Lords Sitting of 27 June 1822

NAVAL AND MILITARY PENSIONS BILL.
The House having resolved itself into a committee on this bill, lord King moved the following preamble, which, he thought was more suitable than the one which now preceded it:—
"Whereas an impatience of taxation, no less ignorant than irresistible, pervades all ranks of his majesty's subjects, and it is highly expedient to afford some relief; and whereas the minimum of relief which will give satisfaction, and the least intelligible plan which can plausibly be stated, is that of extending the burthen of the military and naval pensions over a longer period of time than the natural lives of the present annuitants, and defraying the expense of the first 16 years by a series of annual loans; and whereas, by an act of the 57th Geo. 3rd, c. 65, a very large provision has been made for the maintenance and half-pay of the persons now holding high and efficient offices, and it is desirable to secure the continuance of the same high and efficient public men in the offices they now hold, in order to avoid increasing the amount of dead service or half-pay so profusely provided, in case his majesty's present confidential servants should resign their offices, contrary to all true economy, and the intent and meaning of themselves, and of this act, and of every act of the present parliament; and whereas there is or will be a sinking fund of 5,000,000 l., applicable to the redemption of the national debt, to the relief of future generations at the expense of the present; and whereas it is also become expedient to relieve the present ignorant and impatient generation at the expense of posterity,

1397
which necessary relief could be effected most advantageously by a deduction from the said sinking fund, of a sum equal to the amount of revenue derived from those taxes which it is become so highly necessary to repeal; but whereas his majesty's confidential servants now holding high and efficient offices have solemnly declared that the said sinking fund, to the full amount of 5,000,000 l. aforesaid, shall be maintained inviolate; and whereas it is highly necessary that the wisdom of the said high and efficient public men should be upheld by the lords spiritual, and also by the lords temporal, and commons in parliament assembled; therefore be it enacted, by and with the advice of the same, that a series of loans shall be raised in a circuitous manner, and that the lords commissioners of the Treasury shall have power to lend to themselves, and to borrow of themselves, and to conceal the whole transaction from themselves, and from all other ignorant and well-disposed persons: And be it further enacted, that the commissioners for the redemption of the national debt shall likewise be the trustees appointed by the act for raising money on annuities to provide for the payment of the military and naval pensions, and that they shall, in their capacities of trustees, create stock, in their other capacities of commissioners for the redemption of the national debt, shall purchase that same stock; or, if more expedient and inexplicable, shall issue Exchequer bills, and invest and reinvest the proceeds thereof, through all the mazes of the transfer office, according to the will and pleasure of the chancellor of the exchequer; and make centuple entry thereof, provided always that the aggregate of confusion and perplexity shall agree with the same sum, as the deduction of the requisite amount from the sinking fund."
Lord Harrowbyobserved, that the measures of ministers were often called absurd, but he should be glad to know whether this preamble was an example of the sense of the other side of the House.
The motion was negatived.