14 APRIL 1855, Page 8



The announcement of a Government Loan, made yesterday by the Chancellor of the Exchequer, has taken no one by surprise ; it has only satisfied the expectation and hopes of "the City," and the opinion of the majority throughout all classes of the country. Nothing has been stated as to the amount, or the mode of raising the loan. The fact itself is received as a proof that Ministers are preparing to go on with the war if necessary. The use of the word " contract" in the letter of Sir Come- wall Lewis to the Governor and Deputy of the Bank of England is taken to show that the loan will be sought in the usual way, from great capital- ists, who will be allowed a margin of profit out of the capital. The experience of immense success attending the open and national subscrip- tions of France and Austria is not attempted in this country, yet. Whether it is that the money is wanted in too great haste, or that the present Government will not risk offending " the City," such unques- tionably is a natural though possibly an overdrawn inference from the invitation to a conference between the Finance Ministers and the Money magnates. It is also, but too hastily, inferred that present advantage will induce Ministers to continue dealing in perpetual annuities, where terminable annuities are now admitted to be so much honester a form of loan. The advantage may be 1 or 2 per cent at the moment, in favour of perpetual securities ; an advantage raised " without expense to the country "—now. But there is a time when the terminable annuity is cancelled " without expense to the country" ' • and the present saving of 1 or 2 per cent is the unjust advantage which we take at the cost of an. immensely overbalanced charge to a not distant posterity.