, I am sure that he would be infinitely more competent to direct its application than myself. By adopting it, he would remove the only insuperable objection which I feel to his plan; that which arises from its directly breaking in upon the Sinking Fund, and diminishing its effective amount and operation, under circumstances, which, according to my right honourable friend's own words, more than once quoted by me, render such interference neither consistent" with JUSTICE to the Stockholder, nor with SAFETY to the State."

Mr. Alexander Baring observed, that he entertained nearly the same view of this important question as Mr. Huskisson; the impression of whose admirable speech, he trusted, he should not weaken by any thing he might take the liberty of urging. Mr. Henry Thornton said, he had listened to it with the utmost attention, to discover

whether it contained any errors or mistatements; but he had only perceived one trifling mistake, which his honourable friend had himself afterwards corrected. Mr. Tierney added, that every possible means which could be taken to expose the danger and absurdity of the plan, had been taken by Mr. Huskisson, and was convinced that his speech would be attended by the happiest results to the best interests of the country. The Resolutions were agreed to.

SINECURE OFFICES-JOINT PAYMASTER OF
THE FORCES.

April 6.

Mr. Creevey having submitted to the House a resolution, having for its object to abolish one of the offices of Joint Paymaster of the Forces, the existence of which had been declared useless, by the Select Committee on Sinecure Offices,

Mr. HUSKISSON declared himself unfriendly to the proposed resolution, which involved the principle, that the House of Commons had a right to legislate, with a view to the abolition of the office in question, or of any other office, without the concurrence of the House of Lords. To agree to such a resolution would, in his opinion, be to establish a precedent which might be very injurious in its consequence. He saw no reason for assuming, that the Lords would not adopt the Sinecure bill. To accede to the motion would be to furnish any noble lord, who might be hostile to that Bill, with the argument, that the proceedings of the Commons, in sending the Bill up to them, were a mockery; as, before the discussion of the measure in the upper House, the House of Commons had proceeded to legislate for the abolition of a particular office, the abolition of which was provided for in the Bill itself. If the present resolution were agreed to, why might not similar resolutions be proposed, for addressing the Crown to abolish other objectionable offices? and yet, so to pro

VOL. I.

ceed, would be for that House to take the whole power of the state into its own hands. As to the particular office, if it was not to be abolished, he trusted, at any rate, that the two paymasterships would be consolidated, and the salary given to one efficient and responsible officer. With regard to the Sinecure bill, as a measure of economy, it had been recommended by the Committee of that House, and as such it had his cordial support.

Mr. Creevey consented to withdraw his motion; with an understanding, that he would renew it, in the event of the rejection of the Sinecure Offices' Bill by the Lords.

LOCAL TOKENS BILL.

June 11.

The Chancellor of the Exchequer having moved for leave to bring in a Bill," to continue and amend an Act of the present session, to prevent the issuing and circulating of pieces of gold and silver, or other metal, usually called Tokens, except such as are issued by the Banks of England and Ireland,"

Mr. HUSKISSON said, there was no doubt that the renewal of the Local Tokens bill, passed in the early part of the present session, was extremely necessary, and was likely, under the present state of our foreign expenditure, to continue so for a considerable time. He denied that there had been any improvement in the state of the exchanges between this and other countries, since his right honourable friend last addressed the House upon that subject; and so far was he from believing that the period would soon arrive, when it would be safe for Government to call in the Local Tokens altogether, that he feared it would be necessary to increase the nominal value of the coin now issued by the Bank of England. The price of silver was already higher than the value placed upon the

Local Tokens; and where bullion was wanted, there was no doubt that Bank Tokens at three shillings were deemed much cheaper than other silver. In the recent coinage for Ireland, this fact had been clearly demonstrated; as in that case, the quantity of silver, with reference to the nominal value of the coin, had been considerably diminished; and if this diminution continued, it would soon be necessary to raise their denomination, to prevent them from being withdrawn from circulation. The evils which attended these alterations of the nominal value of our currency almost every six months, were great, and required the serious consideration of Parliament.

REPORT ON THE CORN TRADE.

June 21.

Sir Henry Parnell moved the order of the day for going into a Committee to consider of the Report from the Select Committee appointed to enquire into the Corn Trade of the United Kingdom; with the view of moving a series of Resolutions, founded upon the said Report. On the question, that the Speaker do leave the chair,

Mr. HUSKISSON took occasion to observe, that, as a member of the Committee, he had been actuated, in his consideration of the important matters referred to it, not by any particular solicitude for the corn growers or the landlords, or for Ireland, in which he had no personal interest; but for the general interests of the whole empire, which, he was satisfied, would be best consulted, by securing to all classes of the community an adequate supply of corn; and which supply would, he trusted, be the result of the measure before the House.

The resolutions were agreed to; but in consequence of the late period of the session, Sir Henry Parnell postponed the further consideration of the report for three months.