The Express.
London, England, 1847-12-04 00:00:00

THE EXPRESS, SATURDAY EVENING, DECEMBER 4, 1847.

Si Iniciy to have resider wberewithal to buy meaty, nor credit to
eess,wow i4ea prodigal wbote expense been &proportioned to
Ibee rever..ie Before their projects core be teaught to bear, their
sled h ~.nd their credit wt m it. They run stem everywhere to
l,eraw rows y, sad everybody tells them that they have none to lend.
New that is the precise condition in which we are ; we run
sheet in all directions to borrow money, and we Sr.
told by everybody he has "none to lend." (Hear, hear.)
I will undertake to prove beyond doubt that at all times a
low rate of interest and an apparent prosperity have led
meetly to the rate result. You say that it is free trade,
the act of 1844, and various other causes that have brought
abort the present stawof things ; but how do you account
per this? Take the history of the last 60 years, and I will
show you that at the time when protection was at the
highest—in time of peace, in time of war, in times before
the standard of value was established--nay, in the times of
so 'inconvertible currency—in all these 1101611, 1 will show
you, that apparent prosperity and a low rate of interest led
M the memo want of money that you are experiencing at
this moment (Hear, hear.) Take, for instance, the year
Mc You had than your old standard; yon had then
me power of paying in silver up to the amount
of 2.51., and yet in 1784, is order to protect the
emevertiLinty of its notes, the Bank of England was roux
galled to retuse advances upon the loan, and to reduce its
metes from 9,000,0001. to 6,000,0001. Previous to 1784 there
baleen 'ball of prosperity, and there had been great spe-
culations, but you had in consequence undue excitement, and
violent action on the part of the Bank to protect its treasure
from exhaustion. (Hear.) Then in the year 1793, when
the itemised remained the same, when the currency was
Wiseertible. when there had been great prosperity, yet before
Never hnke out distress beget. Will the house allow
se to read an account of the dietreas which existed
Ia the latter part of 1792, and you will see how
g ds with the distress in 1846. This is a quote-
yes made use of by Mr. Tooke in hie work to which refs-
macs has already been made. He says, " from the opera-
tion amines which I will not pretend to explain, there
were an unprecedented number of bankruptcies in 1792, pro-
digiously exceeding in amount those of any former period.
Ia March there were 105 bankruptcies, there were 188 ia
April, 209 in May, 158 in June, and 108 in July. Many
houses of established credit failed, and their fall involved
vast numbers of their correspondents and eonnexions.
Hooves of undoubted solidity, and pommies ample
ping., which in a little time enabled them to
pay every shilling of their debts, were obliged to
mep payment, and many bankees were obliged to
fake a pause. It was impossible to raise any money on the
security of machinery, for the value of such property seemed
le ba annihilated, commerce and manufactures were at a
mead, and those who had any money, not knowing where to
plem hire safety, kept it unemployed, and locked it up in
%sir coffers." Does not that account correspond with the
slate of things existing in 1846 ? (" No, no," from Mr.
Merin.) le what respect does it differ ? (Hear, bear.)
la the year 1810 you had the command of the whole com-
merce of the world—you had inconvertible paper, but that
did net rescue you from the same distress you suffered in
1723. In 1819 the standard was restored. If you are
sheet to repeal the existing act, you are about to restore the
strained end uncontrolled discretion of the Bank of Eng-
land, to restore to joint-stock banks the privilege of an un-
indrained issue, and I presume you would permit in that
ass the revival of private banks, giving to them the same
eight ref issuing notes. Before you do that you will do well
le Tool the accounts of the transactions of the Northern
ma Central Joint-stock Bank, of the Norfolk and Norwich
Johabstrick Bank, and of the Manchester Joint-stock Bank,
and others that issued notes which professed to be converti,
hie into gold, and you will find that the unrestricted issue
of *mumble paper did not prevent serious abuses which
Bled for the immediate interference of the government.
Bat the simple repeal of the act of 1844 will reatore to the
Bank of England the exercise of full discretion without par-
liamentary interference. Thus, in 1826, the Bank had this
unlimited discretion, and the advantage of the issue of 11.
notes ulso. Now I ill give you an aceonst of the state of
slabs in 1826. I take that account from an unexoeptionable
authority, whose name, however we may differ from him,
stud command universal respect. This is the account given
by Mr. Alexander Baring, the present Lord Ashburton, of
the state ol affairs in 1826, in consequence of undue excite-
ment end apparent prosperity. Mr. Baring says : " I have
as hesitation in attributing the distress of the country to the
extent to which paper circulation was put 18 months ago,
and for which the country bankers and the Bank of England
are answerable. The latter appeared to have a dangerous
redundancy of money—that gave rise to wild speculations
in every part of the country. It seemed as if Bedlam had
broken loose upon the Royal Exchange—all seemed actu-
ated by the same desire—to lay out money in whatever trey
dale:aid; when all of a sudden the reverse came, and a panic
seised the public. Men would not part with their money on
slay account. Others of wealth and known canitel were
ma walking the streets of London, not knowing whether
they would be able to meet their engagements the next day,
and if the crisis was allowed to pass without speaking the
Muth, it would only lay the foundation for future evil." This
ask Mb. Then in 1836 the proceedings of the Bank of
aglead utmost endangered the stability of that establish-
ment, lad the president of the Chamber of Commerce at
lisahreltramisred that in oonsequence a loss of 40,000,0001.
• lbe great materials of cotton, wool, and silk was to be
dilhuned. Then in 1839 they had been obliged
to apply for the intervention of the Bank of
the gold in the Bank of England being
dmeei to 2,1000,0001. ' • and again the evils that fol-
basil were attributed to the departure by the Bank of Eng-
MI bine these rules which they themselves had established
thatieows security. Thus, then I have shown that in
1112. 1193, in 1810, in 1826,11'1836, and in 1839 you will
▪ the atria causes as now--prosperity, low rate of interest,
pest timilinamt, leading to imamee engagements, which,
whin tria d l by then test of a assualic standard, yen find
Am to collapse sad that sessastka and distress followed.
Ss sane tram, la nay egaisa, ent operating now. (Hear.)
Thus he asa boa the ilen, peempnty, low rate of inte-
nt, mine speselatita—thers hmm been a mods of conduct-
ing tweheine—ef Wales paper—of re-discounting bills
pea, hear)--Whish I -bare to be quite novel in the
"'amnia Wolin of this 'sentry. (Hear.) In this great
waft pa tflatier to erect matte saperstructare of paper
lney mat on a awit bosh Ulla say Brropeas
nab. Ps*, Mar.) This aseittry and the United States
=kalit a anal separative amount of the precious
le bow as ineseeess structure of promissory notes
MI paw eenerey: There is no mantry in Swope,
▪ 011.111111111 eatent of its pew credit, including
Nee melba et embiege, that putaitielf to so small an ex-
piate brulleemiallem ef bullion. This glees, no doubt,
▪ beillies allevelles; but at the same time it is &c-
-ommis' by pest eserepeading evils. (Ilea:, hear.) The
&raf walk accent of our colonial empire, is inch
ho Awe Clie
~ray when there is • low rate of
Ifilesiet, the Magi) aof both i• encouraged by that
Ind
'Thu the leak, which is the centre sr
ere lbweregeseele which follow are inevitable.
Mist A 111114 Mere plisse, I know that you will not go
lathe of peaty ifilsaing the beau of your cur-
Minlip-1115.1....._„......yen re maw ailing out for relaxation, rather
tom for )—you want more paper in pro-
ps*ss ii-tsou have at present ; and the more
rer pm, won win be year present ease, but if you
11101 MOD ilegmemt will be the recurrence
dare sliertes. (leer, beer.) The United States attempts
Ihe sane Wier ; and the United States, with its enormous
aiemetages, its great extant of land, its growing
ilienaserce,—because it has • smeller foundation for
■ superstructure than 0111101 you have,—is exposed
is more rapid and more disastrous vicissitudes than
you are. Bat such is the state of your currency ; and the
great object is to reconcile as much of ease and of relax-
Mon as possible, with a permanent guarantee for converti-
bility. And it was only after the experience of those years
et distress, then patent to you, that you were led to accede
to any measure having for its object the prevention of these
Menrrences ; it was while the memo those years was
pram to your mind, that you w acquiesced in any
Malan whia should MON the of the Bank, and
apple' to Omar' bellides, does with a guarantee against
inch mans es might orbager travernbility. It is, no
doubt, painful to refer to -individual houses; but I
have the lees Modena, la doing it, when I have
seen published, on the highest authority, compa-
risons of their liabilities with their assets. (Hair,
War.) And I hesitate not to say, that if the commerce of
the country 6 seadbeeled in such principles, in vain may
you look to say keit/1w asialations, or any regulation but
discretion, to mane the see which must flow from such a
reckless wane et eseibesebei emmercial affairs. (Cheers.)
Sir, wham lan sassiZ the vim et houses (I will not men-
tion names, though kayo ban published in the public
papers), when I ale MI whose liabilities are to the extent of
60,0001., and its mots to the extent of 3,0001. (Hear,
hear.) I say if that fs the practice of your commerce,
don't compass of Ste act of 1844. (Loud cheers.) Is
It not aoastroas that the standard of this coun-
try should be endangered, in order to cover or
facilitate such transactions as these ? What security
can I give to a bank that has 600,0001. of paid-up capital,
and lends 509,0001. of that &pita] to one house ? (Hear,
hear.) What is it to me that the shareholders repose discre-
tion and confidence in their directors ? (Hear, hear.) Why
do they not take an active part in the conduct of their own
affairs ? They fail ; and then, like this gentleman whose '
liabilities are to the extent of 50,0001., and his assets 3,0001.,
they exclaim—" This infernal act of 1844, this detestable re-
striction act of Peel's, is the cause of all our difficulties."
(Sheen and laughter.) We want money, and the act of
1844 prevents our getting it." (Hear, hear.) To such per-
sons I would say—thank the act of 1844 that your difficulties
are not aggravated. Just consider what would have been the
state of affairs if " northern and central banks," and " Man-
chester banks," and "Norfolk and Norwich banks," bad been
entitled to foster all these speculations by an unlimited ague
of paper! (Hear, hear.) But you will have these excite-
ments and than etegnationl ; and, depend upon it, under
ordinary eiremMernowne, the native energies of this country
would enable pea M ovestratr this. Why, you had just the
same propheeW is al Sim years of distils, We were told
" The sun of Inglead Is set ; there is no chance of future
prosperity ; bare see padbett, solvent persons who cannot
get accommodation fir Wing at even 10 or 16 per cent."
(Hear, hear.) And Saba eirdinan, from whom I should
have expected better thiZaterea es that the commerce of
this country cannot be if people are to pay 10 per
cent. for their money ; and the government is blamed far
causing it. Why should not the commerce of
this country pay for money what that money is
worth ? (Hear, hear.) If it is hard that they should
pay eight or tea per cent., pray tell me by what law you
would prevent it ? You would make the usury laws more
stringent, you say. I think there is great reason to doubt
whether the retention of a portion of the usury laws is not
telling most injuriously upon those who are affected by it.
(Hear, hear.) We had experience of the evil effects of the
usury laws in 1826. (Hear.) Many houses of the first re-
spectability and solvency sank, in 1825 and 1826, because of
the usury laws—because there was not a power of borrowing
money, and giving for it what it was worth. What was the

consequence ? Those who obeyed the law could not lead
their money ; and those who evaded it required a still
greater interest, in order to cover the risk which they incur-
red. (Hear, hear.) Then, how can you possibly p
this high rate of interest ? But, we are told that i-
is restricting our export trade in cadas pods. Ne doubt it
is ; no doubt it is a novel thing that perms engaged in com-
mercial enterprise should pay 10 per mat for money ; but no
lathe of bank notes will remedy that evil. Tho dearth again
is a dearth of capital (hear, hoer); and while capital is
scarce, pass what laws you please, you must pay for it.
(Hoar, hear.) But, aa happened in the six cases to which
I have referred before, the native energies of this country
would have enabled you to bear all this, without that severity
of suffering which you now endure bad it not been that, in
the midst of this commercial disaster, there did supervene
an unforeseen cause, which but aggravated tenfold the di-
ficulties of your position, and has augmented that depprcession
which has been the consequence of over-exeitemmt
Why bow is It possible to state that 33 MIMI=
sterling have been spent, in the course of a few unestim—af
little more than • year—for the purpose of providing sub-
skeane* for the people of this country, without seeing that, '
under any circamstances, even had it been a time of great
preepnity, the evil must have been most intensely felt, the i
saileing must have been most severe 1 And when the
iavestment of capital, for the purpose of purchasing food,
MIN concurrently with the exhaustion of capital, in conse-
queries of improvident commercial engagements, it does
sequire all the energies of this country to bear that double
simultaneous burthen. (Hear, hear.) Well, sir, but there
M been a still further cause of difficulty ; concurrently
with these two, there has been the adaptation of an unusual
'Blount of capital to a new species of enterprise,—namely,
the railways. 1 do not estimate the effect of that
application of capital so highly as some gentlemen bevel,
done. I think that, under ordinary circumstances, nothing
would have been more advantageous than such en applica-
tion. (Hear, hear.) I think that, by the extension of rail-
you are laying the foundation of great future good ;
mad I very much doubt whether or not we ought not to de-
duct from any evil which the sudden application of capital to
railways may have canoed all that which otherwise would
have beea caused by the employment of a like amount of
capital in foreign railways, and in foreign securities gene-
rally. (Hear, bear.) I believe that, had we not had the
demand for food—had we not bad the for of capital, or, at
least, the euspensiou of engagements in consequence of
improvident commercial enterprise you would have
been able to bear the diversion of capital to railways
with very little derangement of our monetary affairs.
For I do not conceive that that will be a dead loss. The
time will shortly come, those railways being completed,
when they may, 1 hope, be productive to those engaged in
them. And when I think what will be the saving to the
country in the conveyance of goods, the saving of time in
transport and locomotion, I cannot think that railways ulti.
mately, though at present a means of heightening our diffi-
culties, can fail to be a source of great improvement and gain
to the country. (Hear, hear.) Country banks, joint-stock
banks, are 'Whin more than the intervening agents be-
tween those who posses capital and those who employ it;
they receive deposits from all classes of individuals ; hereto-
fore they have been accustomed, as the media between
capital and ita employers ta divert almost the
whole of it to commercial enterprise. Suddenly,
a large portion of this capital is diverted to a
a new species of enterprise ; and, no doubt, this must for a
time add still more to the scarcity of capital, and so far in-
crease the difficulties under which we labour. (Hear.)
Therefore, it appears to me that the connurence of those
three causes--the last only in a minor degree,lthe two former
more heavily—is sufficient to account for the stagnation
we now feel. Now, sir, I must say a word with reference to
the letter of the noble lord at the head of the government.
I am bound to say, as not being one of the noble lord's or •
dinary supporters, that I do cordially approve of the course
government has taken on that matter. (Cheers.) I think
they were perfectly right in not issuing that letter sooner
than they did. (Hear.) The true remedy for the
state of things under which we are suffering, is
individual exertion, the contraction of engagements,
the aneation of all demands which can create em-
balmed/taunt ; and had the government at an earlier pe-
eled signified an intention to relax the law they would have
Menially discouraged Mae individual exertions. which,
Mier all, moat bs war main reliance. (Hear hear.) But I
When we were in a date et panic—a Mete whisk eseaset be
ileselet SF FOTigied WWI law—thim thleklbeemite-
Add tezeitmerative geeeenlimt to presiiithe esuestisessis
alias gembwee msperly exelimd. (Hear, hear.)
ennuis the of War is me emeneary impends-
meet of the kw. I italledy differ Awe those who say
that the amenity for Web, that hiels
.a conoludve
proof that there ought to inseelnmi • OrafeUonary power
seeded is the Bank. (Ism hoer.) It is one of them
eases In which, as wee Mama Igh z Huskiwou' not legis-
lation, but the serwassit must apply. I
think the go ilimelbre, was justified in issuing
that letter. IMa k, Mind with the strictest regard to
all constitutional sesishe la summoning parliament when
they did. If there Mil leen a violation of the law, I think
the ant appeal ought is hare been to parliament to give
them an indemnity ; bat as there was none, I do not know
how it was possible to draw up an application for an in-
demnity (Laughter.) Ai far as there was any danger, it
is obviated by calling parliament together, and I for one
say, there is no necessity for an indemnity. (A laugh.) i
also think the government were right in not leaving a dis-
credits to the Bank. I think it was a better course for
them he take to sanction a violation of the law if it
was nee nary, but themselves to presoribe the eon.
did's. apes which the law should be violated—to
sundae the violation of the law, and throw upon the Bank
the weibilitialied7onatcyit high intern'. (Hear.)
The le& to say that he would
not dieter the quietism, which would be considered ma-
hotly in the emsielos, se to whether there should be any
alteration of the est of 1844. He should be acting a part
unworthy els
of to
member eselgainent if he permitted any
mere couslimuliamprevent him from giving
full considerable le die ad 1844. (Hsu, hem.) kW
ewe 'moronism was is *sew ef the akin advisees at that
act. H's thought the eserieliss should be sadism& on the
joint-stock banks of kessies a Seek et Whs. !kw re-
striction was surely
_nsameley,Mber the coped—et this
crisis of 1839, of 1835, sad of ISM. It wee dies the eat of
1844 was the beet mode of imposing that elies, and
be knew no better. (Hear, hear.) He hoed with great
eadifeetion thespeech of his right hon. friend (ebr.llerrles) in
while*" thisseil hie inviolate adherence to the prisdpie of
a mien, 11101118 and of convertibility. He had se Peat
se eat head, whatever le sight hear is
Ztelailla us. He kepi kr the security of yeeperis sad sea-
nessial asterpris some of the *mimeo end& he had heard
fa the sear', of the debate 'Gehl set preerdL The hoc
member for Wakefield had aid he theislde ea the sees&
ausletka of the home, the gereessest ehield pay elf io
debt of 14,000,0001. te the leek ia hensweeible leper. It
the meet were to eat that movie et polies to the
Bask a debt which was die sod seemertildo L pager he
whiskies' was to be no other ephalset then ether peps,
he Meeaw that Maritima, is the rose dinseity would be
tee shoi to adept Ihe ems see. (Hear) Bat he weld not
beim dot *Sheen enta **Sim (H. trz,)
Tin bee. reasiber fir hedprerwit4hiryseesa
hese essedble piper with a seesiesd.
Thweeisseiaeirleedistitsfathe tem .) What
wee the easslet of it ? pea that eselpies hs
llosee—seese sail gold at the
tinflisiataket of geld meat
wee et has than a to depredate the
eallel= the mid by the Wm PIM, sae dela te__PtY
• Se la list dewnelatefreakes. If they isepoesd a limit
le Se isms et ihe ppier istressy, thee sera be
eine ash to the- phi- et yid r
am as Wished
sew eastery ST he plil is flatheitina mew
aid meant me mega Of Ism pet the sastsisilia
Se that sysdleepps
siZer alba • Ate Aper evelissy
of Names wee
ask His impnelielettle=igrh.:. would Wite die
isaspli of its peedieseema Is =ilia. the soles ilr
smgtfid ea was awls Hs isdisesiessel, mad that here
so it, thrifty deseditites the emespie of whip
towte.is the year Imod they Walked MEd they woad
met sweat to ma en alteragem littheeilemiaml coin at*,
Mimi. Again, in 1833, ups the modem of lied
Aliews, the home rearerted that yriseleis If lame
inn he a meeseity ter it, he Ole semetmeed
that the hem% en the most enlarged eandiematieneelpsiley,
as& with eiped te Moist Jeollos, would IMMO But pea
Set. (Hem, Mee.) There was flotilla. to the mgerwt
that the oommeralal trammethems of this esssttry
aimed that the melees etemdsrd was feeddelest. They
Imo in error when they talked about *o=l geld; the
prominery mote was a premise to pay a weight of
sold, aid eadelsa eke ; and if they Moose to make their 5.1.
notesiV whet the 101. note did, they weld am is
the degree alter the seam of the
With shadard of value, what had hams Ile tom fa
the prosperity of the isometry ? Whom they ihemd, with the
present etandard of value, the ANINIMiI Weems is the de-
clared vain. of esparto, will& be emeght tem 1881 was not '
won than 36,000,0001. , had ids earit is the seat decennial
peeled to 46,000,0001., and within the bet deem yens was
meting this 69,000,000 L,
_therwealisseassibrlve proof that
with the amokat susdast et rake they eight eambeet
the met enlarged misses, that this mushy WO
of. Whatever might be their minute alterations to iw
of 1844, his hype was that the boine would show that they had
the mime regard to junite and good faith which had been
shown by disk ; and remembering that whe-
ther the pollee of the eel et 1844 was or was not a wise
potty,tU huarodass which had been entered into
since 1822 were as ninety-nine to one, when oom-
with the manned= which took place he-
r:sea that period, and which still remained unli-
outdated, he trusted a raped to their own character- a
regard for juries—kr the permanent interests of the coun-
try—a regard, above all, for the condition of those who earned
by their =Autry the wages of labour, would induct the
House of Comment to uphold the standard which, after beg
straggling, had been established by the wisdom of parlia-
ment. (Laud cheers.)
Mr. STUART (Newark) moved the adjournment of the
debate. The house then divided

For the adjournment
Aind
257-212
Mr. WILSON then withdrew his amendment, mad the
original motion, for the appointment of a committee, was
agreed to.
The house then adjourned at a quarter past one.

ME E.& or YAII3O/100011.—The presentation of
the " Woraley testimonial," which was deferred in conse-
quence of the death of his lordship's father, took place on
Thursday last, at BrocklcebyhaU, on which occasion the
Duke and Dueller of St. Alban's, Sir Montague CSolmeley,
Bart, M.P., Sir Henry Dymoke, and about fifty of the
chow, principal landholders, and electors of the northern
& Ilion of the county, attended. This teatimonial, for the
parliamentary services of his lordship, consists of a silver
plateau, centre ornament, and candelabra, weighing to-
gether 1,400 ounces.

Vie enurtolS.

MAILS.

Thu was Lou tag kaiak &Rive; Plan Mottle Vine, Perna.
""mg
lounet&lAalaaar awlks. Dann Ayres, will be made up en &
Tae Milk Itif Opsen Vahan Medlars, Dods, sad °thrall.
will be onden On YID saniste at We LS D. b..
The sunio& NSW de Mandan be the Menterreani
=Moo pi
Dnisanor Nor, lee., will be nada vop CS de
anns IS .
The Wen Isla notwang Bermuda, N ftworsa.
iak fISIIMI.Now err Jeemom. Von Cross,l,
Cartheenn Tramped, sad Pane Mob ant
ber. mlnn alombe,
Own Paw" Wait Olen et South Mewls, and at. lany.de-
Miasmas. ell he no& up en tbe moron, et the lOW Dosenher.
The ended Mils& , al ta, Linen dr inns klane,
Egypt, win.lndle, eug-Kon. rad= Isedriarri,
Yen be Inds aim en wenn' et Wenn
The weft ar Pow an& Vsa Lisa and New
Zealand vain ma& up en as draw of We Deinsaner.

7.1 001111111PO1q L DItT
.i•ti= .
t 9.ll=Zektriti=wei:ll::=o=°

NIGH WATER AT LONDON BRIDGE.
T.ta D..—Mamba 13 Pa. pin It , ArtAnNea, OPa pot 0.
TO-Nossev—lPPPA, pip p 0; Aftereop SS Na paft O.

LONDON, SATURDAY, DEC. 4.

ATTENTION has been called to the defective state of
our military force, by a letter said to have emanated
from the anxieties of the first commander of the age,
and deploring our defenceless and unwarlike state in
the face of that vigilance and foresight displayed by
our b•reat neighbours, who have completed the forti-
fication of their capital and outports, and who, to a
disciplined army, experienced in the field, have added
the reserve of a million of armed citizens. _

Notwithstanding the greatness of the authority and
the troth of much that he alleges, we most confess
ourselves very little impressed with the alarm, or
convinced of the urgency, of what is threatened, or of
what is recommended. No doubt, France has a very
large army, but it is not more than sufficient to guard
her very weak line of defences eastward, and to awe
the ambition, or combining nations of Europe from
conceiving plans of hostility. As for Algeria, does it
open anything like the field for military experience,
military virtues, and ambition, that India does to ne ?
Algeria decimates the youth of France by its climate,
whilst the lessons it teaches are of a kind of warfare,
of which the experience would be useless amid the
struggles of European armies. As to the national
guard of France, it has in a great measure become a
shadow and a mockery, discountenanced or suspended
in great towns, and forming in country districts the
mere name of military discipline or combination. The
French are formidable from their knowledge of fire-
arms, and the liberty, of 'Tort, which encourages and
keeps this up. They are formidable from the
spirit and independent condition of their peasantry
and lower orders ; as, also, from the great proportion
of them which have served in the army, and are
imbued with military knowledge. Bat we doubt much
if the institution of the national guard, as kept up in
France, adds much to these attributes.
Then, what possible cause of serious quarrel can we
have with France ? In what do we thwart her ?
How do we seriously menace her? Oar diplomacies
quarrel in Greece and in Spain. The two cabinets
miy not have the same views of Italian or of Swiss
politics. But how, by any exaggeration, could there
differences be supposed likely to produce a war? What
could England possibly gain by a war with France ?
What could Francs gain by a war with England ?
England, as it is, powerful and independent, is more
indispensable than any country to the peace, inde-
pendence, progress, and balance of Europe. France,
unless run mad, ought
not to contemplate the working
as serious injury. England win 1830, and may
be to-morrow, the bulwark and shield of French
liberty and independence. England and its stability
is equally precious to other powers. Prussia or Russia
would shudder at the idea of sweeping England
from the map of Europe, did the possibility present
itself. It must be a miraculous circumstance, and a
aeries of blunders in policy, too gross to be considered
possible, that could expose England, alone and with-
out allies, to a hostile attack. The idea of a
single-handed war dropping upon us from the clouds,
is as ridiculous as the invasion and conquest of Eng-
land by the garrison of Paris, put forward the other
day in some journal.
The government appears to us by no means un-
concerned or asleep on the great subject of national
defences. Much is doing, much preparing, and as
such things should be, in quiet. Very. important
additions and alterations have been made in the forti-
fications of our pinta, and of the whole line of coast
defence; and we believe the Duke of WELLINOWN
himself has been the great guide and director of all
these necessary precautions. The new harbours of
refuge will form no inconsiderable portion of this
asystem of defence. And notwithstanding all that is
ged, and all the inferences drawn from the facili-
ties which steam gives to invasion, steam, we believe,
will give equal facilities to defence.
Still we are fully alive to the necessity of placing
London beyond the fear of a surprise. An efficient
plan for the securing of that object is a great
desideratum, towards which parliament would not
show knelt niggard. But even in this we should
demote anything gigantic in either effort or
expeaditare. Oar real bulwarks are not in
meads of earth or heaps of stone. An increase
of out puma military force, as recommended in the
letter above alluded to, would, we are sure, not be for
a moment tolerated by parliament. It is not the dif-
ference between 90,000 or 100,000 men that can save
or lose the country.
This object must be sought in the creation of an
army of reserve, such as, without mulcting the youth
of the country of their time, peaceful habits, and pro-
&aeons, may give them some knowledge of arms and
military discipline. How this is to be done, is a
question which offers the most serious difficulties.
The French system of national guard strikes us as
uniting the two worst characters of such institu-
tions—utter inefficiency and extreme ce.
The Prussian system is the most perfect for litary
efficiency, but it is a tax upon the time, and a fetter
crci the freedom, of the rising population, which the
fish would not bear.
erhaps there is no better system than that of the
Swiss, which have just afforded so memorable an ex-
ample to Europe, which, out of so small a population,
have raised and sent forth • disciplined army, equal
almost to the most manageable and effective European
army in numbers, in equipment, and, what is remark-
able, in its scientific corps. The reduction of Friburg
and Lucerne was effected by artillery. The rude har-
dihood of the mountaineers, which would have re-
sisted carbine and bayonet, was appalled at the velem-
tifie manceavres and the always ready cannonade of
General DUFOUR. And this powerful federal militia
of Switzerland has had the honour of overwhelming
a formidable body of internal foes, without leaving
them any posaibility of resistance, at the same time
that it presented a front to the great powers of
France and Austria, before which the angry cabinets
of those countries actually quailed. The entire
drilling and military organisation of the Swim is but
the work of a short month, which constitutes a
fete in each year, and to which, as a kind of healthful
and joyous vacation, every trade and profession can
spare its disciple.
Thereat difficulty in arming a population is, how
far to descend, or where to draw a line. What has
resdarad a large and effective system of the national
mad impossible in both Spain and France is, the
ofteseity of either putting arms into the hands
of those who would make a bad use of them,
or else of drawing a line, as in the case of the fran-
chise, and decreeing that some citizens are worthy of
bearing arms, and some citizens not. It is, no doubt,
these considerations, amongst others, which have
hitherto kept oar public men from even contemplating
any general arming or training, and have limited
their efforts to forming a body of reserve out of those
released from military service.

THE intentions of the government being now
known, as far am the alleged demand for temporary
legislation on railway subjects is concerned, it remains
to be seen what will be the character of the measure,
for the permanent regulation of the railway system,
which is understood to be in preparation in the com-
missioners' office ; to what extent, in short, and with
what modifications, it is intended to reproduce the
abandoned bill of last session.

The operations of such a scheme of control u that
bill was designed to enact may be questioned,
in many respects ; and it will be proper to regard its
tendencies in both of the two directions it was calcu-
lated to take. For the present—the more especially
because this branch of the subject has some references
to the process which has been entrusted, for a tempo-
rary purpose, to the committee on the bills of the
session—we shall address ourselves to consider the

conditions on which the members of a government
department can usefully act in relation to new pro-
jects submitted to parliament ; or generally, indeed,
as the guides of parliamentary decisions on rail-
way business. To this point, which has been
the defective part of all measures hitherto proposed
on the subject, we have briefly adverted in some re-
cent observations on the gauge question. We shall
now examine it a little more in detail.

The objects with which the state has been re-
peatedly invited to deal, in reference to the railway
system, by those, whether in office or in the public at
large, who are not satisfied to leave it subject to the
conditions of general or particular laws, but would
fain see it tinder more arbitrary kinds of control, fall
under one or the other of the two following divisions :
—they belong either to what we may call the police
of railways, with a view to the supervision by the ex-
ecutive of their working arrangements, charges, and
relations to each other and to the public ; or to the
constitution of the system, with a view to the inspec-
tion by some official body of all plans for
new lines, to be sanctioned or rejected with
reference to some general scheme of the wants
of the country, and the proper uses of rail-
way communication as a whole; instead of being
left, as heretofore, to the individual struggles of local
interests, and to variable decisions of private bill
committees; whereby each new application has been
treated as a separate measure, and all general eonsi-
derations have been utterly disregarded in granting
or withholding it.
Of these two quite distinct kinds of interference, the
latter would seem to be not only the more appropriate
to a governing body, but also by many degrees the
more important- It is, however, the part in
all past measures on the subject that has
been the most ineffectually framed. The de-
sire to arrive at some method of influencing
the decisions of parliament in this line has, indeed,
been displayed often enough; but it has never led to
any useful or determinate result whatever ; because
it has always been compelled to stop short of the
point on which alone its efficacy mast depend. In
any future discussions on the subject, it will be well
to understand this clearly, and deal with it in a posi-
tive manner. The questions belonging to it are
briefly these : is it desirable that a general scheme
should be kept in view in the determination of grants
for new railways; that the claims and plans of their
promoters should be settled with reference to the whole
of a national system of communication ; and not, as
heretofore,disposed of according to the several views
that may prevail here and there in each of the small
fractions of parliament towhich they have been finally
referred ? Supposing this question answered in the
affirmative; the next will be, can the office of
thus determining the merits of new schemes be
properly fulfilled by an official department, and, if so,
how should the body entrusted with this charge be
composed? If the possibility be affirmed, and such
a constitution of the body as may entitle its decisions
to respect is deemed practicable, we shall next arrive
at the indispensable condition on which alone
such an object can be fulfilled by any official
body, however qualified—namely, that its deter-
mination of the points on which it is authorised
to pronounce an opinion shall be absolute and final.
This condition has been declined, not without reason,
in all past attempts to employ official assistance. The
state servants have been allowed to inquire and re-
port, but have never been empowered to decide. The
final decision parliament has firmly retained in its
own hands. Now of this arrangement the practical
result has been, and so long as it continues to be
deemed proper must ever be, that the labours of
the official body have been utterly useless, nay, in
some respects, positively mischievous. The effect in
other ways has been to increase expense and multiply
trouble, by rendering necessary two inquiries, of
which the last only had any real meaning. ho long as
parliament declines to concede to a state department
anything beyond the power of advising, so
long is it certain that it will in most cases proceed
without regard to its advice. Where the power to
judge in the last resort is held, there the whole in-
quiry must be gone through; and anliminary
investigation—unless its results are formally accepted
as conclusive on the points examined and reported
upon—will be, as they have hitherto been, merely
troublesome ceremonies.

These, then, are the %nation's which should
be positively disposed of, if any good is to come
of railway legislation in this department. The
official body must either have power to do some
one thing, or series of things, completely, or if it is
not to be trusted so far, it had better not meddle
with them at all. It will, therefore, be the
proper business for parliament, on the appearance of
any new measure on this branch of the subject, to
determine whether it can or cannot resolve to entrust
its powers, or any part of its powers, of deciding on
new measures, wholly and absolutely to a department
of the administration—whether it can accept its re-
porta as authoritative on the whole question of merits
and expediency of the railway schemes applied for;
or, if not eo far, on what particular features or
details of such schemes it is prepared to obey
its determinations and regard its information
as conclusive. By an entire concession of
this kind some practical effect may be produced,
more or less considerable, according as the powers re-
linquished by the two bosses are, more or lees exten-
sive : the expediency of the method, depending on the
necessity of its being attempted at all, and on the pro-
bable qualifications of those who may have to exe-
cute it, being a separate question, which must be first
clearly disposed of. By nothing lees than giving en-
tire authority, whether on the whole business or on
some part of the business, can anything useful be
possibly accomplished. An official adviser, whose
advioe may or may not be taken at will, an official de-
cision that parliament reserves to itself the right of re-
versing, may, indeed, afford an *session for bestowing
places on friends of the ministry, and inflicting on
the railway body needless trouble and expense, but
can produce no useful effect whatever. This view of
the question has hitherto been blinked on both rides—
with what results we have seen. If it is again
brought forward, it should be looked at in a straight-
forward manner. The legislature cannot amend
matters by, giving the state a puasi power of doing
what it refuses to allow of being thoroughly done;
and, on considering the expediency of delegating any
part of its powers, it will be well to settle precisely in
the first place what is wanted in the future arrange-
ment of the railway system, to which official direc.
tion can be usefully applied. We shall have a few
observations to make on this question.

Our Paris despatches of Thursday have arrived,
but they contain no intelligence of importance. Two
Madrid mails, those of the 26th and 27th, were still
due. The arrivals from Switzerland brought no far-
ther intelligenoe respecting the state of the cantons.
The submission of the Valais was hourly expected •,
and it was generally understood thatNeufchatel would
be occupied by the federal troops, in consequence of
the communication made by that canton to the Diet.
The Prince de Joinville arrived in Paris from Toulon
on Wednesday.
Sir Stratford Canning, who was staying at the
Hotel Bristol, in the Place Vendome, was expected to
leave for Berme on Thursday evening or Friday
morning.

ROME, Nov. 22.
I sent you some days ago a description of the grand
and novel scene of our new states-general assembling,
in the halls of the Vatican. I might have added many
other incidental matters which have no freshness now,
and which by their comparative triviality might have
marred the effect of that magnificent fact in the pub-
lic mind. As, for instance, how in the evening the
great tobacco broker gave a general distribution of
ices at the theatre to lux comrades of the guard amid
cheers, and cries of " Long live Corporal Torlonis !"
—how Macbean, the banker, had got up, at the expense
of 301.,the banner of England, rowed which 100 British
visitors in Rome were to have marched at the close of
the procession ; and how the banners of Sardinia,
Tuscany, and Saxony were prepared for the same
purpose and retinue; when, it coming to the ear of
Ferretti that the men of Parma and Lombardy in-
tended to march under the flag of " Upper Italy, and
that sondry Venetians had resolved to display once
more thewinged Lion of St. Marco, in the night, orders
were named to Consul Freeborn and others to dimmede
their eoustrymem from any such dangerous manifes-
tations. What is to be done with the banner of Eng-
land, is the subject for discussion this evening at a
meeting of the subscribers. Prince Doria gave a
political banquet to Lord Minto in the halls of the
family. o.
The nee of the Roman representative amenibly