QUESTIONS OF FINANCE.
While these explanations were proceeding, that committee of finance which had dissolved the late administration, was appointed. The motion was made by Mr. Peel, now the acknowledged leader of the house of commons. He prefaced his motion, with an able and comprehensive statement. By his details, it appeared that a reduction of £48,608,000 had taken place in the funded and unfunded debt since the year 1815, while the actual sum of unredeemed debt amounted about £777,476,000. This being the total encumbrance, Mr. Peel next looked at the revenue and expenditure; and after detailing the various items, he stated the income of last year at £49,581,000, and the expenditure at £49,487,000, thus leaving an excess of income equal to £94,000,000. The estimates of the present year, he said, were not completed; but, without binding himself down to extreme accuracy they would be less than those of the present year by £1,168,260. After having made this general statement Mr. Peel declared that he and his colleagues would listen to any suggestion of the committee, for the appointment of which he was about to move. He took that opportunity, he said, of pressing one subject particularly on its notice, namely, the simplification of the public accounts, in imitation of France and America. The motion passed without opposition, except from Mr. Hume, who contended, that if any good was to be done, there should be ten or eleven finance committees; but his plan received no countenance, except from Mr. Brougham; and a single committee of twenty-three members was appointed. The labours of this committee were multifarious and important. One of the first fruits of its appointment was the discovery that the public was regularly losing large sums of money by the system on which the government annuities had been granted. Mr. Hemes submitted a statement to the committee concerning the finances, which Lord Althorp described as, “able, clear, and satisfactory;” and it appeared from that exposition that these annuities had been sold at a considerable loss. The evidence of this was found in certain calculations made by Mr. Finlayson, who was said to have communicated the fact to Lord Bexley in 1819, and subsequently to Lord Goderich. His calculations stated the rate of loss to be £8,000 a month, and to arise from a false calculation of the duration of life in the tables given by Dr. Price. Either these tables were originally inaccurate, or human life, in consequence of increased comforts, conveniences, and scientific aid, was extended to a longer period. The truth of this statement soon appeared to the committee; but nothing could be done to alter those annuities which had been sold. On the recommendation of the committee, however, a bill was brought in and speedily passed, to suspend the operation of the act under which they had been granted, until a more correct system could be arranged. During the session the committee reported on various matters which had been brought under their consideration, but not early enough to allow their recommendations to be carried into effect. In a report on the state of the ordnance department, the abolition of the office of its lieutenant-general was recommended; but this proposition was opposed by the ministry, and a motion to give it effect was lost by a large majority.
MOTION FOR A GRANT TO THE FAMILY OF MR. CANNING.
When Mr. Canning died he was a poor man. He had begun the world without fortune; he had spent his life in the public service; and the emoluments of the offices which he had held had scarcely sufficed to cover the expenses of his station. As, therefore, he held no sinecures, his sudden death had left his family without a due provision. On these grounds the chancellor of the exchequer proposed to grant a pension of £3,000 a year to his second son, as a mode of providing for the family less onerous than voting a large sum for the payment of debts. This proposition was vehemently opposed by Lord Althorp, Sir M. Ridley, Messrs. Hume, Bankes, D. W. Harvey, P. Thompson, and others, partly on the score of economy, and partly on the ground of its not having been deserved. On the contrary, ministers placed the question on the broad ground, that Mr. Canning had devoted a long life, and talents of the first order, to the service of his country; and in following that service, had not merely lost the means of improving, but had deteriorated his private fortune. What had he not surrendered, it was asked, when he gave up the government of India to fill the unprofitable office of foreign secretary? Mr. Huskisson remarked:—“I regret to be obliged to make reference on such an occasion to information derived from the privacy of confidential intercourse; but I can state, upon my own personal credit, that whatever were the feeling of others, who were justly near and dear to Mr. Canning, it had for years been his warm and anxious wish to be placed in some public situation, however it might sacrifice or compromise the fair and legitimate scope of his ambition, which, while it enabled him to perform adequate public services, would enable him also to place upon a better footing his wife’s private fortune, which he had lessened, and the inheritance of his children, which he had impaired. I will not go so far as to say, that this was a prospect fixed upon Mr. Canning’s mind, or an object that he was bent upon pursuing, for it is difficult to trace the springs of so susceptible a temperament; but under the circumstances it was quite natural, considering his means and his family, that while he honourably sought a situation to render service to his country, he should not be unmindful of the means of repairing the family fortune, which he had diminished while in the service of his country.” A further objection was raised to the grant, founded on disapprobation of Mr. Canning’s policy, or of that policy with which he had been officially connected; but to this it was answered, that the proposition touched no political principle, and did not imply the abandonment of any political dogma. If the motion, it was argued, went to vote a monument to commemorate his services, members who thought that he had not performed any services to be commemorated, would do right to appose it; but when the motion went only to reward his family, they had merely to consider the fact, whether he had devoted his talents to the public service to the detriment of his private interests. On a division the grant was confirmed by a large majority. Both in the house indeed, and throughout the country, it was felt that this grant was only an act of justice, as Mr. Canning had spent not only his life, but his fortune, in the public service. On this subject it has been well remarked:—“It should be known, in justice to those who held the higher offices under the crown, that their salaries fall short of the expenses to which they are subjected, by the manners of the country and a mischievous convention. This gorgeous scale of living has the double effect of giving an example and impulse to extravagance through every department of the public service; and of securing, perhaps by design, to private wealth, a monopoly of administration. A man vigilantly prudent might perhaps have lived within his income in Mr. Canning’s situation, and it is known that he had no prodigal or expensive tastes; but it is also known that he had that utter carelessness of money through which fortune is not less effectually dissipated.”
FINANCIAL STATEMENTS.
The budget was opened by the chancellor of the exchequer on the 11th of July; and it was opened with a clearness and simplicity that disarmed even the opposition of Mr. Hume, disposed as he was at all times to cavil about figures. The total ordinary net revenue of the year 1827 was £49,581,576; but to this were added £4,245,000 received from the Bank on account of the dead-weight, and the sum of £660,081 under the head of extraordinary and miscellaneous, making a total revenue of £54,486.657. The chancellor of the exchequer said, that the total ordinary revenue for the year 1828 might be considered as amounting ta £50,381,530, to which must be added £3,082,500, to be received from the trustees of military and naval pensions, together with miscellaneous payments of £438,000, making a grand total of £53,902,030. The expenditure he calculated as £50,104,522, which, being deducted from the revenue, left a surplus of £3,797,508 From this, however, was to be taken the advances to public works, £708,000, so that the clear surplus was only £3,088,708 instead of £5,000,000 to be applied as a sinking-fund. It was considered impossible in the present circumstances of the country, to supply this deficiency of the sinking-fund by additional taxation; so that it was agreed to limit the said fund to the amount of such a balance as might remain after the expenses of the year were liquidated. It was stated by the chancellor of the exchequer that, in the course of the last eleven years, the amount of debt redeemed was £29,000,000. It must be acknowledged, however, that the existing system of incurring debt with one hand, and redeeming it with the other, was a delusion.