The Sun.
London, England, 1853-04-12 00:00:00

LONDON, TUESDAY, APRIL 12, 1853.

There is no principle better recognised, or
which commands more universal assent, than that
no addition should be made to the national liabi-
lities unless under urgent pressure. War has
been almost the only cause that could justify the
imposition of a heavy burden on posterity. A
calamity similar to the Irish famine of 184'7 may
be placed in the same category. We may, as a
general proposition, say, that no fresh charge
should be created, no responsibility incurred, un-
less under unusual and extraordinary circum-
stances, such as the existing generation is
unable to cope with, and also where the ex-
penditure will be, to a certain extent,
beneficial to our descendants. Many persons
consider that a nation anxious to meet its obliga-
tions justly and fairly should not be contented
even to remain stationary, but that vigorous mea-
sures should be taken to reduce the capital of the

debt, and to provide for its gradual extinction.
Many suggestions have from time to time been
put forward with this aim and object. The most
feasible, however, consisted of a substitution for
the present Three per Cent. Stock, either of ter-
minable annuities bearing a higher rate of inter-
est for the time being, or of a new stock at a
higher rate of interest, but lower nominal capital
irredeemable for a fixed period. Either of these plans,
without materially increasing the existing burdens,
would greatly benefit future generations. If our
ancestors had acted generally on either of these
principles, we should now be comparatively free
from debt ; or, at least, could look forward to an
early abolition of indirect taxation, until even-
tually the national property became sufficient to
maintain the national establishments—there being
no national liabilities to be liquidated. Had we
been blessed with prudent and judicious Financial
Ministers, who, when there was a necessity for
contracting debts, looked to the future welfare of
the country rather than present convenience, we
should have been in a very different and far more
satisfactory position from that in which we are
now placed. With few but honourable exceptions,
unfortunately, however, like festive wine-bibbers,
they thought rather of the enjoyment of
the moment than the long bill and the terrible
reaction of the morning ; they squandered their
means, and earned for themselves the merited.
execrations of those who were the sufferers for
their folly or dishonesty.
Mr. GLADSTONE offers no exception to the
general rule. Let us not be misunderstood.
We do not mean to accuse the Right Hon. Gen-
tleman of political turpitude, nor of want of
ability. We willingly acknowledge his un-
blemished personal reputation, accompanied by
a high degree of administrative talent.
But, we perceive and deplore the error into
which he has fallen. He has been misled by bad
precedents. He has perhaps prejudices, which he
has, no doubt, unconsciously, permitted to bias his
judgment, and to hurry him into what we believe
to be an exceedingly dangerous, if not an uncon-
stitutional, course ; and our regret is increased
from the respect which on other matters we enter-
tain for his many high qualities. He has, how-
ever, offered to the fundholders a bargain so very
improvident, so much beyond what they had any
right to expect, and so very prejudicial to our
children and our
childxens' children, that persons
less acquainted with his character might
motives which we would be the last to impute.
One branch at least of the alternative is so unwise,
so unstatesmanlike, so impolitic, that it is difficult
to conceive how it can for a moment be defended,
or what can be said in favour of placing an
additional charge on our children. The
part that we complain of is the second
branch of the alternative, which creates a
new 2i per Cent. Stock, and offers the fund-
holder 1101. in it, for every 1001. in the 3
per Cents. This is, practically, neither more nor

-
less than a permanent addition to the debt of 10
per cent. for a present advantage to ourselves.
It is as wrong as if we borrowed a considerable sum
payable by way of deferred annuity, giving pre-
sent ease at the expense of future suffering. It
is as bad as the conduct of the spendthrift, who
borrows money on bills at exorbitant interest,
letting the future take care of itself.
Mr. WILSON, generally sharp enough in other
matters, and capable of detecting any sophisms in
the assertions of others, coolly puts forward
some of the most transparent fallacies ever enun-
ciated before a deliberative assembly. Keen and
clear-sighted enough to spy out the mote in his
brother's eye, he seems to think that his own
" beam " can escape observation. He gravely
declares that it is only the amount of the interest
we are to look to ; that the nominal capi-
tal is not worthy of the slightest considera-
tion. Is he not aware that the very
same principle has already cost the nation no less
than 170,000,000/. sterling ? Can he not con-
demn those who in the last century put forward
such ridiculous arguments as he now indulges in ?
Can he not form some possible conjecture as
to the probable results of the recent discoveries
in Australia and California ? Is it then nothing
to anticipate the advantages that may arise from
the vast augmentation of the precious metals
that may fairly be anticipated—to deprive
our children of even the chance of escaping from
their burdens, and that without any correspond-
ing advantage to ourselves. If an opponent had
put forward such a project, Mr. WILSON would
have been the first to expose its defects. It is
lamentable to see such a man lending his aid to
promote a system so objectionable in every re-
spect. And if objectionable, the limitation of
amount cannot remove the feeling against its adop-
tion. If good for 30,000,0001., it would also be
beneficial for 500,000,000/. ; and if injurious as
to the larger amount, it cannot be rendered bene-
ficial in the smaller. The principle is the same in
either Case.

A beautiful possibility has recently been
shadowed forth in the pages of the Westminster.
It has reference to the negro-race, and occurs
towards the close of a remarkable and elaborate
paper on Jamaica Distress, with especial regard
to the influences exercised throughout the West
Indies by British Philanthropy. According to
the idea cherished by the reviewer, the time may
yet come " when," to employ his own language,
" from Jamaica and her kindred isles, the voice
of a negro community, prosperous, educated,
civilised, Christian, shall speak to republican
despots, and their victims words which both will
hear, and which the former will not be able to
disregard." The time may come ! A happy
thought for HARRIET BEECHER STOWE. The
hour may yet strike when from Jamaica will
resound the signal of universal emancipa-
tion. It is the vision of a humane dreamer
in the Westminster. But then, he him-
self candidly acknowledges that " before the
prophecy can be fulfilled," there remains
" much work" to be accomplished. Much work 1
Yes, in truth, work so considerable in extent and
variety as 'almost to impel the most sanguine•
amongst us to shrink from regarding the more
propitious views of the future, through dread
of finding ourselves contemned more and more
justly with the advance of time as mere
visionaries. Much work ! Yes, before that voice
can be in any way audible—" the voice of a negro
community, prosperous, educated, civilised, Chris-
tian." We are not depreciating the advances
already made in the islands of the West India
Archipelago towards the amelioration of the exist-
ence of the black population. We agree cordi-
ally with the opinions here expressed by
the' reviewer. We exult with him in the
rapidity of that progress which has been made of
late years on a soil " where coloured men not
only may be, but are, legislators, lawyers, phy-
sicians, ministers, planters, editors, and mer-
chants, as well as labourers." That, doubtless, is
a very wonderful advancement. But it is un-
happily very exceptional. Proportionately with
the numbers of the aggregate community, the ex-
tension of this enlightenment among the Africans
is not by any means as considerable as might from
the foregoing remarks be understood. Compara-
tively few have attained that state, of social eleva-
tion. Comparatively few have risen to the dignity
of legislators, or have penetrated to the arenas of
the learned professions. Comparatively few are
otherwise than drudges, " servants," accord-
ing to the English, " helps," according to
the Americans. The schoolmaster has been
amongst them, no doubt, and so also has the
missionary. But how much still remains to be
done to win the mass of the coloured race in those

islands over to the charms of knowledge and the
graces of Christianity ? Bas the onward move-
ment been so encouraged hitherto, that we can

speak of them altogether as " a negro community,
prosperous, educated, civilised, Christian ?" They
have improved, without question. But have they
attained the requisite degree of improvement ?
Such improvement as would enable them to speak
to republican despots and their victims with a
voice in any way authoritative 1 Alas ! very far,
indeed, from this—although the progress actually
made is something extraordinary.
Nay—even the benevolent dreamer of the
Westminster appears to confess plainly enough
that the time he speaks of is yet very far, indeed,
from having actually arrived. He speaks of so
influencing the negro brain by our teachings as
to " exorcise those fiends of sensuality, sloth, and
falsehood which slavery has left to haunt him"—
meaning the African, of whom he has just said,
" the negro is no controversialist." Qualities
those, which, prevalent as they are among certain
classes of the black 'population, militate against
the probability of their becoming very speedily
" a community prosperous, educated, civilised,
Christian." " Much work," in fact, remains to
be done towards the enhancement of their pro-
sperity. " Much work" remains to be done in
the
way of spreading amongst them the bles-
sings of education. Even now, successfully
as we have pressed forward in the labour
of softening their manners, and imparting
to them the Divine consolation of religion—we
are still, as it were, but at the commencement of
the toil, which, if perseveringly sustained, must
arm them at least, as a great nation, with the
sword of civilisation and the shield of Christianity.

....
Those are the labours that have to be effected
before the prophecy already mentioned can be
reasonably fulfilled. That is the kind of work
that has to be accomplished—much more than the
reduction of the public debt of Jamaica, amount-
ing to 750,000/.—more than the diminution of
the amount of its annual expenditure of 350,000/.
s
upon its public and parochial institutions. It
s
upon oui
snt
is from his manly recognition ofßeviewer
this
paramount
insists
necessitythe that thfoer Wmaenshily
yearn
to come (p. 361)er
of " a continuous immigration of English Ministers
and Schoolmasters." Until we evince more devo-
tion in the support of this sacred cause ofen-
lightenment--enlig 11+
ennient by education anal by
religion—we may look in vain for the entire
abolition of slavery—for
of the whites from slave-owning ‘` the complete emancipa-
tionrig habits,
feelings, and prejudices." Example before pre-
cept. Let us encourage this kind of " continuous
immigration," and then, but not before then, let
us look for
the appearance of that negro commu-
nity whose voice shall be rendered authoritative
by the united influences of prosperity, education,
civilisation, and Christianity.

A deputation on the subject of the proposed alteration
of the road at Kennington-common, consisting of Mr.
Charles Few, of Streatham-hill ; Mr. John Bradbury, of
Streatham ; and Mr. James Henry Sears, of Bankside,
had an interview with Sir William Molesworth, yester-
day, at the office of Works and Public Buildings, in
Whitehall-place.
THE RECENT EARTHQUAKE.—The shock of the earth-
quake of the 2nd inst. was felt in the Isle of Wight. A
private letter, received in Southampton from St. Servan,
in France, states that the shock was most alarming
there, and that people remained up all night through
fear. It appears from the collected accounts, that the
earthquake was limited, at least so far as it was percep-
tible to the senses, to a portion of the English channel
comprehended between about 100 miles of the South
Western coast of England and France, the superficial
area of which is about 20,000 square miles.

MONEY MARKET AND COMMERCIAL
INTELLIGENCE-(THIS DAY.)

CITY, TWO O'CLOCK'
The sales of cotton at Liverpool yesterday rei
estimated at from 7,000 to 8,000 bales, of Will
500 American and 500 Surat were taken for es,
port, and 1,000 on speculation. The market o_.„"ej
firm, and closed tightly. The sales eonaPrk's/
6,000 American, 300 Pernam and Mara.nbanl,,,,'
6d. to 71d., 100 Bahia at 60. to 6id., 400 ggfro
tian at 61d. to Is., 1,000 Surat and Madras4d,
3d. to 4d., and 60 Sea Island at ls. 9d. to 25.4
per lb. Railway shares were flat atrather 1°"
prices.
The Metal markets of the United States air
sympathising with our own, and there is a s
increase of production in consequence of ille.„:0(
vance in prices. In a -communication from
York, it is stated that :--
"The recent rise in the market value of iron 1
give a great impetus to its production, and we hale ip
doubt the returns for 1853 will show an important
crease. In this country an impulse of some consequ
has been given to the business. In Essex coal*,
this State, particularly, the manufacturers are 'l"'
active. The fires which have for several years beell
tinguished in the furnaces and rolling-mills, have
rekindled. There is a brisk demand for ore and
beds, and high prices have been demanded for fa"
locations. A report of the Committee on Mining_,
Smelting was recently made to the Wisconsin LegislP
from which we find that the average amount. of ,
raised annually, for eleven years, from 1841 to 185 u
elusive, was 41,727,023 pounds, according to the OP'
ing figures :

No. of pounds Value dollars.
1841
1844
1847
1852 ...... 36,547,700
"In the mining counties, with a population of 1,
45,229, and with a taxable property valued at little,
than four millions of dollap the lead product ot,
year 1851 was valued at $1,380,015, while the 81°:;
lead product for the last twelve years in the saranrei
ties has been $1,669,080. Should the present'r
lead continue through 1853, the amount received'
product will far exceed that of any previous year.„. .0
report concludes with a recommendation for the
pointment of a State Geologist."
A private meeting takes place this day, o'l
,(11
Committee of Turkish Bondholders, to COIISI 0
the proposition of the Ottoman Government,
now specifies that the scrip is to be on
Adelaide Chambers, Gracechurch-street, for
ment. It is probable that the committee
commend the holders to accept the proffered
which amount to about 2 per cent. bonus, 70
per cent. interest. Many of the holders "of ,f
scrip bought at 7 and 8 premium, and com'
themselves fairly entitled on that ground to tit;
cipate in any new loan that may be broug.ll
lb
ward. It will rest, in a great measure, lot/3 '
e
contractors, whoever they may be, we presuPdo
carry this out ; but the special agents of the 0
man Government, if so instructed, would hac
power to afford relief. _

. v
The grand project brought forward under t)
auspices of the Government at Madrid, call 11
" North of Spain Railway," is exciting much
tention, and some controversy. The obje'te
view is to afford accommodation to the great to
from Bayonne to the metropolis ; and the cad
required is rather over six millions sterling.
length of the line, including the branch tc),
port of Bilboa, is 427 miles, and the conceseloo
for 99 years. The caution money has heel:1.01;i)
and the Spanish Government guarantees a mio„
interest of 7 per cent., including 1 per cent..fai
applied to a sinking fund. The great feats{
that the provinces and communes traversed b 1
railway, as well as the contiguous provinces/41
agreed to share with the Government the rli
sibility of this guarantee. The contracts havepti
already arranged, and will be under the sti}
amount, leaving about 10 per cent. capital 1:;$.1
hands of the 'directors to meet the general co;r:,ii
of the undertaking, and to pay interest at theifor
5 per cent, per annum to the shareholders " e
the course of construction. This railwaio
verses the most important industrial distrieiii
eluding Biscay, Guipuzcoa, and Alava, asni
other parts celebrated for their wool, wineyi
grain. If Spain had always respected her 0,
tions, railways would long since have treS ty
these parts. The cost of the line will be less
in England or France, and the rails and e°o,
will be allowed to be imported free of duty, V
the returns are expected to be much largey
cause the present means of communication 01!, i,
defective. Even if the charges for travelii-Ipo'
comparatively very high, they will be much„ce
those payable by other modes of converl Obi* ilf
Spain. The lines already formed in Spa'
yielding remarkably well, and far exceed the 1.00
nal estimate. In the present case, the net roe
after deducting 45 per cent. for working eg
is calculated at 10 per cent.
and
ciisnaethaetiaevin:ramreariltiedto for. public .there
i
Parliamentary decision upon the proposils of
Chancellor of the Exchequer, it may be elrli
that a lull will be felt in the market, -and it ti
thin that the lapse of time and the further 02
sion upon the matter, have only served to c°':"o
the previous impression that the principle i$ tj, je
rently vicious which seeks a present gain in in 101
at the expense of a future addition to c‘lik
Even as an experiment, such a thing has 11° 0
to be tried, because its success would have i
deplored if it led to a larger conversion on ti,_geo,
terms. ,Consols have been 1001. The l'iAUt
per Cents, bring 103# to i ; and the 3 per y°
99/ i. Bank Stock is steady at 2251. BO t;
stock has been quoted 260 i. Exchequer 13
only 2s. to 3s. premium. India Bonds hrive
to 455. premium. 1.
g`
In the Foreign Market there has been 3,10'
deal doing. Spanish Stock is lower on aCC°:O tl
the apprehended opposition in the Cortes "V.
scheme of the new loan. The Certificates il
dropped to 6 and 6k. The New Deferred
also lower, being 24*, and since 23i. Portl°ol
Four per Cents. have been at of to i. 9A4-
Ayres Stock is at 61 to 62. Equador Bov"'.
at 5i and Grenada Deferred at 11* 1 • Mei
j
have 'been firm at 27k .3-, and Peruvian' 13001
have risen to 65. Russian, Dutch, and l
Bonds have been higher.
hit
The Market for Railway shares continues t
and prices are again rather lower. The 10'0
done has not been extensive, but sales 5°20
made in Leeds-Northern, North-Wester°,
South-Western, South-Eastern, and Yor) tl',
North Midland. The North Stafford
~,ce,
Ambergate have been depressed, in conseque'iftj,,
the determination of Parliament not to au° 1:
amalgamation bills to proceed at present. t 0
French Lines are very quiet, and at ab°ll
previous rates. - . _ 0

The Gold Mines are very inactive, but the
fornian. Companies continue steady.
In the Australian Land Companies. ther'pif
further decline, while the British American- te
are up again 3/. to 51. It is still asserted the
gold discovered upon this company's properth
prove valuable ; but it should be remarked
the present supply of shares is said to c ow° •
holders in Canada,—not a very encouraging
cation.

The Australian Bank Shares are generally at
prices, but with little doing.

BRITISH FUNDS THIS DAY.
( From the Official List.)
Bank Stock
3 per Cent. Reduced Annuities
3 per Cent. Consols Annuities
...... 2414$ di
1002 6 i I
New 34 per Cent. Annuities
New 5 per Cent. Annuities .. . .......... .. . 128 1 Long Annufties, Expire sth Jan., 1860
India Stock
India Bonds, £lOOO ............................
Ditto. under £lOOO ........................... 40 5 '
Consols for Account ........................... 100 l 4
Exchequer Bills lid.
June. 0 t
£lOOO.. ...................... 3 1
£SOO
Small ..................... 9

PRICE OF FOREIGN FUNDS THIS DA
Buenos Ayres Bonds, 6 per Cent 6l 2
Chilian Bonds, 3 per Cent B2
Danish 5 per Cent.
Equador Bohds
5i 6
Grenada Deferred lll
Mexican 3 per Cent.
Peruvian Deferred 3 per Cent. 65 4 6 1,
Portuguese 4 per Cent.
Russian Bonds, 5 per Cent.
Ditto 4i per Cent
Sardinian Bonds, 5 per Cent. ..... ....
Spanish Bonds, 3 per Cent. .* . ... . '
Ditto New Deferred, 3 per Cent.. ... . . i ..
Spanish Committee Cert. of Coup. not fun 6 i 4 p
Turkish Loan, 6 per Cent., 1852
Venezuela Bords 31 per Cent.
Dutch Exchange 2i per Cent 66 Q 6,,
Ditto 4 per Cent. Certificates...
0 e"
THREE O'a" i
100 i ;
1001 '

Consols.... ...... .....
Ditto April Account

THE CONFESSION OF MURDER AT MARYLEBOI 9.4
COURT.—The police in Edinburgh have been illifolvky
gable in their efforts to find some corroborative c,
stances of the confession of murder made bat'es9
magistrate at Marylebone Police-office on We°''toe
last. All their exertions have, however, failed
of
the slightest trace of the alleged deed, or, in filet, 111)
existance of any such locality as was described• of ti
is no " Blair's close " in the Canongate, was NOO.O 001
by the person in custody ; and though a place 'of
that name in the Castle-hill, all the inquirie9,itlO
police have been ineffectual in connecting
it statement of the party in London, who is bal.'
Edinburgh to be insane.

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