bited too flourishing a view of our condition, had brought into his view certain particulars which could not enter into a fair comparison. He had taken the whole charge of the consolidated fund and the sinking fund, and had then shown that our expenditure had considerably exceeded our receipts. It was impossible that this should not be the case, as so considerable a part of the war taxes had been abolished. Parliament had thought fit to relieve the country from fifteen millions of taxes, and thus they necessarily and unavoidably prevented the effect which would have been produced in the redemption of the debt by these fifteen millions annually. With respect to his plan of operations for the present

year, he could only answer the right hon. gentleman, as he had answered an hon. member some nights ago-he would not prematurely tie up his own hands, but would reserve to himself the power of adopting those mea. sures which the situation of public affairs rendered most expedient.

Several other gentlemen spoke on this subject, some of whom appeared by no means inclined to adopt all the flattering predictions contained in the ministerial speeches. The motion was at length agreed to; and the same committee was re-appointed, with the exception of two, who were no longer in parliament, and whose names were supplied by two other members. The whole number amounted to 21.

CHAPTER

ON

N March 8, the House of Commons having resolved itself into a committee on the Exchequer Consolidation Acts, the Chancellor of the Exchequer said, that he did not anticipate any objections to the arrange ment he was about to propose. By the practice of the exchequer, the revenue received for the purposes of the consolidated fund accumulated till the end of the quarter, and those sums had not been made applicable to the public service, but the Bank had had the advantage of the interest on them. The accumulations of the sums thus received for the consolidated fund, which were not applicable at present, unless to the payment of the interest of the public debt, the sinking fund, and the civil list, he proposed to apply to the public service, till required for their original purpose. The simple proposal, therefore, which he had to submit to the House was, that the public should have the benefit, instead of the Bank, of those accumulations. The sum to be thus applied, however, he should propose to be limited to a definite amount,

namely, six millions, which was nearly as large a sum as was usually accumulated from one quarter's end to the other. He should further propose, that at the time these sums were taken from the exchequer, exchequer bills should be replaced as a security, which bills should be realised at the close of the quarter. It would be recollected by the committee, that a negotiation between the Bank and Mr. Perceval took place in 1808, at which time that minister entertained a similar idea. But this plan was subsequently given up, and Mr. Perceval thought that the more con. venient mode would be, to accept from the Bank the sum of three millions without interest, in lieu of the advantages the public would have otherwise derived from the appropriation of these sums to the public service. At the time when Mr. Perceval made his arrangement, the balances in the hands of the Bank were far more considerable than at present. Since that time the amount had greatly decreased in consequence of the peace; and a very large sum had been taken from

these

these balances by the new arrangement with regard to the payment of the sinking fund under the consolidation acts. The remaining balances had been reduced as low as could be allowed with safety; and from the accounts upon the table, it would be seen that there were seldom in the hands of the Bank, balances for more than ten days of what the public service required. He had now the satisfaction of stating to the committee, that the Bank had expressed its willingness to assist in carrying this plan into execution. In the measure he should propose, he should also introduce a clause limiting, for a certain time, the application of the sum of six millions, so taken out of the exchequer, to the public service, and applying it to the liquidation of debts due to the Bank from government. It would be recollected, that there was an arrear of the consolidated fund amounting to upwards of three millions outstanding from last January 5th, to the liquidation of which debt a portion of the sum of 6,000,000l. would be applied. With a view of satisfying all parties, he should introduce a clause for limiting the continuance of the measure to the 5th of July, 1820. He concluded with moving, "That it is the opinion of this Committee, that it is expedient the growing produce of the Consolidated Fund in Great Britain be made applicable in each quarter, to an amount not exceeding six millions on the whole at any time, for such services as shall be voted by parliament, until the same be

required for the services for which it is appropriated."

After several members had spoken on each side, the resolution was agreed to.

On March 18th, the Chancellor of the Exchequer moved the order of the day, for the House to resolve itself into a committee on the consolidated fund produce bill. On the motion, "That Mr. Speaker do now leave the chair,"

Mr. Grenfell said, that the proposed measure was by no means what the House had a right to expect from the repeated statements and declarations of the chancellor of the exchequer, since the commencement of the session, and particularly those of February 1st. He would venture to appeal to every member in the House, whether what had fallen from the right hon. gentleman did not amount to this-that as public money had accumulated in the hands of the Bank of England to the amount of seven millions, he had a measure in contemplation which would have the effect of abstracting six millions, and rendering it available to the public service. Something had fallen from him leading to a supposition that he meant to limit his bill to the exchequer balances, which had immediately induced him (Mr. Grenfell) to state that there were other balances, amounting upon an average to three millions, and that he should not be satisfied unless they were also appropriated to the service of the nation. Did not the right hon. gentleman then assert unequivo cally, that his plan would not be

confined

N March 8, the House of Commons having resolved itself into a committee on the Exchequer Consolidation Acts, the Chancellor of the Exchequer said, that he did not anticipate any objections to the arrange ment he was about to propose. By the practice of the exchequer, the revenue received for the purposes of the consolidated fund accumulated till the end of the quarter, and those sums had not been made applicable to the public service, but the Bank had had the advantage of the interest on them. The accumulations of the sums thus received for the consolidated fund, which were not applicable at present, unless to the payment of the interest of the public debt, the sinking fund, and the civil list, he proposed to apply to the public service, till required for their original purpose. The simple proposal, therefore, which he had to submit to the House was, that the public should have the benefit, instead of the Bank, of those accumulations. The sum to be thus applied, however, he should propose to be limited to a definite amount,

namely, six millions, which was nearly as large a sum as was usually accumulated from one quarter's end to the other. He should further propose, that at the time these sums were taken from the exchequer, exchequer bills should be replaced as a security, which bills should be realised at the close of the quarter. It would be recollected by the committee, that a negotiation between the Bank and Mr. Perceval took place in 1808, at which time that minister entertained a similar idea. But this plan was subsequently given up, and Mr. Perceval thought that the more con. venient mode would be, to accept from the Bank the sum of three millions without interest, in lieu of the advantages the public would have otherwise derived from the appropriation of these sums to the public service. At the time when Mr. Perceval made his arrangement, the balances in the hands of the Bank were far more considerable than at present. Since that time the amount had greatly decreased in consequence of the peace; and a very large sum had been taken from

these

these balances by the new arrangement with regard to the payment of the sinking fund under the consolidation acts. The remaining balances had been reduced as low as could be allowed with safety; and from the accounts upon the table, it would be seen that there were seldom in the hands of the Bank, balances for more than ten days of what the public service required. He had now the satisfaction of stating to the committee, that the Bank had expressed its willingness to assist in carrying this plan into execution. In the measure he should propose, he should also introduce a clause limiting, for a certain time, the application of the sum of six millions, so taken out of the exchequer, to the public service, and applying it to the liquidation of debts due to the Bank from government. It would be recollected, that there was an arrear of the consolidated fund amounting to upwards of three millions outstanding from last January 5th, to the liquidation of which debt a portion of the sum of 6,000,000l. would be applied. With a view of satisfying all parties, he should introduce a clause for limiting the continuance of the measure to the 5th of July, 1820. He concluded with moving, "That it is the opinion of this Committee, that it is expedient the growing produce of the Consolidated Fund in Great Britain be made applicable in each quarter, to an amount not exceeding six millions on the whole at any time, for such services as shall be voted by parliament, until the same be

required for the services for which it is appropriated."

After several members had spoken on each side, the resolution was agreed to.

On March 18th, the Chancellor. of the Exchequer moved the order of the day, for the House to resolve itself into a committee on the consolidated fund produce bill. On the motion, "That Mr. Speaker do now leave the chair,"

Mr. Grenfell said, that the proposed measure was by no means what the House had a right to expect from the repeated statements and declarations of the chancellor of the exchequer, since the commencement of the session, and particularly those of February 1st. He would venture to appeal to every member in the House, whether what had fallen from the right hon. gentleman did not amount to this-that as public money had accumulated in the hands of the Bank of England to the amount of seven millions, he had a measure in contemplation which would have the effect of abstracting six millions, and rendering it available to the public service. Something had fallen from him leading to a supposition that he meant to limit his bill to the exchequer balances, which had immediately induced him (Mr. Grenfell) to state that there were other balances, amounting upon an average to three millions, and that he should not be satisfied unless they were also appropriated to the service of the nation. Did not the right hon. gentleman then assert unequivo cally, that his plan would not be confined