The Express.
London, England, 1853-04-09 00:00:00

LuNDON, SATURDAY, APRIL 9.

Tee great and difficult subject of cur huge Na-
tional Debt became last night again the subject of
explanation and discussion in the House of Commons.
when Mr. GLAD:;TONE brought forward his new Re-
solutions. One day's publicity hid been enough to
induce their author to feel some of his errors, and
accordingly last night he issued what he tacetiouslr,
but truly, called "a Second lit:ition," in which his
Resolutions had swelled from 12 to 15, and were morli-
fled in a way he explained in his speech—repotted
in another column. Mr. GtaesrostE is evidently
desirous of meeting fully the difficulties of the task
he has in hand. Ile has the will to do the work of
the nation, and the only doubt that can arise in re-
ference to his endeavours must be based on the
question whether he sees with sufficient practical
clearness the positive conseque-ncee of the steps he
desires to take. He has a plan, and, like a p.t:ent,
is fond of it because it springs from himself. In
that plan he declares for a future addition to our
National Debt for the sake of a present financial (spit!.
Other people entertain very different feelings on this
point. As regards Treasury Bonds, his proposi-
tion is admirable; but its good is likely to be
counterbalanced by the scheme that threat, as
additional incumbrances to the seven or tight
hundred millions now hanging neon us. Mr.
GLADSTONE admits that one branch of his propo,i-
-' tions will, if carried out, add three minions sterling
to our debt; but he thinks this a file price
to pay for the attempt to lay the founda-
tion of a new permanent Twevand-a-Half per
Cent. stock. If for u given sum of three millions we
could deal with any Power sufficiently great to gua-
rantee us for that, or any other sum, a reduction of
our National Debt, then Mr. (;I..ttisreXE'S position
might be well assumed; but when this question of
lessening the debt is not a thing to be settled with
any such Power for that, or any other, stun,—but
a good to be secured by the wise, and
bold, and honest operations of a skiiful
financier acting in concert with the natural
movements of the money market, Mr. GLADSTONE'S
attempt to put three extra millions rou:id the neck of
Jens BULL, becomes a totally different affair. At
present the CHANCELLOR of the EXCHLQUER wishes
to act for the benefit of the nation, and one of his sug-
gcstions is to make the nation add three millions to
its liabilities—upon speculation. The good is still to
Ibe proved—the payment certain. That some portion
of the good will be gained it is not difficult
to believe; but we contend that any such good ob-
tainable is so obtainable solely by virtue of the pie-
sent condition of the money markets of the world,
and not at all in consequence of the three millions
&onus which Mr. GLADSTONE wishes to fling to the
creditors of the country. It is the state of money
over the globe just now which gises Mr. GLADSTONE
an opportunity of dealing with the debt at all.
The state of the markets, and that state alone,
can do us good; and the needless flinging away
of le per cent. upon any one stock is nothing
butter than mere waste. Mr. 01.AntifONE had
no need to devise the three options he has offered to
secure the cud in view; two would have been ample:
anti if now, in the discussion on the bill to be

founded upon his resolutions, the House of Commons
were to throw over that part of the scheme which
proposes the giving of 110 for 100, they would do
well, and both the reputation of the Cums-
exthon of the EXCHEQUER and the pockets
lof the people would be benefited. Mr. Ghansroxs
repeats more than once that the desire of his Govern-
ment is to establish, if possible, an irred( eniable
public stock, bearing not more than 21 per cent. in-
terest, and having a respectable price in the market.
English credit is quite good enough to secure such
an object. if such an object is gained it mast be
I solely on the strength of that credit. Why then
needlessly fritter away the public resources
by this 1101. proposition? Throwing away three
millions would not build up a national credit if it
did not now ex'st in a country that owes between
seven and eight hundred millions. If this Increase
of the Debt Scheme is adhered to it will he a most
unnecessary blunder. The Treasury Bends will
float readily, but all the more lead 4 it the second
temptation of 1101. for 100?. is not set up
in opposition to them. If Mr. GLADSTONX
should be able to force his s2heine uncor-
rected in this particular point upon the House
of Commons and the country, he will soon see which
of his three baits will be swallowtd first. Ile thinks
all the offers arc alike, and that all are cquaily
favourable to JOHN BULL. The Stock Exchange
will "give him a wrinkle" (as the phrase runs) on
this, if the chance is afforded. At present he perils
two good points by setting up a third and bad one.
Some of the advantages pointed out yesterday in
these columns as appertaining to the proposed Trea-
sury Bonds were dwelt upon by Mr. GLADSTONR.
'I heir ease of transfer, their value to men of busines..
their probable acceptability to foreigners, weak• all
pointed out. But by a new proposition in the second
edition of the Resolutions, Mr. GLADSTONE makes
a change that risks the loss of large part of this
last advantage. He limits the date of issue 'of
Exchequer Bonds to April, 1854. Does he
forget that to feel the full effect of foreign desire to
purchase such securities, time must be given ? Many
people abroud will doubtless at once purchase Eng-
lish Exchequer Bonds, but the bulk of the foreigners
who may be purchasers of such things w,ll not coins
rushing through the air like flocks of pigeons over a
Yankee prairie. Time is wanted. People abroad
are not so hasty as some of us here in England, gad
more than a year will assuredly be needed for
ascertaining the full floatable capacity of an English
Sterling Bond bearing 2 per cent. interest, trans-
ferable from hand to baud, and having coupons pay-
able wheu due to bearer.