The Sun.
London, England, 1807-02-02 00:00:00

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•ir first years ; and would: renaer theimposition
'lny new taxes unnecesvry during that period :
it seeMs desirable that the burthens should be
degree more equally divided. For this
'Dose, instead of taking the whole benefit of the
Piled Annuities in.the yezirs in which they suc-
fall in, the whole amount of taxes to be
• "'ml within the, last seven. years of the first series
`ThiY be more equally distributed, by an' Werage
'''ken on ii!ose se.v,,O years. Thus we ma 7 avail
'''.74=ti,es of 'the benefit Of such part of the expired

tl:lnuities as will be wanted for the first three years
"t that period, and in the fOurth and six other sue-
years—(viz. from 1810 to 18 i 6, both in-
""sisVe), we may take an average of the seven
ears, and raise an equal. sum annually by new
xes....
Jpoo this average of 'seven years, from 111'0 to
6, taxes annually Unposed to the amount of
93,0001. would be amply sufficient to defray the
''':crest and Sinking Fund of the Supplementary
.
;')iti's 'for the whole period. The *Stun is larger in
tirst'years than is necessary--but thereby a Sur-.
i'°,l3 is obtained which Comes in aid of the latter
efai6t to be. 'Produced by our being thus cm,
'!ltd if) continue the present Wat Expenditure for
(:,y4ears longer, without the necessity of resorting
any' additional taxation whatever, will; as we
said; afford great facility for such improve'.
!'lent of the existing Revenue as might in its rt-
..-')t either entirely preclude the necessity of any
'taxes in the succeeding years, or might at
diminish the amount required, even.
a ti below
com - paratively 'small sums suppOsed in this cal-
on'.

.
PrOviiion may thus be made for 'ten years con-
.`:.,q•
'tsince of the war, without imposing taxesin
,tri'on-e-year of that period to a greater amount
;fan '29,1,0001: And if Peace should occur.at any
'4l-lier period than . ten ,years, the
.burthens would of
'ourse be . Proportionably dithineshed ; no fartheY.,
''''ll-45letnentary loans • would be tequired -; the.
Nitions of War. Taxes then pledged woeld. gra-,
tiallv fall in ; those ; not .pledged might at once
"
, repea. , say what
114 be the future PeiCe Establishment. This
.il'aY ,erve, hOWever, to sTiew, that we can carry
!l' %Val- for a longcpserriod, and surely if we can carry
bit peace), since other re-
Zil jowar we,u
1111 d payreient themSelVes for affording ease
t allce osi ii w°financial OPerations. Should, however, the
)varbe. prolonged. beyond ten years, another arrange-
pieft presents itself, which, in like Manner, affords
t 4t! Means of continuing the war fdr.anether series of
years; With scarcely any addifibnal 'taxation.
' n the A-st 'establishment of
.the Bink,i,ng Fund,
'e , .. , ‘.
i'lligh it might hardly haie apPeaied necessary to
,;t,,"ke 'any precantrOfla for preventing the mconve-
4encies that may at a- future period arise froth
''.l#.! ten Opitt reduetiOn of the debt, .and too great en
'cumulation tit floating capital in the., Money /la.r-
-'St"t ' r with-- a view both to these ineonve-
ien'dieyse, 'and to the holding out a, pthirospeet of some
~htf to the Public froth taxes.. moderate
b`ittanee of time, the accumulatioTil. Of.-ntlEie Sinking
;IVA it compound interest bias limited to the ex
kat of 4,000,0001.
t.
, ~Different arrangements were, iiiinireve*, adopted
Pi this.subjeet in 1792, and in 1110'2. JAy the. first
tl. Sinking Fund of tine per cent. which was thetici
e-
‘,4,,ard to be provided for every new Loan, was
tf,-,14 accumulate at cduipolind . interest, until
ic whole of the Debt created by such new Loan
1.•, „Qt'icl lie extinguished. And by the second
.ar-
i"getn. t all the various Sinkitig Fundi existing
1,..1,-`2B.o.,2enwere 'consolidated, and the whole were
„' r„Propriated to accumulate at compound interest
%-;til. the discharge of the whole of the. Debt, :.sc?
'„Stin in, 12. 02: But the Debt oreated since
v, v 2, amounting to about 100,060,0061.. of nomilial
• Pi• tal; is still left subje& to the conditions of the
'-
0 di 1792, which provides for each separate Joan
.. ~ .
! Sinkini Fund of only One per tient. on the nominal
ltat',
t,, his postpones all relief from the public bitrthetis
i-' a very remote period, while it tends to throw
ii-iltch large and disproportioned stuni into the Money
,'aritert, in the latter years of its operation, as niay
oerfncluee a very dangerous dePt•eciation .of the value
1,-",' nlnney.
.Many inconveniencies might.alio arise
,-,°ol the sudden stop which would be put to the ap.:,
rieatiOn of those hums when the whole Debt should
t been redeemed; and from the do le.sa suddeti
it,,•
'nge in the price of all commodities which hulk
,i'')W from taking off at One and the same moment
3,14 es to an extent probably then much exceeding
t‘.1,?°0,0001. These objeaioni were foreseen, and
thecertain degree acknowledged, at the tiMe Wiled
47 Ad of 1802. was passed : And it was then an-
i-here mein it might be obviated by subsequent 'ar-
-ge .
h• It Would be desirable to remedy theie. incOnve-
CElces If it con be done Without injury to the Stock-
'ek!,de,rs, and without retarding the discharge 'of the
r,,.il,'g Public Debt beyond the period already pre-
-1)'.:,,,ed. by Parliament: This, it is conceived, may
iii,'"ii.„'eaed by rendering the operation of the Sink-
it';,' und more equal hi its progress, ly increasing
belfreisentpowersi and by diffusing over a great num.
eb-e-,,,e'1: Years those -extensive effeets which would,
i ve-,-riu`ng to the p're'sent iyiteni, be odufitied to the
ri `ast period of Its operation,
it is ... • •
Mina tenposed fOr this purpose to apply a Sinking
°f Otte
of
Five per cent, oaf the Money Capital, instead
pit p
o t t i
ot peri cent on the nontitial Capital, to a large
of the Loans of the first ten rears. In
purn for this advantage, when the present Sinking
aturirici shall have so accumulated as to be equal. in its
°unt to the interest of such part of the present
Debt_,...as shall remain unredeemed, the excesses of
cii,7 6utking Fund above the interest may be at the
shallshahParliament; 1, never be made available to such an extent as
t, (tiii,cteither prevent the redemption of a sum equal
8,14 e n9w existing debt, in as short a period', as the
s,,lt wuuld be paid off by the, operation of the pre-
, aov itstY..sten),- or postpone the final redemption of
,f4r that
.r!oaii beyond the forty-five years limited
'la}' aiiPiuneP
e hy the ~ a of 1792. Awl in this
~,,,:utr A Teased adva.ntage, is given to the S. iock-
flit,
re
. larger Sinking Fund will be applied to
~.,„..i,r, uetription of the present Debt. An amount
t,iitic.ll,
eto
.the. present Debt will be redeeined at a
till.,l.(,iirl'er Peritxl,' and an amount equal to all fu-
itt,,
ut,(9s to be raised aceurdiii., to this pkin during
..1,. :
.. muunce of the war, will, in any supposition.
'IV in the‘li'unds, always be redee:ued very

considerably within for Cy-five years froth the (114.4. p
the creation of every such Loan. Thus will Pari•!a.-
went be enabled to afford ease to the public;', and IT-
liefTroni taxtation, in conformity to the principle of
th'ilot of 1.756, without.:Violating, iu the stntflest
dttAree, the principles of the subsequent A62s of 179.2
and 1802, or trenching upon any right or interest
etijoyc,d.by 'the Public 'Creditor.

.
,The provision made for the first Series, Ts:inde-
pendent of any measures respecting the excesses of
the present Sinking Fund. These excesses will not •
bcome available in any re'spe& of the present Debt
till the beginning of 1817: the Debt created by the
new Supplencititary Loans `Must go to its natural
termination by its own Sinking Fund of One per
Cent. on its nominal capital, and cannot be available
until that period. And no excesses Ofthe,Sinking
Fund can be available during the War; but on the
return of Peace, there could be no obje&ion to the
consolidation 'of the War sinking Fund with the
Sinking Fuici,of the present Debt, and to the leav
ing at the disposal of Parliament the excesses of
such Sinking FUnd so consolidated above the in-
terest of Ole Mrar Debt, and of the present Debt,
which Weald in like imam* be consolidated for .
thii purpose.
These distinaions between Present Delit, War
Debt and Supplementary Debt) are, however, meant
to be preserved, only by keeping separate, accounts
of the payments Made from each of the' Sinking'
Funds ; in order that the operation of the plan may
distin&ly 'appear. But it is intended that in prac-
tice the whole of the present Debt shall 'be con-
sidered as forming one general Mass of Debt, with
the future War Debts and Supplementary Debts,
as they are successively incurred ; and that the dif-•
ferent Sinking Funds shall be applied by the
Commissioners for the Reduction cif the National
Debt, iudiscritninately, to the purchase of any part
of these.

This has hitherto been the benefii:ial practice; It
'affords to the Stockholder a more certain market,
and by consolidating the present Debt, which has a
Sinking Fund of Two and a Half per Ce-tiL with
the War Debt, which will have a Sinking Fund
of Five per Cent. (or more if the Futile, should
rise) the amount of the total Sinking Fund will be
raised, and thus the Debts and Stockholder will be
essentially benefited.
From this it will be seen that this plan .will effec-
tually provide for the i-re4ent ekpenditure durinz
the whole of the second series of ten years. With
respect to the present Debt, the excess of Sinking
Fund above interest, calculated on the present price
of Stacks, will become available in the year 1817 ;
but the whole of these excesses will not, on that cal-
culation, be wanted for the purpose of 'carrying on
this plan, even supposing the continuance of the
war fo the whole of the second series. A part
only need on that supposition be taken in each-
year, and the remainder will be carried, as at pre-
sent, in aid of tfie accumulation of the Sinking
Fund. The amount of such portion (if the Funds'
shiauld remain at t3o) would, in 1817, be. 853,3331.;
in 8, 'be g 60,0001. ;in 1819, be 1,466,6661. ;
in 1820,, be 1,333,3331. ; and so in proportion to
the rise tzr tall of the Stocks.

The resi) lt will tben-be, that no new Taxes whatever
Will be re,quired in the whole of the second series cf
ten years; and after a period of twenty years thus
provided for; no financial difficulties can occur for
if the Funds Should, in seven years from this tftne,
%•
rise to 73, the Sinking 'und, in 1826, would be

the adeptiOn of this sy.item, the War Taxes
will successively be mortgaged in portions of one
million two hundred thoUsand, one million four hun
dred thousand, and one million six hundred thou-
baud potitids ; each of which portions will .continue
payalj4e, in Peace as well as in War, for a period not
exceeding fourteen years frorri the date of its being
so mortgaged.
The whole of the War Taxes will in no case conti,
pledged.beyond the War. With the aid of the ex-
cesses Of the present Sinking Fund; Peace,-at what-
*ever period it may take place, must produce some
immediate and Conside'rable reduaion of those Taxes.
The excesses
.will be applied to release, in each suc-
cessive year, a part of the War Taxes pledged for the
inte'rest and Sinking Fiffo of the unredeemed War
Debt; by the very tiattire Of the operation by"
which the War Debt will have been raised, a fresh
Portion of thOse Taiei will alsO, in every Year after
the year 18W, tall itr by the redeMptiOn of their re-
SpeCtive czipitalS:
The release of the War Taxes will be much more
rapid if, on the return of peace, the Sinking Rind
of the War DehtS shall be Consolidated with the
Sinking Fund of the present Debt; and the excess
of those combined Funds shall be placed at the
disposal of Parliament for in this manner, even
after fourteen years Of war, above eleven 'millions of
the War Taxes may be immediately taken ost
while the rernainder will; in a very short time after,
be-liberated by the application of the excesses of the
cOmbined Sinking Funds.

With reipe6t to the Property► Tax we may ob-
serte, first,' that it will not be pledged at all until
after seven years ; even supposing so long a conti-
nuance of the present War. And, secondly, that
although after those seven years the Property Tax
will, so long as the War shall continue, be applied in
part to the purposes of this plan, yet, on the return
of Peace, the excesses of the combined Sinking
Fund Will, even on the most unfavourable supposi-
alWays enable Parliament to repeal the whole
of the PrOperty Tax within a very short time after
that event shall hate taken place.
' If instead of tills plan we Were to go on by borrow-
ing on the system hitherto pursued; that ig; bor-
rowing eleven millions a-year in addition to the 21
millions of War Taxei, the public would be' loaded
in 20 years with 14 millions• of new Permanent
Taxes, while by this plan, the Taxes cannot
exceed two millions.

It appears, therefore, first—That this plan will af-
ford the means of continuing our present exendi-
ture for three years from this time without any ad-
'dition to tbe present Taxes.
Secondly, That, at the expiration of those three
yelirs, if we should find ourselves under the necessity
of continuing the war even for seven years longer,
we may carry ow our present expenditure "for the
whole of those seven years, by imposing 293,0001.
only of new Taxes in each of those years.
Thirdly, That, in case of a continuance of war,
even for [Cu Vt.:4l"s loncrpr —4'.,...

. .
ditnre may be defrayed in those ten years-ztitlag4t any
41resit taxes 'whatever .
Four.thly:, That m late addition. will be
made, even bzthepresent year, to.the Sinking Fund.
T m hat,aoklptequal to the 'present Debt will be
sooner redeeMed ; •
That during, the'peril previotl.to such redemp-
;tion the proportion which the. Sinking Fund will
bear to tly.! Debt will.he larger . , . .
And that, consequently, the price of Stocks mp.st
be higher, both noNV and in future, that 4 it would
.Hoye been tender the present system, supposing all
other vircuotances the same.

Fifthly, That thoegh a pi\tt of the War Taxes
must be continued beyond the War, yet.thi'S burthen
will be rapidly diminishing every year after the
turn of Peace. .
Sixthly, That,there is no 090 Which can reason-
ably be supposed unfavourable as rit‘t tp admit of
the immediate release of the Property Tax in the
very first year of Peace. . .
And, lastly, That by a more equal distribution of
the powers of the Sinking Fund,: but without taking
any thing from the Stockholders (the value of whose
15roperty,will, on the contrary, be increased both at
i present and n future), the inconveniencies of ton
sudden a change in our financial Situation at a future
period will ,be avoided, and the beneficial etfigts of
the Sinking Fund conlint\ed throughout the.whole
period of its operation, by revertjng to the principles
on which it was or4Y,inallyestablAlskl,
But, perhaps the most important advantage of tfj
plan is to be!hund, neither in the present relief
which it afibrdsl;4 a season ofgreat and unprecedented
die4culty, nor -in the 'prevention of those future evils
which
.the unlimitedloperation of the Sinking Fund
must ultimately' produce;. Its principal benefit con-
sists-in the impression which will universally prevail,
When it shall be seen that without adytarther material
pressure upon the resources of the country) and by a
perseverance only in its atittialextttions, Parliament
now hn lsitself enabled to meet with confidence all the
exigencies of the present war, to whatever period its
continuance shall be necessary for maintaining the
honour and independence of the Empire. The power
of accomplishing this great and important work re-
sults from the combined etre& of two leading princi-
ples of Finance, that by which the Sinking Fund was
created and upheld, and that by which the \VarTaxes
were established, and carried, by successive auginerr
tations, to their present large amount. Both these
Principles have required it, their execution efforts of
great and laudable resolution on the part of Parlia-
inentand :the Poblic, and it is gratifying to have ar-
rived at the moment when the Country may now
reap`the full reward of the wisdom with which these
measures were adopted, and of the determination
with which they have been maintained.
It' it should be argued that all this Wan Is founded
on the supposition alat our revenue is not to suffer
any sensible diminution by the efforts of the enemy
to abridge our trade, by the exertions of our rivals to
undersll us in foreign markers, by the convulsions
of the. world, or by the necessity of withdrawing our
poptilation from produaivelabour to the use of arms;
the answer is obvious-,,tha these causes of dimi-
nished revenue would more fatally apply to the old
system than to the present plan. This unquestion
ably holds out the 'probable means not merely of
maintaining, !ant of increasing our trade, and conse-
quently our prosperity.
For, ist, It wall tend, by the smallness of the an-
nual Loans, and the addition to the Sinkiug Fund,
to raise the pike of Stocks so at. to give facility to
commertial accommodation.

2d. By the confidence which it will give in 0)6
security 6.1. British credit, monied mess of every
count& will more than *la be induced to trust capi.
tal in cur hands.

•
-3d. By being placed above the chance of further
taxation, we shall soon discover that all' produce and
manufactures ham reached their marzmum of price,
and therefore speculations.of every kind may be en-
tered into with safety. This also will tend to secure
us against any advance in our annuarexpenditure.
4th. fly the Nit and eltse whieli it will give to the
Government, as well a 4 the Parliaident, from the
difficulties of finance; we may expeEt such a vigilant
contronl in "very department, ooth of the receipt
and expenditure of the revenue, as will secure to
both an increase in the collection, and) what is better',
an economy in the consuniptiOn. are persuaded
that ttiuch may be done by an honest; active, and
powerful Administration in this way) and that in
the large and rnoit essential bratiches of.our revenue
and expence. We believe that the disposition
ex-
ists in th!.,! present
,Ministry to do it—and this ar-
rangeinent Will affbrd them the necessary time.
It is ii grand and, conipreherisive Scheme; and
mast have required long and laboriotit calculations.
There are an infinite nuniber of Tables prepared, we
undethtind, tci show the operations of the Plan in
various pointS of view-,-and such is the felicity of
the ideti, that it will turn out in every way, and in
eery possible state of the Funds, to be equally fa,
vourable to the intended results. .

These Tables will satisfy the most scrupulous arith-
metician of the accuracy, as well asil the simplicity
of the scheme : but they cannot be abridged, and
they are too numerous ter a Journal. They shew the
progress of the Plan for 20 years, and consequently
bring us far beyond, the period when the amount of
the Sinking Fund will be beyond the Annuities pay-
able on the present Debt: Fhien that moment, there
Can be no difficulty in raising the Supplies.
'The original suggestion Of this Plan, we hear, was
Made by Lord,GRENvILLn, and for the last six weeks
a number of the most able calculators in the King-
dorri have been confidentially employed in making
and verifying the calculations. It is truly ho-.
pourable to their character that a breath of it did not
transpite until Thursday morning last, when several
of the ntbSt eminent Monied Men in the City were
sent for to bowning.street, to have it submitted to
their inspection.—They expressed their unanimous
approbation of the principle, and their entire confi-
dence In its success.

We are happy in being able to state, on the
authority of a letter from Malmac, dated the i ith of
January, that her Royal Highness the. Dutchess of
BRUNSWICK has recovered from her late severe ill-
ness.

The Management of the Opera Rouse, it is said,
is not likely to devolve to the late, Mr. OooLu's bro-
ther, without some difficulties, as Mr. TAYLOn, the
former Proprietor of that Thsaoe, according to
port, has itgoitid big 41tenti9. of Osuttiing the di.