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    $ f * 49 £ O 80 / . On -the 5 th January , 1854 , thene appeared to toe * deficiency of not leas-than S , & 1 ifiOQl ; new the minimum balance in the Bank at that time ma * not Jess than l , £ S 3 , t ) OQ 2 . Mr . Wilson . met Mr .. iBaritlg ' B charge jfchafc Mr . Gladatone liad < been * s £ oroed" to go into the market jmd > buy arpExche-^ bbt ^ HUb by showivg that the whole of the operations were intended to reduce the unfunded debt , and that -Ms aim was to enter the ^ market and buy up jbijla , , iniorder to seduce the interest . njxmtlie-floating debt . Sut by the failuse of the conversion scheme a £ L the Adyaaxtageof that operation -was lost ; if ,

    horn-, eveT < bhey had not permanently seduced the unfunded rdebl * they had nedueed the funded debt by 11 , 375 , 000 / . ! Mr . > Wilson entered minutely into the relations existing -between the Government and the Bank of JSnglaad , shewing the advantages that establishment ( derives tfrom * he connexion , sod pointing out , as regards the balances , that , as for convenience sake . there are £ 9 different accounts between thte Government and the Bank , so , ; if . one account be without a jbfilance , thefGovernajeat h&ve& perfect light to tcemioA the Bank that ^ pon other vaecoanats they . have balances vSBQOunting to millions .

    What was the real question ibefoee the House ? ¦ Ehe teal question was whether the eacpenses xtf the war are to be borne irom the oneans , arising within , ftbe year , or whether we are to xely upon loans , fieifearring * o Jitr . lPitt who , it was said , was- roomptfl&L ftp icondnct the tort "war « by loiuis , Jbfc . >/ V 51 son said $ bere memer maa ~ a < g £ e&ter mistake . Had . lie started with the ^ came information that we nowi ^ have . Ae ineed . BotfhAveinaKsased the . national debt . "ThB ^ fioaaowl ownnoittee , over winch iSir H . Earuell presided , fiageatigatediithis subject at great deqgth . f ! r « rn &to * 4 aatslaid £ be £ M ^ at < coBanjitfcee , it ¦ appeared , ithat while tie , imbUc . iabt in 1793 , wag ^ 44 , 440 , OX ) 0 Z , ia 1817 it had

    aasen * o 2848 ^ 82 ^ 000 / ., -giving an increase of 603 , 842 : 000 * TFbls- too , was exclusive of the sinking fund . The charge Tapontbe Sebfc , in 1793 , was 9 , 624 , 00 ( M . } in 1817 it hauTfisen to . ; 82 , 4 SS ;; 00 ( M ., an increase of ^ 829 ^ 6002—sufficient , ** had been remarked , to bear the cost ¦© £ the greatest ^ war-id -which England had ever been engaged , ^ be mbtake whricb fflfir . llBitt made > was in ufaaking a vwong wtart , JLn the first wren yews cf * be war Mr . iPitt borrowed 110 , 000 , 000 * * * b fcdiich cthe annual interest amounted to 5 , 7 O 0 , OQOZ ,, andthe committee discovered , that , if in 1793 be had raised tlie tasa-. 4 i « n . to ^ eAmount at which it stood in 1799 , he would never have had occasion to increase the debt , la . 1793 the net amount . paid into the -Exchequer for "taxes / was 15 , OO 0 jOO 0 L , and in . 1799 it was 35 , 000 , 000 / ., the increase during . those

    years Tiaving been egnal to 20 , 000 , 000 / . Had Mr . 'Pitt induced the public to srilinrit in 1793 to the same increased fetation which lie persuaded . them ito accept in 1799 , he -need not have'borrowed a single iartihing . Tiiat * wjw . * ^ great > tesean for the < MMuitry , and it showed that djyvsuibattitting 4 o ia . small amount of taxation new an , avalanobe of fjebt would te saved . The comnoittee ito which he had .. already -referred instituted a 'very important . investigation into- a , . poiat « f considerable interest . They wished to . arrive at-thi 8 , fect- ~ wliat additional amount of taxation per annum from 1798 to 1817-would have saved the country from any increase in the national debt ? The return iqade by tbe Treasury showed in one colnmn the amount of interest open

    me debt sb -it stood in 1793 , the -whole amonntof ^ penditope , incluaingtbe war , and for all purposes , except the-charge * a the nstaonrtl debt , and then the > net amount of taxes paid iitto the Exchequer each year . It appeared / from that retum ? that feom 1733 to 1817 the amount of the interest jdutrgesble upon the national debt , had it remained the flame srio 1793 , would have bean 9 , 500 , 000 / . a year , . or 335 44 ^ , 000 i altogether ; but the . actual expenditure for Jill purposes , except the debt , had been 1 . 059 , 658 , 211 ? ., makiqg across . charge npon'thyojnvoiterns of 1 , 295 , 104 , 2117 . The n « t taxes . paid into the Exchequer during -that period amounted ' to 1 , 148 , 777 , 928 / ., leaving a deficiency -of 151 , 326 , 2832 . spread over twenty-four years , or a deficiency

    only of 6 , 000 , 0007 . a year . Consequently , » n average increased taxation of 6 ^ 000 , 0002 . a year-would lave saved tlie country the whole of the enormouB tlebt wibich hadbeentinenrred . l Wbat , then , -was the result ? . Instead of fthe 15 Q * OOOjO 0 Oi ., of which there was a deficiency , . the property of the country was mortgaged for 60 a , 842 , OOftZ , leaving . an excess of 452 , 516 , 717 £ . over and above the actual . expenditure , from the peculiar mode in which the war expenditure had been carried on . It must not be supposed that that sum ftf 452 , GdO , 000 Z . was paid into the . Exchequer , but it was

    • 4 S 2 , 000 , OOOZ . of stock created , whioh the country could not pet rid of without paying off every shilling , and upon whidh interest was now paid . The result "then was that , during the period referred to , 452 , 000 , 000 ^ . of national debt was incurred for which the ¦ eonntry had never received one single farthing of benefit . If hon . . gentlemen would refer to the proceediqgs of Sir H . Parnell ' s committee , toey would find that this enormous amount of debt bore a charge at the close of the war , in the shape of interest , of 17 , 450 , 0 O 0 Z . Without that interest the national debt at the present moment'would be considerably under 10 , 000 , 000 ^ . a year . "

    Mr . Wilson contended that the present proposal to anticipate taxation is not a loan . Government ought to act lite every private individual—namely , to borrow money when money was required upon the best terms , to pay the interest necessary at the time it became due , and always to leave themselves Ln a position to pay off the debt wlicnever they were able to do so . Ho believed it to be a wise policy to run any risk to pay the interest rather than tie themselves up by incurring a debt extending over an indefinite period . If the country wanted 100 / . let Government borrow 100 / ., pay a certain rate of iutercst upon it , ami , when they had , duifto that , renew the bill , if they required it renewed , or , if not , pay it

    ofC There ate certain ^ classes who hare tried &o depressithe egprte of Govretnroeit ; but , a £ tth « resolu tion spassed ; he believed it -wauld 4 « y the foundation of a isystem of finance so beneficial in the > condttct of < a great var . Here the (^ position pit * ftp JBPy . Mjt ^ who nr-^ aigned fthe whole financial poldqy of the ( Goverainaent . fie * ras anffweped fyy \ ifc ~ Jx 4 a } m , mh 4 > feinted out that the railway interest sftnd inot ^ the least difficulty in ae ^ etiating 7 ^ 000 ^ / . \ wrth « f bondsidairdqg the year-Mr . Cai « ks aattecked , and Mr . SfeLccnaCKiB « nd Mi . Hank £ Y defended tiie Government . SShere inere tnow cries for a ^ livisioa , and « teaxKer » 'w « ne « edeiied

    -to withdraw- when iqxgot MeJDj ^ t ^ jci ^ , ^ wjio had been waiting for the * peech of « ome ASnister , to which 4 e anight reply . Mr . Disrweli ' s ep « ech consisted of a catalogue of "what be calied 4 lie ^ errors , the blunders , &c ^ of Mr . filadskoae , ? interi « rded with 'hostile comment . The enross wene , fii » ti , tbe > redaction of the interest on ibcchequer ^ biUs ; « ecc > nd { y ^ ifehe aonversioji scheme ; tiidrd ] y , 4 hafe m ^ S 5 d , $ B £ rJ € r } ad-^ tene-pepposed a "> pe « ce budget ; " kaad . ibmthiy ^ and fifthly , * hai the reduced the interest > oa JQxcheqoerbills , and Jan ^ ered with the savia ^ s ^ anlcinoaey , in order to pay off 5 , OG 0 jOGei . of JExab ^ aei * bilis Independently of tthis jgshn reucoeasion of ^ blnaders , < Mx . Bisntteli dreverted ^ o-what he oaUed *• * ( point , " tan " eleiAont" in tt&e consideration of the question—^ wbich turned out to ibe a Tefersnce $ o &he coxue

    # poudeitc ^ between . tbe QovBmm&st smds&het&m&eBor Krfitassia : ; ^ ndrhe dilated in defeaaee of feinoself J » pon his ; lowai ^ opiasal , to » estafcliah ;* ? discruaabaating sdn-<» uie . tftic ; , averting-that Mr . GWadatone JMdi charged fbira < with -. not hariog ^ placod ^ b ^ c ^ chedttkw -i « n itke table , Aad ithen refatiqg his statement * y * ayi * g with groet gravityr—that Mr Gladstone tad eonhealed thfciact Jtbat it would he mtteriy without rail Lpieoedent Ihat sny eucb tschedoles « hoeuld ? be < o $ p } aced © n the : table . The tcesolutions wereiplfteed « n the table with aH due formality ; . . Another imcidental point dn ibis 8 | ieech was ? a leference * to 3 Mr . < Gl « dstoneTs grecentop ^ &tioas . - He ^ described him ^ as ;« ad denly appeariag ia ; the > maxket / wanting « i , QOQy £ ) O 0 / . at fqur jper rowat ,, , -anfl tunable to . * et it ? , surely * he SmperoFvotf Beussia would put that down « s a countervailiiif incident to the bombardment . of XMesaa .

    ;« In that wild desert the city of Xondon , fchabited by—I will not eay Bavace beasts , -though there are uuune Soils among lthem ^» nd : the-xeet ate hears—4 n i ftb © city ^ the'Giumoellor ofrtae £ xeh « qaBrds ^ suppQsed ^ to have « om « rknowie 4 ge of ^ these ^ animals , iut the / right h $ a . gentlamao ^ woald . Jiofc contentsbinaaelf jvith bulls and bears , butjiimed - at higher prey , ¦ aaiL it ^ was sought to bring down the antloxed . inanaroh df tlie forest" an ' d ' all the stags jdf Xon'dari 1 ; o , * oi ) ttribute to maintain Jthe creifit df the Chancellor , ttf itoe "Ekcheguer . tfffearyitmr , and a < t avg \} The right hon . ; / geiitlenranrims under the necessity of wtrikmg out' 2 © C ^ 006 or SOOJOOO'of tbe subsoriptlans en which nc- instalment < was paid . '¦ Wins sriisjm « nag « nentof the finance , thougfc' ^ liffhtvwjis the ooeaaon

    of a nre » t ideal « f ^ pu blio 8 CKndal and / doesinGfigood 1 to ) 'thc ipubtic credit . I specie not < from , besrcay ^ { Ei ) r , sthrongh . ian-Jcnown coat tabu tor * , , 1 . have documents in dnyhpossBssion—. letters . from three persons , most obaenre , ^ penmless starlets , all subscribing 50001 . of Exchequer-bonds . XLfLugkter ^) It . is a strlkiog thing that . these-fellow * , without a roof not 0 % subscribe for 16 , O 0 OZ . of the Exchea . uer , 'for 5 G 0 Qf . of eaoSb of the series , but they received an official answer . Wtafct wasthe reply to thetn ? That the Gorvermnent = * rou ? a < gnmt their request ? Much more thnn that . The r » plf-was ooti only granting the reqaest , but beggiBB , Jasiftpart ^ dJarftmittr ; lo < the Government , that they would take -the iwholeaafTlih : sobscription for . the secies A , and that iby ( diioff so * b » y

    should enjoy all -the advantiiges and piivilegea-ivbich tbE ^ might-obtain from series £ and C . The CUanoellor of-the ¦' Exchequer , with that array of phrases which he has lat-cmn- i mand , may pretend that this scheme equals the Hqyalty " Loan of Mr . Titt , Whom 'he so nrocji admires , 'bt » t I tbini ¦ that all eoquainted with the Bubject Tnust have felt annoyed Tthatthe Traasnry ^ f England shonld be iplaaed in ^ Bo tidiottlous a positdon , for not - only canldtthe right-faon .-jpntlenutn « flt raisoe ^ OOiOOOZ . at tfi > uarTMnr cent ., bnt l »<» btt > ltttely caws occasion to eivcumstauces which make fthe ptfblic wnctionariea contemptible in the eyes , « f the gauntry . WMo would have supposed-, when rwe . listened . to tlw rigbtiei ) . . gentleman as he / touched upon . these mattersdii an andigoant ' spirit of self-defence , that he had boen in cerr # aponaqn « e

    witn &u the stags ot London ? { JLmigkter , } The Tight 'fcoo . gentlemitn came Forward as though Be were to bettbe vfcfim of the Government : h * has asserted that he MiW iiot allow his colleagaes ta taie a « sh « rein the faults he has ceounittei , which are to his miod of so jmtciotic aikiad : and the takse refuge in quotation mxre chusical > ihan novel , &nd ftxna iso accomplished a scholar as the sight uon . ^ gentleman we miglit have expected & more felicitous line . The House will recollect the ciroumatanoes which , attended on the eventa that called for that exclamation , and . I think ithe right hon . gentleman must , in making it , have ventured an our forgctfulnoss of the author . The House will remember when . the young gentleman alluded to was , with his comjpanione , detected in having plundered the Eutulian Republic , he exclaimed : —

    ' Me , me , adsum qui feci , in me convertite ferrmn 1 ' I am summed thut tlie right hon . gentleman could resist , witli hia Knowledge of the original , the infinite humour oi the succeeding line , u . ud not have quoted it . It is : — ' O liuLuJi . moii friius omnis . ' ( 6 ' reat laughter ?) 1 tldnk that would bo a good nootto for tJio new JKxchoquor-bonds . " ( Renewed lam / ftter . * ) Mr . JXIpraeli said he would "flash " conviction on the House by " one pregnant instance " that Mr . GIndstone ' H way ofraisinir money is bad—and ho

    defterfted Sir Charles Wood , in \ mi « staing me VBH&et at a « glaring period asking « bt *{ Oe ^ OO 0 f . ^ - not by fantastical methods , but by the good old-way r * *? 1 ^ 0 OB ?* 8 »* lWi foT * s much ns ^ ou tjanJ te ^ fe Sl ? nM'on * iw Mr . Disraeli tbrw refwrtd . « XSVi § ^ - J&f *™** * ¦ •*«¦ fewnirea us with ttis oprown of Mr . JPrtt ; be has compared khnseff * ifli Mr . Rtt , * nd * as givep ^ imBetf some great Smpwteiwe . fi « telhri ^ lLSJ ?^?? * * ""ft / f ** P ^ « ot % a ha ^ . n-b ^ r Minuter . ' f Uheers wad laughterS ) 5 IheTurhtijon . ce » tle-^ aaMnABJeed in flippantS&o . ^ ^ cSiifSfc PJtt , and h » e spoken of that statoHmn ' s conduct and ^ mple in ^ r ^ of ^ iepr « heniuon ,, thi ^ h ; , he , s « d tt » at Mr . fitt was caHaa " * a -heaven-born tMiniBtar . ' It . is -w « ll te be accurate even m tffles . and I do net tfcmk that that ««« S ^ A

    come from the Stodc-Exciange . I believe it had a moro " patrician origin , and'I have heard that , Applying the epithet eff Chatham 3 Ir . IHt ^ s if ather , to Ijoto tSive , it-was tha iWke of ClfaanaM , in the ^ Bflittse of Hords , who ) cabled Mr . « Ktt ' - 'ttie 'heaTen 4 Kini Minister . ' Ttievefore , feh »*« neerjof the riglu iian . igentlennn' -inB > hardly aararste . I trastth ^ L iwithont riffeqiifaqg the ^ ftienis of ithe ^ rightiien . ^ aitleiinm ^ may j > iesuB » e to ^ jgwe him tbis / pieore of advice 3 f--I «« cddl veeommendiaim 4 o > givB « ver 4 J ^ ese , axiworitby . « Beeu 3 riHtauwt Mr . Pitt . ( Opposition jxhters . ) If ILiraw the-Mht i > m ~ g entleman ,. I would eanfine noyselfintfature to , e& ^ lorjfJM tion , < tf wibiofc I aflnriit'tlia Mjpit hon . ^ BaElmaMvig m . jrn »« it j wr (¦ Cheers ana laughter ?) Let ihim ffl&Ste on ihe asfcutentoa

    with-which b » effects the conversion oiH 96 atii&e » AnBuh ^ —{ lauffhtery—ltit htm ^ wll on trre hrtwspia courage ^ fo « whush , to Bhew £ bs 4 fpleea' against th * ^ whd ^ B twhSJnjr , 4 ie canidoabie thsimiltltuK ; bat det ^ litmsflliiBtakii'lToin ti ^ eM 9-efltotims < on-itb » iinein » ryrtQf »^ BtetcMnsn xhltihAl in—fu \ umm « tUl . ( d «« r *» f » he ' , f « rie « f , K « f 5 i « id . > t fvOkem * , il shear jnj n » ind * hatMr ., « Eiit rwba > evfrv nsay , be shas >< i » iBrig « the ojpinien-of : tba ^^^ t ^ , ^^ y ^ a ^ ^ v ^ ^ . ^ . fl * t » # y -Jj anfl the idm Hhm ^ t ^ Br ^ country J ^^ r ^ j ^ riMttigw submerged xn ! &estoxni' -- « u ^ e ^^ B q ^ t . 1 iaa . ' « e ^ nn » ^ aunts . iar . "Pitt with caressing the' bankers . anSl tfieiaoSlgelenaere , % e must « too Temernber'j ^ tt ^ Sk : "' Mtt bwea to « ^ g « rteftti <» nHrtry « a ^ TeetnQsynary *« Hnb . $$ h 4 Brik ^ '

    Mr . pLaxxKroNB said that * Mreiply to "the « cciiaAr iions df terror ^ w > uMi 3 B'viBry % riBfr r As regarded ^© reauctron tit the interest , he had nothing to Tetraet , ana -nothing to repent , and he had announced ti ^ l » rincl | aesjff "his poiicy as to b ^ rrowin ^ , and w 3 fr reducing the -unftindel flebtj aria ; he . traErtedl ^ haifeif Mr . Bathr ? -were still dissatisfire ^ , he vop 35 ^ TWiiijr the matter to an issue in that Souee—the projiex tr £ bmial . He thouglit he lind spoicetf ^ fith all a 9 se Iranniity as tothe ^ al ) orlioh' ^ wHichhe 1 lala adm ^ ttea . He ^ repudiated the cbarge of havi ^ jf tamperedffj £ the saviqgs I ) ants 4 noney , 'with Vhicb . he ^ hatt " cleiilt asit waaj » MiniBteT ' 8 duty to do ; l > ut he invited ji

    dnjcussion on ibat subject at » jnqper ^ mi ^ Sfe 9 arcaBticiSlly ailuaed to an expresBion djfcg'&y ' His . Bisraeli to the effect that the ^ avings iDariks transactions had occasioned loss to the dep ^ jtors , inaSL Baia ^ hat it was . almoist irnposslblle to beif } £ re ihat cne iirbo could ^ malce such , a charge ! futd iJNBen"C ^ anceTQDt ctf the ExK ^ equer Wrnself . , A » Te ^ af 4 ed . the "; t > e » ce budget , " he observea that the d <> ctrineiLaa beenhad down IJiat oiotox waei ; o % eTf |«^ 6 ^ v 8 Q ^ toi ] ygja ^| j ^ was a chance of war . Xast yeariie hail 4 > aut ^ wf (» a week to defend the "finances against itfeiicTcal ^ ttr joined iu by . Mr . Disraeli , wlio caught ai ' every chance of getting rid of a % smm What would have

    beenliis CMr . GJlaatftpne ^) ^ aition 4 iSf ; 3 iie ; j « tat 1 joa ventured to urge « nctu « 'doxittiae ? ^ edeolatea ^ la there was no time at # hich . there was joof * n chance of war for this country . 'Ste did . not T ^ greit the repeals of 1853 , which had increaaeA the xoniforts , of lha country , and had resulted fa . » surplas of three millions , anil aliaif . His policy- 'had boea that nobl ^ one wixich ^ had governed the'HbaBej&a several , yeaai , and the blessings of wfoielitfhe ! count ? ry -was noweokjoying . His charge against JMEr . BisraetVinorespcck to the income-tax wae that , at xhetime' ^ he h ad «

    ropourideaius plan for a « c 4 dualion , lio had not , ao > cording to his own aamission / looked Into the schedules . As regarded . the charge that Government did not anticipate and property provide for the war , th £ t -was an accusation which anight Ixb ad-YanceA , . if its truth w « re -felt , ana GoveEnnaaat would joaI shrink feom roeebiqg . it . The people-of England presented at that timca . spectacle of mini grandeur in the efforts they were oheerftdly rmtJemg to support a just and necessary war , and they ntatfte them because they had confidence in the Hou « eof Oonnnoncp , « nd in i ^ s guardiaftahip of the nactiqniA interests .

    Referring to Mr . Disraeli ' s attack upon hitu lor dealing with stags and other wild animals , Mr . Gladstone made aa effective retort : — " What , then , is the nature of the . amendment ? : Xiw hon . igenbleman who nrvposedlt does not ivanbnre itortell mm that the 'City of London is adveree to the tcnejsbiwQ df Mftftm security us Exchequer-bonds . Tlie hon . jptnftlonuui (¦» fully avoided makiqg any such assertion as that , but the right hon . gentleman who last addressed fthe Houao has

    referred to the vuriqits classes of Vild tminxaU—in the city with whom , according to hia own account * ho 'has 1 iod , acorrespondenco on the subject of theme bonds . "The Hght hon . gentlemnn having treuted the comnnrittweto anuccount of the infarmafiion'that has been privately ijiiparted to him as a inattor of favour , I poeaibly may not fgo iar wronng f < f I acquaint'tlie committee with oert ain vinfovmatdon which has been imparted to mo as a raattono'f favowr . It aeems , then , that cerUin of the lottecs « ent > ont kty thelBa . r » kna n , inatter of form wore purchused at u low rato by aoino gentlornen ,

    Untitled Article

    May & 7 , 1854 . ] THE LEA DEE . ' 4 g 3

• Citation
  • Leader (1850-1860), May 27, 1854, page 483, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2040/page/3/