§ On the motion, that the committee of supply be deferred till Friday,
§ Mr. Grenfellsaid, that the observations made on a former evening by the chancellor of the exchequer on the subject of the Bank balances, and his statements of what they were likely to produce to the public, had created strong impressions in and out of doors, and that those impressions had led to the greatest errors and delusions. He would appeal to the House, whether the conclusion which might have been fairly drawn from what the right hon. gentleman had said on the 2nd of February, and on last Friday, was not that 6,000,000l. would be available to the public services in the way he had then described? This was the impression which had been made upon him. This was the conclusion he had drawn; and he fondly imagined that he should have no more occasion to impress the propriety of such a measure upon the House. In this opinion he had continued down to a late period on Monday; and he called upon every member present, who had heard the right hon. gentleman, to say, whether such was not the opinion which each of them had formed? But what was the fact? It was this, and he would stake his credit upon the truth of it; that instead of 6,000,000l. being applicable to the service of the public, in the way which had been stated, the House would find, that the-public would not have the benefit of half that sum. He would state farther, that of the heads of balances, which amounted to 56, the public would only derive benefit from one. From all the others they were to be excluded, and the whole of what was intended to apply to their service was only a deposit of exchequer bills. He would 975 to-morrow move for certain papers which would more clearly explain this matter to the House.
§ Mr. Lushingtonregretted that the hon. member had not delayed his remarks until the chancellor of the exchequer was in his place. For his own part, he had no hesitation in saying, that the 6,000,000l. would be applicable to the service of the public, and that the result would prove the correctness of his right hon. friend's calculation.
§ Mr. Tierneyremarked, that his hon. friend had said no more than what would turn out to be the fact, namely, that after all the boasting about the 6,000,000l. there would not be a sum of more than 3,000,000l., or from that to 4,000,000l., so applicable.
§ Mr. Maberlyconceived that the whole subject would be found to have been misstated or mistaken, as far as the advantages to be derived by the public were concerned. The fact was, that of these 6,000,000l., there would be 3,300,000l. to pay the arrear of the consolidated fund; and that, in order to pay the Bank the sum due to them, it would be necessary, in addition to the remaining sum, to take 300,000l. from the ways and means of the year.
§ Mr. Huskissonsaid, that it might no doubt be necessary to apply a part of the ways and means of the year to the liquidation of the 3,000,000l; due to the Bank. It should be recollected, however, that as it was determined to discharge that debt, it would have been necessary to take the whole sum out of these ways and means, if it were not for his right hon. friend's proposed application of the public balances alluded to. But the fact was, that this application itself constituted a part of the ways and means for the year.