The Sun.
London, England, 1815-02-04 00:00:00

THE SUN RE VIE i'vr.

(No. LXVIII.)

R::FLECTIONS on the FINANCIAL SYSTEM of GREAT BRITAIN,

an 'l particularly of the SINKING PuND, written in France
in the Summer of 1912. By WALTER BOYD, Esq. Pp. 46.
Htitchard,

This Pamphlet,•remarliable as it is fob•, the time,
circumstances of its, composition, is
still more remarkable for the ability it displays in
treating the most difficult of -all subjects—the Fi-
nance System of this great Commercial Country.
t is a singular example of coincidence that while
BOYP was beguiling the heavy hours of cap-
tivity in writing this work, Mr. VANSITTART had.
.st ruck upon the same idea with a view to carrying
the plan into effect in the British Senate. Not-.
withstanding this circumstance, and the able eluci-'
dations of the principles on ivhich his new scheme
of finance syas founded in the Speeches of the
Chancellor of the Exchtquer ; notwithstanding
the distant date and assumed,data of Mr. BOYD'S
theory, his labours are well• entitled to the atten-
tion of 'the 'public and of all political economists.
Mr. VANSITTART'S opinions on_ this question are
-unfortunately mixed up with larger publications.,
.and not sufficiently accessible to the general
reader ; and this in itself- rendered a small de-
tached statement, like the one before us a great
deslderatum. But it is still mote recommended
at this period from the extraordinary aspect of
Luanda' difficulty presented to us by the 'Conclu-
sion of peace with all tbe,world. It--is extremely
robable that this state of affairs may lead to fur-
ther arrangements.and modifications of the Situ
ing Fund, and in this event we Clo not knoiV
-treatise that we could more justlyrecommend,t6
'universal consideration than' thesereflections by
Mr. !oyrio.

Without entering into
.theriurestigation of the
plan:they advocate, which wonld involve us in a
a length ;of argument and of figures not
very congenial with the extent-of our limits nor
the form of a Newspaper, and which is in effect
the,satne,with that brought forward by the CHAN-
CELLOR of the EXqIiEUUER, and so beneficially
acted upon ; we shall briefly notice that the na-
.
`lmre and operations of the Sinking Fund arc In-
cidly explained, and the thesis founded thereupon
inost ably supported by calculations less intricate
than we could possibly have expected from the
difficulty of the subject. It is truly important at
this moment to esainine how far the Country may
be relieved from the pressure of taxation by any
expedient which the accumulating force. of the
Sinking. Fund presents . and though we are far
from being of that extreme opinion which would
do nothing for posterity, because posterity has
Jiever done any thing for us, we are yet -selfisld
enou.,:li to wish any project to be adopted xi,hich
may lighten, by dividing, the burthen of these heavy
times. In this point of view the intelligence and
arithmetical demonstrations of the Author are of
great value, and will serve to simplify and eluci-
date any Parliamentary Discussions which may he
expetecl to occur very shortly. on this momentous
question.

Having thus shortly stated our sentiments re-
specting Mr. Boyn's production, and noticed our
reasons for abstaining from an analysis of its spe-
culations, we, shall close this lteview with a single
Extract from ;the introductory part, which dis-
rhys the sound sense of the Author, and is very
applicable to the inconsiderate clamour now ex-
isting conceroing the Property Tax.
," The sacrifices which a war of unexampled
duration and expense has required of this country
have indeed been immense; and they have 'been
borne with a 'Magnanimity ‘vhich is above all
praise. The same spirit which dictated this'ready
acquiescence in every financial measure, while the
War lasted, will, doubtless prompt an equal coin-
&lance with those measures which the conse-
quenceS of the vat- may still render „necessary.
The same. high-minded people, who shrunk not
from a wear expenditure on the most extended
scale that. 'ever 'the world saw, will bear without
a murmur, those burthens• which still may be ne-
cessary for the complete discharge of the debts of
every description which that war may have left
unprovided for. What these- borthens may be,
it is not- for one, now alMost a stranger in his
own country, to say ; but be is confident that,
whatever they may b, they will he supported
with all the readiness which Britons have ever
d:splayed in doing what their duty required to be
4iutle.

Superior,to all refinements of distinction be-
tween. one species of tax and another, they will
prefer those, of whatever denomination; against
nhich the fewest objections really eXist, and par-
ticairly thosi:> which experience has demonstrated
to be the most productive, and the least aivres-
re, to the great hddy of the people. Above
the we,tknes.s of .a griairel of words about %var
iind peace taxes, they will think only of the con-
tributions .which the public exigencies may re-
iinirc.; and, knowng- that these must be fur--
Dished, they %via cheerfully acquiesce in the le-
gisktive measures by which they may be esta-

This is -t;le language of judgment and-discre-
timi—let -it be set in -oppesition to the furious
baAle of Lord A Li.it mAa L'E, and the insanedeelara-
t ions of .Mr:CoxE, ,the.se patrician and plebeian
luminaries of Norfolk, and how truly cotitempti-
bie
wll one plain statement from a, rational and
ini'ormed mind make such party drivelling appear.
We wiruld advise these persons, as well as the
Puolie, to peruse this sensible Pamphlet.