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Petry's plın; to which, indeed, the house of lords, April 23, by lord bost maturely weighed of the plans Hawkeslyury, the new secretary on the other side, very nearly ap. . of state for the home department, proerbed....As to lord C.'s plan, he On the 3.1 of March, sir James charged it with extreme inaccuracy Pulteney moved his resolutions on on the same ground, on which it finance, pursuant to his former no. had been before severely attached tice. He did not propose to Er Mr. Giles. It was unpardonable, enter on any detailed observations on He said, to delude the people with his plan, tiil his calculations should starments representing the char. be before the house; and should, as of the new system as compara. for the present, contopt himself with tirely burthensome, and to exclude, shewing that a considerable saviog from one of the plans compared, all would accrue without any inconve.
sideration of accumulating in. nience whatever. He proposed to Intet lo general, he urged, as take advantage of the war taxes ferd H. P. had also done, that lord during the war, and to mortgage 1.5 plas invaded the security of them only at the end of the war, the stock holder, by taking the ex. and then to charge the war debt kuses of the sinking fund, without upon the war taxes. By this plan, offering any compensation. The de. there would be a smaller amount of bate, in which, the speakers were Mr. permanent debt, and a larger sink. Johnstone, Mr. Bankes, Mr. Rose, ing fund created, than by the new one Mr. Corry, Mr. Perceval, lord proposed by lord H. Petty. By Henry Petty, lord Castlereagh, Mr. this mode of finance, the supple. Haskisson, Mr. Vansittart, and mentary loans would not be felt Nr. Cmning, was continued till a during the war; and the amount of very late bour. But nothing of im. the war loan wouid be but 11 mil. portance was stated on either side, lions annually; the interest of which at had not been, in many instan. he proposed to provide for, in part,
, stated and urged before in the out of the proceeds of the sinking preceding part of the debate, or in fund.-Sir James concluded with *** prerious stages or the business moving the ten following resolu. ile question being loudly called for, tions, which were ordered to lie on De resolutions were read a second the table, and to be printed : tore, and leave given to bring in . 1. " That in the new plan of fie illas agreeably to the resolutions. nance, it is proposed to mortgage, April 13. The house having reduring each year of war, a certain ched itself into a committee on the portion of the wartades, to provide for Wan interest bill, the new Chancellor the payment of the interest and sinking
the Exchequer stated, that he had fund of part of the loan, which shell * gections to the interest of the be made in that year; and also to man being secured according to lord provide what shall be further wanted 1. Pu's plan for the present year, for the public service by a supplebut wished to avoid pledging the mentary loan. berase to approve of any part of 2.66 That, the war expendi.
plan for the future. A simi. ture being stated at 32,000,0001. a declaration was made in the it will be necessary, in addition to Vol. XLIX.
tha the war taxes unpledged, to make proposed for such year in the ne loans in the first year to the amount of plan, by making a supplementai 12,000,000l, in order to meet that loan equal to the amount of the di expenditure, and loans to a larger ference between the sinking fund, amount in each subsequent year. it would otherwise stand for su
3. " That if no part of the war year, and the amount proposed taxes were to be pledged, a loan of such plan for the purpose of suppl 11,000,0001. annually, would be ing that difference. sufficient for this purpose. That 5. “That such supplementai the amount of the present sinking loan, when added to the sinking fun fund is 8,331,7091., and therefore by reducing an amount of intere the annual interest of a loan to equalto the charge of interest increa that amount might be provided, byed by raising the same, it is obviou appropriating for that purpose the that, whatever advantage might ry interest of debt redeemed annually sult from so large an increase without causing any diminution in sinking fund, operating in the ma the present amount of that fund. ket, (if an increase to the amout That the interest of 2,668,2911. be- proposed by the new plan, ar ing the difference between the present wholly produced by adding to th amount of the sinking fund, and loan of the year, can really be deen the sum of 11,000,0001., with the ed advantageous,) might equally I usual sinking fund of one per cent. obtained by this mode, without an upon the nominal capital, would be additional burthen to the public. 177,8861. per annum, supposing the '. 6. “That the smallness of tł 3 per cents. to continue at 60: and loan for the service of the year, i that if it should at any time be proportion to the sinking fund, mu thought expedient to appropriate for also have a tendency to keep up th the interest of such sum, viz. price of funds. 2,668,2911., a part of the interest 7. “ That this advantage will ri redeemed by the operation of the sult in a greater degree from ti sinking fund within the year, there system of borrowing 11,000,000 would be on that account, a reduc. only in each year, than by havin tion of such sinking fund in each recourse to the larger loans, whic year to the amount of 133,4181. would be required for the service That the employment of a consider. each year under the new plan. able sum in the purchase of stock, at 8.“ That this mode of providin successive periods throughout the for the war expenditure, would cor year. under the provisions which now sequentiy be more advantageous regulate the purchase of stock hy the the public, and to the stockholder commissioners for the redemption of than the new plan; and that if, up the national debt, has a tendency to on the return of peace, a portion keep up the price of the funds, and the war taxes exactly equal to wha is consequently, in the time of war, would be pledged at the same period of advantage both to the public and by the new plan, were then to b to the stockholder.
pledged, to meet the annual charg 4. “ That the sinking fund may in of such portion of the total debt, a each year, be carried to the amount that amount of taxes would provid
or at an interest of 10 per cent., in. sinking fund, which may have arisen leding the sinking fund upon the within the same period, the remain. ame, the remainder would be the der would be the permanent sinking permanent debt, iearing the pre. fund.. seat macal charge of the portion of 10. " That the operations of the the debt so deducted and provided mode now proposed, whilst they af. for, to be added to the amount of ford some comparative advantage the permanent sinking fund
during the continuance of the war, 3. “That the debt on the war would place the finances of the coun. tales, being in the same manner de. try in a much more favourable situadected as the return of peace, from tion, at the restoration of peace, than the total debt which may have thenbeen those of the new plan, at whatever contracted upon the new plan, the period peace may be concluded ; ez ander would be the permanent and that at the termination of the debt incurred by that plan, and period of 20 years, the comparison that, the sinking fund of the war would be as follows: dues being deducted from the total
Amount of Taxes imposed by the New Plan . - -
Amount of 1
The resolutions were ordered to The house then resolved itself in.
on the table, and to be printed, to a committee of ways and means ; ni the debate on them was adjourn. when lord H. Petty rose pursuant to db Thursday se’nnight.”
notice, to recapitulate the supplies, Next day, March 4, the house and ways and means for the year, having resolved itself into a come and the terms of the loan that he Littee of supply, lord H. Petty had contracted. As this loan had Duned for a sum, not exceeding been negotiated, since he had open. 80.6001., to make good a like sum ed his plan of finance, the interve. advanced to the king of Prussia for ningtime bad enabled him to make the the defence of his fortresses, in several statements of supplies and ways consequence of the urgency of the and means, with greater accuracy state of atiairs on the continent: than he had done on that occasion. which was granted,
Accordin; to bis former statement, the Toral of the Supplies frayed by Great Britain was, 40,527,0651. Ils. sem Bv his corrected Siatement - - - - - - - - 5.45 The Wass and Means by which the Sapplies were to be
povpred, according to his former Statement, were - By the corrected Statement . - - - - - - - Leaving an Excess over Sapples .
The terms of the Loan were, for every £.ICO sabab
- - 10 Being at an Interest of 41. 11s. id.
The loan of last year, he observed, had been segociated of l. 198, 7d.
Lord B. Petiy entered into a cal. statements before the culation to shew, that, by a deduction the resolntions were a text of the supplies which were extra. ordered to be cocmitted. ordinary in the votes of the present of the various plaasofa year, such as the payment of the took up great a porta Loyalty loan, the suhsidies to the time and attention of the box king of Sweden (280,0001.), the mons in this session of parina emperor of Russia (560.0001.), and has been thought proper to to the king of Prussia the remainder leraccount than is permitted, of the sum total on credit, and the liruits, to main oiker prod excess of the extraordinaries of the because their object is of freeppt year, the supprins to be portance; and because, out prospectively raised, would be re. discussions to which they girl duced from the supplies of the some results may arise fort present year, already stated, to rection and improrement of 38,100,1301.-The first resolution litical economy. being moved,
In an account of the P Mr. Rose observed, that the no. ings of parliament, relati ble lord had excluded from his con. finance, the progress of the sideration, in the first formation of mission of Military Enquiry his p'an, any estimate founded on to be omitted.- This como the subsidies that might be necessary; which had been appointed and yet, scarcely a month had elap- last year of the administrat ted, when he came forward with sub. Mr. Pitt, and renewed und sidies to the amount of nearly one present administration, had by million! He had always been of to light abuses of very great opinion, that lord H. P.'s supposi. tude in the barrack depart tion that 32 millions would be suf. It appeared that general Dela ficient prospectively for the war, was barrack-master-general, bad totally fallacious. Sir Thomas Turton in the habit of drawing, thi said, the event had proved that the the medium of Mr. Greenwood war expenditure could not be con. army-agent, immense sums o fined to 32 millions. After a few public money, long before they observations in explanation of the wanted; and that in a part
accounts, (as there had not expended by him for the public me for examining the whole,) service: he had always in hand a
were over.charges, and mis. million or more of the public money; - ants to the amount of no less of the interest of which he thus de
2Manninety thousand pounds*. prived the public. Secondly, he :3 report of the commissioners, imposed on the public in the price - their third,) made early in of the articles furnished. On this • sent session of parliament, head there did not appear to have - Ito Mr. Alexander Davison, been any means of detection afford. - and colonel of a regiment ed, as far as re ated to the articles
uiteers. This man, who had furnished on commission: but am. .. lately tried for bribery at ple means of detection were found
its, and imprisoned for that with respect to the cöais, and the nel soon after his coming out commissioners did not fail to mako
son, had been made truasurer a proper use of them The bar. - ordnance; an office in which, gain concerning the coals was this: Wiree to four millions passed Davison was to buy the coals on
his hands of the public mo. his own account, and to sell then - It appeared from the res to the barrack.offc", at the whole
liat in consequence of a bar sale prices, at the several places - nith general Delancey, Davison where the barracks were situated : · receive a commission of two and, that these prices might be as,
hali per cent. for supplyins certained in a reguiar way, Davison Trucles of beds, bedding, sheets, was to produce certificates that his • Rets, towels, iron-mongery, prices were fair; trese certificates des, beer, and forage ; but being signed by persons of the most
as to coals, he was to supply perfect respectability. But it apo article as a merchant.
peared that Delancey had never made appeared from the report, that any inquiry into toe character, or way in which the public was the means of knowledge possessed Rred by Davison, was two-fold. by the persons who signed Davison's
5 by following the example of certificates, savo iz one single in. uncey, iu drawing immense sums stancet. Had he conceived himself money, long before they were to be under any check or control, Vol. XLVII, (1806) p. 79. **1. tbe islands of Guernsey and Jersey, the certificates were generally signed a person of the name of George-Richard Volker, a dealer in conls, and who secucerned with Mir. Davison under some agreement of contract, in supplySoals for the barracks in Guernsey and the adjacent i-laons, for about four s. He was afierwards Mr. Davison's agent for about two years more, in ile wsiness, at a conmission of 21 per cent. on an estimate price of the coals detd, ile was also Mr. Davison's agent supplying can lies during the whole Thuis persun had, berefore, had a directintoresc in ceruiying high pries: and also au interest to the quantity delivered in; for while he acted its Mir. sagent, he recewed, on an agreed valuation of 65 shillings per chaldron, on chals measured in the barrachs. It was during this period, that the great in the cargoes sent to these islands appeared. Now this Richard-Georye was convicted of perjury and executed.” Ertracted from the Third Report mission of Military Inquiry. Sce the wbole Report in the Appendix to