The Sun.
London, England, 1854-03-16 00:00:00

MR. GLADSTONE'S ABORTIONS.

We are entitled to make the most of admissions ob-
tained from Mr. Gladstone, as it is not to be supposed
he would acknowledge circumstances to his disadvantage
as a financier which could possibly be concealed. His
rhetoric is never more dexterous than in dealing with
figures ; but there are some facts too plain for any
casuistry to deny ; and we can appreciate the policy
which seeks to gain credit for candour by frankly avow-
ing them.
His conversion scheme, he now tells us, proved a
failure. We quote from his speech of Monday night :
The committee ought to know the position of the public
finances with relation to the abortive operations (for they
were abortive in reference to the main purpose for which
they were undertaken) which were attempted last year
upon the debt and public balances.
The committee are aware that the commutation of
stocks which it was proposed to effect succeeded only to an
insignificant extent.
Of the minor stocks which were to be compulsorily paid
off unless commuted under the act of last session, 8,000,0001.
have been, or will be presented for payment.
Sir, I have made a full confession, for I have said that
the scheme has proved abortive.
Nor can Mr. Gladstone deny that he acted in oppo-
sition to the opinions and advice of some of the most
experienced financiers of the house :
I will admit that several honourable gentlemen did en-
tertain doubts as to the success of the plan, and that the
words of the honourable member for Huntingdon "turned
out right."
Having made these admissions, Mr. Gladstone seems
to consider that the subject ought to end. "To err is
human." He was wrong—his opponents were right.
What more would you have ? Certainly the blunder is
irreparable ; but, as we are not quite of opinion that
"things without remedy should be without regard, we
may be permitted to estimate the cost of this abortive
operation to the country.
For every 1001. stock of that 8,000,0001. which our
Chancellor of the Exchequer undertook to pay off in de-
fault of conversion he will have to give 100/. sterling ;
and just so much as the marketable value of the stock
would be below par at the times of payment will the
country lose by Mr. Gladstone's management. At pre-
sent the stock would be worth 91 on every 1001. now
paid off, therefore the loss would be 91. On the whole
eight millions the positive loss will probably be six or
seven hundred thousand pounds. Such an " abortive
operation" would ruin a Rothschild or a Baring. But,
fortunately for himself, Mr. Gladstone is allowed to try
his " prentice hand" on the finances of the nation. And,
after all, what is such a loss in comparison with the
benefit of his services ? If he confesses his error, is not
that enough ?

Unluckily the loss, enormous as it is, does not repre-
sent all the consequences of his blunder. The balances
which should now be in the Exchequer, available for
the public service, have been employed to pay off por-
tions of this 8,000,0001. Instead of having nine millions
in the Exchequer to meet the demands upon it, he will
have but four millions. The difference must be made
up by deficiency bills. When pressed with the incon-
venience of such a deficit at the present time, when
hostilities are on the point of commencing, Mr. Glad-
stone replies by a subtle insinuation that what would
be wrong as a rule may be right as an exception. It
would be very imprudent for a Government to issue four
or five millions of deficiency bills quarter after quarter,
but not at all imprudent to issue them for one quarter.
In other words, the necessity's springing from Mr.
Gladstone's abortive operations are to supply the only
sound and incontrovertible rules of finance.—The Prem.

SUICIDE OF TWO FEMALES.—yesterday afternoon, Mr.
Baker, the coroner, received information of the death of
a fine young woman, who committed self-destruction by
drowning herself in the River Lea, near Clapton. Some
bargemen had their attention directed to something
floating on the water, and on pulling it on shore, were
horrified to find it was the body of a fine young woman.
The metropolitan Police have issued the following de-
scription of the deceased :—" About 30 years of age, five
feet five inches in height, dark brown hair, plaid silk
gown, grey silk shawl, brown velvet bonnet, two black
petticoats, side lace-up boats." A shell having been
procured, the body was removed to Homerton-work-
house, where an inquest will be held. A young lady
answering the description was seen near the spot shortly
before. The second case is also that of a female, whose
body was found in the Serpentine River, Hyde-park,
under similar circumstances. The body was removed
to the dead-house at Knightsbridge.
DEATH OF A CENTENARIAN.—On the 9th inst., an in•
dividual, familiarly called the "Old Gentleman," expired
at his.residence, 16, North Wharf-road, Paddington, in
the 103rd year of his age, having been born in the month
of April, 1751, in the reign of George 11. The " Old
Gentleman " was by trade a shoemaker, and up to the
month of January last was in possession of good health,
daily proceeding to his chapel at six o'clock every morn-
ing, and attending with like punctuality each evening.
The venerable man retained the full use of his facalties
nearly to the last.