The Sun.
London, England, 1854-12-05 00:00:00

THE NEW WAR LOAN.

The controversy which is from time to time renewed
as to the expediency of a loan will not be useless if it
tends to clear away some of the popular fallacies which
obscure the subject. A few years since, when the bur-
den of the National Debt was more vividly present to
the minds of men than the objects for which it was con-
tracted, it had become a popular dogma that every ge-
neration ought to pay the expenses which it incurred.
At an earlier period, however, an entirely opposite im-
pression had prevailed. Mr. Pitt's long-continued
popularity was in a great degree founded on the boldness
with which he relied on the national credit for the means
of supporting the war. Then the Minister himself disco-
vered the error he had committed in borrowing too has-
tily and too largely ; his admirers still praised the
heaven-born wisdom which has postponed the necessity
of increased taxation. It would seem that the theories
of 1795 are likely to be once more in the ascendant. The
undeniable interest of posterity in the struggle which
we have now commenced has of late been dwelt upon
with significant pertinacity. If it were possible to raise
sufficient supplies by bills upon our descendants, there
would be no want of zealous advocates to recommend
so convenient an arrangement. Yet some check on the
eagerness to borrow may be found in the reflection that,
for every 1001. of loan, we saddle ourselves with an im-
mediate annuity of between 31. and 41. It is perfectly
true that the war against Russia is undertaken for the
benefit of future generations as well as for our own; but
the practical importance of the discovery is limited by
the fact that the same proposition will hold good with re-
spect to every public outlay, so far as it is just and
expedient. The distinction between charges on capi-
tal and those which belong to revenue is altoge-
ther empirical and arbitrary. A judicious proprietor
may mortgage his estate to provide the means of re-
claiming a common, or of thorough draining his farms ;
but he will not overdraw his account at his banker's as
often as a few slates are required on the roof of his
house. Yet posterity may be as much concerned in
finding weather-tight buildings as in an increase of
rental. Both classes of expenditure are prudent and ne-
cessary ; and the only question is as to the most conve-
nient and economical method of raising the money. A
Government must assume that its measures, whether
warlike or peaceable, conduce to the public benefit, as
they are paid for out of the public pocket. But there
are obvious reasons for meeting, as an ordinary rule,
the necessary expenses of the year from the incoming
revenue ; and a special justification is necessary for the
speculative operation of anticipating future resources.
The Mintsters will, in all probability, reserve their
decision until it can no longer be postponed. At pre-
sent, the Treasury is fully able to meet all demands ;
and since the commencement of the war, not a single
instance can be pointed out in which the public service
has been starved or stinted from considerations of
expense, The expedition to the Crimea might
doubtless have been made more costly and more
complete, if the Allied Governments had not con-
curred in the determination to try a coup de main
against Sebastopol, with the alternative of a regular