Union County star and Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1859-1864, 1859-06-10
What are C0nS0ls &?

! What are Consols
1t is not expected that everybody SHOULD
know what consols are, or, if they do, tha
they should constantly bear in mind wha
an important element they are iu the af
fairs of Great Britain. We propose t.
make a simple explanation as to their i'm
portarce, by remarking that permanent
fall Of per cent involves loss to hold
ers o., in round numbers, thirty million ol
dollars.
The national debt of England began
with the REIMBURSEMENT Of the old Custom
Of e.rtorting from the people, and substi-
tuting Jo,roring therefor to meet public
exigencies. Charles l. borrowed largely
from his partisans; but all this debt was
extiuguishsd by the Revolution. 1t wa,
under his sons, Charles III. and James IL,
that the foundations of permanent debt
we're laid in England. On the accession
of William I'LL, the debt was G66i, ,263.
During bis reign, however, the system of
credit was expanded throughout Europe.
A large part of the annual expenditure Of
the government was betrayed by borrow
ing money and pledgins the State to pay
annual interest upon it. At Williams $
death, the debt was .el5, ,730, ,439. From
that time to the present, the process of
borrowing has been continued in all exi-
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 low, the government has
redeemed small portions of the debt, or it
has lowered the annual charge by redu-
cling, with the consent of tho holders, the
rate Of interest.
The debt, then, consists of several sps-
cies of loans or funds, with different de-
nominations, which have been, in process
Of time, variously mixed and mingled,
such as consols, j. e., several different
loans consolidated in one stock, 8 per
cent, reduced consols, new 8 per cent &c.
The public debt continued to increase, un-
til, at the accession of George l., in l714,
it was 954, las, 1868. Some two million
was paid. off during this reign, but during
that of his successor il was greatly in
creased-so that in 1763 it had reached
the sum of 8l3S, ,S65, ,430. During the
peace from 1858 to 1775, ten millions
were paid, but at the conclusion of the
American Revolution twas e2i9, ,S5l, ,62S.
In the peace which eusued from 1884
to 1898, ten and half millions were
Paid. Then came the great moral and
political revolution Of Europe. During
this career, England contracted an increase
of debt exceeding sac hundred millions
sterling, SO that, at the close of the war,
and when the English and Irish Exche
quers were consolidated, the total funded
aud unfunded debt, in 1917, was eS40,-
S50,94l, and the annual charge upon it
was f32, ,0l5,9i1.
From that time to 1854, there was
continual reduction Of debt On the 1st
April, 1854, it was G760,64l,249. But
then came tho Crimean war, and alter
wards tho war Of India. Immediately
following these, came the necessity for in
creased expenses in placing the navy and
army in preparation for general Euro
psan war. The Crimean and Indian wars
have increased the debt more than all the
reductions which were made during forty
years, aud to-day it can not be less than
.eS5O, 100000.
This vast sum, reduced to dollars, is
four thousand two hundred millions, most
Of which is consols, bearing interest at
three per cent. The ordinary price of
the three per cent. is %, because people
investing at such low rate will not pay
par when money is worth a higher per
centage. The last news is that cOnsols
had fallen to 50 and 90. This fall is
equal to two years interest on four thou
sand millions dollars. If holders were
obliged to sell now, the aggregate loss
would be S2iO,000,0OO. AS it is, only
those who have money engagements, and
must sell out to meet them, will be losers.
Already We hear Of tho failure Of forty
stock brokers Of this class, aud others
will follow uuloss coaSols improvc.-GoS-
tor Ucsu!d.
~-->~~----~~S~~--~--~H---s~~
Goop FOR THE METHoDISTs.-The Rev
VIM. Butt, who preached freedom III Kan
sas through all the troubles, and was per
secuted by the Border RadiAns for bis