Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1859-06-06
rrLn,AreConaoIaH

TO the commercial status OIL ureAt .ai.
rise OF fallsin "Gonsols is lnvarlaoy .;4a-
vet few have a very definite idea OF Wnat Is
g,Se.r,t by UConsols." We find in the Boston
HsraM the following explanation OF the term:
at is not expected that everybody snouIu'
know what Consols are, or II they 90 tnat .ney
should constantly bear in mind what an ImPor.
1aT,t element thew are in the affairs OF Great
Britain. we propose to make single ezPia ana
ton nc to their Importance, by remarklng tnat
n nermanent fall of one per cent. involves loss
TO holders of, in round numbers, thirty un''lo"s
of dollars. Lo..r ,vith
tho relinouishIncnt ofthe old custom oil eXtort-
inc from the people and substituting borrowing
therefor to meet public eSigencles. OhuFisS =
borrowed largely from his partlsans; out al us
debts we're extinguished by the reVol9'1 To..o,
It was under his sons, Charses II. anu deht
III. that the foundations of permaheh. ueos
were laid in England. On the accession Oh
William III. the debt was 1864, 26S during
bie REIGN. however, the system of credit was
expanded throughout Europe a large P@lt VI
the annual expenditure of the government mus
betrayed by borrowing money anu A. W;I.
state to pay annual interest upon " AT ,,n u
I;om's death the debt was 9l5,7s0,4Sg, ffotn
his time to the present the process OF borrow
ing has been continued in all e%isehcles, suc.l
as war, the large payment on account VI NeS "a
Emancipation, &c. In periods OF peace utu
lTCI
ernmcnt has redeemed small portions OF sne
debt, or it has lowered the annual ch1ge oy re-
ldncino with the consent of the holders, tue
rate of interest. g., ,oo;os of
ts'rhe debt. then, consists of several species oil
loans or funds, with different denominations,
which have been, in process OF ulle' "a, i0S coy
mixed and mingled, such as Consols, q. e., sew,
eral different loans consolidated in one stocK'
ner cents. Reduced Consos, New 8 per cents,
&c The public debt continued to increase un-
til. at the accession of George l., IN I1l4, u
was $54, lac, S53. Some two million was pa!u
successor it was greatly increasedaso tnat ., IN
1868 it had reached the sum OF 8ISe' 500 +ov
Tnrino the peace from 1868 to l775 ten mil
Lions we're paid. but at the conclusion OF the
American revolution it was 8249, SOL '629: l..
tsIn tho peace which ensued from If9 3D. 10
1893 ten and a half millions We're paid. Ihen
came the great moral and political reYolgtioli VI
Enrope. in the course of which England sIded
with IlespotisIn. She fomented qunrrcls, caused
coalition after coalition to be formed, spent
more freely to uphold every absolutlst, suoslu'
lzed every despot, and was the persistent enemy
of the people. During TINS insane c"see. s 81;
contracted an increase oil. DEBT exceeutIS S'A
hundred millions sterling, SO that Mt the close o.
tho war md when the English and Irish EX.
cleaners were consolidated, the total funded
and unfunded debt, in 1917, was t94O, sou,
941, and the annual charge upon 1T was 3S2,
"From that time to 1854 there was continu
nj reduction of debt. On the LIST of April, 1854
it was EGO, GA, 249. But then came the Crime
an and afterwards the war S of I lndia ln
my i 10 preparation for general European wal
The Crimean and Indian wars have increased tn
debt more than all the reductions which wer
made during forty years, and to-day it cannO
be less than ESQ, 000 900. s.
. ..This vast sum, reduced to dollars, is tou
because people investing at such a low rate vi
not pay when money is worth higher per cen
tage. The last news is that Consols had falle
to SO and 90. This fall is equal to two years
interes on four thousand millions dollars.
holders were Obliged to sell now, the aggregat
loss would be $24O,OO0o0O. As it is, onl,
those who have money engagements, and mus
sell out to meet them, will be losers. Already
we hear of the failure OF forty stockholders
this class, and others will follow unless ConsOl
improve