On this page
- Departments (2)
-
Text (9)
-
710 T H:E L IE A D 33 R. [No. 435, Jtjlt...
-
A PERMANENT ENLARGEMENT or "THE LEADER,"...
-
NOTICES TO CORRESPONDENTS. Subscribers n...
-
N"o notice can be taken of anonymous cor...
-
~ ~ ; /¦¦tY" <5j(p %f : J$&lint ' ?!* n ^TST^ - ^ * ¦
-
SATURDAY, JULY24, 1858.
-
• ^UultC Mli HOT* "| .
-
W . . — There is nothing so revolutionar...
-
- . . » — ' . - THE REPORT OF THE BANK A...
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.
-
-
Transcript
-
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
710 T H:E L Ie A D 33 R. [No. 435, Jtjlt...
710 T H : E L IE A D 33 R . [ No . 435 , Jtjlt 24 , JL 858 .
A Permanent Enlargement Or "The Leader,"...
A PERMANENT ENLARGEMENT or " THE LEADER , " BYTHE ADDITION OF EIGHT PAGES ( ONE-THIRD M 0 B . E ) , DEVOTED TO COMMERCIAL INFORMATION AND THE ADVOCACY OF MERCANTILE INTERESTS , IS MADE THIS DAY . » ' . - Established for the purpose of advocating tlie principles and accelerating the progress of the adranced Liberal party , "The Leader" has so far accomplished its mission as to have secured a wide and influential circle of readers and supporters as respects Politics and Literature . The want of an Independent and Impartial Commercial Organ has , however , long been felt in the Mercantile and Trading Circles , and the Conductors of " The Leader , " at the suggestion of a large and highly influential Body of Commercial Hen of the City of London and Manuiactiiring Districts , desiring to enlarge the sphere of its influence and usefulness , have INCREASED ITS SIZE EIGHT PAGES , THUS ADDING A COMMERCIAL DEPARTMENT , SUPPLIED WITH ; SPECIAL INFORMATION FROM EXCLUSIVE AND TRUSTWORTHY SOURCES . THIS ADDITION affords ample space for detailed and accurate information , upon the condition of Commerce at home and abroad ; for a correct weekly view of the state and tendency of the various Markets , and of the Banking and Monetary interests generally , also for the publication , when required , of the Board of Trade llefcurus in the most concise and intelligible form ; and generally for the advocacy of Mercantile interest ? . Tariff Reform , consistent with the true principles of Fk . ee Trade ; untiring opposition to class protection , in such form as to assure Foreign Countries that England has no jealousy of their Commerce and Manufactures ; a Spirit of Perfect Independence , and a fearless advocacy of the great truths of Political Economy , in all its branches- —Fiscal , Monetary , and Legislative—will be the guiding principles advocated in the Mercantile section of the enlarged Paper . A Department of the Paper is occupied by a Journal of Indian Progress , opening to the friends of Indian advancement the means of advocating ; . English Settlement , Railways , River Navigation , Irrigation , Cotton , and the various questions most essential for the welfare of India , and now exciting such deep interest in the public mind . The real interests of our Soutii African CoijOKIEs , now so rapidly advancing under Parliamentary Government , will also be duly represented in pur columns . It will also be perceived that special attention has been bestowed upon the Meucantilb Marine , and the interests of a profession of such growing importance , and tlie advancement of which is of such vital consequence to our mercantile interests , will claim earnest attention . "While thus adding entirely new features , there Will be NO ALTERATION IN THE POLITICAL , LITERARY , AND AB . TISTIO PoiiTiON , which has liithorto secured to the paper its high position ; but , on the contrary , efforts will bo made to add to the interest and efficiency of each department , by procuring additional sources of information both nl ; home and abroad ; and by every means that u liberal outlay can command .
Notices To Correspondents. Subscribers N...
NOTICES TO CORRESPONDENTS . Subscribers not duly receiving this paper arc requested to forward notice thereof to fhe olfico , and immediate steps will betaken to Tectify any neglect , by communicating with the newsvondors in the respective districts .
N"O Notice Can Be Taken Of Anonymous Cor...
N " o notice can be taken of anonymous correspondence . " Whatever is intended for insertion must be authenti « ated "by the name and address of the writer ; not necessarily for publication , but as a guarantee of his good faith . It is impossible to acknowledge the mass of letters we receive . Their insertion is often delayed , owing to a press of matter ; and when oraitted . it is frequently frona reasons qnito independent of the merits of tbe communication . We cannot undertake to retwn rejected communications .
~ ~ ; /¦¦Ty" ≪5j(P %F : J$&Lint ' ?!* N ^Tst^ - ^ * ¦
„ Jkt & Q t t .
Saturday, July24, 1858.
SATURDAY , JULY 24 , 1858 .
• ^Uultc Mli Hot* "| .
pviUk ' . Motor . 1
W . . — There Is Nothing So Revolutionar...
W . . — There is nothing so revolutionary , because there is nothing so unnatural an . d convulsive , as the strain to keep things fixed when all the world is by the very law of its creation in eternal progress . —Dr . Arnold .
- . . » — ' . - The Report Of The Bank A...
- . . » — ' . - THE REPORT OF THE BANK ACT COMMITTEE . In 1848 a committee of the House of Commons was appointed to inquire into the commercial convulsion of 1847 , and the supension of the Act of 1844 « then ordered . Following tTiis precedent , the late Whig Ministers proposed a similar inquiry into the " distress" of 1857 and the similar suspension of the Act of 184 : 4 ! , and the Hoiise of Commons gave its ^ consent . Iusteadj howevor > of appointing a committee expressly for this muroose , the House
referred it , at the instance of Sir G . CornewalL Lewis , to the committee first appointed in . 1857 , and renewed in the present session to inquire into the operation of the Bank Acts . The public entertained a notion that the paper circulation , had something to do with . ' variations in the rate of discount , and therefore tlie committee "W as required to investigate how far " the issue of bank notes payable on demand" had " affected" the commercial distress . The two subjects were undoubtedly connected in the public ' mind , bat now that tlie committee nominally appointed to inquire into the Bank Acts has made its report , and we find this to be chiefly taken up by remarks on the commercial distress , -we regret that each subject was not referred to a special committee . Neither investigation is complete , and those who wish to learn either the
true causes of commercial convulsions , or the real effects of our banking laws , will have to seek elsewhere than in the "Report from the Select Committee on the Bank Acts . In thus imposing double duties on one cornmitteej the late Chancellor of the Exchequer was probably influenced by personal rather than . public considerations . Between him and the then Secretary to the Treasury there was , as is manifest by the evidence taken in 1857 and published , a great difference of opinion concerning the operation of the Bank Acts , and the Chancellor could hardly hope to obtain from the committee a report favourable to his own views . His subordinate believes himself to be versed
m the subject , is pledged by his writings to very strong opinions , and liad proved before the committee , by his manner of questioning Lord Overstone , and by that noble Lord's remarks , that lie was not likely to mnke a pu blic sacrifice oi liis personal views , on this very important point , to his official relations . Sir G . C . Lewis , though heavy in manner , has an astute intellect , and probabl y contemplated avoiding a contention with Mr . Wilson , sure to be discreditable to the Government , and
perhaps injurious to himself , by smothering tho inquiry into tlie Bauk . Acts by the more immediately interesting inquiry into tho " causes of tlie recent commercial distress . " Whether this bo the explanation or not of his reasons for burdening one committee , before it had hull" completed its appointed work , with au inquiry into a diiicrcnt subject , tlio cil ' ect is , Ilml ; tho report now nindo by the Committee on the Bank Acts refers much more to tlie temporary matter of commercial distress thrown on it in the present session , tlum to tlie pumiiimuit and
greater question , it was originally appointed ta examine . The divarication is the more to be regretted because the researches of -the committee have thrown very little additional light , to that we before possessed on the causes of commercial distress and none whatever on tlie source of the false calculations and excess of credit which , are at the bottom of all commercial convulsions . Credit is now essential to trade , and what we require is ta know the causes of its excesses , and be able to restrain them . Before the committee began its labours knew
we pretty accurately how much " -old had copne from Australia and California , and how much silver had been sent to India and China we knew , too , the wonderful progress of our trade we knew the whole history of the variations in ' the Bank circulation and in the rate of discountknew all about banks failing in America , beginning with the Ohio Iiife and Trust Company ; knew of the failures of banks at Liverpool , Glasgow , and Newcastle ; knew of the failure of discount and mercantile houses in London and other places j knew the enormous amount of their transactions ^ and had had their balance-sheets under our eyes
and we knew , too , what had occurred in Hamburg and Vienna ; and we knew all a"bout open credits ana reckless advances . All these events have been repeatedl y described , and the narration of the committee is not so spirited as to increase our interest in them ; and we must be utterly ignorant if it add much to bur knowledge . Some information has been obtained from the Bank parlour , and we are made acquainted with the opinions of the Bank Directors . Even without it we were ready to state that , during the emergency when everything
depended _ on the Bank , this Corporation acted with vigour and discretion . The committee however , as if afraid of assuming the responsibility of a sipgle positive opinion , says "i * appears to your committee that the proceedings of tne Bank were not characterized by any want of foresight or vigour . " This defence , though excessivel y tame , implies an accusation ; none was made by the public , whatever may have been said in the com * mittee . Tho Bank is the creature of the law , which it has only too faithfully administeredj and if its operations were in any way embarrassing to commerce , the law which , dictates them must be blamed . In
truth , the law was impugned , ' the law was on trial , not the Bank ., and the committee appointed expressly to investigate its effects should have shown * if it could , that the law was " not characterized by want of foresight . " The conduct of the Legislature in passing the act of 1844 and other similar acts interfering with trade was to be investigated , and though the tribunal was a part of itself , an honest exposition of the effects of the law might have enabled the public to form correct conclusions * It was more self-satisfactory , however , for the committee to investigate the errors of individual bankers and merchants than , the consequences of
crude legislation , and the latter were put aside to luxuriate in the former . The committee found so much to blame in the conduct of the fallen banks , the suspended merchants , and open credits , that it had not time to examine the consequences of the law . In this session it ha 3 occupied itself , apparently , only with the malversations of mercantilemen , and has done nothing to complete the inquiry left imperfect at the close of 1857 , and satisfy tho public that the general condemnation of our banking and currency laws is erroneous . On the important subject the committee Avas appointed to investigate it seems afraid to express
any opinion . Tho evidence it has taken " is interesting , " it says , "in the highest degree , " but "it involves subjects of controversy" on which "the committee diH ' ercd , ' and tlieretore it has " arrived at no conclusion . " It docs not even rely on itself for the opinion " that tho public welfare , in times of commercial disaster , requires the maintenance of an adequate suppl y of bullion in the Bank , " but says this is the opinion of Mr . Tookc , Mr . Newmarch , Lord Overstonc , and others . The
committee says , too , that " the opinion of the present Bank directors is strongly in favour of maintaining the Act of 1844 . " lis own opinion to a similar cH ' cct is anything but strong or decided . "Jfc appears to your committee that no mhehief will result from at least a temporary continuance of the present state of things . " The Bunk Acts , therefore ., arc merely to be tolerated for tho xvioinent ; , not honoured and preserved as wise legislation ; and the public receives from the committee the additional infonnution , uppurcutly to console it i ' or
-
-
Citation
-
Leader (1850-1860), July 24, 1858, page 14, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_24071858/page/14/
-