Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1861-07-09
tn. only attempt to break that rule was in the

one moment to that case, because it bears
some analogy to that Of the Russian.Dntch
loan: and because in the case OF the SileS'an
loan, eminent law officers Of The British crown
distinctly laid down the rule that public debts
ought to be paid during war. When they
laid down that rule, its observance was Tor
our uecuniary advantage. Nov its observance
would be for our pccuniary disadvantage;
therefore, we are now specially bound to al
here to q rule which we originally upheld Tor
our own benefit. I will state tho case OF the
Silesian loan in a very few words:
II was made in the year 1875, by English
merchants, to the Emperor Of Germany, on the
security Of the revenues Of the Du!chy OF
Silesia.
In 1912 Silesia was ceded to Prussia by the
treaty of Brcslau. One of the conditions OF
that cession was, that the King Of Prussia
should become responsible for the SIles!an
debt, and should undertake the payment oil It,
Ia 1852, in consequence OF the capture OF
prussian vessels by British cruiscrs-a capture
which n commission of Prnssian officers as
serted to be in violation of the law Of nations
the King Of Prussia made r~epriSals on the
S~ilcsian debt, and suspended the payment OF
it. ut the same timc he sent to the British
government the report. Of the Prusslan com,
mission rs q justification Of his conduct, based
upon the lay Of nations.
That report was referred to a commission
OF eminent English lawyers, OF WHOM Inc
Attorney General (Ryder} was one, and the
Solicitor General (Murray). afterwards l.ori
Mansfield, vas another. Their reply 10 the
prussian report is celebrated and was much
praised, both by Vattcl and Montesquisn. In
the opin;on OF Chancellor Kent, it showed
unanswerably that the King OF Prussia could
not lawfully seize the mortgagcd revenues or
debt BY way of r~eprisal, and that he was bound
by the law Of nations, and every principle o.!
Justice, to pay the British creditors
In that reply, the law officers nf the British
Crown stated: so scrupulouS!7 did England
and France adhere to public faith, that even
during the war'--the war which was terminal
ed by the peace Of AK n Chapellc-'they suf-
fercd no inquiry - he male whether any
part Of the public debt was due to the subjects
Of the enemy, though il is certain that many
English mad money in the French funds and
MANI French had money in ours In all
subsequent yars VIC adhered to this rule, and
paid our public debts, without inquiry, alike
to friends and foes. In the last European
vars i; is said thlt the Emperor Nlp"lson L..
had large SIMS of money in our funds, and
regularly received his dividends. If the present
Emperor of Russia holds any stock, he would
also receive his dividends, and would only DC
mulcted in the additional income tax as long
as he il az war with US. cannot discover
any difference in principle between paying the
Emperor Of Russia, or his subjects, dividends
on cur consolidated debt, and paving to the
Car the interest on our Russian Dutch debt.
Sir, the noble Lord, the member fer Mary
labonc, proposes to drpar; from our established
usage with regard to the payment Of car pub
lie debtS-to depar. frnra the modern rule Of
civilization and tn resOrl 10 thu ancient prac'
tice oil barbari;m.
Therefore I contend that We are Eow b. und
by treaties aud Acts Of Parliament, by the
rules Of international Law, und by honor, to
continue the payments in question, though we
are at war with Russia; Russia being actually
bound 10 her creditors, by a "siluilar engage.
ment, 10 continue her paj merits during war.
Therefore, if We were to cease to pay Russia:
Russia might plead our Reputation Of our
debt as an excuse for her reputation Of her
debt; and If sue were not do so, bnt to con-
time her payments in spite of our reputation,
what L sorry figure we should cut among the
nations Of the earth
,NI, NJ O. S'ShS-H 80 NH' '"' ~
any petty personal motive, nor for any miscra.
bic r"cuniary interest, but for high and noble
ohiIcts-to protect the weak, to humble tho
pride Of the strons-f1r the lasting benefit of
Europe, to prevent the dangerous aggrandise,
ment of Russia. at the expense CT the Ottoman
Empire. We are determined to prosecute this
war vigorously and fe%arIessly till we have &C.
compiisied our great and noble ends. Let us
,ot hy ,rrnnipr m this ,uatIDD evN0Sp 0ilr
selves to the suspicion that We wish TO make
z pretcyt Of ibis war - escape from the pay.
rrrnt Of !. i1s; t!-i', ,luc on the purchase Of
four rr"at e ,!rn;as. II which 80 rr!ain Indis.
pn,rd p"sS",Sinn. T. a>srfc'i that The pecu.
MARY hrrc!i1 to BE- sairri b. Reputation Of
this debt wnnil H. ,carig purchased by the
loss vi tbs reputation which Nc should acquire
By Il scruru;rrrS and punclii;"us hlflmeut Of
engagements, and hv the example Of good
faith which We should set to the nations Of the
world.
Tie argument Of the noble Lord is, Russia
has broken treaties, therefore We ought 10
break treaties; Russia has been 'aithless, there
fore VIC ought to be ~failllcss; Russia has done
wrong, therefore We ought to do wrong
Now, from the same premises, | arrive at con.
illusions diamctrically opposed to those OF the
noble Lord.
say, because Russia has disregarded
the stinu!ations Of treaties, we ought ever
to be punctillions in fulfilling our engage.
ments; hccluse Russia has set an example Of
bad faith To Enrope, we ought to set an exam
pie Of good faith to the world; because Russia
has been u wrong docr, We ought 10 be most
careful to DO right, so that we may have reason
sud justice completely on our side.
,borafora nell tho Hcusn m reject the mo-
ton of the noble Lord, n motion which would
better become the delegate Of some obscure
and bankrupt transatlantic constituency, than
the representative Of the intelligence-of n
portion Of TIC great metropolis Of this vast
commercial! empire"
Mr.. MAceARLANh-l beg leave to interrupt
the gentleman for the purpose Of stating that
for a century there is not e case reported in
which the English government suspended the
payment on the Eaglish debt.
Mr. GARSErr.-I have no doubt that that fact
is f,.!ly sustained by English history. In re.
card to the debate from which | have quoted,
will simply add that Lord Dudley Stuart
found but five votes in the British House OF
Commons to sustain his proposition.
Now sir, how DO you expect to carry on this
war? Hy IA endless issue Of paper money ?
According to the gentleman over the way there
is n limit to this, and 4 limit which we must
reach before very long. Push it too far and
your very currency will become so deprecated
at the same time that it raises the value Of
every thing t!'at it will eInpse into universal
bankruptcy.
No, sir; it is Il war to be conducted b. loans,
for which you must ,lepend upon the money
markets of the world. You must depend, MS
your revolutionary sires had to do before you,
without half your foundations for credit. Yet
it is proposed to 30 into The European market
asking q loan upon the strength OF dishonored
obligations, bad faith AID a Reputation Of that
international law which perhaps is not better
understood anywhere thar by the money lend.
ers Of the old world.
You propose TO save seven hundred thou
sand dollars q year, but you can do it, accord.
Ing to this measure. orlv by throwing a blot