The Sun.
London, England, 1854-05-23 00:00:00

THEATRE ROYAL DRURY LANE.
Lessee, Mr. E. T. Smith.
THIS EVENING, MAT 23,

Will be performed DON GIOVANN. Donna Anna, Mdlle.
Ilu-
dersdorif; Elvira, Madame Caradori ; Zerlina, Mdlle. Agnes Bury ;
Don Giovanni, Herr Pasqua ; Octavio, Herr Reichardt ; II Conaman-
datore, Mr. Hamilton Braham ; and Leporello, Herr Formes.
Followed by (4th time) a new BALLET DIVERTISSEMENT.
entitled UNE FETE EN OLYMPE, in which Mdlle. Pasqualis will
appear.
/Incas—Stalls, 7s; Dress Circle, 55.; Boxes, 3s. ; Pit, 2s. ; Gallery,
Is. ; and Private Boxes, One, Two, Three and Four Guineas. The
Box-office open daily from Ten till Six, where places may be
secured. Private Boxes and Stalls to be had of Messrs. Leader and
Cock, 63, New Bond-street.

THE •TRE ROYAL HAYMARKET.
Under the management of Mr. tackstone.
THIS EVENING. MAY 23,

WM be performed the Drama of THE KNIGHTS OF THE
ROUND TABLE. Characters by Messrs Chippendale, Howe, G.
Vandenhoff, W. Farren, Compton, and Buckstone; Miss Reynolds,
Miss E. brey, and Mrs. Fitzwilliam.
After which. the entirely new and original extravaganza, entitled
BUCKSTONE'S VOYAGE ROUND THE GLOBE (IN LEI-
CESTER•SQUARE), written by J. R. Planche Esq. Principal
eharac'ers by Mr. Buckstone. Mr. W. Farren, 'Mr. Clark, Mr. J.
marsh all, IL. Marshall ; Mrs. Fitzwam, Mrs. Caulfield, Miss
E. Grey, Miss Lydia Thompson, Miss Laura Morris, and Miss
reath,rstone.

ROYAL PRINCESS'S THEATRE, OXFORu-.TREET.
Under the ManAgern,nt of Mr. CaantiEs &w t.
VHS EVENING, MAT i 3.
Will be performed Till,. MARRIED UN MARRIED. Characters
b Messrs. W. Lacy, Ryder, and Cathcart ; and Mises Heath and
Murray.
Followed by FAUST AND MARGUERITE. Car-mters by
Messrs. C. Kean and David Fisher; Mrs. Stanley and Alias C.
Lederer].
After which, AWAY WITH MELANCHOLY. Characters by
Messrs. Meadows, D. Fisher, and Baiter ; and Misses Murray and
Daly.

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TREATRE ROYAL ADELPHI.
Proprietor, Mr. B. Webster.—Directress, Madame Celeste.
THIS EVENING, MAT 23,

Will be performed THE MARBLE HEART; or, The Smlptor's
Dream. Characters by Messrs. P. Bedford, L. Murray, Ben. Web-
ster, and C. Selby Madame Celeste, Miss Woolgar, and 31Ibs E.
jiardina-
Followed by THE VOLTiTACHE MOVE:WENT. Principal cha-
racters by Messrs 0. smith, Keeley, and ?smile; Mrs. Keeley,
and miss Mary Keeley.

After which, THE OVERL kND TOURNEY TO CONSTAN TT-
2,TopLE, AS UNDERTAKEN BY LORD BATEMA.N, WITH
utTERESTING PARTICULARS OF THE FAIR tiOPHIA.

ROYAL OLYMPIC THEATRE.
Lessee and Manager, Mr. A. Wigan.
THIS EVENING. MAY 23.
Will be performed THE HAPPIEST DAY OF MY LIFE. Chl-
Tacters by Messrs. F. Robson, J. H. Wnite, Leslie. and Vincent ;
Chatterley, Miss P. Horton, and Miss Marston.
After which. THE MUM NIT. Characters by Messrs. H. Wigan.
Robson, H. Cooper; Misses Marston and E. Turner.
To be followed by TO OBLIGE BE NTSON. Supported by Messrs.
Emery, Robson, and Leslie; Mrs. Stirling and Miss Wyndham.

STRAND THEATRE.

Sole Lessee Mr. F. W. Allc:oft—Directress, Miss Rebecca Isaacs,

THIS EVENING, MAY 23.
Will be performed TiH STATUE LOVER.
To be followed by A DAY AFT ER THE WEDDING.
After which, THE GARDENER OF VERSAILLES.
To be followed by THE SEA NYMPH'S CAVE.
To conclude with THE BONNET-BTHLDERS' TEA PARTY.
Stalls, 5e.; Boxes, 3s.•' Pit, Is.. 6d; Gallery, 6d.; Private 3‘,..
Al I Is. 6d.. to be had of Mr. Allcroft. 15, New Bond-street.

ASTLETS EUROPE'S NATIONAL A. APHITHEATRE.
Lessee and Manager, Mr. William Cooke.
THIS EVENING, Mar 3,
Will be presented the new grand Vantical and Equestrian spec-
tacle. embodying n .vel and extraordinary effects (written by Mr.
Ndson Lee), entitled A. TALE OF THE SPANISH WAR; or,
The Horse of the Wreck. Thl horses expressly trained by Mr. W.
Cooke.
Followed by NOVEL FEATS of EQUITATION SANSPA-
BEILLE.
To conclude with a Grand Ballet, entitled THE STAR OF THE
BRINE.
Box-olllce open from Eleven till Four. Stage Manager, Mr. W.
West.

HIGH WATER AT LONDON BRIDGE.
Tau DAT —Morning 39 min.after 11 I Evening 0 min.ift. 0
To.Monzow---Morning 5 tnin.aiter 12 I Evening 26 m ti.an. 12

THE WEATHER.—Suit Orrtms, L& 23.
THIRMOMETEB, IN THE SHADE.
65 highest since noon yesterday.
52—lowest this morning and during the night.
62—this day, at noon.

BAROMETER, 29.63.
WIND, W. to W.S.W., light.—Cloudy, with sunshine;
heavy rain in the night and this morning.

'AvtlT-r3i

c mL

_,
~~

opening the Black Sea and the mouths of the
Danube to the commerce of the world, by break-
ing down the barriers raised by diplomatic blun-
dering at the Sulina, as well as at the Kilia and
at the St. George's mouth, at the Bosphorus and
at the Dardanelles.

The Honourable Gentleman the Member for
Huntingdon last night brought the subject of
Mr. GLADSTONE'S new securities under the consi-
deration of the House of Commons, by moving
as an amendment to the resolution, sanctioning
the Ministerial proposition, " that it is not at
present expedient to authorise any further issue
of Exchequer Bonds with the engagement of
repayment within the next six years." It is
almost unnecessary to add that the entire financial
policy of the present Administration was vigour-
ously attacked and defended, and that many
matters were brought into discussion having but
little connection with the topic on which a divi-
sion was about to be taken. We shall not follow
the example thus afforded, or yield to the tempta-
tion, however alluring. The legitimate subject for
debate was the propriety and expediency of resorting
to a novel species of security, or seeking the pecu-
niary advances which the exigencies of the nation
required by the old and hackneyed means usually
resorted to. Two points naturally arose-Ist,
was it desirable at all to resort to the money mar-
ket for a loan, or anything in the nature of a loan?
2d, If so, what was the most eligible mode of ob-
taining the required assistance ? There was surely
quite enough in these questions to provide ample
occupation of the house, and to enable the speakers
to exercise their eloquence without wandering
into irrelevant matter ?
The first of these questions could scarcely re-
ceive any but an affirmative answer. The balances
in favour of the Exchequer were unusually low,
just at the very time when it was desirable that
there should be funds ready to provide for any
sudden demand. Whether the deposits had
been judiciously and beneficially applied, or reck-
lessly frittered away—whether Mr. GLADSTONE
was deserving of praise or censure, it was of the
highest importance that the Exchequer should be
placed in an easy position, so far as money mat-
ters were concerned. Even if all the propositions
of the Financial Minister were accepted ; if the
nation had determined to meet the entire expenses
of the war from its annual income, without making
any demand on posterity—there would be a void,
which should, for the time being, be supplied.
Months must elapse before the proceeds of the
augmented taxes can be realised, and something
should be done to provide for possible and pro-
bable exigencies during the interval. For many
reasons any further recourse to deficiency bills
Was to be deprecated. The relations be-
tween the Government and the Bank are in
a very unsettled state, and while difficul-
ties respecting the renewal of the Charter
are pending, it would be very unwise and impolitic
to compel the Chancellor of the Exchequer to
become an humble suitor to the Threadneedle-
street magnates. It was, therefore, manifest that,
without even entering into the propriety of re-
placing the money absorbed in the liquidation of
the South Sea Annuities, and other minor stocks,
or of casting any portion of the extra war expen-
diture upon those for whose security and benefit
it was about to be incurred, a considerable sum
should be raised, and the problem to be solved
was as to the most eligible and economical mode
of so doing.
Having thus far narrowed the issue to be de-
cided, the nature of the new bonds may properly
be considered. These, it will be recollected,
were to bear interest after the rate of 3/. 10s. per
cent, per annum, and to be liquidated iu four,
five, or six years. This proposition turned
out a failure, only one series of the bonds,
to the value of two millions, being sub-
scribed for, which were to be liquidated
at par in four years. We have already, and before
the time limited for putting in tenders had ex-
pired,
pointed out the causes that led to the sub-
sequent failure of the project. Had Mr. GLAD-
STONE followed the example of the French Finan-
cier, and boldly appealed to the people, ho would
have obtained the entire sum required without
difficulty. Had he applied to capitalists fur ten-
ders in the ordinary mode, the same result would
have followed. Unfortunately, he did neither ono
thing nor the other ; he neither relied on the
masses nor on the dealers in money, and, by halt-
ing between two opinions, lie fell to the ground.
But that does not take away from the soundness
of the proposed bonds, and we really doubt if the
money could have been obtained in a better form,
or one more advantageous to the Exchequer.
It would certainly be cheaper than by entering
into a regular 3 per cent. loan, which should be
issued at some 85 or 86. The money thus obtained
might only cost the country 3/. Bs. or 31. 9s.
per cent., while the bonds would cost 4

But the latter would be the cheapest in the
long run. For here the country would only
have eventually to pay for what was actually ob-
tained, or at least the nominal addition would be
very trifling--while in the other case it would be
at least 15 per cent. The evils so justly com-
plained of by Mr. GLADSTONE—which added no
less than 250,000,000/. sterling, for which the
country got no real consideration—wereoccasioned
by the vicious principle of borrowing below the
current rate of interest, and thus enhancing the
nominal amount of debt. This was the system
which "justice to posterity" required to be set
aside. It was popular in the Money Market,
because it enabled capitalists to gain inordinate
profits, but for the very same reason it was in-
jurious even to the present generation, and unjust
and inequitable to our descendants.
Considering that by wise and judicious mea-
sures—such as we hope and believe the pressure
from without will force on the consideration of the
House—the Money Market will be relieved long
before the day of payment for even the earliest of
these bonds shall arrive. We conceive the plan
of borrowing for a limited term possesses many
recommendations. The experience of the great
railway companies attests its advantages. If it
were not deemed expedient to liquidate the entire
amount, renewals on equitable terms could easily
be obtained. The benefits arising from the plan
would be even more perceptible if a large propor-
tion of the bonds were issued for small sums, such II
as 501., 201., 10/., and even 51. Then, indeed, they would not merely "aim at" the accumula- I

tions of the less wealthy clas3es. Sums that are
now lying useless and unproductive would be
brought forth from the holes end corners in which
they were hoarded, and public credit would be
placed on a sounder, because a far more extended,
basis. The House ultimately, after an interest-