The Sun.
London, England, 1851-03-07 00:00:00

We have no doubt that these observations will pro-
voke the animosity of the moneyocracy, who wish not
merely to obtain their pound of flesh, but to draw a
quantity of blood in the operation, that may prove
fatal to the patients. We are, however, prepared to
show that, taking the money actually advanced, and
the changes in the value of that money by the ope-
rations on the currency, since the peace, that not
one-fourth part of the debt is fairly due, the remain-
ing three-fourths being the premiums given to the
cupidity of the usurers. A history of the national
debt, and the various operations connected therewith
(which we may be one day tempted to give to the
world), would prove the accuracy of this assertion.
As an example, we may refer to one of the latest
cases—the last, indeed, before the termination of the
war. In 1815, when we had an inconvertible note worth
135., a loan of 36,000,0001. sterling was negotiated.
The terms on which this financial operation was car-
ried into execution were, that the subscriber of every
1001. payable in Bank of England notes, or about
651. in gold coin, should receive 1741. Three
per Cent. Stock, and 101. Four per Cent. Stock,
or, in other words, 1841. stock for every 651.
paid—nearly 60s. for every 203. advanced. This
was certainly rather a good bargain for the lenders,
although it might be considered as not exactly
equitable by the borrowers. It will, however, serve
as a tolerably fair illustration of the mode in which
the 601,500,3431. was added to the national debt
during the French war, and should not be forgotten
when it is proposed to apply the taxes on knowledge,
cleanliness, and industry, to the liquidation of that
debt. We shall soon know, however, whether it is
the intention of the new—old—Ministry to insist
obstinately on the most objectionable part of the
highly objectionable Budget, and be prepared to AO,
accordingly.

THE FRENCH REPUBLIC,

- -
We have received the Paris journals of yesterday.
Several of the reactionary journals urge upon the
PRESIDENT of the Republic the necessity of creating
General OODINOT a Marshal of France, but the
National reminds them that General OUDINOT, being
a representative of the people, cannot, save by a fla-
grant violation of the Constitution, accept of any
military promotion.
The, Siicle has the following on the recent nomi-
nation of presidents and secretaries for the Bureaux
of the Assembly :
" There are no Republicans among the presidents and
secretaries just named in the bureaux of the Legislative
Assembly. Parties consider such a result natural and
just; but, in our opinion, it is simply unjust.
Parties thus show what they are; they even
thwart their own plans; for they perhaps exalt
those they seek to abase; for the whole nation has
seen the Royalists have recourse to the Republican
party whenever they wished to carry out the principles
of the Constitution and the laws. Who thinks of being
true, just, consistent, or popular in politics at the present
moment? The Royalist parties are wholly occqpied with
toasts, letters, and retrospective opinions. They pre-
tend to feel great astonishment that on a motion for recall-
ing the Bourbon Princes, a revolutionary speech has been
delivered. Why did they not answer it by a vote in
favour of abolishing the laws of exile? Such would
have been the only serious and becoming answer, but they
could not reselve to make it. In the year 1823, when
M. Chateaubriand had been defending in the tribune the
principle of the famous Spanish war, Manuel came for-
ward to speak on the other side. In examining the ques-
tion as to whether the life of the King of Spain was
threatened, he said that it would only be endangered by
a foreign invasion, undertaken for his deliverance.
' Similar circumstances,' said he, ' led to the death of
Louis XVI.; it was when the Prussians had entered
Champagne, and while the Auatriens and Prussians were
hanging on the frontiers, and threatening the indepen-
dence of the territory—it was then that revolutionary
France, thinking to gain, fresh energy
lie was not suffered to complete the sentence; they
accused him. -of-opertlyrisettebitig tip regicide, and
an accusation of provocation to regicides was
drawn up by M. Forbin-des-Issarts. The result is
known. Did the Royalists or royalty derive any advan-
tage from agitating the masses with Manuel's opinions.
Did they get anything by transforming Manuel's elec-
tors intmegicides, ready to apply the principle to any
monarch whatever? At the present moment these same
blind passions fancy they have an interest in caries-
airing as terrors the advocates of the Republican insti-
tutions. The men who, a few months ago, went about
exclaiming that it was time to strike a decisive blow on
the occasion of the electoral law, now attribute their own
ideas to their opponents. There can be no terrorists
without somebody being terrified, and just now none are
disposed to play the parts of victims."
Marshal JEROME BONAPARTE, governor of the In-
valides, and only surviving brother of the EMPEROR,
is confined to his bed by influenza.
M. DE MONTALEIdBERT and the J esuits, having:suc-
ceeded in destroying the University, and perverting
education, by placing it in the hands of the priests,
have now commenced a crusade against the fine arts,
and have actually proposed the destruction of the
fagade of the Pantheon, the chef d'oeuvre of DAVID.
It is said that the Prince DE JOIN VILLE will start as
a candidate for the Presidency of the Republic.
The Bourse was feeble and public seeurities declined
slightly. The Five per Cents. opened at 96f. 85e., and
closed at 96f. 70c.; the Three per Cents. closed at 57f.
80c.; the New Loan, at 96f. 50c.; Orleans Reiliroad
Shares, 885 E; Rouen, 647 f. 50c.; Great Northern 476 f.
25e.; Avignon, 190 f.; Viezzon, 416 f. 25c.; Basle, 158 f.
75c.; Bordeaux, 395 E; Paris and Strasburg, 367 f. 50c.;
Tours and Nantes, 255 f.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, BlAncu 6.
Boulogne and Amiens, 9,?,'4 Central of France (Orleans
and Vierzon), 164—Luxembourg, 21A--Namur Liege,
84—Northern of France, 15.-Orleans and Bordeaux, 4_.;
Paris and Strasbourg, 101 ex div.—Rouen and Havre, 11 j
—Tours and Nantes, 59g.

interest of their senior partner—the public. His
project had, therefore, scarcely been broached when it
was greeted with one universal shout of derision that
reverberated throughout the length and breadth of
the land. He was detected in; time, before he could
afford to smile at the indignation he had excited, and
some new project must be devised before the feelings
he has aroused can be allayed, or any proposition to
which he is a party can be received without suspicion.
Perhaps, taking everything into consideration, the
proposition for maintaining the most annoying taxes
on knowledge, cleanliness, and a variety of others
almost equally objectionable, for the purpose of pay-
ing off the debt at par, or buying up Consols at 9634,
97, was, under the present circumstances of the
country, even worse than the palpable dodge re-
specting the window-duties, or the open and bare-
faced injustice with regard to the income-tax.
The enormous appreciation in the value of money,
to which we have repeatedly alluded, which
has made one pound at the present day
go as far as two pounds would have done
when the debt was contracted, or, in other words,
more than doubled its purchasing power, compelling
the debtors to give double the quantity of corn, or
almost any other commodity, or double labour, in
order to satisfy the same nominal charge, would appear
to have given a sufficient advantage to the fundholder
without any further and more perceptible movement
in his favour. But something more was to be
done—the last straw had not been heaped on the
back of the patient and long-suffering ani-
mal, that permitted himself to be ridden
almost to death by his various tax-masters. We
hear a great deal of " justice to the public creditor,"
but what is said of " justice to the public debtor ?"
The " equities of the fuadholder" is reiterated usque
ad nauseam, but who alludes to the " equities of the
nation" to be allowed to liquidate its liabilities fully,
fairly, and honourably, but without extravagance ?
We wish to pay 20s. in the pound to the representa-
tives of those who advanced money in periods of
emergency, but we object to pay 603. or 80s.,
although we believe no code, human or divine,
has given to fathers the power of mort-
gaging the industry of their children to
provide for their own expenditure. We would not
avail ourselves of such a plea, we would render
justice to all without exception, we would throw
the burden of the debt on those who ought to bear it
—the inheritors or possessors of that property, for the
protection and improvement whereof it was created.
But we would not compel them to pay more than
they were fairly bound to satisfy, and we are satis-
fied, if our views were fully and fairly carried
out, that, as in private, so in public affairs,
" honesty " would prove " the best policy."
It would, we have no doubt, be more bene-
ficial for the owners of property to relieve strug-
gling industry, even although an increase of direct
taxation was rendered necessary thereby, and far
more advantageous to the fundholders, to come to
an equitable arrangement with respect to the na-
tional debt before the patience of " the many " was
completely exhausted.