The Sun.
London, England, 1854-10-24 00:00:00

men, it is my firm conviction that you have within the
bowels of the earth an inexhaustible fund of wealth, and
that on this you are fairly entitled to borrow money. ,
There aro; no doubt; some here, and still more out of
doors, 'Who will object to such a. scheme on the ground
that we have ne right to throw our burdens on poste-
rity. It certainly is not right to hand down to pos-
terity debts incurred by war or a reckless expenditure
for political purposes ; but I maintain that it is quite fair
for posterity to pay a portion cf a debt incurred in a great
measure for their benefit. I hold it to be wise and just, in
the present circumstances of Victoria, to borrow money
for the construction of great national works ; the in-
terest and capital can be gradually defrayed as the po-
pulation and general revenue increase, until at length
the entire extinction of the debt is thus brought about
within a given time. Let us look at the examples of
some other states. There is Belgium—a state not so
much thought about as it deserves--a small state, but a
very prosperous one. Belgium follows the principle of
borrowing money to construct her public works ; and
in no state will you find stocks stand higher or see
signs of greater prosperity than in Belgium. Look at
the United States, too—particularly at the states of
Pennsylvania, Ohio, and others, which have followed
the same principle. I say nothing about repudiation
here ; but I say that these states have gone on the plan
of borrowing money to expend on works that will bene-
fit the present generation as well as their posterity—
and on that plan they are thriving wonderfully well.
I think the time has come when the attention of the
colony should be strongly drawn to the great benefits
which have resulted in other countries from the mode of
constructing great national works which I have just
brought to your notice. (Hear, hear.) I come now
to another point, on which a good deal of interest
is naturally felt at present ; I allude to the defences
of the colony. Our present forces are certainly small,
and would perhaps be unable to cope with a hostile
fleet, should such visit our shores. But it appears to me
that there is not much occasion for anticipating the ap-
proach of an enemy to our shores. Russia is too much
occupied at home, and too well watched everywhere to
render it probable that she will de any damage here. At
the same time it is quite as well that we should be on
our guard. It is under these impressions that I ar-
ranged with the Secretary of State, before leaving Eng-
land, to despatch to this country some heavy ordnance ;
and, accordingly, sixteen 32-pounders may shortly be ex-
pected. The officer of the Royal Engineers sent out for
that purpose has reported that it is impossible to fortify
this port so as to prevent the entrance of the enemy's
ships ; and in this opinion I quite agree with him. But
the colony possesses a fleet of good and fast steamers,
and should occasion arise, and these steamers be placed
at the disposal of Government (of course with compensa-
tion), I am confident that such a fleet, each vessel armed
with ainsyy 32-pounder, would present an array of
force thiPwould astonish an enemy, and would ren-
der us entirely independent of Imperial aid. (Loud
cheers) There is another subject to which I wish
to call yofir attention. When I was speaking of
loans, I ought also to have alluded to contracts. If
great public works are to be executed here, the contracts
for them should not be confined to this colony ; on the
recognised principles of free trade we should threw open
the market to Australia, and invite competition for our
money from all the neighbouring colonies. If any large
building—as a custom-house, for instance—is to be
erected, my view is that it will be erected better and
cheaper by giving all publicity to the terms of the con-
tract for it, and by throwing the competition for such
contract open to all Australia. It is with impressions
such as these that Government has written to the editors
of newspapers in the different colonies, asking them the
terms on which they will insert necessary notices. A
charge, a slight charge, has been made that there is a
cessation of operations in some public works—that some
tendency has been shown to check the progress of public
works. Gentlemen, I denounce that charge as nothing
more than, to use a very plain but expressive English
word, twaddle.' The case stands thus :—I ask any
man present, if he were going into partnership in a busi-
ness concern, would not his first step be to look at the
books ? (Leughter and cheers.) This is what I do.
The cases are parallel. I • have become the principal
partner in the great colonial concern, and before I unuer-
take the thorough management of it, have a look at
the hooks. (Cheers and laughter.) When that is done.
and I have mastered the financial state of the colony, I
shall take the part that it becomes me to take. I shad
aid the legislature in every scheme for the public good,
and I shall exert myself iu every way and to the utmost
exteat of my power to promote the general good of the
colony. (Cheers.) In a country with conflicting in-
terests like this the administration of affairs is a difficult
task. (Cheers.) My endeavours shall be to act honestly
for the good cf the people. (Cheers.) I wear blue and
silver to-day, but I may shortly go back to blue and
gold. But I have, under all circumstances, been ac-
customed to do my duty, and be the term of my adminis-
tration here long or short, I trust, at whatever time I
retire from it, you will be able to say of me as was said
of the preux chevalier of old, He lived amongst us sans
pear et sans reproch.e.'" Sir Charles resumed his seat
amid loud and long-continued applause.
Tne Melbourne Morning _Herald says,--
"An investigation of a most important character has
been decided upon by the Lieutenant-Governor. His ex-
cellency has appointed a board, consisting of three gen-
tlemen,-to review thoroughly, and report upon, the whole
financial condition of the colony. The board is to com-
prise Mr. Hart, the principal member here of the firm of
Wright, Brothers, and Mr. Macarthur, of the Bank of
Australasia ; but by a singular fatality, the Governor
has, it is reported, fixed upon the auditor general, Mr.
Grimes, as the third member. In the two first that
we have named will be recognised gentlemen as
thoroughly fitted in every respect for their important
task as any that the colony could supply ; and as this
laborious duty is strictly honorary, it is difficult to esti-
-Mate the obligation that they will thereby lay the colo-
nists under. Of the third gentleman, if it be really true
that the Governor has made so serious a mistake, we
have no wish to say anythingdisrespectful, and we that e-
fore say nothing at all. The board is to meet imme-
diately, and to work steadily at their duties till they
have thoroughly mastered the subject, and, considering
the vast importance of the undertaking, and the elabo-
rate nature of the inquiry, we trust that every good co-
lonist who can furnish information, or in any way facili-
tate their views, will emulate their own patriotic exer-
tions, and strain every nerve to assist them, and render
their task as light and as effective as possible.
" We have received a prospectus of anew colonialbank,
to be called the Melbourne and Geelong Banking Com-
pany, to be incorporated by an act of the Legislative
Council, limiting the liability of shareholders. The great
advantages and inducements which the bank holds out
to the public will be a great benefit, and pay its share-
holders well :—the allowance of interest on current ac-
counts, 1 per cent. ; allowance on deposit receipts, 2 per
cent. for three months ; allowance on deposit receipts,
3 per cent. for six months ; and the transmission of
small sums of money to Great Britain and Ireland at
low rate of charge. One main feature in this bank is,
that daily discounts may be submitted. This project
will shortly come out before the public in a matured
shape. Influential parties here have signified their in-
tention of joining the committee, and some thonsands of
shares have been already subscribed for in Melbourne.
" Tax DIGGINGS --The rush to Sandy Creek still con-
tinues. Accounts from all hands are favourable, and
we have every reason t 5 believe that the place is going
to turn out well. I regret that a multiplicity of engage-
ments has prevented me from paying my content-
templated visit ; I hope, however, to be able to
give you all particulars in my next letter. A new
lead has been struck at the Nine Mile Cteek ; the gold
differs slightly from the general yield, being rather
coarser, and more easily separated from the sand. On
Spring Creek there are very few at work, but those few
are doing well ; and On'ileiel's Creek, both business and
mining continue pretty much the same.
" M. Gustave Beck has been appointed vice-consul
for Belgium at Melbourne."

In the Gazette of , the 11th August, his Excel-
lency, in announcing the resignation of Sir John
Lewis Padder, observes, that, "though certain
that throughout the colony there will bs but one
feeling of regret that the country has thus been de-
prived of the services of one of its oldest and most
respected servants, yet desires to place on record
the high estimation entertained by the Government
of his honour's long and faithful services, and of
the upright and able manner in which he has dis-
charged the duty of Chief Justice during the long
and almost unprecedented period of thirty years."
The same number of the Gazette notifies the
appointment of Mr. Fleming as Chief Justice,
and of Mr. Smith as Attorney-General. A re-
markable circumstance connected with these no-
tices is the entire absence of Mr. Macdowell's
name. It has oozed out, though we cannot say-
with what correctness, from the mystery which
seems to cover the transaction, that this gentleman
is merely to perform the functions, without the
honours of the office of Solicitor-General, until a
more favoured person is forthcoming from one of
the adjoining colonies.