4 JANUARY 1851, Page 5

Finance has been taking rather an important turn among the

subjects of public discussion : there is a report of a surplus re- venue, and before the surplus is published men are canvassing the best way of spending it ; anti some attention has been drawn, once more, to the flux and reflux of the precious metals. For the surplus revenuertrperted at " more_than 3,000,000V —various claims are put in ; 'the first" and most public being that on behalf of the paper-duty. At the London Tavern meeting, the old Anti-Paper-tax party was ably represented by Mr. Cowan and Mr. Milner Gibson ; but- the Chartists, represented by Mr. Holy- oake, proposed a considerable, extension of the resolutions against all the " taxes on knowledge," especially the newspaper and the advertisement duties ; and the augmentation was • ad.opted, not only without opposition, but with- alacrity. The Times, however, implies that the surplus is already appro- priated by Ministers, and that the Window-tax, which so nar- rowly escaped last session, is as good as doomed. It is not to be forgotten, however, that the Income-tax has to be reviewed, and -Parliament may be induced to refuse that " inquisitorial " impost : or it may be induced to widen the revision of the whole system of taxation and expenditure. The gold anxieties are, for the public at large, more theoretical.. Last week, the Bank startled tranquil folles bk raising its rate of discount ; but the explanation was, that the Bank was only fol- lowing the established rule on the efflux of bullion and increase of securities. "It is only the bullion going out," said the quietist ; just as the Londoner, startled by a mysterious rumbling in his house, like an earthuake,goingait istold that it is " okly -the water coming in,"airad e h d mervoron uolkstarbefl. But why does the bullion run•oillt?? Ohl! it is 'only going* France, to be coined whileit may the.FrenahlGovesarmenit ha 'resolved to coin no sioretTter a cetistin day,lbecauseu garden Boo. is expected from California. In point of fact, gold has for a time altered its apparent relations with silver. A contemporary, of painstaking celebrity in its monetary matters, states, that whereas in 1840 the product of gold was about 16 as compared with 84 of silver, in 1850 the product of gold has been about 65 to 35 of silver.

A counteractive to this disturbed relation is the increased pro- duce of quicksilver, which will supply material for working many disused silver-mines ; and that counteractive is supplied by the .4satne region that caused the disturbance of the ratios—California, 3rich in quicksilver as well as gold. The precious metals are likely to be at least more abundant ; prices will seem to rise, and gold and silver wares will multiply and be cheaper : but the world will go on pretty much as before—though with occasional wonderings in 'that most sensitive of beings the money-market.