The Sun.
London, England, 1867-05-17 00:00:00

THE SUN, LONDON, FEID AY EVENING, MAY 17, 1867.

-LFAMPSTEAD-HEATH HOTEL.
This Hotel, situate in the centre of the heath, is fully
:pret.ared for the reception of visitors. Dinners and wines of
the best &script ion, and on the most moderate terms, either
in the coffee-room or the private room. Excellent bed and
V aim?: rooms, evil commanting a-lovely view. Biohs and
bill and ro In on the premises ; also excellent stabling*.

here is a new chop and steak room open for luncheons, hot
trout the girdiron. Cho well-known d ning hall, where tiOn
r•ersons can sit down at society or tra.lc dinners, treats for
4ehools, and Volunteer gatherings, and tea garden connected
with tilt same, ate also ready. All classes will lind here the
.thcapest and he t refreshin--ts to be met with near the me-
tropolis. To secure bed rooms or the ex'clusive use of the
,;rest hill adp'y to 11r. JOIN XL FOX, at the "Ltd, Yale
of

OSBORNE'S STIL`rON

•Is THE Cheese!

1,. DERBY, THE DERBY, THE DERBY.

CALLAGHAN'S RACE GLASSES.
23A, NEW BoNo-sr.REEr,

Corner of Conduit-street.

At VALUABLE PACKAGE OF TEA.
A CHINESE CADDY,
containing 161bs. of really good Black Tea, sent carriage free
to any Railway Station or Market Town in England, Ireland,
Scotland, or Wales, on receipt of 405., by
PHILLIPS and CO., •
Tea Merchants, 8, King William-street, City, E.C.

'EUROPEAN ASSURANCE SOCIETY.
Empowered by Special Act of Parliament.
CHATRMAN—Gen. Sir FREDERIC SMITH, F.R.S.
Policies payable during life, indisputable, not liable to
forfeiture.

Tho ROYAL NAVAL, MILITARY, and EAST
INDIA. Life Department, affording peculiar advantages to
Officers and others in the Navy and Army, is under the
especial patronage of
HER MOST GRACIOUS MAJESTY THE •QUEEN.

Annual Premium 1-t,veuue upwards of £310,400.
-New ,Ppetnitim Imam° exceedeil £67,000.
Life, Fire, Guarantee, and Annuities at advantageous
rates.

The European is the only Society authorised by the im-
perial Parliament to Guarantee the Fidelity of Govern-
ment Officials. _ _

.Full particulars of the popular principles,of this Society,
will be found in the New Prospectus, which will be for-
warded to applicants, post free. •
Offices 316, Regent-street ; 17, - Waterloo-place,. Pall-
mall; and 69, King William-street, City.
HENRY LAKE, Manager.

penditure of the taxpayer there can be no fructi-
fication. If, indeed, we suppose the reduction of
taxation be such as to set free some crippled in-
duttry, immense incidental benefits ntly arise, and
there can bey itile donbt that Mr. Laing's remark,
that it would be wiser in the Government of the'
United. States to simplify their scheme of taxation
than to persever,3 in a process of redemption, was
just. There was a time when the freedom of in-
dustry was with us a paramount necessity but its
fetters are now comparLively light. On the other
hand, if the million be applied in the reduction of
debt, it is tolerably certain that the capitalist who
receives it, will 3ot squander the sum but will seek
fresh modes for its investment. He will expect
higher interest than he was contented to receive
when he hal the security of the nation for its pay-
ment, but the money will not be lost. The com-
parison, therefore, between the two plans of dealing
with the surplus is a comparison between the volun-
tary saving of a portion of the millions and its direct
application by time taxpayer who saves it, and the
involuntary saving -nf the whole of the million and
its indirect application iu loans by the fundholder
who is paid off. The issue depends on the amount
which will be voluntarily saved, and this may be
assumed to depetal upon the amount of remission.
If there be a considerable reduction of taxation,
much of the sum gained by the taxpayer is saved ;
if the reduction be a dribblet, it will be spent.
Confined within the narrow limits proposed by
the Chancellor of the Exchequer, the policy
of applying a :Furplus towards the reduction of
debt seems indisputable. The propriety of the
method adopted is open to still less doubt. Mr.
Laing said the plan of Terminable Annuities is a
bad form of Sinking Fund, and so it is when the
Annuities are granted to any and every purchaser.
Under such conditir6ltertfit,Aoliimeellor of the• Er.
chequer binds himself, in contracts from which he
cannot escape, to repay definite portions of the na-
tional burdens in every successive year, whether he
may have a surplus or a deficiency. But the scheme
embodied in the Bill before Parliament last night is
not open to this objection. The Terminable Annu-
ities cheated" by it-dre granted'to the Chancellor of.
the Exchequer himself. "As.-=the banker 'of' the
trustees of 'Savings .Banks, he has a claim on the
nation to the extent of twenty-four millions, and
the National Debt Bill is no more than a solemn
resolution of Parliament to pay off this debt at a
rate little exceeding a million a year for the next
eighteen years. If troubles come, if a deficiency
arise, if loans be necessary, the resolution may at
any moment be rescinded. The contract is between
the right hand and the left, and the power which
enacted it can undo it. Meanwhile, there appears
among the annual claims on the nation a charge of
a million; and -a sum which might be otherwise a
subject 'or.erniftention is'irithdrawn froM the UM
greedy gaze of, the House- of -Cgmmons.

but a minute had b3en pa sad limiting the insm-tion to
two publications,which had already taken place, and which
had cost only .£132. ID might, however, say that the
house last session had sanctioned the publication of the
catalogue. .

-111 i. OSBORNE Said the.noble lord had not answ.lred
the material pint in the question, and that was whether
it was intended to procood wits this extraordinary affair.
(Laughter.)

Lord U. MONTAGU said the hnn. gentleman surds
could not have been listening to what ho had just said,
because he had distinctly stated that a minute had been
passed limitingthe.insortion of the two publications which
had already appeared.
A RMS TRONG GUNS.

Mr. H. BAIL LIE asked the Secretary of State for War
whether the War Department had paid a part. of the
mon-y, and intends to pay the whole sum charged by the
Elswick Company, for the nine breech-loading 64-pounders
recently rejected at proof, the said guns having been or-
dered two or three years since, and having become
obsolete, and whether it was not desirable to
put a mark upon all guns that fail in their
proof at Woolwich, as there has been sent to the Paris
Exhibition a 9-inch gun cast at Elswick, having a rifled
tube of wrought iron, which was rejected at the Woolwich
proof ; and whether the hundred rounds fired from that
gun under cover, after it was rejected at proof, at the
desire of the Elswick Company, was to be paid for by the
country ?
Sir J. PAKINGTON said some money had been paid,
but the remainder would not be parted with until the guns
were pronounced as satisfactory. It was altogether an
error to say the guns had become obsolete. It was the
piactice to place a mark on guns that had failed, and it
was not the fact that the gun sent to the Paris Exhibition
was not one that had been rejected by the proof-house at
Woolwich.
THE REFORM BILL.
Mr. HENEAGE asked the Chancellor of the Exchequer
if it was still his intention to alter the schedule (D) of the
Representation of the People Bill as far as regards the
parts of Lindsay, as intimated by him earlier in the ses-
sion in reply to a question asked by the hoe. member for
North Lincolnshire ? _ _

The CHANCELLOR of the EXCHEQUER said it was
not his intention to alter the" schedile. The boundaries
set down were merely temporary, as the boundaries would
be finally settled by a Royal commission, of which Lord
Eversley would be the head, with four other members
who wore yet to be appointed.