The Sun.
London, England, 1847-06-08 00:00:00

Tftg SVNI LONOON, TURSOAY

the continued dearness in the prices of bread, and of
provisions generally, and that, provided we be blessed
with a fine summer, we shall be saved the repetition
of the national distress which has been so keenly felt
of late by the humbler classes of the community.

A short time since we alluded to the vast import-
ance of the subject brought forward by Mr. EWART,
" That a more direct system of taxation on property
should (as far as possible) be substituted for the in-
direct system (by Customs and Excise duties) now in
use"—and we asserted that the present system was
not only unjust in principle, but impolitic in practice
—not only inequitable, but inexpedient. The first
point, undoubtedly, that should be taken into consi-
deration, in a nation of upright and honourable men,
is the strict justice, the undoubted equity of
any charge, burden, tax, or impost, that is
about to be established or retained. We
must act with public faith to the national creditor,
and Gcn forbid that any cause should induce English-
men to repudiate the engagements of their fathers, or
in any particular to infringe upon the just rights of
the fundholder, or, by an unwise economy, to reduce
our national establishments below what is re-
quired for the public service, or in any manner to
impair or weaken their efficiency. But, in order to
come to a correct conclusion as to the manner in
which the necessary funds should be raised, it
will be desirable to consider the nature of the
charges that are to be provided for, and for whose
especial benefit these charges were created, and
whether there is any fund from which they can pro-
perly be defrayed. The chief items in the national
expenditure, amounting to considerably more than a
moiety of the whole, consist of the payments for the
interest and management of our national debt, which
for the year ending in April last amounted to no less
than 28,055,2021. 3s. 6d. sterling, and this enormous
sum will be further increased by the interest of the
8,000,0001. recently borrowed, and the higher rate
of interest payable on the unfunded debt. The whole,
or by far the greater part of this debt, was con-
tracted during periods of war for the protection and
preservation of the property of the country, and it ;8
therefore by the owners of that property that it
should be satisfied. No private individual would be
justified in charging the industry of his children with
any debt he might think proper to contract beyond
the amount of property which they should inherit
from him. Any attempt to do so would be treated
with well-merited scorn and contempt. Still more
absurd would it be, if he possessed large estates and
extensive domains which he desired to improves
and leave unincumbered to his eldest and favourite
son, while be directed his younger children to
pay all incumbrances which he may have incurred in
improving and preserving the property for their for-
tunate brother. Yet it is something nearly similar
that we are called upon to do. Enormous debts are
contracted, which should have been provided for out
of the property existing at the time they were
created ; but that property is handed down
unincumbered to the present possessors, while
the industry of the people—those who were then
unborn, and could not possibly have derived any benefit
therefrom—is to be burdened with the payment. We
cannot understand on what principle of justice this
anomaly can be supported. In bygone days but little
regard was paid to popular rights; the legislators
consisted altogether of the favoured class, and laws
were made for the benefit of their order, without
considering how deeply the " of eroX2s.ol" might be
affected. Of late years, however, there has been a
great improvement in this respect. Many abuses
have been reformed, and grievances swept away, a
greater amount of popular strength has been infused
into the National Councils, and there is now little
danger of any gross injustice being perpetrated. But
that to which we have alluded has become
" An aged vice, a grey iniquity."
We have submitted so long that the manifest impro-
priety of the charge is lost sight of, and the inhe-
ritors and owners of property would consider them-
selves very ill-used gentlemen if they were called
upon to provide exclusively for the interest of the
debt. It is, however, for the people to say whether
they will consent to a continuance of the system.
They have justice on their side, and they have also
the power of enforcing their rights. We have de-
monstrated that the twenty-eight million pounds
sterling, now paid by the indirect taxation of the
people, should in equity be provided for by the
imposition of a property (not an income) tax.
The remaining charges, in round terms, amount
to twenty-three million pounds sterling, of which
nearly seventeen millions are required for our army,
navy, and ordnance, and nearly three millions for the
civil list and our diplomatic and judicial establish-
ments, pensions, &c. A large proportion of these
will also be fairly chargeable upon the property, and
not upon the industry of the country, as it is for the
protection of that property and its more secure en-
joyment that they are incurred. We shall, on a
future occasion, show that it would be for the benefit
of all, without excepting even the owners of property,
that the national revenue should be collected by a
direct tax on property, in place of the present in-
direct system.

Madrid papers of the Ist inst. have arrived.

It was reported at Madrid that the Spanish troops
had entered Portugal, and that after some skirmishing
with the troops of the Junta, they had succeeded in
reinforcing the garrison of Valenza de Minho. The
Government, however, had received no official intelli-
gence on the subject.

The finances of Spain are, according to the Faro, in
a wretched state. That journal says—
" The woeful state of the public treasury is at every
moment aggravated, and a financial crisis is daily to be
dreaded, which may entail fearful consequences. The
collection of the revenue is in a truly deplorable condi-
tion. It is with great difficulty that in each month half
of what was collected in the preceding one can be pro-
cured. Owing to this falling off of the receipts, the
State's resources are considerably declining, and, as we
had anticipated, the Bank refuses to make up for the
deficit. The half.year's interest on the Three per Cent.
Debt, amounting to about 43,000,0001., falls due on the
Ist of July next. The expedition to Portugal must cause
a considerable expense; and, lastly, the Government
must find means of paying the clergy a third of their
dotation, which they have but too long been waiting fur.
How are all these demands to be provided for? How
are such difficulties to be overcome? The half-year of
the current service will also be due a month hence; and,
under such critical circumstances, recourse must be had
to anticipations which can only be obtained by sacri
ficing some rich branch of the revenue. Thus advances,
mortgages, and contracts succeeding one another, the
best and- most certain portion of the public resources
will be consumed end devoured in advance, and our en-
glgements will by ao possible means be fulfilled. The
future, therefore, looks more sad, gloomy, and distress-
ing than ever."
It is said that General SERRANO is ill with fever.
The POPE'S Nuncio is endeavouring by every means
in his power to make himself popular in Spain, and
expesses himself much gratified with his reception.
There have been food riots in Grenada.

Queen CIIRISTINA left Naples for Rome on the
30th. She goes from thence to Leghorn, where she
is to embark on board the French steamer Panama,
for Toulon. It is said she has requested permission
to return to Spain. According to the Clamor
Publico, attempts are making to corrupt the army
and seduce them from their allegiance to the QUEEN.

MADRID BOLSA, JUNE I.—Three per Cents., 29i
money, 30 paper; Five per Cents., 18/ money; Debt
without interest, 5j- money, 6 paper; Coupons, 15
money.