Mr. B. Wilbrahamhad to put a question to the chancellor of the exchequer, which, however ridiculous it might seem, was of great importance to the labouring population of Lancashire. It was reported amongst them that the government was about to seize the funds of the Friendly societies and Savings banks, and apply them to the payment of the national debt [a laugh]. This report had been caught up by persons little conversant in political matters, and had actually caused the breaking up of friendly societies, to the great loss of those who had claims on them. He was aware that it was impossible for the government to touch any of these funds, and that the report must have been circulated by designing persons. What, perhaps, enabled them to give currency to the report was, that in the last act for the amendment of the acts relating to Friendly societies, the money of these societies was directed to be lodged in the hands of the commissioners for the reduction of the national debt. He wished to hear a declaration on the subject from the authority which in that House was alone competent to give it.
The Chancellor of the Exchequersaid, that even after the experience of the extent to which malignity and absurdity could go in the propagation of reports injurious to the administration, he had not been prepared for such a rumour as that alluded to by the hon. gentleman. It was utterly groundless; there was not the smallest foundation for it, either in fact or possibility. Under the authority of parliament, the money belonging to Friendly societies and Savings banks was kept entirely apart from the public money; and 1392 even if the Treasury were base enough, they had not the power to misappropriate those funds.
§ Mr. Broughamobserved, that this was not the only time when such reports had been circulated. When the education committee was sitting, it was asserted that its intention was to seize all charitable funds, and to turn the two universities into charity schools. He was afraid that the declaration of the chancellor of the exchequer would not be effectual, as he had had an example of the inefficacy of facts or reason on such reports, in the case he had alluded to.
The Chancellor of the Exchequerhoped his declaration would be effectual, when it was known that not a single contributor to the Friendly societies or Savings banks had ever been deprived of his money by government.
§ Mr. Calcraftsaid, that it might be also said, in the way of consolation, to the people in Lancashire, that they need be under no alarm as to the paying off the national debt with the money of Savings banks, for that no money would be applied to that purpose at all. Till the last year there had been a sinking fund of fifteen millions; now there was only nominally a sinking fund of five milllions; and that would probably fall so much short by the deficiency of the revenue, that nothing at all would be applied to that purpose.
The Chancellor of the Exchequersaid, he anticipated no probability of any material deviation from the plan laid down by parliament in the last session.