§ LORD ASHBURTONrose to move for certain returns as to the amount of capital employed in railways, and as to the drain of bullion from the Bank of England. His Lordship, who was very imperfectly heard, was understood to say, that observing there was a large mass of Railway Bills before Parliament, he wished to ascertain how far the operations arising out of these schemes might, among other effects, have a tendency to deprive the legitimate commerce of the country of those resources which it would otherwise enjoy, and how far they might tend to embarrass the finances of the Government. Something like a new circulating medium, in the shape of bonds and debentures, interfering very much with Exchequer-bills, had arisen out of these schemes. There had also been a considerable drain of bullion from the Bank of England for some weeks or a few months past. He did not wish to intimate that there was anything in that circumstance calculated to create alarm in the country, or that it had arisen from any cause besides 1321 the natural course of things; though it might undoubtedly have been extensively promoted by the condition and circumstances of the circulation of the country. There was also an apprehension that, in some shape or other, Government would borrow a considerable sum of money (and indeed millions seemed to be talked about with great levity), and this, combined with the facts of the drain of gold, and of Exchequer-bills being on the verge of par, made it very important that all the information that could be given as to the general financial condition of the country should be furnished as soon as possible. It was the more important that their Lordships should have this information before them, as in addition to the railway schemes which had already absorbed a large part of the capital of the country, there were, he understood, new proposals which would require many millions more. The information he asked for was necessary, in order to enable their Lordships to form a judgment as to the propriety of giving their sanction by Acts of Parliament to the raising of the sums now proposed to be expended for new railway speculations. He wished to know what amount of railway debentures was in circulation; what capital had been paid by instalments; how much had been borrowed, and for what period, and at what rate. Their Lordships might then form an opinion as to how far this mass, thrown into the circulation, had a tendency to raise unfairly the interest of money, and pinch the business of the country. In addition, he wanted to know—if the Railway Commissioners could furnish him with the information—the general extent to which the Railway Bills in the present year were likely to go. He was also anxious to ascertain how far the directors of the Bank of England, neglecting Exchequer-bills, had become investors of capital in these railway debentures, and what amount of bullion there was in the Bank, so that their Lordships might have before them the whole system of the circulation of the country in its present strange and anomalous condition. No doubt, many of these railway speculations might be well founded; but yet the assent of Parliament might be asked for in respect to them to a much greater extent than it would be prudent at once to grant. In France, where there existed so much distress from the same cause as here, the Legislature had thought it prudent to suspend temporarily new railway projects, in order that they might be better digested and considered. 1322 It could not be less desirable that the British Parliament should maturely consider similar projects in this country, and confine its legislation in the present year to those works only which were absolutely necessary, such as the filling up of gaps between existing lines of communications, &c., not, however, at least for England, sanctioning the introduction of any new line. This would have the effect of leaving capital more free for outlay in Ireland. The noble Lord concluded by moving for returns on the several points adverted to by him, in reference to railways and the Bank of England.
§ The EARL of CLARENDONregretted that the noble Lord had departed from the regular and useful practice of giving notice before bringing forward such a Motion. The noble Lord had moved for returns of an important and comprehensive nature, and had accompanied that Motion by a comprehensive, important, and, in some respects, alarming speech. He (the Earl of Clarendon) was not prepared to deny that it would be useful to be in possession of the information moved for; but the returns appeared to affect so many interests, in respect to railways, the Bank of England, the public securities, and the financial affairs of the country, that it would be too much to expect that their Lordships would assent to the Motion without due notice. He trusted, therefore, that the noble Lord would name another day for the Motion.
§ LORD MONTEAGLEthought, that with respect to some of the information moved for, there would be no difficulty in furnishing it, and the possession of it by their Lordships would be of practical importance. With respect to the returns required from the Bank of England, he suggested that, except in a case of stringent necessity, it would not be expedient to ask from the Bank of England more than that which it was required to furnish when Parliament entered into a new compact with that establishment. He concurred with the noble Lord in thinking that it behoved Parliament to consider whether it was not their duty to stay their hands, under existing circumstances, with respect to railway legislation in this country.
LORD BROUGHAMhad all along been in favour of due deliberation with respect to railway legislation; but it was now nearly all over, and just as the steed was gone, they began to think of shutting the stable-door; for he perceived that a Bill, in reference to future railway legislation, had been introduced into the other House; but 1323 it was only to take effect from and after the commencement of next Session, when probably all the railway business would be over.
§ LORD ASHBURTONwithdrew his Motion, and postponed it till Thursday. It had been suggested, that the Bank of England might object to afford the information he required; but he thought not, because the Bank of England did not object to supply any information which was now asked for by Parliament. The noble Earl (the Earl of Clarendon) had charged him with making an alarming speech. He certainly felt no alarm with respect to the state of the country, his only wish being that the Parliament should be in possession of the information he called for.
The EARL of RADNORcautioned the House against resuming the old practice of interfering with the management of the Bank—a course which, he believed, would be attended with very pernicious results.
§ Subject dropped.