The Sun. — London, England, 1813-03-04 00:00:00

t s' Ai Ow brie , , when the war ti e .:weeu Aissia h a d coinnienced, it we:, feared , test ,would t erm i nate i n favour of . any rate that the . war would he pro aroatelv, iinder the blessing of Pro rs in that quarter, had taken a turn )(Tat was little.expected: Much ''''S he ho rrors ' that attent'ied the war, i...t.. there was -, every prospect that, the truggle might be, it would Lil lie thought it might speedily; ter triumph of theßussiarts. If this it' would Qf course lead, to that .S which all so anxiously expected, of the national credit would be in , e most prosperous. In the mean necessary to adopt ineasures for its W hichshould b e su i te d to the exi-, Ile. The firt_pr'oposal which he 1701 11(1 he on the redemption of the considerin,q, the best means for per plan on that subject, he had ut.cd by the re p ort o f the Comm, -. prin c ip a l change which . he propose, ...! f or redeemi ng t h at tax was, to of 4 'facili ty to persons to redeeM tirti the p resent state of ,thing,, there. . , ri P u a li t i es necessary, and a multipi 17 icilings which -nu ht be• dispensed iposed, that no further proceeding !ce4sary, than a simple notice from lo Might' wish, to redeem that . tax, ' 4 ' l to do so. 'O n t h e party hay, ;,I,a, tit) intimation, nn,increased assess tlitai :should immediately N%`,,t4,taiiiiietl until the tax was redeemeti take . phic . e, I tliltiZ' t lle Win on that part of the sith;l2e!, iie,,,:i4*-‘filltcl the lIonse" fo take into consl7, '', 41 ‘1 ,,.,, 11 ' 1 10ped that they would appriive of crrr,i'--ti''"("ited that Pinch benefit to the pub- , 7 1 , 4 . .I. 'Hild be derived from the adoption o f 14e4141 11. Ihe Right frquournble clentle - . Ptoreeded to .tate hiS plan respecting Pun& From the period Of the co:n 'etien of the Funding. Sygteri in h. e the la st . centuty, to th e c l ose o f the ' ll l', the object of our measures hr ingthe War, appeared t o b e only `to, the jinitiedia.te ,exp e n ses o f t h e year , t, tad) sums as were necessary for any ' charge' incurred, and by impos,og might meet the interest - of t . :l,- loan le, period Of peace the consideration lon . for t h e re -payment of debt ; and empted at irregular periods and on tB Y , qein, was never carried into et.; -1011 ; the total aMount of debt re eel"- the peace of Ut rec ht an d t h e American war Th e m being no, ore than aectuntilated 'expenses , of . the T and tile depres-sed state' of Pybli c o,'. e 'Revenue at the close of that-war, t e ''moron; mind of Mr. Pitt the idopting ivniore provid en t. system, of i the basis, tvio, ~,h1.0,.,„,bie judgment, 1;' Puntl,Acts of 1786 and 1 t9 (2 . ' At •,-41 4:tit of tht war of the. French re i., P.ktt thouelit ,it sufficient to meet rnilitary and naval e%penso by loans, l' , i that inTq.iiiio,l fo r gr a d ua l redemp ad beeuestablislied I)the Art '179:4* y • , '''i t'xlleilSer4.,of the war-, and the Pro-- '('''g, eglitinnaut,e, indueed him bow. - t.> aim at the nmst efficacious RV s i a lon miration of war - can he su of etitializing the In P come with the 1 „„. , t „ h e c ountry: . F' or this purpose he lit.)B the este;dishment ot a general irte i'iutended, with the aid. of sonic 4 Nu4, to provh:e within the Year, for IPl' ,-ie.part of the pantie exp en ,, es, a n d also i't t ' ,, . 74 '"llni . a few ere a ft e r the conclusion 4- , ;0 1 ~ , •. - .~ ot l o t 1 . , (tent. Conti b eyond the amount ~ Pte,i i ti.- " 1 ,',-; Fund in each yeur - 'rile plans '.te„,'' ii,..reasiog the Nntional Income li . pon '‘t,:; if t,e war, by Lor4 Sit:imolai), and 1 i li i, , Y Lord Grenville and Lord Henry l 'i , t , r ' i l :`,' 4, and 6, were on a much larger eci!il yletei'every appearance that the ill-. 1 . ex 'it! nation might at this time hare equal-, to . 11 . ,, C . 411 its expenditure, if the necessity of ,ii, , ,-/,:,`44`q! in our forei,tzu expenseS hod 'llOt . idi t-301,,54,,tut,-1.1 am ount o f the public expel . n , f4 te . ;‘ 0 1 the Sinking, Fluid, was, on a .) - - iii,oo7- f ,, t he .Yeers,, 1806, and 1807, about r Teti v t , rlie InCom o , of - 1807 (taking the I i '." ', , iiceortilint Id its, assessment, at ; rilroti:11)Q001.) wa s about 39,700,00°1. Tile ' ' ll y f : (''' (4 the public income, MI tut average !th N ~‘.'1"1,4 I '-, 1 , 810, and . 1811, dedUcting the Ittfi. k3v()Ptlrly Tax paid in,teyond theAssess liti4tes4 year, was about 64,000,000 L which, i . iii,2'' d 'liii on, of the .I.'i . ixes imposed in 'lBll ' t, tl/1 "'IC ``' . `"llii appear to leave' a considerable 't'i,.l.:Y°l4l• the amount of • the expenditnye t r . o ie f . itt,,,,. 4 1 1, to this eximentime Must he added 1 tiA4st cha r • l i . ge.,,t iiiiiedecnied debt. since !hat 11% ation ot i to about' 2,300,0901. NVIIICII, il t t ,ht' 1W:or e-itt entiimiclB4lll ! of 61,G00,0001 : 'tt l t,xpel i ditiire of. 1807 ' makes to k ,,rether t. , i' t( I Itili abOVe 661 11 cif 64,00 000 04. The x. e " :,./204, f t , • t i niters, 1)1:. same year§ 160.9, 1810, and 1811 ,:: !tq; ) 06 , ,,,it ii true, 011 :Ili average, to .nearly;' 0„I l ikl t i' v v. i' and that Of the year 1812'11111y be . 4 t r4 Y l ll ' e ti t.i t l 'rth',lol 81,000. J/00/. exeltisiVely f of o tt r i t i l e l ir le t „ ) ,. 0 .I,iccliequer Bills and Loyalty 4 a . .. 11, ir'n-t therefore of the stun to' he Pr (3- [tili,i. order tr; eqtialize the- receipt and Nie N : L ,t l of Great liritaiii,, on .an .average t i .. i th e ' t's 809,, 1 810, and 1811, allowing ine r is,,,, • . , i t Y h t k : :' •Ld charg e ot unredeemed. debt, I/ . tlci a , ~I . `r rn 'ted at 9,000,000/. .0r,,. taking 400,0L' ' n ote • IV, 81,000,000/ , at about 44 4 ,, 0 /-, , from which stim r list bo‘vevtr be de li 4:17.'it,411,t,11,re Produce of time ' taxes imposed in Moo t `' which ii to o,zo . otd which would 1.10 Maybe' estimated at iO3ont retinae the former i t t .hiSe ev , ' U t ) Ol. and the latter . to 14,5' 00,004.- d i en h e ate i i . I lowest of these sums li- an iin— t.. ''Positio t i ' grea t ex - 1 1 0. new I.'axest .nsaddition to ti , l , he co !rt-'lolls already ' woulc!, how_ ithe 1 N,06.1.—. 1 made, : 4.i1 k' Vrit,:: ' %,' 43 !I very heavy hinden ; and tai 11' iro n) it',44l-which might tic felt still more t i. ,,, gabl e, tt, "rkpprellension, by no means hh. (i,q, ta h4;!eatt3ileb a sacrifice might eventually iit auq , )eeh unnecessary, -as many- sup. 144:,‘)4tirill,:l'vell prabithle eases may arise (twin 141 e 4 le t' . of th e , • ', , II g very , 0 . e I'' ay, in , which it vvouu, be dillider-"hlY to reduce our eN.pences. more, tiltrdre, cari be .c•Noce, r7i 7 _ . permanent war system, than to pima is ioa eta it a scaleof expense as necessarily erose out of the . state of atar, without including that greet ince-ease Avhich has heen OCC;Aolled . by our tette:ea:alio:4l7 exertions abroad in the last four year., and which ; in whatever way it may appear to the wiadotie of Parliament most proper to provide for it, must be considered as of only an occasional nature. In the foregoing statement it is assumed,. that, the Sinking Fund is no portion of the natitmel expen diture. s in fact, by cancelling a certain portion of debt in each year, it reduces the debt really in curred, to the amount in which the suns burro Wed exceeds the sum to be redeemed. . It is evident, indeed, that whether the . Fend( le applied in the Purchase of stock already texisting e er in redecing the amount of stock to beacreated, the effect be nearly the same; and the equalization of the public• income_ and expenditure may Consequently be Considered as a primary• advantage of the Sinking Fund, no less than the actual redemp tion of Debt. The former of Abeie: objects, so far as is requisite to meet that part of the ex penses of the, war, which may be considered as necessarily permanent, appears, by the foregoing statement, to have been already accclpplisbed. It has., iedeed, been effected by, means which, while tbey'shew the extent of the resources of the coun try, and evin:ese its firm and unshaken spirit, point out at the seine timethe eapediency of not calling for and further snerifices ivhich may be avoidable.: for this great ohjecr has, in fact, been accomplish ed by the e'xtraordfifary payment. of more than 200,000,000/..0f War Taxes. This unexampled exertion may be, considered as no lees powerfully co-operating With the Sinking-, Fund,. in its other grent i obiee of the `redoetion of the Debt, since, the creation of a new. Debt - to an equal amount has thereby been :avoided:. `These consideration nifty be thought seffitleetto point Out the general expediency of any alteration o the present ea-- ranee - meet of the Siiiking Fend, whkb, ,without , violating the provisions of the Act of 1792, may diminish the weight - Of those further burdens,, ' which the progress, of, the War may still impose upon the Nation ; and with - this view, it may be., proper to advert to the remarkable , period at which • the redemption of. the Debt has Aetually arrived. When the establishment of the Sink ittg;Fundwas proposed by Vra Pitt, in 1786, the dehtannotinted to near 2 , 4600.000/. ; a s um a of which, few then living ever hoped to .see the redemption, hut which, by the steady . perseverance Of PerlieMetit, iu this important measure, has .already been re •deemed. It is :true, that this redemption hes been etlected, not solely hy the operation of the Sinking Fund . establishei in 'lnf., ,but fn great part by the f, , royiiioli lliaiie for the redemption of Loans since contracted, and also by-the 're demption of the Land-.tax, and, in some degree, by the purchase of Life A tin ititieairb ese additional exertions stew the elairit and perseverance With, whiCh the original system has been carried into execution, amidst all the diflibulties of' ass exoen sive and protrueted warfare. , The-separation, kept up . for purposes of account, between the original • Sinkiang Fend of 1786 and . the..additions subsea fluently made to it is, however, only nominal ; it neither has been, hot' can be attended to in prac— tice, because the whole of the debt contracted ,"nice the estahlkinnent of tin. Sinking Fund, hav ing been borrowed from the a told Stocks, amid no distinction being mode between the Old and new • proprietoes, the .whole debt is consiklered . one isa dascrimitinte mass, to which the parchaSes 'made by the' Sinking Fund - are equally' applicable. No right'nf 1)64)1.4 of redemption read exist in any particulaacless of Stockholders, nee can any con- . . ditions of repayment be -claimed (except in the in stance of , the 5 per cent kite of , 1797) - beyond those laid.diwn in the Act of 1792, under thelaith of which ell aubsequent Mans ,may be considered' as contracted.. By that Aet proeiSion is made for the redemption, •within foray-five years, of all , debts subsequently created : wi l d within this litnit Parliament nes the power to regulate the mode of the redemption at, its discretion; and has in 'fact exercised that discretion in several inatonces,", In the years 1798, 1799, and 1800, for example, no provision was Made for the immediate reduction of that part of the loans which was charged upon the Income Tax.; but it Nl* intendedi that those sum should be redeemed by n prolongation of-that tax in time of peace. In 1802, when tlic Inennie .Tax waieepeeled, and other funds. Were, provided for defraying the interest of the se loans, it was again thought unnecessary to make immediate provision tor the redemption of the .prineipal; awlitch was left to be' redeenied by the prolonged' operation of the Sinking ,Funds already existing. It may, therefore; he considered' as decided; on not . only by the record e d opinion, but by the eitab lished practice bf Parliament that while ,proyisien is made a in any manner, for the redeafpriela at 'each respective portion al the, public 41(14, within ,forty-five years from tifee of its being Created, the enactments of the Act of. 1792 are vinnplied with. would consequeatly he equelly inconsistent with- the Act of 1.792, either to redeem any num her ofloans by applying to the separate redemp tion of each the distinct portion of'Sinking created' at the acn e of i t s b e i ng c on tr a c te d, o . n• by, applying the whole Feud, i n `th e first. instance 6) the total redemption of the , first rontraettel loan, and tifterwatds to that Of the several succeeding loans in their respective order," so that each/ of them should' he redeemed within fortY a fiae years of its being raised. Thi s second mode, howeataa would. be attended with important adyantages. In the first mode, the whole charge of Interest - and. Sinking Fittut, occasioned by any number of Sute, cessive loan:Se is appropriated, - wit - hout a,ny possie Me relief to the public, until the whole Of one of the loana shall` he completely eedeeteed by the exclusive operation' of the one, Per cent. which was originally attached tfi it, which fs a t likely to haPpetein munch less' than foriy years, ond may , exceed that term. 'Bot lattetcese several Of 4he loans'.first •contracted will, In the event .of. "War of considerable deretion, thofteli much abort of forty years, have been redecteed previously, to time conclusion of the war, and will have furnished trait considerable extent, the means of providing Nan fresh charge ; and this resource - will he con tinoally increttiing, in proportion to the duration of the war, Another advantage will he, that the 'redemption of the Debt, being more gradual . - ly diffused orer,tb9 Whole' period, will produce less . , . ' !t:.zi,;;; i:, the State of property. Titi3 Stribe§ - i stye redemption buieed'is a point of no sintiti int- I . poitat i ee tote regulation of the tuthlvy market, as ftc r.ite of intereat, and the value of money. rai..;fit be "I•try inedaverliently affected by the too • taoid increase,.or the 'too sudden reduction of the satins ,brought . into circulation by the Sinking f mid. It should not- be suffered to accumulate for too long a period) while, on .the 'other; hand, it should not be too much diminished, by extin goishing at on se too large , aportion of the pub , lic debt. These considerations appear to have occasioned that provision of the original Sinking Fund Act of :17 - 86, Gy wlaick its accumulation at Compound interest was limited to four millions; and they will be-still' more effectually provide for by the Anode ofsuceessive ,redemption, which has been pointed out ; while another advantage- at tending it would be, that throughout nearly. the whole period of its operations a much smaller por tion of the national resources would be providing for the poblic debt. The point at which we are now arrived in the redpuptiou of the Debt, affords a most fa durable opportunity for the adoption of this mode; which would have been . originally preferable, and which the actual duration of the war, and the prospect of its possible further con tinuance, render at present peculiarly advantage 7. ous, - Upon these principles, it is the object of this paper to propose a plan, by which a gradual . and eouable reduction of debt may be provided for 'syith,gyeatlnintediate advantage to the public. - It is only necessary to enact; that the Debt first con , Iracted shall be immediately p:aid off, whether put chasedby the Sinking Fund originally provided for its redemption, or by any other:: It has already been shewn that this supposition involves no abitir .dity, :he old Stocks - and the additions to ;titan be-, ' ing so mixed, as to render all discriniination7lno : posSible ; and' it is surely very allowable in prac tice to assume that any given portion of the Public ftdrt is discharged, When an equal sum, !Untied in the saute seeuritiesy has been paid off. A .sum equal to the,capital of the whole Public Debt ex isting in 1786,- having already been' pUrchased by the -Cominissioners, or transferred for the ye- deniption of Lind -tae,. or the purchase of Life Annuities, the execution of this plan will only re- ', quire, with regard either to this sum, or to any debt herc:.ft er to be redeemed, thitt a certificate of such rethanption shall be pniiii,shed in, the Oa ' zette, andlaid before • Parliament 'by the Commis sioners ; and that, thereupon, the stock so re . (teemed,' and standing in the 'Lames of the :Coin thissionerS; shall be at the dil)osid of Parliament, and liable to be cancelled, in 'such proportions and at such times as ;Parliament-may direct, to snch an amount as may be neeess:try for,.chargMg upon the snow securities, the Dividend and the Sinking Fond of 14.67,L,f0t0 which may have been . contracted for the public . service"; but that the whole ; Sinking Funa creatCl by the Act of 17t61 or by any subset-merit Ai:t, shat be continued and tip . plied, until,the total redemptiOn of 'all • debt nosy' '. existing, -or to: be created during the , present war.. In order,:liowever, effectually .trosecure the means ofredeeming all future Loans within Forty-,five years, . and to preserve a proper proportion between the Sinking rund nod the Unredeemed Debt, it will be expedient to enact, that wAteneYer the sum hc: ' rowed in any year shall exceed the sum to be paid oil, a Sinking Fund shall be provided for ' the excess of Loan, equal to .one halt of its. 'lute ' rest ; and for the remainder of the Loan (or fiat• the whole, if 'not exceeding the amount to be re deemed within the year) a Sinking Fund of 'one per cent. conformably to the Act of 1792. It may also be observed, that as this aerangement invOlves the repearOf those provisions of the Act of 1802, under which the whole Sinking Fund then existing was directed' to accumul a t e at compound. 'interest, till the cantpkte redemption of the debt fi which then remained unredeemed., it will lie pro -per,, toßlake good to the' Sinking Fund Abe anunal . stint of 870,0001. which ,would have been flppro . priated to the redemption of the different sums prov idcd Or. in 1602, it that consolidation, had not . taken. place, and , if Jhose stuns bad been aceoin-, parried by the usual redeeming Fund 'of one per cent. And while, in this respect o the nr,eiosed Pian teill revert t o the original arran;;ements 'it t he .`•,iiiii.- _ ing Fond, it will elsq conform to them by return `ing with much greater advantage, to the priuciple bithose provisions, by which relief woeld bettn e this time have been obtained to the public by thelimita-• dor! of 'the Sinking Fund, as estaidished by the Act. of. 178fi, a 9 d then restricted in its acetimuln , lation to the :unreal sum of four millions, In con , - neetion w;th this part of the subject, should be, mentioned the great increase of the debt in ttpro 7 , Vi,led Exthequer bids. of late years ; iehieb may, he cot:sit:m.o as. a (h.Hi . tury;frent the spirit of the . Sinking Yam, Act of . 179`..!. It was certainly the intention of that Act, that every nicrcnsc tif pith- ' li.' delm , i•xec'pt mei e temporary anticipations of. income, shog t! have a provision muck for, its ex -1 incti o n, tit the ti me , w h en i t was incurred: but large.sums, now amounting in the whole.to IFVen— ty-SN InAolls liive been ,ctised at different times,. and continnedfroni year to year, ia the shape of .I.L!:chts. - nter I3iil, wirhotit any provision for tire extinction of r lie debt So cretited." ,Pr.,,. yeinctly this inconvenience, the most proper nietliod ap-' pe;lrs to be, that a sun, should be annually grant.' ed to the Commissioners for the, reduction of the Natioual,Deht, eqinil to ime per cant, on all um provided Lxchequer Jiiik outstanding on the 45th 'of January last, and should eoutinue to be anno ally issued till they qliell be 'limited, n 0 i t • t 1 • e ' • ' ' ct wis permanently provided "ii - r. ;It is not, probable that these 13iliS will Le ultimately redeemed,' eitilerwise thim by eonversion into .Funtled Debt ; in which case the .provision now Made for the re deinptioo:.will be awauticipAion of the .Siuking Fund which, would then be provided. ' The mode ' of excreising:thia discretionary' poster of Nail ,- anent to eaneel such portions of debt as Shall have becnre t;ttire ieen7ll;tizt may' he varied as circumstances rutty re during- the war,. that which has been pointed ' out, appears to be ;twat gene , rally advantageous. The effect of its , adoption will theret'mtt be stated in the first instance ; after. which it will be proper to take a view Of tin; Most beneficial application of which the prlocipo of the 'plait may appear to be capable, on the \tip- position of peace. It is not intended to offer any opinion of the amount °film loans to be raised in future in the event .of the contiouapceof the war a, .but for the purpose of illustrating the operfittion of. • tie"pitposed,pitin in Compari§tin 'With bresent systeni, in variety of cases, tables hae , ti. een annexed, Shewkt the eficts of eaeli on tl t ; fereut supyositioni: In the - first it is as• , titned - t the loans in futUre, for a great number of year - i ; rill be equal to that raised in 1812, 'Which; in..; chiding Exehequee Bills funded,""anioutited to 28,000,011/ : To ftind this sum f;t tive per i',ent: for four years to cohle, would, according to the' present system, require the imposition of new; taxes:to•the amount of nearly 7,109,000/. •and the whole, to the year 1830, about ',Which time the debt consolidated iii 1802, wtotld, at : that rtZte of interest,.be Tedeenied by the system now eiist.;, log, taxes would be reeeired, supposing the e.. - iott,. to last so long, to the amount of upwards 31,000 - ,1001. But according- to the: ue* plan, it. ' would require nOtaies for the next 'four years, t'7.-• Cept abOitti,loo,oool. in the present year, for C,'d purpose Of makieg these immediate addition) t the Sinking Fund, which have been above spe:- lied : and in 'time - whole, to 1830, only About 14,000,0001. would be ,required. • The ‘vhok amount of the • debt now existing would, by tae. • .present mode, be redeemed about .1845 ; h•-;.° the new plan, about 1837. The Sinking Fund' Witt - be ranch greater recording to the present .plao, than by that proposed, till abtint the year 1830, %the* . the Consolidated Sinking fund of 1802 will fall in, and an annual 3 (1111 • of. 21,000,00 a will be at „ . once taken trom Their subsequent progress will correspond more nearly, as the successive cx.- tinetion of loans operate on both. The new however, continue more equitable and, uniform in its progress'. If the 'stun ne cessary to be raised should exceed twenty-eight • pillions the advantages of the new plan t iu , point' of taxation, would be somewhat nitni nished ; but the reti:Option of existing debt would •_be accelerated, and the Sinking feud would increase more' rapidly; and opposite ef fects would of coarse ba.,prinluced, if the sums borrowed were diminished, or if they were ob tained at a "iiitc of interest below 51.-aier cent. This is' slieWn by tables, pointing out the et . ' feets of a soccession , of loans-bi - 25,000,0001, and of 12,000,0001. respectively, which prove thatia the. latter ease no taxes would Ire required, cept those provided iu the first year, till the ceta pete -redemption of time existing debt. It however, •reasonebly he hoped, that ev i ct) in tie event•of a continuance of the present rate of c::.- pence, the cessation of the imposition Of taxes for some years, ivould have a eonsid6rable effect In improving the existing revenue, and consequently iii lessening the amount to be borrowed. This has been in some degree experienced .even iii coat sequence of the' partial ;relief froM additional, - taxes, Nyhich has taken vlace since the year Isoq'.. It stioold also , be'remarked, that- such a saving of permanent taxes would create a comparative facility of increasing the'war taxes, if such m sure should be thought advisable,. as it probably nutybe in the event of 'an increase of expence, or even of any cons.ideraWe duration" of its pre sent arnonnt. How far this may be 'expected; it would. he rash to:decide, and the supposition of any particular sum :is assumed for illustration only, 'but it is by no means essential to the system it self, which will be found capable of being adapt ed - to every 'vari'ety of circumnstamtcc 'Which can be expected to arise. Iwthe event off peace, the Sinking Pilot!' would continue to accumulate at compound interest as at present, unless the :in conveniences arising from the too rapid ilitniriu don of the rate of interest, should inence Parlia ment to interfere by orderiug the stock pnreha-ed by Ow Cotrunislovicrs to be cancelled:- kH,I of interruption is not however .peculiar new system ; but must , equallF take phwe the present mode of redeuiption, whenevee r. sboni c i be found to be too rapid. tic Cl , O. the present mode of redemption sltooLi tic all serer{ to, such a ch•tage. whenever l it might • take place; Wapiti, lfawever, be attended with the di , advaotage of,appCaring to' he a deviation Inns the established prim eiples of the ;inking. Fund, we lumme in - the former it would obviously be a con sequence flowing froth them. In either ease it is • itiOily important that sufficient seenrity should he pi.e;erved for•the ultiootte redeinutiou of time debt within 45 years from its rcreation, , according to the provisions. of Ott Act of 1792. But the cipal advantage of the proposed plan; in time of peace; would be the facility of IZeeping is re 'serve the Means of funding a' large sum (suppose 190,000,0001.) as rt resource in case of the re newal of This Fund, which wouhi he formed in a few years- by the redecined stoi 4t!-.Mling in the triunes of. the Commissiutier,„ would be continually increasing, unless clicckek; hi the manner above mentioned ; and in no ease' should it be reduced - below such a sum at may be thought amplysuflident to support the confidence of the country at home, to maikain its nit y abroad: It would, indeed,* he . such 'a snre, as 'no 'other rr,t,tttry has 'ever possest.,d„ attr the first example cl an . immense accumulation of public property, formed without the impoverisb- . . ,ineot of any individual, or any embai-rassmea of the general circulation. For the sake:. lustratink this part 'of the subject,- tabW is an nexed, which slims the application of the plal to alternate periods of war and peace. it may'l. , -2 obSet ved,. in favour of this plan, that it is I liable than any other modification of the Sin: Ftind, to be abused as a precedent for enotoa_ • - meta upon it ; not only because it arisc,, of the principle of the Sinking Pilotl because it turas entirely:oti the application of stock 'purchased by the Commissioners, whic!L must, in any possible arrangement of the Fond, be cancelled, sooner or later,. the only' questient being as ter time and tncee. 7t, coui:- dering'thk subject : we must not forget that the great and ultimate object of the Sicking Fund is. to relieve the nation from the burden of tal , ;c:,: Which would be entailed up , on it by the indefinite exteniion of the 'public debt. It answers other collateral purposes of considerable 'importance but this is its . direct and immediate' object,. Nov, as it eaunotube less important to prevent the im mediate increase, of taxes, than to provide for their future possible redaction, that 'would teem to lie the 'best arrangement of a Sinking Fund, which, while it provided, for the ulyimate -distharge Oi debt within a certain moderate pitiott, fttiOrtied the earliest relief t o th e public, hunted the maximum of total charge Within the narrowest time, A RA. t rance a n d at the cunt r iimee, or at 114tted. Fnrfi face, atiair ht in gem ''') l tientell thonPi t th .eter Inng t -.'rely, nnl 1 to in the ~, l id he ose, 6 f afrair the st:ti :,!)oditton th It Iva , / 'LI ~n i o . f tin' fL Eft :tax. • • L "I Prop ZtnitCh aßsi s fp the f r ' l. 'is.tent Krr.ater te rt x • in « rgP4,lliy for' C u f Prore thr i „ ki 4x, 11x01nett141.11 rt tht °en mt • 1 1" ' ' the s• th 'hd Pkoi : r 4 411, iritib( ille 14, 4,l:Part Of I II r 4let tri 44 _ a 4 t t4 iw it e flu j o in .1 , 1, 1 ! for tr i 4..1/u; \vino' 114 ' 6 Nil • NI! 1 4 , , 14 /'Y p 1114 ); ,PrOVisi • ',NULL, at, Perlil... 411 Clit 4 `4 l i 411 bet tv ' f of the 74001 . t • 4r 4 " ( i of •se(t on i tv Sihki r4 Nir e natge ; 111,111;ed I Iv I ,' I its 1 0 179 c0 • r , 11 : 41 4 04 00t / I 10„;,71it T de ratie Op k!,