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252 THE LEiDEE. [No. 364, Saturday
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LIBERALS AT THE ELECTIONS. The formation...
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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 Newest Paris Credit Scheme. The Most...
comes into existence from the moment it receives the approval of the French Government , —for this company will have its residence in PariB . The same Government , however , may withdraw the authority , if the company should break its own regulations or the regulations of the Government . Practically , therefore , it exists during pleasure , under one of the most despotic governments
in . the world . The managers of an anonymous company are only answerable to the extent of any shares that they may hold ; they are not liable for the obligations of the company ; and the shareholders are only liable to the extent of tneir shares . It is the most complete example of " limited liability , " with the desperate exception of the unlimited liability to the jurisdiction of the Government .
Let us see how the society will work . Its operations , according to the provisional deed of agreement , -will consist in receiving sums and paying them out again , like an ordinary bank ; discounting bills of exchange and other mercantile securities ; making advances on industrial securities , railway shares and debentures , bills of lading , dock warrants , & c . ; making advances on public stocks , keeping a
cash deposit account for companies , recovering debts for individuals or companies , maintaining agencies and branch banks abroad . The company , therefore , will be a bank in the ordinary sense of the word ; it will also be a universal agency , and it will be agent for the sale , mortgage , pledging , & c , of every kind of security , commercial , marine , railway , & c . ; besides being general debt collector for Europe .
The capital of the company is fixed at 120 , 000 , 000 francs , in 21 < , 00 O shares ; that is 4 , 200 , OOOZ . in shares of 200 ? . each . The constitution of the company appears , as we have said , to be on the Paris pattern , like that of the Credit Mobilier . The capital of that company is exactly half tliat of the International Company ; but , by the law of tins constitution , the Credit Mobilier can receive property to the amount of 24 , 000 , 000 ? ., and
dispose of property to the same amount ; thus virtually dealing in a capital of 48 , 000 , 000 ? ., besides the 2 , 400 , 000 ? . paid up . It is evident that , from its constitution , the International Company would use its capital in a similar manner , so that its 4 , 800 , 000 ? . would represent a working capital of 100 , 000 , 000 ? ., only . We do not observe in the statement that the working capital would be limited to 100 , 000 , 000 ? .
It is said by the Inde ' pcndance JBelge tliat the scheme is at a stand , because the French Government considers France not to be sufficiently represented in the directorate , wherefore several other Paris gentlemen are to be brought in . Now it is rather remarkable that there is a French element in all the capitals which are represented . Among the founders of the ban k are Doiton , in London ; Mab £ e , in Berlin ; Godefjfroy , in Hamburg ; Dtjfotjb , Feronce , in Leipzig : and
Donon , m Paris ; that Donon who stands in such striking connexion with the Russian firm of Gladstone and Co . Cumulus V . remarked , from the nationality of several Ambassadors introduced to him , that " the Italian appeared to be the fifth element : " in our day the Italian appears to be superseded by the French element .
Wo have simply described the bank as it is described in its own deed of provisional agreement , with Buch comment as is supplied by a mere statement of facts having n relation to the Bubject . We will make only two rcmarks upon the enterprise . The bank is founded in that place whoro we have aeon the company of the Docks Napol 6 on , and the partners of which , Messieurs 1 , egendre , UiTBiir , and Co ., hare lately undergone penal
sentence for extensive frauds . This firm had also a connexion with England by its connexion with Fox , Henderson , and Co . In the same capital of Paris there is the Chemin de Fer du Noid , certain officers of which , Chabpentieb and Grelet , lately decamped to the United States with large sums of money obtained by fraudulent dealing in the
shares . The wonder is , not that Chartertier and Gbel ^ t com mit ted t fra ud , but that they contented themselves with such a small sum as 200 , 000 francs . The fact must have made Mr . Kedpath smile . The report upon the frauds in the Great Northern of London has aa instructive passage—that which told us the directors abstained from
watching the share-dealings of each other ; a delicacy most remarkable . The frauds in the Great Northern of London originated in the facilities afforded by the immense scale of the Company , and the imperfect supervision : incTease the scale , multiply the transactions , and there is scope for geniuses of forty-Redpath power . The new International Bank is a grand field .
Supposing the management of the vast company to be perfectly honest , it will be observed that the managers of it would conduct dealings more enormous than the world has ever seen . They would have a power of buying up which Tvould give them a practical monopoly , perhaps over whole branches of commerce . They would possess a power adverse to the public interest , since it would be a consolidation of the contractor interest .
With such immense means they could crush any litigant mad enough to go to law with them ; and would yet , as all the very wealthiest do , possess the means of evading the law . They would hold a power of corruption to be measured by millions upon millions . Tyrants over commerce , they might hecome tyrants over Governments , from the power which they would possess of giving or withholding Government loans , possibly even of facilitating or obstructing the sources of Government revenue , and of undermining Government authority .
252 The Leidee. [No. 364, Saturday
252 THE LEiDEE . [ No . 364 , Saturday
Liberals At The Elections. The Formation...
LIBERALS AT THE ELECTIONS . The formation of a National Liberal Party seems the most rational object that can be kept in view by independent politicians during the approaching electoral struggle . Nor is it improvable that the basis of such a party may be considerably enlarged by the results of the penal dissolution . The expiring Parliament was returned under Derbyite influences . Those influences , at least , will be rooted out of the Government
boroughs . London will , in future , be exclusively Liberal . Some of the old family constituencies may be expected to be broken into by independent candidates . At all events , Toryism will be repudiated by tho great towns , and even some counties will probably be acted upon by the increase of tho urban populations included in them . We propose to run through tho list of candidates so far as they have been announced , and to touch on the traditions connected with the various Liberal names .
3 ) or tho Cit 3 of London wo could not desire a better representation than that which would b ' o secured if Baron Rothschild , Lord John Eussell , Mr . CitAWirum > , and Mr . K-aikes Cuhrie wcro returned . Mr . Masteuman ' s position was an anomaly , and it is fortunate for him and for the constituency that lie haa retirod . Sir James Duke has hazarded the confidence of the electors by his inexplicable conduct at tho Ernst Sussex election , where ho refused to vote for the Liberal candidate . Wo aro sorry to learn that there ia a disposition at Aylesbury to
cashier Mr . Layabd for Iris vote against Lord Palmerston . He is a man -whom the House of Commons cannot afford to lose and were we to differ from him infinitely more than we do , we should hold that Aylesbury did honour to itself by approving a politician so frank , so independent , and so libera l The infinitesimal little borough of Ashburton will probably do its best by retaining the services of Mr . Moffat . Brighton , perhaps , will expel Lord Alfried Harvey , aaid add to the strength of genuine Liberalism in
the House of Commons by nominating Mr , Coningham , who , should he not be successful in opposing the lord and the barrister , his rivals , will not desist , we hope , from trying tlie door of Parliament . A sensible increase of moderation marks his address , with no diminution of Liberal feeling . Little can be said for or against the political claims of Sir William Williams , who is a representative of duty and heroism . As for Mr . C . M
LiUshin-qtoit , who stands for Canterbury , why should the Liberals cut doyn their programme in order to accommodate it to the views of that diluted Tory ? Sir " William : Somebville is in advance of him , and , still better , Mr . Pubton Cooper , a local man , we believe , of excellent reputation . Every one will be delighted to hear that Captain L > V . "Veunon is no longer to poach on the Whig preserves at Chatham : everv one . moreover is t > leased to ham ; every onemoreover is pleased to
, hear that the Government will not opj > ose Mr . Hosiaine who is for the ballot and for an extended franchise , as tlere is no instance on record of a member being elected for that borough without official support . As for Coventry , we do not wish to see Sir Joseph Paxton deprived of his seat ; but he has learned at what price he lately allied himself with the Tory Opposition . They mean to oppose his return . What does Mr . Likdsat mean , however , by countenancing the candidature of Sir Tttomas Hkhbtsut at
Dartmouth ? Mr . Neale , we trust , will reconsider his determination to withdraw . Sir Erskinie Perry is not a very safe Liberal ; but it would be premature to decide upon his claims to re-election . Mr . Divett , of Exeter , has not been a very effective member of Parliament , although a reformer . Returning to the metropolis , Finsbury occurs in alphabetical succession . ] N ~ o regret can be excited by the retirement of Alderman Ohallis , but the opposition to Mr .
Duncombe is ungrateful and unworthy . If Finsbury desires to give an example to the constituencies of the United Kingdom , it will stand by its tried and trusted member . Of the political qualifications possessed by Mr , Cox we know nothing ; what we know of Sergeant Parky , is favourable ; but it is too comical to offer a great metropolitan borough such a representative as Major Reed . We want in Parliament not onty men to lead the forlorn hope of impossible
bores , but men whose word is an authority , and whose vote ia an example . At Frome , Mr . Nicoll , no doubt , will ultimately obtain the desire of his heart , to which we can have no objection , provided ho remembers his responsibilities as an employer . Greenwich , no longer derided by the candidature of Colonel Sleigh , will accept two representatives provided by the Government . Tho Liberals propose nn attack on tho Tory interest in Herefordshire .
Several constituencies are in suspense—¦ Liverpool , Maidstono , Muncliester , Norwich , Oldliam , tho Wcsl ; Biding ; Borough , and others ; but some names aro conspicuous as deserving tho recognition of the Liberal party . Mr . EvvART , Mr . W . J . Fox , Mr . Cobbett , Mr . Serjeant KiNQiiAKE , Sir John llAM »» EN , Lord QoDBEicn , and Sir Aitxiiun Elton cannot
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Citation
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Leader (1850-1860), March 14, 1857, page 12, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_14031857/page/12/
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