The next measure which appears indispensable to secure internal
tranquillity in the empire is, to make a very considerable government
grant, to enable the railway companies to complete the principal lines
now on foot, but still in an unfinished state. Every consideration of
justice, expedience, and necessity, calls for such a grant. Many of
these railways can be completed in no other way. Their directors have
already borrowed all the money on the security of the undertaking
which the law allows (a third;) and the diminished means and
straitened credit of the shareholders, for the present at least, has
disabled them from answering any further calls. The works must stand
still, a deformity and a disgrace to the country, if government relief
is not afforded. Parliament has declared the expedience of these lines
by having passed the bills for their formation. Most, perhaps all, of
these would have been completed ere this, had not the fetters imposed
on the currency by the Bank Charter Act so straitened credit that it
has become impossible. The very _name_ of government being willing to
advance a certain sum, as two or three millions, to enable these
companies to resume their work, would so restore and vivify credit,
that it is probable a very small part of the sum voted would be taken
up by these undertakings. The restoration of private credit, by such a
measure on the part of government, would unlock the immense coffers of
wealth which now, from the prostration of private credit, lie
unemployed in the country. For, such is the strange and anomalous
condition in which we stand, that while our streets are crowded with
thousands and hundreds of thousands of unemployed labourers and
artisans seeking employment, our banks and insurance offices are
crowded with thousands and hundreds of thousands of unemployed capital
seeking investment. Yet these two superfluities cannot reach or
relieve each other. Why? Because credit and currency are wanting to
enable the one to pass over to the other. Let government lay the
foundation of the bridge, and the communication, to mutual advantage,
will soon be restored.
Public-domain text, read in full here on John Shaqi.
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