The Sun.
London, England, 1855-04-23 00:00:00

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§AIII

LONDON, MONDAY, APRIL 23, 1855.

A great show, a great mystery, and a great re-
velation have made the past week a most exciting
one. The remembrance of it all seems like that
of the changes in a dream ; the results, however,
will be anything but visionary. By turns we
have been dazzled with the splendour of such an
Imperial visit as never occurred in this country
before, and which but a few years ago no political
prophet could even have guessed. We have at the
same time been held in the most anxious suspense
as to the real propositions discussed, and the ob-
jects aimed at by the Plenipotentiaries at
Vienna ; nothing less than the alternatives of a
long, costly, and destructive war, or of a dis-
graceful peace, have been debated with closed doors
—doors closed upon all without, whose money,
blood, and honour were at stake, and closed
upon representatives within of all the Five
Powers. The representative of Russia, ready to
bully and talk of sovereign rights and dignity to
the last, yet prepared (if her past diplomacy he
any guide for the present) to give way as soon as
she thinks better conditions hopeless, and when
she has driven the Allies to believe their own
terms somewhat hard, and to soften them to the
uttermost. We confess to the utmost solicitude
when three principal personages in the Conference
were Prince GORTSCHAKOFF, the representative of
a Power which lies and deceives, not only without
shame or remorse, but deems it as honourable to
conquer by diplomatic fraud as by manly war ;
Count By(); representative of the hereditary per-
jury, meanness, and faithlessness of the HAPS-
zusaa ; and Lord JOHN Russen, who took no
small part in uniting our policy with that of the
Coburgs—the Austro-Coburgs, as they have now
de facto become. To us the splendid scenes of
the past week could hardly allay the anxiety with
which we thought, but thought in vain,
of the Vienna mystery. Upon all this
-whirl of excitement and deep-felt anxiety came
the more business-like facts of the Loan and the
Budget. Exchequer calculations of the utmost
consequence, and thoughts of our incomes and
our shop-bills must need worry us while all our
faculties were overcharged. We had almost for-
gotten to add a fourth cause of excitement—the
tidings of the fire opened at last upon Sebastopol.
Putting all together, we really have seldom had
such a week of it as the third week in April. It
left us, moreover, in hourly expectation of definite
tidings from the seats of literal and of diplomatic
war—from Sebastopol and Vienna.

On the peculiar event of the week we can, of
course, look back with unmingled pleasure. The
gs ally of our QUEEN" was received both as her
ally and as the representative of the French
people.
The civil union here, and the mili-
tary union abroad, strengthened by the in-
creasing social and commercial union of
our busy thousands, combine to render
natural and hearty friends those whom the last
war taught to believe themselves natural and im-
placable enemies. The conclusion of this war
will, we trust, witness such a reduction of duties on
French wines on our part, and such a modification
of protective duties on manufactures op theirs, as
shall become a most powerful stimulus to a vast
international trade. The empire of LOUIS NA-
TO.LI,OI‘ Las been a striking reversal of most of the
ra
'stakes and errors of the first empire. In no-
thing mould it
with. more advantage completely
reverse a rniatak
counterpart to then policy than by a Free-trade
believe the E
311.za:elebrated Milan decrees. We
that he only ne It• fully understands this, and
ed.% the time statesmen must wait, to and events, on which
policy- Pea", witmc4itZl3l7B:l°teillabeFarefea-
vtroaudre.
able time, and if our
Govern will reduce the
wine duties it will furnish hint
`with
the
On the revelation of the week event.
—the
we have already expressed our view Tludget—
it is, however, a subject furnishing sr
0 illmgc%neral ;
less discussion had we time ands pa:: a-eurderacl"
our
readers patience for it. One point is
pecially
worthy of notice. It is of a piece with _the Cabi-
net from which it comes. It is a Budget for
Lords—a Budget for Peers' elder sons—a Budget
for a Rouse of Commons, with a landed property
qualification. It is a Budget as insultingly aria_
toeratrc
the composition of the Cabinet, the
officering of the Army, the Church, or the Civil
Service. Thera
, "A "
is tax—one heavy tax shirked
by the land art
cy
t°cra' • , and paid by
all besides,
which viould hay
. 6 raj.A
more than all the anti-
Fre • Dade t
-""ir • C L
. _ ERIS reimpose&

We mean, of course, the Probate Duty. The
worthy baronet did not even advert to it amongst
the sources to which he might have looked, though
Mr. WILLIAMS did not fail to remind him of it.
Here, then, we have a Whig Free Trader selling
our trade and commerce to the landlords ;
tnd abridging the comforts of every one—not
because he was compelled, nor to avoid bearing
unfairly on the aristocracy, but purely to continue
to landlords exemption from a tax which all other
honest people pay ! The poor widow, left some
hundred pounds, must pay probate duty to the re-
tentless Revenue-office, but the rich young heir of
he broad acres must have his vast fortune un-
taxed, undiminished ! Minor, or even grave,
miscalculations and mistakes may exist in plenty
the Budget ; but they may be venial errors,
errors of incompetency, or errors which may be
plausibly defended : but the omission of laying on
landed estate a probate duty equal to that paid on
personal property, is a purely aristocratic, and
therefore selfish error. It has its source in the
ame evil principle which has mismanaged the
whole war, and which has squandered half the
money we are now to be taxed for. We are thus
fleeced both ways by this blessed aristocracy 0 f
ours. First they fling away our money by mil-
lions through aristocratic servants—next they tax
the people doubly to spare the lords of the soil
the taxes paid by others. We shall hear at length
of agricultural distress with present prices for the
late harvest.

The Chancellor of the Exchequer cannot, per-
haps, be held individually accountable for the
large expenditure for which he is required to pro-
vide the ways and means. Whatever may be the
opinions entertained on that subject, he is only
jointly responsible with the other members of the
Cabinet. In justice to Sir GEORGE CORNEWALL
LEWIS, who has quite sufficient matters to answer
on his own account, we make this free admission
before entering on the unpleasing duty of criti-
cising the financial scheme which he has just pro-
pounded in what eve still believe to have been the
worst budget ever submitted for the consideration
of the popular branch of the British Legislature.
We shall further add, that of that large amount
no less than 6,440,0001. is not required for the
anticipated outlay ; 1,000,0001. goes to Sardinia
under the treaty with that independent and mag-
nanimous Government. Interest on this sum will
be paid after the rate of 3 per cent. per annum,Aile
1 per cent. is added as a sinking fund to provide
for its gradual liquidation. This cannot, therefore,
fairly be regarded as an unrequited outlay for
which no pecuniary return will be received. It
is practically an investment—not a very advan-
tageous one as a mere matter of money—but any
inconvenience in that respect is far more than
compensated by other beneficial results, which
would be cheaply purchased even at the absolute
sacrifice of the entire sum named. Another sum
of 1,000,0001. is required to provide an equiva-
lent for Stock belonging to the Savings Banks,
most improperly and improvidently sold by order
of the Financial Minister, and which sales, as we
pointed out on Saturday, depressed Consols some
2 or 3 per cent., and consequently enhanced the
cost of the recent Loan to the country by some-
thing varying from 320,0001. to 480,0001. There
is besides a margin of 4,440,0001. to provide for
future contingencies, an amount by no means too
large under the peculiar circumstances of the
case ; the actual estimated expenditure, therefore,
is only 79,999,9991., a fraction below eighty, in
place of eighty-six and a third millions. And
we believe that the nation . will make no
objection to this amount, large as it un-
questionably is, if satisfied that the contest
would be carried on with energy and efficiency.
We believe if the war had not been "starved" in
the first instance by our late crotchetty Financial
Minister that Sebastopol would have long since
fallen—that the vexed question of the diminution
of Russian power in the Euxine—the third point
mooted at the Conference, the " pons asinorum"
which the assembled diplomatists have been
unable to pass—would have been long satisfac-
torily solved, and that Austria would have long
since seen its way to a more decided and honour-
able policy. We shall never add to the popular
delusion respecting the possibility of waging "a
cheap war." The attempt on the part of Lord
ABERDEEN and Mr. GLADSTONE to do so—the
"penny wise and pound foolish" spirit displayed
last year—has already cost the nation ten thou-
sand for every one thousand pounds at
the commencement of hostilities, and we
should earnestly exert ourselves to be saved
further losses in consequence of a persistence in
that mest injudicious and unwise course.

As to the Loan, we repeat emphatically what
we stated on Saturday, that the price obtained
for the new issue of Consols has been but 851.
ss. 10d., estimating the value of money at 31
per cent. ; or if it be taken at barely the 3 per
cent., which will actually be paid in interest,
85 9-16—and this at a time when Consols are
selling in the market at 89 to 90, the last quo-
tation of Saturday. It is well that this point
should be clearly understood, for otherwise a just
estimate cannot be formed of the losses occasioned
by the blunder of Sir G. C. LEWIS in refusing to
accept any bidding for less than the entire amount
of the Loan, and thus conferring a virtual mono-
poly on a single firm.

As we stated on Saturday, the bon(' fide value
of an annuity of 14s. 6d. for 30 years is rather
more than 121. 12s. 6d. per cent., estimating the
interest at 342 per cent., which is more than the
current rate, and, taking Consols at 90, is exactly
31. 6s. Bd., or 31- per cent. This calculation
any of our readers can in a few minutes test for
themselves ; it therefore leaves the price paid for
the Consols 87i, or 871. 7s. 6d. per cent. But we
must recollect that, although the first payment of
ten per cent. is to be paid to-morrow, and the
balance received by monthly instalments up to the
18th December next, interest commenced from
the sth January last. The contractors, therefore,
receive interest on money which they have not
paid, no less than 11. 16s. 3d. per cent., without
taking the annuity, which commences from the
sth April inst., into account ; or, estimating the
interest of money at 31- per cent., and allowing
for the receiving both of the interest of the Con-
sols and the terminable annuity for the respective
periods prier to the payment of the instalments,
the discount will be no less than 21. ls. Bd.,
which, deducted from 871. 7s. 6d., 'leaves either
851. lls. 3d., or 851. ss. 10d. as the value paid
for the 1001. Consols.

To render this clearer it must be '-remembered
that the payments are to be mackat the followinf,
periods, that is to say—
April 24
May 22 l5l.
June 19
July 17
August 21 lOl.
September 18 .... lO/.
October 11
November 20
December 18 lO/.
It will be seen that not one farthing will be paid
on account of 50/., prior to the sth July, when
a half year's interest will be paid. That payment
will be 15s. It will then be spread over five pay-
ments, made at intervals from the sth July of
47:::,17:5e:681::3, 136 and 164; the total will be 525
daYs—divided by 5, will give the average of 105
e
"Yg, or Ws months, the interest for which time
:dd. On the other 50/., on which in-
:frethst runs from the sth January, the payment
inouttsietshtaelm givesents will be respectively at 110,
i.,ided by
4, 194 days, 508 days in all, which,
an average of 152 days, or 5
128. 6d. 117:trest being on the Consols alone
thus
on money not
1,94 find the payment of interest,
the whole at 3i CP' 1/. 16s. 3d., or if we take
newing of the ani,n; ffit., allowing for the re-
as WO have already. Y.,231"1 sth April, 21. ls. Bd.
true state of the :hhave thus explained, the
erroneous impresaiol:33, tolhaitetztecoutn`shet..°) ti,tir‘ieemo:rco e_
discounta is but from 12s. toVariously-estimated 2084 aa ha-sLin‘'euz:
-••••ver_ikrignit /44

`ti

- •,

we have given it in such a manner as to enable
every person acquainted with the ordinary rules
of arithmetic to test the accuracy of our calcula-
tions.

The Right Honourable Gentleman has, there-
fore, as we have stated, by his adherence to red-
tapist precedent, sacrificed no less than 41 per
cent., equivalent to 720,0001. on the entire Loan.
But this is not all. He endeavours to bind Par-
liament, no matter what may be the financial
position of the country, to provide a sinking fund
of 1,000,000/. per annum from the termination
of the War. This constituted no part of his bar-
gain with the contractors. Had he put it forward
among the conditions it would have enhanced the
price. He therefore endeavours with short-
sighted fatuity to compel the nation at any sacri-
fice or any inconvenience to do that which it is
not otherwise bound to do, and gives an extra
benefit to those who have already had a very ample
equivalent for the money advanced. How he
can, with the notions respecting a sinking fund
to which he gave expression on Friday evening,
propose such a plan passes our comprehension.
We admit that the question of a sinking fund is
of great importance, and well worthy of discussion;
but it should be treated per se, and not accepted
as an incident of the present Loan. We therefore
earnestly hope that the resolut on to that effect
will be unequivocally rejected by a large body of
independent members.

How any professing Free Trader can advocate
the increased duties on Sugar, Coffee, and Tea is
equally incomprehensible. We shall, however,
see how this unpalatable part of the Budget will
be received. The addition to the Income Tax
will afford an opportunity to every lover of fair
play to endeavour to obtain a more equitable ap-
portionment of this oppressive and unequal im-
post. It is nearly certain that ere long it will
be increased to ten per cent., with probably an
extension of the area to incomes of 601. A strug-
gle should therefore be made, while there is yet
time to obtain some modification thereof.

As to spirits all agree that it is a suitable ob-
ject for taxation, if it can be imposed without
giving a stimulus to illicit distillation. We fear
that, however, cannot be accomplished, and that
the result of the attempt will be to produce the
greatest demoralisation and drunkenness in Scot-
land and Ireland, without in any degree adding to
the revenue, and such will be the effects of the
brilliant budget of the quondam Edinburgh Re-
viewer.