Army of the fame Number could be fuppofed to do; and Anno 10. Geo. he Penfioners drawn from the former would live longer to II.1736-7. njoy their Penfion, and to be a Burden upon their Country, han the Penfioners drawn from the latter. Thefe Things, they faid, they took Notice of, not with ny Defign to oppofe the Motion, but only to fhew the any Difadvantages that attended the keeping up of a nu erous Standing-Army in Time of Peace; and at the fame ime they hoped it would contribute towards making those oncerned as careful as poffible, not to admit any to the Beefit of that Hofpital, but fuch as were truly Objects of Charity, and deferved to be fupported at the Expence of heir Country. To this it was answered, That tho' the Nation, by Means f the wife Meaiures purfued by his Majefty and his Royal Predeceffor, had been fo fortunate as to remain for many Tears in a State of Peace and Tranquillity, tho' that happy State fhould continue for many Years to come, yet it had lways been, and, they believed, would always be deemed eceffary to keep up fome regular Troops; and while they kept up any fuch Troops, it would be neceffary to grant a Subfiftence or Relief to thofe Soldiers who fhould grow old and decrepid in the Service; for a poor Man had no other Way to provide for the Infirmities of old Age, but by the Indultry and Frugality of his Youth; and if a poor Man fhould in his Youth forfake every Sort of Bufinefs by which he might provide for the Infirmities of old Age, in order to make himself fit for ferving his Country as a Soldier, and in order to be ready upon all Emergencies to venture his Life in the Caufe of his Country, fuch a Man, tho' he partook of the Happiness of his Country, and paffed thro' Life without Danger, yet he deferved as much to be provided for by his Country in his old Age, as if he had been during his whole Life involved with his Country in Bloodfhed and Danger; and in the former Cafe he would more probably ftand in need of it than in the latter; because in Time of Peace, a Soldier had nothing but his bare Pay, out of which it could not be fuppofed he could fave any Thing as a Provifion for old Age; whereas in Time of War, Soldiers were often allowed to plunder, and fometimes enriched themselves by the Spoils of their Enemies. For this Reafon, if the Penfioners in Chelsea College fhould become a little more numerous in Time of Peace than in Time of War, it was a Difadvantage which could not be prevented, but it was a Difadvantage that was fuffi ciently compenfated by the many Advantages the Nation reaped from a State of Peace and Tranquillity; and the maintain Anno 10. Geo. maintaining a fufficient Number of regular Troops had c tributed, and would always contribute towards fecur and prolonging the Enjoyment of thofe Advantag However, they faid, they could not admit that any Of would be very apt to discharge a Soldier, as long as he v every Way fit, and properly qualified for the Service; caufe the Breeding of a young Fellow up to Difcipl and making him thorough Matter of his Exercifes, was. ways a great Trouble to the Officer; and if the O fhould discharge fuch a Man, the Board were not obliged admit him to the Benefit of Chelsea Hofpital, even the he had been twenty Years in the Service, unless he was on Way difabled, or grown very old and decrepid; at lea: any fuch Man was admitted, he was immediately fent to Regiment, or to fome of the Companies, of Invalids, by that Means was made to ferve for that Subfiftence wi he received from his Country, as long as any Service co be expected from him; fo that they believed, there we few or no Soldiers upon the Establishment of Chelsea Ho pital, but fuch as were real Objects of Charity; and the were very fure the Commiffioners of that Board had hee of late as careful as poffible not to admit any Man upe that Establishment who was not every way entitled to t Benefit, as would fully appear if any Enquiry fhould be mai into that Affair; and then the particular Reafons for th late Increase of the Charge of that Hofpital would not on be made to appear, but would, they were convinced, be ap proved of by every Gentleman in that House. This was the Subftance of what was faid of each Sa upon this Occafion; after which the Question was put upon the Motion, and agreed to without a Divifion. The next Affair upon which there was any confiderable Debate in the Committee of Supply, was on Wednesday the 9th, and Friday the 11th of March, when the Motion wa made for granting a Million to his Majefty, towards redeeming the like Sum of the increafed Capital of the South Sea Company, commonly called Old South-Sea Annuities; but as this was a Sort of Refolution which had never before been moved for, or agreed to, in any Committee of Supply, we fhall give our Readers an Account, how the Method of Proceeding came to be altered lat Seffion, with respect to the paying off the National Debt, and the Application of the Sinking-Fund for that Parpofe. As foon as the House had upon the faid March 9th, refolved itself into a Committee of the whole Houfe to con fider fider of the Supply granted to his Majefty, Sir Robert Anno 10. Geo Walpole ftood up, and spoke to the following Effect, viz. SIR, II. 1736-7. Մ Sir Robert I have a Propofition to make to the Houfe, which I think Walpole. will tend to the Advantage of the Public, and against which there cannot, in my Opinion, be any Objection made, therefore I hope it will be agreed to without Oppofition; but in order to make Gentlemen thoroughly comprehend the Advantage of what I am to propofe, I must beg Leave to explain a little the prefent Circumstances of the SinkingFund, and the Method hitherto obferved with respect to the difpofing of the Produce of that Fund. We all know, Sir, that the whole Produce of the SinkingFund must be regularly, as it arifes, depofited in his Majefty's Exchequer, and there wait the future Difpofition of Parliament, fo that no Part of it can be applied to any Ufe but that to which it has been appropriated by fome preceding Seffion; and the Method this Houfe has generally taken for difpofing of that Fund, has been, To refolve itself into a Committee of the whole Houfe, to confider of the Application of the growing Produce of the Sinking Fund. This has always been the Method we have hitherto taken for applying that Fund towards paying off any Part of the National Debt; and as we feldom or never pay off under a Million at a Time, there is generally 5 or 600,000 /. Part of the Produce of that Fund, which lies for several Months quite dead and ufelefs in his Majefty's Exchequer; which we must look on as a great Difadvantage to the Public, efpecially when we confider that the Government is during that Time obliged to borrow Money at Interelt for anfwering the cur rent Service of the Year. This, Sir, has been the Cafe for feveral Years paft, and muft always be the Cafe for every Year to come, if the Propofition I am to make, or fomething like it, be not agreed to; for it is well known the Funds provided by Par. liament for the current Service of the Year do not immediately produce fuch Sums as are neceffry for anfwering the Charges of the Government, and therefore his Majelly, is every Year empowered to borrow Money for that Purpofe upon the Credit of fome of the Funds granted by Parlia ment for the current Service of that Year; for which he is obliged to pay an Intereft of at least 3 per Cent. which is an annual Charge of 10, 15, or perhaps above 20,000l. a Year to the Public, and a Charge which might, I think, be prevented, by enabling his Majelly to make ufe of the Produce of the Sinking-Fund then lying dead in the Exche VOL. IV. X X quer; Anno 10. Geo. quer; and whatever Sums might be found neceffary to be II. 1736.7. taken from the Sinking Fund for anfwering the immediate Service, might be replaced by the Produce of the annual Funds, before Michaelmas, the Time when the Produce of the Sinking Fund is generally to be iffued by Direction of Parliament for paying off a Part of the National Debt; or if the Whole fhould not be replaced before that Time, a fmall Sum might then, and not till then, be borrowed for making good the Deficiency; fo that the Government would never be obliged to borrow fo large a Sum, or for fo long a Time, as they generally are, according to the prefent Method. For Example, Sir, the Produce of the Sinking Fund is generally computed from Michaelmas to Lady-Day, and from Lady Day to Michaelmas; and it is to be fuppofed this Houfe will, in the prefent Seffion, order the Sum of one Million, being the growing Produce of that Fund from Michaelmas laft till Michaelmas next, to be applied to the Paying off fo much of the National Debt: This Payment cannot be made before Michaelmas next, and as the Produce of that Fund will bring into his Majefty's Exchequer by Lady Day next, or foon after, 5 or 600,000 /. that whole Sum mult, according to our former Method of ordering the Application of that Fund, lie dead in the Exchequer, without its being in the Power of the Public, or the Government, to reap any Benefit from it; and in the mean time, as the Produce of the annual Funds cannot answer the immediate Occafions of the Government, his Majefty may probably be obliged at Lady Day next, or foon after, to borrow 5 or 600,000 /. at an Intereft of 3 per Cent. upon the Credit, I fhall fuppofe, of the Malt Tax, in order to answer thofe Demands which may occur before the Produce of that Tax can come in to fatisfy them: Now if his Majefy were empowered to make ufe of the Produce of the Sinking Fund in the mean time, it would prevent his being under a Neceffity of borrowing any Money at LadyDay next; and whatever fhould be found neceflary to be taken in the mean time from the Sinking-Fund, might be replaced by the Produce of the Malt Tax, or fome of the other Funds provided for the current Service of this ⚫ next enfuing Year, before Michaelmas next, which is the fooneft any Payment can be directed to be made out of the Produce of that Fund; or if the Whole fhould not then happen to be replaced, a fmall Sum might be then borrowed for a fhort Term, in order to make good the Deficiency, and to make that Payment to the public Creditors, which, I fuppofe, will by this Seffion be directed to be made at Michaelmas next. I I hope, Sir, I have explained myself fo as to be under- Anno 10. Geo. ftood by every Gentleman that hears me; and if the Houfe II. 1736.7.. thinks fit to agree to what I propofe, the proper Method of doing it will, in my Opinion, be, To come to a Refolution in this Committee, to grant his Majesty a Million towards redeeming the like Sum of fome of the public Debts; and when we take this Affair into our Confideration in the Committee of Ways and Means, we may refolve, That towards raifing the Supply granted to his Majefty, there be iffued and applied the Sum of one Million out of fuch Monies as have arisen, or fhall or may arife of the Surpluffes, - Exceffes, or overplus Monies, commonly called the SinkingFund. This, Sir, I take to be the proper Method of carrying what I have propofed into Execution, and if I find the House approves of it, I fhall take the Liberty to rife up again, and make you fuch a Motion as, I think, ought to be agreed to in the Committee we are now in. As this new Method of ordering the Application of the Sinking-Fund was generally approved of, the fame Gentleman ftood up on the 11th, when the House had again refolved itself into the faid Committee, and after a short Speech, moved, to refolve, That the Sum of one Million fhould be granted to his Majefty, towards redeeming the like Sum of the increased Capital of the South-Sea Company, as was then commonly called Old South Sea Annuites. But as many Gentlemen were of Opinion the faid Million ought not to be applied towards redeeming any Part of the South-Sea Capital, but towards redeeming a Part of the Bank Capital, there enfued a long Debate, in which the Arguments for the Motion were by Mr. Pultney and others Mr Pultne; to the Effect as followeth, viz. SIR, As the Sinking-Fund is one of the most useful Funds that ever was established in this Kingdom, as it is the only Fund from which we can expect a Diminution of our Taxes, and an Eafe to ourselves or our Pofterity, and as the Difpofition of that Fund is left intirely to the Wisdom of Parliament, we ought to be extremely careful of applying it yearly to that Purpose from which the greatest Benefit may redound to our native Country; and when we happen to be in Circumftances fo lucky as to be able to apply the whole Produce towards difcharging fo much of the National Debt, the only two Questions that can fail under our Confideration, are, What Part of the public Debts are moft grievous to the Nation in general? and, What Part may be paid off with the greatest Eafe to thofe who are the Creditors of the Pub X x 2 lic? Sir William |