Sioux City register. [volume] (Sioux City, Iowa) 1858-1871, 1859-06-30
what Are Cons0sy

u present when every one is looking With
iuterestbO the commercial status Of Great
Britain. A rise or fall in "Consols" is in
variably tsken as q sign Of commercial
prosperity or adversely, yet few have a
very definite idea of what is meant by Con
soils" We End in the Boston Herald the
following explanation Of the term:
It is not expected th't everybody should
know what Consols are, or If they do, that
they should constantly bear in mind what
an important element they are in the af-
fairs Of Great Britain. We propose to
make simple explanation as to their i'm
portance, BY remarking that a permanen.
fall OIL per cent. involves loss to hold
ers Of in round numbers, thirty millions
Of dollars.
The national debt of England began
with the REIMBURSEMENT of the old custom
OF extorting from the people and substitu.
ting borrowing therefor to meet public
exigenciss. Charles l. borrowed largely
from b. partisans; but oil his. debts were
extinguished by the Revolution. 1t was
under bis sons, Charles II. and James II
that the foundation for permanent debt
were laid in England. On the succession
OF Wiliiem III. the debt was fG64,2G3.-
During his reign, however, the system of
credit was expanded throughout Europe.
A large part Of the annual expenditures OF
the government was betrayed by borrow,
ing money and pledging the State to pay
annual interest upon it. st Williams
death the debt was els, 730,439. From
bis time, to the present, the process of
borrowing has been continued in all ext
gencies, such as war, the large payment
on account Of Negro Emancipation, &c. -.
In periods of peace and when the rate OF
interest has been ldw the Government has
Te1scmsd Small portions of the debt, or it
has lowered the annual charge by redu-
cling, with the consen. of holders, the rate
OF interest.
The debt then consists Of several species
of loans or funds, with difieren. denorhi-
nations, which have been, in process Of
time variously mixed and mingled, such
rs Consols, i. C., several different loans
consolidated into one stock, 3 per cents,
Con sois, New per cents, &c. The public
debt continued to increase, until at the
accession Of George l., in TIA, it was
15i li5,3G3 Some two million was paid
of during his reign, but during that Of his
successor it was greatly increased, so that
in l7Gi il had reached the sum Of Gl3s,-
sC5, 430. No During the peace of ITS ten
millions were paid. but at the conclusion
Of the American Revelation it vas G2i9,.
s5l, 63e. In the peace which ensued
from 1884 in 1893, ten millions we're paid.
Then came the grea, moral aud political
revolution Of Europe, in the course of
which England sided with despotism. They
fomented quarrels, caused coalition after
coalition to be formed, spent more freely
TO uphold every absoutist, subsidized eye
ny despot, and was the enemy Of The PEG.
pie. DuTing this insane career she con.
traeted az increase OF debt exceeding sir
hundred millions STIRLING, so that, at the
close Of the war and when the English and
Irish Excbequets were consolidated, the
total funded and unfunled debt. in 1917
was Go4O,850,39l, and the annual charge
upon it was E320I5,94l.
From that time to 1854 there was a con-
tiEual reduction Of debt On the LIST Of
April, 1854, it was e7G9 ,G44,249. But
then came the Crimean war, aud after.
wards the war in India. Imn ediately fol
lowing these, came the necessity Of in
creased expenses in placing the navy and
army in preparation for . general Euro
pean war. The Crimean and Indian wars
have increased the debt more than all the
reductions which were made during forty
years, and today it cannot be less than
Gs50, 100000.
This vast sum, reduced to dollars, is
four thousand two hundred millions. most
Of which is Conso!s, bearing interest at 8
per cent. The ordinary price Of the three
per cents is 50, because people investing
at such a low rate, will not pay par when
money is worth higher per centage. The
last news is that Consols have fallen 10 80.
This fall is equal to two years interest on
four thousand millions dollars. If holders
were obliged to sell now, the aggregate
loss would be S240,0Co,0O0. AS it is, on.
iy those who have money engagements
and must sell out to meet them, will be
losers. Already we hear Of the failure of
forty stock brokers Of this class, and others
will follow unless Consols improve.
->S>OS -
Can a Mother FOrget9
Can mother forget? Not morning
noon or night Blu; she looks into the
Garner of the kitchen whore vou road Poh !