The Sun.
London, England, 1844-03-09 00:00:00

Mit-I*as

LONDON, SATURDAY, MARCH 9, 1844,

The CHANCELLOR of the EXCHEQUER has brought
forward a most important financial measure, which
has been anticipated for some time by the country,
and which we are inclined to think will be received
with general satisfaction. It may be considered hard
by an annuitant to have his income reduced a quarter
per cent., and, ten years after, a half per cent. ; but
this is only the natural result of circumstances.
Money is so abundant that a high interest cannot he
obtained ; private individuals who can furnish good
security are yearly reducing the interest on their
debts, and the consequence is a rise in the funds ;
but it is not reasonable or just that the Government
should continue to pay the same interest for all time
to come while reductions are taking place in every
other quarter. The plan, proposed, therefore, cannot
be objected to, it has taken no one by surprise, and,
on the whole, may be regarded as a measure
creditable to the Government and the country. It
will not increase the national debt; it will not throw
burdens on future generations for the sins of their
ancestors; and it will save the country from the
tricks and juggles of loan contractors. The amount
of stock to be reduced is 250,000,0001., about one-
third of the national debt, and nearly equal to the
whole debt of France. This is certainly an enormous
sum to meddle with. It comprises four different
kinds of stock, including the Three-and-a-Half per
Cents, of 1818, amounting to 10,000,000/. ; the Re-
duced Three-and-a-Halfs established in 1824, amount-
ing to 67,500,000/. ; the Five per Cents., established
in 1784, afterwards, at various times, reduced to
Three-and-a-Half (the amount is not stated) ; and
the Old Three-and-a-Half per Cents., created in
1787, amounting to 14,600,000/.—which makes a
total of 249,600,0001. The plan of the Government
is to place all these stocks on the same footing,
and to bring in a Bill to allow every holder of Three-
and-a-Half per Cent. Stock, a like amount of Three-
and-a-Quarter per Cent. Stock, the interest of 31. ss.
per cent. to be paid till the 10th of October, 1854,
and at the end of that period the interest to be only
31. per cent., which shall be guaranteed at the same
rate for twenty years, namely, till 1874. The saving
to the Treasury will be 625,0001. yearly by the first
reduction, and the same amount for the next twenty
years annually, making a reduction in the interest of
the debt, by October next, of 625,0004, and, ten years
after, a reduction of 1,250,0004 annually. A simpli-
fication also of the mode and times of payment is
proposed, for which we refer to the speech of Mr.
GOULBURN. Such a result is honourable to the
United Kingdom, and shows a marked contrast to
the financial conduct of many other nations, who have
broken faith with their creditors, who are shunned
by, all honourable men, and who are driven
to some -desperate and disreputable scheme for
supplying even the immediate wants of the Executive.
We have pleasure, therefore, in quoting the conclud-
ing words of the CHANCELLOR of the EXCHEQUER :
" This measure," said he, " shows the mighty advan-
tages which attend a sacred regard to the obliga-
tions of national honour and good faith. We have
had many arduous contests, many ll'itter reverses, to
contend against—difficulties wttich have made the
strongest minds to quail—bAtt we have overcome and
triumphed over them all, and that by a simle, but
sacred, adherence tci the principles of national honour
and the obligations of public faith."

In the House of Lords, after some remarks from
the law Lords and the Bishop of EXETER, the
Court of Privy Council Bill was read a second time
and ordered to be ^...-committed, with an instruction to
the Committee to make that part of it which related
to the law or divorce a separate Bill.
In the Commons the Sheffield, Ashton-under-
L3'4e, and Railway Bill, was read a second time.
Att. lIINDLEY moved a resolution, in reference to
Railway Committees, that any Member whose con-
stituents are locally interested in competing lines,
may sit on the Committee without voting. The mo-
tion was opposed by every Member who spoke
ex-
cept Mr. PETER 13ORTRIVICK, and Mr. HINDLEY
withdrew his mo tion.
The Newbury and Great Western Railway Bill
was read a second time, and ordered to be committed
In answer to a question from Mr. bIACAULAY, Sir
ROBERT PEEL said the Government, in the course of
the day, had received official dispatches relative to
the events which had taken place at Gwalior, but
*ere no less than seventy-five inclosures, and
there N. _ 4 bad time to examine them. ith
he had not yet -,m put by the Right Honourable
regard to the questi,
nroclamation, he could onl
Gentleman y
about the k .4
was included in the dig-
say tbat he had no doubt ii,
under these circum-
-wr PEEL was. in
patches. Mr. nicAuLAT said,.
stances, he wo.nld wait till Sir. Ron.
a • to g
the, second rlllading of
a position give a distinct answer.
Sit'J. GRAHAM postponed.
next.
Sir J
the Factories Bill till Friday
question from Mr. Tumult'
In: answer to a
GRAhAM said he did not intend to make any altera-
tion in the law relating to religious instruction in
uniott workhouses.
The CHANCELLOR of the ExcnEcturs then brought
the reduction of the tliree-
his motion for r
forward