The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-11-20
British con.ol. and the National Debt.

British COnsols and the National Debt.
The high price at which the British funds
have ranged for some months past has given
pausibility TO rum0r often circulated in re-
gard To the reduction Of the interest on the ma
tional debt The three per cent. consols
reached par during the summer, for the second
time only in the present century, and for the
fourth time since the British debt became a
great national burden. They afterwards en-
perienced slight decline, but the last arrivals
represent them as once more above their par
value. A reference to measures Iesorted to by
former Chancelors Of the Exchequer in similar
circumstances may therefore be interesting to
many of our readers.
The first reduction of interest was made in
l7l6, during Sir ROBERT WALPoLE's su-
premacy, when the national creditors Were in
duced to accept lower rate of interest in con-
sequence of the prevailing cheapness of money.
The operation was repeated in 1894 by Mr..
PELHAM, who effected a saving per year of
.s655 900. In 1922 Mr.. VANslrrART re-
duced the five per cents. to four, reducing
the annual expenditure not less than e.
$780, 900. The per cent. stock was reduced
to 81 in 1924 by Mr.. "Prosperiy" ROBIN
SON; saving annually .s375,OO0. Mr.. GoUL-
BURN reduced the new per cents. to 81 in
1880, saving -f77S,O00 per year; in 1874 he
reduced the 81 to 81, saving -f625 900 per
year, with prospective saving in 1854, when
the stock will become per cents. The re-
auctions of annual expenditure thus effected
amount to not less than .f3 ,563, 900, exclusive
Of Sir ROBERT WALPoLE's, whose precise
saving does not appear. The prospective saw
ing in 1854 is estimated at -f625, 900 per year;
swelling the total annual reduction to ga, 1885,
600. The annual charge with which the ma
ton is still burdened from this source amounts
to little less than 100000, or, in round
figures, 100000 900.
A London paper supplies the following adj
ditiona. PARTICULARS
In 1851 the different three per cent. stocks
were consolidated into one stock, which has
since been known by the name of consols, and
with successive additions has ever since formed a
portion of the national debt. Prior to that conso
idaton the three per cents in 1887 to POI, the
highest point they reached. Again, in l749,
they to 100 and from that time to 1874 they
always below par. In 1874 consols were at lOl!,
and on Friday last they reach ed 100, being only
the second time consos have been at par since they
were created, and only the fourth time within l6O
years that 8 per cent. annuity in pcrpetuty has
been worth ElO0, or more than ElOO
1.-THE funds have undergone some fearful vici5
| STUDIES. In 100, on the death of the King Of
Spain, they fell to so per cent, whereby says
| the historian, great distress ensued to many
After the peace of Utrecht, in Ills, they rapidly
rose; and between 1880 and the rebellion in l745
they never below SO; but during the rebel
lion in l746 they sank to rs. They fell to $50 in
1882 at the close of the American war; and,
mounting afterwards to s7a. in 1892, fell in Sep
TENDER, 1897, to AZ. This was the lowest they
ever reached. Between that and the highest point,
l07, attained in the year 1887, the difference was
equivalent to III per cent, sufficient to annihilae
many fortunes, or to confer great wealth on those
who purchased when the funds were at the lowest"