Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1859-06-15
Consols..What are theyf

"a subscriber" asks to be informed as to the
matter indicated in our caption. We happen to
have in our drawer prtirle clipped from-we
know not where; And as it seelus to throw good
deal Of light upon the subject of Consols, We ap-
pend it, for the benefit of tho subscriber who asks
n nru.a,iun and also OF those who need said in-
t'rnntion hut nre perhaps ush lued to acknowledge
their ignorance. Read follows carefully, and
y"u will be nb.c t" appreciate properly the trs-
tneudous purrurt "t tho brisf announcement some
time. recorded in the telrsrams from Europe under
the huaing, ".irother Great faH Ia Co"sois."
We irui the piece, that it may bs the moro easily
read:
The national debt Of England began with the
REIMBURSEMENT OF the old custom Of extoring from
the people aud substituting borrOwing therefur tn
meet pubic ex'gencies. Charles |. borrowed large
y from his partisnus; but NIL his debts were OK
tinyuished by the Revolution. 1t was under his
sons, Charles H. uud James II. TINT the founda-
tipus of psruiapent debt were laid in England.
On the accession OF William III. tho debt was
*66i,263. During bis reign, however, the system
Of credit wus expanded throughout Europe. A
large part uf the annual expenditure Of the gov
srnneut was betrayed by borrowing money and
pedging the State to pay annual intarest upon it.
At Williams death, the debt was sl5,7S0, ,439.
From his tune to the present, tho prucess Uf bur-
rowing has bseu continued in all exgeucies, such
NJ war, the largo payment on account Of Negro
Emancipation, &C. In periods Of peace, aud
when the rate Of interest has been low, the Gov.
srnment has redeemed small portions Of the debt,
or it has lowered the annual charge by reducing,
With the consent Of tho holders, the rate Of in
terest.
"Ths dobt then, consists Of ssverul species Of
loans or funds, with different denominations which
have beup, in process of time, variously mixed
sud mingled, such as COnsuls, /. e., several differ
sut loans consolidated into one stock, per cents
Reduced Consols, New per Cents. &c. The pub.
tic debt continued to iueroass, until, At the acoss.
sion of George l. iu lila, it WIS f5i, 1893.
Some two million wsa pail of during this reign.
but during that Of his succetsur it was greatly in
creased, 50 tlst, in l763, it had reuched the sum
Of fl3S. .S65, ,43G. During the peace from ITS ten
millions were paid, but ut the conclusion of the
American Revolution it was 9249, S51 1928. In
the peace which ensusd from 1884 to 1893, ten and
u half millions were paid. Then came the great
moral and political revolution Of Europe, in the
cuurse of which, England sided with despotism.
She fuuented quarrels caused coalition after coa-
lition to be formed. spent money freely to uphold
every sbsulutist, subsidized every despot and was
the persistent enemy of the people. During this
insane career she contracted an increase Of debt
exceeding sr hundred million, s.rting 80 that, at
the close Of tho war and when the English and
Irish Exchequers were consolidated, the total
funded and uuundsd debt, in 1917, was $780,
$50, ,4gl aud the annual charge upon It was S32,.
Ul5,9Il.
"From that time to 1854 there was n continual
reduction of debt On the lst Of April, 1854, it
was S16s, s,664,24s. But then caine the Criuean
war, and afterwards the war in Indin. Imn,edi-
ately following those, came the necessity for in
creased expenses In placing the navy and army in
preparation for q general European war. The
Cr,nean and Indian wurs hure increased the debt
murs than NIL the reductions which were made du-
ring forty years, and to-day it cannot be less than
fS5U 600 900.
This vast rum, reduced to dollars, is four thou
sand two hundred million, most Of which is Con
snls bearing interest Mt three per cont. The ordi.
nary price Of the three per cents. is 96, because
people investing at such low rate, will not pny
pnr when money is worth higher Per centage.
The Last news il that Cunsols bad fallen to SO a
20. This fall is equal to two years interest, On
four thousand million dullsrs. IF holders were
Obliged to sel now, the aggregate loss would be
$24O, 100000. As tits, only thuse who have money
engagements and who must sell nut ~ meet them,
will be the losers. Already We hear Of the failure
of forty rtock brokers of this cinso, ana Urners
will follow unless ConsoE Improve.