formed without the impoverishment of any individual, or any embarrassment of the general circulation. For the sake of illustrating this part of the subject, a Table is annexed, which shews the application of the Plan to alternate periods of war and peace. [See Table D. 1, 2, 3.]

It may be observed, in favour of this Plan, that it is less liable than any other modification of the Sinking Fund, to be abused as a precedent for encroachment upon it; not only because it arises out of the principles of the Sinking Fund itself, but because it turns entirely on the application of the stock purchased by the Commissioners, which must, in any possible arrangement of the Sinking Fund, be cancelled, sooner or later; the only question being as to time and mode.

had in recommending it; but on the contrary, a very confident persuasion, that the more fully those circumstances are investigated, the more they will be found to enforce the expediency of such a system.

The following TABLES, marked A. 1.-
A. 2.-A. 3. B. 1.-B. 2.-B, 3.
C. 1.-C. 2.-C. 3. D. 1.--D. 2.—
D. 3, are intended to give a com-
parative View of The EXISTING SYS-
TEM, and The PROPOSED PLAN;
so far as relates to the Amount of
TAXES to be imposed in each Year,
-The Amount of the SINKING
FUND in each Year,-and, The suc-
cessive REDEMPTION of all FUNDED
DEBT-on different Suppositions.

In considering this subject, we must not forget that the great and ultimate object Those parts of them which relate to the of the Sinking Fund is, to relieve the na- proposed Plan, all assume that an annual tion from the burden of taxes which would sum of 867,9631. equal to one per cent. on be entailed upon it by the indefinite ex- the amount of the stock provided for in tension of the public debt. It answers 1802, and on which no Sinking Fund was other collateral purposes of considerable then created, will be added to the Sinking importance; but this is its direct and im- Fund, and provided for by new permamediate object. Now, as it cannot be less nent taxes: and also, that 260,000l. a important to prevent the immediate in-year will be added to the Sinking Fund, crease of taxes, than to provide for their future possible reduction, that would seem to be the best arrangement of a Sinking Fund, which, while it provided for the ultimate discharge of debt within a certain moderate period, afforded the earliest relief to the public, and limited the maximum of total charge within the narrowest compass.

Such are the leading considerations which have suggested the foregoing Plan, and the objects which it has been intended to effect. There is, however, no wish to disguise the weight, which the political sircumstances of the present moment have

in respect of unprovided Exchequer Bills. This latter sum is supposed to be supplied by new war taxes, to an equal amount; and these sums together make up the amount of 1,127,9637. for which taxes are stated in the Tables to be provided in the first year of the new Plan.

The several loans (except in Table C.) are supposed to be raised at 5 per cent. interest, with a Sinking Fund equal to one-third of the interest, being the proportion applicable, according to the Act of 1792, to a 3 per cent. stock, except in those cases, in which, by the proposed Plan, a larger Sinking Fund is required.

Table, A. 1.

Estimated ANNUAL and TOTAL AMOUNT of NEW TAXES, to be imposed according to the Existing SYSTEM, and according to the Proposed PLAN; on the Supposition of Annual Loans of £. 28,000,000 at £.5 per cent. until the Redemption of all Funded Debt created prior to 1813.

* In 1821, the War Taxes pledged for the Loan of 1807 will, according to the Existing System at £.5 per cent. be set at liberty by the Redemption of that Loan, and again become applicable to the Service of the year. The future Annual Loans are therefore reduced to £. 27,000,000 and the Charge thereby occasioned to £. 1,800,000; and from the year 1829, it is supposed that the Loans will be charged upon the Funds appropriated to the Consolidated Sinking Fund of 1802, which will fall in in 1830, and the several Loans which will fall in after that year; and therefore no further Taxes will be necessary.

Table, B. 1.

Estimated ANNUAL and TOTAL AMOUNT of NEW TAXES, to be imposed according to the Existing SYSTEM, and according to the Proposed PLAN; on the Supposition of Annual Loans of 25 Millions at £.5 per centum, until the Redemption of all Funded Debt created prior to 1813.-N. B. In this, and the following Tables, it has not been thought necessary to make allowance in the calculations which relate to the Proposed Plan, for the application within the first year of the Per-Centage provided for each Loan; the operation of which has, however, been attended to in Table A. and throughout all the calculations respecting the Existing System.

*In 1821, the War Taxes pledged for the Loan of 1807 will, according to the Existing System at £.5 per centum, be set at liberty by the Redemption of that Loan, and again become applicable to the Service of the year. The future annual Loans are therefore reduced to £. 24,000,000 and the Charge thereby occasioned to £. 1,600,000; and from the year 1829, it is supposed that the Loans will be charged upon the Funds appropriated to the consolidated Sinking Fund of 1802, which will fall in in 1830, and the several Loans which will fall in after that year; and therefore no further Taxes will be necessary.