The Sun.
London, England, 1828-07-12 00:00:00

SPIRIT OF THE PUBLIC JOURNALS.

List night produced that which was once the sub-
Jeet of much interest, but is now little better-than a
squeezed orange, the frame of an exploded fire-
work--we mean the Budget—the chief matter of
which has been let off and exhausted in the course
i~file Session. One peculiarity, however, attends
e present exposition of the financial state of the
country. The Sinking Fund, in its old delusive
'on; is to be given up, and the excess of income
overexpenditure the only real sinking fund, is to be
applied to the redemption of the capital of the na-
.,`ionel debt. Mr. Goulburn says neatly, that there
is no other way but this, or to borrow a sum of
money adequate to make up the present surplus
(which he takes at 3,000,0001.) to 5,000,000/.-
4W is, money is to be borrowed, which will
create a new debt, for the purpose of diminish-
ing the old debt ; and taxes must be imposed to
PaY.the interest of this new debt, in order to relieve
Portion of those taxes which have been employed
in paying the interest of the old debt. If there
ever was an absurdity in political economy like this,
we wish to have it pointed out ; and yet this has
been the principle of our old nominal Sinking Fund
But if all that is now required by the reduction of
the national debt be the application of the surplus of
for
for that purpose, there surely can be no need
'or the continuance of Commissioners for the ma-
nagement of the Sinking Fund : all that apparatus
may be suffered to fall to the ground, and the country
relieved from the expense of keeping it up.—Times.

Mr. Brougham left town on Wednesday; and
We regret to find that the cause has been the posi-
tive order of his medical advisers to suspend the
course of his labours for a week or ten days. It then
became a matter of consideration whether he should
relinquish the sittings at Guildhall or the circuit;
the greater advantage of immediate relaxation and
of quitting London forthwith decided the question ;
but he is expected to be present at York on Sunday,
the 20th instant, for the opening of the assizes.
These facts, we suppose, will supply a rational and
satisfactory account of those movements which ig-
norance or malignity might otherwise endeavour to
explain in a different manner. The opinions which
Mr. Brougham uttered at the dinner given on the
repeal of the Test and Corporation Acts, and 11.5 s
speech and vote on the only important division
which has taken place since Easter—the office of
Lieutenant-General of Ordnance—are neither cal-
culated to endear him to a narrow Administration,
nor to open his way to an office under the present.—

The Budget used to be a very formidable affair
during the period of the war, when a continually
increasing expenditure called foßudget nigh t r fresh burdens.
Little can now be stated on the that
Is not previously known. The functions of the
Chancellor of the Exchequer are reduced to the
comparison of the revenue and expenditure of the
current with the preceding year, and to throw out
a few conjectures as to the probable increase or di-
minution of certain branches of Revenue. The
Chancellor of the Exchequerlast night, in his Budget,
calculated the surplus of income over expenditure for
1828 at 3,088,708/. But this, of course, would
have been less, but for the sums receivable on ac-
count of naval and military pensions. He proceeded
to deal very unceremoniously with the sinking fund.
" Re had no hesitation in saying that he had long
felt, and he was very sure that a strong and general
feeling existed amongst all who had paid attention
to the subject, that to borrow money in time of
peace in order to discharge a former debt, was a
measure objectionable in principle, totally indefen-
sible with any reference to reason, and which
created delusion without affording any substan-
tial advantage, or, indeed, any advantage what-
ever." One class, of course, derive advantages
from borrowing with one hand and paying with
the other—namely, the Gentlemen on the Stock
Exchange, who gain by the multiplied opera-
tions. It was observed by Mr. Ward, as a proof
of the wisdom of the plan of nominal Sinking
Funds, that it had been adopted by all the Con-
tinental Governments. He should have considered
it a proof of Mr. Rothschild, whose influence could
Probably have worked still greater wonders with the
Governments in question. It would be odd if
money dealers were to reprobate Sinking Funds. If
the nation has lost by the Sinking Fund operations
to the amount stated by Mr. Hume, the partiality
for it in a certain quarter need surprise no one. Sir
i!enry Parnell thought we should abandon the idea
of applying a surplus revenue to the extinction of
our debt; as, the less money was taken from the
People, the more rapid would be the growth of the
national resources, and, consequently, the more able
to support our burdens.—Morning Chronicle.