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

The ends of that scheme are the abasement
.of the
value of labour, and the enhancement of the value
of money. The money power enacted the Currency
Law of 1819. The money-power clamours for free
trade. The money-power placed the new poor-law
on our statute-book. Why, then, should the
Times support free trade, and the Currency Law
of 1819—yet, denounce the new poor-law as a hideous
act of injustice ? The new poor-law is, doubt-
less, . a hideous act .-of injustice ; -.but" it is not
more hideously unjust in principle than free trade,
and the existing Money Law. The- Times haS de-
nounced the system under which females receive three-
halfpence for making a shirt. Such, however, are " the
terms" of the poor shirtmaker's " bargain,"
,and the
Times declares it to be "apiece of rascality" to change
by legislation " the terms in whieh" a bargain is
expressed." We will, however, venture to .assure
our Contemporary, that if the Currency. Law of
1819 had never been enacted, the new poor-lary
would never have been heard of. It is, to no small
extent, moreover, the influence, of the Currency
Law of 1819 which has reduced industrious fe-
males to the sad necessity of making shirts for
three-halfpence a piece. Yes ; the law which di-
rectly compels public and private debtors to redeem
their obligations is gold, fraudulently estimated at
3/. 17s. 10-(1. per ounce, compels, indirect!y, needle-
women to accept of three-halfpence, in exchange for
the toil which is required to make a shirt.

TILE REVENUE AND THE FUNDS
Unquestionably the most important fact that has
transpired for a long time past, as in all probabil►ty
it will beneficially improve the status of the Public
Securities, is the official announcement 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 National Debt,
was an unexpected occurrence. The feeling..among
the moneyed interest for some time past has been,
that the income of the country, though mainly
derivable from the property and income-tax, would
so far exceed the expenditure of the United
Kingdom, as to leave a considerable surplus; and it
has been stated under this head, on previous oc-
casions, that the resumption of investments, in liqui-
dation of the Debt, would occur. It appears by
the notification from the Lords Commissioners of her
Majesty's TreaSury, that the surplus revenue of the
United Kingdom beyond the actual expenditure
thereof in the financial year, ending the 10th of
October last, amounted to 908,541/. Ils. 91d. ;' and
the Commissioners for the Reduction of the National
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 account
of donations and bequests, to be applied to the pur-
chase of stock (3,477/. 12s. 10d.), will make an ex-
penditure of 230,6131. Os. 90. Of this amount there
will be appropriated 200,0001. in calling in Exchequer
bills, and in the purchase of stock, 27,1351. 7s. 114 d.,
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 valueof the
Funds, as well as upon the premium borne by Ex-
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 stock,
about 5201., and in Exchequer bills very nearly
4,000/. A pretty correct op►nion may be formed of
the intentions of the Chancellor of the Exchequer, as
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 An-
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. In many quarters the policy of
those purchases to redeem the debt is much ques-
tioned, and at the present moment, when the subject
is likely to lead to much controversy in and out of
Parliament, the following remarks, from a work
deemed of authority,in such mattors (Fenn's Compen-
dium), are of considerable interest.

".The purchases of stock by the Commisionera for
the Reduction of the Debt have been made at con-
siderable loss ever since the first establishment of the
Sinking Fund; the average rate at which Three per.
Cent. Stock was created by the various loans con-
tracted from 1793 to 1802 was 578 per cent. (as nearly
as can be ascertained), and the average price at which
the Commissioners purchased the same stock during
that period was 718 per cent. The purchases amounted
to 49,655,5311., upon which a loss was sustained by
the public of 2,234,4991., bring 4} per cent. During
the war, from 1803 to 1814, the average rate per cent.
at which Three per Cent. Stock was created was 604,
and the purchases made by the Commissioners ave-
raged 628. The amount purchased was 176,173,2401.,
upon which there was a loss of 2i per cent., amounting
to 4,404,8311., making a total of upwarsls of 6,600,0001.
lost by the nation during the period 1793 to 1814,
merely to keep the Sinki 3g Fund in operation, and
from which the public derived no benefit whatever.
Since the termination of the war the purchases by the
Commissioners have been made at a much higher
price, and consequently the nation has to repay the
stockholders from 30 to 40 per cent. more than was
actually borrowed. This is the consequence of the
method of funding pursued during the war, the
errors of which have bee.) frequently pointed
out in hooks upon the subject, but _ unfor•

tunat-dy not until the effects were felt. It
is argued that bad the loans been raised by the
creation of stock hearing a high rate of interest, in-
stead of by the creation of Three per Cents., the bene-
fit resulting from a rise in the price consequent upon
the conclusion of the war, would have been equally
divi led between the stockholder and the nation. The
value of the capital would have been increased to the
ft rmer, while the latter, by a fair reduction in the
rate of interest, would have participate) in the profit.
The most important reductions in the capital of the
Debt have of late years been effected by granting
annuities on lives and fer terms of years. The re-
duction in the annual charge of the l'ublic Debt has
been principally occasioned by the rise in the prices
of stock enabling Government to reduce the interest."
The saving by the reduction of the Five and Four
per Cents. is 2,355,8451. annually, and were the
Three-and-a-Half per Cents. reduced, the interest
payable on the Debt would be a saving of 80,000/.
a year more. Before leaving the subject it may •he
as well to remark, that the last purchases made by the
Commissioners in aid of the Sinking Fund, were
made on the 29th December, 1837. In the quarter •
of that year the purchases daily were 552/. stock, and
about 5,0001. Exchequer Bills, making a total of
27,054/. 18s. 9d. stock, and 250,0001. Exchequer
bills, laid out from October to the end of December,
1837. And it is singular that in 1844, the reeom-
menceinent of the purchases in aid of the Sinking Fund
should take place with an available surplus balance of
revenue over expenditure, for the quarter ending on
the sth of April next, of 27,135!.; that the daily pur-
chases for the next three months (i. e. transfer days)
should be about 2551., and that in Exchequer bills
200,0001. are to be invested. The value of the Three-
and-a-Half per Cents. (of 1818), in which the last in-
vestments were made by the Commissioners in re-
demption of Debt, was on the 29th December, 1837,
99, and Exchequer bills, with interest at the rate of
21d. per centum per diem, were at 455. to 475. pre-
mium. Now, the . quotation for the Three-and-a-
Half per Cents. of 1818 is 1021, and of Exchequer
bills, interest reduced to lid. per centum per diem,
675. to &9s. premium. This is another forcible argu-
ment in favour of a reduction of the interest.

A far better plan it is thought would be pursued
were the assessed, the malt, and other taxes reduced.

It is assumed that the income-tax will be kept on for
the three years, but at least the five and ten per cent.
on taxes in general, laid on by the late Premier,
might easily be taken off instanter, instead of buying
up stock at not far short of par, which was contracted
for principally during the war, at prices ranging 20
to 30 per cent. lower.—Observer.

A letter was received in Liverpool on Friday,
stating that Parks, formerly a constable in the Liverpool police
force, and well known on London-road, where his walk was
for four or five years, was murdered in Carmarthen by the Re-
beceaitcs, who threw his body into the river. He was a wry
resolute, daring man; was dismissed, some time ago, by the
Watch Committee, but subsequently was admitted into the
county constabulary in the Welsh disturbed districts. His
head, it is said, was literally smashed in PRESERVES
TIIE PROBABLE REASON WIIT DON'T
Kxzr.—A large supply of crushed sugar arrived at a grocery
establishment in Perth, a few days ago, from Glasgow, with all
the appearance of adulteration. Samples have been submitted
to chemical tests, but hitherto, we understand, without detect-
ing the peculiar ingredients of admixture. To appearance it
is some mucilage or starchy substance, giving the sugar a
peculiar clammy moisture, as well as smell. Suspicions of
adulteration in the same commodity, have been entertained
here for some time, not only in crushed, bnt in refined or lump
sugar. A large quantity of the latter having been dissolved,
by a family in town, previous to being boiled with. fruit for
jelly, was found to contain a large portion of glutinous of
starchy matter, but the exact ingredient could not be ascer-
tained.—Perth Courier.

A Pious PAGAN.—M. Dumoutier, a Frenchman,
has been " round the world," at the expense of his Government,
collecting skulls and casts of the various races of the great
family of man. Many savage tribes, attaching great sacredness
to the remains of the dead, were loth to gratify his scientific
cravings. One of the natives of a most ferocious tribe of the
Malays, of whom M. Dumoutier requested a skull, .tendering
him silver in exchange, offered to go and decapitate an enemy
immediately for him, and give him the skull, but would not
allow him to touch the bones resting in the tomb.
FATAL ACCIDENT ON THE RIVER.—Thursday af-
ternoon, as the barge Mary Anne was earning up with tbe tide,
heavily laden with coals, and with only one lighterman, named
William Gibson, on board of her, she ran foul of a tier of simi-
lar barges moored in the river, nearly'opposite to Somerset-
wharf, and the collision was so violent 'its to throw'him over-
board. No immediate assistance wes at hand, and ' conse-
quently the poor man, who has left a very large family, was
lost. It is a singular fact, that notwithstanding every effort
of the river police, accidents are continually occurying in this
particular part ottbe river. • -