The Portage County Democrat. [volume] (Ravenna, Ohio) 1854-1868, 1859-11-02
RAW EMMA OHIO:
pESc11Nes By LAMp-IraHr.
what are conssols-

What are Consols. p - 4, ..s x f.ss ~ -....s -
This question may be worth answering at
present. when every one is looking with inter
est to The commercial status of Great Britain
Arise or fall in Consois is invariably taken
as sign of commercial prosperity or adversi-
ty, yet few have a very definite idea of what
is meant BY Console We 6nd intbe Boston
Herald the following explanation of the term:
s'It is not expected that everybody should
know what ConsoIs, are, or. if they do. that
they should constantly bear in mind what an
important element they are in the, affairs of
Great Britain. We propose to make simple
explanation as to their importance, by remark
ing that permanent fall of one per cent. in
wolves . loss 70 holders Of, in round numbers,
thirty millions of dollars. ai9fA .s4U.1 h!.s is1ea
'sThe national debt Of England began with
the relinquishnent of the old custom OF ex-
torting fem9 the people. and substituting bors
rowing therefor, to meet public exigeuciea
Charles !. borrowed largely from his partisans;
but ell. his debts swere extingnished by the
Revolution. 1t was under his sons, Charles
ii. and JsmesII that the foundation for a
permanent debt was laid in England. On the
succession Of William III. the debt was S3,-
22l.3l5.si During his reign. however, the sys-
TEN of debt was expanded throughout Europe
A large part Of the annual expenditures of
the Government was betrayed aby borrowing
money and pledging the State to pay annual
interest upon it. AT Williams death,the debt
was $67, 7,552,195. From his lime to the pres
ent the process of borrowing has been contin
ued iu all exigencies. such as war. .othe large
payment on account Of Negro Emancipation,
etc., In periodsyof peace ] and when the rate
Of interest has been low, the Government has
redeemed email portions Of the debt, or it has
lowered the anpualIcbarge by reducing, with
the consent of holders. the rate of interest.
THE debt.-then, consists of several species
of loans or funds, With different denominations,
which have been, in process of time, varieasly
mixed and mingled, such as Consols, i.-e.. sew
eral different loans consolidated into one stock
per cents, Consols, new 3 per centsuetc:-
The public debt continued to increase until. al
the accession of George l. in I IA it wa,
$276,726.Sl5,.I Some ten millions were dpait
off during his reign; but during that of hi,
suceessorit was greatly increased, so that, il
i 1764 it had reached, the sum Of 1894 .327. .l50
Duripg the peace of 1868 to. l775 fifty mill
ions were paid, but at the conclusion of th,
American Revolution It was $1249. .257 $40
In the peaee-whieh .ensued= from f7S4 to f79:
fifty millions were paid, Then came the grea
moral and political revolution of Europe, il
the ecourse Of which England sided with des
potisn. The fomented quarrels caused coal
ton after coalition 10 rbe formed, money wa
spent more freely to uphold every. absolutis
subsidized every despot and was the enemy 3
the people. ii During this insane career Sd
contracted an increase Of. debt of three billio
dollars; 80 that at the close of the war. whe
the English and Irish Exchequers were con
solidated, the total funded and unfunded det
in lsl7swas 42o42 252255, and the ann1.
charge upon it was $l6O, ,O7s, ,705. ~ g 70 -
From that time until 1854 there as
Z continual reduction of debt. On the lst
April, 1854. it was So 84s, ,22I.245. Bnt the
came the Crimean war and af,erward the ws
in India. Immediately following these can
the necessity Of increased expenses in placin
the navy and army in preparation for a gen
raj European war. The Crimean and India
wars have increased the debt more than
the reductions which were made during for
years, and to-day II cannot be less than "a
25OO00,00O. most of which is Consols, bea
ing interest at 3 per cent. The ordinary pri
of the 8pefs cent ii. 20. becanse people i
; vesting Of such a low rate will mot pay P
when'noney is worth higher percentage,
The last news isi that Consols had fallen to
ande0: This fan is equal to two years .iut
est on four thousand millions of dollars.
holders we're obliged TO sell now, the aggregt
loss would be s24o, 100000. AS it is, oil
n those who have money engagements and mi
sell out to meet them. will be losers. ia Alrea
we hear of the failure Of forty stock.brok
of this class. and others will follow unless O.
-sols improve. 2oooa k1eafha -
vi Memorial Of Daniel Webster. :, ~ 57s
vi The following, extfaettof q letter written.
a lady WHO isA connection III 81 Daniel Webst