The Sun.
London, England, 1828-04-23 00:00:00

?UCH WATER. AT LONDON }MIDGE TO-MORROW.
Morning...2s minutes after 9. 1 Evening... 55 minutes after 9.

Treaty to continue in force fur six years, from the date of
the exchange of the ratifications, which is to take place in
nine months from the signing of the Treaty,—(June 16,
1527), or sooner if practicable.•

VIENNA, APRIL 10.
Illetalliques, 88 ; Bank Shares, 1,006 7-10.
APRIL 11.—Metalliques, 88 11-16 ; Bank Shares,
1,004.

Lord GRENVILLE'S Pamphlet on the Sinking Fund
naturally continues to excite discussion, and has been
• attacked by some of our cotemporaries, but the
opinions of that veteran Statesman, reviewing in
the calmness and sobriety of retirement the policy
of his past measures, and candidly acknowledging
that he has erred, are at least entitled to the highest
degree of respect. We have always laid it down
as an almost self-evident maxim, that we cannot
pay debt unless we have a surplus of income above
expenditure. This is the only real Sinking Fund that
we can have, and any attempt to pay one debt by
incurring another is quite illusory. Lord GRENVILLE
accordingly sets out with this principle, which is
now familiar to all those who speculate on such sub-
jects. He farther proceeds to explain that there
can be no direct advantage or gain in any operation
purely financial ; that when we pay off 100/. of debt
we merely exchange one equivalent for another, and
that out of such a transaction it is quite impossible
that gain or profit of any sort can accrue. His
Lordship explains this principle somewhat elabo-
rately, and at greater length than seems to be re-
quired, for it is quite clear, and has been long ad 7
tnitted; and we might refer to our own journal,
in which this doctrine was, in the course of the last
six weeks, laid down in as strong terms as possible.
No financial plan has in view direct gain or profit.
From the very nature and principles of such arrange-
ments this cannot be their object, which is merely
convenience. It may be more convenient, as every
one knows, to pay money at one time than at
another; and this is the principle that will be
found to pervade all the great transactions of the
State. When an expensive war occurs, it may not
he possible to defray all the necessary charges with-
in the year; this would impose too heavy a burden
on the country ; we have recourse therefore to a
loan, and we only impose taxes for the payment of
the interest. We gain nothing, it is evident, directly
by this transaction ; the only effect of it is to defer
the time of final payment, to ease the present genera-
tion at the expense of posterity. When on the
other hand taxes increase, and when we are afraid
of being overwhelmed by the continually accumulat-
ing load of debt, we resort to the contrary policy of
burdening the present generation, that we may lighten
posterity. This is effected by the establishment of
a Sinking Fund, by raising the supplies, or part of
them, within the year, or by borrowing on annuities
for lives, or for any limited term. The effect of u:1
those transactions is quite clear, and there is no oc-
casion at this time of day to waste one word to
prove that they produce no direct gain to the State
or to the country.
Lord GRENVILLE, however, proceeds a step further,
and seems to reason as if it could not be politic un-
der any circumstances to establish a sinking fund, or
to collect from the people any surplus revenue for
the redemption of debt; and for this reason, that we
merely, by such an operation, take capital from those
who employ it in active and productive industry,
where it rapidly accumulates, and divert it into
another and not more profitable channel. We thus pay
debt, no doubt, but the nation is not one whit the
richer,. seeing that we merely transfer capital from
one hand to another. This is illustrated by the case
of an individual who is engaged in trade, and who is
owing a debt, we may suppose of 10,0001. and pays
an annual interest of 5001. If this debt is not de-
manded from him, would it, it is asked, be advan-
tageous for him to withdraw money from his trade
where it is profitably employed to pay this debt ?
He would not improve his circumstances by paying
the debt; for when it was discharged, his capital
would be in this exact proportion diminished.
This reasoning is no doubt specious ; but it is not
duly considered that capital left in the hands of in-
dividuals may not accumulate ; it may be spent;
and that by taking it from them as a contribution to
the State, we secure its accumulation, and thus en-
force individual economy in order to counteract the
necessary prodigality of the State. If it were true,
as Lord GRENVILLE seems to suppose, that private ac-
cumulation would keep pace with public expence,
there would be no necessity for establishing any fund
for the redemption of debt. But this is so far from
being the case, that there is a necessary limit to taxa-
tion beyond which it cannot be pushed ; and this
limit we had nearlyreached at the close of the last war,
when we raised from the people a revenue of above
65 millions per annum, which was certainly the
most wonderful achievement ever recorded in the
annals of finance. Taxation had by that time en-
croached deeply, and was still further encroaching,
on the resources of productive industry. The
public expence was outstripping the progress of
private accumulation ; and it could not have con-
tinued many years longer at the same rate, without
serious consequences. Nov, does Lord GRENvILLE
deny the necessity of putting a stop to the indefinite
increase of debt ? Is it not clear that if the public
burdens are continually increasing, and are never di-
minished, that the co:►ntry will be at length over-
whelmed by the accumulating load ? If the growing
debt of ages be collected on the head of one unfortu-
nate generation how can they be able to bear it ?
We cannot go on to an unlimited extent forestalling
the wealth and industry of future tines. If we in-
crease the debt during war we must decrease it
during peace ; and Lord GRENVILLE surely cannot dis-
approve of this necessary policy. We know that
we do not this manner add directly to the wealth
of the country. But we enforce that economy which
is imperatively required to counteract time effects of
past expence, and we relieve the country from a bur-
den which, if allowed indefinitely to increase, must
terminate in national bankruptcy. We cannot con-
ceive on what principle this can be denied. It seems
to be almost self-evident ; and with the experience of
the last war before us, when all our resources were
strained to the utmost, when, in addition to optional
taxes, we were forced to have recourse to severe
direct contributions, it appears to us that the policy
of establishing a sinking fund, or in other words, of
procuring a surplus revenue, is prescribed in these
times of peace, as an imperious duty on the rulers of
the country.

TOWN COUNCIL.—The Admiral of Leith
informed the Council, that having, on the 14th instant,
proceeded to attend a meeting of the Commi,sioners of Po-
lice of Leith, he was again prevented from taking the
chair, and another Preses chosen, in direct violation of
the provisions of the Act of Parliament, and that he bad
therefore protested and left the meeting.—Edinburgh
Saturday's Post.

At the York Quarter Sessions, HENRY RAY
and ANN his wife were sentenced to six months' imprison-
ment, and a fine of one shilling, for cruelly ill-treating
HARRIETTE, the illegitimate child of HENRY RAY. The
case was an aggravated one, and excited disgust against
the prisoners.

SHIPPING INTELLIGENCE -(THIS DAY.)

FROM LLOYD'S.

DEAL, Amt. 22.—Wind S.W.—Arrived from Lon-
don, the Waterhen, Mulson, for Miramichi; Brazilian,
Colesworth, for Lisbon ; and George Canning, Kent, for
India.

PORTSMOUTH, APRIL 21.—Wind W.N.W.—Sailed his
Majesty's ship Procris, for Lisbon.
FALMOUTH, APRIL 21.—Wind N.—Sailed the Fame,
TslarroW, for New York.

DOVER, APRIL. 22.—The Swedish Galliot Agnes, from
Wickstrom, laden with salt, was on shore at Dungeness
yesterday, but is supposed to have got oft
PLYNIOUTII, APRIL 21.—Arrived the Four Sons,
Prouse, from Pernambuco. Off the Port, the Strenshall,
Dunning, from the Mauritius.

The John Wilkinson, from Jamaica, is supposed to he
arrived off Falmouth.

THE FUNDS--(THIS DAY).

CITY, TwELPR o' CLOCK.

This being St. Get:nes Day it is kept as a holiday at
the Bank, but the Stock Exchange is open for the transac-
tion of business. Consols opened at 85k, but soon after re-
ceded to 844, at which price hut one bargain was effected,
and they have since recovered to 85, buyers, the present
price. Tke decline which occurred early in the day was
occasioned by the doubts which were entertained of the
correctness of the reported delay in the Russians crossing
the Pruth, but this circumstance is now generally believed
to be well founded, notwithstanding the doubts which have
been cast on the truth of this piece of intelligence. India
Bonds are withont the slightest variation, and remain at
97 9 ; Exchequer Bills, ti 4. 5 pm.
The Foreign Funds are in a total state of stagnation ;
Greek appear a little better, being 16i 17k ; and every
other security seems to remain at nearly yesterday's prices.
Shares are without alteration.

Three per Cent. Consols, 85, buyers ; Ditto, for the Ac-
count, 85, buyers ; India Bonds, 97 9 pin.; Exchequer
61 5 pm.

TWO O'CLOCK.

Purchases continuing to be made in the Marlici fur
account of the Scotch Banks, causes money stock to be
extremely scarce; and finding a difficulty to procure it in
Consols, they have made their purchases, 70,000/., in
Reduced, at Sq. Consols have been alternately buyers
and sellers, at ; at present they are the former.

THREE 0' CL 0 CS.
Consols reached 851 -a, they are at present 8.51,
sellers; no news.

A requisition is handing about for signatures,
to authorise a general meeting of the South Ame-
rican Bondholders, to take place in the course of a
few days.

FOUR O'CLOCK.—CLOSING PRICES.
Consols 851 Danish 59i-

Do. for Ac 851

Greek, 1825

Braz-ilian Bonds Mexican, 1825
Buenos Ayres Pernviau
Chihail Do. Russian 881
Columbian, 1824 Spanish, 1821 11 a

ANNIVERSARY OF HIS NIAJE‘TY'S
BIRTH-DAY-(THIS DAY.)

This being St. George's Day, and also appointed for the
Anniversary and celebration of his Majesty's nativity, the
morning was ushered in with every demonstration of joy,
by the ringing of bells and displaying of flags from the
steeples of the different churches. Notwithstanding the
unfavourable appearance of the morning, at nine o'clock the
Mall in St. James's-park presented an animated sight, by
the assemblage of an immense throng of spectators. A
strong muster of Foot Guards, consisting of four detach-
ments, all flank companies, from the three Regiments of
Guards, formed in line on the parade, at ten o'clock,
dressed in new clothing and white trowsers, accompanied
by their full Bands, wearing their State liveries of scarlet
and gold. The scene had a most pleasing effect, and the
music excited much admiration. The word of command
was given by Colonel Clitheroe, of the 3d Regiment, who
furnished the King's Guard On fie occasion ; the Field-
officer in brigade waiting. Among the General Officers
noticed on the parade were—Colonel Macdonnel, Colonel
Bowater, Captain Bentinck, &c.

After the Detachments had gone through their different
evolutions, they marched from the Parade to St. James's
Palace, the bands playing many delightful airs, and fol-
lowed by an immense number of persons.
On the Guards arriving at the Palace, the three bands
struck up the national air of " God save the King," which
was executed in fine style, and had a most sublime effect.
During the relieving of the different Guards, the bands al-
ternately played favourite airs from some of the most po-
pular pieces. The Coronation Anthem was greatly ad-
mired.

At one o'clock the Park and Tower: guns fired a double
royal salute on the occasion, and every
.preparation
making for a grand illumination in the evening.

THREE O'CLOCK.

The bustle anti crowd in the neighbourhood of St.
James's at this hour exceeds any thing we ever before
witnessed on a similar occasion. The whole line of Pall-
mall is filled with a dense crowd of pedestrians, and in the
immediate vicinity of the Palace, the eagerness evinced
to witness the, equipages is so great as in some degree to
endanger the lives of his Majesty's loyal subjects. The
carriages, up to this late hour, are arriving without
intermission. Some of the equipages are of an extremely
❑ovol and splendid character, but tie lateness of the hour
prevents us from particularising. We have heard of no
accidents, nor of any offences, except the transfer of slivers
handkerchiefs, purses, and watches from the pockets of the
owners to those of the light-fingered gentry.

LAW INTELLIGENCE.-(THIS DAY.)

COURT OF CHANCERY.

In consequence, we understand, of the late accouchement
of Lady Lyndhurst, the Judges, Masters in Chancery, and
King's Counsel took breakfast with the Lord Chancellor
in Lincoln's Inn Hall, instead of at his Lordship's house i❑
George-street, Hanover-square, and immediately proceeded
in State to open their different Courts.
The LORD CHANCELLOR took his seat at Westminster
a little after one o'clock, attended by the Master of the
Rolls, the Vice Chancellor, Masters Cox and Stratford,
and after hearing a few motions of course, his Lordship
rose to attend the Drawing-room.
The Court and King's Counsel appeared in their full
Court dresses.

Among the different equipages we could not but notice
the beauty and elegance of his Honour the Vice-Chan-
cellor's.

VICE-CHANCELLOR'S COURT.

lliy lioxourt took his seat on the Bench at one o'clock,
and disposed of a few uninteresting motions. Lady Shad-
well, and several other ladies, were in the Court.

PREROGATIVE COURT.
INGRAM •V. WYATT.
This case was argued last term, and the details of it
are familiar to the publie.
Sir JOHN Nictiott. gave judgment this day, setting aside
the will of the late Mr. Clopton.