Star.
London, England, 1826-02-15 00:00:00

• -.• r. the
SiIIWA that tit; iienalans cl4rsolbii ifs. Stale hi
shaps a. bilf-pay, retirement, and suiterinhotilon,
although Mated ittoling lialy thousand civil and
turf functilinairfirt and perhipi a litindied
private soldietiaid Wrote, were obly in theii essence
and substance so mist+ National liebt, In the form of
Life annuities, and ihich might be redeemed ,or
commuted for, a definite capital or in equitalcnt an.

•
nuity for a term of years tertain.
Those life annuities exceeded the sum of five milions
a-year, and required a taxation to that amount for their
liquidation. And certainly no debt had ever greater

claims on public feeling and justice to be held sacred.
To content the several pensioner's by the allotment to
each individual of a specific capital, or which is the same
thing, by a given amount of stock, would, u:iin every
principle of reason and common sense, have been inexpe-
dient ; but still it was no less evident that a life annuity of
fire millions had a given and positive valuf.., which
might be convertei into national debt, either in the
form of a perpetual annuity or of an annuity for a

limiteJ term of years, each of which could 'be equally
saleable in the market in such parcels as should, born
time to time, raise the surds nece,sary to defray the
pensions,: Thus a Life Annuity of five millions might
be worth sixty millions in the three per cents. the

interest of which, in perpetuity, is only 1,800,0001.
or it might be worth an annuity for forty-four years
crrtain, of 2,800,0001. Now if the public should be dis-
posed to purchase either of those benefits in the oprn
marker, it is manifest that funds would be provided
wherewith to satisfy the pensions, while at the same
rime taxation could be remitted to an extent equal to
the difference between the perpetual or long annuity
before mentioned, and five millions a year.
Eiy an unhappy expression the naval and uslitary pen-
sions were ter meg by the la: e Marquis' of LONDONDERRY
a dead weight upon the nation, to distinguish them from
the ordinary expenditure of the efficient administration.
Hence the origin of the singular appellation by which
this financial measure is known. The Act of pulia-
rnent, as framed by Lord Baxtav, contemplated the
sale of successive portion of a definite Long Annuity
of 2,800,0001. in order to. relieve the nation from a
shorter Annuity of 5,000,0001. at a moment of great
distress ; and taxes were remitted to the amount
of the difference. His Lordship's successors, how-
ever, instead of carrying this Annuity to the Stock
Exchange, chose rather to offer a certain portion of it
to the Bank of England, sufficient to raise the sums
wanted for the first five years, wha thus became pur-
chasers on terms very beneficial to their own establish-
ment; and this is the transaction which is pronounced
by Mr. Atxx Bantmo, one of the most enlightened
and experienced men of our times, to be a clog upon the
Bank, and a main cause of the difficulties by
,which it was prevented from extending its circulation,
But this objection is so utterly at
,variance with 'anything
liks 'moo, mai 'We arelpiltsiat a loss to unifiestared
what conceivab:e principle it can be founded.. It can-
not be pretended that the Bank extended its issues in
consequence of this purchase, seeing, that if so, it might
at any time have curtailed its outstanding circula-
tion by a sale of a part of the Long A nuity so trans-
ferred to it by Government ; but, in fact, its issues
of paper have not in consequence of its connec-
tion with the " Dead weight," been extended at ail
Whatever the sums were which the Bank periodically
advanced to Government on. accouat of this contract.
so much was subtracted from the amount of its dis-.
comas to the Merchants, wheleby the extent of its cir-
culation in paper continued just the same as if no con-
tract with Government had ever exited.
After this simple statement of the transaction, which
e think very intelligib:e, it is not without surprise that
we observe even the enlightened Secretary of State for
Foreign Affairs is represented to have declared, that
he could nut understand the nature of the measure.

We have received the French Parrs of Monday, and
the Atoile of yesterday. The latter contains accounts
from St. PetersUurgh of the 29th of January, at which
time the capital continued perfectly tranquil. The
commission appointed to inquire into the [Ate conspiracy
had not made its report. The Grand Doke POISTAN-
TINE remains at Warsaw.

The Etoik contains tvici Royal Ordonnanees: the first
raises to the dignity of a Peer Comte de Gnaw:say
&Arm ; and the second contains a list of judicial ap•
pointments.
An article from Milo states, that a dispute had taken
place in Spezzia, between Captain Oapore and his
crew, relative to the diviiion of some prizes.

Accounts from Spain, state that some excesses had
been committed at Valencia, by the soldiers of an
Artillery Regiment.

This forenoon we received the illgerneineZeituqg of
the Ith instant, but It does not swain any political intelligeuce
whatever.

His MAJESTY, with his usual munificence, has, within
t►ese few days, transmitted one thousand pounds in aid of the Nods
for rebuilding ft. George's Hospital. The icing is Patron and
President of t►at Institution.

Kirio's THEATRE —List nikht, the third perform-
ance of 4' La hula del lags," took plice..!-Madime Canavan' as
Ellen, and Cantons as Junes were mach applauded, and the
" Aurora ali sergerai". of theiatrtr was encored. -Madame Coa.
NZGA (as Alaicales) sings to greater advantage in this opera tban in
the Crociuts—but her yoke is not sufficiently powerfully for the
Theatre. The new Divertissement and, Ballet were as usual very
effectivei and the •wlfole performancd went off with infinite
Yesterday' morning' Prince LELIPOLD lrtt town for
Claremont. • .
Prince LEOPOLD ly.n.,ured Drurrlane.Theatre whip
his presence on Monday evening.. .
YescerdAy, at twelve o'clock, a meeting of the Ca.
binet Ministers, and several other Gentlemen, conversant with the
subject of dnonce, assembled at the 'Ell' of Ltraitroot.'s house, iu
Whitehall:

Yebterday,- the Priiicess SontiA visited N,e Duke of
You at his house in South Audky-strset.