posed in a way that would be least felt by the community in Ireland. It was well known that in Ireland, as well as in England, distillers evaded the malt duty in a consider able degree by using raw corn instead of malt. He therefore proposed to extend to raw corn used in distillation the duties at present imposed on malt. It was also his intention to propose an additional duty on foreign spirits imported into Ireland. These sums, together with a saving in the management of the Irish national debt, would more than cover the charges of interest and sinking fund of the three loans, viz.

Extension of the malt

duties to raw corn, &c. Duty on foreign spirits. Saving in management of the public debt

£333,000 225,008

7,500

565,508

Total There were certain arrangements dependent upon the measure now before parliament, relative to the distillation from sugar, with which he would not then trouble the committee. He then moved several resolutions correspondent to his statement, which were agreed to, after some discussion on the terms of the Irish bank loan, which were objected to by sir J. Newport and Mr. Parnell, and defended by Mr. Foster and Mr. Perceval.

The consolidation of the stamp duties was not the only financial scheme proposed by Mr. Perceval.

May 13. The house of commons resolved itself into a committee to consider of enabling hold

ers of 3 per cent. stock to transfer that stock to the commissioners for the reduction of the national debt, with the view of receiving in its stead equivalent annuities. Mr. Perceval rose to propose certain resolutions to the committee for this purpose. All, however, that he intended for the present was, after having briefly explained the nature of his proposition, to move the reading of the first resolution, pro forma, and then to propose that the committee should report progress. The committee, he observed, must be perfectly aware that the operation of the sinking fund had recently very much increased the price of stocks. There was every reason to believe, that by the continuance of that operation, they would still further increase in price. It was not to be doubted that, if the measure were consistent with public faith, it would be extremely desirable to give the nation an opportunity of discharging the whole of the national debt at the present price of the stocks, because, that would preclude the effect which any future advance in the price of stocks must have in retarding the operation of the sinking fund.--There were two objects which the sinking fund had in view: :he one to provide for the final redemption of the national debt; the other to keep up the price of stocks in the market, so as to enable government, whenever the exigencies of the state might require it, to make an advantageous loan for the public. These objects, however, were in some degree inconsistent. In some degree they counteracted each other. Whatever

Whatever measure raised the funds, and thus enabled government to borrow on the best terms, prevented the commissioners for the reduction of the national debt, from reducing that debt on the best terms. Now the measure proposed would combine both these objects. It would tend to increase the price of stocks, and it would at the same time secure the redemption at a low price, of so much stock as might be transferred antecedently to the rise produced. Every person who transferred his stock to the commission ers would be entitled to such an annuity as would be equivalent to the value of the stock and of his life; the calculation proceeding on the principle that the sum which he would have otherwise received as interest, the additional sum granted as an annuity, and the compound interest on the whole, would redeem the sum originally transferred, within the period to which his life will be calculated as likely to extend. Now if the stocks continued to rise, the redemption of that sum could not be effected without this measure. The whole merit of this plan, therefore, rested on the justness of the expectation that the stocks were likely to rise. And Mr. Perceval was ready to admit, that if the contrary should take place, the measure would have a tendency directly opposite to that which he expected. A great deal of conversation ensued about the principle and mode of calculating the value of lives, and the probable rise or fall of stocks; and apprehensions were entertained by some of the members, that the price of the funds, instead of rising, would fall in consequence of a defalcation of revenue arising from a stagnation

of trade. But besides the objections to the measure proposed, drawn from the calculations of political arithmetic, there was one much insisted on of an ethical nature.

Mr. Windham, disclaiming all intention of entering into any detailed observations on the plan in the present early stage of its appearance, observed, that there was this obvious and fundamental objection to it, that it tended in a greater or less degree to vitiate the morals of the lower orders of the people. He was afraid that too many parents would be found who would be very willing to sacrifice the future interests of their children to their own immediate gratification. The system of annuities was too generally attended with such consequences, and he saw nothing in the plan now proposed, to obviate such effects in the present instance.

Sir John Newport, too, deprecated the holding out any inducements to the lower classes to speculate in annuities. If there were vices in a country, government ought not to partake of them. In France, in the time of the rentes viageres, there had been many instances of persons who sacrificed the interests of their posterity for their own immediate gratification. This was not consonant to the feelings of the people of this country, and he should deprecate any measure that would have the effect of assimilating the habits and morals of this country, to those of France. Neither could Mr. W. Smith abstain from bearing his testimony to the immoral tendency of this plan. He looked upon these annuities as a moral poison, which should should not be circulated.

But Mr. Huskinson defended the [H 3]

plan

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plan of his right honourable friend. It gave no bonus to persons for investing their capitals to the prejudice of their families. The scale was calculated upon the usual principles of the probabilities of life. And, as to the effect it might have on the morals of the people, it should be recollected that the short annuities which had lately fallen in, to the amount of 4 or 500,0001. per annum, had been in the market without producing any such effect, though upon the principles of the gentlemen opposite, they were much more dangerous, as they required a greater proportion of capital to be sunk.

The chancellor of the exchequer admitted, that for parents to purchase annuities for their own lives to the prejudice of their children would be wrong, and ought to be discountenanced. But would it not be proper for a parent to purchase an annuity for his child, or for his widow, if the circumstances of his property would not admit of any other provision? It would be idle to provide small annuities, suppose for servants, or widows, on the security of land, when the expences of settlement, and perhaps of recovery, would render the provision of no avail.

The first resolution being read, was agreed to, and the chairman having reported progress, the committee was ordered to sit again on a day appointed.

House of Commons, May 27.The house resolved itself into a committee on the resolution of the committee respecting the transfer of 3 per cent. stock for life annuities. Mr. Tierney made a variety of calculations intended to shew the inefficacy and inutility of the plan.

He objected to it as interfering with the sinking fund, and with the faith of the country, pledged in consequence of that measure; of which faith he considered it as a direct infraction. He dwelt particularly on the extravagant inducement which this measure held out to a man of 70 years of age, to leave his family and relations destitute; seeing he could thus raise his own income in the proportion of 12 to 3; or instead of 1001. could procure for his own life 4001. per an

Dum.

The chancellor of the exchequer had no expectation that the progress of the measure would be very rapid. The present was not a plan, which he would have been inclined to propose, as affording resources for the service of the year: but he was convinced from the information, and the applications he had already received on the subject, that it would be one of permanent advantage, and of which, though no question of revenue were connected with it, the advantage would be generally and satisfactorily felt. There was nothing unusual or inconsistent with political œconomy in allowing persons the opportunity of providing for themselves in this manner. What were friendly societies? Were they calculated for the advantage of either the widow or the children? No. But by them part of the income was laid aside for the benefit of the person himself, without any regard to his family.

Lord Petty thought the plan altogether objectionable in a political, moral, and financial point of view. Would it be proper, would it not on the contrary be dangerous in the extreme, if the great bulk of

the

e property of this country were lowed to be thrown into annui25.?

Mr. Davie Giddy thought that e plan now proposed would have e effect of encouraging a greater gree of frugality in the lower asses, by affording them an oportunity of applying their savings ith perfect security to the increase their incomes; and that in this int of view the benefit would erbalance any evil that might ise from it.

Mr. Biddulph did not think there uld be any sound objection to is plan: on the contrary, he was endly to its adoption; because in free country like this, there should as great a diversity as possible of tion, afforded to persons wishing

to lay out their capital with security. And as a proof how much he approved the measure, he proposed that the annuities should be rendered more marketable by facilitating the insurance of the lives of the nominees; which would be effected by taking off the tax on the policies of insurance upon such lives.

The resolutions were agreed to, and afterwards carried into effect by acts of parliament.

House of Commons, June 1.The house having resolved itself into a committee, the chancellor of the exchequer recapitulated the various heads of supply, and of the ways and means for the year, viz.