The Northern Daily Times.
Liverpool, Merseyside, England, 1857-05-06 00:00:00

THE CREDIT MOBILIER OF FRANCE.

Thif gOneral meeting of shareholders of thiscompany has
just been, held at Paris ; M. Isaac Pereire in the chair.
The &Ott 'Conitteencee by declaring that the difficulties
experienced in the money market during the past year had
naturally restricted in a considerable degree the operatieni
of the company. During the years 1853, 1854, and 1855,
its duty had been, in the midst of war and scarcity
of ftirxl, 'to encourage the inda,trial developte'ents
of the country ; but in 1856, owing to the immense='
impulse given to all kinds of enterprises when peace set in,
its task was rather to restrain than to urge forward.
Besides, the note insertedin the Moniteur on tha9th March,
1856, showed that the wish of the government was to
limit in a very decided manner the issue cf all new
securities. Still the company had vary materially aided
in forwarding useful works, and in enabling the country to
support the monetary crisis which broke out tewerds the
end of the lest y ear. It is subscribed for 250 millions francs
to the gOvernment loan of 780 millicns, the purchases of
rents madeeby it to support the public funds amounted to
1,849,816 f, representing a capital of 40 millions, the greater
portion of which stock the company is still possessed of ;
the 6UOIB which it had afforded to the market at cult settle-
merit of theroiteeount to facilitate the carrying over of
rents might be judged of from the fact, that on one occasion
it amounted to '90,000,000, and that the average was
44,000,000; in addieion, it gave similar accommodation
to mil Way securities—on one occetien to the extent cf
29,000 000, and the average be'ng 15 000,000, for every
fortniiht ; in fac`, the total of alt such sums afforded in
1856 was not less than 703,00,000 francs ; and when at
last the restrictive measures of the Banks of England and
of France led to a crisis in the money market, 'the
efforts- of the Credit Mobilier tended not a liale to fecili-
tate the tranSition towarcls'easier time'. The report then
touches on the several enterpriSes Tv-Y.ch the company had
aimed-at carrying out on-lte.aceount4and ;rates that of its
railway projects, that of Grenale to Sit.-Elnibert, to wards
Lyons and Valence, had been sanctioned by iinnerialdecree
in march, ; the Transatlantic packets still 'remain
undecided, but there VMS every reason to believe that the
question would be, before long, settled in a manner to sa
tisfygeetil the interests in it, and the company hed estab-
lish 1 a regular intercourse with the Credit Mobilier of
Spain, and would teke part in the construction of the
Spanish railwaye. The report then speaks of the insuffi-
cience; of the capital of the Beek of France for the vastly
increased business of the country, and then, referring to its
own position, exsmines the question of how its capital could
best be doubled,in order to meet its enlarged sphere of action
aednteclares that when the proper time arrives, it will give
the preference to b nds of hort date. The report then touches
on the financial situation of the company. Its movement
of cash during the year hail amounted to 3,085.195,170
francs, its account current with the bank 1,216,686,271
francs, The compa.,y had received payments Ott
1,435,264 railway shares and bonds, producing 160.976.590
francs, and had paid either for itself or for other companies
oa 4,986,304 dividend warrants of shares and bonds. Ttie
t eel of the profits of the year was 15,249,981 frane-i,
which would g7ve a dividend of 115 trance per share (23
franca of which have already been p-id), or 23 per cent on
the primitive share. The meeting then gave its approval
to the report, and adopted the dividend pr posed; after
which the proceedings terminated.

LIYEREIQOL FINANCIM, REFORM A.SSOCIA.TIO.S.

At the weekly m eeti:le of the th 6 gillowing
aAdree3, to membe:s of the II )11.,,e of en v:lone was agreed
1-1-1 • -

zt
,TO THE REPRZSIOTATIVES OF THCC FFOPLE.
Gantieneeree-In the, ramp, end on behalf of a b ray of
loyalsetittiects and.good citizens, bondei together for tke
purpose of efeecierg, --by all coeetitetteesl means, the
introduction of)a. EgtxoiyAtprn af eonomy in 'every 'dawn
meat of the punliesermennete ilte.adopion of an ecteiea,ble
runde taxatisenie of.one pregnant wind ileitis,
acid :,oppreL.slon,
nve-, the Conned of the - Liverne#,n
riett_
Fin an form A i4i2kiiiiorh, pr ea n nien to' A i fOr 7e) ter,
con-nieration, individualtyi a I.tv remarks on nshonal
affairs, T''pectnvyllbh you are 'alne,i to exerciee a cel,
leetive judgment. This ceurst. ci preCeeding on 'Otir part
mey appear nensuel and-.intrusive ; bat, yielding to none in
the sincerity of our desire to upholdthe true honour and
dignity of the Crown, in nenjunetton with the generalowel-
fare of the peeftle, we offer no r polng+y. loin adopting it,
since to do so would be it:4;1110)g to your it'altigence • and
patriotism, and at the eat:tie-Arne in. nt d,rogetory to oir
own motives, the excellence of which yeti must all admit,
thotigh, some of • you men perchance, •be 'dispoied to
teke offence at` :the
_mode of their raailiflst,arion.
-You have bean deputed.* about one thirtiete part of the
populatien, to legislate for the whole of it, and thi,
Madera eyeten whiele on'the one hand gives no reel freedena
Achol-e to the gteisi majority etethe eisctere cemprisinge
only about one in sevea of mile adults ; whilsteittl,the
other, it p' ecee important mares of commerce. and menu-.
f wures—suen.,as Liverpool, Meechester, Birraieghatn,
and Glaegew`H-tlee-very centre of eeterprise, wealth Intel-
ligeJee, :and ,populeeion, ,on a parliamentary level with
petty and insigaidemet boroughs, the •reprewntation ef,
which is absolutely the peoperty of individuals—the sale-
ableproperty, as their houses and lands, their hereon and
their cattle. The result .of this unjust and anomalous.,
-system is, ei ;jetvidely spread feelings of.. dissatiefeen
Lion, even am ougst these who are nominally
represented ; whilst in the minds of the masses deprived
apolitical privileges; then loot etW,. gro w leg
up e spirit of disaentent, ntiyeperio4of extra-
ordinary preeneree or crease of !A-NIT legisleertin may-break
out intO-rititA insurrection ati.T&IFFAV-Th'.s danger
L cam
.'
o be effectually ecerted by timely conces.:ims to the
cpiritiocthe eget,. apt 1,113,,,i..e de:Mends of the pop's.
Our don 4ttikozeittieeneesehnt x,ll Men ata oh iged t,) pay
iii-eesibeettuswieie their, represen ativee who nap )se them ;
• -
land bouhd'te obey' tke-Itcre beceeee, in the same way,
they have had a tr4the in making them. But how eeiclfieili -
the difference between the theory and the p aeeice !-
essential it is teethe pnbil'egood o bridge-over the yewilinfrine
5•,,„
gutt that
_separtetes thenoentienenfrensoneehe theerneenee
make the two 'harmonise with earn other, and thus to
Winer -the- -Bri tishn'Ometigitiftitsinn' - alrey,
as regards zetones%netipne instead of loeiog, as
at p (34hetleitt.tliAWrter, theu a fanciful, - abtrac-
tion whiehl2 -!adds amen and iaStli t Lei') 11/44/tke
We therefeiihb/d thkeifiti It be atnn-ng tnalPiattitinost
important dads of lho,:hody .to which yonbelongeo-direet
its attention to snclitnenserce as Wilt. itentrene the anoma-
lies of the eitlistinterec tenet! sys-ent siVehre'a true free
.representation tote people, and ie./Het:the representatives`
1 mere resnonsibleln gm, represented then-they tali) at pre-.
I_ sent: We woullnteit. bring tinder y'ettri-otiCewhat we'
1 :c94ider a modern umrpation -en the privileges of the
House of Commons, as new constituted. It is beyond-all':,
f rriii Oft (fir hisiOry, and in
times vetlen,. are ie _new 'ignera,M3r emonareh,
was aU but absolute, and the rights of thavertheect wore
but little understood, and less reapected;''thatittittse- of
Cammins exercised 'a potential influenee
'of peace and war; that it frequently controlled she
sovereign, in one •instanse refesine to have anything to do
With a war in which the c enitry hal no interest, and about
which they had not been consulted ; in another, diepleCieg
military commanders, and appointing others in their stead ;
end also that the sovereign sometimes-velantarlly referred
'much matters to the decision of Parliament Toe rolls of
Parliament, in the eats' of the -Henrys, :Rieherde and
Edwards, record the fleets, Suchwas the ;ancient eon.tie
stetionel prictien which prevailed, more oz less; do eu t
the reroltati ie. But now-a-days' ve are gravely told that.
the waging of wareethe 'conclusion of -peace—the making,
i•of treaties to bind th-s whole netior, and pledge its-
resources to the latest -posterity, are, ono and all, things
exclusively within' the ',previice.of the Criiwo, with whica
Parliament has •nothing whatever to do, beyond ratifying
what has berentarrangecl -by secret diptotnaey; finding she -
means cf carrying it into execution, and being thankful for
each. mod ien ms. eof infoemation as the • Mtilstert ,the-
Crown Crown may vouehsefe to give, though always aware that
facts most important to be known may be kept in the back-
ground, under the convenient plea that their revelation
would be detrimental to the public service. Now, consi-
dering _ that the authority of the. Crown icemerely,
411 At ;alt - Iu
an oligarchy, consisting of one or ether, of the two
greet aristocratic parties of the State, which ever
happens to hold the upper hand for the time
being, and that such power is almost invariably exercised
for nniganihical interests and pureosee,' we cannot bat.
think if these pretensions be submitted to by the repre-
sentatives of the people, our fine c institutional theories are
rapidly resolving themselves into a despotism all the more
odious, because veiled under the pretence of representative
institutions and constitutional government. Wh.ls;
denouncing these pretensions, as regards the foreign pole y
of the country, we equally deprecate the cantralisieg
movement which has been so much in vegeta of late years,
and which teaks to draw all real power to the metrne'lie,
as having precisely the same tendency in relation to the
management of our domestic affair', and destructive to
ancient privileges of local self-government. We can on'y
protest against such encroachments ; you have it in your
power, codectively, not only to cheer ad further progress
in these directions, rapid and ominous as its strides have
been of late, but also to return to a really constitutional
system of government, which shell make Ministers of
State be servants of the Crown and the people, instead of
being, as they now are, masters of both. In our opinion,
one most important means to this end would be to
give ministers seats in the House of Commons, ex
officio, without the power of voting, because such power
is, in many instance-, tantamount to transferring
the criminal from the dock to the jury box, to piss a
verdict of acquittal in his own case. We come now to
one of the constitutional privileges of the House of Com-
mons which has fallen into desuetude, or what is worse,
•is kept up in form, whilst lost in eulenance. We allude
to its control over the public pu-se. This is an engine,
which, if properly used, would be all powerfel in com-.
pelling good, and prevening evil legislation, But your
predecessors in thislate parliament, as in many preceding
ones, used, or abused it in a manner which would have
been disgraceful, which would, not have been tolerated in
any municipal corporation, highway board,' or parish
.vestry, even for a day. At late hours, in thin houses, often
consisting almost exclusively of ministers and their depen-
dants ; they voted away millions upon millions of the
public Money, without enquiry or the shedow of inveeti-
tion. • Yon cannot suppose that the strisgeline masses, front
whose hard earnings the taxes are wrung, will always bear
patiently with soon a system as this. It is true that yonr
predecessors apportioned particular sums to particular pion
po:es ; it is also true that many acts of parliament have been
passed •in -order to enure the safe custody and proper
appropriation of the public money, according to the inten-
tione of parliament ; but you have only to turn to the
astounding revelations contained in the evidence taken
before the "Select Committee on Public Moneys," which
sat in thtipell. ultimate ses,ion of the last parliament,
to ascertain the real value t f these precantioes. You sill I
there find that all the the-ley and c miner-check+ are
deliberately set at rtoeght ; that offeeisl personages, in- i
tended to he bound by them, h eve the hardihood to denounce
them as cumbrous, inconvenient, end impraetieab!e ; that
the Comptrc.ller-General-of the Exchequer; who is sup.
posed to see that every issue is rightly made, controls
nothing ; that the Paymaster-General, whose dutisa are
distinctly specified and who ought to pay everybody, pays
nobody, and dietalargs.s none of these di:tie-4; that the
Deputy-Paymaster-General, who is not so much as named
in any act i# parliament, and is'under no---responsibility,
excepting to his principal, pays everybody, and, in Short,
that the country is completely at the mercy, not merely of
the Lords of the Treasury, but also of subordinate depart-
meats and functionaries, all of whont seem' to 'deal pretty
much as they please with the pubic money. There is
evidently here a wide field for waste, 'extravagance;
inisaeprepriation of public funds to purposes never con-
template°, and alto for downright fetid and embezzle-
meet. If you wish for a striking sample of what
has been dove _in the way of ihtft, you will do well
to refer_ to the case of Mr. H. B. Swabey, late ttegistrar of
the High Court ofAdmiralty; which you will find recorded
in the-Parliamentary papers Nos. 351 and 518 of session
1854. The evidence of Lord Monteegle before the corn-
Mae° already alluded to, will show you-the futility of
existing coecks on she issue of public money, more par-
ticularly as regards that gross jetethe pinata:tie of hetiadi--
tary pensions • and the credit refit n. No. 215 of session
1850, will enlighten pet 'as to the 'chances of perfect
impunity attending its misapplication when issued. From
the latter document, you wit find that of 038 ancounte for
audt annually, 512 remaked unaudited at tlie date cf the
return, and that of these, twiny were three; five, six, Seven,
so ght, nine, eleven, and one twelve yeers in arrears'.
Knowing this, you can hardly fail to agree with us that
a system of audit which only discovers errors and defalca-
tions, where the errors are irremediable, and the ctilpritei
beyond the reach of retribution, can be of very little value,
even if it were perfect in itself; but if you examine again
public monies, you will
the report of the committee on