The Sun.
London, England, 1846-01-24 00:00:00

IMPERIAL PARLIAMENT.

ROUSE OF COIWIVS, Friday, Jan. 23.
RAILWAY DEPOSITS.
Lord JOHN RUSStLL wished to know from the
Right Hon. Gentleman the Chancellor of the Exche-
quer, whether the amount of the deposits on Railway
Bills had yet been taken into consideration? Last year
the amount paid in was 3,000,000/., but this year it was
calculated that 9,000,000/. would be the sum ; and that
amount might cause a very great depression in the

money market.
The CHANCELLOR of the EXCHEQUER said he
felt exceedingly obliged to the Noble Lord for having
given him an opportunity of removing from the public
mind any doubt that might have existed as to the course
the Government intended to pursue on this sul.jPet.
The House was aware that by a resolution. of tb', stand_
orders of this House all parties enraged in railway
speculations were bound to pay 8 de'gosit equal to
three-fourths of tha whole exer2ens,_ of the undtr-

taking. And by an Act of Parliament passed in
a recent session, the parties, making the deposit had a
right to have the money invested by the Accountant-
General in any way they should think fit. About the
middle of November lest, an application bad been made
to him by very respectable parties in London, that a
definite answer should be given as to the course the
Government intended to pursue in reference to that
order; and it was then suggested that the resolution
should be so altered, that parties, instead of being com-
pelled to invest their deposits in Exchequer-bills or
Government Stock or India Bonds, should be allowed to
invest in bills of exchange. To the application so made
he gave an answer, which he had resolved upon after
due consideration, to the effect that he could not give an
assurance of any alteration in the standing order in
question. Under these circumstances, he did not feel
Justified in holding out any hope that any proposal for
an alteration of the standing order in question would be
held out, or that he would not resist any such proposal
if it should be made. He had every reason to believe
Abet the difficulties apprehended from the order as it
vow stood were not founded in fact, and that, therefore,
he would not be justified in acceding to an alteration
of the order.
Lord JOHN RUSSELL said he had not put the
question with a view to consider what might or might
not be the benefits to individuals, but with a view to
avoid inconvenience to those who might have misappre.
hendea the order.
Mr..MANGLES conceived that the Right Hole Gen-
tleman had ;mien a very one-sided view of the
question put by the Noble Lord. he Right
Honourable Gentleman the Chancellor uf the Ex-
chequer seemed to think that this que,etion had nothing
to do with any portion of the conelliunity, except those
who have been engaged irl railroad speculations.
And I must beg to inform him that the evil has
fallen much more heavily upon the general dealers than
upon those who were most intimately connected with
railways. It has happened within these few days that
circumstances heve come to my knowledge which evince
that great hardship has been endured by individuals
engaged is business. who have, through the want occa-
sioned by this unsettled question of the railway deposits,
been deprived of the accommodation which they have
'usually received from their bankers. Those who have
been accustomed to grant that accommodation well know
how heavily the pressure has weighed upon those with
whom they have to deal. Nor does the evil rest here,
for not only is there the deprivation of the means,
but the money deposited in the hands of bankers has
not only been locked up, but has commanded
such prices that those most in need of accommodation
are quite unable to obtain it ; and hence business has
grievously suffered. He spoke in the presence of many
gentlemen who were much better acquinted with matters
in the City than himself, but he believed that he was
perfectly right in saying that the mischief was far
greater to the general commercial community than to
the proprietors of railroad property.
Mr. MASTERMAN said, that as he had enjoyed
the honour of being the medium of commu-
nication between the parties referred to and
the Chancellor of the Exchequer, he felt
it necessary to state that when he went to the Govern-
ment to obtain some definite understanding respecting the
railway deposits, he did so from an impression that the
question of the mode in which they were to be received
most deeply affected the commercial interests. He must
acknowledge that his interview with the Chancellor of
the Exchequer was anything but satisfactory. The
answer he had received left the matter quite in as much
doubt as it was before, and it was of more importance, as
he knew that within the last 14 days this matter had oc-
casioned serious inconvenience to several gentlemen of
high repute in commercial circles.
Mr. S. CRAWFORD said that it wag necessary that
the matter should be settled, as it materially affected the
interests of the Irish tenantry.
Sir R PEEL—As there are measures of equal impor-
tance with the railway deposits shortly to be brought
under the consideration of OA House, I must beg leave
to say that I must defer giving an answer to the Noble
Lord's question till some days hence.
CORN-LAWS.

On the motion for bringing up the report on the
Address,
Mrt COLQUHOUN said that he should crave the
indulgence of the House for a few moments, not upon his
account, for he felt he had no claim upon them, but he
felt that he should express the sentiments of many
Hon. Members of that House. He begged to express his
opinion upon one of the questions raised last night, and
he referred to the question of agricultural protection.
He voted last year with the Honourable Member for
Wolverhampton, with the opinion that the preserva-
tion of a moderate protective duty. would be desirable
for the country. He was most anxious that the adjust-
ment of the question should be effected with a
view to the benefit of all classes of the country,
It was not his intention to enter at length into tae
questions which bad been introduced last night, either
by the Honourable Member for South Lancashire, or
the Right Honourable Baronet ; his fingers certainly
itched last night to be allowed to say a word—
(Laughter)—upon some of the subjects advanced by
the Noble Lord. He heard also with surprise one
statement of the Right Hon. Gentleman at the head of
her Majesty's Government, which he considered to be of
paramount importance—the subject of wages, and he had
often heard much better and more able arguments upon
the question. He only hoped that these distinguised
leaders would indoctrinate their disciples with some
better arguments. It may be right to repeal
the corn-laws, but do not - repeal them upon
false grounds. Do not repeal them on the maxim
that wages have no connexion with the price of provi-
sions. It was a doctrine which he did not find in any of
those standard political works which were so often
quoted by Honourable Members in that House.
He could not, he said, find them in any of
those works, down from Adam Smith to Senior. And
when the Hon. Member for South Lancashire stated
that the produce of the soil should be placed upon an
equal footing with other manufactures, and that it
was entitled to the same protection, he would
be able to show the Noble Lord that there was some diffe-
rence—a great difference, one of which any mind as
candid as his would not fail to admit the force and truth.
He had read that morning a speech of the Hon. Gentle-
man the Member for Stockport, who stated' at Man-
chester, that if the ports were to be opened now
it would be the best possible time, inasmuch as
this country could get scarcely any provisions from
abroad, because the whole world was contending for the
stock of corn at present for sale in America.—
(Hear, hear.) If, therefore, the Right Hon. Baronet's
anxiety, for the welfare of the population was to be re-
lieved by the opening cif the ports, he (Mr. Colquhoun)
would say, that he hoped his anxiety would be relieved
by some other mode, as he did not anticipate the
discussion they were to have next week on the subject
of the Corn-laws would have that effect. He rose on the
previous evening to advert to some remarks which fell
from the Right Honourable Baronet the First Minister,
but had been anticipated by the Honourable Member
for Shrewsbury.—(llear.) He did not wish, after' so
able and so eloquent a speech, to occupy the attention of
the House, but he felt it necessary to say something on
the subject of the appeal Made by the Right Hon. Bart.
and to acquaint him with the views he entertained con-
cerning the relation existing between a party and the
Minister. Sir R. Peel had evidently reconsidered his views
with respect to political economy during the last three
fuTitili (Hear.)
theer) He (Mr. Colquhoun) would, however, go
re-considerations, of the Right Hon.
Baronet, but not very far. The Right Hon. Baronet
had remarked that he did not wish to be bound by the
views he entertained in the year year 1842, but he could not
forget, and he (Mr. Col on remembered, when he
sat on the oppositebenches,°and acted with the Right
Hon. Baronet, that he then regarded regarded him as a very emi-
nent leader of a politic.,"
i:artty.—(Hear.) And here
he might be allowed to say, when Sir R. Peel talked
of the burdens and anxieties that attached to office, no
man could appreciate thOan services more than
te seals of
he did.
'When he witnessed a Minister assuming
office, so far from grudging the Noble Lord
when in office, all the power and honour appertaining to
to
the high position he occupied, he considered the honour
crushing
was by no means an adequate equivalent for the
anxiety, the toil, and the actual labour that official man
had to endure.—(Hear, hear.) And being on this side
of key, he must say that he heartily rejoiced in and
admired the conduct of those who, on that (the Oppo
sitlon aide of politica), acknowledged the industry
and the ability which had characterised the Right Hon.
Gentleman. On that point entirely agreed.
But he remembered when he (Mr. Colquhoun) sat on
the other side of the House, they followed the Right
Hon. Baronotbecause he professed certain end intelligible
principles. And what were those principles? The
Right Hon. Baronet professed a strong attachment to
the Church—(Loud cries of " Hear, hear ")—a strong
regard_ for edpication in connexion with the Church.—
=tar' 446'14 He professed a strong attachment for
al aristocracy
on which he now seemed to place such -
little v h )
attachment to theHe professed a very strong
Crown,ear.-and he did not then say that
it VISS a very di/Benit matter to satisfy an ancient mo-
narchy,(Hear, hear.) It appea
ts3er:/ and
tha a reforming public,—
had now, however, abandonetdthel Right Hen. Baronet
which he held in common with& almost every principle
same side of the House with him. HeGee who sat on the
was himself most anxious for (Mn. Colquboun)
a settlement of
the
ques-
tion of the corn-laws on moderate terms. It „o„
well had they left this question to thndeeisicrat wo4d thebe
country, the proper tribunal—(Hear, hear.) Now it
wit not for him (Mr. Colquhoun) to say,whet pledges