The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-27

There are at the present day, many in whom, proba-
the habit Of enchanting that the of England is
set, and that the immense burden Of her public debt
that energy with which it oaght to be conducted A
paper just printed contains some very in
in On with the
Of legislation during the last ten years. may
well serve to dispel any gloomy dorebodngs which may
be fnduged in with respect the financial position OF the
country From this document it appears that the total
amount ofour unredeemed debt the 5h january 1921
year the debt but a75l, $40 Oo0 and the annual
sapts durins the thyfsur years. Of and
Of annual interest f517e0oo. During this period our
charges have somewhat exceeded oOO thus max
ing aggregate more than equal to the amount OF
Ss With ss
our stocks have reduced the capital OF the debt by
not less than ala COO being at the rate Of some
thing like one million and quarter per annam. :.
1880 the quantity Of per cent stock which existed
s4s3 600 of that stock borne books We have
no cent stock while in 1870 there not less than
there existed 900 Of 81 per cent Gtoci-there is
but 42,s7l OOv bearing that rate of interest In
ssa Of ns Of 600 Ga e
that stock reaching sum Of not less than s745 Ooo
and have also OK per cent stock, which did not
While we have only succeeded IN reducing the nominal
capital Of the debt by something less than per cent
Of stock paying dyaends Of cent and under we
while Of stocks higher than per cent there the
3st of March last but f3 0O0 against f261 GIT 900
& public debt have
gone contemporaneously with great and important
changes in fiscal and commercial legislation. by
equazng the burdens OF taxntion and removing many
Of the implements TO industry and manufactures
have been enabled to obtain larger amount Of revenue
with less difficulty than experienced when the
tional income was considerably less revenue from
ordinary sources having increased from Esq., 600 in
1921 to eos, COO COO in 1854.
During the period to which these returns refer it
also be borne in mind that have created Ell 600
lief of distress in Ireland in 184S and other subjects indie
pent ent Of the ordinary and expenditure of the
country very large proportion Of the public debt now
years in exchange for original stock being in the aggre
gate not less than 600 this amount set against
600 Of redeemed stock gives total reduction OF
debt during that interval as we have already sad Of
| f43, 1874 GOO.
We by no means wish to contend that any very extra
ordinary advance has been made in the liquidation OF the
naopal debt OF the country during the time to viii III
we have referred The period, however, which has in
that which is generally considered the lifetime Of
generation. With the present year new generation
must to deal with the debt, and may derive
qualification from the knowledge that If eighteen of
succeeding generations hquidate the debt which shall
be bequeabed them the that in which
1t has been redeemed by since 1921 the children Of
the last of that long line of generations will have the
which wi be absorbed by the payment of dividends
Al the peace of Utrecht the debt had increased to fifty
five millions. Fnglshmen were beginning to get accus-
tened TO the thing and in the seventeen years which
followed they hquidated only eight millions of the
which they owed. Then nine years of the Spanish
which, ending with the treaty Of Aixa- Chapelle in
1748, added thiry.one millions to the burdens OF the
country Seven years Of peace followed and during the
Pelham administration reduction Of six millions
eiect,e Then came another seven years Of war with
in the years of peace which followed prior to the break
ing cut Of the next war with France we grew more lax
and not than half ~ million could
In subsequent years it thought that to make
Of honesty would be the best policy and
parent reductions effected in the national debt by
Of loans raised at higher rate of interest than
those which extinguished. Thus it would appear
that more than century since our national debt was
considered nolerable and great efforts made to
move the burden AT later period under the Pitt
| ing fund was nothing but hollow sham. Now at the
day there large numbers of persons TO be
huge national dcbthat it is but the accumulation Of
great capital to the other capital Of the
Try and even the payment OF the interest Is looked upon
does 60 out Of the country it is only hand
which pays the left OF our public debt it may be truly
said as Pope WI ote of vice, it is
| monster of such hideous mien,
| As 10 be hated, needs but 10 le seen;
[From the London Globe Getty Artice) October 10.
The decision at which the Bank of England directors
arrived yesterday afternoon evidently the result Of
attentive consideration and anxious discussion, and it
must be admitted that the result has been to afford
greatly increased If any rsliance could be placed upon the
Continuance Of he present rate Of 81. for discounts. 1t has
been frequently mentioned under this head Of late that
the tendency in periods like the present towards
due excitement and exaggcraton and, Il the consdera-
tion due to the mercantile interests be made compa
tibe with the strong control the bullion market,
which il is imperative that the bank should maintain it
who wish TO see the Of industry flow undis
tNled by artificial causes. The. war has an in
contest is txceptionabe that, not having maritime
enemy 20 deal with our commerce has sustained no in
have in.eriered 1t has been the policy not to re-
fuse through indirect channels the produce Of Russia,
sna nG1gn there are at. strong objections urged to the
st. Petersburg there Is at any rate avoidance of priva
ton 10 the Bli'ish consumer. Surprising the Bank Of
France were to act in concert with our own national
establishment the of that struggle for bullion
which has caused depression in all property to The
amount of 10 20 per cent would have been migated
II not avoided and a strong hope is expressed that
more consideration will be shown in future, and
that the Bank Of France will take its measures
that has been said upon the subject, that even up
to the present moment as appears BY private letters
from Vienna, there is great doubt whether the Aus
an government has succeeded in laying basis
for It's financial system. It's anxiety to metallic
those foreign capitalists wko would pay up in silver the
subs crptions for railway and other concessions, and,
true to its policy Of delay the contracts may not yet
have been signed and the great firms which offered
heir cooperation may become convinced from the action
OF iie fank Of France the interference with The Credit
Mobiier and the unsraring measures Of the Bank of
England that they are not very independent of public
opinion and Of circumstances which affect the mercantile
body at la ge as they have perhaps supposed Cacula
tons Of 90 20 per cent profit upon the conclusion Of
peace are maize tally disturbed by the charge Of
| Per cent. and the limitation of accommodation.
TwLiSE oclock1he settlement Of the speculative &C.
count being in progress and the sales upon the pre-
sumption Sat the bank would again increase disc
charge having rendered the stu more bcari H.
| there Is that partial reaction which many had anci.
pated, especially the public have been quietly invest
ing and the dividends payable Tomorrow The i'm
provement In oonsos Is about per cent pom the clos
ing iates yesterday which q higher, compared
with The prices obtained before the bank decision
known. The quotations for transfer are ST. to S7t and
| for November, Sf2S TO SIX.
The foreign securities quiet, and the rally in Turk
isl Bonds is not quite with that which has
occurred in tho English stocks.
Railway shares buoyant, and with some in.
| crease In he general transactions.
The Joint stock Bank Shares are frmer and Canaia
| Company olen higher.
| Two OctoeK-lbere Is further advance in consols,