§ The Report of the Committee on the Three Per Cent. Annuities Acts was brought up.
§ On the Question that the Resolutions be read a second time,
§ Mr. Humesaid, as he was not present when the Chancellor of the Exchequer brought the subject of the Three-and-a-half per cents, under the consideration of the House, he would take that opportunity of saying a few words. He considered the statement and proposition of the right hon. Gentleman as perfectly fair; and, as his plan would effect a very considerable saving to the public, the public had a right to expect a proportionate diminution of taxation. He took it for granted, therefore, that after next year we should not hear any more of the Income Tax. He hoped that our establishment, which had for too long a time been kept up as a War Establishment, would soon be reduced to one of peace, and that every possible reduction would be made in it. He would not offer any obstruction to the Measure before the House, and would only add, that if the Government did not adopt a system of reduction, they would act in a manner most unsatisfactory to the country.
§ Resolutions read and agreed to.
§ Bill to be brought in to carry the Resolutions into effect. Mr. Speaker forthwith to give notice, that the "Three Pounds Ten Shillings per Centum Annuities, 1818," payable at the Bank of Eng- 801 land, which were created by an Act passed in the fifty-eighth year of the reign of his late Majesty King George the Third, will be redeemed and paid off.