The Sun.
London, England, 1820-01-14 00:00:00

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SEVTNPENCV.

ment tithes from the withdrawing species. of
circulating medium,' viz. !bat pet lion. of the Fund-
ed Debt bought op by the Commissioners and in
their names lucked op at time when the.eircu-
hiring medium was otherwise diminishing. .For
as the produce of that portion of the National
"Debt has been abstracted from- the p.tynsent Of
foreign imposts and other State taxes so the Go-.
.vernment, it acts precisely .as if so touch capital
was withdrawn from commercial operation, anti
when accompanied-by a reduction in the price of
the' remaining stock, as we perceive has recently
been the case, if
.contracts the means. of general
purchases, whether of land, or of merchandize.
cc It is easy to foresee that this favourite system
eannot•be persevered in, unless competent prices
are upheld, beginning with the 'produce of the
earth, and the angfrrentatimi
,of .wages to the
husbandman. This . will necessarily induce ail
ineren,,e of wages to. the marntitaettirers; .whose
products-At ill consequ.eutilytisereurse-ili 'Vette. By
supporting adutinaie priers of labour, whethOr
agricultural .or manufacturing, the !while fonds.
likekvise be nutiotailied in a doe proportion
" iVe are not therefore to consider 'Govern-
ment as a principle of evil, FOnctandy drawing
the blood of the nation from the heart ; for the
State, iu tact, has little more to do with taxation,
than to be the target at which evety shaft of ig-
norance, vice, or malice, is {evened, and to suffer
whatever odium may attach to •t he system ; while,
fact',•it-is-ourselre6 ire ray, lAA
front ourselves that we draw, the means of sop...
port. All .that. the Government takes of this im-
mense mass' of evealth aS•it is called, is the sup-
port of 100.0r-150 thous,3l)(l,men in arms, or tut
prodtwtive labourers, exclusive of the Civil List,
and some ,minor•charges upon the -State. And
here it may be ,ntictssary enquire whether it
were better to keep 1-50..timusawi melt in nopto.:-
ductive labour, with. arms in their hands,-ready
to protect and defend the.Coostitrition, which,
with all its grievances, real or imaginary, is on-
tpiesiionably considered a blesingthroughotwthe
civilized , part at the globe, or to -re urn these
150 thousand -persons hack upon Society, at a
moment when it is difiiroit to supply with work
those-bawls ,whica are already out of employ.
" Tt:e able historian of the rise and tall of the
Roman empire lias.estimated that a country, be-
fore the introdnction.of machinery, cool!' con-
stantly support in otre.man in a hoinired. If
his calculations bet correct, our present protec-
tive force or standing army cannot be considered
excessive, taking into considerwion the Colonies,
which the Empire is called on to protect, whence
important advatitage.to the,Srate are derived, •

There exist four: impon ant poillicaterrors,
on wiljcii it is necessary to remark, and to which'
tke petit'liar attention of the public should be
the protedtion afforded to the Hogfish
creditor under the French• Government—the free
importation of corn-,,,the-currency, and the Sink-
, inp Fond. First, the-Government preferring to
receive payment from France for the French pri-
soners supported in this country during •f be war,-
which anionoted to donhle the sum claimed:l4 the
En:glish 'creditors on the French Funds, was,
doubtless,•an. impolitic measure; not in as much
as, two. pounds arc' better :than on;;, •fOr that is
obvionis.to•everyhut tendered-a ptri,i.;
cioos temptation for persons to speculate in fo-
reign-loans, by holding out-an'assorance•that the
nation would become a- sort, Of guaronteefor ;he
just fulfilment of French engag.ements, by making
the Stock-holders'Ohjeet's tit Stale consideration in
any limtore •negoeiation, 'provided their property
should again ne col,fiSeared. -I:Thin-lately, perhaps,
the .invesiuments Made in the French Funds may
not bentitavourable to the'English ; as that na-
tion, which borrows at large interest, like a
who takes up money by grabiing annuities, is
sore-to experience the ultimate inconvenience, and,
'in like manlier, a future benefit may probably re,,
suit to the Enlist) creditor ; but we want the
mpi'.al at home, the privation of which has al-
ready been generally anti severely 'felt in the mar-
ket. Secondly, the tree importation of corn is
:not to be viewed as a Party or Ministerial. mea-
sure ; for the Opposition supported the principle
as.strenuously as the Ministry. Indeed the Mi..
!dairy' seemed inclined to 'shut the ports,
,or to re-
t,mm let the importation to higher prices than thOse,
at wide!' they: were fixed—yet wished to avoid'
being driven to coercion, to repress the misguided
public 'opinion mvalneasure so much'in its con-
si*teitCes :to be 'deplored: • Tiii!dly, the retitle"
tiod of 'Currency, and' reverting to cash paymeuts,
are'oticktions*Which have almost excursively ori-
ginated with Opposition, the *Members of which
,are 'Moody clamorous 'with the Chancellor of
"-Exchequer, for time adoption of measures
t& bring about what - they esteem to be so de-
siratmle an object. The wonderful benefit to be
deiived*if on the ensuing; day the Bank were; to
pay in specie, noes. nut.so cleat ly appear ;—bocit
is'most ceitain that from, an undue cowl-1'406130f
the circulating medium, great check has' aheitly
been given to national itidusty, y, while much,ineon-
vertieuee has resulted' to indviduali fronitt yedeced,
currency ; and • should the proposed plan of re-
paying the Bank a further portion of the del
due tont Government, be cart led, into cxecutinn,
ItinlesS 'the like siute be' re-borrowed). it Must
cause 'great commereiarembarrassthent,, if it do
nut iuvolVe the' coutitry in a gyni•ral.,positive
ruin, Fourtlaly, the rood, hopes entertained of
the ultimate efrect of the Sinking Ftind with its
inetnnpetency to accomplish the object pro-
posed, ilo not exchisi.,ely.reit with Ministers;
for few can have 'forgotten •the congratulations
eZpres'sed by the Leader of Opposition to the
:Chancellor of the Exchequer, when he declared
his itoention *of adhering to that wi4e and,
st-
!t'trert• measure, as lie was pleased ..to term-the
b.nitsiog Loud',"

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