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

6,000,0001. sterling, could scarcely be considered
as a general precedent. Mr. GLADSTONE, how-
ev-ar, not merely extends his term to 41 years—

to 1894—but avows his intention of rendering
1 I the charge INTERMINABLE ! ! The proposition
appears so monstrous—so unconstitutional—so
destructive of the rights of our descendants—that
we cannot believe it can receive the sanction of
a British House of Commons. It may, possibly,
be very desirable for the Fundholders to prevent
the anticipated effects of a vast augmentation in
the stock of the precious metals. But it is not
the interest of the nation—it is not fair to pos-
terity to create an insuperable obstacle to their
receiving the benefits of future improvements.
What would be thought of our progenitors if,
for a temporary benefit to themselves, they had
-fixed the interest of the debt at 5 per cent., which
would be permanently charged on the nation ? It
would. have been less in proportion to the then
'ate of interest than 22 to the present. But,
still, it would have been most injurious to
the interests of the present generation it
would have been an usurpation of such a
character that it could not be submitted to.
It is bad enough to mortgage the labour of cur
descendants, but it would be intolerable to render
the burden perpetual, as it would be if the charge
were made irredeemable ! ! !

We do not, then, believe—notwithstanding
the exaggerated eulogiums of the Right Hon.
Gentleman thee Member for Coventry, or the
specious fallacies of the Hon. Member for West-
bury—that the propositions can be carried into
practical operation. The suggestion for a con-
version into 821. 10s. of a New Three-and-a-Half
per Cent. Stock might be worthy of consideration.
But that is so much less favourable than either of
the other branches of the alternative, that it will
not' be resorted to until the others are exhausted,
and then not to any considerable extent, inasmuch as
those who are disappointed in the scramble, that
must ensue for the limited stock, will most proba-
bly wait for the future legislation that has been
more than hinted at by the Minister of Finance.
Our objections to the proposition are certainly not
removed by the plausible address of the Chancellor
of the Exchequer, or the determination of the
Ministerial Leader in the House of Commons to
allow no time for consideration, but to enforce an
immediate decision in so thin a house, and when the
leading features of the measure had been only pro-
mulgated the day previously, and the chief one of
all was so materially modified in the enunciation
of its provisions.

It is drolly insisted upon by One of the re-
viewers in the Quarterly that ARTHUR GiiRGEI
is distinguished by—among other things—" in-
tegrity of purpose." We cannot but admire the
tenacity with which our contemporary in this, al
in so many other instances, clings to a thoroughly
obsolete opinion to the very last, at a time when
it is abandoned by everybody else in the wide
world as altogether vain and valueless. It is
like CLAUDE FROLLO, in the French romance,
grasping, to the latest moment, at the nozzle of
that bending—bending—bending leaden spout on
the turret of the old Cathedral. Every split in
his cassock, every warp in the gutter-pipe, only
makes him hold on with a wilder and more eager
desperation. It was so with the Quarterly and Pro-
tection. It is so with the Quarterly and the Hunga-
rians. The story of th e Magyar war of Independence
is familiar enough by this time to the vast majority
of our population. The incidents of that me-
morable struggle are among the most fully com-
prehended occurrences in the later history of the
European Continent. The speeches of the pa-
triots engaged in that famous contention have
furnished even the humbler classes in Great
Britain with " household words" that have fired
their enthusiasm—as the ballad of "Chevy Chase"'
was wont to do Sir PHILIP SYDNEY—as with the
sound of trumpet. Distant as the seat of war
was from ourselves, we were still, from first to
last, so roused with interest, that we watched
with unfailing vigilance the fluctuations of for-
tunes of battle in that heroic country, from the re-
treat upon Debreczin to the advance even to the
walls of the imperial city of Vienna, down, in-
deed, to the morning of GoRGEf s defection, and
and his compatriots' flight beyond the frontiers
of the Ottoman territory. Perhaps there is not
among the most conspicuous characters in Europe
any public men more fully understood, more ac-
curately comprehended, more justly appreciated,
than the different leaders of the Hungarians.
We are familiar with the virtues and foibles of
them nll almost as well as with those of our own
statesmen. It is thus with PEACZEL. It is thus
with BATHYANNI, the brave and unfortunate. It
is thus with BEM, gallant old BEM, down to his re-
nunciation of Christianity and his death in the
Turkish dominions. It is thus with the youthful
KT./mu, and the experienced DEMBINSKI. More

LONDON, SATURDAY, APRIL 9, 1853.

The Chancellor of the Exchequer has already
materially modified the resolutions of which he
had given notice. He has felt the weight of the
numerous and well-founded objections that have
already been put forward to the second branch
of the alternative offered—namely, the conversion
into a New 2i per Cent. Stock at 1101. for each
1001. 3 per Cent. Stock. He had not, however,
the candour to acknowledge his error, and to
withdraw that part of his proposition. He still
offers the option, but limits the amount that can
be taken to 30,000,0001. sterling—not of 21
Stock, but of the amount of the great Stocks—
the Consolidated and Reduced—that may be con-
verted into the New Stock. The amount, then,
will be 33,000,0001. in place of 30,000,0001. ;
and if we add to that 11,000,000/. for the
10,000,0001. of South Sea and other Annuities
that are to be necessarily connected, the increase
to the nominal amount of the debt will be only
4,000,0001. in place of 50,400,0001., which it
might have been according to the terms of the
original notice of motion. This is unques-
tionably a great improvement, inasmuch as
it limits the amount of loss occasioned by
the nominal increase of capital, to less than
one-twelfth of what it might otherwise have
been. But why should even 4,000,0001. be un-
necessarily sacrificed ? Why should so large a
sum be cast upon posterity without any equiva-
lent to the present generation ? We must also
recollect that it is described as an experiment—
an attempt to test public opinion so as to ascer-
tain how the proposition can be carried out to a
much greater extent. It is, in fact, neither more
nor less than the introduction of the sharp end of the
wedge, in order to obtain that which the Right Hon.
Gentleman ackowledges to be " his ultimate aim
—which will prove the key of the provisions in
the resolutions he was about to propose," namely,
" to lay the foundation of a new and INTERMIN-
ABLE public debt, bearing interest at 2i per cent."
The 30,000,0001., therefore, is not all that we
shall have to deal with. The intention is clearly
and unequivocally avowed to turn the entire public
debt into that species of security ; thus involving
a loss not merely of 50,400,0001., but of about
77, 000, 000/. , if Mr. GLADSTONE' s views should
receive the Legislative sanction. But this is not
all. There is something still more objectionable
behind—which does not appear on the face of the
resolutions, but has unadvisedly dropped from the
Right Honourable Gentleman and which we un-
hesitatingly assert to be totally unprecedented,
such as no Financial Minister has ever hitherto
dared to put forward !
The New Stock is to be interminable ! ! ! We
are to saddle all future generations with a per-
. wiser than any of
manent charge The Right Honourable Gentle-
man, supposing himself to be , far wi
his predecessors, apparently
future occupant of the officeh imagines that no
sibl be his rival. newi e now fills can pos-
yshes to cut off any
chance for his successors of achieving distinction
or emulating his own performnces.
of
We
might venture to remind the great
he has
the well-known principle of which
financier
seem-
ingly lost sight the English law " abhors a
perpetuity.". No man can deal with his property
for a term exceeding a life or lives in being, and
21 years in reversion. No Parliament can have
authority to bind its successors for thousands, or
tens of thousands, of years. Hitherto, any legis-
lative provisions to which the public faith has been
pledged, have not been made for a period that
might reasonably be considered to exceed a gene-
ration—to be altered, if desirable, according to
the legal principle, within the duration of lives in
being at the time of the enactments. We
believe that Mr. GOITLEURN'S operation in
1844, for the conversion of the Three-and-a-Half
per Cents., which bound down the nation for 30
years, viz., 10 years at 3i per cent., with 20
at 3 per cent., was the greatest ever offered ex-
cept in the guarantee on the East India Stock,
which extended to 40 years, but being limited to

than all, it is so with the two most remarkable men
whose names appeared so glaringly before the world
in connection with that renowned war of Inde-
pendence. If it was thus with regard to the
former personages, it was peculiarly so with refer-
ence to ARTHUR GIiRGEI, and with a nobler and
a greater man in every consideration, Louis Kos-
SUTH, the some time Liberator of the Hungarians.
Throughout these islands the name of KOSSUTH
has long since come to be regarded as the symbol
of patriotism—as that of GoRGEI has at the same
time come to be viewed, deliberately, as the syno-
nym for everything base, and dastardly, and
treacherous. In this manner public opinion has
pronounced upon the two men definitively and
beyond the possibility of any misapprehension.
Yet, here comes the Quarterly in the April of
1853, with its astounding declaration that " in-
tegrity of purpose" is among GoRGEI'S most me-
morable characteristics ! It is something wonder-
ful what an aptitude some men evince for doing
violence to the common sense of the intelligent
multitude. In a similar way we know of some
astronomical curiosities who really and truly now,
in the middle of the nineteenth century, seriously
believe that the Newtonian system is an egregious
fallacy, that Sir ISAAC was altogether an impostor,
and in the so-termed principle of gravitation,
there is " nothing in it," any more than there
was with the crater of Vesuvius when examined
by Sir CHARLES COLDSTREAM. Precisely in this
category of eccentric marvel-mongers and depre-
ciatory of established reputations, we cannot but
class one or two of the habitual contributors to
the Quarterly. Supposing it were otherwise, we
should never have these extraordinary reviewers
believing, in the broad noonday light of Free
Trade, in the preposterous old ghost of Protection.
Neither should we at this hour find them insisting
earnestly, and almost pathetically, upon the "in-
tegrity of purpose" of the very man who flung
down the sword, of Hungary at the feet of the
AUTOCRAT I Contributions such as the one to
which we are here making allusion should cer-
tainly, in any future editions, be introduced in an
appendix to the " Curiosities of Literature."

MONEY MARKET AND COMMERCIAL
INTELLIGENCE--(THIS DAY.)

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 2,000 for export
and on speculation. The market closed tamely.
Railway shares were tolerably firm.
The process of the quarterly payments had com-
menced last week, as far as salaries are concerned,
sufficiently to affect the Bank of England returns.
The bullion, consequently, was slightly diminished
up to the 2d inst., and there was a reduction of
public deposits. The discounts and loans were
larger, from which it may be concluded that money
was still in demand. - Compared with the previous
week, the changes are as follows :—.
Active circulation

Increase .

£22,387,170
593,475
19,007,449
115,547
Rest
Increase
Public Deposits
Decrease
Other deposits
Increase 31,579
Seven-day and other Bills
Increase
Government securities
Other securities
Increase
Bills of Exchange were taken yesterday
nthoeonchaiteraf rather
inloewnetralrates in
cities.
someNin 607,450
453,673
Notes Notes unemployed
Decrease :
after-
noon
t ad
anye se paper
was negotiated at 25 25 to 30 on Pates, 11 18 to
19 on Amsterdam, 13 71 to 8 on Hamburg h, 11 5
to Son Trieste, and 120 to on Frankfort.
The amendments made by the Chancellor of the
Exchequer in his proposals for a partial conversion
of the National Debt have formed the almost ex-
clusive topic of discussion in the City, and the con-
cession made to public opinion in • regard to restrict-
ing the addition to the capital • •
gives satisfaction ;
still there are few who do not consider that the
proposition to give 1101. of New Two-and-a-Half
per Cent. Stock would not be betteromitted entirely,
since it is admitted that it could not with advan-
tage be carried far, and therefore, if success-
ful on a small scale, would not • tif JUS y a
larger operation of the same class. Moreover,
there is every reason to believe that the conversion
into a New Three-and-a-Half per Cent Stock, and
into Exchequer Bonds, would be quite sufficient to
induce holders of the Threes to come forward if
they had no other alternative, whereas now the
Two-and-a-Half per Cents. will be preferred to the
Three-and-a-Half, and, except by bankers and
capitalists, even to Exchequer Bonds. We are
among those who think that either by lottery,
drawing, or some other plan, some 50 or 100
millions of Three per Cent. Debt might be an-
nnually, or at least periodically, converted, admit-
ting all the difficulty resulting from the obligation
to give 12 months' notice, because if the Money
Market proved inauspicious, there would be no
occasion to act upon the authority which Parlia-
ment might give ; and it really seems parting with
an excellent future chance to bind the country,
for 40 years, to give a fixed rate. Ere then, Con-
sols may be 120 or 130, and the current rate of
interest only Ito 2 per cent. The inutility of re-
placing Exchequer Bills that circulate at 1 per
cent. for Bonds at 21 is likewise part of the scheme
much canvassed, and which, it is hoped, will be
modified. To replace Stock the Bonds would be
highly popular, and it is the general opinion that
50 millions sterling would find immediate takers.
The amount of the precious metals exported from
London direct during the week to Thursday last
was 20,0001., and 22,300 ounces of gold and
10,000 ounces of silver. Of the gold 20,0001. went
to Sydney. The rest was for the Continent.
The funds have been firmer, and there is a good
business doing. Consols have been quoted 1001 to
1001. for transfer, and 100 k to for account. The
New 3k per Cents. have realised 103 A, and the 3
per Cents., 99i- to par. Bank Stock has been
supported at 225. East India Bonds are 485., and
Exchequer Bills have sunk to par, in consequence
of the belief that the bonds will have a preference.

Bullion

Decrease

Foreign Stocks have been quiter. Portuguese
Four per Cents. bring 40q to 41. Mexican are 27/
to 28, being firm. Nothing has been done in
Spanish. The Turkish Loan is at 2i pm. Dutch
Stock is supported.
Railway Shares are, not much dealt in, but re-
main about the same. The French lines are dull.
Gold Mine Shares are rather weak.
The Land Companies' Shares have been sup-
ported.
The Australian Banks are heavy.

BRITISH FUNDS THIS DAY.
(From the Official List.)

Business dnnc.
I3ank Stock , .... 225 x d
3 per Cent. Reduced Annuities..... 9oi i 100
3 per Cent. Consols Annuities
New 3/ per Cent. Annuities .. 103 A
Long Annuities, Expire sth Jan., 1860 6
Ditto 30 Years, Expire sth Jan., 1860 6 13-16
India Bonds, £lOOO 4B
Ditto, under £lOOO 47 1
Consols for Account
Exchequ
£lOOO er Bills, 14d. June. March.
. 5
£500
Small 1 p par 2
PRICE OF FOREIGN FUNDS THIS DAY.
Br.q.zilian Bonds, 5 per Cent.
—•• • -

Ditto 5 per Cent. (Rothchild's) loo'
Ditto New Bonds, 1829 & 39, 5 per Cent 1025
Buenos Ayres Bonds, 6 per Cent 6O
Danish Bonds, 5 per Cent.
Mexican 3 per Cent
Ditto Account April 15, 2B 7i
Peruvian Deferred 3 per Cent 64
Portuguese 4 per Cent. —
Ditto for the Account 4l 403,
Russian Bonds, 5 per Cent. ........... .....• llBl
Spanish Committee Cert. of Coup. not fun 8a a p c
Swedish Loan 1 A (1
Turkish Loan, 6 per Cent., 1852 2l 3i P
Belgian Bonds, 4A per Cent. Ex. 25fr ll5O
Dutch Exchange 2. per Cent 66
Ditto 4 per Cent. Certificates...
TWO O'CLOCK.
1003
1003

Consols.
Ditto April Account

LLOYDS' SHIPPING-(THIS DAY.)

LONDON, April 9.—Wind this day at Noon, N. to N.W.,
moderate breeze, and fine dry weather.
DEAL, April B.—Wind, N.E., squally. Arrived—Black-
friar, Sydney, N.S.W. ; Undaunted, Geelong ; Constan-
tinople, Mauritius ; Alevia, Callao; Regalia, Demerara ;
Trial, Barbadoes ; Sophie, Baltimore. Arrived from the
River—Candidate, for Barbadoes. Sailed—The whole of
the outward bound.

COWES, April B.—Wind, N. by W., squally. Arrive
Julia, Callao ; Diamond, Rio Janeiro ; Hermann (s), Now
York, and left for Bremen.
LIVERPOOL, April B.—Wind, N.W. to N. Arrived—
Falcon, St. John's, N.B. ; Majestic, Bonny; Ann Bald-
win, Caldera ; Jamaica, Bahia ; Iris, Reo de la Hache ;
Dauntless, -Apalachecola, ; Sterling, Savannah • Rocham-
beau, do. ; Mary Pleasants, Philadelphia, ; Allege, New
York ; Saratoga, do. ; Star of the South, N.B. ; Onward,
Halifax.

DISTRESSED NEEDLEWOMEN'S HOME.—Yesterday the
committee of this charity held its monthly meeting at the
institution, 15, Carburton-street, Fitzroy-square, when
the minutes of the last meeting having been confirmed,
the secretary reported that the receipts of the month had
amounted to 741. 6s. sd. ; that, through the kindness of
many ladies (among them Lady Clinton, Lady Bayley,
Lady Jolliffe, Miss Hartopp, Mrs. Thompson, Mrs.
Colonel Brooke, Miss Culverwell, Mrs. Berry,
Mrs. Clarke, Miss Burton, Mrs. Ross, Mrs. Kin-
dersley, &c.), 32 women bad been employed,
several of whom were 60, and some 70 years
of age ; that, through the kind assistance afforded,
the debts had been reduced from 741. 4s. 10d. to 421.
3s. 6d. ; that the women were truly grateful for the kind
assistance rendered them ; and that Miss Taylor had
kindly presented another bed and furniture, &c., when
it was resolved that the best thanks of the committee be
i....pvnit;sieents::nunstttie.iotdnutt, oi 0 Mn : s
to
eT
may
rl o. r
.v
West,
t ,h
forer the kindnessinterest
e in
at
tbaekheanl f
by
wiai_ i 8
_,b e
tt,ofet the ekabiTnnadhdnelkyaecrrrse,
receiving
theiring kindness
subscriptions ,• and
in Messrs.
atiodof the
additions, and inspected institution.
I:oreeam(cint:mgedeitdt
some
me
re awork, having
inorekp,
improvements aswseitdh throughwhie
h taht
and
lately happened on theA
were highly deli
which had been uncarted
NCE.--A singular circumstance
the meeting was adjourned.
SINGULAR CIRCUMST
Great Western line. A stag
near Thingley got upon the
railroadro ni
the near
tunnel.o or s h a
The
e station,en g i n
speed,e.
and was making its way
towards Box, just as the expressdrir seeing the dogs
train was emerging
f
coming, at once relaxed
his b
and sounded the
whistle, and the pack divided to th rightein andh left, and
passed the train without one of them
stag afterwards entered the tunnel and was hurt Th
secured.
theree.
—Within Independent.

PLYMOUTH, April B.—Wind, N.W. Arrived.—Countess
of Morley, Cardiff, for New York. Sailed—Asia, Port
Philip ; Queen Victoria, Quebec ; Spermaceti, do.
FALMOUTH, April B.—Wind, N., fresh. Arrived—
Westmoreland, Bahia ; Garde National, Havannah.
SOUTHAMPTON, April B.—The Abiona (Brit. barque),
laden with cotton and corn for Liverpool, was on fire at
New Orleans, on the 19th March.
DARTMOUTH, April B.—Wind, N.W. Sailed—Calypso,
Quebec.
YARMOUTH.—Arrived—Leonidas, Sunderland for Cowes,
assisted in very leaky from contact with the Dispatch, of
London, and the Minerva (brig), of Sunderland. The
Courier, Seaham for Dunkirk, has been assisted in here
with damage from contact with the Eperior, Newcastle to
Brest, which has put in with loss of bowsprit.
TORBAY, April B.—Wind, N. Sailed—Lovely Nelly,
Demerara ; Elizabeth, St. Thomas' ; Adventure, Ha.
vannah ; Transit, Laguna ; Duchesse Anna, Vera Cruz ;
Edward, New York.
SHIELDS, April B.—Sailed—Queen of the Ocean, St.
Thomas'.
SUNDERLAND, April B.—Sailod—Robert M`William,
Quebec.
BRISTOL, April B.—Arrived—Mona, Mauritius; Chaleo,
Africa.
--1••••=•1

DREADFUL OUTRAGE ON A FEMALS.—Yesterday after-
noon considerable excitement prevailed in the neighbour-
hood of the Broadway, Westminster, in consequence of
its bong reported that a woman had been murdered in
Peter-street, by a man with whom she had lived as his
wife. From inquiries made on the spot, the reporter
ascertained that a married man named Cox, a well-sinker,
and resiiing in Ship-court, Iforseferry-road, Westmin-
ster, was drinking in a public-house in Great Peter. street,
when a woman, named Weaver, living in Duck-lane,
Westminster, with whom Cox had been on terms of great
familiarity, came in, and after conversing some little
time, some angry words arose, and Cox told her to leave
the place. He-came out, and the woman persisting in fol-
lowing him, was struck aviolent blow, and knocked down,
Cox folowing up his violence by kicking her upon various
portions of her person. The cries of the unfortunate
woman caused some people to rush to her assistance, and
her assailant was prevented from inflicting any further
blows on her at that time. The woman, however, con-
tinued to follow him up the street, and threw a stone at
him, which, however, missed Cox, but passed through a
window in the shop-front of Mr. Richardson, a baker.
It appears that Cox then became very excited, and rush-
ing after the woman, some say he knocked her down,
and kicked her with all his might in the forehead, and
others, that he struck her only with his clenched fist, but
it is evident that the blow was a very severe one, from
the fact that it inflicted andund on the forehead. A
constable then came up, athe man went away, and
the woman managed to reach the Rose and Thistle pub-
lic-house, which is a short distance down the street where
the outrage took place, where she fell down a corpse.,
The police having been informed of the circumstance',
proceeded in search of Cox, and after some time succeeded
in apprehending him, and he was conveyed to the police-
station in Rochester-row, and the body of the unfortu-
nate woman was carried to the house where she had
liyodi

THE SUN, LONDON, SATURDAY EVENING, APRIL 9, 1853.