Mr. Fawcett and Sir J. Lubbock made excellent speeches on
Monday in defence of the National Debt (Sinking Fund) Bill. Mr. Fawcett pointed out that if such a Bill as this had been passed before last year, it would have been simply impossible for the Govern,ment, with a surplus of £6,099,0Q, not to give sixpence of it to the reduction of Debt, but fritter it away on the reduction of the Income-tax and the abolition of the horse duty. Say what people might, with such a Bill as this once passed, it would be impossible in prosperous times to ignore the reduction of the debt, font would require some very grave reason to justify the repeal of this Act, and the appropriation of the revenue it deals with to other purposes. Sir John Lubbock not only supported the Bill, but wished the Government had had the heart to appro- priate £28,000,000 at once, instead of a year or two hence, to the interest and capital of the Debt ; but so far as the Bill did go he approved it completely, and gave it his hearty support. The Bill was read a second time with general approval, in spite of the rather unfortunate criticism which it has met with from the Liberal leaders.
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