THE DEBASEMENT OF DEBT.

Southland Times, Issue 635, 22 February 1867, Page 3

THE DEBASEMENT OF DEBT.

(From The Owl.) A few days since a deputation waited upon the Chancellor of the. Exchequer to represent to the Government the inconvenience felt by the young men of London from the present defective and partial state of the law and public opinion on the subject of debt, and to urge the necessity for some measure of relief. The deputation was introduced by Mr Mill, who said that its object was in accordance with true philosophy and the wisdom of all the world — which was his own. He was an advocate for perfect liberty, including the liberty of contracting debts ; and to saddle that liberty with the condition that debts must be paid was oppressive and unjustifiable. There was a reason for paying off the debt of a nation, because the coal, which was the source of national wealth, was becoming exhausted. Progress was the order of the day, and what could be more progressive than to spend your income before you got it ? — The Hon William 2sf. Dorser said that the imperfect and oppressive state of the law which enabled creditors to require payment was disgraceful to the age. The Bankruptcy Court, as. he had good reason to know, was a mere mockery, and had become so perverted that even its original use, as a screw upon governors, had become lost. The rate of interest was enormously high, as much as 60 per cent., and that without the certainty of renewal. Thought there should be a law to make renewal compulsory. — Lord Hy. Clincher said-he had lived all his life in a state of financial crisis. Many others were in the same position. At present he had arrived at a crisis of- crises, for his tailor had threatened to place his account in other hands. When the city men found themselves in a crisis, the Government helped them by suspending the Bank Charter Act. Why should" they not help the West-end by the suspension of some other Act, whatever it might be? For himself, he should be content with the power of receipting his own bills. He thought that the theatres ought to be subsidised like the Atlantic cable.- — Sir Hardly A. fiobert thought that the practice of \t \v ing debts sapped the foundations of oonstitutional liberty Some attempt had been made to remedy it in the case of members of Parliament, but prin-" ciples of solvency were making fearful strides. He had read in a biographical dictionary of a gentleman who paid his bills regularly ; thought it must be a - mistake. He considered the remedy was, for the Government to enable the young men to follow the national example, and to convert the whole of their debts into a stock, irredeemable, and bearing small interest. — The Chancellor of the Exchequer said that the Government warmly sympathised with the gentlemen before him, and was itself in the position of having to make capital out of nothing. The subject was most important, and the members of the deputation had done service in bringing the matter forward, and was entitled to great credit. Mr Mill said that was exactly what they wanted. The deputation then withdrew, and dined together on principles of cooperative credit at Limmer's.