New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-04-27

in H. nss BY the wants Of the @ s h,,s ~
But how can be keeP with Exchequer Bonds at 81 per
Ard i Il not loss 10 the county pei nm
more upon Exchequer Bones sn ,s Al least -,
H. ,ls os ;, may This second propos,uyy In, ~ "'
DC ms a. = ;.h tbs reduction Of the puonc 1eyt
Thirdly and las,ly We come 20 lIe ins IN ths a -
important point OF Gladstones ST., Reduced amounting
oth' 'ohsois H.l II nearly E5O00ooOOO H'c hAos@s
S .at As there exists ParamehHui lie S"css =.
bidding these stocks to be chooses the system Of
rs lloIMs Offering various alternatives 70 tns
boSers 81 the per cent Stocks for 5s.out;ons
onion with other stocks to be created nhe - loo ~
80" =. 49, the on,ion of exchanging every ~''"
the per cent Stock in Of the onows So Cont STOCK
l. They may exchange every = NV onn, bearing in
for Exehequer Bond OF The nsg Ss and then at tho
eres. AZ me rate of y per cent unt eos Of the 500
rate ri d p-r cent until 1894 II the "nos III .h,s =,
100000 ExcheQuer Bonds at 81 per GEM, -" saving in
place t3o0OocO0 of per cent ihetc , ten wears Of
The first ten years of $4,000 and after the n oh be
tl5ooOo-tooe ther PRS 600; but Goverhhe',s I snv
bound TO repay the whole of the ~ tho n,hlia
case this is not proposition to deal iafseH WIN
debt. H., os .,ock hall
, The second proposal is that the holders o. so.H ok
obtain for every 100 in per cent ~ Vs. III 81 ,sr
II b per cent which shall be pad al tne y ~; ibid
cent until the 5th January 1904 The result oil th's wo
De give present income 20 the persons Sa r.
per cent stock OF - LIS 3D. instead OF Ii neio rs a..
a reduction OF =. Sd. annually IN every IioV'
0OCoOO0O were all converted upon this proposal o n
suit would be ainiead ofpayng rs al present ,n;s
ayear the nation would only pay = lt'S.;yoO ali 49,
would be- gam OF tAtS,lVO 4 year. Dut
INC Of t5ta00 Parliament would tie up IFS hsnds Tor
century and guaranty higher interest than p,
time ofranSiton and OF utter uncertainty as " 80
standard interest ON the other hand one ts a.
least would be gained for Mr. Gladstone. NJ the eNpnsy"
OF years he would no, be troubled with Per cent
being defended as now, by twelve months NOTICE.
would only haveto deal with the 81 per cent stock re!ee
able NJ par by Parliament Gladstone proposes not !" IA
any Limit on his d per cent stock. -. s,eo
3 The third proposal is that the holders OF every IO
per should receive 4llO in new stock oi - per
until 1894. When MIR Gladstone introduced ms P
in the House of Commons on the 9th April he had not nm
tied The lthe . per cents 10 be issued but Mr
Dsrat having pointed cut that contrasting thus Propos
with the two other modes proposed every man IN ms senses
would choose the conversion of ZOO into - per cents ana
that by the OF the whole A5OOOOOOOO per Genus
into the stock the country would gain ON one sie
JOO00per annUm but be sadded on the other slde WIN
addition 10 the capital of the public debt OF 1SooooooV.
Mr. Gladstone the following day altered this propOsou
and proposed 10 limit this = stock to t3OOOOOOO ny
this alteration the whole Of the third proposal loses It's sg
nhcanCe with respect to the public debt The capuh IN
tina, debt would be augmented only by t3OO0Ooo
Here you have one of the most important and g.
gantc financial proposals that has ever been brought Tor
ward There exists perhaps IN general no greater hum
bug than the so-called Finance The most simple oper
atOns on the Budget and the Public Debt are clothed
by the adopts of that occult science in absruse ter
mn0ogy, cOncealng the trivial maneuyers OF creating
denominations of Stocksthe commutationof old
Stocks into new ones the diminishing the interest aud
raising the nominal capital the raising the interest and
reducing the capital the installing of premiums Of bO
and irredeemablc annuities the artificial graduation in
the facility of transferring the various descriptions Of
papcr-in manner which quite bamboozles the public
with these deecabe stock Obbng schoascs and fright
iul cOmplexty of details while the obtain with
every such scheme eagerly seized opportunity
for developing their mischeyOus and predatory activity
On the other hand, the political economist finds in all
this apparent ntricacy of communications permutations
ard combinations not much matter oi financial poll
cy simple question of arithmetic or of mere phrase
oOey.
Mr.. Gladstone is certainly a master in this sort Of
financial achymcs, and his scheme cannot be better
characterized than in the words of Mr. Dsraeli Moro
complicated and ingenious machinery to produce
slight result, appeared to him to have been de-
vised by the subtety and genius OF the most sul cas-
" uis In ST. Thomas Aqulnas there was chapter that
speculated upon the question of how many angels could
dance the point of needle Ii Of the rarest
productions of human genius and he recognised in
these resolutions something of that master mind"
You will remember that seated that the end of Mr.
GadstOnes plan the establishment of a 81 normal
"a per cent stock Now in order to achieve this end
he creates very limited "a per cent. stock and
unlimited 81 per cent. stock In order to create his
small y per cent stock he reduces the interest by per
cent gives the other hand bonus of I'D per
for the purpose OF accomplishing that reduction. In
order rid himself of the difficulty OF the per cent
being defended by twelye-mOnhs notice, ne prefers
legsating for the 40 years next to come and in conc-
sion he would if successful bereaye two generations of
all possible fortunate chances in their financial affairs
The position OF the Coalition Ministry in the House,
is clearly shown by the statistics Of votes On the ques
ton OF Maynooth in large house, 10 had but the narrow
majority of 80 On the Jewish Disabilities BILL mot yet
carried through the third readng) in a house of 439
members, its majority amounted not to 30 votes
In the Canada Reserves bill, when Russell withdrew his
third clause the Ministers were saved by the Tories
from their supporters. Their maj ority almost
entirely supplied from the benches OF the Conservatives
/ shall not dwell the internal discussions of tho
Cabinet which appeared in the debates on the Canada
BILL in the hot controversy Of the ministerial papers
with regard TO the Incomelax, and above ALL in their
foreign policy Thcrei notion single question to which
the Coalition Ministry might answer as did Gayss
the Magyar king who after having been converted to
Christianity continued Notwithstanding to observe the
rites of his ancient superstition When questioned Ia
which of the two faiths he really onge h replied:
IL am rich enough 20 belong to two sorts of faith. :.
KARL MARX