The Sun.
London, England, 1864-12-24 00:00:00

SPIRIT OF THE PUBLIC JOURNALS.

TIMES,—We took occasion to remark some time
ago that if the Americans could but have foreseen
the magnitude and duration of their Civil War it
would never have been undertaken, and that the
South would have been left to follow its own policy
of secession and independence. Our words have
now been echoed by one of the Federal Ministers in
his official report. Mr. Fessenden, whose duties
as Secretary of the Treasury bring him necessarily
into contact with the stern realities of the struggle,
candidly confesses his doubts whether the people
would have ever entered upon this contest if they
could have anticipated its cost. They had taken
no measure of the work before them. Believing
it to be a matter of " ninety days," and a short
volunteer service, they plunged into the war, and
then, at each successive check,redoubled their exere
Lions and their outlay, always with the delusive
idea that this one effort was alone required to bring
the struggle to a close. We believe that in these
circumstances lies the true explanation of that
financial position which Mr. Fessenden has so
frankly described. The Federate raised money as
they raised men, by abrupt calls on unlimited scale.
Toey had no machinery ready organized either for
financial or military purposes, and they extempoe
rized a Budget the same as they extemporized an
army. The inevitable results of such a policy have
long been manifest in the enormous and incessant
demands for men and a prodigality of expenditure
absolutely without parallel in the history of na-
tional finance. The Americans began their war
under conditions apparently favourable Zo the exer-
tion of national strength. They were, as a people,
prosperous, beyond measure, untouched by taxation
and with a public credit unimpaired by any public
debt. But if they were ignorant of taxation they
might be supposed to be impatient of it also, and
their rulers, under the governing delusion that a
single campaign would " break the neck of the
rebellion," decided, not unnaturally, on leaving
them untaxed still. If, indeed, we put our-
selves in the position of Federal statesmen
four years ago, we shall readily admit that
what Mr. Chase then did was the most reason-
able thing that he could do. It might have been
dangerous and would certainly have been tedious to
raise by taxation the funds immediately required.
There was no machinery available, there was no ex-
perience to furnish information or guidance, and
nobody could tell how the sudden demands of the
Treasury could be beseor most safely satisfied through
the annual revenue. On the other hand, a loan would
remove every difficulty. It would bring in the money
at once, it would leave the people undisturbed, and
in the absence of any pre-existing debt the obligee
tion would be too trifling to be considered. So Mr
Chase, though he only calculated on wanting about
£60,000,000 for the first year's service, quietly pro-
posed to borrow mere than £50,000,000 of the sum,
and if the war had been finished at Bull Run, he
would have been justified in his policy. It was
never worth while for the sake of a sum which would
be unappreciable as a national debt to create an upe
popular and perhaps unproductive system of na-
tional taxation. But the very foundation of this
policy, unhappily, was hollow throughout. The
war was not to be so ended. It was a contest of
giants conducted on a scale of matchless magnitude,
and portending a duration incalculable still. Mr
Chase, therefore, fuund himself in unexpected diffi-
culties. He had made exactly the opposite mistake
to that made by our own Chancellor of the E eche..
quer in the Crimean war. Mr Gladstone thought
he could do without loans—Mr Chase thought he
could do without taxes—but the American war has
been so immense in its scope and so obstinately pro-
tracted, that the error of the Federal statesman has
produced astounding consequences. There was nee
thing for it but to go on, to establish and improve
a system of taxation as last as might be, and in the
meantime to borrow what could net be otherwise
raised. This Mr Chase did. He saw as clearly as we
see that such a system of borrowing was ruinous,
and that a revenue from taxation should be procured
at the earliest moment possible; but this, as Mr
Fessenden truly says, was a work of time, and the
State could not wait for the money. New loans,
therefore, were necessarily contracted one after
another, and so gigantic were the charges of the
war, that even the products of taxation as they gra-
dually increase d still left the deficits to be made up
by loans as formidable as ever. In these facts we
obtain a clue to the otherwise bewildering history
of Federal finance. The financiers of the North
have done their best, and that best has been better
than is commonly-supposed. But they were crippled
first by the want of adequate .organisation and ex-
perience in the Revenue Department, and then by
the inordinate magnitude of the demands accruing
year after year. It must not be forgotten in criti-
cising a Federal budget that nothing has ever
hitherto been seen approaching to the scale of Fede-
ral expenditure. That exponditare is certainly half-
a-million sterling a day, and it is not improbable
that if all liabilities could be brought to account the
outgoings of the year would reach two hundred
millions. Our greatest expenditure scarcely reached
above half this sum. In the year 1814 it really did
atnownt to £111,000,000, an aggregate still regarded
as marvellous, but in 1856 it was only £82,000,000.
This unmanageable demand is what defeats the skill
of Federal financiers. Otherwise, as far as taxation
goes, they have gradually formed a scheme of re-
venue which places a fair share of weight on the
shoulders of the present generation. The taxes now to
be levied from the people of the Federal States will
sustain a comparison with those levied from our-
selves. Last year Mr Chase collected upwards of
£50,000,000, or as much as we raised 20 years ago.
For the current year Mr Fessenden calculates on
getting about £54,000,000, although certain lucky
windfalls which helped Mr Chase are no longer to be
anticipated. For the year next ensuing the revenue,
exclusive of loans, is estimated to produce no less
than £80,000,000, so that a fair proportion between
loans and taxation has been established at last.
The report before us, though elaborately instruc-
tive in other particulars, does not descend to those
details which we look for in the statements of our
own Ministers ; in fact, the condensation of matter
is carried in some points to obscurity. Dismissing
the receipts from public lands and miscellaneous
sources, we find Mr Feseenden's estimate of revenue
n duced to two heads; and these our financial
Reformers will be distressed to hear are Customs and
Excise. The " internal revenue," however, of which
Mr Fessenden speaks comprehends, like our own
" inland revenue," not only Excise duties, but
direct taxes ; and upon the latter subject we
should like to have more information than the
Report supplies. We know full well that hitherto
duties corresponding to our Excise duties have been
maintained at a height far exceeding that of direct
taxation, but we have not got the exact figures. At
present, though Mr Fessenden hopes to extend the
Income-tax, it is clearly upon Excise or its equiva-
lents that he mainly relies. The Customs Duties
have already been strained beyond their strength,
for they are falling off in amount, and have created
a smuggling trade in the place of regular commerce.
It seems that X 15,000,000 is about the maximum of
their produce, so that Mr Fessenden must raise Fl
good £60,000,000 from " internal revenue." And
this is what, for the year 1865.66, he hopes to do,
but how that £60,000,000 is to be made up he does
not tell us. We can only see that every branch of
trade and every process of commerce are apparently
to be taxed, and that the interference with business
will be something beyond the conception of people
in this country. Mr Fessenden himself believes
that certain of his taxes would " probably fail of
collection to some extent," but that by the applica-
tion of "stringent rules, requiring frequent perio-
dical returns, verified by oath, coupled with the
power to compel an exhibit of books of account,"
they might be made satisfactorily productive. Such
are the prospects before the Federal Secretary, and
their general character may be gathered from the
fact that although he hopes to raise in 1865 about
eight times as much by taxation as Mr Chase raised
in 1861, he will still have to raise twice as much by
borrowing. In the face of such terrible necessities
we must own that we are not surprised to find Mr
Fessenden himself resorting to the very same delu-
sion which had misled his predecessor, and "confi-
dently hoping," for his own consolation, that "the
great struggle is near its termination," and that his
prospective estimates may have been superfluously
framed,

POST.—We are entering upon a season which, whilst
inculcating increased reverence for the duties of our faith,
and increased observance of social amenities, also prover-
bially sanctions increased indulgence in joyousness, merry-
making, and amusement. In pursuit of the latter our
theatres will naturally come in for a large share of public
patronage. Christmas is the golden ago of managers, as it
is of the little boys and girls home for the holidays, and of
the children of maturer growth who are still blessed with
sufficient freshness of heart to remain unsated of theatrical
illusions. Tho Christmas of 1861-65 seems destined to be
no less fertile in opportunities for the tacile indulgence of
such predilections than its predecessors. Indeed, it may
be expected, if we can trust open announcement and confi-
dential rumours, that its attractions in that line will exceed
anything yet offered. The most ingenious word-twisters
of the day will read satirical lessons to the intelligent, and
amaze the less keen-witted by that clever nonsense, con-
veyed in the moat atrocious of puns, which seems to be the
specie-di/id of the ago. Juvenile erudition will realise
splendid illustrations of its researches into the annals of the
"Arabian Nights," Madame d'Aulnois," and "Fairy
Tales." Impossible loveliness in scenery will suggest the
prospect of future Royal Academicians, and all the resources
of machinery, amounting to engineering, and of scientific
chemistry will be called in to produce "startling effects."
Even unwonted establishments will contend in the race,
and her Majesty's, defying the ghosts of Cetalini and Pasta,
will produce a pantomime signalised by a one-legged
clown, whilst Covent-garden and DI ury-lane—breathe it

not to the shades of John Kemble and Edmund Kean--
will lead the town by the nose by means of one-legged
dancers. Old and young will doubtless find something to
dazzle, and, what is more, to amuse them; and in the
trust that crowded houses and approving smiles will repaY
the labour, mental as well as physical, and the liberal
outlay usually lavished upon such productions, we ven'
ture to offer a few words of kindly remonstrance
to a very important element of such a result—the
audience. We cannot, perhaps, better introduce our pro-
test than by repeating a few lines which appeared in our
impression of yesterday, relative to the performance of a
new play at the St. James's Theatre on Thursday
They ran thus—" We feel ourselves compelled to add that
the success of this piece was rendered very critical, not on
account of any demerits perceptible in it, but owing to the
unseemly conduct of certain individuals in a private be%
close upon the stage, These gentlemen amused themselves
by making grimaces at, speaking to, and loudly interrupt'
ing the actors on the stage—so loudly that at first the
audience imagined the words proceeded legitimately from
some one of the characters about to enter. Tho annoyance
at last arrived at such a height, and so palpably imperiled
the success of the play, that Mr Charles Mathews was com-
pelled to make a personal remonstrance on the subject to the
individuals from whom the interruption proceeded. The
audience at once took up the cause, and both uneniwouslY
and vociferously demanded that the effenders should be
turned out. This they firmly insisted upon. until it was at
length accomplished, and the play proceeded satisfactorily
to its termination. When it is remembered what disadvan-
tages usually attend a' first representation,' such behaviour
—which includes not only an injury to the establishment
but also an insult to the audience—cannot be too strongly
reprobated." This is but a mild description of the persistent
rudeness which actually took place, and singularly enough,
an occurrence of a similar interruption, though not of se
personal a nature, had taken place somewhat earlier in the
piece, but had been put down by a significant demonstration
on the part of the public. These two instances of such bee
haviour in one evening, reprehensible at any time, were 011
that night especially ill-Jmed. Not only was it the first
night of a new piece, when the corps dratnatique is ob-
viously entitled to increased indulgence, and when every,
allowance is usually accorded for that want of
smoothness in the action of a play which no
number of " rehearsals" will eufficiently ensure, but
the entertainments on that occasion were for the
benefit of two well-deserved favourites of the public, Mr and
Mrs Charles Mathews—the one appealing to our sympathies
not only by her sex, but as an accomplished artiste; the
other, equally on the natural score cf his hereditary claims
as well as in his own title, fairly established, to that succes-
sion, So unexpected e reception was quite sufficient to daunt
the stoutest theatrical nerves, and as it so happened that the
chief weight of the piece fell precisely upon those exposed to
this ordeal, not only were the enjoyment of the audience and
the efforts of the performers very critically impaired, but the
hopes of an author and the legitimate expectations of a
manager lay at the mercy of a few reckless or thoughtless
individuals. Now, we are far from asserting that such un"
seemly occurrences as these are common in our theatres'
though they are in reality far more frequent than any but
habitual playgoers are aware of. But whilst we admit, with
a certain pride, that upon such occasions the general public
rises en masse—no less for its own convenience than in honest
sympathy with those outraged—to reprobate the offence, and
expel the offenders, we submit that this very reprobation en.
titles and encourages us to point out the prevalence of
similar shortcoming, in a milder form, which equally nee"
amendment. The thoughtless are becoming almost as al"
noying as the reckless. It is now a matter of daily, or rather
nightly, experience to find iu almost any theatre one or more
groups of persons who appear to take a livelier interest ia
their own conversation than in the performance before thou'
They appear to be either ignorant or careless that their small
talk, though carried on in a private box and in a tone 0°
louder than that usual with them in their own houses, is
sufficiently distracting to reider inaudible, or rather
plicablo, the dialogue on the stage. It is to be presumed
they aro unconscious that their enjoyment of their own an
their friends' sweet voices is utterly destructive of the even'
ing's pleasure to the rest of the audience. Let us figure
them of that fact. The most devoted lover of the drama iS
paralysed by that apparent trifle. The pathos even Of 6
Rachel 'must needs pale when accompanied by a runnieg
commentary on last night's debate, and there could happen,
no more cruel revulsion of feeling than when excited
eighteen, awaiting with chilled heart and bated breath the
stealthy appearance of the "Hidden Hand," hear!,
Charley Foppleton distinctly ask Lady Louis, " shall you
go to the Fitzfluinmery's to-morrow ?" Absorption is hi:,
deed indispensable to the "necessary question of the play
and as to nine-tenths of every audience the attendance at
one is not a matter of habit, while it is one of expense, these
who can occupy private boxes at their option will act the
more considerately in conceding to them that privilege; fer
we regret to say that it is in the private boxes where sue;
forgetfulness is chiefly prevalent. It has even deecendka
from the gallery, its former home, and now the gods, Who
are so knowing as to detect the most recondite allusions o',
the most classical burlesques, are also wise enough to listen
to that which they have paid for hearing. It is true that
"Boxing Night" is sometimes, but not always, an deep'
tion ; and perhaps on Monday next the performances pre"
ceding the pantomimes may pass in dumb show amidst tbe
confusion of Babel. But, in general, the gallery is attentice
and discriminating, evidently intent upon having its six"
penny worth for its sixpence. We wonder this sensible
provement has never struck their superiors, in whom the:
payment for what is decidedly the least comfortable et:
apartments, and, moreover, liable to interruption from the
stage, is amazing. We presume the notion that to appear
at a theatre and seem indifferent teethe performance is sYrari
tomatic of a " swell," has quite exploded. The greenest °I
"gents" must have given up that long ago. For the res
and genuine "swells" either come to be amused, or, 1201
a thousand other agreeable haunts, stay away, We thins,..
quite well enough even of the most thoughtless of our ati
ences to feel assured that when they once reflect that they
want of eonsideration needlessly wounds the dignity ?I
very laborious profession, needlessly destroys the arli.°3:
ment of their inoffensive fellow-citizens, and grievouslYlol
perils the natural expectations of those who risk muelinrs
the management of our theatres, we shall hear of few 13'do
such instances. But if any one ambitious of being ° grenb
imagines he will lose the chance by adhering to Wilt.
proposition, lot him abjure the notion. Tittlebat ke
mouse is never less likely to be mistaken for the Devil,
of St James's, and never so certain of being set "ee-
for a "gent," as when, by his utter contempt for the I:i'll,
formance, he obviously manifests that his visit t
theatre is merely owing to his possessing no more " OWeIL
tsh
opportunity of spending his evening.

tRNIEMBER ! WE WAIT SUPPER
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ROYAL FREE HOSPITAL, Gray's.inn.road,
h in the immediate vicinity of the Great Northernßail-
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eore especially at
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01„he Hospital is not endowed, but is wholly dependent on
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at the Hospital from 10 till 5.
STANFORD S. SMITH, Secretary.
Nnations of old linen thankfully received.

„[,the MATTER of the COMPANIES ACT,
,111 1662, and of
] SCOT TISH and UNIVERSAL FINANCE BANK
kJ:died).
NOTICE IS HEREBY GIVEN, That a
to, PETITION for the Winding-up of the above-named
b 'Pany by the Court of Chancery was, on the 21st day of
ry:eketober, 1864 presented to the Lord Chancellor by Frede-
e Neville, of,No. 18, Noble-street, in the City of _London,
reliouseman, a Con ributory of the said Company. and
64 the said Petition is directed to be heard before the Vice-
-6p t.eellor Wood on the 14th day of J>.nuary, 1865, and any
o,ditor or Contributory of the said Company desirous to
4T,011e the making of an Order for the Winding-up of the
th”, Company, under the above Act, should appear at the
~„
of the hearing by himself, or his counsel for that pur-
4!e..and a copy of the Petition will be furnished to any
il.!clitor or Cont. ibutory of the said Company requiring the
tae, by the undersigned, on payment of the regulated
"fg'e for the same.
ASHURST, MORRIS, and CO.,
of 6, Old Jewry, in the City of London, Solicitors
for the Pe itioner.

the MATTER of the cOMPANIES ACT, 1862, and of
SCOTTISH and UNIVERSAL FINANCE BANK
(Limited).
IfttHE Vice ChAncellor Sir William PAge Wood
has, by an ORDER dated the 2"st day of December,
4T, appointed Mr. SAMUEL LOWELL PRICE, of No.-5,
t,e4i, ham-street, in the City of London, Pi bite Accoun•ant,
V! Provisional Official Liquidator of the above-named
•
bated this 22d day of Demnber, 1864.

HENRY LEMAN, Chief Clerk.
S,
e, Old Jewry, inASHURST the,M City ofORRI Londonn, Solicitors to
the Provisional i Iciaidator,

~IIE IMPERIAL MERCANTILE CREDIT
. ASSOCIATION, Limited.
• Capital subscribed, £..5,000,C00.
Paid up, £5O ,COO.
DIRECrORS.
JOHN CHAPMAN, Esq., Chairman.
I,ellophon Ball!, Esq. Charles Nelson, Esq,
J. Coleman, P;sq. G. G. Macphers n), Esq.
Tr. Alderman Dakin. Sir J. H. Pelly, Bart.
I,atues Dickson, Esq. W. Scholefield, Esq„ M.P.
5.. b. Radow, Esq. Sir S. +). Scott, tart.
w„.O. Hanson, Esq. H. D. Seymour, Esq., M. P .
Harford, Esq. Joseph Thornton, Esq.
olroyd. Esq.
AlfG. West uorland, Es;.
G. Hombre, Esq. red Wilson, Esq.
'apt. J. Gilbert Johnston. M. Zarifl, Esq.
MANAGERS.
henry J. Barker, Esq., and T. Fraser Sandeman, Esq.
SOLICITORS.
Mcssrs. Ashurst, Morris. and Co., and
Messrs. Edwards and Co.
44e Association receives money on deposit for fixed periods.
Makes advances on approved securities.
le''s v4egotiates Loans, and undertakes General Financial Busi-

W. C. WINTERBOTTOM, Secretary.
Crosby House, 96, Bishopgate-street Within.

RE TEA ESTABLISHMENT,

1,7 4 and 5, KING WILLIA.III-STREET, CITY.
1 above Establishment will be CLOSED on MONDAY,
25th inst.

December Bth, 1864.

RIDGWAY & CO.

hU SINESSE S.—Mr. ANDREW HIND'S
NOVEMBE it LIST,
eoniaining 500 Businesses, Premiss, Partnerships, Sz?.,
Gratis.
01, Letters, enclose stamp.—Particulars entered free.
PICEs'—COILNER OF LITTLE CARTER-LANE, ST. PAUL'S.

11,1 E IGNMOUT H, Devon.—Mr. ANDRE*
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46;11 a RESIDENCE, withinstructions grounds of about 3 acres. Gentl-
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141-1 Views from it are good. Distance from the sea about a
(;,t'• Price X 2,600. articul.rs and cards to view at the
Central Estate Offices, corner of Little Carter-lane, St.

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