The Sun.
London, England, 1830-03-08 00:00:00

THE FOUR PER CENTS.

TO THE EDITOR OF THE SUN.

tshieit ,N—e
pt
erre scpeenettins.ghea prod red
of been circulated
ted
within these few days, which has gained consider-
able credit, allow me, through the medium of your
valuable columns, to offer a few observations thereon.
It has been stated that Ministers intend t,) give
112/. Consols Three per Cent. for every 100/. New
Four per Cent.; a measure which in itself would
be so iniquitous that no person upon mature reflec-
tion could possibly believe that it ever was intended
to be carded into effect. What would be the re-
sult ? A reduction of about a million a year, and
an increase to the national debt of about eighteen
millions. Imposing a tremendous property-tax of
16 per cent. upon a portion of the community, the
greater part of whom have it not in their power to
offer any resistance to such a measure should it be
proposed. A very large proportion of the New
Four per Cents., I believe more than half, is in the
names of trustees, who cannot, except at their own
risk, do otherwise than accede to the measures pro-
posed by Government. It would press particularly
hard upon those who, having had Navy Five per.
Cents. placed in the names of trustees, when they
shall obtain their majority some time hence, (and
who, consequently, could have had no controu. what-
over their estate,) will find that the reduction of
the five to four per cent. imposed upon them
a property-tax of 16 per cent., and by the present
one an additional tax of 16 per cent., making toge-
ther the enormous property-tax of 32 per cent.
Such a measure, therefore, I cannot for a moment
suppose, has ever been contemplated. The report
must have been propagated by some persons who
have their own motives for so doing, regardless of
the consequences that may ensue to those who give.
credence to it. That the state of the country de-
mands relief in every way that it can be possibly.
afforded, nobody disputes; that a measure might be
adopted which would prove of essential service, is
quite clear, but there would be a strong interest to
contend against. Yet we have a man at the head
of affairs who has proved that where he considers
a bold measure necessary he can and will carry it ;
although, perhaps, the sense of the nation may at the
moment be against it ; therefore, why should we
not anticipate that a measure for the immediate re-
lief of the existing distress will be brought forward.
when the state of the country actually requires it?
A property tax is, I firmly believe, the only thing
that will afford immediate relief. If it were put on
for the present year at 10 per cent., with the under-
standing that next year it would be reduced to 7}
per cent., and the following year to .5 per cent., it
would produce such a revenue as would enable Mi-
nisters to remove many taxes that press most heavily
upon the middle and lower classes of society, and so
give considerable and immediate relief to the com-
munity at large. All would feel the benefit of the
abolition of such taxes as might be taken off,
whereas the one that is put on would not be very
materially felt ; the very low prices at present exist-
ing will enable a man to make 901. per annum go as
far as lie could 1001. a short time since. Property,
not labour, ought to pay the heavy taxes, and they
should be imposed equally upon all real property.
The expence of collecting the new tax would be
trifling in comparison with the charge that is made
for collecting the present revenue; that is an item
in the expenditure wherein there might be made a
considerable reduction. The only just way to re-
duce the interest on the debt is to establish an effi-
cient sinking fund: one of five millions per annum,
as was originally proposed, would, if properly applied
to the extinction of Three per Cents., reduce the
interest on the funded debt 160,0001. annually, the
effect of which, in a very few years, would be of
great importance. The paltry and unjust reduction
of the Four per Cents. I confess I should be sorry
to see carried into effect, but I hope very shortly to
hear that Ministers will propose some vigorous
measures in order at once to ameliorate the distresses
which the country at present groans under.
I remain, Sir,
Your obedient servant,

Regent street,
March 8, 1830.

We have to announce the death of Lady
AUGUSTA Da Amin,Awn, which took place early on
Friday morning: Her Ladyship, it will be recollected,
was married in April, 1793, at Rome, and again at St.
George's, Hanover-square, in the December following, to
his Royal Highness the Duke of Sussax, by whom she
has left issue, Aucusrus, a son, and a daughter named
AUGUSTA. To dissolve this second marriage a suit was
instituted in the Prerogative Court, by which the mar-
riage was declared null and void in August, 1794. The
family name of her Ladyship was IllunitaT, she being- the'
fourth daughter of JOHN MURRAY, fourth Earl of Dun-
more, which she exchanged for that of Da MIRLAND, in
October, 1806, by Royal licence, out of respect to her
descent from that ancient famly.

SIR WALTER SCOTT.--The members of the
highly respectable and old-established Club House in St.
Andrew's-square, having admitted our illustrious towns-
man among their number by acclamation, in place of the
ordinary mode of ballot, resolved to add to the compliment
by giving a public dinner on the occasion. This entertain.
ment took place yesterday. Sixty members sat down to
dinner—Lord GILLIES in the Chair.— Caledonian Merc.
From a statement published in the Commer-
cial Journal of Amsterdam, it appears that the annual
consumption of coffee in the kingdom is 29,107,800 lbs.,
of which above 17 millions are for the southern provinces.
An extraordinary shoal of whales, to the
number of 60 or upwards, made their appearance on the
16th ult., off Correa- Linnie Loch, and continued
for some time floating on the surface of the water. The
inhabitants rowed out in boats,with the intention of driving
them into the Straits, when the whales became quite out-
rageous, leaping several yards into the air, and occasioned
the surface of the sea, to a considerable extent, to appear
similar to a boiling caldron. Several shots were fired a
them without any apparent effect,— Glasgow Free Pers.
THE NEW STREET PRONi WATERLOO-
BRIDGE.—The negociations respecting the ground which
would be required to form this street are still going on, and
we trust, for the sake of metropolitan improvements, that
they will terminate in favour of the proposed alteration,'
The Committee formed to assist Mr. Auxoto in the re-
building of his Theatre have suspended their labours
until the final deci,ion of the Commissioner/sof Woods and
Forests is known, and until they are able to ascertain what
sum will be given by way of compensation for the ground
occupied by that which has been destroyed. In the mean-.
time the subject seems to woupy the serious attention, of
the Government, uotwithstanding the objections which
may be raised in these economical times on the. subject of
expence. Since the proposals have been sent in, the Duke
of WELLINQTON, Mr. PEEL, and Lord LOWTHER, have
separately inspected the state of the ruins and the probable
onus se of the street; and we cannr.t entertain a doubt that
they, in common with all wlaa desire wide and healthy
streets and convenient thoroughfares, must have beeii
satisfied that the proposed opening from Waterkm-bridge
to the North load is a mast desirable object, it can be
accomplished at any reasonable cost. We tusderstand the
proposal at present under consideration extends merely to
a straight and uninterrupted commuAtiration with Long_
acre, through Charles-street and Bow-street; hut that
once accomplished, the remainder of the line presents no
expensive difficulties, as in the ease of the present clear-
ance in the vicinity of at, Martin's Church, which ad-
mits the blewings of light and air to one of the most
denscly crowded, and therefore, most unwholesome dis.
trio,ts of the metropolis.

lillEumArismi GOUT, COUGHS
t AND
CoLns.—Lifells, entirely Vegeble, discovered by th
Rev. C. CAnattiQrol4, Vicar of Berta eof hkeley, on Ma-
e jesty'a Deputy Lieutenants, Scc. for the county of Gloucester.
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my wife has experienced equal benefit from them.
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