The Press.
London, England, 1854-11-25 00:00:00

OLD CHARGE.

Three per cent on £9,564,740
NEW CHARGE.

On aum com-
muted
On eum paid in
money bth Jan (F6,048,768) £195,000 0 0
On aLm paid sth
April

0318,183

Loss
So that by this operation, taking it in its meat
favorable point of view for Mr. GLADSTONE, the
country, instead of obtaining a gain of at least
25,0001. a year, as he modestly expected, has been
subjected to a loss of more than 80,0001. a year.
But is this all 7 We stated we should inquire at
what cost the money taken out of the Consolidated
Fond has been replaced, and whathas been the effect
of this ill-judged proceeding. It will be seen, by
reference to page 5 of the parliamentary paper (1)
31st. Jan., 1854, that the result was to reduce the
balance in the Exchequer from nearly nine millions,
as it stood on sth Jan., 1853, to less than four and a
half millions, an amount smaller than at the end of
any quarter since 1847, and this at a period when the
country was just going to engage in the present war.
The smallness of this balance in the Exchequer
rendered necessary, first, the issue of the 1,750,0001.
Exchequer Bills in advance of the revenue, which
formed a part of Mr GLLDSTONE'S Budget of March

SATURDAY,

last, and, secondly, of the credit for 6,000,0001. in
Exchequer Bonds or Bills, which formed a part of
his summer Budgets. These large sums, nearly
equal in amount to the money required by the dis-
sentient holders of the Patriarchal Stock, will be
found to stand the country at nearly four per cent.;
so that, in round numbers, the loss might be taken
at one per cent. on eight millions, or 80,000/. a year,
subject only to the small gain of about 3,5721., which
has been extracted from the few unwary, simple-
minded stockholders who, beguiled by the specious
assertions of Mr. GLADSTONE, in an evil hour con-
sented to commute their Patriarchal Stock for his

new-fangled Two-and-a-Half per Cents. and Ex.
chequer Bonds. We wish we could stop here ; but
has it occurred to our readers to income how far the
" timid and divided counsels" which have proved and

promise to prove so disastrous as regards the conduct
of the war may be attributed to an exhausted Ex-
chequer—exhausted by Mr. GLADSTONE'S two great
operations, upon which it has been our duty to com-
ment; and how far apparitions of dissentient stock-
holders may have been pressing upon his mind, and
depressing his energies, when he presented to the
House of Commons an estimate for conveying a few
regiments to Malta, at a time and under circum-
stances when a prudent, united, and energetic Cabi-
net would have proposed the means of transporting
an overpowering army to the shores of the Crimea?
This is, in truth, under present circumstances, a
very painful topic for comment or reflection, and we
would willingly spare Mr. GLADSTONE any crimina-
tion beyond that which his own conscience must
occasion. But the judgment of the journalist must he
stern as well as just. Frequently we have charged
Lord ABERDEEN, because of his tendencies towards
Russia, with his share of the responsibilty of this
disastrous war. We are compelled now to charge
Mr. GLADSTONE with the heavy responsibility of
rashly proposing this uncalled-for and abortive opera-
tion at a time when he, though not the public, was
aware that war was imminent. On the 21st of
March, 1853, more than a fortnight before the
announcement of the great scheme for converting the
500,000.0001. of our Three per Cents, the Cabinet had
received Colonel ROSE'S letter of the 7th of March-
-110 of the printed correspondence.
There are many previous intimations of menacing
proceedings by Russia, but in this letter Colonel ROSE
states distinctly that, unless the Porte received
prompt and energetic assistance, the balance of power
would be destroyed by the Menschikoff mission.
Was that a time to tamper with the promises of the
country, to make experiments with the public
securities, and to exhaust the balances in the Ex-
chequer?
The history of our country, and indeed of all
countries, will show, in letters of blood, that
campaigns have been lost and that national dishonour
and injury have been sustained, more frequently from
the want of adequate pecuniary resources in lime of
war than from the want of valour on the part of
armies, or capacity on the part of generals. Why,
we ask, was this expedition delayed ? Why was it
detained at Constantinople? Why allowed to linger
in the pestilential valleys of Bulgaria? Why was it,
and is it, inadequate in numbers and means of every
kind for such an enterprise? Why are we told that even
Austrians" express surprise and indignation at the
" strange want of activity and foresight displayed by
" the Western Powers ?" and why is the result now ap-
parently trembling in the balance ? Why, but because,
while Lord ABERDEEN, true to his antecedents and
the prejudices of his long career, clung to the hope
of peace and of the restoration of Russian ascendency,
Mr. GLADSTONE, in his arrogance and ambition, com-
mitted financial blunders which had impaired the
available financial means of this country, and which
be was endeavouring to defend, and explain away,
and cover, when he ought to have been making pre-
paration for the war. But how long is all this to go
on? Notwithstanding his failures, are we to continue
to entrust Mr. GLADSTONE with the management of
our finances, and Lord ABERDEEN with the conduct
of the war ? If we do, it requires no prophet to pre-
dict that the course must be—imbecile counsels—
insufficient means —a disastrous campaign—an
I ignominious peace.
4

The overland mail reached (Trieste on Thursday,
with dates from Canton, to Oct. 9; Calcutta, 20;
and Bombay, 28.
In India general tranquility prevailed, and no
warlike preparations were in prospect. The harvests
were good and the weather favourable. The Em-
bassy from Ava had arrived at Rangoon.
Canton was still besieged by the rebels. Some
tea had arrived there. Foochow and Ningpo were
quiet. The pirates were doing much harm. Teas
have fallen in price. Silks have advanced.
The British barque Thomas Chadwick had been
wrecked.

We regret to announce that Mr. Justice Coleridge
is unable to attend to his judicial duties, in conse-
quence of severe indisposition.