The Sun.
London, England, 1854-05-12 00:00:00

greater force a week or two since--it will be
apparent that the true object of the various
manoeuvres was to foil Mr. GLADSTONE'S Ex-
chequer Bond project, and to bring his character
as a financier into greater disrepute, if possible,
than was previously the case. In carrying out
this object, they would not even allow the miser-
able stags who put in tenders for the novel secu-
rity, to gain " the ridiculously small sum of
eighteen pence," or even ls. per 1,0001. sterling
allotted to those distinguished capitalists. Even
their insignificance could not shield them from
falling beneath theblowdirected against a mightier
prey
The result, as we have stated, was very deci-
sive. Consols for money went back to 87i, a fall
of 1 per cent, within a few hours. From this
" Slough of Despond" there was a partial extri-
cation. Quotations both for money and account
rallied on the intelligence of the counter move-
ment of the Bank of France to 851, at which
they closed, the tendency being to a small
" contango," say 1-16 per cent.
We have thus seen the mode in which the
Bank abuses the enormous powers entrusted
to its charge. There is no doubt that it would
be at perfect liberty to " do what it liked with
its own," but for its quasi national character,
—were it merely a private Joint Stock Establish-
ment—as some assert it to be, the Directors
would only have to look to the interests of the
proprietors. Its gigantic assets would, of course,
give it great influence, and we have no doubt
that as large a dividend, aye, and as handsome a
bonus, would be declared if its connection with
Government were altogether abolished. We see
that a comparatively private concern, the National
Provincial Bank of England, only yesterday de-
dared a dividend at the rate of 8 per cent., with
a bonus of 4 per cent., from profits actually
realised. This is even better than anything that
the "Old Lady" can do, with all her exclusive pri-
vileges and valuable monopolies. Let, then, these
privileges be taken away, these monopolies
abolished root and branch. Let the business of
the nation be transferred to a really National
Bank. Such a change will be beneficial to the
Bank, to the Government, and pre-eminently so
to the commercial and manufacturing interests of
the country, which are seriously damaged by the
connection, and are compelled " to pay the
Piper," whether the other " contracting parties"
are friendly or adverse—whether they are at open
war or doubtful peace !

In the City Article of the GLADSTONE organ
this day, it is stated that " Long Annuities con-
tinue to decline, owing to the unjust operation of
the income tax on these descriptions of securities,
and were last quoted at 4 9-16ths." This is in-
deed a fair illustration of the gross inequality and
flagrant injustice of the system now in operation.
Long Annuities, which will expire in 1860, are
charged at the same rate as Consols—the one
pound income of the one being, at yesterday's
quotations, worth 41. 11s. 3d., that of the other
being worth 291. ss. In other words, the holder
of Long Annuities pays very nearly six-and-a-half
times as much on the value of his property as the
more fortunate proprietor of Consols. The
latter is only required to contribute on what is
entirely and absolutely interest. The other pays
on his capital, of which 5-6ths of what he is to
receive consists—the receiving 1-6th only being
interest, or what can properly be called "income."
As yet the Chancellor of the Exchequer proposes
to double this iniquitous and unjust impost, with-
out modification or alteration, declaring that it is
utterly impossible to attempt even an approxima-
tion to a more equitable solution, and that " the
reconstructing," or, as he is pleased to term it,
" differentiating," the tax is altogether visionary
and impossible.
Now, the distinction between Schedules A or C
and D is, at least, as striking as that between
Consols and Long Annuities. Many hard-working
circuit-going barristers and country clergymen, and
provincial medical practitioners, would be rejoiced
if they could capitalise the incomes on which they
are required to pay debts at the rate obtainable
for Long Annuities. They feel that, taking into
consideration their increasing years and decreas-
ing strength, the changes in their professional
emoluments occasioned by legislation or fashion,
or the competition of younger and more vigorous
rivals, they would be but too happy to dispose of
the good-will of their respective professions or
occupations for four-and-a-half years' purchase.
If they should entertain any doubt on the sub-
ject, let those even of the most unimpeachable
characters, and consequently in the best credit,
send their securities into the money-market, and
ascertain what amount will be advanced thereon.
The man willing to mortgage his Long Annuities,
returning, say 5001. a year, will at once ob-
tain 2,0001. thereon at a moderate rate of
interest, while the professional, who seeks
to mortgage his labour, will find it difficult
to get an advance of even one year's income—or
5001., and for that he will have to pay a higher
interest than the annuitant for his 4,000/., or
eight times as much in proportion to the actual
amount. In comparing the cases of the annui-
tant with the proprietor of Consols, we do not, by
any means, expose the greatest hardships or most
serious grievances existing under the system,
which is not only to be perpetuated, but the
charges to be doubled, and the evils consequently
multiplied in even a duplicate ratio. What we
say then of the palpable injustice inflicted on the
owners of Long Annuities will, d fortiori, apply
to a large proportion of those who are assessed
under Schedule D.

Now, we ask any man of ordinary intelligence
—any clerk capable of earning sufficient to make
him liable to the impost—what can be the diffi-
culty of making not merely an approximation to
equitable apportionment, but a perfectly fair ar-
rangement ? If the charge on 41. 11s. 3d. be ls. 2d.
per annum, what should be that on 291. ss. ?
It is obvious that the answer would be something
about 7s. 4d. ; and it would require not merely
a skilful actuary or experienced accountant to
make the calculation, but that it would be within
the power of any schoolboy who had mastered
the primary rules of arithmetic.
Away, then, with the flimsy pretext of " im-
possibility." Nothing is impossible to those
zealous and energetic in a righteous cause. The
word should be expunged from the Legislative
vocabulary, and the party using it taught a painful
but salutary lesson of the impropriety of paltering
with or despising public opinion. The time has ar-
rived for a suitable demonstration. If the present
opportunity be suffered to pass by unavailingly,
we shall ever be responsible for the consequences
of our own negligence and careless indifference.
Last year the tax was expiring, and it was gene.
rally believed that it would never have been re-
newed without a fair and equitable adjustment.
Ministers themselves felt the difficulty, the
" dear and excellent" PRIDLIER more than hinted
that it should be modified—while the " Leader"
in the representative branch of the Legislature
was even more explicit. Little, if any, doubt
remained as to the course that would be adopted.
Mr. GLADSTONE alone remained " dark," and be,
it appears, eventually carried his point. But
how ? By inducing Parliament and the country
to believe that the, tax would be reduced
in 1855, and again in 1857, and eventually alto-
gether abolished. We now see how " visionary"
were these fond anticipations—how futile were
indulged in. The tax was in March to
be the
doubled hopes
for a single half-year. Now the
period is to be protracted to the termination of
the war, whenever that may be. The exigency
of the moment, the magnitude of the emergency,
justified the former concession. Nothing, how-
ever, would vindicate the allowancelof the present
demand. What will JOSEPH HUME, who has so
ably denounced the unfairness and inequality of
the charge, say on the point ? We shall soon
know ; and at the same time shall learn how far
the representatives of the people are deservine, f
the confidence of their constituents—how far they
are faithful executants of the important duties
entrusted to their charge.

EXPOSITION DE L'ECOLE FRANCAISE DES BEAUX-ARTS.
—Her Majesty the Queen has purchased, for 130
guineas, the small picture by Plassau, in the above ex-
hibition, called the Foot-bath."