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

LONDON, MONDAY EVENING, APRIL 11, 1853.

. .
JOZEAU'S COPAHINE-ME4E, or Saccharatta
C 4.SPULES, approved by the French College of Physicians, and
successfully administered in the Paris and Lonctsii Hospitals, and'
acknowledged by them to be the best remedy_ for the cure ,of
Gonorrohcea, alPet, And Leuaorrhceal Discharges, ott ari.arerage-of
six days (ace " Lancet " of 6th Nov., 452, an extract from ',stitch
will be forwarded immediately on:application).--Ilepared• and sold
by G. Jo7eatt, sole French chemist, 49, Haymarket, London '•, and
Jozeatt, Pharmacien, 161, Rue Montmartre, Pari ; and the priliciphi
chemists of Aimee, England] and the Colonies. •Trice of bottle of
100 capsules; 4s: 6d.•' SQ do;, 2s. 9i1., with dire ;dons, and stamp with
the name of Gabriel Jozeau printed thereon.

NELSON, MEMQ.II, . TAL FUND;
FOR,HIS • DAUGHTER IKORATIA.

"ENGLANb 11XYEGT8 EVERT- MAN WILL 'DO 1118 Dixrx.'!

. . , ~,,
SOUTH WALES RAILWAY. —me works westward of
this town are. being prosecuted vigorously,,and satisfac-
torily. - A cargo of rails for the permanent, warhas been
landed on the banks 'of the Towy, and, another careo has
been_ disemba,rked, at St. Clears,; where operations for
laying the rails will, it, is anticipated;' be commenced in a,
few drys. The embankment froth the V-Strad property to
the, edge of the river toviy, on the Rhydygors side, has
bee .all but finally completed and the works at the
IFioke" a'cp being. pushed forward as rapidly as rcireum-
stancei will allow. There seems to be no lack of energy
or, activity on the part of the officials to' secure the open-
ing
,of the line into Pembrekeihire at'ah early period.
In Connexion with this important national undertaking,
;now
iI
4,ia..
te:inay mention' that ,Mr. Brunel' passed through this
tplive. on Wedneiday laSt en-iricte for Milford Raven, to
Tertilvoke
064Riete his inspection ot the site of the- proposed rail-
way..4l7,,ruil,6ll ,thoear
terminus and decks, the bill for promoting which is
before Pr..liament, and, will most probably pass thib
The'Tt!rne, "therefore, is-not .far distant when
,„,
~. shire will bedotne as important a county as
ksidn'pgclbyPOnf the
, and probably as prominent a feature
world'as even Australia itself.-
- Welshman. • .

• ,
• VriLD or ,Gol.D.—the Melbourne- Arg4s. estimates
that the total yleld'of all the gold fiekli from October
1851, t,o, the 'end of December, 180, amounted to nearly
FfixtFn minions sterling !
•

_i

.

S' :~ f a

NATIONAL DEBT BEDEMi'TION ACT.

(From the Times, )

1 , •

. .
The Chancellor -of the Exchequer very' aPtly
Compares the National Debt to a first-dass fortress,
which is notto be approaehed without the greatest
circumspection.,. •He cannot walk over it at once,
as; Wellington. took seine cities in Spain, hardly
4fopping., in his. march fer the purpose. 'So he
attacks, or rather -menaces, - the debt on three
sides, leaving:time.thshow which deniOnstration is,
he feint, and where -the actual assault is to be
Made. At this moment -it is a matter of doubt
whether the 500,C00i000/. 3 per Cents: are to be,
cut to pieces with a stock of greater interest; a,nct
less capital; Or Underinined.' by a stock with greater'
nominal capital 'bid less interest; or flooded by in-
, liindations of Exchequer bonds, so issued as 'not to.
recoil 'on their authors. We .must be pardoned if
eve lament the necessity pf_ operations
_so opposed
to. the simplicity and boldness of modern, strategy.
Had a Chancellor of .the Eichequer come forward .
and. said,' " Here are thirty, millions of 31- per
Cents. with- certain - peCuliar conditions, and an
equal number of 2 per -Cents., and about the
lame number ofbonds of whybrid character; partly
Stook, and partly•bills,—.l- propose to reduce them
all to one common form, and then we shall know•
tow to deal with them," we are not quite sure that
he very simplicity of the 'proposal would not have
e,tried the ' public apProbation., ;: SiMplicity,- of
bourse,: is (lifted a mistake :Thirty years agb Rini-
Plicity was the rage. Ai in architecture, so in poli-
tics, , all was Doric, harmonious and grand.,„ That
fashion is gone, and we have lapsed into more cord-
posite„as well as more convenient designs. ,OertainlY
ithepresent is ah example 'of the neWertaste, 'and Only
happens to betoo like its author.- Werethatgentle
man a higlivrayinan, he would notbecontentwith 'pro-
Pounding the two alternatives usuallyaddressed to.
the.tra,veller.. He would., bewipta.: 4.. is yiettio,
,with
a third or a, feirtfr, so niCely bilapeed aeteftryite
comparison even wider tlipse trying circumstances.
o,' when Mi. Gladstone offers the furidholder, in
return for his 3 per Cents:, money; or 3 per Centt.,
'or 2 .pei Center;-or something neither money, nor
bills, .nor stocks,but a little of -all three, and partly
2/ per Cents., artly 2iper,Oents., it is impossible
not to trace the paternity of the scheme, though we
have not. disputed, nor do we dispute, that the
ileasiite naVr be the very one suited to the emer-
gency; and Mr. Gladstone, ' consequently; the very'
man to meet it. _ • '
Very great men haVe not always been clear either
m. their objects, or in.their means, or .in their ex-
pression. Cromwell and Castlereagh were equally
past understanding. To come home to finance,
past understandinc. To - come home to finance,
!I3exley's speeches and measures were both enig-
matical. Now, what is the Object of, Mr. Glad-
Ile says it is to lay the
Glad-
,stone's present -scheme'?
foundation` off an: irredeemable 2i- per cent. —that
is,, we presume, eventually to redUce the interest
of the Where debt from 3 to 21. But, singularly
'enough, the Only alternative under no immediate
limitation is that which . raises the interest to '3i,
with a dectease of the capital, the fernier being a;
reality, ,as- Mr. Gladstone takes pains to show—
he latter-only a name. Then, it is difficult to
}seethe' use. of diminishing the interest, except
with a' view to diminising the debt, and it may
Veil be asked what is the use .of making a debt
v.
edeemable at par 40 year hence; if that remote
boon is to -be pnrchaaed by raising the figure at
!which redemption must be made from 100 to 110 ?
If we are -to go -on , paying interest for ever, then
It matters not whether the nominal capital be
increased or .).. diminished, ; for were all the
500,000M01. 3,per Cents. changed into Mr. Glad-
tone's new 2i pet Cents., even on the increased
apital we should pay a less aggregate of interest
!than we do now. But we hope not to go on paying
interest for ever, •We hope. to make the fund-
holder.' take his money' and -be gone. ' That must
be the ultimateend of- all these, operations ; and,
PP the supposition we have just mentioned, we
Should certainly haVe to' pay hint 550,000,0001.
This A. 60 nets look like keeping the .great end in
view, and,
.while we are laying a good foimdation
for an intermediate object, we seem to be sacrificing
the great object' for which all our foundations and
intermediates are intended: -I.t is true -we are re-
minded that if we only put, our annual savings of
interest into -a box, and open the box in 1894, we
kiall'find the 50;000,0001. to a farthing. Ay, 'Mit
What' if 'we spend' , our annual. savings in war
,
steamers and harbours of refuge, and Mediter-
ranean fleets,l and.in fortifications at Alderney and
Corfu,—where shall ,we find . our 50,000,0001. 1
Happily, as we think, this potentiality of mis-
chief_ is obviated. The ." this.
' is .to be
small and experimental,a mere 30,000,0001., in-
volving only a possible addition of 3,000,000/. to
the debt. - But -the inconsistency of- the measure
and its professed' objects are hereby much increased,
for while the 2 per Cent. Annuities and 2i per Cent.
Bonds are both limited to 30,000,000 E each, the ,
only form of commutation to which -there is no
limit, whatever, and which is permitted to the
whole extent of the 506,000,0001., is that of the 3i
per Cent. Annuities., What becomes, then of the
great foundation of a 2i- per cent. stock, which Mr.
Gladstone describes as the great aim of Government
and the very. key of his resolutions ? ~,,,
Notwithstanding this complexity of means and
indistinetness of purpOSe; the resolutions, as they
now stand; - have Many recommendations. The
only Miliniited alternative' is one that would give
ns immediately a respectable saving in the interest
of our debt, and a very great saving in the capital
to be recleaned forty 'years hence. The other al-
ternatives, are limited to safe amounts, and only to'
be extended if found to answer. With 20,000,0001.
commuted into the 34per Cents., against 30,000,000/.
into the 2i per Cents., we should still diminish
the capital. The Ex-Chequer bonds are at least a
safe measure.- They, would effect a great saving
at once,' to be doubled shortly, and would be alto-
gether redeemable at the end .of 40 years., _On each ~
side, however, there is a drawback. If the new•Ex- '
chequer bonds are found to answer the same purpose
as Exchequer-bills--7and therein 'principally stands
the expectation of their finding favour with the
public-=will they not. compel -a- higher rate of in-
terest on ExcheqUer-bills. to' get the latter into'
circulation'?- 'On the ether-hand; these Exchequer.
bonds and theSe coupons are to be as transferable'
be just as liable to be stolen; and just
as a Bank of England.note. Of course, they will
as easily ne-
gotiated and cashed by, the wrongful possessor.
This, however, is the holder's risk, and perhaps we
need not talk abOutit ; but when we are told that
these bonds are- to ferrathe material for provincial
'Stock-Exchanges, to Supersede large balances at
the country and London bankers', to enter into:
speculation 'at the continental Bourses, and to be
tearried like circular noterby careless" tourists from
city to city, in pockets and portem,onnaies, we can-
not
help fearing that a good many will find their.
way•into bad hands. Another danger, of . course,
is the holder's risk. The . new Eichequer bonds
Can' hardly, fail to fluctuate in value quite as much
as: Collie's. Convertible only forty:. years hence,'
they will ahnost fulfil the idea," Sq Muck desiderated
,in Some quarters, of an inconvertible ' paper clll
rency. How much will they occasionally fall in
g,
:value when even ,Eicheqner ,bills payable on de-
:man& a„.feW months, hence have..
discount 1, . That, -however) is. t been at -T. or '4he holder's risk,
.and, in spite. of - these, drawbacks; we .haVe littici
; doubt that the new bonds will be a favourite se-,-
`ccurithii.a., the 'Chancellor: of the Exchequer will
soon -find himself `iiiVbkedU issue another :batch.

. . (Prom ate,',lgoilil224`Herald.) r - , 4:'
The resolutions -proposed -by Mr. Gladstone goli
Friday night are intended to be the foundation Of
a financial operation which it is!not at first easy to
understand. "The Plan SuggeSted is one not .en. 4
tirely'bonsiStent'With the professed object of the
Finance Minister, acid yery far, indeed, from beind
consistent 'Vali itself: - the,only recommendation;
indeed, which Was Strongly Urged' by its author;
was, tthat while it:ivis,o experiment in every con.
ceiyagiCdirectidn;;,in none emad:# _carry the ex2g
p.xitile44itsp, fay a, to ..lroduce any serious amount
it is avowed, is intended
either. of evil or,good. . , I
Let us. say in the thatoutsetf We, entirely object;
even. uponfit, limited kale, t) experiments upon such
a subject. Public credit depends , upon publi6
°toPinbie°ll4ivlrtilebdliebPP'tihili:sne'experinients. It is said
that one 'great objet' of the measure is to-famit
liarise the public mild to a Two-and-a-Halfiyer
Cent. 'St&k. Thisf ogiiiol4 is; in fact, an ad-
mission" that, whether for evil Or good, it is utterly
ffeeting
imPossible,to deal with the public securities, even
0,, amt,
~liod, extent, ,without ser,iougyi a
that opinion :upon which .PPblie credit depeno4.: ~..'
The national funded debt of this country 'con-
sists,...not of. suca.s.of- principal money, which the
nation has undertaken to repAy ; it consists entirely
of annuities chargeable upon the revenue of the
nation--annuities of which the nation can only get
rid' by paying the principal slim which, they repri34
-sent: Every person who holds 1001. in the Three
per -Cent. , Consols .is entitled to receive from the
nation` a perpetual annuity.of 31. a. year uutilithe
nation may be in.a position to extinguish that awe
nuiti by paying him 180/. But the payment of

:. ~,7.,..~rr.

;.t

thia 1001.' can', never be enforced by the holder ill
stock. 'All he can insist on is, 'that untiriliii
country pay him 1001. they shall pay t-hire. each
and Brerys year:3i,, If, titherefore, the nation can;
obtain from any one else 100/._ by the grant of au
annuity, of, 2/. Os. 9r .21. 155.,, instead. of 3/., it io
plainly the interest of the nation to obtain the 100/.
thoSe' terms; and get rid of its present annul-
' tant'by the payment of the 100/.
this .-wayf, and 'in this way that the
.., charges which are called the-interest on,themational
debt can be reduced. The country has a perfect
right to say o the holder of low. stock, ROW receiv-
ing. 3/. annuiti,
," Unless you -.agree to take less
than' 3/. we Will pay Off your 100/1h In the present
state of 'the finances of England it is quite plain
that 'we can only offer this wheii We can ,find Stnne•
one else to give us '1001: on cheaper terms. .t In-this.
manner, we have,,several times-effeeted a reduction
of thecharge, of the national debt. The last ope-
ration of thiinature'waS performed by. Mr..., Goul-
burn in 1844, When he succeeded in reducing the
Three-and:a-Half Per Cents. at once to Three-and-
a-Quarter, and ultimately to
-With a very , small .. proportion 3of - the debt,
amonnting ,to about 10,000,0004,, Mr. 01,adstone
proposes to, deal in the same wary—that is, he pro-
poses to its' hOlderi to pay them off unless they
agree to his terms. This power is, in fact, a mere
incident in; o_ rather extraneouscto, his 'plan: That
t,otbe considered' as 'it- propcises: to attempt
to make an inipression or an experiment upon an
annual
,cha,rge.of .15,000,090/. -.Age :eac4 -year from
the nation to the holders of 590,000,009/. of Thr,ee,
per Cent.
Ifthe Chancellor of therExchequer proposed to
borate]. the :holders of this stock to accePt any
terms= different from) their -present ',conditions, he
could only! do it by offering them the alternative
of repayment of the principal. ;That the
,time has
come when a perpetual annuity of 31. charged upon
the revenues of the nation is worth a little more
than 1001:' seems evident enough ; that' such an
annuity will every day rise in value is reasonably-
to be expected ; and men conversant with the sub-
ject Jiave for sometime . entertained the belief that
before, long the nation; would be .in,a position to
propose,to th 9 hojdep of-these annuities either to
accept of alOwer amount 'or else to offer them the
pitincipal Money, which would, inthe event of their
reftika, be Obtained elsewhere' On. more -favourable
terms. - ".

It must: be distinctly understood that neither
this, iisa: anything like this, is attempted by. Mr.
Glagstone. #e,states, in, the firstTlace,, that the
pann to be dealt with, 50) millions, is so enormous
that-no minister could take upon hiniself the re-
Spensibility of-offering to pay it off—asSuining, We
think very unfairly, that the nation is not at per-
fect liberty to, deal with it in detail. Incovenience,
no :doubt, there might be, and a suspicion of un-
fairness, in selecting_ particular holders .of stock to
be paid off but there is no obligation of national
faith'vhich, would pri3ient us from paying off any
brie holaei 'of this stock,"; even although we were
lunabb to deal with all. '

A rnorefseriOus objection lies in'the fact that we
have bound, ourselves to every holder of this stock
Pat to pay him off without a, year's notice. Mr.
Gladstone refuses
_to undertake to produce the
menes at the end of the year. The possibility of
his being, able to 'obtain it at the end of that period;
withott great loss tb the nation, would depend
upon the then price of stocks: He would be a bold
Man 1010 •would; answer what that may be in twelve
monthu. ,

• Delivered,
.therefore,, as he conceives himself,.
from any attempt .to deal with these funds upon the
old piinbipre'of 'offering' Die hOlders the option of
adceptirig'neW terms or being paid off, we might;
perhaps; have expected that Mr. Gladstone would
have left, them alone, Not so. :He adopts the
novel, and, we, cannot help thinking, rather ques-
tienahle, ,course of offering to? the national cre-
ditor a, new bargain, which he may either accept
'Or remain exactly in his present position entirely
at his' own ' Option. By what considerations will
that •bption. be 'determined ? Solely 'by those of
his iown interest. Tf new terms place him in
ja mom favourable position than ,the old, he will
i•ccept .them; if not,. ihe will reject them, and
einain as he is. The transfer into the proposed
new stock can only take place when the fundholder
belie Vis that by taking it he drives a harder bar-
gain with the nation.. No man-will part with what
he. has for 'something which you propose to• give
him wiess you persuade him that what you offer is
something hotter than that .which you ask him to
give up. Unless, therefore, Mr. GladAone's pro-
posal enriches the fundholder, it falls to the ground
utterly abortive. He either offers the owner of
stock something worth -more than his annuity of
three per cent. or he does, not. •If he does, the
nation is the loser ; if he does not, the stockholder
will reject his terms, and the debt remains exactly
as it IE.

r Pointing out, then, the wide difference between
a proposal like that made by Mr. Goulburn, which
you enforce by the alternative of 'paying off the
principal, and that now made by Mr. Gladstone,
which will, only be accepted on the ground that it
pnts the fundholder, j.O a better position, let us
state what are the terms whichlVir. Gliadstone offers
as an inducement to the fundholder to give up his
8 per cent. He offers 'him his choice of three se-
curities. -First, he offers- him for each hundred
pounds of stock, producing an annuity of three
pounds, a sum of 821. 10s., paying an annuity at
Ili() rate of 31 per cent., and with a guarantee that
4.t shall not be redeemed for a period of forty years.
Secondly, he offers him for each 1001. a sum of
110/. inn-a stock that is to pay .21 per cent., and
guarantee that it is not 'to be paid off until
1894: , ' "

That is, the holder of every 1001. of present stock
may choose either to have an annuity 0f,21. 17s. 9d.,
liable to, be redeemed after forty years by a pay-
ment of 821. 10s. ; or an annuity of 21. 155., liable
to be redeemed after the same period by a payment
Of 1101.. Thb fundholder may select whichever' of
these proposals he shall think most disadvantageous
to the nation, or he may retain his present annuity
Of .3/., redeemable by 1001., the Chancellor of the
Exchequer having kindly assured him .that it is
impossible it ever can, he redeemed.

E must not ,be . forgotten ,that at the very last
Moment Mr. Gladstone wholly altered his original
Plan by limiting the new Ttvo-and.-4-Half per Cent.
Stock to thirty millions.. We dt, not now pause to
inquire what confidence can be placed in the Fi-
nance Minister who actually submits to Parliament
so vitally-impoltant U: scheme, and at. the last. mo 7
ment alters it in so essential a part. It would not
be difficult to.ghoW that had the original plan been
athil)tea; the 4onii effect would have been that the
'whole of our: debt -would have been converted into
turedeemable annuities, and so far as the national
liabilities .are concerned, the producing classes and
the vicultural interest would have been robbed of
all the'benefits which are accruing from the recent
discoveries of gold. "
. .

We ' will not. say that this.was the object, but
nrott Assuredly thid would have been the effect of
the plan. 1.-• One other alternative, hOwever, he still
pffers tto., the :publici • creditor, subject to .a similar
flnAation, of the issue to. thirty The
"h,oldor. of 1001. stopk.may, if ,he pleases, receive an
Exch9ner . Bond for 100/. bearing interest at'2i.
likewise iriedeeinable fer 40 years. The
'Conclifions'• of' these latter securities• are to be
named: ft, aitreat degree at theldiscretion of the
fright-bon., gentleman/himself. .ved • .
Forthese “Jeoupons".the right hon. gentleman
;seemed, to'..daira the merit of originality of. concept
tionr,eApatsiating largely on the advantages tha
a enevery
.security bearing intereit; and at the
.
same
time transferable by mere .mantual. delikerk.
'Wlfetlir' the 'SYSterii of retaAenting the'ilational
dobilmthitt' be right 'or_orrong, it
;had; • been 'previously trieckand /deliberately a,ban...
cloned.: -IA very; large .prows ien 4f the ,Irish deht,
•wasizepptsented by,dePentures, or,. in.other
by t4ese F4xehequer BOndS.,- An act of Parliament
was passed' to conierf, or enable the holders to
'convert them all into the ordinary-stock.- •-•
's`Pil'e-hairti''endeavoitred to put our 'readers fully
fir 'friigsekSioitc of the Mauro i f this misahievous; and
at thedkiantotiine peddling plan. %We will demon-
; strata-When:next we -advert to it that. the transfer
of.any, p9rtiop. of our present liabilities into any
one of he yropoped substitutes would be attended
with the most' serious injury to 'the' nation. At
ff6Weilewe an'only point attention-to the one un-
precedebted: featuie, 'which! is !)stiffieieut to :Ton-
deinia. the plan:;,-The change of security is to be at
the,option ofthe fundholder, and, -if effected at
eqn oplyl?e,,effected in 9onsequence.of7his peraus-
sjowtkt it benefits him at the national expense.

'I 91: JJ t ,• , _ r
(From v th 3 Aforni ehr9pjcle.)
llirC't.sUCcess 'of 'the financial SCheine which the
chneeltorCif-th'd Eichetiiier brouot- forward oh
FrMarlfight 'is- a 'matter of *:greati public im-
tpUita:titt4;Nrhile the tactics of Parliamentary)fac-
tion.exciterat. present but a limitgd. itktPrest. It
ways howwier,.ll incidentally •reraked -that .th 4
weinbers. of .Vie lateiciovfirTncnt, ctiplay chara,a-
-sfistic,-0 pgjilaitnent w treating a project for
t.

ad` (ii- Oa.. (..4