The Sun.
London, England, 1855-04-19 00:00:00

HIGH WATER AT LONDON BRiDo,,

Two DA: or; 3 rveni,,g 47 min. et. 3
To-Kowww— Siornink 24 nain.after 4 Evaing smin. a' t. 4

`SHE WZATHER.—San I)Ftica, April. 19.
TBILUMOMETZR, TN RIM SHADE.
sQ{—liighest since noon yesteraay.
3'9- zowest this morning and during the night.
57.—thie day, at noon.

Bs RAmrymp, 30.25.
WIND, N.N.E.—Light breeze, with glorious Imperial
weat'aer.

(7,At.

§Alll

LONDON, THURSDAY, APRIL 19, 1855.

This day Messrs. ROTHSCHILD'S list, the only
one in course of formation, will be closed, and
early to-morrow the terms which the great capi-
talist thinks proper to dictate will be published to
the community. The Chancellor of the Exchequer
having by his most unwise refusal to accept any
bidding for less than the entire amount practically
excluded competition, and must either accept the
proposition of the firm on which he conferred a
virtual monopoly, or acknov.ledge a very humi-
liating failure, injurious not merely to his own
rep station as a financier, but very prejudicial to
pviblic credit, and to the best interests of the
nation. Should Messrs. ROTHSCHILD act liberally
and offer a reasonable bidding, it will not
be for want of every opportunity to do
otherwise. They are certainly exposed to
strong temptation, which few, indeed, could
resist. It will not be through the prudence of
Sir G. C. LEWIS if there will be not a loss to the
national treasury, scarcely inferior to that occa-
sioned by the GLADSTONE abortion. He hss done
all in his power to produce the mischief, and if it
be avoided it will be owing to the magnanimity
of the friend with whom he is dealing, and not
through his own judgment or efficiency.
We have pointed out the confusion arising
from the jumble of Consols and Terminable Annui-
ties. It would have been fir better had he adopted
either course separately, or batter than either
had he borrowed in a 3i per Cent. Stock, with a
guarantee against its reduction for a certain
fixed period. Just objections have been taken
against the creation of stock of far greater
nominal -value than the amount to be realised.
It was owing to that very mischievous practice
that the public debt was swelled to such enormous
dimensions, not merely millions, but tens of mil-
lions, aye, hundreds of millions being inscribed,
for which there was no corresponding equivalent
paid into the Exchequer. Such a course was the
very converse of the creation of Terminable An-
nuities, which provided for the cessation of the
charge at a fixed time. It, on the contrary, got
some trivial temporary advantage at the expense
of a large addition to the burdens on posterity..,
How different would the present coldition of the
debt have been if Mr. Pirr had borrowed in a
5, or si, or even 6 per cent, stock. The interest
at the time would scarcely have been greater, and
it would long since have been reduced to 3i, or
possibly 3 per cent., while the amount of our
liabilities would be some two hundred millions
less than it is. We are, however, paying dearly
for the red-tapism of that period, and our chil-
dren may be equal sufferers from the vagaries of
Sir G. C. LEWIS.
It is ttle merest charlatanism to draw a distinc.,
lion between the capital amount and the expense of

obtaining it. It signifies little when the money

has. to be paid, whether the liability was incurred
for value received or for contingent liabilities. If
. it was decided to issue part Consols and part Ter-
' riable Annuities, it would have been far better to
--ti," ' Itil°lved the bidders to choose for themselves
s laeculltY that would best suit their fivancial posi-
i tibia. tut
altheitigh
_the lere men "8 ftake something of both,
of tlie fuilds
at
be
y precluded from the 'nature
anniiities. This their. disposal from touching the
greatly reduee tiu:s a grave mistake, which must
the, middle mai, Tuuber of applicants through
w
scheme. On the :tire(' by the Government
persons and corpormiona hand, there are man
their entire inv y
estin
i ho would
ems n these gladly make
terms highly beneficial to
the very annuities on
however, cannot obtain that
wbilahatiOn* They,
separately, and, consequently, the resthey require
very prejudicial to the Exchequer. uilitutroust be
ce..cumstance the Terminable Annuit: for one,es
very favourite investment. T would be a
ho gross dishonrs,,,, f
of Parliament in submitting to the dietatioti
of
Mr. GLADSTONE, and charging Terminable
41.1u14ities, even those having Int a few
uarare to rung at as high a rate as perpe-
l_.'.ellarges, now, however,
1
aoktontotnal difficulty on the Financial Minister.
well es
Y ii
indeed'
the best policy for nations as
as for individu . At present no specula-
ter can tell that theba property and Income Tax
t y not be increased at
any time to ten or even
vitnty per cent. Before bidding for any portion J

-Zeintulties,_ he will :make ample _allawanee for
these contingencies. He knows that he will have
to pay a heavy impost not only on profit, but on
capital, and will therefore guard his own pocket
to so great an extent as to cast a heavy lose on
the Exchequer. This, however, will be but one of
the many injurious consequences flowing from the
unjust and inequitable enactment, a modification
whereof we should earnestly demand if we saw
the slightest chance of obtaining any statesman-
ike reform at the hands of Sir GEORGE CORNEWALL
LEWIS'

We believe that " trial by jury" is worth
keeping, and we therefore most emphatically pro-
test against the new resolutions by which jour-
nalists are to be handed over to the tender
mercies of a single Stipendiary Magistrate,
nominated and paid by the Crown, who may at
:heir will and pleasure inflict a penalty of not less
than 51., and possibly of 301., on any newspaper
proprietor. It will be seen that the Magistrate
is to be not merely the judge of the law, but also
of the facts, and who may be desirous of earning
promotion by crushing any independent jour-
nalist who may dare to comment too sharply on
the sayings and doings of the-Minister of the day.
Should this most improvident and ill-advised pro-
vision receive the Legislative sanction, there will
be an ebd to the " lil-caty of the Press"—that
which has :;.gig been justly regarded as one of the
Palladia of national freedom. Any person who
fancies that he is aggrieved may bring the mat-
ter before one stipendiary magistrate, who holds
his office, not doom se bene "gesserit, or during good
behaviuur, as it is usually termed, but at the
mere will and pleasure of the Crown, or two of
the " Great Unpaid," profoundly ignorant of the
principles of common law, and not very remark-
able for common sense. To the tender mercies

of such persons must all connected with the pub-
lic press be delivered bound hand and foot, sub-
jected at any time to a summary conviction in the
sum of 301. sterling at two days' notice. The
summons, teo, may be served at the usual place
of abode of the party, and may be adjudicated
on during his absence, before he has even
heard of the vexatious proceeding. And cut
bono ? What is the end and object of
of this most vexatious enactment ? It is, indeed,
hard to tell ; unless it be the introduction of the
sharp end of the wedge, intended merely as the
precursor of further attacks, to be continued until
"the Fourth Estate" is completely muzzled, and
Ministers have nothing' to fear from its common•
taries.

Under the existing law the public Press has,
with few and insignificant exceptions, risen to a
high state of efficiency. It may, indeed, challenge
comparison with the journals of any other land.
What, then, is the pretext for interference, which
may materially deteriorate, but cannot improve,
the quality of the article supplied ? Can it with

tnith be asserted that there is any necessity for

" proteCtion" —that valuable communications
are- rejected because they may subse-
-Inently- be inserted in another journal ? The
Times gives a valuable article, and finds its
account in so doing. It will not dismiss its valu-
able correspondent in the Crimea, because others
may avail themselves of his graphic communica-
tions. No ; it has achieved a high position by

its own merit, and without seeking to injure or
persecute others. When its diminutive rival, the
Daily News (or Daily Nuisance, as it has been
more appropriately termed) gives equal value, it
will find that it may have a fair share of public
patronage, and be enabled to taste the- sweets of
prosperity, of which as yet it, is wholly ignorant.
And yet it is this insignificant and paltry publica-
tion, no more fit to be compared to its great rival
than a Satyr to HyperiGn, that raises blatant bel-
lowings, calling out for " protection," where there

s indeed but little to protect. It wants, forsooth,

to be protected froni piracy. GOD save the mark!
There is hut little prospect of any one of ordinary
taste plundering its petty details, when the ample
and really valuable stores of the Times were acces-
sible. It fancies, however, that it achievesaspurious
importance by howling against what it untruly
alleges to be a piratical invasion of its rights.
" How we apples swim," was the remark of a
rather unsavoury article floating in the torrent
with others of a very different description--and
the exclamation has frequently been parodied from
that time to this. An individual is said to have
slunk along the street as if afraid of bailiffs, in
order that the passers-by might think "he had credit
once," and the Daily " nuisance," we beg pardon,
" News," seems to think it may gammon the
community into supposing that it has at times
something worth purloining.
This day it declares that " The Sun of last
evening, according to its daily practice, published
in its largest type, and without the least indica-
tion of its source, a communication from our cor-
respondent at Eupatoria." This we unhesitat-
ingly declare to be a monstrous falsehood ; and
we regret to be obliged to add our belief. that it
was a piece of wilful and deliberate mendacity.
We have never indulged in attacks on any of our
contemporaries, but courtesy is utterly thrown
away in such a case, and we hurl the lie in its
teeth. Nay, more, not many days have elapsed
since it put forward an equally unfounded com-
plaint against ourselves and our evening contem-
porary, the Globe. It then asserted in substance--
we have not the paper before us--that it was
an unusdal practice with "The Sun," but con-
stantly adopted by the Globe. How can it recon-
cile these contradictory statements within less
than a single week ? One or the other must be
false. There is no alternative, and we leave the
Nuisance to select which of the horns of the
dilemma it pleases.

These complaints come with a peculiarly bad
grace from the Daily News, lts antecedents are
not, and cannot easily be forgotten. It started
with the professed object of taking the place of
the Times. It was loudly vaunted as the "Jour-
nal of all the talents," but unfortunately "the
talents" as they were styled, proved as total a
failure in journalism as a similar party iu Admin-
istration. It languished in its intrinsic insignifi-
cance, meeting only with well-merited contempt.
Then it tried the cheap dodge—was sold for 2id.
_far more than it was really worth--though at much
less than it could be produced. This not very
honest attempt to injure its contemporaries, and
the entire body on which it intruded, also proved
a total failure. A large amount of money was
stink, which there is not the most remote prospect
of being ever recovered, and several EUCCOSSiVO
St't4 of proprietors have had serious cause to de-
plore their unfortunate intermeddling with the
daily
aSs Nor was its conduct in other respects
more
reJournals seduced the contributory to
other c•dit ble : it
scat I„any
of from their employments, and
t •
pretty pular
emanation 'lleol adrift long before the
of their en
if our recollection engagements, for which,
toacliitt darQ"r v" .na right, it had to pay
the hie ages' 11.4)w it has taken to
pitchforked into t7el3Fatiennwt:_tinruisstet: wathieao has bean
We give the Daity
eivs f
this article, if it dare, 'l-4 Permission
to copy
have the grace to withdraw the int, it will
forward as to our oopyine. mot% lie it put
corcurain;,atioa _
4,001