MR THOMSON'S SPEECH.

Evening Star, Issue 3176, 25 April 1873, Page 2

MR THOMSON'S SPEECH.

To the Editor.

Sir, —Mr Thomson’s speech, as reported by the Press, is a proof of the chagrin and disappointment felt by him in being deemed unworthy of a place of emolument in carrying out the Public Works scheme. This is clear by his distortion of facts and figures, and by his making such a plausible ex parte statement, with the view, not of benefiting the country, but of creating distrust and confusion. Tint state of things would he nothing to him, providing it opened a way te a place suitable to his ambition. He may feel convinced that our public works are being carried out satisfactorily and the country benefited; but he determines to ignore it, because he has no baud in the fire, and will use every means in his power to prevent their being so, unless under his, or his party’s, control. It is, doubtless, in one point of view, gratifying to see a man so pleased with himself as Mr Thomson ; but if he saw himself as others do, he would see that without his oracle he car* do nothing, never has done anything in favor of his constituents or country that emanated from hi? own mind. He has merely tried to carry out the suggestions of others, being their tool—their mouth-piece. His speech is a sample of this, and also of his business knowledge, and of his knowledge of finance. For instance, he says, “If a man were first of all to borrow money, and then borrow money to pay the interest of that money he had previously borrowed, he would inevitably in due time find himself in the bankruptcy court,” That is the only correct statement in his whole speech, and if he is his own and his country’s friend he will congratulate himself and it that the Stafford Ministry are not in power, and have the wish that they may never be again. He knows, or ought tp know, that when in office they borrowed millions and threw them away foolishly jji war, Ac., and again borrowed money to pay the interest of that which they mis-spent. Mr Thomson doubtless clearly sees that, had this policy not been checked by their being ousted from office, in due time this country would have been insolvent. Business men, public companies, land pro* prietors, and wise Governments, borrow money, invest it in trade, improving their estates, or in public works, again borrowing money to pay the interest, if necessary, till their improvements ripen to yield profit, when with these profits interest is paid, anc[ by degrees the debt. Thri statement is trup. B/ such plans most of the laud in Britain has been doubled in value; mineral productions and manufactures are doubled, new manufactures introduced, and almost every fiublic work has been built; the demand for abor increased, and its price enhanced, while the necessaries of life are on an average half their former price, and by means of railways about equalised over the country. Other countries have made equal advances in civilisation, wealth, and comfort, from the samp system of borrowing : some of the German states in particular. I instance Pros? sia : she borrowed money at high rates of interest for railway purposes, aud again borrowed money to pay the interest; the Government made the most of her railways, and in time bought the remainder. Thirty-five years ago, as a kingdom, she was in an humble and halt position, her public revenue very small, and her people very badly off. On commencing these public works, there commenced a slight rise of her revenue ; and as line after line progressed and became finished, a new impetus was given to every industry, through which the circumstances of her people improved, and the public revenue grow apace. Economy—not speed, as in Britain—is the rule in working her lines of railway, consequently her returns arc largo—so great that her King no longer required to borrow money—pay inkrest on the borrowed money, but was gradually able to pay off that borrowed money. Eight years ago her debt was nearly extinguished, and the King proposed to regulate the charges on all the Prussian railways, as are the postal arrangements of Britain: that is to say, to make tho scale of charges equal to covering working expenses only. This borrowing of money by the King of Prussia, to promote public works, was the first move towards raising his kingdom and his people to their present state of affluence and prosperity. Mr Thomson and his coadjutors will at once see*the King was a good financier aud business man : that his wisdom and foresight were based on principles of prudence, which Mr Thomson has not yet caught sight of. It would be well for him and his party to compare the results of their (the Stafford) policy and the King g

frusta's, and lie and they will be at no loss to nndei stand which will be best for the country. . , . . Passing over sora* confusi m m facts and figures, Mr Thomson says : The question mi <T ht very naturally be asked how it happened that their railways wer.*, to wit. considerably more than one-third above the sum they were originally estimated to cost?” By this, I understand Mr Thomson to mean the whole railways contracted for, are so 33 i per cent, higher than their approximated cost. The rise in iron may account for this. Again be says : “ The estimates may not, in some instances, have been very accurately prepared.” Business men know what he calls estimates were not so, but simply an approximation of the expense laid before the Government with the plan, and that generally estimates from contractors r.eldom clash with the approximated sum, but vary from each other, and it often over 50 per cent. But it is not true that the whole contracts entered into are 33Jj higher than the approximated estimates, He says tViey a.ve, and that “he thought the increase was owing, etc.” I must finish the subject in another letter, as this is probably as long as you may have toom for.—l am, &c., A Child.