The Press. — London, England, 1857-03-28 00:00:00

322 awful to imagine what lie must have endured after • wards at Brookes's - Whatever the punishment may have been, it was always sufficient to deter from a repe tition of the offence. (Laughter.) But now, when the offence is committed by 48 persons, distinguished members of the Whig party, not only are they not to be punished, but while others are to be punished they are to be rewarded by the retention of their seats. (" Hear," and laughter.) The noble earl the Presi dent of the Council hates the treason but rather likes the traitors; I also join with the noble earl in desiring that no mischief should happen to those 48 persons. They have given one good honest vote, and I hope that they may live to give many more with better result. (Hear, hear.) I confess that I have an old feeling in favour of the old Whigs. Some of my old predilections are remaining about me, and I confess I do not see that any injury would be done by the continuance of that great party in strength. I cannot say the same thing with respect to those who are, as my noble and learned friend sitting at the table once expressed it, " Whigs, and some • thing more." That is quite a different thing. ("Hear," and laughter.) With respect to the gentleman termed " Radical," I entertain very much the opinion which I recollect having heard expressed in this house with his usual classical felicity by the late Marquis Wellesley, " radice in Tartara tondit." Whether all of that class go to that termination I will not say, but undoubtedly of late there have been unveiled certain circumstances with reference to pecuniary transactions which lead to the conclusion that that expression, if not generally correct, is not absolutely inaccurate. (Laughter.) But if those gentlemen who, being friends of the Government, voted against the Government, are not to suffer, why should the gave their confidence to the Government ; and why, then, were they to be expected on this serious ques tion—on which so many honest Whigs voted against the Government—to give confidence to the Govern- suffer ? They never went; and why are they to be punished for not, on that occasion, giving a confidence which they had always hitherto withheld ? There is another party, small in numbers, but great in intellect, ability, and knowledge of public affairs, called the Peeßtes. I never belonged to that party, nor have I properly belonged to any party since the Duke of Wellington ceased to lead one in this house ; but I have the greatest respect for my old colleagues ; and they were certainly in a position in which no man could question the propriety of their giving an independent vote, for they had not given their confidence of late to the Government; and therefore really I do not see how any of those three different parties, against whom this charge of coalition has been made, can justly suffer in conse quence of the dissolution. And now allow me to state very shortly the cir otunstanoes with which some of your lordships at least may not be acquainted, in order to show what are practically the effects of this war which has been so recklessly undertaken by Sir J. Bowring. (Hear.) I did not know the other day all that had taken place, but I mentioned to your lordships the fact that the interruption of our trade with China would produce the greatest possible distress. I have since seen something which goes beyond all that I had THE PRESS. anticipated. I find that between the 7th of January and the sth of February the rate of discount of the Bank of Bengal was raised from six to fourteen per cent. (Hear, hear.) I, un fortunately, am acquainted with the difficulties of carrying on commerce in India. I knew that if a gentleman in India makes 80,000/. or 100,0001. he either transfers his property to this country or he leaves it in India upon loan. The consequence is that a great portion of the trade of that country is carried on with borrowed money. Now, if in this country, where commerce is sound, the rate of dis count were raised from 6 to 14 per cent., we know what wide-spread ruin would ensue l butin a country where commerce is not in a sound state, and where trade is carried on with borrowed money, such a rise in the rate of discount necessarily involves a state of utter general ruin —(Hear, hear)—and con sequently must be followed by the failure of many houses and the embarrassment of the Govern- went. The Government have advertised since the com mencement of the unfortunate war with China for a loan of 3,000,0001. at 5 per cent. They had vainly endeavoured previously to raise a loan at 4} per cent. They were able to raise very little at 5 per cent., and the general opinion is that they will only raise it at 7 per cent. unless they give some indulgence to per sons having Four-per-Cent. Stook. (Hear.) See what an unfortunate position the holders of East India Four-per-Cent. Stock are in. They had 5 per cent., but two or three years ago they were induced to accept 4 per cent. They had then no idea that the Government would raise a fresh loan at 5 per cent. Their stock is now at 19 per cent. discount ; and I ask your lordships what must be the posi • tion of a gentle man who, with stock at 10 per cent. discount, can only borrow money upon it at 14 per cent. (Hear, hear.) The price of opium has fallen greatly, so much so that it is perfectly certain that at the next sales of Govern ment opium which may take place there will be a loss of twenty-five per cent. Now, a loss of twenty five per cent., if it does not go beyond that, is equi valent to 750,0001. a year. That involves so great a loss, and will be followed by so many difficulties in that country, that it will be, in my opinion, a matter for the immediate consideration of the Government whether they will not intervene with some pecuniary assistance. My opinion is that it will be desirable at once to obtain the authority of Parliament to advance 2,000,0001. or 3,000,0001. in Exchequer Bills to the Home Treasury of the Indian Government. Why the Government of that country should not obtain an indulgence which has been granted to Sardinia and to half the States of Europe I know not, but the result would be that to the extent of that sum remittances would not take place to this country, and if anything could restore tranquillity to the money market of India, it would be that Your lozdships have also to consider the effect of this war upon this country. I understood, two or three weeks ago, there had already been a diminution in our imports of more than 10,000,000 lbs. of tea. We may, if the war continues, expect a diminution of from 25,000,000 lbs. to 30,000,000 lbs., and a loss of one third of the revenue now derived from tea. I will not attempt to calculate the extent of the injury S ATURDAY, by the general interruption of the trade of the world, but the direct loss to this country of revenue now derived from tea will be to about one-third of its amount. Taking both England and India, in various ways, the injury inflicted upon our commerce and revenue will produce a loss this year which cannot be estimated at less than 4,000,0001. A gentleman somewhere else said very reasonably, as I think, that the House of Commons would find an advantage in parting with Lord Palmerston for 2,000,0001. we are now asked to pay 4,000,0001. for Sir J. Bowring, and never was a public servant bought at so extra vagant a price. (Cheers and laughter.) Now, as the question is to be put whether Lord Palmerston is better than any other Minister, and as we are told that he is—because he carried on a glorious war and obtained a satisfactory peace—l beg to be allowed to say one word on that subject. I cannot consider that war to have been glorious in which liars was abandoned, and which had amongst its latest occurrences the two failures at the Redan. No doubt there were events during that war to which we must ever look back with satisfaction, but there were also events which we must earnestly wish we could forget. There were many deeds which in any future war our soldiers will strive to imitate—others of which, by new achievements, they must endeavour to obliterate the remembrance. The war advanced the character of the soldier, but it has not advanced that of the army. Neither can I consider that to he a satisfactory peace at which, in consequence cf the loss of Kars, which we bad abandoned, we were com pelled to give up an important portion of the cession in Bessarabia, to which the consent of Russia had been previously obtained. By that previous arrange ment, Turkey was to have the left bank of the Danube and the whole left bank of the Pruth. The Russian posts would praotically have been thrown back to the Dneister. By the peace the left hank of the Upper Pruth, which is alone important, remains in the hands of Russia. The object of the war was to give independence to Turkey, but Turkey has interasts in Asia as important as those she has in Europe, and in Asia nothing has been done for her security. She is assailable there by au invading army as she is on the Pruth, and with the same re sult, the ultimate possession of the Bosphorus by a successful enemy. She lost Kars, which has most materially affected her character and prestige in Asia ; and my firm belief is that the abandonment of Kars and the consequent discouragement of the popula tion of that country have most materially contributed to the war with Persia. The two questions are most intimately connected. I think that if, as we should have done, we had maintained Kars, and if, as we should have done, we had given an advantage to Turkey on the side of Asia, we should not only have supported her, but protected our own interests in India. (Hear.) My lords, among the various qualities which aro required in a Minister of this country, none is more valuable than the quality of economy ; and, notwith standing this has ceased to bear so high a position as it once did in the affections of the people of this country, yet I should imagine there must be some persons at the ensuing election who will make some inquiries of Lord Palmerston's Government on the subject of economy. I will not trouble your lord-