Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-09-13
RICHMOND WHIG.
TIE FINANCIAL EFFECT OF THE WAR ON ENG
LAND.
(From the Loodou Times, Aug. GIL

From the London Times, Aug GIL
was recently pointed that tho Russian war 40 far
ron having been Of financial damage to Eo paud
nad operated check TO spri, Of imitation which
nau just begun to manifest ITSELF and which, il allowed
70 pursue its course, would havo ended in loss far
'nan tue eIpen iiture nov In progress To complete the
vie" of the satisfactory Of ereu and Of the solid
prospects OF the national credit ,oms other
muss be added When first declared I, was CON.
'dered that in any Of s evils would DO ,eriou,
increase OF the public debt and the fact that
hS the partial camor which raised Tor an
creation of fresh conso,s after heavy fall had already
CURED the necessity for this step has been wholly avoid
cd seems point OF cougratulatou for which the mos
sangune could scarcely have hoped But il remains tn h.
also shewn that the circumstances under which bi, re,,
has been realized Of character greatly more era,
ing than the world has generally supposed The possi
bty that through the sacrifices which they now cheer
fully submit the may be carried to an end vi,bo,
the burden Of debt being augmented would bs +. s.S
eient reward for tie people Of EUsand to contemplate
They are able however TO recall that their present
were not needed to increase OF the national liza
bties but simply TO the prospect being DESTROY
ed OF early and large dimnuton of them The annual
charge for the funded debt this time is 4I37Il.
but at periods between now and the 5h Of January 1860
that Is TO say in little than FIVE years-it will un-
dergo reduction TO f2i, 2ll In the course of siI
weeks the stock known as Three-and.a Quarter per
Cents bill become converted into "New Three Der cents
guaranteed for twenty years. by which annual wing
will be effected of 100000 In October 1885, anuui,iss
expire TO the amount Of e3O6 ooO January 1860
the extinction OF the long annuites will involve saving
OF Il 5s9 5OO while meanwhile there supdry smaller
claims Of tontiue and other life annutss which IL /, es
mated with fall in to the extent Of eTO2 OOO total re-
ducton thus arrived at Of f3 500 and
result Which, in s yearly effect the taxation will be
the ssme as 100000 OF per debt had been
paid oh In 1857 moreover further relief will take place
in the expiration of the annuity held by the Bank of Eng
land and usually termed the 'dead weight amounting
to E5s5, IOO the equivalent of annual PAYMENT on
Els52O,OoO per cent? Hence il will be seen that not
viihstauding the predictions OF foreign writer's as To
the ruin that to fall upon Great Britain whenever she
should ind herself compelled to hos.iltes she
is in position that would enable her. during the ne.t
thirteen years to borrow nearly OO0 or at the
rate OF 10000 900 per annum without placing herself
as far as annual taxation is concerned In less vor,b
circumstances than she occupies this moment II must
be remarked too that although Ia common impression
that the present generation have failed avail
sufficiently OF the advantages OF long peace in reducing
the national obligations reference to the statistics of the
subject for the last thirty years will show that, while more
might undoubtedly have been DONE is no ground for
heavy reproach The principal debt il is true has
been reduced only of about four and
per cent but the annual amount payable for interest has
been reduced nearly eight per cent notwithstanding the
emancipation loan OF 900 in 1885, and the Irish
famine loan of 100000 in s47 Under these circum-
stances there seems nothing than natural in the
prices which the British funds nov found to maintain
or in the 'uhment OF the opinion veuured upon in March
last that the range Of consos through the wors. periods
of the coming struggle might be such excite Coz
grstulation and surprise.