The Sun.
London, England, 1870-02-12 00:00:00

()A DON , S.-17 U RDA Y, F EB. 12, 1870.

WE have to record at once no fewer than three
schemes of construction and destruction on the part
of that most indefatigable public servant, the CHAN-
CELLOR of the EXCHEQUER. Verily, whatever may
be said as to the results of Mr. LowE's schemes,
or as to his style of carrying them
out, there can be no second opinion respecting the
magnitude of his
.labours. He is the HERCULES of
the Cabinet. The complex changes consequent upon
last year's Budget have prOvecl a trifle to him ; the
wail of the taxpayers has caused him no concern
whatever. Simultaneously with the revolution in
the system of collecting the revenue, ho has effected a
change in the method of paying Consols' dividends,
another change as to the time of paying them, has
debated various other important matters affecting the
National Debt, drawn up a Mint Bill, a Friendly
Societies' Bill, and carried on a lengthy controversy
touching the imposition of a seigniorage. If
there is one consideration qualifying the
amazement with which these achievements are to be
regarded, it is that the result of Mr. LOWE'S mental
labours is somewhat often a (not to say ridiculus) mus.
He seldom does all that he designs, and not unfre-
quently the realisation is widely different from
the original plan. It is very pleasant to find
the CHANCELLOR of the EXCHEQUER ready to
hear reason, and to modify his schemes when the
force of argument is against him ; for certain little
affairs, of which the Law Courts site was one,
had induced a different opinion. But the readiness
with which he devises great plans, whereof only a
fragment comes to maturity, is undoubtedly trying to
the national nerves. For example the change in
the payment of Consols' dividends was only one item
in a revolutionary programme. Besides paying the
fundholders every quarter, instead of twice a year
as at present, Mr. LOWE proposed to divide
the national creditors into three classes, to
abolish very small holdings, and to create a
" century stock." All these additional alterations
have been abandoned.

The Coinage and. Mint Bill, too, is a surprise.
Last year we were given to understand that great
things would be done in the way of coinage reform.
Mr. LOWE was pained by the injurious effects to the
currency of the practice of melting sovereigns, and
he contemplated putting a stop to it by charging a
mintage of about twopence in the pound to cover
the cost of coining—the State now exercising
that privilege gratuitously. A. stern controversy
forthwith sprang up. Mr. LowE's twopence gained
him almost: as much fame .as his five quarters in tilt
year. The disturbance in business matters which
the change-would effect; its necessity to prevent the
melting swindle ; how it would be a blessing to civi-
lisation by preparing. the way for an international
coinage ; how it would not do anything of the kind—
were set forth in fearful detail by the various com-
batants. We all confidently looked forward to the
reopening of the question at an early date,
and the announcement of a measure to
" consolidate and amend the laws relating to
the Coinage of Her Majesty's Mint " made
us sure that the hour of the twopence was come. It
turns out that the great bill is for the purpose of
eifecting•a reduction of I:3,500 a-year ! Mr. Low:
finds the time inopportune for his larger scheme, and
he therefore proposes what is indeed a lesser one.
He cannot bring about an international coinage just
e spends his surplus energy in
yet ; and.he therefor
abolishing the Mastership of the Mint. That post is
vacant, and it is not thought needful to fill it up. It
has beenicustomary to give the appointment to some
eminent.'scientific man ; but the Government are of
opinion hat the duties can be quite adequately per-