HL Deb 25 July 1862 vol 168 c828

Against the Second Reading of the Fortifications (Provision for Expenses) Bill.

"DISSENTIENT—Because the Bill is contrary to sound Financial Policy, its Object being to sanction the raising of a Loan in Time of Peace, and without any urgent Necessity.

"Because even if it were right to raise a Loan for the Purpose contemplated by this Bill, the Creation of Terminable Annuities would be inexpedient, since this Mode of raising Money is costly to the Public, without affording any real Security for the Redemption of the Debt so contracted within the Time for which the Annuities are granted.

"Because the Works of which the Cost is to be met by the proposed Increase of the National Debt form Part of a Scheme for the Defence of the Country which cannot be completed without incurring an enormous Expense, while the Advantage to be derived from it is uncertain, since the Plan has been condemned by Officers of great Experience and Ability in the Naval and Military Service of Her Majesty, and is not supported by the Evidence taken by the Commissioners who have recommended its Adoption.