Star.
London, England, 1828-04-09 00:00:00

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t.

INQ itiND •
t *
The felloWing is the conclusion of Lord Gasmen. Les
Argument, tar his. masterly tossepblet on the Sinking Fund:. No
'pollees! pamphlet of the present day, which did not engage the
psalms or prejudices of a party, has made so strong an impres-
• *Wen the public, or is likely to issue in so important results.
neereary to observe of this Essay, that it is directed against
_ _ _ . .

the Sinking Fund IN deleted by Dr. Patcr, and as established is
1716, hot against a fund for paying off debt.
• ; Milni• who will readily disclaim all hope of direct
• roblic benefit from a Sinking Fund, whether in peace
• of war, at simple or at compound intetest, will never•
theless still fi,mly cling to its continuance or renewal.
Ttioy will admit, perhaps, without hesitation, that a na-,
• tion can no moreprofit by thus trafficking with itself in its
. own securities, and buying debt with debt, and money
with money,than an individual could by shifting hispurse
from ons,pocket to another,or his banknotes from the up-
. let drawer of his catsinet to the lower. But they are Ail!
• . lotploostesivrith a deep sense of the more remote and
incident-al% but, as they believe, unquestionable advan-
tages of such an institution. Those advantages would
indeed be differently described by different persons.—
They are supposed to consist in more than one par ti. t. -

eular ; and they are of course more difficult of eiami-
. nation, in proportion as they are in their own nature, or
in the accounts thus given of them, more vague and
indeterminate. But they may mostly be Teduced, I
believe, under the four following heads:
"1. By some this system is recommended—it was so,
Irbelieve, last year, even by Mr. Canning. himself—as a
resource in unforeseen emergencies. •
"2. Many have insisted, and still insist much on its

good effects, in raising and upholding the price of Stocks.
" 3. Oti;ers again, men of great knowledge on these
subjects, and high au hnrity, strongly rely on the ad-
♦antages which it air rds in the compulsory accumula-
, floe of the national wealth, and in the forced diversion

of that wealth from what they deem unprofitable expen-
..• diture in the mans of prodoctive capitall
"4, A still more flattering, but much more general
picture i. drawn by others, of the increased confidence
produced both at home and abroad in the stability of
our financial' system, when it is 'seen annually to allot
such overwhelming sums to the reduction of debt; an
operation no naturally considered, at first new, as an
-.almost infallible symptom of increasing wealth. •
" To aio it appears, but I speak here with all the
deference with v hich I ought to speak in such a case,
that there can be little difficulty, either in pointing out,
a: ;a unfolding tl.e general topics by which these notion,
may be successfully opposed.
• "I. On the first it is obvious to remark, that it rests

solely On what 1 cannot but call aninaccurAte use of the
,pstincip4i term in the discussion. Any portion of income
available fur unforeseen exigencies, is manifestly nor a
• 8-nking Fund, but a disposable surplus of revenue.—
Such a surplus has its own advantages and disadvan•
!Ages, but in butte it essentially differs from a Sinking
Fund. The one is appropriated, the other free. •
" 2. 01 the second, we should, in the first place, ab

tolutely deny that it can be either expedientor just to
give to one species of, property an artificial value, by
buithens imposed for that purpose on all other pro-
perty. Rut may it not al.o be confidently asset ted that
tau such effect can. g; neralty or permanently. be pin.
duced by the puichas% s of a Snikinv Find? Whatever
,raises the price'cif stock . renders them comparatively
. a less proatableemploymeot of money, and tends dice.
fore to divert capital into other investments until the
natural level be re.tored.

, • •' S. The third point involves a question of more ex-
tensive and important, but, if I do not greatly deceive
. ta y self; of not much more difficult investigation. The
very benefits themselve, which are relied on in this
case, the forced accumulation, the compulsory saving,
the artificial direction of private wealth, are all; as it
teems to me, directly opposed to the first- principles of
•political economy. Such endeavours would lead us.
• and by no strained consequence, to the most exploded
errors ; the boarding of a public treasure, or the im-
position of sumptuary laws. The proper aim of legisl,-
. • ion in tl:ese matters is not the multiplication of wealth,
but the multiplication of that social happiness which
is derived from wealth, and Which consists essentially
in ite use—in its wise and virtuous, but free use. And
that this freedom, while it gives to wealth its highest
•alue, has also been made, through the appointed con-
• stitutioo of our nature, the- most effective instrument of

its increase, is the beautiful discovery of modern
• science. The government whir*, ofeks to enrich its
subjects by directly or indirectly ,narrowing their en•
• jig meats, not only sactifices the true objects of its care
• to the imaginary means of their attainment, but also
powerfully cGuatermines even its own misdirected

p irpose. •
• " 4.0 n the fourth point there is a.still readier answer.
'The security at which a wise Government will aim is to
bo looked for in actual, not in imagined strength. To
the wisdom of domestic Councils, to foreign authority
and influence, nothing is more detrimental than a trust
reposed in unreal power.
"Fanelli, in the conclusion of the whole inquiry, it
mays, I think, be undeniably demonttr.ted, that the
• great source of all error on this subitcc, if error it le,
has been the spirit and love of system ; one of the fore-
most of dime idols. as Bacon terms them, by which the
heart Of.osan has, in all ages, been allured from the Urn.
pie-pursuit of truth. In the popular discussion of these
• hachure, the wisdom bas been, I believe, almo,t-univer
eitily, but quite gratuitously assumed, of establishing
ja this respect an uniform, permanent, and, if it had
• bees in our poser, an inviolable course of policy.
OUt determine whether any, and *hat portion of
motional wealth shall, at any given time,lo withdrawn,
by taxation from private use, for the toduction of
. public debt, isnot a: question f abstract science. No
decision can more essentially depend on the contingent
Nod fluctuating' consideration of ever-varying • cir-
cumstances. None, therefore, can be fitter to be re.
agreed for the annual consideration of a wise and cautious
legislature. What then shag we say of a system which
anticipates all such detttinsioations for long periods and
eyes* of future yews; baying no reference to the
• chances or changes of human affairs, bot regulating the
eventful interests of a greet community by an unbending
alithxdrnical progression, or by the workings of a rule in
. ,algebra? If this be wise, why do we not also fix by the
same principles the numbers of cur fleets and armies, to
be maintained unalterably in every contingency of peace 1,
• '
denie wart .profound security, Or of fearful and imminent
. . e are well assured, that the course of knowledge
. emong.tt us is not now rotrograde, nor. the spirit of
popiptom declining. Well therefore may Parliaments
as $ wetter of so great encertainty, forbear to prekeribo
ao .os!,re. _genet_ nice. ova . plans and. eyttems if
1110.116.41 Well may that body, to whose vigilance and
,tplfeiom the prelent aafety and welfare of their fellow-
committed. leave it to.thom.inho shall come
aptita;oke
apiy Ricardo, ilepplesneet to dmilfritiitioprito
Art. s
Fiiiiieffrotena." •

LON Di )N.

WEDNESDAY. APRIL 9, 1328.

STOCK EXCIIANGIt, TWIILVE O'CLOCIC.

The Consol market appear. rather heavy this morning. owing to
a report that the Treaty of the dtikot July is broken, and each of
the Allies are going to act separate. The opinions on this subject
in the City are diskied. but it Is generally believed that France
intends to act in concert with Ilinsia, as it is well known that this.
two .Powers are in the most Whilst, terms et
%awls *posed this morning at 834. j. and at present nut
quotok st. Bo. alternately buyers and sellers.

I. the Foreign market little w nothing is skirl, aid mast at tha
prices are nomiaal.
CITY. HALF-PAST 014 1 O'CLOCK.

- - -
Consols have Improved since twelve o'clock, atld,may be quoted
at present'at 131 114. The Account is aireadi-Maie..lsp, and It is
expect.d is will turn out a Bear Account. • .
•
PRICK OF STOCKS AT TWO fi'CLOCK.
• . Bank Stock 104 ei die India Steck Shut •
3 per Cent. Red. 831 ex div Ditto iy ited* 96 911"
Spec Ct. Cons. 931 4 South Sev-Stock 95
36 per Cent. 901 ex div 'novo &check lOUs 61 90 .
sal per Cent. Red. 906 I 1 ex die ..6500 Ditto 61 62
4 per Ct. New 1001 6 1100 and .2200 Ditto 61 it
4 per Cent. Scrip Bank fru; Acct. 207
4 percent. 1926, 1006 ex die India for Acct. 14?
Long Ann.Shiit.l4 15-16 1 c div Consnlefor Met. 1136 1 4
110111ilti t.. sit t. OS, TWO tYCI.Irt K..
Brazilian lids. 5 p Ct. .:11/ Do nett. 161 17 •
_ _

Do Acct. 51 Ti
• 011.:11bintli111414., 6 per Ct.
Do.Boolds.law,
Da Acc.23l
lissiisb ltd.. s pCt 594 4
Gra& Boatl.,lllllS, 5 pCI.
DiteribH AND FOKIIION

. . -
Min.lldl,l 825,6 pet .
Da Acct. 5116 f
I roam. Ikls. 5.p C.
Do Acct. 00i 5 .
I. tt.tiss.lkta. At!! perCt..S7 .
Da
SHARKS, TWO O'CLOCK.

WARS. TASII6
Brazilian 35 29
United idealcan 40 33 '
Alliance British and•toreisn 100 10
Australian 100 14

.37
13
Itll

Ah Egress has arrived from Paris., with the French
Rentes of Monday, the 7th of April—Five per Cents.
IG2f. 40c. Three per Cents. 691. 15c. Not a single
French Parer has come to hand; but privareletters by
the above.ezpress, on which reliance may be .placed,
itate, that France is not going to, increase her Military
establishment (as stated in a Morning Paper). The lesl
which is going to take place is Only to complete her
regiments to the numbest of a peace establiabatent,
which has not been effected for these three fears. • •

We received last night the Pat is Papers•nf. gunday,,
and the Gazette deFrance datetillonday. That contain
no news of political importance. The former gives a
report of a very animated debate,.that took place in the
Chamber of Deputies on Saturday. oa the. subject of
the late Elections, in the course of which several Mern•
bars on the Libetal side expressed themselves with great
boldness. The Gazette de France contains an article on
the•subirct of the Brazilian blockade, which will bc
found in our front page.

it gives us pleasure to state that his 111.t.tosvt finch
himself in such excellent health, tbat he proposes re-
turning to town 'after the holidays. toSt.James's.ralace.
to hold a Drawing .Roosa,which theGesrite-of last night
announces will . take place on the £$J instant, the dal
on which his MAJESTY i birth day still be celebrated.-i-
It is said the Duchess of Gt.oucxerza will assist at the
.ceremeny. The Drawing Room is expected- to be -un-
commonly btilliam, as a great number of the junior
branches of the Nobility and Gentry %!'ho have. never
been yet at Coat; wi,ll be presented on the occasion.

' This mot ning the worlirneta be.gan to erect the frame-
work of the illumi,itions in the froht, °and interior of thr
Argyle Rooins, pie; aiatoty to the mod Mamuerade
this evening, at which comicality and hilarity will
predominate. . . .
P. ince PAUL Ltivett, accomponild by Mon•ienr de
Penman; Coueselke to the Bustin Entliossy, and Monsieur de.
Lascems, one of the Secretaries to the Onstraisy, arrived at the
residence el the Russian Ambassador, In .DueeroAreet, on Monday
, evening, from Brighten, .
Baton BeLow, the Prussian Ministeri had.* very long
conference with the Right Honourable Cu/Imm Gams; on Moe-
day afternoon, at the Mei of the geed of Trade, Whitehall.
Earl and Countess Berm/ear left. WW•11 en Monday
evening, for the' seat Lord and tidy Lime* Gowss, at
Latcbans, near Chertsey.
lewd A army* HILL, has completely recovered from
the injui ions at cident he met with some time since near:
Cahir, by a f.ll fiom his horse.

Lard iiartmustx, after an al:pence of six years as
Ambassador in Spain and Portukal, returned to hi•
counurscat, at kleytesbury, last Friday.. tht tot
lowing day the principal inhabitants met to congratulate
hien on his an ival in his native town. They afterwards
partook of a . sumptuous dinner at the. lied Lion Inn.
A handsome present from
:Colonel A'COVttr,•his Lord-
ship'.:. brother;.-of a hamper of champagne. added to the
hilarity of the day.

MMm,