The Statesman.
London, England, 1821-10-25 00:00:00

THE REiENUE.

[FROM TILE NORWICH MERCURY.]
The subject of Revenue is again brought under our
eyes by the returns of the last quarter, which present
a far snore favourable result than could have been an-

ticipated. The friends of Administration of course
exult in this gleam of sunshine, above measure, while
those who look rather to general causes and effects,
than to partial symptoms either of prosperity or de-
cline, have gone deeper into the matter, and by the
production of parallel quarters, at remote dates, (1819)
have shewn that the great increase over the same
quarter last year is attributable to a considerable defal-
cation in the quarter of that year, as compared with
the year previous. The same view of the case is cor-
roborated by the fact, that the Revenue of the whole
year ending Oct. 10, inn, is less by 115,000/. than
_ _ _

that of I 52.0.
Such comparisons are certainly useful to financiers,
but with the nation the simple questions for considera-
tion are, first, whether the income is equal to the expen-
diture; and secondly, whether there be any provision
for the liquidation of the enormous debt (eight hundred
and thirty-six millions) which now weighs down the
people by the payment of interest, in the event of war
requiring new exertions. In relation to the first, we
are confident the answer must be in the negative. Mr.
Vansittart has boasted by anticipation of continued pro-
bable savings, of a new " real sinking fund," of paying
off the four and live per cents. &c. &c. but when the al-
lotted date of his calculations has expired, not ene of
all these predictions has been verified.—lle has by a
course of expedients, by loans in the money market, or
from Mr. Pitt's sinking fund, by the sale of old stores,
or by the repayment of the French indemnity, and such
casualties just bolstered up a statement to meet the time
and to " beguile the time." But the fact is, that in the
majority of instances the debt has actually been in-
creased instead of diminished, and in spite of convic-
tion, in spite of the diversion of the sinking fund to the
payment of interest in lieu of principal, in spite of the
fall instead of the rise of the funds, in spite of the impo-
sition of new taxes upon most objectionable articles, the
nation has been content to go on in hopes. In the mean
while the decrease of proiuction and of commerce, the
depreciation of value, and the addition of these new
taxes, have made the burden incalculably heavier upon
the people, and the capital problem now is, to discover
whether, under these advantages, the State can still
totter on, till its Bankrupcy shall be precipitated by a
war, or whether a partial insolvency shall be declared
by a sacrifice of a part of the interest now paid to the
public creditor. In the sixth year of peace, under a
debt of 836 millions, the Chancellor of the Exchequer
anticipates, by the aid of such transient and temporary
expedients as we have related, that the Revenue may
exceed the expenditure by two or three millions—pro-
w:Jed always it maintains its comparative produce,
which, balancing the year ending at this period-with
the last, we see it does not.
The question then returns upon us—can there
be the smallest hope of an increasing revenue,
while the country is in such a state of distress ?
Can the people, with diminished means, even continue
to pay imposts thus augmented ? Upon the ge-
neral face of affairs it is clearly impossible. and
nothing therefore can be so idle and so frivolous
and so fallacious, as to encourage the foolish expec-
tancy of an overflowing exchequer from an imps-
veris.bed Nation. The fact is. that nothing bat a
powerful stimulus applied to industry, er a deter-
mined and solid reduction of expense. can give the
smallest hope of the State overcoming its dithculties.
We may linger and linger on for years, and " groan
and sweat ander the weary load"—we may, and we
think we shall, see the Chancellor of the Exchequer
come next Session into the House with a swelling port