Atlas London Middlesex, May 1, 1847

Atlas London Middlesex

May 01, 1847

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Issue date: Saturday, May 1, 1847

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Publication name: Atlas London Middlesex

Location: London, Middlesex

Pages available: 31,747

Years available: 1826 - 1869

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All text in the Atlas London Middlesex May 1, 1847, Page 1.

Atlas (Newspaper) - May 1, 1847, London, Middlesex No. 1,094, Vol. XXII. THE POLITICIAN. SHADOWS OF A PANIC. Thb Times.-^The proposal of the Chancellor of the Exchequer to lend 620,000^. to certain selected Irish railways (the Great South-Western, the Waterford and Kilkenny, and the Dublin and Dro^heda) is seen in the city to be open to objections precisely similar to those which operated against the more extensive scheme of Lord George Bentinck-the principle in both cases being the same, and the difference being merely one of degree. The objection to the plan of Lord George Bentinck was not founded on any mere matter of detail, such as the amount which might have been paid up by the shareholders, or whether they were in a condition to borrow according to the terms of their existing acts, but upon the broad principle that it is inexpedient for a Government to assume the character of a money lender, and that this is more especially the case when it interferes with the regular value of that commodity by letting it out upon terms below its current rate. Neither the railways above specified, nor any others with a respectable proprietor}', will at any time find difficulty in raising money in the open market if they arc prepared to submit to the same terms as those to which every other company, as well as every man in business, is compelled to submit-^namely, the payment of such rate of interest as the nature of the security appears to warrant. Brought to these conditions, it is probable that the Irish railways, which it is now proposed to assist with money at 6 per cent., would probably find themselves compelled to offer 16 per cent.; but It is dimcult to see any hardship in this which can ent'tle tiiem, any more than other parties who are now sufferingunder a pressure for money, to Government assistance. The discussion, however, upon this proposition has had the advantage of leading to a debate on our general financial position, in which the Chancellor has spoken in plain and useful terms of the error of the Bank of England in pursuing the very course which now, on a minor scale, he proposes in favour of Irish railways. The great charge against the Bank is that, instead of regulating the rate for their advances to the public on the plain princi]^les of supply and demand, they have improperly mterfered with the vdue of money, and promoted a false idea of abmdance by parting with it at a rate far lower than what the state of the market should have led them to req^uire, the pubUc being suddenly taken by surprise when the power of this vicious action, is brought to a close, and when the real state of affairs is made apparent. The main principle out-xaged- ia the fiame both m. their case- and in that o� the Chancellor of the Exchequer. ..... When the Chancellor of the Exchequer early in the session stood his ground so stoutly at the gate of the Imperial Treastiry against a rash of wa�tefal marauders, we certainly did not gather from anything he then dropped that he was likely to concede tiM question of assistance to Irish railroads after so brief Ulterrd. Once begin to reward resolution, and there is an end of that peace and stability procured by an absolute negative to unreasonable demands. On every accoimt, if it is wise now to begin lending-we say " begin,' for it is utterly impossible to foresee the end-it vrould have been far more prudent, and even more honourable, to announce the intention of a loan at the earliest possible opportunity^-^viz., in the debate upon Lord George Bentinck's proposition. The Suestion of honour demands precedence. On a distinct un-erstanding of the Ministerial intentions, certain capitalists were latdy induced to undertake a very large loan tb Government. Mad the loan been ten millions instead of eight, or had there been an avowed probability of further loans for extraordinary purposes in the course of'^the year, we presume the terms would not have been quite so favourable. The definitive character of the arrangement was the chief thing in its favour. There are elements of uncertainty and distrust enough to discourage the boldest and distract fiie most calculating, without the aggravation of instability in the financial plans of the Government. Deeming that all was right in this quarter, and considerably reassured oy the fate of the 16,000,000/. scheme, the above gentlemen offered terms rather above the expectation of the world, and of the Minister himself. The result shows that they made a very bad bargain. Scjip on Tuesday left off 3^ to J discount. We will leave to the authorities of the money market the privilege or the pain of prognosticating how much lower scrip may fall before all the instalments of the loan are paid...... As for the other bearings of this loan of 620,000/., we know not what we can say more than that everything that has passed since the disposal of Lord G. Bentinck's proposition has only made all reasonable men wonder how it could ever have been seriously entertained. The Irish railways want money; so do all the railways, whether English or Irish. The Irish railways cannot get money at ordinary interest; nor can English railways. We do not ask why the employer of five hundred men in Lancashire is to be denied a relief given to the eoiphiyer of five hundred men in the county of Cork, though we might urge that far more depended on the maintenance of a regular than on the completion of an occasional employment. We do not ask relief for either; but we ask,- Why is the English manufacturer or warehouseman, whether he is a holder of railway shares or not, to find the bill-broker and the banker rendered deaf to his applications for aid, by a new drain of money and resources for the relief of Irish speculators ? Depend on it, the operation cannot last long. It must soon work itself out. England is the golden goose, and Ireland for a good long time has had the benefit of its tedious hatchings. These huge loans are as good as kUling the productive animal at once. We cannot go on for ever impoverishing the industrious to nourish the idle, and depriving prudence of its prizes to throw them away on the improvident. England and Ireland will soon be all in one mess. We "^^,^08t come to it already. England is " burning at both ^'^ if' T ^^^^ ^^^^ poverty in Ireland, and in England as well. It sends over relief, and receives back the pauper. Aa long as trade and credit shall hold up, we can manage, per-pps, to do both; but should the crash once begin, many a fail A jJ'Ui'Kj;>!{l^ Ui!f \> SaiKisJ NATIONAL EDUCATiejj!^|f""'~" " ' Morning CHRONira-k.-rtTi of Commons cannot fai|L;td public mind. The strong.; pressed in favour of'"" footing with other and respect of the Mrh' tions that have been i_ intelligent men, whejOii other religious connectJ establish in the matter ability. The Wesleya to fight for toleration^i' from day to day. more ceeding in that st hopeless one unless principle of respectin^'i application. The exdl\ttE _ education measure i�&t^| worse than those'uti()til;?|Wi from the schools of ^^j'jP fall together. Th5'rp.j[s] ' ligious toleration V ' by the Wesleyans, � Catholics. Ther that few error* from timidity. of the political'^ its own stre power of h^-.-.�_ more and muc^M much of the U(m|1 mination to coxji'' tem, ratberthan to be more _ The choice has is yet impe may be expec meiit of the s;, ever, that that^. irritation ^ , , the ejditting 10^ to. Thealter^, ter of diffieultiTi.: d6 f(mnd inimil thev will calllntb; will not be xind a thousand secrin be felt, and angry passioi chased. The! been contet(d( the amen' signed to. are v " those on both'^c.., weight �wi^kl The projposal. I to receive sf' has been oppi the religiouaf mixed up tT Now, so far'as' that the e&fiwi paired. Ifjhei with the wnol^! with any sole children. .It spelling-bocjkjidjr^ has exactly popiilar schclQ^i for the purpi"*'" In no part oi than in bib not better into the me^^i zeal which ''^ suffered to ^ ,^ system. Foi^' cal instructipn\ way from the. ^ one precious life ;%(;i.'ei:^w^': founder would haye,^-*~ reckoned no sajciincaj " head of that house, W-the earth, that fii^, sto^ men during life-r^thfiti parture. Beyond tj^^y* the factitious pWvileg^. perishable wealth, tot'f passing, The nj^emoitl^. " by no unloving ^hand-minds of all wnq ha^e the great magician, M works. K the history saddest lessons tluit .c of gigantic powers lit-bitioOt derided ancl f Early Edition. t^9tlc6 Sixpence. Scott was to enlighten and instruct mankind; he believed it was to found a family and to become a great landed proprietor. To achieve the ignoble mission, the poet and the novelist embarked the genius of a Shakspeare, and the result is now before us. The family is extinct, ihe landed proprietor was a bankrupt in his prime, �WTio that has read the life of Sir Walter but has wept at his 'misfortunes, and marvelled at the sacrifices heaped upon sacri-" aces, freely made, in furtherance of a low and earthly seek-mei Heaven pointed one way, human frailty mighty amidst tr.e great," said the former; another/ be higii f''^hfe'i^"d rose by de-I'grees, and child after child promisted'to secure lands and house, as the founder woidd have them, in- the immediate possession of a Scott. Then came, as if to complete the fabric and to ensure the victory, honours and titles fresh from the hand of Majesty itself. Nothing wai^'wanting, aU was gained, and yet nothing was acquired. The gift melted in ! the grasp-the joy passed away in the possession. With his ^oot on the toprao'st step of the ladder, Scott fell. His ambi-l^onrwas satisfied, but Providence vras avenged. AH that �'cotild'be asked was given, but only to show how vain are iilman aspirations-how less than childish are misdirected urns, Scott lived to see his property, his hoiise and lands, in hands of the stranger: w^(^ve Jived to see his children l^^ehreraoved. �theS^lfe'lBitrottlipw - THE DtJKE AND THE LIMITED ENLISTMENT BILL. . pAiLT News.-It was a singular sight, that which the 'House of Lords presented on Alonday night: the' Diike of JWeUington standing up in favour of reform in the army and ^i^e introduction of limited enlistment, whilst Lords Brougham ^ajad Stanley stood up pertinaciously with all the old stagers I'noftijist any innovation. There were old gentlemen in France royaliste que le Roi. Lord Brougham professes to understand and interpret the true feeling of the Duke of Wellin^on jbetter than the Duke of Wellington himself. Did he thank, Xord Brougham declared, that the noble duke really approved Jqf tliese cluin^es, he should, of course supiport uiem. The inpble duke might say he did approve them, but he (Lord -Brougham) could not believe it. Our army was the best '.army, its officers the best officers, its soldiers the best soldiers in the world; they were incapable of improvement. So said 'Lord Brougham, though starving; .md though he had eaten nothing since an early hour, he determined to starve on, in dirder to have a fling at Lord Grey, for all whose words and propositions Lord Brougham has a singular aversion. We cannot say that the Duke of Wellington displayed any great comprehensiveness of argument. The chief anxiety of his l^ce, and a very natural one, was for the old soldiers. He nisisted that the carrying of the Sikh guns at Ferozeshah could only have been done by old soldiers. But he did not tell us jrhether he meant veterans who bad been under the fire of the enemy and were veterans in that sense, or whether he meant those who had grown old merely in drills and guard-houses. To the latter species of old soldiers we should prefer youpg Wes, even on entering a campaign. Some of the noble speakers, possess a great horror of recruiting the army from a. betlfer class than that at present. A probable influx of bankers* clerks seemed to affright them. But no reformer ever dreieunfed of recruiting from sudi a class. The object is to induce the sons of respectable peasants to enlist in the army, as they do in the Guards, thus making the military profession more respected. We are sorrv to say, that we agree with the objectors to the bill, in thinking that it will not effect this change. Nor do we think that it mil be possible to recruit from better classes, unless the military career be made a profession to those who enter the ranks, as well as to those who gird themselves with a sword. No rational youth at present will invest the best yieais of hislife in the army. He can only be betrayed to such a step by reckless conduct and misfortune, or by that strong tendency to military life which exists, and which constitutes the true soldier. It is this latter ckss we would encourage,' and it is not short enlistment that wiU encourage them, but the natural premiums of the profession. As to the former class, the reckless, short enlistment wiU not enter into their calculations either. We doubt, therefore, the efficacy of the system, except the French and Prussian system be adopted,, of passing greater numbers of the population through the army, and making of those who retire a reserve for the defence of the country in case of need. The Duke of Wellington is evidently adverse to any such plan, and it has its inconvenience. Prussia is said at this moment to experience one of these inconveniences in an alarming degree. It has entered into a period of great political excitement. Great hopes, discontent, effervescence, pervade all classes. The army is looked to to repress disturbance. But the regular army is composed of boys, yoimg recruits learning the use of flre-arms; whilst tl*e population, -whom these boys ar^ caUed ;