Puslapio vaizdai

were designed and calculated to ensure all the largest transaction in Scottish banking. The protection to capital and industry that human banker is an agent between those who have to legislation could afford. In 1844 he thus de- lend and those who have to borrow. He lends, scribed the probable operation of his new cur- however, on time bargains. Discounted bills rency law :

must run their dates. The holder cannot demand

But deposits "To ensure, so far as legislation can ensure, the just payment until the date is run out. Teward of industry, and the legitimate profit of commer- are accepted without any limitation of this nacial enterprise, conducted with integrity, and controlled ture. They are payable on demand. The depoby provident calculation."

sits of Scotch banks are supposed to exceed their In 1845 this law was partially extended to Scot-circulation in the proportion of 12 to 1. This land. The nature of the changes then accom- supposition is, we believe, greatly within the plished was important. The issue of paper circu- truth. We observed, in the accounts of one bank lation was converted into a gradually narrowing recently, deposits amounting to five millions, and monopoly. It was not fixed in the hands of a de- in the proportion of 16 to 1 on its circulation. finite and non-decreasing body, but in that of a The Currency Laws offer no precaution against body limited only against increase, and exposed a run by depositors and the power to pay in gold to all the probabilities of decrease. The new cur- would not survive three days in a panic of this rency bills are self-acting in this respect. They nature. There is no security afforded by these make certain, not merely that the monopolists laws that is value for a tenth of their cost. shall not increase but that they shall decrease. All They are equally inefficient in obtaining stathe contingencies of failures, of removals, of bility. Within the short period of three years deaths-all these means that are ever operating since their enactment, we have seen money more to remove one, and produce another race of abundant and cheaper than at any former period : business-men-are employed to reduce the and again money scarcer and dearer than ever it amount of the paper circulation, or to compress has been since the country became distinguished the paper issue within smaller limits; and thus to by a very marked expansion of commerce. Its Tender the privilege more obnoxious.

business for some years has been wisely done. The laws enacted in 1844 and 1845 fix the With the great exception of the railway works, paper currency to a definite amount. They its commerce has been based on the soundest founenact a fixed currency without ensuring fixed dations. Except for this circumstance, the present prices or fixed numbers. They operate for year must have been distinguished by the most its gradual destruction. It is true that the ruinous and widely spread embarrassments. The banks

may issue paper to any extent on a me- export of four or five millions of sovereigns shook tallic basis. There is nothing to prevent them credit and confidence. One man became nearly from purchasing sovereigns, storing them past in insolvent with a little silver mine in his possession. their vaults, and issuing notes to correspond | A bankrupt, overstocked with silver, would cerwith the quantity in their possession. That, tainly have been a rare phenomenon in the prachowever, is not a paper, but a gold currency. It tice of Mr. Commissioner Fonblanque ; but the is extended, or contracted, with the metal which contingency was not impossible.

Money rose, it represents. Sir Robert Peel himself declares and other property, excepting corn and foreign that gold is the most expensive currency. The imports, fell. All home manufactured property fact is undeniable. In the first instance, gold was (and is) reduced in value. Everything remust be bought. The capital which it represents ceded before the corn and the money powers. is sunk. It becomes of no further utility, and Ten and twelve per cent. were freely paid for mothe annual charge of interest, of tear and wear, ney by houses of ample means ; and credit has and of absolute loss incurred to the nation, is a been supported by such costly sacrifices as busicomparatively small, but not an inconsiderable ness cannot afford. Even while we write, one of disadvantage. The law was, however, to pro- the greatest public companies in England, the vide sect ity and stability. Security it does not London and North-western, is advertising for loans provide. The public have still to confide in the on three years' bonds at five per cent; and two capital, the property, and the prudence of the years ago the same company could have borrowed bankers. The security provided by the Act at three and a half per cent. is an expensive delusion. There are, indeed, The meaning of this is, that the man who, two two branches to which the term security may years since, could command £100,000 may now be applied. The convertibility of the notes be nominally worth no more money, but its value might be, but is not secured. Even in the is really equivalent to that of £145,000 at the case of the Bank of England, there is an period named. Capital has gained and industry issue of fourteen millions, based upon Govern- has lost on that sum £45,000. Property in ment securities. It is calculated that the circu- shares, in stocks, and even in goods, has been delation never will fall within that sum; but the preciated in a corresponding degree. The reduccalculation is entirely arbitrary. There is no tion of the property invested in the national funds absolute security attainable that the catastrophe is nominally not less than sixty millions sterling which is deemed impossible may not occur ; and within twelve months. An eminent and well-inthe security for convertibility would become im- formed sharebroker stated in one of his monthly mediately worthless. Bankers, however, not only circulars, that the reduction in the value of all issue paper, but tako deposits. That forms the stocks ordinarily saleable in our markets, include

ing national funds, could not be calculated at less only a comparatively small portion of the capital than one hundred millions within the same period. affected by these acts. Whatever raises the value Our foreign exports may be roundly estimated at of money taxes industry. The annual produce of fifty-five millions, and, in conducting that branch the agriculture and fisheries of Great Britain and of business, there must be an average outlay of Ireland was estimated in 1831 at £474,029,688. money for a not less period than eighteen months, The capital, requisite for preparing agricultural from the day that the miner strikes his pick into produce for the market, is not to a large extent the ore, or the husbandman casts his seed into transferred by bills of exchange. There are bills the soil

, or the hatches are closed over bales of passing amongst the smaller class of farmers ; cotton wool in the Mississipi, of raw silk in the but generally the advances, where advances are Ganges, or of Australian wool in the Yarra Yarra, requisite, are made by bankers or private indiuntil that day when the British merchant obtains viduals in the form of loans. Since 1831 the value payment of the hardware, the cottons, the linens, of agricultural produce has very greatly increased, the silks, or the woollens sold to his foreign cus- and we are not guilty of any reflection on the tomers. The period named is too short for the circumstances of the tenant farmers by supposing process ; but as the outlay progresses at each that this accumulation of produce is not raised stage of the manufacture, we may assume eighteen without loans of at least, on an average, months as something like an average. The dif- £175,000,000, because the capital invested in ference in the value of money within twelve the soil by tenant farmers is assumed to be equal months-caused, we insist, by those Currency Laws to £700,000,000 ; and we may fairly presume which Sir Robert Peel has omitted to number that one-fourth of the sum is held on loan. At amongst his achievements of the last six years—is an additional interest of two per cent., the extra even to the best trading houses equal to two per cost on this department is £3,500,000. The cent. For eighteen months this rate gives three gross value of property in land, timber, mines, per cent. on all our foreign exports ; and a gross and all other matters that range under the general sum on fifty-five millions of £1,650,000 taken an- title of the landed interest is £250,000,000. We do nually from the wages of labour, or the profits of not over-estimate the value of that portion of this capital actively engaged in business, and the re- property which is under mortgage in assuming turns of skill, risk, and enterprise and paid over it to be one-fifth of the whole, or £500,000,000, to the mere money-lender. Capital is to that on which we believe at least £400,000,000 to be extent enriched, and industry impoverished. borrowed. An addition of two per cent. to the

The money requisite in the preparation of manu- annual interest on this sum is a yearly charge factures for the home market, in the ordinary of £8,000,000. The value of house and shop transfer of goods here, in our agriculture, our property, and buildings of that description, is commerce, and our fisheries, is much larger than estimated at £750,000,000 ; and we believe that is supposed, even by parties largely engaged in they are mortgaged to one-fourth of their value, business. So far back as 1831, it appeared from or to the amount of £187,500,000 ; and the the returns of the stamp tax on bills and receipts, addition of two per cent. per annum to this according to MʻQueen's calculations in his “Sta- sum makes £3,750,000. The capital absotistics of the British Empire,” that the amount of lutely sunk in manufactures within the three capital transferred by bills of exchange, and on kingdoms may be estimated at £250,000,000 ; which discounts were paid, was £398,392,951. of which, we presume, that one-fourth is on loan, The addition to prices in this season, and the or £62,500,000; and, pursuing our previous general increase of business within sixteen years, estimate, the extra annual charge is equal to justify us in assuming the capital transferred on £1,240,000. The stock of goods in the hands of bills of exchange at £500,000,000 within 1847. wholesale and retail dealers, and in transit, forms We presume that the average of these bills run another item connected with this department. for ninety days or three months. Large This division of the national capital was estimated numbers are for shorter dates—some for eight, sixteen years since at £350,000,000. Notwithten, and twenty days—a larger number at standing the increase of business, we doubt if this one month—a comparatively small number at particular outlay has increased; because the sixty days; but to meet that there are numerous facilities of communication are daily lessening the and heavy bills drawn at four, at six, and even inducements to keep large stocks on hand. We at twelve months. We assume three months as may suppose regarding it, however, assuming the a fair average, and one-half per cent.-taking the estimate of 1831 to be correct in 1847, that oneincreased rate of money at two per cent.—is the fourth is held on loan, or advances in some form ; gross extra charge made on this capital per an- and we shall thus find that an extra charge is num, by Peel's bills—which he forgets to mention again incurred in this department of £1,710,000. in his address, as if they were matters of compa- The money loans on railways, shipping, roads, ratively little moment, though they are at pre- harbours, and similar public works, greatly exsent agitating society everywhere ; influencing ceed £100,000,000; but, assuming that sum, elections ; and felt in their consequences by all there is an extra charge upon it of £2,000,000, classes who work and earn. The extra charge on this calculation. The summation of these difforthat part of the country's business done through ferent charges makes a large sum, although we have bills of exchange, on the preceding basis of calcula- avoided altogether the outlay on articles of luxury. tion, is £2,500,000. Even there, however, we have


The different items of extra charge for capital,, subject so brief and convincing, in a pamphlet which we have enumerated amount collectively to published during this month by an eminent supa sum of £22,700,000,* leaving out of view the porter of Sir Robert Peel's general policy, that first in our statement, and which, partially at we insert it here, while we refer to the pamphlet least, may be accounted for in other departments. itself, as one in which many facts connected with

This sum is lost annually to the earners of this question will be found very clearly and ably money, and added to the stock of those who hold stated, by a gentleman of the highest literary capital without employing it in business. It is a character, unconnected with business, and whose tax paid to the money interest, exactly as the interest, if he studied his self-interest, would lead corn-law was a tax paid to the landed interest. him to support a measure that raises the value of It is a tax which we should oppose and endeavour money by reducing the price of commodities.* to repeal by the same arguments, and the same

“That the demand for capital to complete the railways means, that were successfully employed against which have received the sanction of the Legislature, occurthe corn monopoly. The real interests of the ring at the same time when the inportation of food occacountry require, quite as much, cheap money as

sioned by the Irish famine, and consequent exportation of

goid, is most extensive, bas very much aggravated the excheap food. They are not less impeded by a listing distress, may readily be conceded. It is impossible monopoly of money, than they were by a mono

that calls for £500,000 or £1,000,000 a week can go on for poly of bread. Free trade in currency is fully tion difficult, without occasioning a serious derangement

any length of time, when credit is short and accommodaas essential to the advancement of the country, of the money market. But would the capital of the counand the welfare of the working classes, as free try be unable to meet these calls, if the currency were not

contracted, and the wealth of Great Britain even in suffitrade in corn; and the extra charge for capital, cient quantities melted down into the form which constiestablished by these laws, falls as obviously on tutes oil for the social and industrial machine ? That is the first producers of wealth as the extra charge e point, and in order to arrive at a right conclusion on incurred for bread.

the subject, we must examine what the capital of the The direct tax in all such country has proved equal to in former and present times. matters is, however, always less than the indirect. “During the war, when the population of the country The sums actually paid, as we have stated, fall ranged from fourteen to eighteen millions, and its exports

froin forty to fifty millious annually, but when it had a sufnecessarily and greatly short of the charge on

ficient currency, no less than £600,000,000 was borrowed wages or profits. If a trader of any description in twenty-two years by the Government, never at a higher pays five, six, or seven per cent. for the capital

rate tban 64 per cent., being on an average about £28,000,000 which he borrows, he will charge a similar sum

In the years 1813, 1814, and 1815, no less than

156,000,000 were borrowed, being at the rate of a million towards expenses on his own capital engaged in a week for three years, and yet the dearest of these loans his business, and he will necessarily reduce wages,

was contractel for by Government at £4 15s. 6d. per cent.!

Are we to be told that the capital of the country has de90 as, if possible, to leave some profit over this creased so much during the last thirty years, that while a charge. By this view, which is in fact a reality, milliou a week was felt as no strain by eighteen millions we shall find that the increased charge on the

of British subjects, when continued for three years from

1813 to 1815, payment of the same sum for a few weeks business of the country, that charge which comes brought eight-and-twenty millions to the verge of ruin in Decessarily before wages and profits, is not less 1517? Has the boasted industry of the Anglo-Saxon race than sixty millions annually, in consequence of not only accumulated nothing, but merely feil upon its sav. Sir Robert Peel's restrictions on the currency, of If so, it says little for the liberal party and the political which he seems now to be so mistrustful, that they economists, who, during the last quarter of a century, have have no place in his catalogue of “good deeds."

had the entire direction of its affairs, that so deplorable &

result should have followed the adoption of their measures. These evils, however, are ascribed by the friends " In the next place, unequivocal symptoms at the preand supporters of the Currency Laws to the rapid sent day demonstrate that there really is no deficiency in construction of railways. The subject has spread The capital of the country has been greatly enlarged, in

our capital, but that all we want is a sufficient currency. out so much in our hands already, that we cannot stead of being contracted, by the recent currency laws; spare space for the refutation of this error, which becanse the value of money has been increased forty or arises out of a great misapprehension respecting cessary purpose, been turned, by the laws of 1819, 1826,

fifty per cent. Every million hus, for every useful or nethe circulation of money ; but during the late and 1811, into a miliion and a-half. The reality of this war the country raised, without an approach to change-of this vast addition to the available capital of bankruptcy, double the money for fighting pur

the country, distinctly appears in the current rate of inte

rest, whiclı, as every one knows, anterior to the present poses, to be expended in foreign countries, that crisis, bad fullen to three per cent. The funds were above even the Times calculates to be required annu

100: for some weeks they were 103 and 104: the four per ally for four or five years in the construction of per cent., without anv dificulty by Government. Is this

cent3. were successively changed into 3), and the 3 to 37 railways at home. Since the peace there has state of things an indication of diminished capital? Is it bcen sunk in foreign loans a larger capital than

not rather the clearest indication of redundant capital? of

a state of things in which the accumulated savings of the is required for investment in new railways at nation during thirty years of peace, have become so consihome, without the apparent and real inconve- derable that they can no longer find a profitable investnience and suffering occasioned from some cause

ment at home? In truth, the South American mania of

1825, and the North American mania of 1836, as well as or causes during the past nine months. The the Railway mania of 1815, liave all been brought about immense difference allowed by all parties to by the same canse, viz., a plethora of capital in the counexist between a home and foreign outlay, must

try, which led men lo seek the hazard of foreign undertak

ings, rather than the certainty of slender domestic profits. not be forgotten when we take these facts "In the third place, if the present state of the money into consideration. There is an argument on this market is considered, it affords the most decisive evidence We observe, that in printing off the preceding page, the Alison, F.R.S.E., author of "The History of Europe dur-,

* Free Trade and a Fettered Currency. By Archibald value of property in land, &c., is set down at £250,000,000 ing the French Revolution," "England in 1815 and 1845,'' instead of £2,500,000,000.

&c.-Wm. Blackwood & Son, Edinburgh and London. VOL. XIV.-NO, CLXIV,

2 N

that it is in the Currency, not the Capital, that the defi- that a smaller circulation will suffice to transact the ciency exists. The Chancellor of the Exchequer borrowed £.8,000,000 for the Irish loans at £3 7s. 6d. per cent. The business of the trade in bread than when wheat is 3 per cent. funds are now at 88: they have never, during 90s. ; but Sir Robert Peel has virtually declared the present crisis, been below 86 per cent. This shows that the same amount of money must suffice that the rate of interest for durable investments has not either with 458. or 90s, as the standard of wheat. yet generally risen to four per cent. But advances of cash by bankers for temporary purposes have risen generally to It is idle to suppose that when grain rises in price six, in some cases to ten, twelve, and fifteen per cent.-a the circulation may be increased by gold. That state of matters wholly unexampled, even when the nation is the most unlikely thing imaginable, because was expending one hundred and twenty millions a-vear, and lending Government fifty millions annually during when we have dear food we have always extensive tbe war. The capitalist for a durable investment is still imports ; and instead of increasing we are reducing glad to get 4 or 47 per cent.; but the money-changer will not let his cash out of his hands for less than six, eight, our stock of gold. Such has been the operation ten, or twelve per cent. Can more decisive proof be re- on the currency of the imports rendered necessary quired that capital is alıundant even to excess, and currency by the late calamitous harvest. Instead of the scarce even to famine ?”

circulation accommodating itself to the expanded The essential charge made by Sheriff Alison prices of necessaries ; it has been, and under the against the laws of 1819, 1844, and 1845, is, that present acts it always will be, reduced in amount they have turned every million for every useful as prices rise.

Gold has to be exported ; and a and necessary purpose into a million and a half. portion of the paper currency resting on gold has That, however, has not been done by fair enter- to be withdrawn. We are not permitted, in that prise, but by a legislative juggle—by a shifting case, to fall back on the realised property of the of the numerals. If Sir Robert Peel's fortune country and the credit that it affords ; but we are was four hundred thousand pounds before 1819, compelled to dispose of that property on any he has legislated it into six hundred thousand terms. The principle of Sir Robert Peel, and Mr. pounds by his bills since that period. According Lloyd Jones, and Sir Charles Wood is, that then to this view of the case the national debt has vir- we must sell manufactures at whatever price they tually been increased by four hundred millions. will bring, in order to rectify the Exchequer. And who have lost by the change? From This is the policy prescribed by them for the whose pockets has this immense bonus on capital nation. Let us apply it to the transactions of an been extracted ? From those, assuredly, whose individual trader, and mark the celerity with entire capital is the price of labour in some of the which it would place him in the Gazette. departments wherein by skill or toil men gain from On every occasion when his payments exceeded the world leave to live. The contributors to the his cash in hand, if he were creditless and comgreat loss which industry has sustained by the pelled to sell his stock, as advertisers say, ninety legislation of Sir Robert Peel are to be met per cent. under prime cost, at half nothing, at in all circumstances and places. He opposed whatever it will bring, or at a costly sacrifice, the ten hours factory bill; and the humblest either his transactions must be miserably circumworker in manufactory loses something scribed, or he would sink into ruin. Such, howby his currency measures. He opposed the ever, is the national policy supported by the land improvement bills of Ireland, and its money-monopolists ; and their object is to bring, peasantry need to lean on England for relief, as they often bring, bargains to the warehouses of partly because of his obnoxious prejudice for gold. the most extensive capitalists. There are men There is no man so poor who works and earns, who only buy in a crisis, just as there are certain from whom some means have not been drawn to fowls that make the greatest noise in a storm ; increase these accumulations of capital by this and noxious birds that dine best from a battle-field. device. It has gone down through its agencies to We do not propose in this number to discuss those the most wretched places, where the advocate of changes that are evidently requisite in the managesanatory reform, or the teacher of religious truth, ment of the currency. We have confined our almost trembles to enter, and abstracted from observations rather to a statement of some of the desperate penury a tax on its farthings. Where evils caused by the present system. The public the widow's family meet together, in winter are only beginning to learn the characteristics of nights, when their work is done, by a dim fire, the currency bills that have been passed since 1818. and beside a humble board, this ingeniously They see only yet in dim outline the injustice and shrouded tax, paid by labour to money, enters and wrong that has been, and is daily being inflicted pares away a part of their earnings, or adds to on them. They have heard repeatedly the their working hours, that it may fling steadily its necessity inculcated of keeping faith with the stones from every field on the cairns of wealth. public creditor ; but they are only beginning to The steady grinding agency of this power perceive that there is such a thing as keeping is not its most remarkable mode of taxing faith with the public debtor. They are learning the industrious. Its deficiency of stability that there may be a want of faith in increasing is its most pernicious characteristic. It wants the nominal value of money, at a period when the sobriety and steadiness in its operations. public engagements are very large. They are By endeavouring to fix the amount of circulation feeling the exceeding absurdity of wasting capital without the possibility of fixing the work that to obtain a circulating medium which presents the circulation has to perform, it necessarily no advantages over another that might be creates and compels the wildest fluctuations. obtained for one-sixth of the cost. Reluctant When wheat is 45s. per quarter, it is obvious as England is to learn from Scotland, yet many



Englishmen perceive that there must be some There is no doubt that Sir Robert Peel had a advantages in the old Scotch mode of trans- special object to serve in devoting so much space acting Bank business, which gives a trader interest and time to prove the propriety and justice of enfor every ten pounds that he can throw day by dowing the priesthood in Ireland. And when day into his bankers : gives thus to every man Lord John Russell declared in the London tavern who receives money a premium on his exertions to the London electors that “he did not know to reduce the circulating medium, and transacts that any one means to propose such a measure, an amount of business not proportionably inferior namely, this endowment, he also must have known to that of England on one half and less than one that Sir Robert Peel would not be averse to make half of the proportionate circulation.

the proposal. We have no means of ascertaining The importance of currency reform is everywhere how far the London electors are satisfied with the admitted. There is a feeling spreading in all quar- Premier and the ex-Premier's statements, but if ters that free trade in money is not less essential to they are to be included in one administration, as the public comfort than free trade in corn, in cotton, there is reason to believe, we see every ground to in wool, or in any other commodity. The extent expect from Baron Tamworth in the House of of loss caused by the present system is neither Peers, early in 1849, a very elaborate speech terascertained nor ascertainable ; but that does not minated by a string of resolutions on the subject. prevent the conviction from spreading, that now, Sir Robert Peel's principal argument is, that with the Manchester Free Trade League dissolved, a nation is not in any way committed to the docwe have yet to make our greatest struggle for free trines which it pays for teaching. The fact is trade ; and without any body existing to lead the consoling, because we as nation have been comway in secking commercial reform, we have yet to mitted to everything in the form of a creed, from accomplish our greatest commercial improvements. the immolations of Juggernaut on the Ganges to

With the knowledge that this subject was the consecration of bells on the St. Lawrence. agitating the electors—was introduced into the We teach all manner of doctrines. His second addresses of candidates for seats in the Legisla- argument is, that we have gone so far in this ture—was discussed at meetings for reckoning course already, that there is little reason for stopwith old members, and meetings for examining ping now. “ In for a penny, in for a pound,” is new aspirants—was the subject of question and the concentration of his argument on this head. answer, of speech, of promise, and pledge—Sir Weendow already Roman Catholicsin several coloRobert Peel, the author of the currency acts, nies, and Unitarians in Ireland ; therefore he says and designedly, or otherwise, a large gainer by there can be no case of conscience for stopping the currency acts, was guilty, at Tamworth, in But there is a case of purse. A sum of July 1847, of deserting his own natural offspring. £200 per anannum for each of 3000 individuals As a correct historian, he was bound to have men- has been estimated by the friends of this policy as tioned their existence; but he has nothing to say, necessary for its effectual practice. The estimate and he says nothing respecting them. His silence is £600,000 per annum—a serious addition to exmay be more gratifying than his speech could have isting burdens. been. To the existing system there is a darker Between the people and their rulers there is a omen in his studied neglect of the topic, than in remarkable difference on this subject. The people his preparation to recede when he last addressed have no interest in maintaining church establishthe House of Commons on the subject. There ments, except for the value they yield in public may be some who suppose that, in the composi- instruction. Then rulers have an additional intion of this address, Sir Robert Peel remembered terest in the patronage which they produce. distinctly the Dissenters’ Chapels' Bill, but had The apparent question agitated on every hustings forgotten the Currency acts, and, if they please, where there is a popular constituency is, “ will so they may continue to suppose. But the ex- we endow the Irish priesthood ?" but the real Premier has not a deficient memory.

question is, “ will we maintain the Irish Church?”

This is the view taken of the matter by the Roman A considerable portion of Sir Robert Peel's Catholics of Ireland. They repudiate the endowpamphlet is occupied with arguments to show the ment, not because a connexion with the State propriety of endowing the Roman Catholics in can necessarily be wrong in their estimation, but Ireland, if any statesman should ever want to because they want to bring down the Irish Church. take that step. The ex-Premier by no means Peel would stake them to the earth like a stock. says that he is to take the initiative. He does ade, to defend the Church and its patronage. not propose to introduce a bill into the first ses. They prefer to be free, saying or thinking wisely, sion of next Parliament on the subject, but he “ You must endow us, or disendow the Church," argues the case at great length. We can scarcely and we prefer the latter alternative. That is the suppose that Sir Robert Peel enters on this ar- real nature of the question; and when

ie set of gument entirely with the view of illustrating what Liberals talk of applying all the ecclesiastical prohe may believe to be an abstract truth. It is by perty of Ireland to State purposes, and yet say

means likely that he discusses the topics that they will support the Established Church in merely as an exercise in logic. For that purpose England and Scotland, do they ever reckon how the proposal to endow Mohammedanism in one long Voluntaryism will be exclusively practised section, and Brahmanism in another division of In- in Ireland before its adoption in this country? dia, would have answered his purpose equally well. Would they say three years ?



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