dends beyond a certain sum, and all above that sum they had been content should remain in the hands of the Bank. It appeared to him better that a more extensive arrangement ought to be made, adapted to any probable variation of circumstances, that the Bank should retain in its hands a certain sum, and all the balances above that sum be made applicable to the public service. On this principle he had taken 301,000L, which had remained in their hands up to the 5th of April, in addition to the advances made under the acts proposed by Mr. Pitt and Mr. Perceval. This 301,000l. however was not the only advantage which the nation would derive from his plan. It was not right that the Bank should retain in their hands sums which it was not likely would be called for, and which, from the accidents of nature, or from the course of law, the owners might never be able to reclaim. He therefore thought such monies might be well paid over to the commissioners for the redemption of the national debt, to be by them applied to the liquidation of the public debt, subject to the future claims of the owners for restitution. He proposed that it should be arranged on this principle-that all stock on which no dividend was claimed for 10 years successively, should be paid over to the commissioners of the national debt, to be by them applied in the manuer he had already described. A register of all such payments he proposed should be kept both in the Bank and at the office of the commissioners for the reduc tion of the national debt, and this he thought would be better for the owners than even the present system, proverbially accurate as the Bank was in all its transactions. The next item was rather of an extraordinary nature. It was one of 140,000l. made up of small balances remaining in the exchequer, the result of unapplied parliamentary grants of former years, and now amounting altogether to a sum not to be despised. There yet remained supplies to the amount of 2,500,0001, to be provided for, and this he proposed to do by ineans of an issue of exchequer bills to replace an equal amount of unfunded debt which would be paid off, and which in his original plan for the budget of the year he had proposed not to replace, but entirely to extinguish. These suns he had already stated as part of the separate charges of Great Britain, and they consisted of the remaining part of the bank advance of the year 1800, amounting to a million and a half, and of the debentures and loyalty loan paid off and amounting to a million and twenty-four thousand pounds. He then recapitulated the whole of the supplies, and the ways and means by which they were to be met as above-stated. He did not mean to move for exchequer bills to meet the 2,500,000l. of which he had spoken, by themselves; he should include them in a larger vote. In February, a grant of 4,500,000l. in exchequer bills had been voted by the House to meet other bills to the same amount. To this might be added bills to the amount of 1,500,0001. -- issued on account of the Bank- posed advance from the Bank, 6,000,000l. to replace those on which was the subject of the mothe vote of credit-and 1,000,000l. tion which he should make to on account of debentures, making day, furnished another portion of in the whole 13,000,000l. to re- the sum to be made good, place which, he should propose and to this might be added four an equal grant of 13,000,000l. in hundred and forty thousand exchequer bills, the whole being, pounds unclaimed dividends, and with the exception of the last monies in the exchequer, and 1,000,000l. intended to exchange thus the 8,500,000l. would be against bills of the same descrip- covered. He certainly thought tion, and even the last were to it would be desirable to avoid, meet securities of a similar na- if possible, any any increase of ture. He had had to meet a large the unfunded as well as funded defalcation to the amount of debt. Had the system he recom8,500,0001. in the ways and means mended been adopted by the of the year, owing to the rejection House, a great and rapid imof the property-tax, and the relin- provement of public credit would, quishment of the malt duties, and in his conviction, have been the he should perhaps be asked in what consequence. He still most sinway he proposed to meet this defici- cerely hoped this would take ency. He would therefore now ex- place, though with less rapidity, plain in what way he had made good and he reflected with much satisthese eight millions and a half. faction, that of all the sums called In the first instance he had pro- for, there was only the 2,500,0001. posed to re-issue 2,500,000l. of in exchequer bills, that could be exchequer bills, which other said to press on the money market wise would not have been neces- or on the exchanges. He wished sary. The next means by which to state the whole amount of the the deficiency was to be met, was sum borrowed, against that porfurnished by the extra supply tion of the public debt which offered by the surplus grants. would be paid off in the present These, it would be remembered, year, without distinguishing, for when he proposed the renewal of the present, the funded and the the property-tax, he had taken unfunded debt, especially as it but at three millions. Since, it might be questionable in which had fortunately been discovered, of those classes the advances from their amount had exceeded five the Bank, and particularly the millions [Hear, hear !]. The pro- first, ought to be placed. The first advance from the Bank amounted to 6,000,000 3,000,000 2,500,000 11,500,000 He next proceeded to show the debt which would be paid off. The Sinking Fund had on the 1st of Feb. amounted to 11,130,0001. It was therefore probable that in the course of the year, there would be paid off by the Sinking Fund. In Exchequer Bills .... In Debentures and Loyalty Loan. Total.......... exclusive of what had been repaid within the last year. It would thus be seen that there was an exceeding of about 3,500,000l. over the sums borrowed for the service of the year. But it might be supposed, that when Ireland was taken into the ways and means, we should find our prospects much changed. For a few moments, however, he would take the liberty to trespass on the department of his right hon. friend, and to anticipate some few observations which he (Mr. Fitzgerald) would otherwise have had to bring forward in the able and satisfactory manner in which he always made such statements. For Ireland, his right hon. friend intended, this evening, to propose a grant of 1,700,000l. in treasury bills, in addition to which he farther intended to move for a grant of 1,200,0001. Irish, or 1,118,000l. English, making a total of 2,818,000l., and adding the sum which he had stated was to be borrowed for England of 11,500,000l., would make a grand total of 14,318,000l. But against this was to be set in addition to the sums he had before-mentioned, the Irish sinking fund, which he believed amounted to about 2,300,0001., and finally, the reduction he showed would be after all little less than 3,000,000l. of the united debt of the two kingdoms. This, he trusted, would 11,500,000 1,500,000 1,024,000 945,000 £. 14,969,000 be found a most satisfactory view. He believed it had very seldom occurred that it had been found practicable to reduce the public debt immediately after the close of a long war, before the nation had properly got to its peace establishment. Instead of being able to do this, it had commonly been necessary to call for large loans in the first year of peace. Under such circumstances, though the state of the country was not every thing he could wish, he was so far from feeling apprehension, that he could see nothing to fear, if proper measures were pursued, and every thing to hope, from the wisdom, firmness, and moderation of parliament. He had now to explain the manner in which he proposed to pay the interest of the money borrowed for the service of the year. The charge incurred by the first advance of the bank was for interest 240,000l. a year, and for sinking fund 60,0001. making together 300,000l., the second would require for interest 90,000l., and for sinking fund 30,000l. together 120,000l., total 420,000l., of this only 120,000). would be charged on the consolidated fund. The soap tax would produce about 200,000l., and the new duties on butter and cheese about 100,000l., if the trade continued as at present, or allowing for its falling off about 50 or 60,000l. He further had it in contemplation submit to the House, a new espect to the gar, the produce added to the 250 or 60,000l., which he calculated on deriving from the sources already mentioned, would be more than enough to provide for the charge created by the interest on money borrowed. The right hon. gentleman concluded with moving the first of the following Resolutions : 1. That the proposal of the governor and company of the Bank of England, That, in consideration of the advance of three millions sterling for the public service, in the manner, and upon the terms and conditions hercinafter mentioned, the said governor and company be authorized and empowered by parliament to increase their capital stock, which now consists of 11,642,4001. to 14,553,000l. ; and that the proposed increase of 2,910,600l. be appropriated amongst the proprietors of bank stock at the rate of 251. for every 1001. of bank stock which they respectively held on the 23d day of May 1816; and that, until repayment to the said governor and company of the said sum of three millions, the promissory notes of the said governor and company expressed to be payable to bearer on demand, shall be received in payment of all sums of money which now are or shall become payable for any part of the public revenue, and shall be accepted by the collectors, receivers, and other officers of the revenue authorized to receive the saine if offered to be so paid, fractional parts of twenty shillings only excepted:That, in consideration of the above proposed increase of the capital of bank stock, and of the notes of the said governor and company being received in payment of every branch of the public revenue as aforesaid, the said governor and company are willing to advance the sum of three millions sterling for the public service, to be paid on such days during the present year, and in such manner, as parliament shall direct and appoint; the repayment thereof to be secured, with interest at the rate of 3 per cent. per annum, payable annually, and to be repaid at such period as parliament shall direct and appoint, not beyond the 1st day of August 1833, and to be charged and chargeable upon, and to be repaid out of the consolidated fund, unless otherwise provided for by parliament,' be accepted. 2. "That towards raising the supply granted to his majesty, there be issued and applied the sum of three millions, to be advanced by the governor and com-, pany of the Bank of England, in pursuance of the said proposal. 3. That, towards raising the supply granted to his majesty, there be issued and applied the sum of 5,663,7551., being the surplus of the grants for the year 1815. 4. "That towards raising the supply granted to his majesty, there be applied the sum of 599,9161. 3s. 6d., being fifteen seventeenth parts of the sum of 679,9051. arisen from the sale of old naval and victualling stores. 5. "That, towards raising the supply granted to his majesty, such such part of the balance remaining in the hands of the governor and company of the Bank of England, for the payment of dividends on the public debt, be advanced, from time to time, for the service of the public, provided that if, at any time, the said balance shall be reduced to a less sum than 100,000l., then so much of the monies advanced by the said governor and company shall be repaid to them as shall be equal to the sum by which the said balance shall be less than the sum of 100,0001. 6. "That towards making good the supply granted to his majesty, there be issued and applied the sum of 43,2471. 3s. 11 d., which have been issued to sundry persuns at the receipt of his majesty's exchequer, prior to the 5th day of January 1810, and which, not having been paid, remain as outcash in the chests of the four tellers of the said exchequer. 7. "That, towards making good the supply granted to his majesty, there be issued and applied the sum of 13,2051. 5s. 3ļd. remaining in the receipt of his majesty's exchequer on the 5th of January 1816, for payment of certain annuities for terms of years which expired annis 1792, 1905, 1806, and 1907. 8. "That, towards making good the supply granted to his majesty, there be issued and applied the sum of 6,3261. Os. 94d. remaining in the receipt of his majesty's exchequer on the 5th of July 1815, and charged upon the consolidated fund for services which cannot now be claimed. 9. That towards making good the supply granted to his majesty, there be issued and ap plied the sum of 72,9731. 15s. 3d. remaining in the receipt of his majesty's exchequer on the 5th of January 1816, on the funds for payment of annuities on lives granted annis 1745, 1746, 1757, 1778 and 1779, on which the lives have expired since the 5th of January 1802. 10. That, towards raising the supply granted to his majesty, there be issued and applied the sum of 6,5451. 5s. 4d., being the amount of money paid by the receivers general of the land-tax to the governor and company of the Bank of England on account of the pay-master general of his majesty's forces, in pursuance of an act of the 37th year of the reign of his present majesty, for raising men for the army and navy. 11. "That towards raising the supply granted to his majesty the sum of thirteen millions be raised by exchequer bills for the service of Great Britain. 12. "That towards raising the supply granted to his majesty, the sum of 1,200,0001. Irish currency, be raised by treasury bills for the service of Ireland for the year 1816. 13. "That towards raising the supply granted to his majesty there be applied for the service of Ireland the sum of 79,9851. 165. 6d., arisen from the sale of old naval and victualling stores." The first Resolution being put, Mr. Vesey Fitzgerald rose to state the supply and ways and means for the service of Ireland. He said, he felt it to be unnecessary to trespass on the committee at any length. The circumstances of |