was desirable there should not be a deficiency on the consolidated fund; and he trusted, at no distant time, that such an arrangement would be made, with the assistance of parliament, as would effec⚫ tually meet the evil. This, however, could not be done in the present year. The hon. gentleman stated the deficiency to be 7,000,000l. or 8,000,000l.: in this, however, he included the 2,600,000l. that were borrowed; so that in fact the actual deficiency was only 5,000,000l. He en tertained hopes that it would be made good in the course of the next year. If in the next session he found that those hopes were not likely to be realized, he would submit a proposition to parliament relative to a part of it. Mr. Ricardo observed, that on the 5th of July, 1819, there was a deficiency of 8,400,000l. "But," said the right hon. gentleman, "you have, without interest, 2,600,000l., for which exchequer-bills have been deposited." This he denied; and he would contend that the public had not the advantage of that sum. The Chancellor of the Exchequer said, if that sum had not been advanced from the consolidated fund, the difference would be, that the Bank would have 2,600,000l. of the public money in their hands, during the quarter, which would be employed by them for their own benefit, and not, as now, for the benefit of the public. The resolution was then agreed to; as were also the resolutions, granting to the contractor, for every 100. money, 100%. 3 per cent reduced, and 42/. 4s. consols. On the resolution being put, relative to the discount to be allowed on an anticipation of the period of payment, Mr. Grenfell rose, and, adverting to the 12,000,000l. which it was proposed to take from the sinking fund, demanded whether it would not be better to do away that part of the machinery of the system altogether. The fact was, they borrowed 12,000,000/. from the commissioners of the national debt; but they must, in the first instance, advance those 12,000,000l., to enable them to lend it. Now, of what consequence was it to the public whether they granted that sum to the commissioners, to be lent back to them, or retained it themselves, in the first instance? The system was completely absurd, and differed from every thing that was contemplated in 1783, when the fund was established. At present it was entirely nominal and delusive, and had no other effect but to render the finance statements perplexed and unintelligible. The right hon. gentleman had stated, that there was a sinking fund of 17,000,000l.; and then, said he, “see what a fine flourishing state we are in." But the fact was, they had no sinking fund left at all. They took 12,000,000l. from the fund, and 5,000,000/. from the public, the interest of which must come out of the sinking fund; for he understood there were to be no new taxes. For his own part he did not think the loan contracted for this day nécessary. If they really had a sinking fund, instead of taking 12,000,000l. from the commissioners, it would be better to lay hold of it all, and thus get rid of the delusion. At present, they were only borrowing 12,000,000l. from the commissioners, having previously furnished them with the means of lending it. Mr. Hume understood the right hon. gentleman to have said, that he hoped. this would be the last loan the country would require for a long time. But how could that be? Were these 12,000,000l. to be made up next year? If they were not, and this delusive system were to be continued, the right hon. gentleman might go on borrowing every succeeding year. Such a system could only embarrass the country. The Chancellor of the Exchequer observed, in reply, that he feared there would be much confusion in the supposed simplification of proceedings which had been suggested by hon. gentlemen. Mr. Alderman Heygate believed, that during the war the loans would have been borrowed on worse terms if the public credit had not been kept up by the sinking fund which had been established by Mr. Pitt and Mr. Fox, and ought to be held sacred. No delusion could now prevail upon the subject; for if its no. minal amount had been stated at 17 millions, all classes in the country knew that it only consisted of five. With respect to loans, their result was evident. The present he conceived to have been contracted for on terms disadvantageous to the public; for it was done in a stock, the nominal price of which was at a discount of 30 per cent, and that price itself 14 or 15 per cent lower than the stock which might have been created three years ago. It was most important for every man in the country, in whatever trade or profession, to know how the circulating medium 1 was to be kept up. It was the most sa- Mr. Ricardo thought it quite unnecessary for the Bank of England to reduce its circulating medium any further than it was at present reduced. The worthy alderman had said, that gold was now at the Mint-price; perhaps he might have said that it was a little under it; for he knew that many persons took gold to the Mint at the Mint price, in order to have it coined; and this they could not do if gold was not, in fact, a little under that price, because some space of time must elapse before they could receive the benefit of the coinage. But the worthy alderman appeared to labour under a mistake in supposing that a reduction of the circulating medium would be a consequence of this loan, or repaying the Bank. The reduction of bank-notes within the last year did not exceed 2,000,000.; that reduction of 2,000,000l. was all that was necessary to bring about that state of the currency which all had united with the finance committee in desiring to see obtained. Indeed, if the Bank was desirous to follow their own interest, it was a clear and obvious one: if they were to effect a very great reduction in their paper, which he should most sincerely lament, the consequence would be such a rise in paper, and such a fall in gold, that individuals would carry their gold to the Mint, and endeavour to fill up the circulation with it. As to the alarm felt by his hon. friend it was quite groundless, for there could be no fear but that the Bank would keep up a sufficient quantity of notes, as their own advantage depended upon the issue. As to the sinking fund, the argument of himself and his hon. friend had been, "Take away all which tends to delude the country-take away so much of that sinking fund as is not in reality an excess of income over expenditure." Therefore he entirely concurred in the opinions of the worthy alderman, that they should imme. diately get rid of so much of the fund as, being nominal, was merely a delusion. Mr. Hume observed, that if the worthy alderman would refer to former cases, lie would find, that upon occasions when the heaviest loans had been borrowed to the amount of 20,000,000!, and upwards, the contracting of such a loan had not withdrawn more than 1,000,000. from circulation. The present loan could therefore have but little effect on it. Mr. Alderman Heygate denied that he ever intended to say that the circulating medium would be reduced to the full amount of the loan; but he was at a loss to know by what channels it would be poured in again upon the public. should be most happy to find his fears groundless, and that the circulating medium would be kept up; in which case the industry and the revenue of the country might revive. The resolution was then agreed to. IRISH PROTECTING DUTIES.] The report of the Protecting Duties (Act of Union with Ireland) bill was brought up. Sir J. Newport remarked, that some of the duties were extremely oppressive to Ireland and injurious to its commerce. Among the articles materially affected were those of books, pictures, and statues. The effect had almost extinguished the value of copyrights, and annihilated the trade of printing books. Through this, authors naturally sent their works to other parts of the empire; capital was in consequence withdrawn, and in proportion to the amount so withdrawn, the commerce of the country must be injured; he therefore wished the duties might be altogether repealed. The duty on coals was also most severely felt in many parts of the country; and was most injurious to the manufactures and to the poor. He wished these to be gradually diminished. Sir H. Parnell said, that in many cases that which was called a protecting duty was, in fact, a tax upon Ireland, particularly the duty of 10 per cent on British manufactured articles imported into Ireland. cally; and thus in ten years the whole would be abolished, So persuaded was he on this point, that he would take an early day for calling the attention of the House to it. Sir H. Parnell thought it would be of the highest importance to the interest of both countries to have the commerce of this country thrown open to the whole population of Ireland; and he should shortly call the attention of the House to the subject. HOUSE OF LORDS. Monday, June 12. SECRET COMMITTEE ON THE PAPERS RELATING TO THE CONDUCT OF THE QUEEN.] The Earl of Liverpool reminded their lordships of the order which had been made on Thursday, that the Secret Committee should not meet until to-morrow. He had made the motion for that order, not on any specific ground which could induce him to think it necessary, but upon hopes which appeared to be entertained by their lordships. Since that period communications and explanations had taken place on the subject. He was not prepared to say what might be the result of these communications and ex The Chancellor of the Exchequer said, he had listened with the greatest attention to the opinions expressed upon this topic from both sides of the House, and particularly from those gentlemen, who as re-planations, but the state of the business presentatives for Ireland were better able to understand the subject than he was. But he found so many jarring interests, and so many conflicting opinions, that he thought it better to take up the subject at a future day upon a general scale, than attempt to discuss minutely a point in which both opinions and interests were at variance. It was his most anxious wish to disembarrass the intercourse between both countries by the abolition of all impeding duties on both sides of the channel as soon as the state of the public revenue would permit. One of his first objects was, to open a free intercourse between the lite. rature of both countries. Others would follow as they seemed most expedient and practicable; and he trusted that before the lapse of many years, those final arrangements so very desirable to every friend of both countries would be adopted. Sir John Newport begged leave to sug. gest that the most speedy and effectual means of promoting the commercial intercourse between both countries was, to begin by an annual reduction of one per cent on the Custom-house duties of ten per cent between both countries recipro was certainly such as to make a farther adjournment of the meeting of the committee desirable. He, therefore, intended to propose that the day of meeting should be fixed for Saturday next. Before he sat down he thought it necessary to observe, that a fabricated account of the correspondence on this subject had appeared, in which the documents were most scandalously falsified, and converted into libels. It was an aggravation of this conduct that it must have been done by some persons who had seen the originals, and who therefore could not be ignorant of the fabrication. It was, however, but justice to say, that no blame could be imputed to her majesty's legal advisers. They had very honourably and voluntarily communicated to his majesty's ministers that they were no parties to the publication, and that nobody could regret it more than they did. He concluded by moving that the meeting of the secret committee be postponed to Saturday next. Lord Holland, after what had passed, did not intend that day to present the bill of which he had given notice on Friday; and in rising now, he meant to do nothing more than to assure their lordships that the bill he proposed to introduce was simply a bill for the repeal of the royal marriage act. Having stated what its object was, he hoped, as some very extraordinary rumours had prevailed on the subject, that their lordships would also indulge him so far as to permit him to state what the object was not. However much, since he had a seat in that House, he had, during the last twenty-five years, on various subjects differed from their lordships, he surely had never done any thing that could lead to so absurd a supposition as that he wished to propose a bill which would have a retrospective effect. He therefore begged leave again to state, that the bill, and the only bill he had in view to introduce, was one for the repeal of the royal marriage act. He could not at present precisely fix the day for presenting this bill, because he was not yet certain as to the state of the circumstances by which he wished to be guided; but he hoped their lordships would not consider themselves taken by surprise if he introduced it before the day fixed for the meeting of the committee. That it should have been introduced some time or other during the present session had always been his intention, independently of any circumstances which had occurred. He again begged their lordships not to suppose that he wished to take them by surprise if he presented a bill in the course of this week on an earlier day than that fixed for the meeting of the secret committee. The motion was agreed to. HOUSE OF COMMONS. Monday, June 12. CORK HARBOUur Bill.] Mr. Boswell presented a petition from the ship owners and others of Ayrshire, earnestly entreating that the bill might not be passed into a law. The petition set forth, that the bill would impose an increased expense on coals imported from the county and neighbourhood of the petitioners; that there were already funds sufficient to meet the expenses; and that the proposed measure would affect the lit tle commerce that remained between the coasts, most injuriously, especially the lime and coal trade. Sir N. Colthurst moved the second reading of the bill. He hoped there would be no objection to this motion as the me | rits of the bill could then be canvassed in the committee up stairs. Sir Isaac Coffin declared himself to be an enemy to all jobs, and such he conceived this bill to be. The people of Whitehaven and its neighbourhood had already taken the alarm, and entertained a strong dislike to the measure; a paper containing some powerful objections to the bill had been put into his hands, and unless those objections could be upset in the committee, he should continue to say "No" to the measure. Mr. Curwen said, he had a petition most respectably signed by several hundred of the inhabitants of Cork, against the measure. This petition he should shortly present. In the mean time, he wished to state that the people of Hull were against the bill. The competition in the trifling branch of trade which was carried on between Hull and the Irish coast, was at present so great, there was little or nothing to be got by it at present; and the bill would render matters still worse. For his part, he considered the principle of the bill so objectionable, that no alterations that could be made in the committee could make it at all palateable. would therefore move," that the bill be read a second time on that day three months." He Sir N. Colthurst entreated the hon. member not to take the sense of the House in that early stage of the bill. He hoped he would suffer it to go to a committee up stairs. Sir James Graham entered his solemn protest against the bill. From all that he had heard, and all that he had read, he was satisfied that the measure altogether was a most obnoxious and a most unjustifiable tax on the property and industry of those who had no right to pay it. He trusted it would be thoroughly sifted in the committee, and as he was anxious that it should be so sifted, he hoped his hon. friend (Mr. Curwen), would consent to withdraw his amendment. Mr. Curwen consented to withdraw his amendment. The bill was read a second time, and, on the motion of Mr. Boswell, the petitions against it were referred to the committee up stairs. PETITION OF W. A. BECKWITH COM< PLAINING OF DAMAGES BY RIOT.] Mr. Peter Moore presented a petition from Mr. Andrew Beckwith, who complained that, in the year 1817, his windows had [1038 been broken, his house forcibly entered, freeholds, whether resident or not, and and his shop robbed of arms by a riotous in leaseholders, being resident housemob. He stated that he had made un- holders, and rated within the borough: successful attempts to obtain redress in that the counsel for the petitioners, courts of law, and he therefore prayed for William Hender and others, delivered in such relief as the House might think a statement, as follows: That the right proper to grant. He (Mr. P. Moore) of election is in persons seized of freeconceived that the relief required was holds, whether resident or not, and in pecuniary relief, and therefore that the leaseholders, being resident householders petition should be recommended to the and rated, and in inhabitant householders House by the chancellor of the exche-paying scot and lot: that the counsel for the sitting members delivered in a statement, as follows: That the right of ' election is in freeholders of houses or lands within the borough, resident or 'non-resident, and in beneficial lease The Speaker observed, that though a petition, praying for pecuniary relief, ought to receive the sanction of the mi-holders of entire tenements, consisting of nisters of the Crown, yet that the rule should never be extended beyond the strict necessity of the case; and here, though the hon. gentleman who presented the petition stated that he conceived that pecuniary aid was that which was required by this petition, yet the terms of the petition did not necessarily impose on the House so strict a construction [Hear, hear!]. Sir Francis Burdett thought it extremely hard that the petitioner should be deprived of a remedy. The present evil arose out of the anomalous condition of the law. Persons were required to keep the peace, and were punished for not keeping it, though the government, by taking their arms from them, deprived them of the means of keeping it. It was the duty of government, while it punished men for not doing that which it disabled them from doing, to make up and provide a recompense for those losses, which were the consequences of their own new laws. CALLINGTON ELECTION.] Sir Charles Burrell reported from the Committee appointed to try the merits of the Petition against the Callington Election reported, "That it appeared to the committee that the merits of the petitions did depend in part upon the right of election; and that therefore the said committee required the counsel for the several parties to deliver to the clerk of the said committee statements in writing of the right of election for which they respectively contended: that, in consequence thereof, the counsel for the petitioners, Matthias Att wood and William Thompson, esqrs. delivered in a statement, as follows: That the right of election is in persons seized of + houses or lands within the borough for years determinable on a life or lives, being resident householders for forty days before the day of election, and rated to the poor at forty shillings at the least: That upon the statement delivered in by the counsel for the petitioners, Matthias Attwood and William Thompson, esqrs., the said committee have determined, that the right of election, as set forth in the said statement, is not the right of election for the said borough: That, upon the statement delivered in by the petitioners, William Hender and others, the said committee have determined, that the right of election, as set forth in the said statement, is not the right of election for the said borough: That upon the statement delivered in by the counsel for the sitting members, the said committee have determined, that the right of election, as set forth in the said statement, is the right of election: That the said committee have determined, that sir Christopher Robinson, and the hon. Edward Pyndar Lygon, are not duly elected burgesses to serve in this present parliament for the said borough: That Matthias Attwood, esq., and William Thompson, esq., were duly elected, and ought to have been returned burgesses to serve in this present parliament for the said borough: That the petition of the said William Hender, and others, did not appear to the said committee to be frivolous or vexatious: That the opposition to the said petitions did not appear to the said committee to be frivolous or vexa, tipus." The deputy clerk of the Crown was ordered to attend to-morrow, to amend the return, |