The Sun.
London, England, 1853-04-11 00:00:00

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LONDON, MONDAY, APRIL 11, 1853.

No stronger evidence could be exhibited of the
undue favouritism exhibited by the Chancellor of
the Exchequer towards the Fundholdeis than the
nature of the reception afforded to the intimation
that it was Mr. GLADSTONE'S intention to
move for a Committee of the whole House to con-
sider the Consolidated Fund and National Re-
demption Acts, and to the full explanations subse-
quently afforded as to the nature of his plan.
While all was still vague and uncertain—while it
was supposed that the highest offer made would
be a conversion of the existing stock into Bonds
or Debentures, with half-yearly Coupons, bearing
interest at 2/ per cent., and having twenty years
to run; all was couleur de rose. It was certainly
beneficial to the public creditors, but it was not
more so, than might have been anticipated from
the well-known partiality of the Financial Minis-
ter to that influential class. The reduction of in-
terest by one half per cent, might be displeasing to
a small proportion of the number. But those who by
the stringent provisions of family settlements are
preiented from seeking more remunerative invest-
ments, and who for present income would be
_willing to incur future risk form but an infini-
tesimal propOrtion of the class. Nine-tenths,
or rather ninety-nine-one-hundredths, look with
bankers' eyes on the actual values of the new and
the old Securities, and will be prepared to abide
by that which affords the best permanent prospect.
If the rumour, which received general credence in
the money market, and which was endorsed by the
great organ of the " moneyocracy," had been
well founded—the proposition was this, that
the Chancellor of the Exchequer was will-
ing to sell for a present diminution of one-
half per cent. in the annual payment, a reduc-
tion from 31. to 21. 10s. per annum for every 1001.
Consolidated Reduced Annuities, 16 2-3ds per
cent. of the entire dividend--a pledge or guarantee
against any further alteration for 20 years.
This was a tolerably fair equivalent--a not un-
reasonable barter. Ten shillings a-year present
sacrifice for the cc
ten hllings'
certainty of the enjoyment of the
remaining two pounds
without dis-
turbance
be willingly made bor alteration, for twenty years, would
Y capitalistsas cheap price
for the contingent advantages that may, and pro-
t
bably will, arise . during that time
gold discoveries in Australia and California.
fiei hae
That the proposition ,would have been beneficial
to the creditors, and therefore that it would have
been freely and willingly accepted by an over-
whelming majority of the Fundholders, may be
gathered from the fact that, on the mere rumour,
the quotations of the 3 per Cents. rose to per
cent. There was, in fact, a tendency to an im-
provement of prices so decisive as to show that
the operation could be easily carried into execu-
tion ; and perhaps with mutual advantage to the
tax-consumers and the tax-payers.
The rumour was, however, erroneous. The
Financial Minister, like an over-ardent and rather
verdcvnt youth, bidding against himself at a mock
auction, offered so much more than had been an-
ticipated; that doubts began to arise as to whether