The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-10-11
European Reconciliation.

The Democratic Review for October contains among ITS
articles one entitled 'Brtish Arrogance, Whlch WIN
much ceverness, turns the tables upon the English rail-
ers against America country OF regulators. Inc
conduct of the British government is the principal Theme
OF the writer but he does not spare other European gov
ernmens; as for example,
sWhen pre- ,sed for money power liberaes the revenue
according TO the phrase quoted from Adam smith, by
Of every naton Of Europe without exception
which has resorted to funding Repudiaton like death,
whether we live fast or slow, comes last Even the
Dutch repudiae the head they of the best regula
ted finance in the word-a people public spirited as to
have paid oil by voluntary subscription portion of the
apl of their debt and thrifty, that it is said they met
out of the savings of their income, without touching the
capital all the vast contributions levied upon them by the
French, between the conquest of Holland under the
public and the fall OF Napoleon in 1915; their population
consisting in iorcble reductions of the rate OF interest on
their debt by OF which they ponged and
millions OF the obligations just as eecuay as the French
themselves IN 49, when they demolished twohlrds oil the
national burden, the Spaniads at the present day.
when they omit to provide for the quarters interest as
it falls duea quieter manGuvre than that oil the French
on Dutch either, but still bankruptcy"
From the account given in this article OF the suspension
of payments by the Bank of England we take this para
graph
Between February 1897, and May 1921 the British gov
eminent never paid honestly within the limits OF the king
out more frauds and created more beggary and misery
than they the world for, though they
should be destined political existence longer than that
OF China The arsocracy, body too unweldy for open
violence, which could not kdnap like Henry VII, add
dicted itself fraud merely, and bankrupt tricks and
rivances Laws were passed by which Bank of England
able atthe Old Bailey to receive them par though
VIGOROUSLY at discount and at one period of forty per
proceeded having thus pnioned their unhappy creditors
10 cram their vilanous paper compound down their threats
eternal English lboasis of the commercial punclaly of
their government and who had subscribed his money to
dend paper discount of forty per Or perhaps
compelled by losses in trade otherwise he sells his
investment, worth but forty-seven cents hun
dred-or down to that figure British loans under the
ont influence OF their own paper and the victories of the
trencand then he receives forty cents for his loan
tor WHICH he paid hundred, and upon that ioyseven
he loses forty for the difference between money
which is what he wants. and the trash that English faith
and Lord Pamerston and his party friends have compelled
him to take and thus pInndered glad escape the
that shake the opinion of Mr. Joseph Hume, and You,
ye meek followers of PENN that pay creditors the diff
ference between gold and paper, and faint with shame
when the Marquis of Hertord tpoor sells your bonds
teghy Tor the hundred, think OF that and IA Use your d
minshed heads!
Again, another example of reputation:
bic to to %HcI we WIFI now adveI eo
nected with the English debt and which, while it
small pecuniary amount after such deeds done in the treas
those we have been quoting is otherwise of much
significance An act of Parliament, of Sd George chap
positive terms the faith of Parliament that they shall never
be taxed.
The 9th section of the statute reads thus:
'XXVU. And it is hereby enacted that well the said
annuities after the rate Of five pounds per cen,um per
annum payable in lieu and discharge of the said lottery
the excise, also the said annutes be purchased
this act at the several aforesaid for moneys be alb
principal which tho said several annuities are
TO be payable whereupon they shall be computed pur-
suan to this act and OF them shall be free from all
tare charges, and impositions Ohatsoeuer"
Could anything be more downright than the nducement
(ba it proved to be) thus held out all the world
invest in these securities parliamentary pledge that
the interest accruing them should be diminished
by taxation There can be but the question
This under George Well the reign bur one after
comes towering along Mr.. Pitts income tax, and
per cent. off incomes from whatever arsing-hose
annuities OF George l., any other-and rampng down
the twenty section of the with
had mot Invest their
fortunes the faith of it, and the asocratic work of
honor forsooth, of the lords and commons