Sitting of 26 August 1848

MINUTES.
PUBLIC BILLS.—1° West India Colonies and Mauritius; Exchequer Bills; Consolidated Fund.
2° Post Horse Licenses, &c.; Postage on Newspapers (Channel Islands, &c.,); Lock-up Houses; Drainage Certificates.
Reported.—Diplomatic Relations with the Court of Rome; Battersea Park, &c.
PETITIONS PRESENTED. By Mr. Maxwell, from the Parish of Killersherdiney, in the County of Cavan, for Encouragement to Schools in Connexion with the Church Education Society (Ireland)—From the High Sheriff and Grand Jury of the County of Mayo, for an Alteration of the Poor Law (Ireland).

WAYS AND MEANS.
Resolutions reported.
MR. HUME, referring to the resolutions, and to that part of the Government proposition which related to the raising the 2,000,000 l. on Three per Cent stock, said that he objected to all borrowing, which, in itself, was a proof that the country had reached the ne plus ultra of taxation. Various additions had now been made to the debt of the country during past years, in time of peace; though that was the period when they ought to be considering how to lessen the charge. Had the House adopted his recommendations in favour of retrenchment, there would now be no necessity for the present loan. Moreover, he thought that one of the proposed modes of raising the required sum was ruinous, for borrowing on Three per Cent stock would be binding the country to pay 100 l. for every 86 l. lent. He should therefore move to strike out of the last resolution all the words relating to that part of the proposition, and to insert in lieu of them the following words—"on debentures at a rate
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of interest not exceeding 5 per cent,"—thereby leaving to the country the opportunity of taking advantage of the future state of the money market.
The CHANCELLOR OF THE EXCHEQUERcould by no means assent to the proposition; all who had preceded him in the office which he had now the honour to hold, had taken the course which he now proposed to take—all loans had been raised upon similar principles, and he saw no sufficient reason for departing from the existing practice.
MR. HUMEmerely wished to place his opinion on record, and he did not desire to do more than to divide upon the Bill.
Report agreed to.
The House adjourned at Eight o'clock.