The Sun.
London, England, 1854-05-06 00:00:00

wards or rather downwards—until the deelara-
-44_ -in of war—for upwards of a year, clipic.matieally.
We are doing the same thing now, we repeat,
pecuniarily. The blame rested before exclusively
with the foreign, as it threatens to rest now in a
great measure with the financial, department of
the ABERDEEN Government. There should be an
end at last to the long, slow, apparently inter-
minable agony of popular doubts and uncertainties.
The country should be enabled at length to form
some conjecture, some proximate guess, at the
very least, as to the nature of the monetary
position of the State at the present emergency.
With the Three per Cent. Consols still fluctuating
between 87 and 88 ; with the coin and bullion
deposits in the Bank of England reduced to
between 12,000,0001. and 13,000,0001. ; with
little more than 800,000/. of the first series of
Mr. GLADSTONE'S Exchequer Bonds bid for, the
series to be paid off in 1858 ; and with no tenders
at all made for the other two—it becomes more
than ever important that the country should learn
as speedily as possible the situation it has arrived
at. Let us hope that some faint prospect as to
the future may be opened up through the pro-
mised financial statement of Monday evening.
Time enough it were clearly explained to England
how the war with Russia is really to be carried
on, by what number of troops, and with
what amount of expenditure. Were this
honestly done, without further hesitation, the
community might give not merely cold tolera-
tion but cordial and earnest support to her
MAJEsry's Government.

Last night the Supplemental Estimates for the
Navy, Army, and Ordnance were presented to the
House of Commons, and promptly and unanimously
sanctioned. The "little bills" were at once accepted,
even without pausing to inquire how or in what,
manner the necessary funds were to be obtained for
discharging the new liabilities. Mr. GLADSTONE'S
previous operations had not been such as to war-
rant unlimited confidence in his financial infalli-
bility. He had needlessly made away with
8,000,0001. of the public funds in paying off at
par certain annuities, the principal whereof could
never be demanded, and which at the time of pay-
ment would, but for the engagements he had con-
tracted, have only been worth 871. for every 1001.
Stock. By this brilliant operation he not merely
deliberately squandered at least a million of
money, but he involved himself in an undignified
squabble with the Directors of the Bank of Eng-
land highly unbecoming his position as financial
representative or agent of the British Govern-
ment, and also occasioned very serious injury to the
commercial, trading, and manufacturing interests.
The only shadow of excuse offered, the only
benefit obtained, being, as stated by the GLAD-
STONE organ, that it was very useful as " a
financial demonstration" (!) When at last driven
into borrowing money to replace a portion of the
debt which, although bearing interest at the rate
of 3 per cent, sterling per annum only, ho
had thought proper to pay off at par, he finds it
difficult, if not impossible, to obtain even two
millions sterling on securities paying 4/. 3s. 10d.
per cent., although the extraordinary advantages
belonging to the new form were considered by
F himself as being equivalent to from 10 to 16 per
cent. on the amount of dividend ! Indeed, it
would have disgracefully failed but for the sub-
scription of the South Sea Company for half a
million, and for the dashing operations of the Cervine
flock, who actually victimised the right lion.
gentleman as freely as if he had been the schem-
ing projector of a bubble company. As, however,
these daring stags were unable to obtain the half-
crown, or 1-Bth premium on the bargain which
they had anticipated, we must await with some
curiosity the day appointed for the payment of
the first instalment. It will then be seen
whether the right hon. gentleman did not commit
another grievous oversight. The French Minister
of Finance offered his stock at a fixed price, and
required a deposit of 10 per cent. from every ap-
plicant. The English Minister hoped to get a
few shillings per cent. more than he would have
been willing to accept, and for the sake of that
paltry attempt to get a trifle beyond the real_
value, he exposes himself to the chance of failure—
and such a failure How galling must be a defeat
from such a quarter. Mr. GLADSTONE may exclaim ,
with the dying lion, "Alas, how grievous it is to
suffer insults even from the brave and valiant !
but to be spurned by so base a creature as this
is who is the disgrace of nature, is worse than
dying ten thousand deaths !"

But, although these matters would have more
than justified the adjournment of the newly re-
quired supplies until after Budget No. 3 had
been opened, the chosen representatives of the
people acted judiciously and honourably in at
once pledging themselves to provide the means of
satisfying the necessary expenditure. However
disgusted with the vacillation and temporising
that occasioned the war, and with the bungling
that has so greatly complicated our financial
affairs, we feel in common with every man
worthy of the name of Briton, that it is a just
and necessary war—a war that must be car-
ried on with vigour and energy—a war in
which the United Kingdom, in common with
its faithful ally France, must put forth all its
power. In its presence, fighting side by side
with its gallant legions, we cannot fail or hold
back. There is not a particle of ill feeling in the
noble emulation in which the Western Powers
have engaged ; but in the friendly competition to
do their devoir against the common foe, it would
have inflicted an indelible stain on the national
escutcheon to have hesitated for a moment. The
supplies were, therefore, freely granted ; but, as
a new liability has thus been undertaken, it will
be essential to criticise with more than ordinary
caution the mode by which it is intended to pro-
vide the necessary funds.

The chief demands were brought forward by
Sir JAMES GRAHAM, who asked for and obtained
on behalf of the Navy 4,553,7311., of which by
far the largest portion was for the transport of
horses and troops. No less than 3,096,7001. was
on this account, which could not properly be
charged to our " wooden walls,' but should ra-
ther have fallen under another head. In accord-
ance, however, with the red-tape system of mysti-
fication that has so long prevailed, it is charged to
naval account. The first item under this head was
2,610,200/. for freight of transports on monthly
pay, including steam-vessels, or for the purchase
of the same. This sum, it appears, covers the
hire of eight new steam-vessels, and 86 sailing
transports, of which 75 were freighted with
cavalry. There are other charges connected with
this head for conveyance of troops, rations, &c.,
the whole amount reaching 3,096,7001., as we
have already stated. The remaining portion of
this demand is 1,457,031/., nominally for the
effective naval service, of which 220,0001. is for
a year's wages of 5,000 additional seamen to be
raised, and 110,0001. for pay for 5,000 seamen
already voted for only six months. There are
other incidental charges for victuals and medicines,
47,000/. for additional wages to artificers at home,
160,000/. for fuel for steam-vessels, 252,674/.
for purchase and repair of steam-machinery, and
244,657/. for purchase of steam-vessels, gun-
boats, &c. There is one charge included under
this head which will occasion a mournful feeling
throughout the entire country-80,0001. to pro-
vide for the balance of pay due to the represen-
tatives of the officers and crews of the Erebus and
Terror up to the 31st March last, when their
names were struck off the effective force of the
Navy.

As to the Army and Ordnance, it is sufficient
to say that a vote of 300,0001. was taken for the
former, which provides for an addition of 14,799
to the effective force, a portion only of 40,000
intended to be raised, and for the latter 742,1321.;
all of which sums were, as we have stated, freely
and willingly granted without a division.

The families of the Duke of Buccleuch, the Marquis of
Lothian, Lord Clinton, the Earl of Home, the Earl, of
Courtown, Lord Douglas, the Earl of Romney, &c., are
placed in mourning in consequence of the lamented
death of the Marchioness Dowager of Queensberry,
daughter of the third Duke of Buccleuch and Queens-
berry, and widow of Charles, fifth Marquis of Queens-
berry, K. T.