The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-08

1t was recently pointed out that the Russian war,
SO far from having been cause Of financial damage
of imitation which had Just begun to manifest itself
and which, If allowed to pursue its course, would
have ended in loss far greater than the expenditure
now in progress. To complete the view Of the satis-
factory course Of events, and of the solid prospects
of the national credit, some other considerations
must be added. When war Was first declared Il was
considered that in any case one Of its evils would be
serious increase of the pu bic debt, and the fact
that notw ithstandiDe the partial clamor which vas
raised for an immediate creation Of fresh consols
after heavy fall bad already occurred the necessity
for this step has been wholly avoided, seems point
of corgIatnaton for which the most sanguine could
scarcely have hoped. But it remains to be
also shown that the circumstances under which
this result has been realized are Of character
gIesty more gratifying than the world has gene
rally supposed. The possibility that, through the
sacrifices to which they now cheer.u,ly submit thc
wsr may be carried to an end without the burden Of
debt being augmented, would be o sufficient re-
ward for the people OF England to contemplate.
Ttsy are able. however, tc re all that their presert
efforts were not needed 20 avert an increase Of the
national Liabilities, bat simply to prevent the pros
intuition cf them. The annual charge for the
funded 6ebt at this time is Ell, Ill; but at
periods between now ard .he 9Th Of January,
ls6o-ihat is TO- say, in little more than Eve
In he course Of Elk weeks che stock known
converted into "New Three per cents guar.
snteed for twenty years, by which an annual saw
ipp will be effected of 100000. In October 1859,
anruites expire to the amount Of f206 900, and in
Jsruary, $780, the extinction Of the long annuites
win involve saving Of f1 500 500, while meanwhile
theie are suIdry smaller claims Of tontine and other
lie snruies, which it IL est mated will fsl ia to
the extent Of E702 900. A total reduction is thus
arrived at Of e., 207 500, AID consequently result
which, in ts yeaslyeect the taxation win be the
same ss fl07 coo 900 Of per cent debt had been
raid CT. In 1857, moreover, further relief will
take place IN the expiration Of the snnuiy held by
the Bank Of England, and usually termed the dead
weight" amounting to 1856 ,700 or tee equivalent
Of an snnual Payment on fl9 $40 900 8 per cents.
Herce IL will be seen that, Notwithstanding the
predictions OF some foreign writer's a. to the ruin
that was to fall upon Great Britain Whenever
size should and herself compelled to resort
u hostilitifs she Ia In 9 position that
geuld cradle her. during the next thirteen
years TO borrow nearly f130 900, or q. the rate
Of &I0000000 per anLum, without placing herself,
os far annual taxation Is concerned, II less 70.
vorsble circumstances than che occupies at this
mept. I. must he remarked, too, that although 1t
s ccmrrc impression that ths presert generation
hsEe failed to await Themselves Sufficiently Of the
advantages of long peace in reducing the national
cb0aticas reference 20 tle statistics Of the sub.
fct for the last thirty years will show that while
more might undoubtedly bave teen done, there ia
soGrc1sd Cox hssgy reproscs., Che pzi-sipal Of