The Express.
London, England, 1847-11-29 00:00:00

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LONDON. MONDAY, NO V. 29.
IN the very temperate speech of the CHANCELLOI.
et the EXCBEQUEB on Friday evening, when moving
the nomination of the railway committee, there is one
conspicuous passage relating to the vital question of
the exhausted or non-exhausted state of the capital of
the country, which it is important to consider
with attention. It appears to Sir Cnwar.za WOOD
that the explanation of the present high rate of in-
terest put forward by the Economist newspaper, con-
tains a full and accurate appreciation of the circum-
stances of the case. lie stud
He did not know that he could better state the melt if
• these transactions than in the words et the Beimmaist
newspaper of lest Saturday. The imemmal -aW:
"The manner in which the law abekeeisa at
capital has been particularly felt hes bun es al-
lows. During the last two years, hat asks
the last twelve months, the deposits in all the
out the kingdom have been gradually di.
Dees withdrawn for the purism of paying= plying
bonds ; the supply of money to the tivellua has, wear
quently, been decreasing, while the Emeni ken the gam-
ramuhal and manufacturing districts les Ws kaneelag, and
the necessary consequence of a dialnaina sap* and an in-
crewed demand has been a groat rile is the rate of interest.
It would be a most striking awl isslgneeivseempariain, were
it possible to be made, between the amount of deposits in
1846, when the rate of interest writ, and at the present
moment, when it is from 7to 11-per coot."
Now it appears true, that while the process indi-
ailed by this passage has been one of the modes in
which the recent railway expenditure has been sap-
plied, there is no reason to believe that it has been
carried out upon a scale so extensive and important as
is assigned to it by the hypothesis. We must bear in
mind that the phenomenon to be accounted for is, a rise
in the rate of interest during a time of peace, during
a season of internal security, with no political die-
qtietades threatening a speedy state of hostilities, or
any extraordinary circumstances likely to raise up a
large demand upon the national revenue or resources—
a rise of the rate of interest, in the face of
this unexcited state of things, the most prodigious
which has occurred in modern times. The Economist
believes that seven to nine per cent. is the
:present natural value of money, and it therefore
states the figures correctly in representing the differ-
ence to be explained as the wide margin between 24
and (say) 8 per cent.-or something more than a
triplicatton of the rate in two years. But this is ob-
viously such a violent enhancement as can only have
taken place from one of two causes—either, first, the
quantity of capital met have been so small that an
extra demand, of very moderate intensity, was com-
petent to produce a severe scarcity—or, secondly, the
quantity of capital may have been large, but may
also have been subjected to an extravagance and
impetuosity of consumption so insatiable, as to raise
its value to a famine price.
Now, it is fortunate that we can submit the opinions
of the Economist on both these points to the tat of
arithmetic. In the first place, it is impossible to esti-
mate the banking depoate and lodgments on current
account, which are merely deposits in a different
shape, in Great Britain alone, at less than 300 mil-
lions; and, in the second place, there are the official
statistics referred to by Sir CHARLES WOOD himself
on Friday evening, which prove that since the sum-
mer of 1845, exclusive of the cost of land and the acts
of parliament, which are admitted on all hands to be
transactions of mere transfer from one man to
another, the actual outlay on railways has not been
more thea 65 millions sterling.
Now, it does not require any profound mathema-
field formula to satisfy us that the proportion borne
by 55 millions to 300 millions is net quite so much as
Ito 6. In other words, even if we adopt the utterly
indefensible notion that the whole 65 millions have
oome out of the Banks, we have still to reconcile our-
selves to the iaference, that the expenditure of one-
sixth part of every hundred pounds hue been eufficient
to raise the value of the remainder threefold. This
is an extravagance of elevation precisely holes as gnat.
as GREGORY LINO ascribes toe similar aeticiency
'- of corn—an article which every taan must
- condition of his

the supply 0.
obtain (regardless of its price) as the ,
existence.
Bat the deposits in bulks are only one form of the
Immediately available portion of the floating capital
of the country; and as it is not contended that the
whole railway drain has faller upon this class of lodg-
ments, we need not trouble ourselves to prove the

utterly untenable charapter of the contrary opinion.
Suppose that thirty milieu hare been taken from
the banks—and that is an outside estimate—these
thirty millions are only oreedentli part of the whole
massed capital to be operated upon, and we conceive
that we shall carry with us the common sense of our
readers when we express our most unfeigned inability
to understand how a dirainutionof one part in ten can
rasooabi77 account for a triplication of the value of
the remaiaios nine-tenths.
The truth appears to be, that both the acute writer
in the Botswana, and the CHASCELLOE OP THE Ex-
cnixtorm, ascribe much too small an influence on the
rate of interest to the artificial disturbances and ex-
citements which have prevailed in the money market
tar the last nine months, and much too small an in- ,
fence, as concerns the railway expenditure, to the
annual accumulation which bas been going on con-
temporaneously with theme immense disbursements,
and also too little influent* to the fact that the rail-
ways have only diverted to themselves an immense
mass of fund', which, under other circumstances,
would have been laid out in some of the ordinary
modes of fixed investment.
Upon the first topic we shall only say at present,
that one of the most cogent proofs that the high rate of
interest is but the creature of alarm, is to be feud in its
constant tendency to decline at every pause in the ex-
citement. On the second topic let it be remembered
that even our most disconsolate councillors, such as
tho nines, have not been able to reckon our annual
savings over and above our expenses at less than 50
millions. So that if we have spent 50 millions in two
years on one hand, we have been saving 100 millions
in the same time on the other.
But it is the last point—the mere diversion of capi-
tal—upon which we would insist at present. It must
have occurred to almost every man conversant with
the world around him, to have heard of numerous
cases daring the last two or three years, where
affluent tradesmen, frugal gentlepeople, thrifty spin-
sters, and intelligent mechanics, have satisfied them-
selves that a railway share or a railway debenture
was a preferable object upon which to expend a
newly acquired legacy, an expired mortgage, a re-
covered debt, or a realised saving, to any of the
ordinary methods of outlay. It was better than
building houses, or extending business, or buying
new furniture, or making improvements, or taking a
journey to London, or living in grander style. The
money, therefore, was spent in railway investment.
' Bat it is manifest, that in every instance of
this kind it was a mere circumstance of diver-
sion. The new contribution would probably
set in motion another navigator in Cumberland, or
another smith in Warwickshire. But this was a
simple re-distribution of employment. The choice lay
, between these distant competitors and the local ear-
-1 peuters, bricklayers, and cabinet makers. The same
money could impart activity to only one set of la-
bourers, and leaving out of view the complicated
questions as to the comparative merits of the two
kinds of expenditure, it is abundantly plain that, as
far as the question of capital is concerned, there
was nothing upon which to exercise a choice.
In either way there was a conversion of so
much floating into so much fixed property. Let
the facts, of which we have now suggested an
illustration, be suffered to exert their due weight, and
we shall not so readily fall into the hasty errors urged
upon as by the party. We shall be fully disposed to
allow that the natural value of capital has undergone
a palpable improvement, but no artifice of declama
tion, and no exuberance of emu levity, can convince
us that there is any valid reason for despondency or
ne privation.

MR. WAXLEY has given notice of a motion for this
day, to demand a 'elect committee to inquire into the
registration of legally qualified practitioners in medi-
cine and surgery, and into the laws and charters relat-
ing to the practice of their professions. We sincerely
wish the honourable member success.
We have been all along anxious, in discussing tbe
subject of medical reform, to deal with principles. We
have been wishful to ascertain what is right and
best for the government to do, and the foundation few
such action. We are no advocates for the government
leaving the question of medicine open to the people.
The right of the state to interfere in medical and
sanitary matters arises out of the universally ad-
mitted foundation of governments, the protection of
the property and life of the community. It is be-
cause the lives of thousands must daily depend on the '
knowledge of their medical advisers, that it becomes
the veered duty of the state to take care that every
one who professes the healing art is possessed of the
requisite skill.
A wise physician, skilled in wounds to heal,
la moss than armies to the public weal.
The question then arises as to the means the state
ought to adopt for the discharge of this duty. We
have seen that at the present moment, government
exercises its authority on this subject through 17 me-
dical institutions, and that these bodies have all a
power either of granting degrees, or the privilege to
practice medicine in various parts of this country.
Some of these institutions have lost their legal power,
whilst such is the little influence that any of them
really possess, that a host of persons practise medi-
cine without any licence at all. Against such
a state of things we have protested, and have
advocated the necessity of placing these in-
stitutions on a more efficient footing than at
present, so as to secure the objects of their founda-
tion. But many of these bodies, regardless of the
good of the profession, only seek to maintain their
own exclusive privileges at the expense of the public
and the members of their own profession. Amongst
the meat shameless of these stands the College of Phy-
sicians. We referred, a short time since, to the evi-
dence of Dr. Etats, given before the parliamentary
committee on the subject of medical registration, and
expressed our pleasure at finding that all the witnesses
from the college did not agree with their president.
Their differences, however, are lees than we imagined,
and the evidence of Dr. GEORGE Buitaowe, senior
censor of the college, shows clearly that the spirit of
that body is one of exclusiveness, and that they will
listen to no change that will not regard their licen-
tiates as a superior class iu the profession.
The fundamental error into which we think the
College of Physicians has fallen, and which a great
part of Dr. BURROWS' evidence is an attempt to main-'1
tarn, is, that there is an essential distinction between
the duties of the physician, surgeon, and general practi-
tioner, and that these distinctions may be defined with
sufficient accuracy to form the basis of legislation.
Now, setting aside the question of the advantage of
recognising three or more grades in the medical pro-
fession, even if they could be defined, we den.y
the possibility of making a distinction in
kind between the physician, surgeon, and ge-
neral practitioner. There is, in fact, no more

Armies between a physician, 'surgeon, and genet—
ractitioner, than there is between one draper and
Another. One draper may confine himself to selling
silks, shawls, and muslin., whilst another will sell these,
and calioo and flannel into the bargain. We do not
dispute the fact that as physicians and surgeons,
dentists and oculists, give their attention to parti-
cular departments of disease , they thereby acquire
skill and a greater amount of knowledge in special
cases than those who practise all ; but this is only a
difference of degree of knowledge and not of kind.
Even Dr. BURROWS, when asked the question,
" Does not the general practitioner perform the duties
of a physician ? " says, in the most hesitating
manner possible, " No, I do not think he
does perform the duties of • physician."—
"In what respect?" asks his inquirer. "He is not
appointed as principal mediae officer in public insti-
tutions, and he is not called in consultation on difficult
caste." On such a basis as this does Dr. Boasows
attempt to establish the distinction between physicians,
sad general practitioners. There is no difference in
tbe nature of eases in hospitals and out of them, in
mess requiring consultation and which do not re-
quire it; and Dr. &meows knows it ; bat he wants to
lave his college and his class, and is driven to this
lift to do it.
Dr. Buanows' attempt to prove that the education
required by the College. of Physicians is something
saperior to that which is required by other bodies,
is just as futile. He thinks it would be
• Mat preposterous " to constitute a " mere
apeticesety" as physician or surgeon. We think it
um* aim persterons to plane young physicians in
Cetesegonubility that would be much better
lo; di apiheards., But what is the difference
between the masemeats of the College of Physicians
sad Apodissarw Hall, and other places that grant
degrirtif.22T, the preliminary education required
at A Hall at the pr sent day is in extent
and ind the same as that of the College of Physi-
cians. Dr. Btinttows says the college requires Greek
and Latin, but that the Apothecaries' Company only

quantity to.. only dine.— _ -
in the &M that College of Physi-
cians do not go up till they are twenty-nix years of age,
whilst those at Apothecaries' Hall go up at 21. With
regard to the universities of London, Dublin, and
Scotland, we believe their requirements are some of
them glister than, and all equal to,these of the College
of Physicians, London. It is not, therefore, upon the
• and of euperior education or examination that this
y can lay any claim to the consideration of the
legislature. We admit that the college includes
names that do honour to it and humanity, but that
the existence of the college, or its laws and regale-
tions, have had anything to do with the eminence of
its members, we entirely deny. As proof of our
assertion, we would bring forward the fact that, at the
present moment, the great mass of the distinguished
physicians of the British empire do not be-
long to the College of Physicians of Lon-
don at all. Ausori and Cutout, of Edinburgh,
STOKES and GRAVES, of Dublin ; PRYTCHARD, of
Bristol; HASTINGS, of Worcester; RANKING, of Nor-
wich; BARDSLEY, of Manchester, and a host of
others, ornaments to their profession, whom we might
mention, are not members of the London College of
Physicians, and their character and reputation have
been acquired quite independent of that body. From
Dr. &meows' own evidence we could show that the
College of Physicians is little more than a clique of
London hospital physicians. They are afraid of the
passing of such a bill asMr.Wax LEY'S, Dot because it will
injure the profession or the public, but because it will
place every man of talent upon the same footing, and
open our hospitals to the beet man, whether he has
paid his six guineas for his diploma at Apothecaries'
Hall, or his sixty guineas at Pall-mall. Ifince Wee
lachryma.
Now, we say to the profession and the public, do
not be alarmed by names. Ignorant men, men who
have had no higher claims on the confidence of the
public as physicians than their Greek and Latin, have
obtained their diplomas from the College of Phy-
sicians. Men of comprehensive education and pro-
found knowledge of their profession, may not possess
this distinction. Will you allow yourselves to be
imposed upon by the one, and introduce him into your
hospitals to learn his profession upon your sick poor,
because he is called a physician, and reject the other
because he is called an apothecary or general practi-
tioner P Divest the thing of names, and we feel
assured that no one in his senses could for a
moment think of reviving the extinct powers of the
College of Physicians, or of maintaining the seven-
teen medical institutions granting degrees and licensee,
in their present state of morale and inefficiency.

THE ministerial declaration on the railway motion
of last Friday has, as we expected, defined the
position which government is resolved to take
with regard to the acts of former sessions. To
the " representations and applications" addressed
to the government, in the spirit of the Tinley and
Examiner, demanding a stoppage of the works
now in progress, and a prohibition of calls, as
precautions necessary for the "safety of the country,"
we now learn that it has not been. thought pro-
per to listen. Whether in any part of the cabinet
1 at any time the disposition may or may not have ex-
isted to pursue the extreme courses recommended, it
is now of little consequence to inquire. The material
fact is, that the objections to such a hazardous way of
proceeding have prevailed, and that ministers have
come to the conclusion that " it would be exceedingly
injudicious to attempt any compulsory measure."
This being ascertained, it can scarcely be worth
while to follow the CHANCELLOR OF THE EXCHE-
QUER through the details of a speech, the greater part
of which might have been more appropriate as a pre-
face to some measure of the kind, which he concluded
by declaring the inexpediency of proposing. The pains
taken to prove thatrsilway expenditure has increased,
if not created, the pressure of the last six months,
would seem to be somewhat thrown away, when it is
found that, whatever its effects may be alleged to
have been, they are not deemed sufficient to justify
any of the rash courses which the apprehensions
of such effects may have suggested. It might indeed
be questioned whether in the details of actual expen-
diture furnished by the commissioners, there would be
found any convincing proof of the oppressive action
on the resources of a country like ours, which the
greater part of Sir CHARLES WOOD'S speech seemed
designed to impute to the employment of capital in
railway works. Had it been intended by ministers,
on such grounds, to have recourse to forcible mea-
sures, with a view to diminish this operation, it would
hams been proper to examinetheir bearing attentively ;
and it might be no very difficult task to prove that, on
such data, it would scarcely be possible to establish a
sound case for coercion. At present, no coercive mean
cures being intended, it cannot be of much use to dis-
cuss their value; which could only have had a prac-
tical interest in connexion with a line of policy the
reverse of what the ministry have so far had the good

sense to adhere to.
Of the two specific measures announced on Friday
night, the first, intended to give a larger allowance of
time for railway work, and to make the express con-
sent of a certain proportion of the shareholders a
necessary condition of the prosecution of any new
works, will not require mach comment, in addition to
what we said on this subject before the motion took
place. The remarks we offered on Friday morning
sufficiently explain our general views on the bearing
of a permissive measure ; and as to the formal taking
of the shareholders' assent before commencing fresh
operations, the precaution, although in times
like the present it can have no considerable
effect, can do no harm whatever. It is hardly
necessary to observe that, under existing cir-
cumstances, the directors, who are already required
to give periodical accounts of their proceedings to the
proprietary, at general meetings, would not in any
case find it easy to enter into any considerable en-
gagements, not approved of by the great majority
of their constituents.
The task of the committee on the bills of this ses-
sion, to be moved for this evening, as the object of its
lab Ours was described by the CHANCELLOR OP THE
EXCHEQUER, will not be a very easy one. It is, we
are told, to determine of itself, or to refer it (with
, some general instructions, it may be presumed), to
r the Railway Board, to determine " which of the
. schemes shall be allowed to be proceeded with,
and which not" And this determination, we are

further informed, is to be guided by a reference to the
expenditure involved in the schemes in question, not
to the local merits of the schemes themselves, it being
desirable, according to the CHANCELLOR OP THE Ex-
clizoiesa, that no new project shall be sanctioned
this year which may require any " great outlay of
capital." To deal with such materials on this principle,
will be apt to prove a vei perplexing business. The
clarification and weeding of projects which the
promoters come forward prepared with sufficient
funds to make—not according to their intrinsic
claims, but with reference to some imaginary maxi-
mums which the whole railway enterprise of the year
cannot be permitted to exceed—must in its nature be
altogether an arbitrary process. There must first be
a limit rimmed for the total capital which it is pro-
posed to expend; and this at the outset is taking for
I granted as something absolute, a point, which it is
next to impossible to assign convincing reason for
placing at a given figure—for fixing_ at one degree
of the wale rather than another. Then, supposing
the allowable total expenditure settled, the process
of determining which of the applicants shall, and
which shall not, have the benefit of partaking in it,
must, in like manner, be guided by what, after all,
can be nothing more than the individual views of the
parties, whoever they may be, that are empowered to
decide on the claims before them. It is needless to
observe, that the proceeding can only have any effect
whatever in so far as it restricts the grant of bills that
would be passed but for its operation ; in so far as it
cuts doyen the capital to be spent to a lower total than
the sum of the applications would otherwise amount to;
in so far as it forbids certain lines from being made
next year, which the promoters are desirous of
making, and have the means to make. The difficulty
in inch a proem u this,aii;eiretecte a character of
satidactory justice to a • g that is in its
nature, as we have said, together arbitrary. Each
of the rejected naturally considers his own claims as
not less substantial than those of the more fortunate
claimants t—if the decision is to be made without a
hearing of the respective claims, ite character is at
once apparent, and it cannot fail to provoke com-
plaints not easily answered; if a hearing is allowed,
it will be found that, in order to determine a

I.:

*XPRESS, *O AT EVENING, NOVEMBERr 0-*
regain Lea Now, Or. BOIROWS blows as well rode rout TINI6II • Wher. each
as wade that in nine eases out at tat they dispreesat will mime forward waled with pie
the Dollop with Greek, whilst the Win they require monmendations, it, would require a mor
is so small that there are gentlemen in Loudon who inquiry, equivalent, in feet, to the fall Par
will cram any one in three months with a sufficient trial of the whole cum of schemes, if it is
quantity to satisfy the censors. The only difference lies with the lead smooch to fairness. Ho,
in the &et that the candidates at the College of Physi- liamentary mom
.rth: