12 JUNE 1875, Page 1

At Tuesday's afternoon sitting took place the debate on the

-National Debt (Sinking Fund) Bill, in which Mr. Gladstone took even a more prominent part than in the attack on the Savings- banks Bill, charging Sir Stafford Northcote, first, with pro- posing to apply this year to the reduction of the Debt £185,000 which his Budget statement showed that he will never have at his disposal; and asserting next, that even if he should obtain it, he is demanding a new statutory power to apply it, which he does not need, since "surplus revenue would go by the existing law to the reduction of Debt." Both the criticisms were rather con- tentious ones, for it seems pretty certain that Sir Stafford North- cote will have the money, though his Budget statement under- rated his surplus, and moreover, that the appropriation of it is the first step in a series of what, it is hoped, will be much more im- portant and effective steps, though steps after the same pattern. But besides this, Sir Stafford Northcote replied that the new sinking fund and the old so far differ that he might under the old law apply this £185,000 to the redemption of deficiency bills, which he cannot do under the proposed measure, but only to the redemption of permanent Debt. Mr. Disraeli Was not very success- ful in defending himself against the charge of inconsistency, for undoubtedly what he did in 1858 and what he is doing now do not very well agree together ; but Mr. Disraeli is resolved to make light of consistency, and the House is only too glad to help him when his inconsistency is, as in the present case, a • change for the better. The order for going into Committee was carried by a majority of 67 (189 to 122).