The Sun.
London, England, 1844-01-08 00:00:00

The ends of that scheme are the abasemea t of th"
value of labour, and the enhancement oft le value
of money. The money power enacted the Ot urrency
Law of 1819. The money-power clamours .for free
trade. The money-power placed the new po or-law
on our statute •book. Why, then, should the
Times support free trade, .mud the Currency Lkiw
of 1819—yet, denounce the new poor-lavv as a hideot's
act of injustice ? The new pool'-law is, doubte
less, a hideous act of injustice ; but it is not
more hideously unjust in' principle dm: n free trade,
and the existing Money Law. The Tames has de-
nounced the system under which females receiv e three-
halfpence for making a shirt. Such, however, are "the
terms" of the poor shirtmaker's "bargain," and the
Times declares it to be " a piece of rascality" to change
by legislation " the terms in which a bargain is
expres6ed." lire will, however, venture to assure
our Contemporary, that if the Currency Law of
1819 had never been enacted, the .new poor-law
would never have been heard of. It is, to no small
extent, moreover, the influence of the Currency.
Law of 1819 which has reduced industrio us fe-
males to the sad necessity of making shir is for
three-halfpence a piece. Yes ; the law which di-
rectly compels public and private debtors to redeem
their obligations in goid, fraudulently estin tated at
Si. 17s. 100. per ounce, compels, indirectly, .needle-
women to accept of three-halfpence in exchange for
the toil which is required to wake a shirt.

THE REVENUE AND THE FUNDS.
Unquestionably the most important fact that has
transpired for a long time past, as in all probability
it will beneficially improve the &lotus- of the Public
Securities, is the official announceeneut gazetted last
night, that the investments in aid of the Sinking
Fund are to be renewed. It cannot be said, however,
that the re-appearance of the Commissioners in their
box in the Stock Exchange, as takers of Stock, or
Exchequer bills, in diminution of the Neional Debt,
was an unexpected occurrence. The feeling an long
the moneyed interest for some time past tins been,
that the income of the country, though ma inly
derivable from the property and income-tax, wasuld
so far exceed the expenditure of the U reited
Kingdom, as to leave a considerable surplus ; ai. tat it
has been stated under this head, on previous Do-
casions, that the resumption of investments, in
dation of the Debt, would occur. It appears by
the notification from the Lords Commissioners of h er
Majesty's Treasury, that the surplus revenue of ti ie
United Kingdom beyond the actual expenditure
thereof in the financial year, ending the 10th of
October last, amounted to 908,5411. 1 ls. 91d. ; and
the Commissioners for the Reduction of the IsTational
Debt have been directed to lay out, in the quarter
ending the sth of April next, one-fourth part of this
surplus, which, adding interest receivable on amount
of donations and bequests, to be applied to the- pur-
chase of stock (3,4771. 12s. 10d.), will make aw ex-
penditure of 230,6131. Os. 9id. Of this amount there
will be appropriated 200,0001. in calling in Exchesquer
bills, and in the purchase of stock, 27,1351. 7s. 11
besides the bequest money. It will be remarked, that
the amount to be invested in reducing the Funded
Debt is small, but still, no question, a most favourable
influence will be exercised as regards the value of the
Funds, as well as upon the premium borne by EV
chequer bills. The sums to be laid out on each transfer-
day in the ensuing quarter (and the purchases will be
recommenced on Tuesday next), will be daily, in stocks
about 520/., and in Exchequer bills very nearly
4,0001. A pretty correct opinion may be formed of
the intentions of the Chancellor of the Exchequer, 113
respects the oft-rumoured intention of Ministers to
reduce the interest upon the Three-and-a-Half per
Cents., should the investments of the Government
brokers in aid of the Sinking Fund be made in the
Three per Cents., whether Consols or Reduced
nuities. It is now over six years since the annual
income of the country fell below the expenditure, and
when the purchases for the redemption of the debt
was discontinued. Ira many quarters the policy of
those purchases to redeem the debt is much quer
tioned, and at the present moment, when the subject
is likely to lead to muchcontroversy in and out 0i
Parliament, the followiu g- remarks, from a work
deemed of authoritylin such matters (Fenn's Compel'
dium), are of considerable in terest.
" The purchases of stock by'the Commisioners for
the Reduction of the Debt love been made at cow
siderable loss ever since the fir st establishment of the
Sinking Fund; the average raste at which Three per
Cent. Stock was created by the various loans Corr
tracted from 1793 to 1802 was 57 per cent. (as nearly
as can be ascertained), and the average price at will°
the Commissioners purchased the same stock durill
that period was 711 per cent. The purchases amounts
to 49,655,5311., upon which a loss ~was sustained
by
the public of 2,234,499/., being 41- pe r cent. Dail
the war, from 1803 to 1814, the avera,cce rate per Of,
at which Three per Cent. Stock was cis eated was 67,'
and the purchases made by the Comnaissioners °Ol,
raged 62/. The amount purchased was :i76,173,2A°;z
upon which there was a loss of 2i per cent., ansonn-4
to 4,404,8311., making a total of upwards o,o' 6,6000°V
lost by the nation during the period 179'3 to 1811
merely to keep the Sinkiag Fund in ope,tatien,
from which the public derived no benefit whateref'
Since the termination of the war the purchases by tha
Commissioners have been made at a much high,,ere.
price, and consequently the nation has to resPaY "`„,
stockholders from 30 to 40 per cent. more tba'll,
actually borrowed. This is the consequence 0 t
t
he
method of funding pursued during the War/ ,ed
errors of which have been frequently poisl,
out in books upon the subject, but unfl;
tunately not until the effects were felt.
is argued that had the loans been raised by t"..,
creation of stock bearing a high rate of interest, 11'
stead of by the creation of Three per Cents., the balled.'
fit resulting from a rise in the price consequent ilP°„;
the conclusion of the war, would have been eqll,6,''.
divided between the stockholder and the nation. "-Ls",
value of the capital would have been increased to t'ile
firmer, while the latter, by a fair reduction 111 tAt
rate of interest, would have participated in the pr the
The most important reductions in the capital of,g
Debt have of late years been effected by glto fe-
annuities on lives and for terms of years. The
duetion in the annual charge of the Public Debt.o;
been principally occasioned by the rise in the przci?
of stock enabling Government to reduce the interePos
The saving by the reduction of the Five and inter
per Cents. is 2,355,8451. annually, and were tvat
Three-and-a-Half per Cents. reduced, the inter 1•
payable on the Debt would be a saving of 800,010
a year more. Before leaving the subject it inaY,to
as well to remark, that the last purchases made by
Commissioners in aid of the Sinking Fund, %veto
made on the 29th December, 1837. In the spillroj
of that year the purchases daily were 552/. stock, of
about 5,000/. Exchequer Bills, making a total
et
27,0541. 18s. 9d. stock, and 250,000/. ExcheeliZer,
bills, laid out from October to the end of Decerob_,
1837. And it is singular that in 1844, the recoallo
mencement of the purchases in aid of the Sinking Fit of
should take place with an available surplus balarloeop
revenue over expenditure, for the quarter ending
to,
the sth of April next, of '27,1351.; that the dailY,P
chases for the next three months e. transfer 110
should be about 255/., and that in Exchequer
200,0001. are to be invested. The value of the TlllO,
and-a-Half per Cents. (of 1818), in which the lost to'
vestments were made by the Commissioners in 3r,
demption of Debt, was on the 29th December, l of
994, and Exchequer bills, with interest at the rated.
2Sd. per centum per diem, were at 455. to 475.
mium. Now, the quotation for the Three-all' or
Half per Cents. of 1818 is 1021, and of Excheloo
bills, interest reduced to lid. per centum per ltd..
675. to 695. premium. This is another forcible lob
merit in favour of a reduction of the interest. eeaea
A far better plan it is thought would be Md.
were the assessed, the malt, and other taxes re":, for
It is assumed that the income-tax will be kept °';,2et.
the three years, but at least the five and ten rfr„--,iet,
on taxes in general, laid on by the late reree-viefl,
might easily he taken off instanter, instead of "'vote
up stock at not far short of par, which was colltrt, (;1
for principally during the war, at prices ranging
to 30 per cent. lower.—Observer.

B
On the 29th ult. at Torl
qRTIIS.
uay, Devon, the lady °f wooly
General H. T. Roberts, C. 8., of Milford Lodge, near
ton, Hants, of a son, still born.
L.
On the 31st ult., at Glasgow College, the lady of P. of
Lusliington, Esq., of a son.
On the sth inst., the lady of Charles Johnston,
Claremont, Herts, of a son

MARRIED.f
On
ande r the 4thPoulden, Esq. , so inst., at St. Marylic's
itor, Fulh
Portsea, to tam, Alex
erios
Alex'fr.
Rankin, youngest daughter of the late Thomas Pears°l3'
WOn the 6th inst., at St. Pancras Church, Regina"- „
Mootham, Esq., of Montanna Cottage, Warulsworth-ri:j.tio'r
Margaret, daughter of the late J. Cowie, Esq., of St.
le-Grand

deer
DIED
at . Aleo- the
On the 17th of November, BellarY' Thoma, -;„, of -
Turquand, Lieutenant, Quartermaster, and Interpre.'-
0*
3d Regiment of Madras Light Infantry. old Pr
On the 20th ult., at Naples, the infant daughter of
late
Darby Griffith. „,., , %,(14 f
On the 28th ult., at Florence, W. Wansey, J'''' " l 0
de
of Hanger-lane, Stoke Newington. WO e,t
On the 2d inst., at Lymington, Henry WorseY, e-Adeo I'
le Major-General H. T. Roberts, C. 8., of Milford L
Lymington, Hants. o f StAs
On the 3d inst., Edward Colsill Edlin, Esq•' est,
grove, Mortlake, Surrey. (..„Dior.
On the 3d inst., William Cator, Esq., in `"--
il ri eP
Liverpool. 1 Aft'
On the 4th inst., at Aylesbury Ann, relict o
it)'
Hickman, surgeon, aged 88. '
On the sth inst., at Leavesden Herts, Samuel Aid,
the sth inst., at Highgate, J. Thomas, Esq; ,041.
On the sth inst., Mr. J. Bond, of Whiteehope.r ad'
On the sth inst., at Torquay, William Clark, Ditnee .-
On the 6th inst., Elizabeth, the wife of Mr. Lath--
head, of Lambeth. ...----".
.....--.... - —"ilia , °
-- nyo 4O
Lendon : Printed and Published by MIJRD,J,„ stein
No. 112, Strand, at The Sue Office, No. 11,70.
the Ceonty of Middlem, Monday, Januar 60 '