The Sun.
London, England, 1826-09-15 00:00:00

FUNDS-SINKING FUND.

TO THE EDITOR OF THE SUN.
St R-•-. 4 am one of those who think that expediency
requires that a fair regard to the justice of the case
sill sanction, the project, so much discussed at the
present moment, that the Public Furids, secured and
guaranteed as they are, should no longer enjoy ex-
emption from those direct imposts which have hitherto
been assessed exclusively on land and houses. I
differ, however, Mr. Editor, from you and others,
who think that the Poor Rate is the burden 'which
ought, preferatly to any other, to be shifted from the
shoulders of the landholder to those of the fund-
holder. All practieal men seem to be of opinion that
the mischief of the Poor Laws is not in the principle
but in the administration of them ; and some recent
writers on the subject,who have drawn their knowledge
from experience, seem to me to have established this
point beyond the necessity of any future question or
controversy.- The law seems also to have contem-
plated this view of the matter, and has confined the
distribution of the Poor Fund to those from whom -it
is levied, as to that sort of stewardship which, is more
likely than any other to be faithful and vigilant in ad-
ministering. it.. It would, therefore, be contrary to
experience, and to all sound views pOlicy and legis-
lation, to raise from one body of men a large revenue,
and consign its administration to another, who could
not be expected to be properly interested in the econo-
mical distribution of it. -The Poor Rate is also, I
fear, as far as habit, necessity, and legal enactment
can make it so, a permanent impost, while the fund-
holders are the most fluctuating of any body of pro- ,
prietors that I. am' acquainted with. As far, then, as
the Poor Rate is concerned, we have no resource but
to leave it as we find it : as it has its origin yin local
necessity, it must be collected locally and distributed
by local agency.
But I do not mean to .confine myself to starting
difficulties to the execution of a project which I am
among the first to think necessary, and, if I read aright
the signs of the times,-not far from its accomplishment.
No ; I, like yourself, am not without my remedy for the
financial disease which afflicts us, and I think you will
like my suggestion, when I tell you that it is to deduct the
Sinking Fund, whatever it may be thought proper to
make its amount (per centum).,_ from the dividends
iayable on funded property. You will see at once
'iat some of the first principles of good financial legis-
tion recommend this scheme. 'The mischief bears

its own remedy—the poison carries its own antidote.
If the stability and vahte of..funded property depend,
on the existence of an expensive machinery for, its
gradual redemption, • why should not that expellee be
supplied by those who arc exclusiVely benefited by it ?
The land bears a variety, of burdens from which
other property is exempt ; and it would be no boon,
but an act of justice, to free it from a burden which it
cannot.but think odious and vexatious, as its object is
to give a fictitious value to ,a rival which it has always
had the mortification of seeing treated with the par-
tiality of acknowledged favouritism, and petted like a
spoiled beauty. • ' •
Pray, Mr Editor, give insertion to this letter, or
turn this ursine progeny of mine into any shape you
like, and give it to the public, if you please, as your
own idea. My hope is, that, as yours is a Ministerial
Journal, though very fair and candid withal, and put
forth with .a good deal, of vigour and talent, my. sug-
gestion may. penetrate (where its author can 'never
hope to find himself) to the presence of some of those
who have kindly undertaken the charge of our na-
tional concerns; and who, if they are: the civil crea-
tures that I take them to be, and moreover, if they
find as much difficulty in squaring the national ac
counts as I do my private ones, will thank either yi
or me for the hint.
London, Sept. 10.

SENEX.