The Sun.
London, England, 1852-02-18 00:00:00

With resptet to the ceeemplated Bill, if it was to give
permanent satisfaction, it mutt apply a remedy to the
great evil of want of security f the deposits. Let the
Government have the entire responsibility, and appoint the
officers of the banks. He would not, however, have them
dispense with the local trustees. Wherever u, batik was
established, he would have the clergy', the gentry, and the
merchants of high character in the locality asked to give
their voluntary attendance to the suptrinterdence of the
affairs of the link—they should not he responsible, but
the officers who received the money across the counter
should ha held responsible, and should give adeqiiate
security, and a sufficient number of inspectors Mould be
appointed, who should transmit reports to London by
every Post as to the proceedings of the bank. The dif-
ference between 2/. 15s. per cent which the depositors
were willing to accept, and 34- per cent., which• the
Right Hon. Gentleman received on the 30,000 0001. de-
posited in the Bank, would give a margin of 10s. per
cent., which would defray all the expenses of this addi-
tional machinery. If the Hon. Gentleman who intro-
duced the motion interpreted the promise of the Chan-
cellor of the Exchequer in the same way as he did, ho
would urge him to rest contented with that promise, and
Withdraw the motion.
Ur. P. SCROPE thought that nothing was more itn-
Portant than putting the savings banks upon a see
foundation, and he trusted the Right Hon. Gentleman
Would really fulfil that undertaking.
Ur. S. CRAWFORD said that his constituents had
coffered greatly from the non-security of savings !emits,
and the Government were much to blame for not having,
in the four years just past, provided some measure of
security. The working classes telt that their interests
had been neglected in the matter. He thought there
could be no real security while there was a divided re-
cnonsibility. The Government should either take the
'We responsibility upon themselves, or make the trus-
tees legally responsible. He would support the motion
Of the. Hon. Gentleman.
Sir H. WILLOUGHBY thought it most desirable
that there should be a real, legal, and substantial re-
aponsibility established, and not a nominal one.
Mr. GRA ['TAN placed very little confidence in the
Hon. Member's (Mr. Herbert's) statements, unless he
brought in a Bill on the subject.
Mr. DISRAELI said his Hon. Friend had brought
forward his resolution less with a view to local objects,
than in reference to the whole system of savings banks
in the kingdom. The importance of the subject could
not therefore be exaggerated, especially when it was re-
collected how very much the condition of the working
classes was influenced by such institutions. At the same
time, however, though he held his Hon. Friend perfectly
Justified in bringing forward the motion under discus-
sion, after the frank statement of her Majesty's Govern-
3Perit that there should be legislation on the subject, and
ITilsa the tone of the Right Hon. Gentleman, he (Mr.
Disraeli) gathered early legislation—he trusted his Hon.
Fr lend would not, under the circumstances, press the
House to a division.
Mr• HERBERT would not, under the circumstances,
divide the House.
The resolution ens accordingly withdrawn.
INVESTMENTS AND INDUSTRY OF THE
HUMBLER CLASSES.
Mr. BLANEY then moved for a Standing Commit-
tee, or unpaid Commission, to consider, suggest, and
report from time to time, measures to remove legal
d other obstacles which impede the investments and
• industry of the humbler classes. The direction of
ninvestment and labour of the people was of the
tiTt eentequenee. In remote antiquity both were
to-eated to useless monuments—in the middle ages
t fortresses and feudal palaces; in modern times to pie-
ellre-galleries and public gardens. At a later period a
cl tete, light broke in on the world, when the middle
tesea invested their savings in a manner useful to
ntuselve and beneficial to their country. At the pre-
ttime it was more than ever necessary to remove all
uestacles to the investment of labour. Ia the last cen-
tury the Duke of Bridgewater devoted his large fortune
141,,c1: his great abilities to the construction of canals.
ele"ta "vas almost the first investment in which the middle
t:aces were permitted to join. After this and in the
elent day came railways, in which 300 millions were
Bounce was now saturated with capital, it became neces-
f-Y to relieve every other source that was open for the
purpose. During the war there was the public
Ala, which for twenty years absorbed millions of capital
;;:doh might as well be entirely lost or sunk as it were
ee!th.3,sea, and which was not for a moment to be com-
vtet-7 In point of benefit to the country or to the in-
- ,--Stmg classes with railways and with canals. At this
75°Ment there was an accruing capital in the country of
t bunions a year, and it therefore behoved Parliament
t,ttt liberate all useful and advantageous sources of invest-
ell! by affording every possible facility to the invest-
or", of labour. At present there were three portions
me the law which stood opposed to such invest-
s )".3,.,•, The reports of the Committees which he (Mr.
ate.;l34ll4owbtained specified those difficulties. The part-
was the main difficulty, inasmuch as each
teifs°4 ander its provisions was liable to the loss of his
°'e property in case of failure. Then in the event of
set dispute occurring among the shareholders or part-
*)ana?, there was no chance of a decision being obtained
'l3". they went into the Court of Chancery. This
,Nctinted, in fact, to a denial ofjustice. The rule of the
Zetkurt of Chancery, besides, was that redress could only
Atobtained through the dissolution of the partnership.
was bad enough, therefore, for the rich, but it was
inarce for the poor. The law as it stood prevented the
jectment of large masses of capital in useful enter-
e;;;lB4)B, and deterred intelligent men from seeking to pro.
hate the public benefit in connexion with their own ad-
Latiletage• A commission was appointed in 1837 to in-
e....t. the subject of unlimited partnership; and the
1117 t Lord Ashburton gave very striking evidence against
tri • law- The partnerships of almost all other coun-
ea, were founded on limited liabilite : France,
st°"4lld, America, enjoyed such a law; England
hicirl alone in retaining the law of unlimited lia-
NrtY• Some years since her Majesty was ern-
wirtered to grant charters of limited liability by
ra in Council; but these charters were so clogged
te conditions and so hardened with heavy fees that
Tte,iY became, in point offset, impracticable of obtainment.
ieda.difficulty was severely telt by several benevolent
hotill'lduals who sought to establish common lodging-
then and other useful institutions for the poor. The
the;er for lodging-houses cost no less than 1,2001.
heetiraes the cost of an Act of Parliament; but if
tie,,a‘' not been obtained, the whole fortune of the par-
elieweal-d be liable. The Committee, of which he (Mr.
a retP) was chairman, had accordingly recommended
Teeth lieu in the cost of obtaining these charters, and
tteoiher facilities in their acquirement. There was
artiest advantageous object which might be effectually
kiddie out if there were adequate powers, by the
haw and poorer classes, such as roads, bridges, and
Dreseetr°, water-works, and other local matters. At
04. a, there were at least fifty acts to that effect, but he
got lanes) saw no reason why one general Act should
acile-i-ePacced to comprehend all these Acts, as was the
ettletaie-eet"Pect to agricultural improvements, enclosing
elttetitittt!, &e. The third head to which he called the
-"c haft' of the House was the desire that existed among
thoitettltctrious classes to form co-operative societies
had censselves for their own advantage and benefit.
at Lee: received information as to the " people's mill
top., _ which he was informed was in a most satisfac-
tairecrhdition. The poorer classes should he encou-
aeciee bY affording them every facility to form these
Pleee4aa• But as the law stood, they were one and all
ltd der the unlimited liability law of partnership,
clitetiegr Court of Chancery in prospect. The conse-
*eta - was, that no rich man could assist them if he
Wee.l. ao disposed, without incurring the same risk as
liehile, illeurred by the company. All they wanted was
ea,, limited to the amount of capital subscribed by
tevEtutitelut:iividual, and a cheap tribunal to settle their.
piers• At present a dishonest contributor could
of Partnership in bar to a downright robbery
he itay such society or and there was
ritmedy as a Company, )
kilteo for, therefore
him. What he (Mr. htlaney
tt°Oramisaion to teguriarte Yas—first, a committee or a
into and suggest amendments in
e`ati law; secondly; a law of limited liability, combined
"Ith.a, reduction ot the present cost of obtaining charters
et
fk, incorporation in the case of Finch Partnership; and
permission to parties pea„e •
ettl cum they might choose for notclitleg capital to lend
than twelve
kriths, upon the hypothecation of a portsiso
a` it
Lies undertaking in aid of which it
lent, teh, ph
re
?I r-
their own
treetaerag proportionable to all others,
-61tre on the part of large masses of as a
Peeple to
affeieatirati
Lission to use. their own money le
teent ut stuclat the restrictions that clogged its em to
ye
to tile Buiesent. In proportion as facilities were given
aeeurebler classes to this effeet, so much the more
Diet tftwa°alslat this country be rendered. In America, he
-11 q) had been informed there was no dread
that title* pet tinictiori of the gaslights in street riots, as most
ato r'e were shareholders in the gaawerks. In
11 Id; 141
.° ,of Bilaton it was the SUlC—working men
relit Trge proportion of the gas shares, which were
iosv as 5/. by Act of Parliament for the peee-
°Dee, taencouraging them to become shareholders. He
etnerefore, the House would agree to his m _
Irthel p. 44ABOUCHERE was not disposed to undervalue
•ce, Qt;',"
of the proposition, or to refuse the Hon.
:ate,: a great tribute of respect. He quite agreed
emthveiCrY obstacle that could be removed should be re•
illoti
tom the way of the investments of the savings
oiling-classes; but he also thought that they
Apace ttriUther be advised to lay these savings by than to
tteatie e,e°3 where they might be tempted by large
tIY kite Though he agreed with the principle laid down
tatt otlr• Friend very much, he doubted the sound-
belieVeti, e% 49a. Friend's conclusions on this point. Ho
wehti the contrary, that a just system of savings'
474014:1ca would be proposed in the course of the
Nee' -3tlld be the best source of investment for the
tees of
itti the vvorking-olasses. At the aim© time he
(if 0 • •
',eat, PuzaoU that there should be no restriction to the
tee tttertt of
te,t the ref such savings, and that they ought to be
t forte °jet trt apply it for their advantage in what-
peakeiti they pleased. He could not agree with the
tWet4taitt(e): of Ilia Hon. Friend for a Commission or
- h‘ to investigate and suggest alterations. It was
tentlou of the Government to consider the
ih lopte' aneation„ But he bad an opinion, mi-
ll; the the great changes that had taken place
teats_t the commercial relations of the world,
de s'" Well 1711010 question of partnership ought
b,..Drode,,and carefully investigated. Whether it would
ntaall ,10 adopt the principle of limited liability
tee teh et ne owned that his opinion was averse to any
t'eretteqee'lo4e4t? _in what had hitherto been the law and
t14,1.° were tAels ccdlotrY• His Hon. Friend had stated
lateaateteee ree great obstacles to the investments of
eteolerehier. ulas!fs. The first was the ureeent law of
toetitaretiev With respect to working associations and
k\ et had 0 SOCiktitS he had h t of
;teel:,tacelsitly taken place. He
been unc servan
He knew there was a
:1%1 it tbeeie")''''''itt Vitae societies. He should he
Walk. vy're an impedirael, in the wa aof the,®tgetoclaysesy with resp
.165 ta
toit tothrown
the great eaten -
tions; but, at the same time, he