The Sun.
London, England, 1829-01-01 00:00:00

I

FINANCE.

It is gratifying to find, by the concurrent testi-
mony which is to be met with in various respectable
quarters, that the finance of the country is gradually
tending towards a more healthy condition. The Fi-
nance Committee has done infinite good, if only for
hating exposed the fallacy of the " dead weight,"
and a sinking fund artificially created—that is to say,
not arising fairly out of a surplus revenue. The esti-
mate formed by the more intelligent members of the
Finance Committee on the subject of the revenue and
expenditure of the country is in substance this :—that
during the year 1827 both nearly met, there being
He material surplus, and consequenely no sinking
fund in that year; that during the year 1828 the
productiveness of the revenue has received a decided
impulse, so much so, that there will be found a
surplus over expenditure of '2,000,0001., and ano-
ther million being derired from the last payment
of the Bank on account of the " dead-weight,"
that there may be fairly said to be a real sinking-
fund of 3,000,0001. in operation fur the year 1828.
Taking a prospective view of what is to happen in
finance in the succeeding two years, 1829 and 1830,
and assuming that the improvement manifested
since 1827 will go on in the same regular peogres.
Sion, the Committee expect that the year 1829 will
yield a clear 3,000,000/. to the sinking-fend, with
probably a rerniss;ea of 1,000,0001. in taxation;
and that in the year 1830 (that which was the
ignb fatnus of Lord Liverpool, Lord Bexley, and
Lord Goderich) a sinking-fund of 5,000,0001. will
rely be found to exist as a surplus of revenue ever
expenditure.

To realize these expectations, however, there
must arise a combination of very favourable circum-
stances, No more such mistakes in finance as the
creation of the " dead weight" scheme must be com-
mitted ; there must be no war, nor any commercial
or banking panics to disturb and unhinge the whole
Nystem of money transactions. Neither must any
Minister lend himself (as Lord Bexley did in •1822
to the agricultural interest) to any class of the com-
munity in affording them relief at the expence of
every other. To that one error it is probable that
the mania of 1824, with the panics that followed
it are mainly owing. An outcry of distress ,among
the agriculturists being then raised, a remis-
sion of taxes suggested itself as the only prac-
ticable mode of affording relief, and at last two
taillione was held to be necessary. As this sum
could not be spared from the revenue of the country,
the expedient was thought of to equalize the deed
weight charge by throwing it over a period of 45
years, on the calculation that within that space of
time the incumbents on it, in the course of nature,
will hare ceased to exist. In its effect the scheme
was fallacious, if only because it introduced loans,
end created new debt to fill up the vacuum caused
by taking off the taxes. A false notion of prosperity
got afloat in the country, the interest of the debt
was lowered, and the burden seemed to most men
on the point of being extinguished for ever, when
the convulsion of 1826 checked the career of pros-
perity, and opened our eyes to our real situation.
In the present position at which the country has
arrived, with respect to finance, there exists this ad-
vantage over all preceding periods,---that although a
very limited degree of prosperity is as ye(exhibited,
it is, so far as it goes, quite real and substantial. The
Sinking fund for this year is smaller than it ought to
be, looking to the expectations held out by Govern-
ment to the public creditor, at the time the various
portions•of the debt were created; but it is for once,
the first instance for many years, a fair surplus of re-
venue over expenditure, and not effected by money
borrowed with one hand to pay it away immediately
with the other.

The great feature of the revenue of 1828, 11.9 com-
pared with 1827, is the increase under the depart-
ment of the Excise—the test, as is generally ad-
mitted, of increasing comfort among all classes of
the community, which is so remarkable that the
whole surplus of 1828 over 1827 may be said to be
derived from that source. In every other depart-
ment the increase .or the falling off, for none have
remained stationary, nearly balance each other, leav-
ing the 2,000,0004 excess in the Excise, us nearly
as possible, the exact addition to the revenue of the
country. Had the revenue from corn been equal
this year to what it was in the last, the surplus, we
are assured, would have been greater than it is by
.500,0004 at least.

'e believe that it is not the intention of Mini-
sters for some years to come, to apply more than
3,000,0001. annually to the redemption of the funded
debt, hut the surplus beyond that sum is to be em-
ployed in reducing the amount of the debt due to
the Bank.

Early in the present year it was a favourite pro-
ject at the Treasury to reduce the Four per Cents.
in April next, but none are sanguine enough now to
entertain that expectation. The alarm, whether
justly founded or not, respecting the calling in of
the provincial small notes, with the shock private
credit has received by the failure among the bankers,
are perhaps in themselves insurmountable obstacles.
At least another year must elapse, in the opinion of
the members of the Finance Committee, and their
present expectations as to the improvement of the
revenue be fully realized, before any such measure
can be attempted. When it is effected, however,
provided ahe system laid down by the Committee is
persevered in, it will be fairly accomplished by the
increasing credit of the country ; and not, as in
1822, by dishonest expedients tending to produce a
temporary and artificial abundance of money.
The reduction of the 4 per Cents. to 3f per
Cents. would produce a saving to the country of
about 750,0001. annuidly4 but that the ern does
not conic into the calculation the Finance Com-
mittee have formed with regard to the future in-
crease of the revenue. They will probably recom-
mend, therefore, when it occurs, that the whole
shall be remitte4 in taxes.
There is one item in that calculation of which few
people are aware, and which is too curious to be
pissed over without notice in a summary of this na-
ture : it is one of the good points in the resources of
the country, which was first pointed out and ex-
plained by Lord Bexley, The item alluded to is
that created by the mere increase of the population,
and Lord Bexley, it seems, hai 'demonstrated to the
Finance Committee that this principle is adapted
ceteris paribus, to add 1 per cent, annually to the
revenue of the country. Thus, if it is estimated in
round numbers at 50,000,0001., 1 per ceut. would
yield 500,0001;
The- above outline of the state of the country
With respect to its revenee is. deduced from the
information of men who have devoted much atten-
tion practically to the subject, and who derive what
they affirm froth the beet sources. The chapter of
accidents is so wide, that the calculations thus
made may be easily disturbed by occurrences which
it is past the wisdom of man to foresee; but it
is also possible that events may happen even to im-
prove that calculation. Looking to Ireland alone,
if the present unhappy differences are removed, is it
being too sanguine to expect that the improved re-
venue frem that part of the United Kingdom alone
will at least equal what the Finance Committee ex-
E'et to realize from the gradual improvement in
England and Scotland P—Tintes.

WINDAOR, DEC. 31.—The King has in-
Vibrd the following distinguished personages, who arrived
this day at the Cale, and will have the. honour of dining
and passing the evening with his Majesty. Prince and
Princess Litven, the Duke of Devonshire, Dnke of Dorset,
Lord and Lady Granville, Mr. and Lady Geo!gine Ellis,
of Dudley, Lord Melbourne, Sir Frederick Lamhe,
earl and Conntesa Cowp4.-, Lord Fordwich, Lady E.
(2owper, and Earl of Chesterfield. The King's private
hand, in tlirir full uniform, are ordered to he in attendance
t'4 play daring the evening. His Majesty has not hitherto
',Nit out from the Castle.
Some time ago, the Lords Commissioners of
the Treasury were pleased to appoint John Hope Maclean,
‘'utitptroller and surveyor of customs, at Banff, vice Paton,
dqesNaEpecl ; and their Lordships have also been pleased to
'Ppoint William Swinton Maclean, comptroller and sur-
I''Ynr of customs at Kirkaldy, vice Miller, retired.—Ediit-
tuirh Pcior.