Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1853-04-29
1rec y SIS,
Reduction of the English DcEt.
BURLINGTON,yT
FRIDAY MORNING APRIL 90, Is

The whole amount Of the English National
Debt, at present. is estimated al ES3l ,323 .207,
or about So for every man, woman and child
on the earth. An cutting Of plan for the
reduction Of this immense debt has been lately
presented to the British Parliament, BY the
Chancellor Of the e&chcsuer, of which the
following is an abstract:
Or the whole 1881 1928 ,207, Gjl5 lli,2l5
consists Of Three per cent stocks The remain
q being Tir g AMI q"a-ter per con's. which
under the terms Of former conversion, will
become Three por cents. in 1855, with guar
AIMEE against further reduction for twenty
years. It is only on the E5l5lll,2l5, there
fore, that the proposed reduction can now take
effect, and these can only be changed in one
of the following ways, viz; BY oh''ring the
giving them the option of some new form Of
security which shal be worth in the marke,
more than { 100 and therefore be subioc. OF
pf:frerce.
Now the whole Of the Three per CEN stock
consist with the exception OF some very tri-
fling amounts, Of two d 'scriptions, known a,
''onsols' and 'R'du The talal Of the
Consols is f373 So ,S24; and of the Reduced
El20, 227,650. The exceptions consist Of
variety Of petty stocks known As South S
Aanuties Bank AHnuitles, l7I6, an thcI
sggre gate 60. n,ludng lhrte ger cen,
G,'bt Of Gil ,1l5, 100, due TO The B.nl Of Ens-
land) is OH! !. coo j3S.
This bs,uA ihY deocHp,o Of stocks held
thr plan of REDUCTION is a, to.iow,:--
Tue first proposition OF the Chancellor Of
me Excheqrer is ~ pay of these p?t;y stocks
o. GlO,OOJ63S, Whe" neeJiessy COM Icate
the pnbhc acco.ins, BY olf;nng the holders
sither flOO in money or their choice o ccl-
tam new securities to 0e cie.el for the occu~
on, and which will consist OF tL.ee d.sciip-
tions. Tuat is to Say, for every GiUJ Il )
per cent. stock they may have al th,lr 3 ca. =
slre Gi00 in 'nOney; L33 los. U! ID nea 3 / Z
pr cent. stock, g"aiaII,eed against reuuCuUn
q interest !Ui tUry years, aud "..4n &liI YIELD
g.. annual h.rissl Of e. lis. 80. Gao q a
- per cent stock, also gnarAuteeI against
duction Of interest for fotly years, and yIe,d.
iig annually e. las; or Goo EAcnequer
E'nds, LrAAng ! per cent. for ten years,
ADD IL per cent. for thsty years, "ntn ia.
Principal viii uec"me payable ii p..,.
Tue fist e. ;Ee9e alternatives, namely the
repayment in money, viii OF course nul be ac-
ceped, ihasln"cn As any Ci three Securities
offered Instead would fetch n,ure than IlOU IN
q" market. Tne question: therefore Is, wilcn
Of these securities is likely 10 ne enu,en The
result OF the ST. nau.e,v, The conversion OF
3 per ceuts. into three and a hal. per cer,s. at
the rate OF Eo2 lU>. of the latter for fIuO ot
the former, you'd effect 2 saying tor the oonn-
Try OF Is 81. or one-sXteenth per cent. ~ the
annual charge tor int rest, AS well a. rednc =
d.bt
The second, namely, the conversion Of E OC
per cent. into Ell0 ID per cents. wouIc
effect an immediate saving of s.. or one
quarter per cent, in the interest, bit at the cos
OF nhhng 10 per cent TO the principal Of the
debit and the third would effect a saving Of
per cent. in the interest of the debt for ter
years, and OF ten per cent for the subsequent
80 years
IT will ho soon that either the FIRST or las
pronosuion would be highly advan'ag eous 70
the nation, end wcod cause great saving il
i's expenditure. Hlt the ezisring fundhoIde
viii of course select rha, which he finds mos
valuable, and there can be no question that h,
,,1J b,th Al,
other. namely. the enc two and half p,
cents; and ahhon oh even this would cause
re'nr'cl nj the annual disbursements
you'd by argmPnting the nominal capital o
the debt. rroduce a very unfavorable effect.
II the two uro jcrriorablp propositions ar
allowed TO stand wi,tcut the ether, tho coun-
try will then gaia enormously whichepcr ma
be preferred. If tie esq - three and 2 hal
per cen'. stock e ,ccep'cd the ben,f' viii b
ar annual economy Of G3l2 s. 0-and re-
duciou Of the deb, surprising the whole q
,hc threr FER ceuls IL be converted, to The ex
tent OF Go7 coo,oCo. If the Exchequer bond
b. chosr II, :e annual saving will be IL 1850
0nJ for ten yo'r>. and IL, 100000 Tor thlrt
ycar>, and The debt will remain no,Ginally i
S.atu quo.
Ia either case, vast opportunities will be az
70 dcd for further extension o. the system {
ccmm'rcial freedoro, since j will rer4eF poss
BIZ the immediate reke4 Nf some of those ob
ncXious duties, such Us the Excise and other
which most interfere With industry,
Under tnese circumstances tie imprcsso
avak,ntd throughout the counlry is Gre
gtea, a.Qmation. BIoyancy has been i,.par
Ell to all descriptions Of securities, and ger
eAl impulse has been given to public conf
drnce.
Coasos at the last date were quoted al Zoe
They nA?e subsequently almost touched 10
and the cosing price was said to be 20 5-s.
American " Qrks ~ France.
"Hplrldlon' writ ng to the Boston Atlas say
"rhc works Of the later american writer's a