The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-11-12

degree, this is doubtless true Tor that absorption
mated to amount to the enormous sum of one milliO
sterling per week In view of this fact the Examine
comes forward with this startling measure Of mitigation
"We think that the Chancellor OF The Exchequer shou
direct to be made by every railroad in the king
dom of its actual and prospective investment; the latte
should be divided into the prospective investments Pc
week for the next year; each should state the time
which it proposes to complete its works When tab
shall have been formed showing what the engagement
of the companies the Frankensein public will be for IN
irst time enabled to look this monster fairly i'm the face
The legislature may then interfere and say, so many mi
ions shall be invested annually in railroads. and NOR
that amount shall be duly apportioned out among all Ii
railroads, and each shall only obtain its allotted amount
calls its shareholders, and not by loans Ii will be e
claimed You can't rfere with rights you have created
unless you make compensation We answer, the egiasy
did consider the rights it conveyed to railroad
panes rights and privileges only, but also obgaoa
and duties for which they the trustees and the public
the cesfuf que trust"
Here is suggestion well worthy of the attention ii
those statesmen in any country who hold that IT is the.
business of government TO be continually interfering al
the affairs of the workshop and the exchange, 10 reg
ulae" the currency of the country and control its ex
panson or contraction-and. in word, with view d
''potecton" TO make laws in favor OF branch OF n
dustry and against another Here is Liberal journal
in England coming forward to say that it is the duty of
the national Legislature to undertake to fix the amount
which individuals shall take out of their own capital
and invest in railways! In assuming this position
the Examiner, of course plants itself on the ground
that the Government in England has already in.
terfered so much that nothing will now serve the pm
pose but additional interference. Nor is this utaism
of the Examiner altogether without pausibly and pail
liaon in view of the fact that the British Parliament m
Il Acx, o1y,
to regulate very strictly the discretion OF the directors
of the Bank of Engandthe great centre OF course of
the credit OF the countyin fixing the amount of their
discounts In fact the monstrous proposition OF the Elk
aminer is only the theory of government interference
pushed to its extreme logical consequences. The
only wonder is, upon what principle the Examined
would limit the government prohibition of invest
ments to railways alone. Why should not t|
prohibition extend to other expenditures common
among the weather. classes Of England cit would
have grand effect" says the Chronicle. in refer
to the Examiners proposition, to hear ChancelM
of the Exchequer say to the classes in question: so
much, my lords and gentlemen, shall be invested an
nually in horses and hounds, much in carriages and
footnen, SO much in in-money, and so much in Paris
Switzerland, and the Rhine; your country afford no
lotted amount by CALLS and not by loans"
Such are the fruits Of the artificial system OF English
legislation in respect to the industry the commerce. and
the finances of that country great commercial crisis
comes on Everybody looks to the government, and to tn.
government alone, for aid The very mildes suggestion
is that the act of Parliament regulating the bank should
be set aside and overridden by an Order in Council.
second proposition is that the government should 60
self directly into the banking business, and Discount
mercantile paper, with good collateral security, to-
the extent OF five millions sterling, in the shape
of an issue of exchequer bills. third PROPOSE.
ton goes yet further and urges the government to fix
sum beyond which railway subscriptions must not
extend. And before all these propositions, Lord John
Russell quietly answers, in behalf Of the Cabinet that
the government nothing to be done, and proposes
do nothing
The party among ourselves which has so long upheld
the theory of government protection and OF government
regulation may proftaby ponder on such facts as these
AT all events, they belong to class of facts which will
not fail to make their due and deep impression the
minds of our people.