76] ANNUAL REGISTER, I8l6. 



issued on account of the Bank — posed advance from the Bank, 

 6,000,0001. to replace those on which was the subject of the mo- 

 tuevoteof credit — and 1,000,0001. tion which he should make to 

 on account of debentures, making day, furnished another ])ortion of 

 in the whole 13,000,0001. to re- the sum to be made good, 

 place which, he should ])ropose and to this might be added four 

 an equal grant of 13,000,0001. 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 

 1,000,0001. intended to exchange thus the 8,500,0001. 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 similai' na- if possible, any increase of 

 tore. He had had to meet a laige the unfunded as well as funded 

 defalcation to the amount of debt. Had the system he recom- 

 8,500,0001. in the ways and means mended been adopted by the 

 of the year, owing to the rejection House, a great and rapid im- 

 of the property-tax, and the rclin- 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 sin- 

 way he proposed to meet this defici- cerely hoped this would take 

 ency. He would theieioi'enow ex- place, though with less rapidity, 

 plainin what way hehadmadegood and he reflected with much satis- 

 these 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 '2,500,0001. 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. Tiie next means by which to state the whole amount of the 

 the deficiency was to be met, was sum borrowed, against that por- 

 furnished 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 tiie 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 IHear, hear J]. The pro- first, ought to be placed. 



The first advance from the Bank amounted to 6,000,000 



The second advance, to ... , 3,000,000 



In E.xchecpier Bills 2,500,000 



Total 1 1,500,000 



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 



