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lUSF IX D18GOLXT.
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iperation from their present allies on account , of their fornicr uexiohs . ' But how virulently our Liberal contemporaries lck Lord Gkf . y , wlvo thinks for himself , repudiates any obli-¦ ion- 'to praise Liberal ' measures <> r denounce-Tory ones , and 1 st professing- his adherence to the great political principles of life , refuses to taice the propositions of a party as their authorive gloss . Lord Gbkt can stand his own , and we . have no desire vindicate him . He has faults which provoke attu < -k , and if ¦
is unfairly judged ¦¦ it matters little to him . He has filled high :-c ; lie could probably , from his peculiar character , never hold it in without colleagues more submissive than he can hope for in 3 e days , but his . present- position is-sufficiently . commanding re can afford to despise the imputations of ignorance or illiberality ch are flung-at him by , men who have not a tithe of his political wledge or his appreciation of real liberty , and can take his 3 i ) ge by telling- the truth in a place" from- which no popular rice can eject him .
Ir . Horsman is just now the hete noire of most of our liberal temporaries , and no pains are spared to . annoy and blacken ^ him . has angered the mere ministerialists by his refusal to assist In ly party schemes , and by his pertinacious interference with the j and comfort of Lord Joiikt RtrssELE . He has offended the ¦ eme . radicals by his refusal to adopt their shibboleth , as well as by opposition to one or two pet . measures in which they have taken a ial interest . The result is a desperate attempt to write him n . Ministerial organs devofe two out of three- leading articles he attempt to prove him an ambitious malcontent , a disappointed re-hunter , a renegade fromliberalisiiij a secret ally of Mr . RAEti , bought by some g-littering- promises of office ; and assert , in yle which , if we did not know it to be assumed , would somewhat irise us at the trouble they take about- him , 'that he is an
lib-. lToitsM . vx has l-. een a lil era ! throughout his or . rco ' r ,. and , as such , has done soino si ' . rvii ' t ! ... It is . ruri < . iu < s ' . hovvevoi ; ., 16 find that some , jias- ^ 'ges of his early poiiticv , l iifo which obtained 't ' him . great radical favour , are . iuhv dr ; : ; ruT ( . l ou ( by radicals as its gravest blemishes . It was-. the fashion of the time- to bait bishops ' , and JVfr . IIOKSiiAN- was a , yreat uily ;» t . in the : ; i-t . Neil her ho nor lii . s rival , Lord Llanover , displayed--Jiivat courtesy or t ;\ : od taste in their sport , and the Nemkjus which rules iiioworhliitlypr . iii . shes hr . u by bringing up his misdeeds lor rcprobatim in tli >! columns of radical journals , which . certainly show ten times as much ill taste in I heir own treatment of Church questions . We . trust that ifthe v lectors of'Struivd are foolish enough to rtject jM-. iv . IIousm .-vn , hu will iind another constituency * We want men who have the courage to be consistent and independent , who will brave the taunts of impraeiicainlity and disappointed ambition , certain to be thrown , out ;\ y ; ainsl , them'if they remain ' -true Jto their principles , and refuse to sacrifice them to the selfish ends of a party . Suck a man abandons the natural hope of a politician—power , and' dooms himself to an awkward and cheerless isolation ; whilst the unprincipled adventurer , who can change principles and party without a scruple , may gain the highest'office , and become a public favourite . We have done our duty , in bestowing this hearty kick upon the yelping * curs who have set upon Mr . Hojksman , ; uid we trust that some of , our independent contemporaries will have the justice to follow oiir initiative . .
iran ' t impracticable , a mere mediocrity , to whom the House will listen , and whose speeches the country will not road . Our cal friends , with whom the repeal of the . paper duty is the ha and omega of this session ' s business , follow suit in attacks Ided with similar phrases , a ; little , intensified , as becomes plainiking teachers of the . great ; masses ; and the electors of Stroud , isedfrom their lukewarmness by the . 'taunts , and appeals of these tdardbearrers of the Liberal forces , have avowed ¦ ¦ their indignation their member should presume to act independently , and will btless pi'ovide themselves next election with a ministerial puppet , he shape of a foolish young lord , or of a roaring demagogue ,, who fall headlong-into the Delilah wiles of Pumbridge House , and > ack to Stroud with certificates of patriotism , from almost every ral organ . -: '• ... *" .. '
ur readers know-well enough that we have hot approved of the se which Mr . Hoesman has thought fit to pursue cither in this ion or in the last . We have accepted Treaty and Budget with sral approbation , and vye have been unable to see the necessity for iging into a European war to . preserve Savoy to a dynasty jh does not cai'e to keep it . But -although we have differed i Mr . Hoksman , we have seen no reason to doubt his honesty , much to admire his ability , and esteem his fearless independence , is policy has been erroneous , he has abandoned no principle ; and only apostasy of which' he . can be deemed guilty is . a falling y from the orthodox doctrine of Mr . Brand ' s infallibility . Take instance his support of Lord Derby ' s Reform Bill last •; liis vote , may have been , unwise , and if so , lie sinned lom ' pany with some' of the s . taunchest radicals in the country ; it was no repudiation of his old principles . Mr . Hobsman suped the Bill because he thought it ofteiped a better chance of inin " something , in the way of Reform than any the Whigs
d hold out , ; and wo must confess wo begin to think that ho frion'ds werq not far wrong . The Bill might have been amended ommitteo , for the Conservatives were ready to make any conion to retain power , and it , would have passed the Upper House . Bill which Lord John . Russell hits put before the Commons bettor ' bill , no doubt , than that of hist yonr , but with a second ing fixed for the 23 rd of April , and the certainty that some two e gentlemen intend to deliver their opinions upon the subjoct , ipprehend it will not get out of committee until 1 ho dog days , tlnis allow the Lords to reject it , upon the fair pica of insnlnfc timo for its consideration . Then tho Treaty and the Budget , ough good in tho main , fvro b y no ine . ans free from objections . Treaty contains many provisions which , to say the least , nro losaly drawn , if they do not betray n great ignoranco of the requiromenta of English industry . Nor can it surely be very \ t treason to avow that tho Budgot is much too ambitious , and avtalc ' os to do at onco what would have boon done hotter at
ral times . Wo nro well pleased at tho abolition of tho pnppr r , but wo can admit thnt it ia a fair question for discussion thor such a stop was prudent hint now , and wo may voimiul o who vituperate bo coarsely Mr . JJohsma-N for 1 wh speech against Bill , that ho carried with him into tho opposition lobby some and-twonty liberal *? , whose adhoronoo to the party standard bad ir before-boon doubted . Mr . Horsman Iiuh boon troublofjoino , porhapR imprudent , about Savoy , but at least ho hns boon right ; hut ho has paid hns boon rosaid at last by Lord . Fohn Kusskli , it ia strange , asauvodly , to hoar from liberals who have boon iHtomed to use the mQs'i violent lnnguago ngainst' tho ^ Eiijporor ' rnnce , tlio oomph » in ( i thnfc that worthy will bo offended by illations that ho has not been acting quite fairly \ n this annexation nenH . If Mr . IIqusman lins acted wrongly on tln > point , ho has ICrNOiAKK , mid the one may « a well bo styled renoysule as tho
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TN an article under the title of "Discount , " published on . January X 28 th , we adverted to the general rate for . a considerable period prior to that , time ^ to the rise which the BaiiK" had established , in the rate in-. the previous week , and we set forth at sonic length our reasons for ¦ . believing that the ' rate would bo raised still higher . In tlte week following our remarks the J > ank raised its minimum , rate from 3 to 4 per cent ., aiid las ^ t Thursday it again raised the rate to < i \ per cent . We finil no fault with the Bank for following- a course which we distinctly foresaw -would' be necessary . Nx > r can any one find the-least fault with the Bank for l . niiking as large profits as possible , under fair . competition , of its . own money . But the Bank has now made that alteration at a period of the quarter which exposes it to the reproach of making a profit of the public money , and ' lialpa to plaee iii a clear , light the / injury . which the institution , as modelJed by law , inHicts on the nation . .
One of its advocates toils its " that most of the banlcs , mid other dealers in money , foniid . their supply so far reduced that they wore glad to . turn away customers by demanding' ' a considerable ailvanec on the Bank nviniinimi . -The majority of the bill brokers were eager applicants at the Bank for 1 hc <' advances . usual at Ihc juriml of the quarter . The entire market found itself dependent on that esinblishwent to a degree unusual even aii ' h ' x season , when | nvat power is given to it" through Hie ( tbsorpliou of the currency in revenue jxajments . " The same advocate says the Bunk \ vs > s fully justiiied in raising its rate by the figures of its . account this week , viz ., an increase in the deposits , as-compared to the'first week in th « nionth , of £ 2 ,, 7 (^ : 328 . ' and an increase in the . securities of ; Jt : < , < i () O , n ()( . ) j the
former being the ' . measure of it ^ increased liabilities , and tlie . latter of tho greatly incrcHsed accommodation it had given to l > orro \ ve . rs . But of this inprease of deposits the sum of - S ; 2 , tYl' 2 , 7-l ~ > way the money of the State , and at this period of tho quarter , when the ? State necessarily absorbs vast stuns of legal money in rovi-iuie payments , it ' seems ungracious , nnd is unusual for tho Bunk in which it is deposited to raise the rate of discount . * Tho IJnnlc will undoubtedly inako all it can of its l \ uu \ fi . Wo hold it to be quite rig-hfc in every individual smel ' every private corporation to do this no far us is consistent , with honesty ; but l ) ccauso we know that tho Bank will and in bound to do so , we objoot . to its being iuvcskil by Jaw with an extraordinary power to exercise inherent Holliwlmess ufc other people ' s expense . In our article of January , already referred to , wo pointed out that tho issue of bank-notes had fullim from e : 32 , H 55 ,: 3 l 5 jit Hie beginning of 1859 , to £ 29 , 0 < li 3 , QO 5 . then . In the interval businesn had uxpandod , and in proportion ah it had oxpanded -and boconie active , thu issues of the Bank had doorcased . " Actually , " wo said , " tho bu « ineSH of tho country roquivos £ 3 , 01 ) 0 , 000 inoro Bank of England notes now than at this time last your , and there is > . ss \ iud . W , "i <>(> , ( KJi ) loan ; " Wo then said , ailwo , " that ontorpriso was likely to he much Htiiuulutecl both at home and-abroad , " ' nmlciiig tho trado of 1 H « JO far » ur \)\\ H « that of iiny provioiiayoar . " Ninv there is no doubt tliM ^ t'iiU'i-pri ^ o has increased since { hen , and is comparatively active * both horo " »« »« othor countrius . All Qoiniiioroiul authorition conour in thw . Ilio offioiul tnido tables f <»» " Fobnmr . v h ) io \ v « n inuroiiHO in tho vuluo oi oxiiorta in ' tho month of ; C 1 , J . O 7 , H 07 iw a ^» inHfc lohnwiry , 18 SU . Sflxoopt , therefore , that art nnd skill arc continually teaching uh liow to economise mri-oney , nioro in tmv miniro / 1 lor tho j » crou » pa buBinoHH oi : society than wijm roMiiirod-in January last . But so liw as tho Bank—tho body authorized to supply it—is voncurnud , tho eupuly is less . Tlio notes iatmod nnd i « oiroulutioa wcru— . Nolun 1 hhiio ( 1 . ) i Circulation . . C ^ * On Junurvry 2 C . . . P . 0 , 342 , 020 22 , / I 67 , iMU oniKls .... 20 : 00 ^ 040 . SMw ^ m Loss in Aluroh . 27 WS 0 b-l () , UM
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^ kil 7 , . 186-0 j . The Leaderand Saturday ' Analyst . 325
Lusf Ix D18golxt.
IXISK IS DISCUUST .
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Citation
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Leader (1850-1860), April 7, 1860, page 325, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2341/page/9/
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