Star.
London, England, 1819-12-20 00:00:00

LONDON.

MONDAY, DECEMBER 20, 1819.
THE FUNDS.
PRICE OF STOCKS THIS DAR AT ONII O'CLOCK :
• Bank Stock 2131
'3 per Cent. Reduced 661 66
3 per Cent. Consols shut
•
3i per Cent. •
4 per Cent. 83{
per Cent. Nairy shut
Bank Long Aanuities 17 5-16
India Bonds 3s. 2s. dis.
Exchequer Bills (2d.) 7s. 6s. dis.
Conunercial 28 29 discount
Consols for Acct. 67*i.

The idea suggested• of paying off the National
Debt has, we think, been completely misunderitood
by some of our cuntensporaties. It has been sup-
posed, that Mr. RICA RDO, in stating that the Fund-
holder should not be paid at the full nominal amount
of his Stock, meant to recommend paying them off at
some arbitrarily assumed low price—say at forty fnr
the 3 per cents! But all that Mr. RICARDO, or any
one who advoiates the plan, means, is only that the
Public Creditor should not •be paid one hundred
pounds for what cost him only (say) sixty or sixty; five
pounds ; but be paid at the fair market price—not
at an advanced artificial value, affected by stock-

jobbing mancsuvres, in contemplation of the measure.
In a word, that the real value of the Stock should in
settled by an av'er'age,, for a period not withiit
vortex of any jobbing, performed with a view:4,las
fixing of this value. And here it may be suggeifed,
that the most equitable way that perhaps could be
suggested for fixing the value of the Stock, would bp,
by adding a certain number of the loans of the last
twenty Tears together, and dividing the Stock thus.
created, by the real muney received from the lenders.
By such a mode of settling 'the value of the Public
Debt, no injustice would be done by the State to the
Community, however it might affect some indivi-
duals; and general justiceis all that can possibly be
aimed at in such a• measure. As to paying £lOO
sterling for £lOO three per cents, the idea is prepos-
terous. Perhaps the simplest way of all would be
at once to con.ider legal interest as the fair standard
of Stock value, and to pay off the 3 per cents at
sixty—and so of the others.

Every thing that can tend to throw any light on
this'momentous question deserves the most serious
consideration; and therefore we hesitate not in re;.
'Commending to the attention of our Readers the
'Essay of R:HEATHFIELD, Esq. entitled " Elements
of a. Plan for the Liquidation of the Public Debt."
He adopts Dr. COLQUHOUN'S estimate of the private
property, of the kingdom, and proposes a fifteen per
cent. assessment on all real property. • Considering
the Funds in this light, fifteen per cent., from the
Fund-holder, and the unfunded debt would instantly
relieve us of ..01.24152,982
And the Private Property, estimated•at
L'2,500,000,000, would be 0375,000,000

Total , £500,152,982
But he proposes to allow the Landowners and other.
Proprietors ten years to pay their quota. by instal,
ments with interest. The debtwould thus be reduced
•to about 350 millions, which, including life-annuities
and charges of management, would net require 14
millions a year of taxes—relieving the country fro=
36 millions yearly.
How desirable -such a change in the circuntsfances
of the country! But, if such a gigantic effort is at-'
tempted, we would say, wipe away also the 350 nil.'