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

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-

MARCH 28, 1857.

ships with any details, nor will 1 advert to any
charges except those of the miscellaneous estimates.
But your lordships will allow me to say that, for
my part, it has always appeared to me that the first
duty of the Government of this country is to place it
in a state of perfect security against invasion from
foreign nations. To a Government which will devote
itself to bring to perfection the naval and military
establishments I will at all times give my most
cordial support, nor could T ever become the friend
of any Government whatever which neglected that
whiph appears to me to be its first duty. But, con•
sistently with the performance of that duty there is
another—to carry the most strict and most searching
economy into the details of the establishments, to
give the greatest possible efficiency at the smallest
possible charge, and more especially to be economical
in those parts of the expenditure which have no con-
nection with naval and military purposes. (Hear,
hear.)

Let us see how that is effected. I have
looked through the estimates, which, in a recent re-
turn, have been placed in a form to give a compre-
hensive view of the expenditure from 18;)8 to 1856,
and I find these results !—Without going back to
1838, which would really alarm people too much by
showing the extent to which we have become ex-
travagant, I compare the expenditure under the
miscellaneous estimates of the three years ending
1856 with the three years ending 1853, The very
first item is public buildings and palaces. For the
three years ending 1856 the average is 161,799/.
For the three years ending 1853 it is 115,5141. But
I find in this year a large increase. The estimate
for 1857 is 196,6691. The increase in the average of
the three years ending 1850 over the three years
ending 1853 is 46,2851. The further increase in
this year is 34,8701. The total increase since 1853
is 81,1551. I then go to an item of the same de-
scription—Royal parks and pleasure-gardens. It
was first voted in 1851, the expense having been
previously paid out of the land revenues. The first
vote in 1851 was 41,8291. The vote proposed for
1857 is 114,601/. In these two items alone, which
have nothing whatever to do with naval and military
establishments, the increase since 1853 in the one
ease, since 1851 in the other, is more than 140,0001.
There then comes a charge which I think must be
capable of explanation, for it is perfectly monstrous.
The expense of printing and stationery in the three
years ending 1853 was 216,498/. In the three years
ending 1856 it was 410,900/. The vote for 1857 is
450,8751. So that the increase on the average of
three years ending 1853 is 234,377/. There then
comes a charge which a great many persons consider
never can be too great, especially the noble earl the
President of the Council, who is at the head of the
education of the country. But I really must call
the attention of the house, and I wish to call the
attention of the public, to the alarming annual in-
crease in this charge for education, which I shall
show by reading the amount of the vote in successive
years 1851, 284,000/. ; in 1852, 324,0001.; in
1853, 442,000/. ; in 1854,456,000/. ; in 1855, 612,0001.;
in 1856, 079,0001.; in 1857, 754,0001. So that the
increase in that charge since 1851 is 474,0001., and it
is a charge which threatens to engulf every year a
larger portion of the revenue. Observe, as regards
the morals of the people, how utterly useless it ap-