The Sun.
London, England, 1854-04-14 00:00:00

• • 1.,'
g ". c 5.444„,
4444,0

LONDON, FRIDAY, APRIL 14, 1854,

Mr. GLADSTONE has made some extraordinary
revelations respecting the " Exchequer thimble-
rigging" which appear to • have bees. habitually
resorted to by Financial Ministers of all parties.
We find the Right Hon. Gentleman coming forward.

as an approver, to show that, if the
accounts have not been actually falsified, they
have at least been so framed as to deceive the
community, and to exhibit anything but the
true financial condition of the country. He tells us,
" The fact is, however, that the figures given in the
accounts, as now drawn up, indicate anything . but
the real state of the account of the public with the
Bank ; thei do not tell the truth to the public, but
leave persons to draw false inferences ! "
It thus, at length, comes to light, that a system
of habitual deception has been practised by the
Treasury officials and Bank Directors (for both
must have been cognisant of this "cooking" sys-
tem). Persons who took the trouble of examin-
ing the national balance sheets were per-
witted "to draw false inferences," by
which they might be so deeply misled
as to be involved in total ruin. Their projects
might have been well devised—their calculations
most accurate in every respect, on the data con-
ceded. But one fatal blot could not be avoided.
The accounts for the correctness and accuracy
whereof the honour of one or more members
of the Cabinet--of several subordinate Min-
isters, and of the " grave and reverend " men
who managed and controlled the affairs of the
Leviathan Bank, were solemnly pledged, " indi-
cate anything but the real state of the amount
of the public with the Bank !—do not tell the
truth to the public ! I. but leave persons to draw
false inferences ! !
This is, indeed, a painful exposure. What
confidence can henceforth be reposed in public
men, when we see persons in such positions lending
themselves to such proceedings ? What would
be said of an individual trader, who had
obtained money by exhibiting such incorrect
statements of his affairs ? He would either
be subjected to a prosecution before a criminal
tribunal, or, under the most favourable circum-
stances, and with the Commissioner taking
the most lenient view of the case his cer-
tificate would be suspended for a long period,
and most probably protection withheld for
six or twelve months. But the case affords
another illustration of the principle that " larger
fish break through the meshes which are sufficient
to capture the smaller fry." We cannot now,
through tlio modification of the penal code, with
Paso num

" Wonder there's not better company
Upon Tyburn tree."

But we may express our astonishment that there
are not more aristocratic inmates of the hulks and
houses of correction—that gentle limbs are not
strengthened by the wholesome exercise of the
treadmill, and soft hands hardened by the action
of the detested crank, or familiarised with the
mysterious process of " oakum picking." It is
quite obvious from such exceptions, that
" Laws are (not) made for every degree !"
We must henceforth, then, it appears, receive
all these financial statements " cum gran salis."
Fortunate it is for the country that the Exchequer
balances have been reduced to sa very low a figure.
We might not otherwise have had Mr. GLA.DSTONE
" splitting " on his colleagues, or exposing the
nefarious system that has hitherto prevailed in the
public offices. We really believe that the reve-
lation is cheaply purhased at the 1,200,0001. lost
by the bungling of the Right Hou. Gentleman in
the conception and execution of his ill-advised
financial scheme. Let us now, however, accept
it as a complete restitution, and, " making the
best of a very bad job," meet our losses fairly,
and not materially enhance the difficulty by en-
deavouring to postpone the evil day.
Whatever Mr. GLADSTONE may please to an-
nounce with respect to the actual amount of the
deficiency bills " being some three millions less
than what the published accounts indicate, we
cannot help seeing, notwithstanding the financial
juggle, that the only alteration is a few thousand
Pounds interest being saved, which would other-
wise have gone to swell the ample profits of the
" Old Lady." But it is not a few thousand
pounds, more or less, that the banking, trading,
and manufacturing interests think of during the
existing emergency. The great evil is, that the
resources that should be available for affording
monetary facilities to the trade and commerce of
the country, are absorbed in supplying the wants
of the Government. Mercantile men are unable
to encounter the unfair and unequal competition.
The " dormant partner" of the Bank who, it ap-
pears, is entitled to participate in the gains of the
establ4h/nent under eertain circumstances, or, as
Mr. GramsTozra stated,, has. ":,(4. claim against the
Batik for a share of the profits arising from. the
ciePosits"(o--has manifestly an extraordinary ad-
vantage over less favourably circumstanced appli-
cants ; and no matter how the " cards are
shuffled," or the " pea circulated among the
thimbles," the result is the same. The eight
off the public creditors
millions taken to pay
are withdrawn from the public use, and the
accommodation available for the mercantile
community diminished pro tanto
It is useless
to
oaf that the men to whom the money has
been paid " will not tie it up in a napkin., (a
rather curious kind of "porte monnaie" by the
way). Looking to the aspect of monetary affairs
they would scarcely either employ it in commer
dal transactions, or buy other stock with it.
No ;they will rather hoard it in order to obtain
greater acivamtages when the commercial crisis
Minister is hastening onward
which the Financial MI
shall at length arrive. " GOD bless the Sultan
M.A.amoun," said the owl in the Arabian tale;
"so long as he lives we shall never want ruined
villages as dowries for our children 1" GOD
bless the Chancellor of the Exchequer," exclaims
the Moneyocrats ; "so long as he continues in
office, and maintains his present views, we shall
never want embarrassed firms to pay usurious
and ruinous prices for monetary accommodation !"
They are right ; the system is one truly ruinous
to the country, `?Pe are not only to pay all the
expenses of the war, but to do so with impaired
mesas, having jugs paid off eight millions of the
pelmet 614* 1.140401. -AO mi 4 ot-omi
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