The Sun.
London, England, 1856-05-17 00:00:00

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LONDON, SiTT.7RD..kY, MAY 17, 1856.

On Monday the New Loan of 5,000,0001. is to
be concluded, and the same evening the Chancellor
of the Exchequer will make his financial statement
for the current year in the House of Commons.
We have already explained the artful manner in
which the so-called guardians of the national purse
have been excluded from the possibility of offering
anyN.objections to the amount or circumstances of
the transaction until it has been accomplished.
Now they will be prevented from demanding any
modification or alteration of any existing impost,
or of refusing their assent to any new tax which
Sir G. C. LEWIS may deem it expedient to pro-
pose, on the plea that it was too late to do so,
that due provision must be made for the public
service, and that public faith was pledged to the
capitalists, with whom a bargain was concluded
on that very morning.
So far as the great question at issue—the in-
dependence of the House of Commons—is con-
cerned, it signifies but little whether the contract
be good or bad. The Right Hon. Baronet may
bring forward an unexceptionable scheme, al-
though from his antecedents we can scarcely in-
dulge in so pleasing an anticipation. But he is
striving to create a very dangerous precedent, and
one that should be resisted to the uttermost, by
every independent member, who desires the
maintenance of the rights and. privileges of the
important body to which he belongs. If a reso-
lution confirming the loan be carried, Parliament
will be bound by every pledge that has or may be
given in reference to future loans, however
pressing the exigencies of the Exchequer. No
new loan can be contracted, nor can two millions
of Exchequer Bonds or Bills be issued under any
circumstances. These are unquestionably impro-
vident arrangements, and we cannot see how the
present Minister can fairly or justly bind any suc-
cessor in office, or even another Parliament, in
the event of a dissolution and an appeal to the
country.

There is but one mode in which the House
can vindicate its own honour, and retain the pri-
vilege of acting in financial matters as circum-
stances may demand, and that is by refusing the
contract so improperly made. It is only in that
way that they can afford relief to the overburdened
taxpayers, or provide the necessary funds for
the maintenance of the national credit in the
event of any fresh complications ; arising _ or, what
can. scarcely be regarded as very improbable,
the
Chancellor of the Exchequer being mistaken in
his calculations. The loan cannot be cozsidered
as concluded until sanctioned by a resolution of
the House of Commons, and therefore there can be
no objection to refusing that assent, or at all events
ostponing it until the discussion on the Budget
has terminated.

It may be said that it is the ordinary course
for Financial Ministers to conclude their arrange-
ments with capitalists before submitting them to
the consideration of Parliament. Butihitherto
the whole time between the announcement and
the conclusion of a loan has not run out during a
recess, without any opportunity being afforded to
Honourable Gentlemen of questioning the Minis-
ter, or of protesting against his plan. That is
one of the objections to the preseit proceeding.
The preliminary pledges—so injudiciously and
improperly given--that there shall be no further
loan, no funding of Exchequer Bills, and no sale
of savings bank stock, unless necessary for sav-
ings bank purposes, are, however, the main points.
By these a Minister usurps functions to which he
s by no means entitled, and which, by tying up