18 MARCH 1837, Page 15

The financial part of Sir ROBERT PEEL'S speech 011 Monday

was a tissue of blunders; notwithstanding the parade of con- scious superierity with which he heralded it—the candid conde- seensi. n of his " Stop me when obscure. correct me when in

error"—in the mariner of one who expected the very opposite of what hie words professed. He founded a number of calculations on the false hypothesis that the expemes of managing the pro-

reov of the Church had not been taken into account by the Chancellor of the Exchequer. He assumed that 7 per cent, was

more than the tate cf interest allowed the tenant in the renewal of lea-c' of Church-lands ; the fact being ascerained, by an ex- amination of an immense number of leases, that 7 per cent, is

rather below than above the rate. (This is expressly stated by Mr. Fesemsox.) But his most portentous mistake related to the ayetene period of the duration of existitee leases— suppose," said Sir Robert, " that the average subsisting term of ecelesia- tical prop:dry was 20 yeas instead of 24, thi• slight chrtinge would involve the comploe destruction of all thetight bon.art able gentleman's calculations, bee:or,e be world then have to meet the permanent eharge of 311,0011/. for 23 years in stead 1,12-4. The fact of his not coming into pos.ession nutil two years sf-ter the soli" period, would totally disturb the right hmmtsrahle g,entlernan's talent • lationg. 4.iiiip0se it were to turn out that Ore average subsi.tiog term was 30 years hed,:ad of 24, the loss to the public would amou It to many millions."

The /oss to the public would amount to many millions ! The 6/(tbe has exposed this blunder-

" 'file principle of the Government plan is to realize a greater income by tanning the reversions of the Church lands into possession at a lower rate of ioterot than has been hitherto allowed. The plan supposes that 71. per cent. it below f.e usual average rate, and proposes 4/. per colt, in future. • * • Suppo,e tie average sub,isting term to he of twenty-eight yrars. The rental

of the tedate ftom which an animal income of 201,00a could be realized in the

shape of tines, by selling reveNi■mary terms to such a tenant at 7/. per cent., could trot be ICSE than 1.735,000/., instead of 1,323,000/. as supposed by Go- ma:tient. The V311111 of the reversion, if turned into po•session at 4/. per cent., would in that case exceed the fines by 317,7001., illswad of 235,0001. If the average term be of thirty years, the rental carr.ut be less than 1,986,0001., and the smith's would be n5t,500/."

We have not verified these calculation, but they are probably cornet, as no error in them has been pointed out. But we can put the case in a simpler form, and in a way which nobody can minmereheud, not even Sir Roasocr PEEL himself.

The State becomes the landlord of the Church estates. The rental of those estates for a certain period is 2G1,000/. a rear. By the aid of Parliament that rental is converted immediately into one of 511,000/. a year. It follows that the longer the period for which the smaller rent was to be received, the greater is the gain accruing from the operation which enables the landlord (that is,

in this instance, the State) to obtain at once the larger income. e, sets Sir ROBERT, Ole longer the period the greater the lose! let this man is the financier of the Tories—their Chancello?

of the Exchequer, God save the mark t. And the Tories in the

House shouted at his grand discovery ; and the Tbnes and Stan- dard Hired his lucid statements, his demolition of Mr. SPRING

RICE, and the superhuman faculty of' calculation which he dis- played. Why, even Mr. GouLnUON must have been laughing at him in his sleeve; and Lvxmetresr, who was under the Gallery, did shrug his shoulders and look aghast at the ignorance of his Chancellor of the Exchequer.