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326 THE Ii ' . B APEB. [No. 419, April 3...
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that are passed under review have alread...
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A QUOTATION. {Dedicated to Mr. Bodkin,.)...
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The Recent Architectural Competitions. —...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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The Island Of Perim. Lord Palmerston Has...
the fci «» iri i easg" * ' ^ to on Tnwm deep water channel of the Bed Sea * to complete the chain , of naval ports between this country and India , to secure the safety of Aden , And to anticipate the possibility of M . de Lessep ' s mighty ditch being excavated in future years between the east and west . Perim is held by the British Government under a title not hitherto questioned by the Ottoman Porte , and it is so valuable that French politicians are doing their utmost to make it the Basis of a European question . It converts the great inlet from the ocean , they argue , into a sort of Dardanelles , liable to oe closed at
the good pleasure of England , and we are not incliaed to deny that the island of Perim is a vital point in our line , of communication with India and the China ports . The opposition comes from Paris , not from Constantinople , although French semiofficial journalists endeavour to excite Turkish alarms and Russian jealousies by pleading the integrity of the Ottoman . Empire . Public opinion , we are convinced , ¦ will support any minister who holds firmly to this important station , notwith standing the demand of , the JPafrie that the occupation of Perim should be treated as among the most serious of existing political questions-
326 The Ii ' . B Apeb. [No. 419, April 3...
326 THE Ii ' . B APEB . [ No . 419 , April 3 , 1858 .
That Are Passed Under Review Have Alread...
that are passed under review have already been discussed in our own columns . The most difficult part of the question it leaves scarcely touched—we mean the relaxing power in cases of difficulty , such , as 1847 and 1857 . In both instances the interference of the Executive was absolutely necessary , and was subsequently deliberately approved and confirmed by the Legislature . The lords' Committee reported in favour of a discretionary relaxing power , to be used only during the existence of a
QUARTERLIES ON THE CURRENCY . Tee readers of Quarterly literature have enjoyed an . ample opportunity of looking on both sides of the Currency question . J ? our ot the Reviews have had papers on the subject , all deserving of careful perusal , and all affording matter for mature reflection . The Edinburgh * is bullionist to the backbone . It defends the Act of 1844 in every particular , * and advocates its being pushed to its legitimate developments . Its text is Lord Overstone , and to that text it most scrupulously adheres . There is very little that is new in the paper ; most of the subjects
favourable exchange ; the Commons were entirely opposed to this opinion . The reviewer would have gratified its readers immensely had he thrown any light on this part of the subject , but , like commentators in general , he leaves in darkness the points that especially require light . Prom the connexion that subsisted between the late Chancellor of the Exchequer and this Review , it might have been supposed that some glimmering of His views and notions would appear in its pages . _ But he must be a sagacious reader indeed who is able to Sene trate the deep darkness that veils all reference a the future .
The writer is in favour of some further legislation in the matter of joint-stock banking—but beyond the suggestion that these establishments should publish a weekly statement of deposits , securities , and reserves , he gives no bint of what we might have expected from Lord Palmerston ' s government . He attributes a large share in the late disaster to over-banking , and would have Parliament take steps ( but he does not suggest any ) to correct it ; yet , in extolling the Act of 1844 , a , few pages on , lie claims as a merit that it has secured the unquestioned stability of the whole of the metropolitan banks , Following the lead of Sir Cornewall Lewis , he
points out tho dangers of the deposit system , how it leads to insufficient reserves , and to investments by the banks in inferior securities . He advocates legislative interference on this point ; but how Government can prevent a bank borrowing money of the public on suoh terms as the publio are willing to lend , it is difuou . lt to understand . It would be fat more prudent to leave this matter to bo acted upon bv public oninon ; to expose tho dangers of the system as it has hitherto existed , ana thcfiTto trust to the mutual action and reaotion of bankers
and their clients . In point of stylo , tho Edinburgh is dry , hard , and often inelegant . What is still worse , m the discussion of an abstract and difficult question like tho Currency , it is frequently obscure . All this ia tho very reverse of the compositions of the great leader of this school , Lord Qvoratonc , who ? January , 1868 .
never fails to make himself clearly understood . On the important question of limited liability to banking companies we are not favoured with any information or opinion . The style of the writer in the Westminster is elegant and polished , and his arguments , even when far-fetched , are clear and intelligible . His opposition to our Banking Act is , if possible , more intense than the admiration of the Edinburgh Reviewer ; and he has taken infinite pains to demolish what he calls ' the currency principle . ' He maintains that Government has nothing to do with monev and banking beyond administering
justice , and he particularly refers to the punishment of those who fail to complete their contracts —whether in the form of bills of exchange , cheques , bank-notes , or otherwise . Of course the Government that is to administer justice in banking matters must do so according to law , and , further , the Legislature must frame laws for this object ; it must of necessity create certain regulations by which banking institutions must be governed , and then the State must enforce such laws as the wisdom of Parliament may devise . And this is precisel y what has been done . It is the prerogative of the State to issue money , whether it be in coin or paper ; and , abstractedly , Sir Robert Peel was UUVCliiUlCUlf Illfirfc km uvjhaih
111 IclVVJUJT UI bliC iiiq u-u-n ^ - ment of its own ; but he found the difficulties too great—he therefore adopted ( we think most wisely ) the machinery already in existence , and intended so to frame his Act as to make the Bank of England ultimately the sole bank of issue . To carry out this idea he took means to ensure the convertibility of the bank-note ; he adopted the only method that has yet been discovered for the attainment of that object ; and made the issues to vary precisely as the precious metals vary . And in this he has perfectly succeeded ; notwithstanding the Irish famine , the Russian , Persian , Chinese , and Indian wars—notwithstanding the suspension of cash
payments in the United States , and the consequent failures of remittances from that quarter—the convertibility of the bank-note was so amply secured , that uo one , in the very darkest days of ffiar and distrust , doubted it even for . one moment . In exchange for this practical and intelligible rule , the Westminster tells us that if the State did not interfere , ' the proportion of coin to paper would depend upon the average conscientiousness of the people . ' The writer is so evidently in earnest that it cannot for an instant be supposed that he is joking ; but his readers must smile when thev think of the floods of paper with which the
' conscientiousness' of Sir John Paul , Sadleir , and Dr . Stephens would have watered the fields of commerce . If this ' average conscientiousness ' drives away all our precious metals ( the only worldwide currency ) , it is not only not an evil , 'it is a good ;* and more than this , so consistent is the writer in his opposition to established principles , that he asserts this expansion of paper should go on in times of impoverishment or commercial difficulty ; that , in fact , ' it is highly salutary . ' Having issued more promises than they can fulfil , the debtors are to go on promising until , in the elegant and precise language of Mr . Micawber , ' something turns up . True it is that these self regulating processes will act imperfectly ; the writer tells us stupid people will suffer ; but Government , wo aro told , is its if it makes regulations
going beyond province for the protection ot the ignorant and confiding . However , those who are not stupid are to liave the privilege of inspecting the books of a banking company bofore they deposit their money . We repeat , we believe the writer to be serious ; but can we for one moment imogino a man with 1000 / . to spare , examining the accounts of the London and Westminster Bank , with its six brandies , with its millions of deposits , and its diverse investments , before lie decides to place his money there ? Do we not all know that it would take a practised accountant weeks and weeks to arrive at a definite conclusion upon an affair of such magnitude and importance ? The truth is , that the Westminster Reviewer ia a most able writer , wel l read in the literature of the ^& tv - - - - — ¦ ^ h » A 1 % .. * J n * -a ka »«* w _ aa * ww v * w * M n ' tin ^ vr « All 1 A ^ fc ^ V ^^ f 1 WlVl ATI ^\ H
uuiiuiiuy , out aupiomcij uupitwtiuui . n . uuuuun « wu »< of this remark is scarcely required aftor what we have already quoted ; but there is another imaginary statement too good to bo omitted : — A trader applying to his banker in times of groat commercial difficulty , will often bo mot by thia reply : — " I cannot make you any direct advances , having already loaned as niuoli nn I can spare ; but knowing you to bo aeafcTman , I will lend you my name There is my acceptance for tho sum you require ; they will discount it for you in London . "
It is not necessary to assure our readers th * such bills would find no favour in Lombard-street and that the very fact of their existence bein » known would be sufficient to cause a run on tli bankers that issued them . The long-dated accent ances of Strahan , Paul , and Co . were refused & count some time before that house stopped pav ment ; the experienced money-dealer shook Ms head when he saw them ; he needed no other warning that the end of that house was approachine * When bankers take to ' lending their name , ' the depositor ceases to lend them his monev .
We must not omit to add that the same number * contains an excellent article on ' the Crisis and its Causes , ' in which , strangely enough , the miserable effects of banking uncontrolled by law , as exhibited in the United States , are ably exposed . The leading American statesmen desire some far more stringent guarantee for bank issues than the c average conscientiousness * of a few sharp down-easters of questionable morality , who , we are told , are presidents , directors , tellers , and cashiers of the monetary establishments in the one only country where there are no ' State tamperings with , mane ? and banks . '
A Quotation. {Dedicated To Mr. Bodkin,.)...
A QUOTATION . { Dedicated to Mr . Bodkin ,. ) And blessed be the band that dares to wield The regicidal steel that shall redeem A nation ' s suffering with a tyrant ' s blood . Benjamin Disbaeli the Youngeb
The Recent Architectural Competitions. —...
The Recent Architectural Competitions . —A deputation from , toe Royal Institution of British Archi * tects waited on Monday upon Lord John Manners and General Peel , at the office of the Board of Works , Whitehall-place , in order to urge upon them a memorial which . had heen adopted with reference to the late competitions for model barracks and public offices . The chief complaint is that the Treasury has thrown over the priaciple of competition , and has determined to revert to the old plan of entrusting the work to an official architect . Lord John Manners said the Government had littlepower to undertake great works of art ; and General Feel said that , with respect to the trifling sum which was about to be spent at Nottingham , ho saw no reason why the prizemen , if they could adapt their plans to the circumstances of the case , should not superintend its
outlay , if they thought fit to undertake so small an affair . —This proposal was apparently considered to bd satisfactory . The Prospects of Reform . —The report of the dedeputation recently appointed by tho Reformers' Union of Birmingham to confer with the leading Reformer of the House of Commons has been published . It is here stated : — "In conformity with your resolution of the 6 th of March , which appointed a deputation to proceed to London for the purpose of promoting the introduction of a Reform BUI into the House of Commons during ths present session , and also to confer with our own and other liberal members on the practicability of a demonstration in Birmingham , wo have to report that tho result of our communications with Messrs . ScnolefleM , Bright , Beale , P . Crossley , Caird , and others , forbids v $
having any hope of the introduction of a &>™™ measure of Reform this year . " Thia opinion is based on three facts—the disjointed state of the Liberal party in the House ; the want of a leader among the advances section of members ; and the circumstance tnat a jmform Bill must bo the work of tho Government of W day , which is not to be expected of the Derby Cabinet this session , if at all . Mr . Bright is alluded to as W » coming man ' among tho Liberals ; and it » s . f < ja P u ; ll . " Your deputation have found that thero exists in tw House of Commons generally , and more especially amoc ^ the more advanced Liberals , the strongest desire to prevent tho return of Palmerston to power . ' — A & o ra » y £ of Salford convened a large meeting «» . *? "" JQ which took place on Wednesday evening in Jo iomi Hall under his presidency . Resolutions in favour « Reform were unanimously passed , and a petition io > . m
liament was adopted . cmrnr-Bta-FmES .-Tha South-Western Railway ¦ Pf "g " JJt tion at Salisbury was totally destroyed byliro i Saturday ; and tho goods-station nearly Bbarea » same fate . No great amount of property was lost . * largo warehouse belonging to tho East Lanoash wj ^ way Company at Brooksbottom , about throe ml cir Bury , was burnt down on tbo aamo day . —A " ^ "J ^ burst . out . oa-Sunday-morningiiLK ^& gH ^^ X rei . One house was destroyed , and two othersi worei tafluw but no lives wore lost . —Tho frightful aj" ™* Bloomsburyis related » n anothor oolumn .--A w ^ tensive mul alarming Ore took place at M *«« 0 Ht and Monday morning , whon a largo w " """' ^ aW doubling-mill inininshull-streot w / w consumed . ¦ JA portion or the front wall *> U outwards , * nd *» J « on a gasometer . An oxploaion ensued , and It wua houra beforo tho conflagration could bo reduce "; ^ , * January , 1858 .
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Citation
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Leader (1850-1860), April 3, 1858, page 14, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_03041858/page/14/
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