The Sun.
London, England, 1853-04-08 00:00:00

LONDON, FRIDAY, APRIL 8, 1853.

We are by no means surprised at the favourable
reception in the Stock Exchange of Mr. GLAD-
STONE'S propositions for the redemption or conver-
sion of certain portions of the National Debt.
Such terms are indeed offered, that there could be
but little, if any, doubt of their ready acceptance
by the Fundholders, whose well-founded appre-
hensions of an early and considerable reduction in
the rate of interest have been thus completely
allayed. But it must be borne in mind, that
there are two parties to a contract—two sides to
a bargain—and that what is exceedingly beneficial
to the one side, must necessarily be adverse to the
other. If the creditor has just grounds for satis-
faction, the debtor may reasonably conclude that
his interests have not been particularly well at-
tended to in the transaction. If the " tax-
consumer " has good cause for rejoicing, the "tax-
payer" may be well assured that, in one form or
the other, he will have " to pay the piper "—that
it is at his expense the " great satisfaction in the
Stock Exchange "is occasioned. It may, then,
be more than doubtful whether the resolutions
will receive the Legislative sanction, or that the
scheme, which we cannot help characterising as a
very injudicious piece of financial bungling, will be
carried into practical operation.
That some attempt would be made to reduce
the interest of the public debt has long been con-
sidered a matter of perfect certainty. The great
and unparalleled abundance of money, coupled
with the prospects of a more than ample supply
of the precious metals for many years to come,
afforded such facilities for such an operation as to
render it impossible for any Chancellor of the
Exchequer to overlook an expedient so very ob-
vious, and which, if judiciously conducted, would
be so acceptable to the community in general.
It was simply a question of time, which sooner or
later should be set at rest. As we have already
stated, Sir CHARLES WOOD had some vague in-
tention of some time or other bringing forward a
scheme for the purpose. Fortunately, however,
the matter does not rest in his hands, although we
believe that even he could not have played the
game of the Fundholders more decidedly than
his successor and his colleague. We have no
doubt that Mr. DISRAELI would e'er this have
brought forward a much more eligible scheme, in
which the balance would have been fairly held be-

tween debtor and creditor, 'but for the hostile vote
on his Budget. He was, however, ejected from
office, and it has now fallen to the lot of
Mr. GLAnsToNE to accomplish it. The Right
Honourable Gentleman has entered upon the task,
but we can scarcely say that he has defended the
Treasury as strongly as might have been antici-
pated at his hands. He has; apparently considered

himself the advocate of the tax-consumer rather
than of the tax-payer—bound to make the best
terms, not for the nation, }rut for the Fundholder.
It is a fitting sequel to his ex Lergetic protest against
any distinction being recogn tised between the divi-
dends in the public funds, :and the precarious and
hardly-acquired earnings of industry. He will,
however, probably have to change his opinions in
both respects, if desirou% of continuing at the
head of the Financial Depazrtment.
The general impression: that prevailed in the
City previous to the publiaLtion of the notice of

motion, was that the 3 per. Cents. would be con-
verted at par into a 2i per Cent. Stock, irredeem-
able for twenty years. Tlbe effect of the rumour,
which led to a decided imyrovement in the quo-
tations, showed that such an offer would have
been thankfully accepted, fhe certainty of no fur-
ther change for twenty ye ars being considered a
full equivalent for the presont reduction of one-half
per cent.—a reduction which, on the actual amount
of stock operated on, amounting, in round terms,
to 504,000,000/. sterling -would have effected a
saving to the Exchequer .of 2,520,0001. per an-
num. This, we say, vrou.ld readily have been