There cannot be a greater security for the con tinuance of peace than the imposing on ministers the necessity of applying to the people for taxes to sup port a war. Suffer the sinking fund to accumulate during peace to any considerable sum, and very little provocation would induce them to enter into a new contest. They would know that, by a little manage ment, they could make the sinking fund available to the raising of a new supply, instead of being available to the payment of the debt. The argument is now common in the mouths of ministers when they wish to lay on new taxes, for the purpose of creating a new sinking fund, in lieu of one which they have just spent, to say, " It will make foreign countries respect us; they will be afraid to insult or provoke us, when they know that we are possessed of so powerful re source." What do they mean by this argument, if the sinking fund be not considered by them as a war fund, on which they can draw in support of the con test ? It cannot, at one and the same time, be em ployed in the annoyance of an enemy, and in the payment of debt. If taxes are, as they ought to be, raised for the expences of a war, what facility will a sinking fund give to the raising of them ? none what ever. It is not because the possession of a sinking fund will enable them to raise new and additional taxes that ministers prize it ; for they know it will have no such effect ; but because they know that they will be enabled to substitute the sinking fund in lieu of taxes, and employ it, as they have always done, in war, and providing interest for fresh debt. Their argument means this, or it means nothing ; for a sinking fund does not necessarily odd to the wealth and prosperity of a country ; and it is on that wealth • and prosperity that it must depend whether new bur them can be borne by the people. What did Mr Vansittart mean in 1818, when he said that " the ad vantage which his new plan of• finance would here after give, in furnishing 100 millions in time of peace, as a fund against the return of hostilities, was one of great moment. This would place an instrument of force in the hands of parliament which might lead to thimost important results." " It might be ob jected by some, that, keeping in reserve a large fund to meet the expences of a new war, might be likely to make the government of this country arrogant and ambitious; and therefore have a tendency un• necessarily to plunge us in new contests;"—not a very unreasonable objection, we should think ! How does Mr Vansittart answer it ? " On this subject, he would say from long experience and observation, that it would be better for our neighbours to depend on the moderation of this country, than for this country to depend on them. He should not think the plan objectionable on this account. If the sums treasured up were misapplied by the arrogant or am bitious conduct of our government, the blame must fall on the heads of those who misused it, not on those who put it into their bands for purposes of de fence. They did their duty in furnishing the means
of preserving the greatness and glory of the country, though those means might be used for the purposes of ambition, rapine, and desolation." These are very natural observations from the mouth of' a minister ; but we are of opinion that such a treasure would be more safe in the custody of the people, and that Par liament have something more to do than to furnish ministers with the means of preserving the greatness and glory of the country. It is their duty to take every security that the resources of the country are not misapplied " by the arrogant and ambitious con duct of our government," or " used for the purposes of ambition, rapine, and desolation." If we had no other reason for our opinion, this speech would convince us that, in the present con stitution of Parliament, the superintending authori ty, the sinking fund is pernicious; and that it cannot be too soon abolished.
On the extraordinary assumption that there was any thing in Mr Vansittart's plan that would, more effectually than the old plan, allow 100 millions hereafter to be appropriated to the public service, Dr Hamilton has the following observations : " We are altogether at a loss to form a distinct conception of the 'valuable treasure here held forth. So soon as any stock is purchased by the sioners, and stands invested in their name, a like amount of the public debt is' in fact discharged. Whether a Parliamentary declaration to the effect be made or not, is only a matter of form. If the money remain invested in the name of the commis sioners, no doubt it may be transferred again to purchasers'in the stock exchange, when war broke out anew ; and money may be raised for the public in this manner. It is an application to the public to invest their capital in the purchase of this dormant stock." " It is true, that, if the taxes imposed dur ing war, for the purpose of a sinking fund, be con tinued after peace is restored, till a large sum (sup pose L.100,000,000) be vested in the hands of the Commissioners, the public, upon the renewal of the war, may spend to that amount without imposing fresh taxes, an advantage," observes Mr Huskisson, " not only not exclusively belonging to this plan, but unavoidable under any plan of a sinking fund in time of peace." Mr Vansittart ought to have said, " if our sinking fund should accumulate, in time of peace, to so large a sum that I can take five mil. lions per annum from is; I can spend L.100,000,000 pin a new war without coming to you for fresh taxes ; the disadvantages of my plan are,.that by now tak ing L. 7,000,000 per annum from it, and making a provision for speedily, and at regular intervals, ap propriating more of this fund to present objects, the sinking fund will be so much diminished, that I can not so soon, by a great many years, avail myself of the five millions for the purpose which I have stat ed.'