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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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WE THIS DAY PRESENT TO OUR READERS AN ANALYSIS OF THE POSITION OF THE JOIIfT-STOCK BANXS OF LONDON OH 3 Ofl £ JPNE AND 31 SX DEC . 1858 , Tosethcr with a Comparison of their Progress and respective Amounts of Pro fits , Increase of Capital , Src , Compiled and arranged expressly for this Paper from the best authorities . WITH ORIGINAL REMARKS .
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LORD JOHN RUSSELL ON BANKRUPTCY . We like Lord John Russell's measure , to ; amend and consolidate the Bankrupt Laws $ better than the measure of the Lord Chancellor . It gives us only one enactment for the old twenty and a new " patch . " It supplies , too , a method of regulating compromises ,, and a method of enabling creditors to divide a bankrupt ' s estate without incurring the expense of going through the Bankruptcy Court ; it . gives ' a'jurisdiction in bankruptcy to the countj courts , ' ,- carrying-but ' more effectually than the rival measure the views of the commercial delegates ,
is to be preferred . Like the Lord" Chancellor £ measure , it abolishes the distinction between bankruptcy and insolvency , and establishes only one court for both . It tln-oSvs the expense of administering justice in this case , as in others , on the public rather than on the suitors . One of the greatest improvements proposed by Lord John Russell is that of doing away with the necessity of having recourse to an official assignee , which is , entirely due to . Lord Brougham ' a enactment . Before it was passed , the creditors appointed their own assignee , and Lord John will enable them again to do this . With what we regard as
insincerity , however , the latter noble lord , while he entirely upsets his noble Mend ' s enactment , found it necessary to compliment him for his . 'Spirited exertions to improve the law . It would be more creditable to both did the praise come from a person who had not been at the time a colle-ague , and therefore an accomplice , of Lord Brougham in passing the injurious law which Lord John at once praises and proposes'to abolish . There is . ii want , perhaps , in the bill of some coercive measure to
-make the - ' . bankrupt give up allhis property ; at l e ast s that is complained of ; but we do not . see how any measure more coercive could be adopted than the present practice of making it felony tor _ a bankrupt to conceal or surreptitiously subtract-his property from the control of his creditors . Lord John does not , like Lord Chelmsfbrd , make it compulsory on the court to award a certificate after a certain period , which we think should be the necessary consequence of a bankrupt passing his examinations , lie proposes to do away with different classes of certificates , and enables the court
to grant or withhold a certificate . lie proposes , which we think quite proper , to providea means for prosecuting any bankrupt accused of' fraud , and punishing him as any other knave should be pimKshed ^ For want of a public prosecutor these means may not be immediately ready ; but it is aright principle that punishment should only be inflicted by the award of jury , A conviction lie fore a jurv is to be sufficient to prevent a person entering into trade and again cheating those who ' confide in them . All these seem to be good propositions , and we trust they will be skilfully carried out by the bill introduced by the noble lord , with the co-operation of the delegates from the Chambers of Commerce .
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MR . GLADSTONE'S MISSION . Notwithstanding the malevolent pains taken to disparage Mr . Gladstone ' s motives in going to Ionia ,, and to . defame' him during liia sojourn there , not a-single individual could be found among the numerous constituency of Oxford to raise a question as to the propriety of his conduct , during the last three months ; and he has , for the ' sixth ox seventh time , been re-elected member ibv the first and greatest of our Universities . It is U > bo hoped that after this unanimous and unhesitating verdict we shall hear no iuox * e of the charge * of personal treachery and public treason so wantonly proibrred against the distinguished Envoy . It is infinitely to Mr . Gladstone ' s credit that lie Iiiih neither
shrunk from accenting , ad i ? itcrim , thu post vacated by Sir John Young , when it became apparent that his doing ho might enable him , with butter effect , to promulgate ( ho reforms contemplated by the Home Government ; nor suffered himself to be bullied by sneers or taunts at home into departing li-om that calm and dignified tone of conciliatory firmnertri which alone is worthy the representative of a great empire when expostulating with an angvy but help less people . Having read to the Ionian Asflombly the answer of the Queen to their petition for annoNUiion to Greece , in which her Majesty peremptorily refuses
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that after their scheme for reconstructing the representation had been adopted by the Cabinet , it was deemed expedient to take what may be called political soundings , among the various sections of their own party , in order to ascertain as far as possible how far unanimity "might be expected from them in the way of support . In the main , we have reason to believe that no insuperable difficulties were thus elicited ; but , on the contrary , a very general concurrence of opinion was found to prevail as to the propriety of the changes likely to be brought forward . At the same time , it is impossible to deny that in certain quarters a tento frustratehas become
dency to object , if not , apparent , and that at the present moment Ministers have to weigh in opposite scales the danger of alienating a score or two of hitherto attached friends , and the risk of provoking the- rejection of their bill on the second reading by a majority of the House of Commons . The country , we believe , is willing to make a good deal of allowance for the inherent" difficulties of their situation . _ For the sake of keeping their party together , it is obvious that they may bid a little" less at first , in the way of concession , than they are . ' really prepared to yield . They may deem a certain coqueterie de
moderation permissible and prudent ; and if they choose to give the Whigs or the Radicals a minor share of the credit , they . shrink from-attempting to monopolise in the success of their . bill , the public in general will be as much inclined- to laugh as to frown . But the limits within which this sort of thing may safely be done are narrower than might be at first sight imagined ; and Lord Derby and his colleagues will fall into a grave and , we fear , an irreparable error , if , for the sake of propitiating a few stiff-necked adherents , they waiver , or seem to waiver , too -far from their own original convictions of what is tight . We do not fear their
giving way to such influences on the subject of the county franchise . The decision of Parliament has already been pronounced so unequivocally in favour of a large reduction of the occupation suffrage , and the consequent extension of the agricultural constituencies ,, that we do not apprehend any sei-ious mistake being made about the matter . Without the ballot , we are only afraid that the new county electors would be too . much subject to pressure from the lords , and squires , and parsons of their respective districts ; ' and assuredly the hmded interest has nothing to fear from the electoral hostility of the 10 Z . or' 12 Z . householders in country
towns . As the county constituencies will be vastly increased , it does not seem unreasonable that the 40 s . freeholders , who now vote for the county , out of property situate in the parliamentary boroughs within its confines , should be given the alternative at least of voting for the borough where their , qualification lieSj instead of the county wherein it does not . There cannot possibly be a greater anomaly than the present system ; and there could not be a more legitimate method of reinforcing with a so \ ind and independent element , the constituencies of the towjns . Nevertheless , we think it not improbable that a cry will
be raised against the change we have indicated , not on account of its legal or constitutional tendencies , but because some foolish Whigs imagine that they would lose a curtain amount of available party strength in counties they have hitherto looked upon as their own . They cannot , indeed , avow this as a reason for obriecting , and it will be difficult to invent one of a broader or more legitimate kind that will stand the test of discussion . Where political power is , however , in question , men seldom fail to deviao plausible pretexts for what they seek to accomplish . We do trust that the , earnest section of Liberals will not give any countenance to factious proceedings in the conduct of the coming
controversy . Once more , however , we must repeat our sincere persuasion that the reception which the bill will mpet with generally , and its ultimate fate—whether that fate is to be decided in the lobby or on the hustings—will mainly depend upon the extension of the suffrage to the inhabitants of towns . It is , after all , by the cordiality with which they accept and adopt the measure that its success can alone b , e insured . Neither cajolery nor coercion can avail aught in . determining their verdict . If Mr . Disraeli is authorised' to announce a substantial
increase of the voting privileges the industry and intellect of the towns aro now permitted to excrete , ' he need care little for the desertion , on the
second reading , of a perverse or fanatical few whose support , he must well know , can be purchased by nothing short of a thoroughly bad bill .
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^^^^^^^^^^^^^^^ B ^ Byvv ^ if m &W i ' ' ^ fTi ^ " ^ 5 t- ' i ~^^—n ^ rr ' i mh— piihiim ^^« * - 4 m « ¦—¦ »»—»~» - NOTICES TO COKRESPOXDENTS . No notice can . be . taken of anonymous correspondence . Whatever is intended for insertion must be authenticate' ! by the name and address of the writer ? not necessarily for publication , but as a fftiarantee 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 omitted , it is frequently from reasons quite independent of the merits of the communication . , ¦ . We cannot undertake to return rejected communications .
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iii iiii "PRICES OF THE LEADER . " Unstamped , fivepence . Stamped , Sixpence . Quarterly , unstamped ..-. - £ 0 5 o Do ., stamped - - - . 0 6 6 Yearly ( prepaid ) , stamped - 1 6 0 ONE GUINEA PER YEAR ' , UNSTAMPED , PREPAID .
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OFFICE , NO . , CATHERINE-STREET , STRAND ,. W . C ., The commodious premises formerly occupied by the MOJRXIXO HERALD :
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Qdeue de Vac-he is thanked , but declined , as we do not insert original verses .
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SATURDAYFEBRUARY 19 1859 .
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Thero is nothing- so revolutionary , because there is nothingso unnatural and convulsive , as the strain to keep things fixed when all thy world is by the very law of its' creation in otcrmil progress . —Dr . Ausor . D , . * .
GOVERNMENT REFORM BILL . Tke day has at length been definitively fixed for the introduction of the Ministerial measure of Rer form . It is exactly one day earlier than that which was chosen by Lord John Russell in 1831 for the announcement of a similar measure . It cannot , therefore , be said with any fairness that there has been unprecedented or unnecessary delay . Lord Derby and his friends have made up their minds to stake their existence , as a Government , upon the question ' ; and it only remains now for the country to decide whether they shall prove themselves equal to the occasion . If we believed that Government projects of law were always formed on strict logical bases , and that , once formed , they never subsequently underwent serious modifications' between their first inception and legislative birth , we should not think of saying a word upon the subject , pending Mr . Disraeli ' s promised exposition ; but the personal Wstorv- of most of our modern statesmen whoso experiences have been given to the world attests the fact that the strongest and wisest administrations have held thouxsolvos free up to the last moment to consider additional suggestions , and to reconsider matters on which they had already coino to an agreement , whore good cause could be wwwft . Unless wo avo much misinformed , a prac- ' wco so natural , and wo think so prudent , has not been set at nought by our pvoHont rulers . It is vory generally believed iu well-informed circles
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Jfo , 465 , February 19 , 1859 . ) THE LEADER . 241
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Leader (1850-1860), Feb. 19, 1859, page 241, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2282/page/17/
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