Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1853-04-25
From the London Times.
NATIONAL DEBT AND GOVERNM ENT
POLICY

From the London Times.
NATIONAL DEBT AND GOVERNMENT
POLICY.
The resolutions (of Mr.. GIadstone) are be-
fore US, and we must say that they look
like what scholars call praris, or an erercitatio
in finance, than serious proposition to the Lee
gslature. If we could suppose some student
calculating. or attempting to calculate, number
of equivalent securities, varied by caprice rath-
er than any reference to the wants of capital<
lists we have before us the results of his NOR
ning's specuHtons, carefully preserved, us if
they had cost too much labor to be thrown into
the waste paper basket. The Chancellor of the
Exechequer offers many four alternatives
in return for security, for it is substantially
one description that is dealt with. This is
contrary to all the rules of prudence. 1T as
sumes for the originator of the bargain n great
part of that responsibility that usually and
properly attaches to the persons to whom the
bargain is propounded The former should
should leave the latter to make counter bids,
that is equivalent offers, if he likes; but should
rest his own on one carefully considered
proposal. As it is, the creditor will simply ex-'
anime the four proposals gratutously placed be-
tore him, and choose that which he thinks best.
This has already been done by the sklul cal.
culators of the city, and they have fixed on
of the alternatives which will evidently carry the
day-that is, would carry the day, should the res
olutions ever pass into law
Mr.. Gladstone first deals with some peculiar
stocks which answer no other purpose than 10
curnber the .'quotations'' al perpiex the unini-
tiated. These ought long 81 ice to have been
duced to one description. I lat is now proposed
to be done, and if the resolutions become law,
the very names of the South Sea Aunuites, &C.,
will cease. Their holders nre summoned to &C
cept one of four alternatives, the last three of
which offered also all holders OF consols or
3 per ceuts reduced. The four alternatives are !:
eflO0 III money for every ee100 stock, or see2 los
Of a new 81 per cent stock, guaranteed against
reduction for 40 years ; or ee11O of a new % per
cent stock, with like guarantee an Exche-
quer bond for ef100, bearing interest Mt q per
cent for years. and 81 per cent for 80 more
Why this last proposition, with the inconyenienr
feature of drop in the interest after years,
should ever have been made, Cannot conceive,
unless mere feat OF calculation, or on the mo-
del of the vanishing sugar duties. The only al
tentative, however, worth considering is the of
fer of ae11O in % per cents, guaranteed till 1894.
Surprising the resolutions to be adopted, and all
the holders of three per cents to make this Sc
lection, it will save the country quarter per cent
on the interest of about ae5OO,OOO, 0OO three per
cents, that is, about efl 100000 u year; ee11O,
at % per cent, being equivalent to 100 at e.
go far the annual saving to the country weud be-
only hall that to be anticipated from the scheme
it is proposed to increase the nominal capital in
this alternative from ee100 to clio, that would
be an addition OF 10 per ent to the capital sub
jected to process, and in the year 1894 our des-
pendants would have to thank us for adding about
fifty millions to the national debt
We have no hesitation in laying it down ms
principle that whatever we do, we are not jug
tilted in increasing the capital of the debt. We
may increase the interest much as we please,
within reasonable limits and for moderate term
of years; but to make bargain with the nation
al creditor, adding fifty millions to the debt, when
the children born this year shall be forty years
old, simply and solely in order to escape paying
af1,250.000 a yeai ourselves, would be nothing
less than disgraceful, and certainly most contrary
to the resolute. sturdy, selfdenying spirit of our
recent commercial and financial Legislation. Ii
is to this point that the study of finance should
be specially directed. and whoever shall devise
some means of diminishing our fatal inheritance
of debt will indeed earn place in the first rank
Of British statesmen. Now that the great names
of the last long and glorious war are becoming
historical we may complain that of this day
have no such opportunity of distinguishing our
selves. One way. however, is open to those WI O
would win place in the memories of that splendid
era. The man who can devise means for paying
off the debt of the war may we'll rank with the
statesmen who directed it, and the great captains
who fought it by sea and by land. If Mr.. Glad
stone would tell us how to extinguish the capi~
tai of our stupendous debt by the end Of this
tury, that would be worth the addition of anoth-
or f5 900 ZOO year to our present burdeu.--
His proposition. little as we expected it from
such quarter, is quite in the Other direction
1t is to spare ourselves at the expense at least
at the risk, of our children. Mr.. Gladstone evil
IDENTIFY does not anticipate SO greas preference
for this particular alternative. He gives pos
terity the option of reducing our debt by hum.
dred millions. that is, supposing the ae52 los. at
81 per cent. generally accepted. But, unfortu-
nately, posterity is not here to make its choice;
the choice is to be made now by living capital
sts and they will undoubtedly select the alter
native that spares themselves at the expense of
the country forty years hence. 10 another part
of our impression it is suggested that the resolu-
tons be at once amended by the omission Of this
one alternative, and we cannot bat agree that
its surrender will come with more grace now
than at the end of Parliamentary struggle.
EDWARD EvERErr.-We copy from the
New York Mirror, the following about Senator
Everett. MIR. Everett is undoubtedly man of
genius; but it is not good fortune alone that has
cultivated his powers or placed him in eminent
positions to serve his country:
edward Eysrett's career has been marked,
and, as men say, fortunate. But he owes moth
ing to accident. He is not a chance man. His
flower, from the bud, has been self nurtured,
self-developed. He has wrought his fortunes.
As scholar he is ripe. In all the elegances
and reinements of literature he has no superior
With the story of the ages-of men, nations and
governments-he is familiar. He is a philoso-
pher, gathering wisdom from their errors a poet.
weaving his own glorious web from their ro-
nance; a statesman, needing their lessons; an
orator. glowing with the fires kinded from their