.

"ment of his fame;" and, in great degree of depression, which Peel's Bill, you have laid the rendered him still less audible than axe to the root of the tree of usual. From the arrangements corruption, oppression and na- made by the house last Session tional disgrace. In short, you with regard to our finances, the have done what you can to de- Right Honourable Gentleman said stroy his system, and, therefore, that he felt relieved from the nepray, never name the man again. cessity of entering much at length You know well, that he was a into the subject on the present ocshowy, talking, bawling shallow casion. The house had already man; and for decency's sake, let voted, with some slight excepus hear no more of him. There tions, the various estimates for was SIR ROBERT PEEL, cheering the year, and he was now called a toast, which praised you and upon to present the usual annual your colleagues for adhering to exposition of the Ways and Means the system of Pitt, when that very to meet those Supplies. This was Sir ROBERT PEEL, both in speech a task, which he could wish, parand petition, had condemned the ticularly from a recent melancholy great measure brought forward event, had devolved upon some by his son, and that, too, upon other person (hear, hear, the the express ground, that it over-right honourable Gentleman bethrew the system of Pitt!" ing understood to allude to the If, however, you must still death of Mr. Morton Eden). praise Pitt, pray let it be in There were many of his friends rhyme. Let Canning come home who were much more competent and write songs in the great to the undertaking. But underbotherer's praise. Let it not be standing that to decline or to postin sober prose. We are going pone this undertaking would be on well. A good harvest and productive of public embarrassgood crop, and gold at the Bank ment, he felt it incumbent upon will bring the gallon loaf, in the him to come forward and do his country, to eight pence by Janu-duty (hear, hear). He would ary next; and, though I will not therefore endeavour to state as positively promise, I think it very clearly and as shortly as possible, likely, that, when I see that, I the estimated expenditure for the shall lay down a pen which will year, with the resources forthhave been kept in pretty constant coming to defray that expendimotion for just twenty years. ture; and first he would recapituI am, late the Supplies. For the SupMy Lord, ply of the Army the house had Your most obedient voted, according to the Estimates, And most humble servant, 8,750,000l. which was 693,2431. WM. COBBETT. less than the vote of last year, that vote being 9,443,2431. For the navy, 6,176,7001. which was 409,9951. less than the vote of last The CHANCELLOR of the Ex-year, that vote being 6,586,6951. CHEQUER rose, evidently under a The vote for the Ordnance was

THE BUDGET SPEECH,
OF 1 JUNE, 1821.

1,195,1001 which was less than of 240,000l., which had been the vote of last year by 4,5501. taken in the last year. For Old that vote being 1,999,6501. Of Stores he took acredit of 163,0001. the miscellaneous services the The next item was one of a novel much greater part had been al- and extraordinary kind, and ready voted, but some items still would require some explanation. remained for consideration, The This was the surplus of pecuniary total estimated amount of this indemnity, payable by the French head of service was 1,900,0001. Government, amounting to a sum which was less than the vote of of 500,0001. He regretted that last year by 544,000l. that vote it was not in his power to lay being for 2,444,1001. The to-before the House a complete and tal of these supplies then was detailed account, but he would 18,021,8001. while that for last endeavour to give them some year was 19,673,6881. So that general idea of the amount of the the total reduction of the public sums received and their general expence since the last year was application. The total amount 1,652,6881. (Hear, hear, hear! of the sums received had on the Ministerial Benches.)-been nearly 125,000,000 livres, The amount of interest upon Ex-amounting to about 5,000,0001. chequer Bills was the same for sterling. From these sums the the present as it was for the bounty of Parliament had belast year, namely, one million. stowed a donation of 1,000,0001. Upon the annual taxes he had ta- upon the army employed in the ken a credit of 4,000,000l. instead late glorious exploits. The exof 3,000,000l. as was the previous penses of the Army of Occupapractice, for a reason which he tion were to have been met enwould explain to the Committee. tirely by the produce of the A certain portion of the Excise French indemnity, but as there duties which had been granted were some incidental expences during the war, and which would and allowances on the footing of have expired on the 5th of July pay to the foreign armies, a connext, had been continued as part siderable increase of expendiof the amount of the annual taxes, ture had attended the resiinstead of being added to the dence of the British army on Consolidated Fund. In the next the Continent. The sums issued article, therefore, he proposed to by the Paymaster-General take a credit of only 1,500,0001. for the pay of the troops in upon the Excise Duties, instead France, amounted to 1,200,0001. of 2,500,0001., which had been In addition to this, there were granted in the preceding year, a the payments to the Hanoveportion of them being transferred rian Government for the pay to the Annual Taxes. The of the Hanoverian troops, and amount therefore, of the Annual some other payments made Taxes and the Excise Duties, to indemnify persons who had taken collectively, would still be claims upon the British Govern5,500,000l. For the Lottery he ment arising out of the Treaty of took a credit of 200,000l. instead Paris. The particulars of these

payments would be laid before the Notwithstanding this diminution House at the earliest opportunity of the Sinking Fund in Ireland, After providing for all these there would be still a considerable charges, and a farther payment sum applicable for the purchase of 2,000,0001. sterling for fortifi- of stock in Dublin. The re-transcations in the Netherlands, there fer of stock from Ireland to Engstill remained applicable to the land would be a measure calcuservice of the present year, a sur-lated to facilitate the purchase plus of 500,000!. payable by the and circulation of stock_upon French Government. Besides both sides of the water. To this this there might still perhaps be a sum was to be added a sum of small winding up applicable to the 500,000l. Irish, amounting in service of the next year. The British currency to 461,5391. for next head was the repayment of the increase of the capital of the Exchequer Bills advanced for the Bank of Ireland. The whole expences of public works under amount of the Ways and Means the Act of 1819. In the last year was consequently 20,031,5691. the sum realised amounted to leaving an excess of about 12,0001. 198,0001. and in the present year over the services of the year, the Exchequer Bills repaid were which amounted to 20,018,2001. likely to amount to a sum of From this statement it would ap1-25,000l. He could not advert pear how large the reductions had to this part of the subject with-been in the course of the present out observing that those public year. He did not feel himself works had afforded most material entitled to hold forth any distinct assistance to the industry of the expectations as to the particular country, and had revived many reductions which were further in languishing branches of trade. contemplation, but he was at liThe House had reason to con-berty to state that his Majesty's gratulate itself for having pro- Government were most anxiously duced this important result with-directing their attention to every out bringing any fresh charge practicable retrenchment, and upon the public. The only re- that such further reduction of the maining item was the surplus of public expenditure, as was conthe Ways and Means of 1820, sistent with the security and amounting to a sum of 81,6301. honour of the country, would be The total amount therefore of brought under the consideration what might be called the ready of Parliament in the next session. money produce of the resources He was bound, however, in canof the year was 6,570,0331. In dour to state, that there were one order to meet the services of the or two circumstances which were the year, which amounted to in some degree unfavourable to 20,018,0001., it had been neces- the prospect of reducing our exsary to take a loan from the Sink-penditure. One of those circuming Fund of 13,000,0001 that is. stances was the claim upon the 12,500,000l. from the Sinking public likely to arise from the Fund in England, and 500,000l. charge of the Out-Pensioners, if from the Sinking Fund in Ireland. not the In-Pensioners of Green

was

wich Hospital. That charge had amount of the East India Comhitherto been defrayed by the pany's claims?).-The nominal funds of the Hospital, originally amount of their claims. arising from sums accumulated 2,000,000l., but there were conduring war, out of the unclaimed flicting claims on both sides which prize money. There was a sum would very considerably reduce in ready money beside the accu-that sum, and he could only say mulated funds, which was suffi- that Government desired nothing cient to provide for the whole but a fair investigation He had charges of the present year, but shewn that the supply of the prea doubt had arisen, whether, in sent year, including 500,000l. point of law, the sums accumu- for Irish Treasury Bills, and lated in the hands of the Di- 206,4001. for. public works, rectors could be applied to the amounted to 20,018,2001., and expences of the Out-Pensioners, that the total of the Ways after defraying the whole charge and Means was 20,031,5691. for the In-pensioners. This would bring a charge to the public of 300,000l. a year, and he was not certain whether it would be necessary or not in the present year to apply to Parliament for some provision upon the subject. There was another circumstance to which he would allude in a more general manner, and that was the claim of the East India

With respect to the mode in which the Sinking Fund loan operated upon the purchases made by the Commissioners, it would be satisfactory to persons concerned in the funds to learn, that by the present, arrangement, although 12,000,000l. only were taken in the course of twelve months from July, 1820, to July, 1821, yet 12,400,000l. were taken from Jan. 1820, to Jan. 1821, so that the sum taken from the Sinking Fund in the course of the last year amounted in fact to a greater sum than it would do in the present year. There was

an

Company upon Government. The Company had applied for the settlement of that claim, and there was no indisposition on the part of the Government to come to a fair adjustment of it. A strict investigation would, how-important point of view in which ever, be required, and he was not the subject had been considered prepared to say at what time, or by the Finance Committees. under what circumstanees, if ever, Those Committees, besides unit might be just or necessary to ravelling the public accounts, apply to Parliament on the sub- drew up an account of the payject. If it should be found ne- ments in cash from the Exchecessary, in the course of the pre- quer in the course of each year, sent Session, to apply to Par- exhibiting the amount placed to liament, on account of either of the reduction of the debt, and those services, he certainly should shewing, from a comparison of not require the authority of income and expenditure, the the House, to any farther amount of debt, and how much grant of Ways and Means. of it had been made good in (A Member inquired the each year. In this point of

view he would proceed to com- would assume, that the net propare the income and expenditure duce of revenue for the present of the years 1820 and 1821. In year was the same as in the 1820 the revenue actually re-last year.-Taking it therefore at ceived in the United Kingdom 5,422,7141, and adding 200,0001. Great Britain and Treland amount- for Lotteries, 163,000l. Old ed in the whole to 54,640,688), Stores, 500,000l. French IndemWith respect to the actual ex-nity, and 125,0001. repayment penditure for that year, the of Exchequer Bills, the whole charge upon the Consolidated would amount to 5,511,1141. Fund amounted to 48,597,1671., The charge upon the Consolifor interest on the Sinking dated Fund, taking it at Fund of the Unfunded Debt, 100,000l. short of last year, 2,300,1691., making in the whole would amount in round numbers a sum of 50,897,3351. for charges, to 48,500,000l. The interest of exclusive of the Supplies of the the Sinking Fund of the Unyear. Taking the whole amount funded Debt was 1,700,000l. and of expenditure at 71,199,8541., the whole services of the year, and deducting from it the amount without going through the deof income, there appeared an ex-tails, would amount to58,221,0001. cess of expenditure over the Re- Deducting the amount of revevenue amounting to 16,559,1761. nue for the payments already But the Sinking Fund applied in enumerated, there would be an the course of the year amounted expenditure of 13,209,8181. beto 17,509,7731. so that, in point yond the income. With respect of fact, there was a surplus of to the Sinking Fund, the noincome over expenditure amount-minal amount this year was ing to 950,5971. This was not, | 16,800,000l., and the actual however, a fair way of stating amount of the reduction of debt the account of the services of the would be 3,590,000l. Adding a year, for it must be observed sum of 400,000l. for interest of that the interest of the Sinking Exchequer Bills, which were Fund of the Unfunded Debt overdue, it appeared that the exwas 2,300,000l. and the actual cess of income over expenditure amount of a year's interest of for the present year amounted to the Unfunded Debt, did not ex-about 4,000,000l. It would be receed 1,000,0001. There was a collected that a clear surplus of large arrear for the interest of 5,000,000l. was contemplated last outstanding Exchequer Bills year; and although that point amounting to 900,000l. making was not likely to be reached, untotal sum applicable to the less the revenue increased very liquidation of the debt of considerably, there was every 17,180,000l. It appeared, there- reason to suppose that they should fore, that in the course of the approach to it in the proporyear 1820, our situation with re-tion of 4 to 5. He had assumed gard to the amount of our in-that the revenue of the present cumbrances was only improving year would not fall short of that by the sum of 17,180,000l. He of last year, and he would state

a