The Express.
London, England, 1847-02-17 00:00:00

dentin the demands of the future. At this period, and
with these prospects tefore them, he also inquired what Was
the pr. Rent state of that which was significantly and familiarly
known by the name of " the money market." (Hear.) A
ref.:sence to drat might, poem* excite a smile; but the
monerinantkidl, ,in
sthe.eaSein /AM he tasidnitt words,
meant neither inlets Sin* What aid the terms
uponnshiffil this panic can that whibh will be nebeesary
it ooksau bemoaned to fobthe purpose of meeting the public
esigsect w' tHear,,hear.)• A loan foe that parpose was Rig
Militant of unable tit wee a basins apes the people which
must he provided for in some way or other. (Meer, hear.)
W.ll, then, he found th it the 3 per cents., which cohort time
since were at not less than par, and which for a abort time, even
within the last three years, he thought would realise more than
1001., were at present at not more than 901. He thought
there had been a fall in the value of funded property within
the last six or seven months to the amount of not less than
5 per cent. So much for the funded debt. If he looked at
the state of the unfunded debt, he found that on the very
day on which he spoke, it was almost a question whether or
no some descriptions of exchequer bills were not actually at
a discount; if not at a discount, they were certainly at not
more than 4s. or 5.. premium ; and of course the state of
the unfunded debt was a scat material consideration in dis-
cussing a measure which might lead to the increase of that
debt. (Hear, hear.) With respect to the aspect of foreign
affairs, he was ready to place confidence in the assurance
given by her Majesty on the first day of this session,
and which he had beard with great eatufaction, that her
Majesty confidently trusted in the continued maintenance
of general tranquillity ; but still his confidence in that
assurance was somewhat diminished by the present state of
their relations towards that great country with which the
had necessarily had discussions consequence of what had
pawed in Spain ; and al.° by the recollection that her Ma-
jesty was obliged to accompany the expression of confidence
which he had mentioned by the frank and positive declara-
tion that the three other great powers of Europe had been
guilty of the " manifest violation of a treaty." (Hear.) It
was then, at this period—with the 3 per cents. at 901.
with exchequer bills scarcely at a premium, and while
their relations with foreign powers at least justified
a degree of apprehension, though he trusted not of alarm,
that the noble lord called upon them to authorise her
Majesty's government to contract engagements which,
spread over four years, might amount to the sum of
16,000,0001. (Hear, hear.) Independently of those
engagements, he (Sir R. Peel) contemplated the neces-
sity of providing for a deficit of 6,000,0001. or 7,000,0001.
at least, Now how was that deficit to be met ?
Let him assume that there would be a deficit of 6,000,0001.
or 7,000,0001. on account of the Irish calamity, in the year
ending the sth of April, 1848. What means had the noble
lord of providing for that deficit ? He saw no other than
that of drawing on those balances which were of the utmost
consequence, as enabling them to provide for any great public
emergency, and at the same time to feel mire of discharging
their obligations to the public. (Hear, hear.) Still there
was, on the sth of January, a balance of 9,000,0001., and
possibly more on that account. He knew of no
other mode of providing for this assumed deficiency, ex-
cept that of making a rigorous effort at direct
taxation to be visited. he presumed, upon all parts of the
united kingdom—(bear, beer, and loud sheers from the
ministerial side of the house)—the irate of exchequer bleb
in the present doubtful state of the unfunded debt, or the
contraction of a loan to the amount which might be musk*
engendering a nesessity for direct taxation. Now he was
sure the noble lord (Lord J. Hamel!) would acquit him et
making any reference for the purpose of crimination or
blame ; for whoever might have been the braes minister el
the country, an equal necessity would law bees id.,
Supposing the *We lord should rued either to alma sr to
the haus of exchequer bills, which weseibmikalin hawed%
the borrowing of money, he was comareffieftrle ask, was at ad-
visable that he (Sir R. Peel) should Ismael the difficulties
of the noble lord's financial paths be entering into en-
gagements to the amount of 18,03111,11001., to be spread over
four years? (" Hear, hear," and cheers.) He must totally
and entirely differ from them who emdeaded that they could
pledge the public credit of this country for the purpose of
promoting commercial speculations, without subjecting the
public to any risk of loss. It wu quite clear that if, in adattfos
to 6,000,0001. or 7,000,0001., which was absolutely
for the present year, the noble lord had to provide 4,0=
more in the present year, and 12,000,000!. in the three sac.
reeding years, he would so surcharge the market with un-
funded debt that there must be a vast addition to the interest
paid under that head. The public credit of the state was
part of the national property, and they could not Domini-
apportion a treat sveo"." ' '

—....... v. ia to use encouragement of
commercial enterprises, without fettering it ea regarded the
public exigencies. (Hear.) The application of the public
credit was very much the same in principle as the applies-
Boa of direct taxation, and a very considerable application
of that credit to the encouragement of commercial enter-
pais* at a time when other great exertion were necessary, I
would both curtail public expense and engender a!neceenty I
he increased taxation. It, therefore, in his opinion, be-
ams absolutely necessary to smolder whether the apPlica-
titan of ma • sum as 16,000,0001. was required for
the pupae elf mitigatiog the present calamity, and
averting tie Paton bar a of Ireland, and whether or
not the advantage to be derived was equivalent to the risk to
be immured. (Hear, hear.) If he understood the noble
lord's bill, its purport was this—to enable the treasury to
demos, during the next four years, a maximum sum of
16,000,0001. The bill did not impose on the treasury an
obligation to advance 'the retire sum, but still be must ob-
serve that all the calculations of benefit to be obtained from
the employment of the people proceeded on the ainamption
that the whole amount would be actually advanced.
If, for instance, 12,000,9001. only, should be advanced
in the four years, they must make a correspond-
ing redaction from the advantage to be gained by
the employment. It should be observed, that the
advance of 16,000,0001. was not limited to the railways
which had beensanctioned ; if for those railways 12,000,0001.
should be sufficient, there was a distinct power given by the
bill to advance the remainingn,ooo,oool. for railways which
might hereafter be approvW by the legislature. Not only
was the treasury liable to advance this sum, but he believed
there was a compulsion ; there would be no discretion rest-
ing with the Tremor', to withhold the money, provided
the railway comminers certified that they thought
Bee public benefit requited that the line should
be made. Thus, all power was taken away from
the department which was responsible to that house
for the management of the public money. The hon. mem-
ber for Shrewsbury, had said on the previous evening, that
there was a sort of fellow-feeling pervading the minds of all
persons who had the management of railways, and also the
minds of Chancellors of the Bitheqner. He (Sir R. Peel,)
confessed that he would rather have this power kept in the
hands of the Treasury than see the salmi principle acted
upon of leaving to the Treasury of this country the necessity
of advancing the sum of 16,000,0001. is four years. (Hear.)
Upon a certificate from a railway commission, in no way in-
terested in protecting the public, and perhaps indirectly In-
terested, from their fellow feeling in some smypethertie rail-
way matter, to tale a liberal view of railway undertaking',
(laughter)—the money was to be advanced by the treasury.
The certificate itself was not very stringent ; the words to be
used were, " that the railway would be of public advantage
and would afford beneficial employment for labourers."
Nothing was to be said as to the certainty of repayment in
the outdate authorising the advasee. Now he would mk
what was the prospect of repayment? (Hear, hear.)
It had been generally assumed, in the course
of the debate, that they. would at any rate
get back their money at the expiration of 30 years. But the
litll widely provided that there should be paid to the state,
during the 30 years, such•• sum of money as, in ease of an
issue d Exchequer Bills, would meet the infarct which the
public would have to pay on these bills. There was no such
prevision in the bill as was inserted in the Drainage Act of
last ondon ; them was no obligation imposed on the bor-
rowing oompany to provide for the gradual repayment of
the money. (Hear, hear.) Last year they authorised
the advance of money to encourage draining at as low a
rate of interest as 31 per cent. • but it was provided that
from the date (lithe advances the parties should begin to
repay the principal ; that there should be an annual pay-
ment made of not lees than 61 per cent., so that two and
twenty years would be required for the state to recover the
principal. But under this bill, if they could borrow at 3 per
cent., they certainly could not require the repayment of any
portion of the capital until thirty years had elapsed. (Hear,
hear.) Well even at that remote period—(laughter)—
made, R financially, had be a certain pros.
pun of genies back any part of the money? (Laughter.)
By no Mail ; for there was power given to the
Tree Pay to mien* the period for the repayment of any por-
tion of OM ISIS hired 30 years. (Hem, hear, and laughter.)
Let the bow *tame bow that world operate on Patera
railways. Dame was to be &public smarm*. wftt impact
to all inmpiewe railways, that movididdreime wee a tolerably
good senormose
per ef its pay* •
epistles shmeheidees, by
:Mtip II rent. of their • end IlialllS-
ai nenway oommimisno*, sommitho
* colors* Oat* Oat **** The dimeholdeeelosew that
ray
fee Vbs min they would ad be Balk tit repay
of the emetic ; they Wow ehg thee lower oi-
lseed *errantry, at the expoadige adihirty years, if the
Illalliit did not prove profitable, to *Aug dadednitely the
spend÷illant,
period of repayment. Last year they were al impressed
with the danger arising from railway 'on • and at
the beginning of the session the q was how they
thoald impose restrictions on the ve 111101 a. (Hair.)
Did they not all feel that the operation's( the money market
for national prIMOON were, at the premet moment,
I extensively interfered with by Miens! enterprise?
The quesdon, then, was, whether they wield not limit the
I amount of capital employed in railways, an idea which was
abandoned, but which gave rise to grave doubts at the time.
Now, with respect to Irish railways, let them just inquire
what' this bill contemplated.? It enabled the parties to oh-
' tain from the Treasury an advance of 401. for every 201. con-
tributed by shareholders ; and it assumed that 30 years was
the rm for which that money would be reqdred. Now,
prepatered as was to :make great swam to meet the pre-
, sent condition of Ireland, he must at once my that the beim-
I fit proposed to be thus given to shareholders in Irish refl.
ways, was more than could possibly ini juMilled. (Hear,
bear.) He was perfectly aware that
_they must kot
judge the means to be now adopted in Dolma by the ealti-
nary rules of political economy. The Immures Proposed by
the goverement were coo doubt open to grave- oblections,
Newsiest ea 'tetrad principles ;rid poUlaly the bill of
the noble Led was, on the whole, quite as dos from objections
el *MI mosends as the proposal to vote money for the repair
Of reeds Ilia other internal improvements. It was not,
thereheo, en that ground that he (Sir R. Peel) toot his oh-
=the bill ; but he did lay, making every allowance
L tie e
audition, Mat the benefit proposed to be given to
the shareholders in Irish reilereys would be unjust as rc. 1
specter& the part of the population unconnecte4witli those
'osculations. (Hear.) Now, his hon. friend beside him 1
par. Hudson) had taken great credit to himself for a clause
in the bill enabling the railway companies to pay back out of
the public money the advances of parties who had lent their
capital on the security of their lines But what would be the