GENERAL HISTORY. 



[45 



king, for redeeming every part 

 of the national debt within the 

 period of 45 years from the time 

 of its creation, it is also expedient, 

 that in future, whenever the a- 

 mount of the sum to be raised by 

 loan, or by any other addition to 

 the public funded debt, shall, in 

 any year, exceed the sum esti- 

 mated to be applicable, in the 

 same year, to the reduction oi the 

 public debt, an annual sum, equal 

 to one half of the interest of the 

 excess of the said loan, or other 

 addition beyond the sura so esti- 

 mated to be applicable, shall be 

 set apart out of the monies com- 

 posing the consolidated fund of 

 Great Britain, and shall be issued 

 at the receipt of the Exchequer to 

 the governor and company of the 

 Bank of England, to be by them 

 placed to the account of the com- 

 missioners for the reduction of the 

 national debt, and upon the re- 

 mainder of such loan, or other 

 addition, the annual sum of one 

 per cent, on the capital of all per- 

 petual redeemable annuities created 

 in respect thereof, according to 

 the provisions of the said act of the 

 32nd year of his present majesty. 



7. " That, in order to prevent 

 the increase of the public debt, by 

 means of Exchequer bills annually 

 renewed, or other unfunded go- 

 vernment securities, bearing inte- 

 rest, it is expedient that, on the 

 Sth day of January in every year, 

 an account be taken of all such 

 Exchequer bills, and other govern- 

 ment securities, outstanding and 

 charged upon funds not deemed 

 capable of making good the same, 

 witliin one year from such Sth day 

 of January, and that a sum equal 

 to one per cent thereupon be 

 granted out of the supplies of such 



year to the said commissioners for 

 the reduction of the national debt. 



8. " That, for the purpose of 

 giving effect to the above resolu- 

 tions, it is expedient that the said 

 act, passed in the 42nd year of his 

 present majesty, be amended. 



9. " That it is expedient to 

 make provision, that an annual 

 sum of 867,963/. being equal to, 

 one per cent on the capital stock 

 created in respect of several loans 

 raised by virtue of divers acts pass- 

 ed in the 38th, 39th, and 40th 

 and 42nd years of his present ma- 

 jesty, and for the interest and 

 charges of which provision was 

 made in the said 42nd year of his 

 majesty, shall be set apart out of 

 the monies composing the consoli- 

 dated fund of Great Britain, and 

 shall be issued at the receipt of the 

 Exchequer to the governor and 

 company of the Bank of England, 

 to be by them issued to the com- 

 missioners for the reduction of the 

 national debt. 



10. " That it is expedient to 

 make farther provision for the 

 more effectual and speedy redemp- 

 tion of the land tax." 



On April 2nd, Mr. Tierney in- 

 troduced a motion respecting the 

 sinking fund, the object of which, 

 he said, was to call the attention 

 of the House to the foundation on 

 which the plan of the Chancellor 

 of the Exchequer was erected — 

 whether his measure was a true 

 and equitable construction of the 

 acts of the 26th, the 32nd, and the 

 42nd of the king ; and whether, 

 without a breach of faith with the 

 public creditor, he had the means 

 of carrying into effect all the de- 

 tails of the bill before the House. 

 The hon. member then gave an 

 account of the nature and purpose 



