§ Against the Third Reading of the Bill.
§ "Dissentient—
- "1. Because it is inexpedient, without deliberation and evidence, to transfer to the centralized
1213 authority of a Revenue Department, already charged with laborious and incompatible duties, functions which have been hitherto performed by independent trustees, acting gratuitously, freely appointed, and who, by their administration of the Savings Banks throughout the British empire, have conferred a signal benefit on their country by encouraging habits of prudence, industry, and forethought. - "2. Because such a transfer cannot be made without implying a mistrust in that system of self-government to which England owes so much prosperity and happiness, and her charities and voluntary institutions so much of their success; and whereby all classes of society, being united in the discharge of their local functions, are trained in habits of business and responsibility, and are thus fitted for the fulfilment of other and more weighty duties.
- "3. Because this change is made without any clear and distinct explanation of the proposed system, or any estimate of its probable cost—a cost which, whether supplied by Parliamentary grant or by a deduction from the interest payable on deposits, equally demands the most careful and jealous attention.
- "4. Because the proposed change is the less called for when it appears that, under the existing local management, the amount of deposits in Savings Banks and Friendly Societies has steadily augmented, and on the 28th of November, 1860, had reached the extraordinary sum of £43,298,320; and that a further sum of £768,275 had been pledged by the officers of the existing Savings Banks as a security for their faithful discharge of duty.
- "5. Because the Legislature, in passing its earlier laws for the regulation of Savings Banks, described the sole object of those institutions to be 'the receipt of deposits for the benefit of the depositors, and the accumulation of so much of the interest as shall not be required by them: 'yet a practice has subsequently been introduced, and largely extended, by which the funds of Savings Banks have frequently been advanced to meet financial difficulties of the State, a power being conferred on the Executive Government described by high official authority as being 'larger and more absolute than is required for the public service.'
- "6. Because these practices, condemned by high Parliamentary and official authorities, are not only left uncorrected by the present Bill, but are liable to be more largely and freely applied, by reason of the substitution of a Revenue Department for the more constitutional control of the existing Boards of trustees.
- "7. Because no provision is made under this Bill for compensation or reward to the paid officers of the existing Savings Banks, however long and faithful their services, and who will be liable to be turned adrift and replaced by the nominees of the Government.
- "8. Because the proposed system, brought altogether under the central authority of a revenue department, may, when dealing with a capital of £43,298,320, facilitate and encourage the sale and purchase of public securities on account of Savings Banks in a manner to influence unduly the value of the Parliamentary stocks, and thus to affect injuriously both public and private credit.
- "9. Because, while it is not improbable that the agency of the Money Order Department of the Post Office may be usefully employed in the mere
1214 remittance of the funds of Savings Banks as between the local trustees and the Commissioners for the Reduction of the National Debt, no evidence or authority has been produced to justify the novel and objectionable principle on which the present Bill is founded.
§ "MONTEAGLE OF BRANDON."
§ House adjourned at a quarter past Six o'clock, till To-morrow, half-past Ten o'clock.