The Sun.
London, England, 1819-04-14 00:00:00

THE FUNDS.

EDITOR—The remarks respecting S'erleant
ONst.nw's Plan for the Repeal of the Usury Laws,
which yon were so good as to insert in your valu-
able Publication of the 16th instant, were chiefly
occasioned by the fear that that measure would
probably increase the present difficulties which the
money market experiences.
The considerations of this alarming subject in-
duced me to turn my attention to the state of the
Funds, and the influence they have in pro-
moting the difficulties so generally felt. For
some time past, the state of the Funds has been
worse than ticklish, it has been diitreisiirg and
alarming,. If-there was a reason in the latter pe-
riod of 1817 that Consols should be at 83 or 84,
what can be the cause of their falling to 73, as
they have done-,if decrease of expenditure, in-
crease of revenue, settled peace, a spirit of vio-
lence and insubordination subdued, mean any
thing, ought the Funds to have so declined ? No.
Yet they have l--The extraordinary boldness and
power of a party in the Stock F,7::change pro-
duce an ahsoltite rule of contraries in the price of
Funds ; when there appears to be a solid founda-
tion to expect a rise, they fall, and vice versa.—
I am satisfied that no man, 'who is not in con-
stant attendance on that scene of bustle and con-
the Exchange, can form any idea
whether the Stocks are likely to rise or fall ; nor
will these be able to form a judgment, if not
instructed by long experience, and nice obser-

vation.

The immense sums some speculators have raised
and provided for almost every needy Government
in Europe, and for America also, more indirect.
ly, have enriched individuals in this country to
degrees unheard•of in former times, whilst the
monied interest has thereby, in general, obtained
a sway, power, and consideration, exceeding all
other species of interests or resources, from
'whence the holders reap benefits. Clothed with
these great advantages, the man of monied
wealth doe 4 in no wise contribute to the hurthens
of the State in a proportionate degree with the
other classes of Society, since the Tax on Income
and Property has been abolished ; the only tax by
which he was driven within the circle of equal con-
tribution, according to his means, and his pro-
perty became tangible. This preferable character
orthis otherwise odious tax, on account of its in-
quititoriousness, and encroaching on freedom
and the privacy of society, cannot be mistaken.
The influence at present expetienced on the
Funds is an awful memento, well deserving the
Consideration of those who are deeply versed in
subjects of this ki4d, and whose superior duties
make it incumbent on them to watch and calcu-
late
consequences.

It appears highly probable, that those great
speenlatists in providing foreign States, are per-
fectly sensible of the difference in point of secu-
rity, the unshaken stability the British Funds
afford, both as to capital and the regular pay-
ment of intere4t, when placed in comparison
with foreign States, of any denomination what-

ever.

Whilst these holders of enormous sums in
these maw created foreign Funds, are, by every
means in their power, endeavouring .to transfer
these more hazardous engagements on other
shoulders, the low state of the British Funds is
highly favourable for them to invest the proceeds
of their French, Prussian, Russian, and other
foreign Funds, in the British Funds, as more pre-
ferable security, and it admits of little doubt,
when this is effected, that the same powerful in-
fluence which at present depresses our Funds, will
then be exerted to rise them as high as in 1811.
Chelsea, March 27, IPly. NEWLAND.