The Sun.
London, England, 1858-07-05 00:00:00

BINDING CONTRACTS.

The question as to the nature of the security
held by the public creditors of India was on Friday
night adjusted beyond possibility of further cavil.
A clause has been adopted that all debts and liabili-
ties in connexion with that country now and hence-
forth are to be chargeable, as has hitherto been the
case, on its revenues alone. An effort was made to
have the point left open by the omission of the
word "alone," so that, in the event of the Indian
revenue proving at any time inadequate, claimants
might come upon the Imperial Exchequer. As this
would have been tantamount to making a present
out of the public purse to India Stock, bond, and
share holders equal to about 50 per cent. on the ex-
isting value of theirproperty, of about 110,000,0001.
sterling, since Indian 5 per cent. railway shares,
under the guarantee of the Home Government,
would be worth pet Imps 150, instead of 100, the
public will not be surprised that it was negatived
without a division. Yet it is certain that many
persons interested have for some time past con-
trived by a number of sophistries to persuade them-
selves that the change now making in the machinery
of the Indian Government would entitle them to
such advantage, and nothing short of a distinct re-
solution. like that arrived at would have extin-
guished this delusion. It would inevitably have
been nursed as a safeguard against contingencies,
with the certainty that the fact of its having been
so nursed could at any time of trial be brought for-
ward as a proof that it had in some degree been
generally, although tacitly, recognised. That
possibility is now closed, and, whatever may be
the difficulties or prosperity of India, those
who hold Indian securities will know than
it is solely upon her future history that
the results of their investments depend. At
the same time, the Legislature, by insisting upon a
rigid definition of this kind, have performed a ser-
vice to public morality by putting another check
to the system of leaving contracts between Govern-
ments and individuals to be loosely interpreted,
always in favour of the latter whenever they are
found to take an adverse turn. Until very re-
cently it was the practice in almost every form of
engagement between contractors and the State not
only to allow the penalties of non-fulfilment to be
mere scarecrows, but, nine times in ten, to enter-
tain a failure as a plea for the grant of new and
improved conditions. The example, of course,
spread, and in all descriptions of works, especially
those for public companies, the idea of a contract
being intended to be literally binding, except on
one side, was becoming almost obsolete. No system
could be more certain to throw all great undertak-
ings into the hands of the unscrupulous. The man
who bound himself to complete a work for half the
amount he knew it would require, relying upon
his ultimate success in getting all the original
terms altered, was, of course, sure to distance the
honest calculator, ready plainly to state at starting
what it would cost. Latterly, in mail steam con-
tracts, and a variety of other matters, Government
have shown a disposition to remedy the evil and to
make it understood that the terms are equally bind-
ing on both sides, and that the public interests are
not to be set aside to remedy the reckless mistakes
of individuals. All such operations seem harsh at
first, but they are essential for the,maintenance of
the national character. Before people enter into
an agreement for any purpose it
is their business to
calculate all its contingencies—if it be a loan, the
precise limits of the security offered, and if it be a
work such as the construction of docks, railways,
&c., either at home or abroad, all the risks from
climate, natural convulsions, politicai disorders, &c.,
and to frame their demands so as to include a full
insurance for every uncertainty. Having done this,
they must take all consequences which the letter of
their bargain implies, and can have no right to
whine and petition to any authorities for a recon-
sideration of their position. Even within the last
month or two a foreign government of unquestion-
able financial repute has been threatened by an
English company that its character on the Stock
Exchange will suffer unless it consents to modify
conditions which, when originally granted, were as
clear and liberal as possible. Nothing could be
more injurious than such examples, and the time
is come when, at all events, whatever considera-
tion may be shown in the case of contracts made
under the prevailing laxity of sentiment on such
matters, a better understanding should be enforced
for the future. As far as the contract between the
Indian Government and its creditors is concerned
every pretext for misconception is now happily
removed. Persons must not expect to buy a 5 per
cent. stock at the price of the Three per Cent.
Consols, and to have the power at any time of in-
sisting that they fully understood the security for
the one to be precisely the same as that for the
other. The House of Commons have put the cove
nant into plain words, and if respect is to be culti-
vated among Englishmen for engagements of any
kind, there must be no future fancy that it is in-
tended to be departed from.—Times' City Article.

MARRIAGES ABROAD.—The Earl of Malmesbury has
brought in a bill to legalise all marriages hitherto so-
lemnised in the chapel of the Rushia Company at
Mo?cow, either by ifs chaplain or by any minister in
holy orders, according to the rites of our own church;
all marriages solemnised at Niagpo by or before Mr. C.
A. Sinclair or Mr. T. T. Meadows, and all marriages
solemnised in the island of Tahiti by or before Mr. G.C.
Miller. There are some doubts respecting the validity
of such marriages, and to remove these is the object of
the bill before the House of Lords.

TIE GREAT IMPOSTURE.—Ween a rogue wishes to
swindle you out of a sovereign, he usually puts on a
white ceckcluth and Flack coat, sleeks down his hair,
and introduces himself as a collector for a charitable
scheme. Could you see him, an hour afterwards, over
his third glass' of gin and•water, which your misap-
plied bounty is to pay for—could you hear him face-
tiously recounting to his fellow-rascals the way i:i
which he tickled his trout and did you out of the
money, you would prohahly thenceforward have less
caufidence in your (mil judgment and penetration.
In like manner, when a Whig seeks your vote, ho
does it in the guise oil a Liberal. Ile pours out his
patriotism as from a pump, exhibits the mo=t holy
horror at corruption, denounces nepotism, girds at ex-
usiveness, and very possibly persuade you that he
i; the pu-est creature in the taii,iversc, Aided by
t l'`4 n,rty come into (Mc?. You
rind them useless, ; 4- •
their promises ; grasping, greedy, profligate of ins
public money; regardless of the honour of Blitair, 1
and playing fast and loose with its interests—till as
last you and your friends combine to k ck them out.
Lo you I scarce a week has elapsed when there carves
a knock to the door. You open. There stands your
old acquaintance the Whig, conic again to persuade
you that he is a Liberal, v Under such circustances
there is only ono course to be pursued. Slam the
door in his Leo., and tell him to go to Tavistook i
Bitickicoocrs 4ray(C;ine.