The Sun.
London, England, 1819-06-08 00:00:00

reestaescs te' the country At that time were not
,rich as the Perliament had approved, brit
v seemed to he the most advisable in every
ef whether they rewarded itemediate
enrenience, or the effect upon the general finan-
cial -ystent. But the time was now come when
the Ilouse was called upon to decide evil a more
permanent and systematic more. It was stated
in the fifth resolution, that the Sinking Fund ex-
ceeded the sum. necessary to be raised for the ser-
vice of the year by about two millions only. This
st a'ement Bras taken front the returns of the rese-
teie in the two first quarters of the year. But front
the lith Report of the Finance Committee of last
tension, and the first Report presented this Session,
it would he found that in the first year of peace there
lead been a very considarable deficiency in the in-
come, as compared with the expenditure. In the
year ending the srh January, 1817, the expendi-
ture was 54,200,0001., while the income was only
51,300,0001. leaving a deficiency of 2,900,0001.—
This, however, teas made good by the arrears of
the war taxes, which had not then been applied to
ti e,pullic service. But if the revenue had stood
at what it,was in 1816, there would have been a
deficiency of above three, millions. In the fol.
lowing'year the deficiency was much less; In the
year ending sth January, 1818, the amount of
expenditure was 52,596,0001. while the income
was 52,320,0001. leaving a deficiency of little
more than 600,,0001. In the year ending the sth
January, 1819, the expenditure was above
52,000,0001 , and the income somewhat above
54,000;000h; learieg a surplus of income be-
yond the expenditure of 1,680,0001. For the
current year the Finance Committee took a still
:more favourable view, and estimated that there
would be a surplus of 1,900,0001. beyond the ex-
'peoditure. But he would ask whether this was
euch a surphis es ought, to he required to place
the country in the sioratiou which was revised
,Whether it ceuld provide for such an extinction of
the debt as would enable. the Nation to
meet any lettere emergy--7-whether it could hold
out to the public at large the prospect of being
speedily relieved fram a part of their present her-
dens'? tVith a surplus of no more than 2,000,0001.
it was clear that the country would always he
under-sm.:i restraint es would cramp its resources.
The improvement of the income to make it pro-
duce a greater surplus must be reckoned amongst
those measures which were of the strictest neces-
ecisty. This arose from the importance and ex.-
refit of its operation. And first, with. a view to
what was due to the public creditor, he knew no
measure which it was more incumbent on the
House to adopt. By the 'system which was adopt-
ed by Pat liament in the year 1792, on the iceoto-
nrendation of Mr. Pitt, it was proved, that for all
debts to be contracted in future, there should be
ati obligation to produce a Sinking Fond, which
would gradually operate to their extinction. From
tt.is system; however, it could not be supposed
that there was no obligation not to contract any
new Loan ; teat e could it be Mr. Pitt's notion
that animal
_loans must be contracted. If,
Isewever, auy such idea prevailed, he should
cenaider it' the tirSt duty of the House to
deliver the public from such a system.—
The present, surplus income of 2,000,0001. was
not such 'as could relieve the country from
the necessity of a Loan. But whether a part of
the Sinking Fond was applied to the service, of
the yt'art e';,:e'ber.a'lly ether arrangement were
toaee, still he woeld think that an•annual Sinking
Fund pttefive niillioree ,tairld-siroside such an itn-
pot taut means of reducing the:debt as must prove
very a4autagconsto the public credit. As yet
there e ere no means of judging what effect would
be prodoced by so great a se.rplus as tire millions.
There were, however, some eirceoustantes Which
might assist them in estimating the extent of its
operation. In the period from 1786 to 1792, a
Sink log Fund of one million had been provided,
and from the great effect which it produced, some
idea might be Wined of the effect which would be
produced by the five millions. The effect of such
au,iuctease to ;he Revenue in the present situa-
tiou, would be to raise the Sinking 'Fund of
five millions to eight millions. This would
he 'occasioned partly by the accumulation of
compound intetest on the small loan—partly
by the increase of income during the peace—partly
by the reduction of some of-the Funds when op-
pertunity should offer. He could not think that
he was vet y sanguine, when he thought great itn-
provetneet must
,take place in the revenue. But
when a clear surplus seas provided by a Sinking
Fund of 5,000,0001., it would be for Parliament
nom( to consider how they would dispose of any
for:her surplus ; and the public might then look
tee be relieved from a part of the Borden to which
they wet e now exposed. The immediate object:
then ot, the measure which he meant to propose
to the ;louse, was such an increase of the reve-
nee ss shohld produce a surplus of 5,000,0001. aps
['health. to the reduction of debt : and this would
olnaitriol by iticeeasiog the ',resew revenue to
the extent ot 3,000,0001. • By cc bat particular
ntean be intended to eccornplish this increase
it would be lot him to submit to the How'e when
the coosideration of the Ways anti Means came
before them. For the present, however, he must
say, that he ryas far front expectiog that the
House would sanction so considerable an increase
ot taxes asehrce trillions, without a statement to
chew that it was expedient and necessary that
such an addition shookd be made to the public
butalens. When such a statement was made, it
would he for each gentleman in this House to,
meke up hie mind as to its force. There might
be differences- of opinion as to the particular
:parts of the plat) ; for it by no means followed
that who approved it should approve also of the
details. All that he wished was, that the House
sheuid take such a view of its situation as would
induce icto make a great exertion. By what par-
ticular tax' this 3,000,0001. shoiddsbe raised, isles
a point comparatively of small importance. At
the setae time, he felt that a ;steal deal was to be
considered in determining opon the most fit ob-
jects for any increase of taxes. But when the
exertion was resolved ort—swhen the situation of
the cottony was found to be such as rendered
such a measore expedient, it would then be kat
the House to consider how the burden might be
apportioned so as to occasion the' least incoove-
The 'House might, hoWever, expect that
tee streuld new state what those alticies Were on