been 48,000,000l. 14,000,000l. having been paid off.

Mr Maberly declined pressing a division, and the resolutions were negatived.

On Monday, April 17, the Chancellor of the Exchequer, in a committee of ways and means, rose to propose certain resolutions respecting the funding of Exchequer bills, a measure which had been adopted by ministers for the purpose of relieving the Bank from a portion of the advances which had been made to government, and of diminishing the amount of Exchequer bills in the market. Government had sent a message to the Bank, explaining that it was intended to fund Exchequer bills, by creating a new stock, which should yield 4 per cent, fixing the amount of stock at 1071. for each subscription of 100%. Exchequer bills, or 100l. 10s. cash; and it was farther proposed, in order to make the proposition more acceptable, that the stock should not be redeemable in less than seven years. In consequence of this measure, books were opened at the Bank on Wednesday last, and it was fixed that the interest should commence on the 5th of April current, and that the first payment should be made on the 10th of October next. The total amount proposed to be subscribed for was 8,000,000l. He was happy to state that the measure had been most successful; 8,000,000l. or nearer 9,000,000l., had been purchased. All that remained now was, to state the charges which would be created by this funding of Exchequer bills, and to propose the resolutions which he meant to submit to the House. The addition thus made to the funded debt would be 8,560,000l., the interest on which would amount to the annual sum of 342,4007.; the addition of the sinking fund would be 5600l., not upon the stock created, as the only sinking fund necessary would be 1 per cent upon the funding and capital created,

making a total of 350,368, including 23681. for the management of the concern. The two sums of 5600l. and the 23687. he did not mean to meet by levying a new tax, but he proposed to place it to the account of the consolidated fund. The right hon. gentleman concluded by moving several resolutions, which merely repeated the condition of the subscription.

to.

The resolutions were put and agreed

Mr Grenfell rose to move for accounts, first of the balances of public money in the hands of the Bank of England, and next of the charges for the management of the public debt, and other services performed by the Bank for the public. He remembered that at one time the average amount of the public balance lodged in the Bank for current use, amounted, for 10 or 12 years, to no less a sum than 11,000,000l. or 12,000,000l. a-year. Of late years, this amount had considerably decreased. In 1821 it was diminished to 3,900,000l. In 1822, it rose again to between four and five millions; in 1823, to between five and six; in 1824, it had advanced to above seven millions. It was right to call attention to this circumstance, for, when the expiration of the bank charter arrived, it would be for the government to consider what bargain it would renew for the transaction of the public business with the present Bank, (for he thought it would still be preferable to deal with them ;) or whether a second bank on a large scale would agree to give the public a large participation in the profits arising from heavy balances in hand, and take such a sum as 10 or 20,000l. a-year for the management of the national business. Let them consider how the public cash account stood at the Bank of England. The Bank had advanced 15,000,000l. the whole of its capital, to the public, at 3 per cent interest, and this large premium they were re◄

ceiving for the year 1824, while they actually were holders of nearly seven millions and a half of the money of that same public. Surely there ought to be a balance of mutual profit struck under circumstances like these. The next subject that he wished to refer to was the allowance made by the public to the Bank for the management of the public debt; the trouble of this management consisted in the daily transfer of stock, and the payment of the annual dividends. When the char

ter should expire, he hoped this matter would also be taken into the consideration of government before they renewed the contract; indeed, on an equitable revision of this part of the bargain, the public ought to save 250,000l. a-year-He concluded by moving for the returns.

After a few observations by Mr Pearse, Mr Hume, and the Chancellor of the Exchequer, the motion was agreed to.

mates.

[T is essential to a popular governnent that jealousy should be felt by :he people's representatives regarding the expenditure of the public money; but under our government, never does this jealousy appear more active and unreasonable than when propositions are brought forward having in view the accommodation or the dignity of the royal family. Of the principle we have alluded to-the constitutionality of which we have no disposition to condemn, Mr Hume, from his indefatigable habits of scrutinizing the public accounts, and opposing public grants, may be considered the very personification; and he would have been acting out of character, had he not been at his post to oppose the very small grants of 38,000l. and 70,000l. which were moved for, in a Committee of Supply of the House of Commons, on 13th March, to meet the expense of repairs on Buckingham House and Windsor Castle.

Mr Hume wished to know from what source the expense of the alterations now going on at Buckingham-house was to be paid?

Mr Herries said that the charges were to be defrayed, as the House was

aware, from the surplus revenue of the woods and forests.

Mr Hume wished to know what the whole expense would be?

Mr Herries was not prepared immediately to state the amount, but the question had been discussed generally in the last session.

Mr Hume said, that the surplus of the woods and forests was part of the public revenue-just as much as the customs or excise; and no part of the public revenue ought to be disposed of without an estimate laid before parliament. With reference to the bill of the last session, he certainly had understood that the House was to be called upon to vote the money required for these alterations from year to year. Would there be any objection to the furnishing an estimate of all the further expense which the country was likely to be put to on account of Buck ingham-house and Windsor ?

On the first of these grants being moved for,

Sir C. Long said, that such an estimate could be given if the hon. member thought fit to move for it.

Mr Ellice thought that the House and the country would be much better

informed of what was going on, if the surplus revenue of the woods and forests was regularly brought to account, and the money for these works regularly voted.

Mr Huskisson said, that, according to the existing act of parliament, triennial accounts of expenditure must be rendered. As he took it, the whole matter had been fully explained in the discussions of last session. The expense of each year was not to go beyond the year's surplus on the revenue of the woods and forests.

On the vote of 70,000l. for repairs and works at Windsor Castle,

Mr Hume again urged the necessity of furnishing parliament with proper estimates of the charges incurred, and the money wanted to complete the work. The Chancellor of the Exchequer admitted that the expense had exceeded the estimate considerably. But it was impossible that any correct esti

mate could have been formed.

Lord J. Russell thought that the House ought in the first instance, according to the suggestion of his hon. friends about him, to have had clear and satisfactory estimates produced.

Sir C. Long felt quite certain that the expenses ultimately would not exceed 300,000l., which was the sum first named by his right hon. friend.

Mr George Lamb did not object to the money which had been thus expended; and if more were wanted for the completion of that royal residence he would cheerfully vote that it should be granted.

The Chancellor of the Exchequer continued. A purchase had been made of private property to the amount of 16,000l. to carry on the works. It would be for the pleasure of parliament to say, whether they would continue the improvements which were now prosecuting at Windsor Castle. Great advantage would arise to the underta

king by the removal of several old buildings, which now detracted from the beauty of the Castle; but it would depend upon parliament to grant the necessary funds.

Mr Hume considered that for all the use that would be made of Windsor Castle, it might have remained as before. The country would be drained

by these grants.

The vote was then carried.

Mr Hume was much more successful in resisting a proposition brought forward by the Chancellor of the Exchequer for raising the salary of the President of the Board of Trade to 5000l., though he continued to hold the office of Treasurer of the Navy at a salary of 3000l. The proposition was, in no point of view, of much real importance, but an extraordinary ideal importance happened to be attached to it by the country. It rested, in our judgment, upon the grounds of substantial justice; but by the public, it was felt to be indecorous in ministers to make an attempt to increase the salary of one of their number, at a time when all classes were groaning under a load of unexampled distress; and the measure, besides, was calculated to disturb the confidence which the public had been induced to repose in the economical professions of the government. The measure, during the first stages of its progress, was supported by a great majority; but, at length the minority became powerful, and so well was it understood to represent the sense of the country, that ministers agreed to abandon the measure.

It was first brought forward on the 6th of April, by the Chancellor of the Exchequer, in a Committee of the House of Commons upon the Civil List Act.

The right hon. gentleman said, that in rising to move a resolution regarding the salary of the President of the

ard of Trade, he thought it necesry to observe, that the state of that ice had not alone been considered fective by colleagues in office on that le of the House, but had actually, several occasions, drawn forth obrvations from the gentlemen oppote, many of whom, during the last ssion, had repeatedly given utterice to an opinion that the salary of e right hon. gentleman (Mr Husisson) was totally incompatible with te duties which it became necessary r him to perform. Prior to the year 782, all matters connected with the ade and commerce of the country ad been managed by a board comosed of various members of the goernment. After having been for a me subjected to the lash of Mr Burke's ridicule and invective at that eriod, the Board was finally abolished. t was soon found, however, that in his country commerce affected such a ariety of interests, as to render it npossible that it could be safely left ithout some superintendence more articularly devoted to its peculiar bjects; and, in consequence, about he year 1784, the concerns of trade nd commerce were intrusted to a committee of the Privy Council, under he direction of a president and viceresident. As nothing could be more bsurd than the paying of an office vithout any reference to the sort of nind and character required to perorm its duties, he conceived it would be both just and proper to apply to the Presidency of the Board of Trade the same scale of allowance which had been thought fit for the Vice-Presidency on a former occasion; and considering the salary of that office, and the labour of body and mind required from the person upon whom its various and important duties devolved, he thought that 5000l. a-year was no more than what might be considered a fair compensation for his labours.

VOL. XIX. PART I.

To the arduous nature of those duties, he (the Chancellor of the Exchequer) could, from experience, bear ample testimony; and he would now_venture to declare, that however arduous he might have found those duties, they must have since become of a nature which would require a devotion both of bodily and mental powers, not repaid too largely by the sum he now proposed. It would be very bad taste in him to attempt to pronounce any flourishing panegyric upon his right hon. friend: but he would take leave to assert, that no man ever brought to that, or any other office, greater zeal and devotion-no man ever brought greater assiduity to all the various details of his duty-none a more comprehensive intellect-none a more resolute mind-and none ever had discharged all the functions of his office with more real benefit to his country.

Mr Hume said, he had no objection to give the right hon. President of the Board of Trade the addition proposed, while he continued to hold that situation; but he begged to know, whether it was the intention of ministers that the right hon. gentleman should cons tinue to receive 3000l. as Treasurer of the Navy, or whether it was their intention to reduce the expense of that sinecure office by joining it with some other? In looking over the act of the 22d Geo. III. cap. 82, by which the Board of Trade was created, he observed that the preamble of the bill began with a "Whereas it is expedient to carry into effect the new economical plan which has been recommended for various public offices:" now he wished to know whether the Chancellor of the Exchequer, before he made his proposal to the House, had read this preamble?

The Chancellor of the Exchequer said, that in reply to the question of the hon. gentleman with respect to the office of Treasurer of the Navy,

K