Speeches on Questions of Public Policy by Richard Cobden

Richard Cobden
Cobden, Richard
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James E. Thorold Rogers, ed.
First Pub. Date
London: T. Fisher Unwin
Pub. Date
Collected speeches, 1841-1864. First published as a collection in 1870. 3rd edition. Includes biographical "Appreciations" by Goldwin Smith and J. E. Thorold Rogers.
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Volume II


[The Russian Government was attempting, at the beginning of the year 1850, to negotiate a loan, ostensibly for the construction of a railway from St. Petersburg to Moscow. There was reason to believe that the true object of this financial operation was to cover the deficit occasioned in the Russian finances by its armed intervention in Hungary. A meeting was called at the London Tavern to protest against this loan, and Mr. Cobden moved the first resolution at the meeting in the following words:—'That the Government of Russia having proposed to raise in this country a loan of five millions and a half, professedly for the purpose of completing a railroad from St. Petersburg to Moscow, but really to replenish the Imperial exchequer, exhausted by the expenses of the war in Hungary, this meeting is of opinion that to lend money to the Emperor of Russia for such an object would virtually be to sanction the deeds of violence and blood committed by him in Hungary, and to furnish him with the temptation and the means for carrying on future schemes of aggression and conquest.']


I congratulate the Peace Society and the friends of peace in this country, that the Emperor of Russia has been obliged—unconsciously been obliged, as we must as a matter of courtesy suppose—to affix his name to a document which is not true, in order to obtain a loan of five and a half millions in this country. I say that that document which has been signed by the Emperor of Russia contains an untruth. I know it to be untrue, and it is known to everybody in St. Petersburg to be untrue. But I accept the untruth as the highest tribute that could possibly be paid to the moral power of the Peace party in this country.


I was saying that the pretence put forth by the Emperor of Russia, that he requires this money to complete the railroad from Moscow to St. Petersburg, is unfounded in truth. I was at St. Petersburg about two years ago, and at that time the rolling stock of that railway was furnished. They had then one hundred locomotives; and I travelled on a portion of the line by means of one of them. They had one thousand waggons and carriages; and I was told all the iron was upon the ground and paid for, but that some part of the embankments remained unfinished; and looking at the martial tendencies of the Emperor of Russia, I do not think it likely that those embankments will be completed for ten years to come, at least; for judging from his conduct hitherto, we must expect that he will continue to spend his money as fast as he gets it, like a great overgrown colossal baby, on his soldiers rather than on those substantial improvements which alone can add to the civilisation, the power, and the happiness of his country.


But why do I argue this point? Nobody believes that the money is wanted by Russia for the railroads. I take it that everybody assumes to the contrary. But I will convict the Russian Government of falsehood in this respect from their own ukase. They say they want the money within six months. Whoever heard of five and a half millions being required for making a railroad in six months? Some of you here, unhappily, no doubt, have had some experience in railway calls, but did you ever know them come from any one board of directors so thick and fast as they are to come from the Emperor of Russia? 20l. two days after allotment, 10l. on the 15th of February, 10l. on the 15th of March, 10l. on the 15th of April, 10l. on the 15th of May, and 10l. on the 15th of June, and the remainder on the 15th of July next! Why, here are railway calls for one railway alone at the rate of nearly one million a month, and that in a country where, up to the month of March, no work can be done in the way of forming embankments, and consequently this money is wanted for the purpose of being expended in excavating and embanking in the months of April, May, June, and July. I really pity the mendicant Czar who is obliged to come to us with such a story. Is it not humiliating? And then, after putting forward this pretence that the money is wanted for a railroad, after beginning his imperial ukase by saying what was not the truth—I must in courtesy presume that he did not know that it was not the truth—he winds up at last (as though doubting whether or not he would be believed) in the fifth paragraph by promising that the account of the sums derived from this loan shall be kept as the former loans raised for this same railroad were kept—distinct from all other items of the State revenue and expenditure. He wants here to open the door if possible even wide enough for the most scrupulous Quaker to subscribe to his loan. He tells you not only that the money is not wanted for war or for paying soldiers, but that it is entirely for the construction of the railroad, and as a proof that it is so, he says he will give separate accounts of the manner in which it is expended. If he does so, all I can say is, that it is what he never did before.


I have been subjected to the reiterated charge that I am not consistent with my own principles, the principles of Free Trade, when I come here to denounce this loan, and people have asked—'Why won't you let us lend our money in the dearest market, and borrow in the cheapest? Why not have free trade in money as well as in everything else?' I have no objection to people investing their money, if they like to do so, but I claim the right, as a free man in a free country, to meet my fellow-citizens in public assembly like the present, to try and warn the unwary against being deceived by those agents and moneymongers in the city of London who will endeavour to palm off their bad securities on us if they can. If they can succeed in spite of our warning, and I am not going to coerce them or to dictate to them, we shall have done our duty in giving this warning in time; and those who do not follow our advice now will, perhaps, by-and-by, wish they had done so. That, however, is their business, not mine.


It is asked of me this morning by a leading journal, whether I oppose this loan on the ground of its immorality or on the ground of its being unsafe? I say I oppose it on both grounds; for, in my opinion, whatever is immoral is unsafe. But, apart altogether from these grounds of its inherent immorality and insecurity, I stand here as a citizen of this country and as a citizen of the world, to denounce the whole character of this transaction as injurious to the best interests of society. I will take first the politico-economical view of the question, because it is supposed that on this question I am particularly weak in that direction. Now, I take my stand on one of the strongest grounds in stating that Adam Smith and other great authorities on political economy are opposed to the very principle of such loans. What is this money wanted for? It is to be wasted. It is to go to defray the expense of maintaining standing armies, or to pay the expenses of the atrocious war in Hungary. Then what does it amount to? It is so much capital abstracted from England and handed over to another country to be wasted; it alienates from the labouring population of this country a part of the means by which it is employed, and by which it is to live. I say that every loan advanced to a foreign Power to be expended in armaments, or for carrying on war with other countries, is as much money wasted and destroyed for all the purposes of reproduction as if it were carried out into the middle of the Atlantic and there sunk in the sea. And I make no distinction whether the interest be paid or not—for if it be paid by the Emperor of Russia, it is not paid out of the proceeds of the capital lent—it is not paid by the capital itself being invested in reproductive employment—but it is extorted from the labour, the industry, and the wretchedness of his people, who have to pay the interest of that capital which has not only not been employed in reproductive labour, or even thrown into the ocean, but far worse, in obstructing industry, in devastating fair and fruitful lands, and in suppressing freedom. I say, then, I stand here as a political economist to denounce every transaction such as this as injurious to every class of the community, from the highest to the lowest, because it stops employment, impedes industry, and withdraws from us the very sources of profitable labour. Therefore, I say, it must injure every one more or less, from the Government itself down to the humblest mechanic or farm labourer who depends on his weekly wages for his subsistence. But I stand here also to denounce this loan as a politician, as a member of society, and as a taxpayer. For what is the object of this loan? It is to enable the Emperor of Russia to maintain an enormous standing army; and what is the consequence? Why, that every other country in Europe is obliged to keep up an enormous armament also. What say the statesmen of France? They say, 'We are obliged to keep 500,000 armed men because Russia keeps 800,000;' and we are here in England accustomed to cite the hostile position of Russia, as a reason why we keep our enormous fleet. I should not be surprised if, in the very next session, when I bring forward a motion asking to reduce our armaments, you find, what I have before found, this very example of the Russian fleet cited as a reason why we cannot reduce our navy.


What has been very recently the attitude and position of Russia as regards this country? Have we not had our fleet—a fleet maintained in the Mediterranean at an enormous expense, by you the taxpayers of this country—have we not had it sailing to the Dardanelles; and have we not had constant talk of a collision between Russia and this country on the subject of Turkey? Why, it is the acknowledged and traditional policy of this country—I do not say a word as to the wisdom of that policy—that we are to defend Turkey against all comers, and to maintain, at all hazards, the integrity of that empire against the aggressions of foreign Powers. When we speak of foreign Powers, we mean only Russia; and it is the common talk with every one who knows anything of Continental affairs, that in the spring Russia means to attack Turkey in her Danubian provinces, in which case the taxpayers of this country may be called upon to equip fleets, which Russia will combat with the means borrowed from yourselves.


We read in the history of Holland, that on one occasion when a Dutch town was besieged, its merchants sold sulphur to the enemy with which to make gunpowder to fire on themselves. When we read this we look on the Dutch as a mercenary people, who had no idea of patriotism or national dignity; yet what shall we say of England, if we have to record that, in the year 1850, there were found men in London ready to endorse the desperate wickedness of Russia by lending her money to continue the career of violence she has hitherto maintained? I oppose this loan then on grounds totally apart from the abstract principles of morality or any consideration as to the nature of the security offered. I, as a politician, a citizen, and a taxpayer, have, in common with you all, a right to protest against transactions of this kind whencesoever they come, or by whomsoever contracted. But I denounce also the morality of this loan. We have latterly had a strange doctrine, half hinted, half expressed, but not very confidently broached, that you must not question what a man does with his money; that you must only inquire how much per cent. is to be obtained, and that if the interest be five instead of four per cent. that is quite sufficient to sanctify the transaction. That is the doctrine I hear put forth in the name of my fellow-citizens. If it be really their doctrine, I can only say that the Emperor of Russia has given them credit for a much higher standard of morality than they possess. He was afraid to avow his real objects. He was obliged by his council to tell a fib, by asking the citizens of London to lend him money for railway purposes, instead of war. He did not know his men, he took too high an estimate of their morality, for they now propose unblushingly to lend him money, simply because he proposes to give them five per cent. interest instead of four.


Now, what is this money wanted for? Simply and solely to make up the arrears caused by the exhaustion of the Hungarian war. I am not in the habit of boasting at public meetings of what I may have done on former occasions, but if I were a boaster I should exult that the assertions I made on-this spot in June last, and which have been subjected to so much sarcasm from foes and friends—I should, I say, feel some exultation that this poverty-stricken Czar has been obliged to come forward and verify every word I then said. What has become of the two millions we are told the Emperor had subscribed to the Austrian loan? What has become of the 500,000l. he was going to advance to the Pope, or the half-million he was going to bestow in his generosity on the Grand Duke of Tuscany? Oh, he ought to pay his scribes well in Western Europe, who have told so many lies for him. He ought to pay them well, seeing that they have been subjected to this full refutation of all they have said on his behalf at the hands of the Czar himself. If I had been employed to write up the wealth, power, and riches of a man who six months after was obliged to come before the citizens of London and sign his name to such a humiliating document as this imperial ukase, I should expect to be exceedingly well paid for the loss of character I had sustained.


Well, I stand here to repeat the very words I uttered twice on this platform at times when few would believeme. I say that the Russian Government in matters of finance has been for years—successfully, until now the bubble has burst—the most gigantic imposture in Europe. I use the words, as I do every word I say at a public meeting, advisedly. I have used them before, and, after due investigation, I come here to repeat them. I say that this money is wanted for the purpose of sustaining the ambition, the sanguinary brutality of a despot, who has all the tastes of Peter the Great, and all the lust of conquest of Louis XIV., without the genius of the one or the wealth of the other; and who would apply these principles to a great part of Europe, forgetting that this is the nineteenth instead of the seventeenth century; while utterly wanting, not merely the ability which would enable him to play such a part in history, but even the pecuniary means of enjoying the taste he possesses.


What are the real objects of the loan? To make up deficiencies, to pay debts incurred by the Emperor of Russia while inflicting the most wanton injuries on Hungary. I said before that the expenses of that war were not paid, and now I will tell you how it was carried on. The army was moved from the interior, not at the expense of the military chest, for, as I told you, that chest was empty, and could not afford the means for transporting the Russian guards from St. Petersburg to the confines of Hungary. The way the Emperor managed it was this:—He sent out orders to all the landowners and farmers on the line of march, commanding them to deposit at certain points indicated supplies of provisions and forage for the army. When the troops arrived, these provisions were taken possession of by the commissariat, and receipts were given, which receipts were to be received as cash in payment of taxes. So that when the taxes became due, and these receipts were handed in instead of money, it was found that the resources of the country had been all anticipated. The Government, then, has not the necessary means of carrying on its affairs. It is said that three millions sterling of these Treasury notes have been issued, accompanied by a ukase avowing that they had been issued on account of the expenses of the Hungarian war. You will thus see that these supplies have been just so much provisions borrowed from the agriculturists of the country through which the army passed, and that the Government hopes to raise the money to pay for them by coming to England for a loan. And I say that this money, now about to be raised by way of loan, is just as much issued for cutting the throats of unoffending men in Hungary, devastating their villages, and outraging their women, as if it had been lent before a single soldier had begun his march. I say in this case, as I said in the case of Austria, that it makes no difference whether the money be lent a little before or a little after. The operations were based on the expectation of a loan from England, temporary expedients were used pending the realisation of that loan, and therefore, the English capitalists who advance their money will really be the abettors of the crimes and the cruelty of these Continental despots.


Such are the purposes, and not railways, for which this money is wanted; and are we to be told that because the loan will pay five per cent. we are not to inquire into the purposes for which it is raised? I can only say, that if a man has a right to make the most he can of his money without any inquiry as to the means, there was a very worthy man used harshly the other day at the Old Bailey, by being sentenced to twelve months' imprisonment and hard labour for only being the landlord of some infamous house out of which he realised a profit of twenty per cent. It is quite certain that this man may console himself in his confinement by thinking that his conduct was quite consistent with the new code of morality lately introduced into the City. But I do not reckon much on moral restraints. I think more may be done by appealing to motives of self-interest, and showing the risk there is in subscribing to these loans. Who would go and lend money to an irresponsible despot who never publishes any account of his income or expenditure? I was looking through the Almanach de Gotha, thinking I might find in it some traces of the income and expenditure of Russia. There was something more or less on that subject respecting every other state, but when I came to Russia I found these expressions: 'We are sorry to be altogether without information as to the revenue or expenditure of Russia.' Now, that is the investment which is considered good in the city of London, simply because the borrower is a thousand miles off. How would a man, whose affairs were in such a state, but living in England, be received if he attempted to borrow money? How would you like it in the case of railways? At present, although you have six-monthly meetings, auditors, secretaries, and the most complete surveillance, yet, by a strange inconsistency, one of the parties most diligent in abetting the Emperor of Russia is as anxiously abetting a Government audit to look after the affairs of the railways. That is my first objection. We do not know what security we are to have for this money, which we know is wasted in unproductive employment. The next objection I make to this investment is, that you are lending money to a sovereign who founds his throne on the most combustible elements in all Europe. It is not irrelevant to the subject, if a sovereign comes here publicly to solicit money from the citizens of London, to say a word as to the prospects of his empire. The Emperor of Russia is the only sovereign in the world who rules over white slaves—twenty millions of serfs, who are bought and sold with the land. Do you think that a safe state of society in the present age? The ideas and principles of freedom have been marching from west to east for centuries, and slavery and serfdom have disappeared before the spirit of the age, until progress was arrested on the confines of Russia. Do you think it will long stop there in these days of the steam-boat, the railway, and the telegraph? On the contrary, you must expect that the serfs of Russia, being men, will prefer freedom to slavery; and that, being ten to one of their masters, they will do in Russia as they have done in every other country in Europe, sooner or later assert their freedom.


What security do you think you will have when the conflagration takes place in Russia, as it most probably will before many years have passed away?—because there never has been a case in which the emancipation of the serfs on a large scale was effected except through the agency of a revolution. What do you expect for your loan in the event of a revolution in Russia? What will the people of Russia say of the men who lent their money to enable the Emperor to maintain his tyranny over his serfs? I say they will. repudiate the debt. And, mind you, this custom of lending money by more refined states to barbarous Governments is a great means of perpetuating their tyranny. It gives them the power of governing in a way which they could not attempt if depending on their own people for the supplies. Go back to your own history—to the time of the Plantagenets, when England obtained her liberties step by step. How? Through the necessities and embarrassments of her kings. One got a loan for one franchise, another redeemed his jewels with another. That was the way in which the people of this country wrung liberty from their sovereigns, time after time, through their necessities; but if our ancient kings could have gone to the more solvent states of Italy, or the merchants of Venice, who stood towards England then pretty much as England stands towards Russia now, and could have borrowed five millions independently of their people, when, think you, would the liberties of the people of England have been secured? Where would have been the liberties of England under such circumstances? And do you not think these things will pervade the minds of the masses in the east of Europe? Will they not ask you by what right you lend your money to any irresponsible despot, to enable him to perpetuate their slavery? What answer can you give them? Why, we got five per cent. for our money!


But there is another difficulty which I wish those who lend money to the Russian Government to bear in mind. We may not be strong enough in this room, although we represent pretty much public opinion out of it; we may not be strong enough, by this expression of opinion, to prevent people lending their money to Russia; but let them well understand that we, the taxpayers of England, who are no parties to the loan, will be no parties to the collection of their debts. Hitherto, there has been a sort of vague notion that if Governments fail in paying their debts to the English creditors, the powers of our Government may be brought to bear to enforce payment. There has been some correspondence between parties so interested and Lord Palmerston, and the noble Lord, although declining to interfere, yet reserved to himself the power of interfering if he thought proper. Now, I tell those who lend their money to the Russian Government, with an idea that they can make our Government the collector of their debts, that we have sufficient power to prevent them making our foreign Minister a bumbailiff. I warn those who lend their money to these bankrupt Governments, whether in Europe or elsewhere, that we have the power—we, the taxpayers of this country—to prevent our Government sending, at the instance of these loan-mongers, ships of war or even diplomatists to demand their money. On the contrary, I believe from my heart, that if the time should come—and most assuredly many in this room will live to see it, when not one farthing of this Russian loan will be paid—I believe that the enlightened opinion of this country will exult in the loss of the money, not from ill-will to the unfortunate people who hold the bonds, but from a belief that it is a righteous retribution, and that it will operate as a warning to prevent similar transactions in future. Are not these important points for consideration? Will any one deny that we have the power of preventing the Government putting the taxpayers to expense in collecting these loans? Will it not make an important change in the prospects of these loan-mongers, when it is known to the world that the taxpayers of England separate themselves altogether from the speculators in such matters?


There is another uncertainty which I wish to point out to the holders of these loans. Nobody can deny that there is a change of opinion on the whole subject of these foreign loans; nobody can deny that we have put their promoters on the defensive, and that on the grounds of political economy, expediency, and justice, they are gradually losing ground in public opinion. That is the work of six months. We have only begun our work. But is it not very clear, that as this opinion goes on gathering strength, and as the raising of loans becomes more difficult in this country, it will diminish the chances of the payment of the interest of loans already effected? Let it be once known that there will be no more loans, and we shall soon have repudiation all over the world. Since the peace of 1815, the Governments of Europe have borrowed more money than they have paid interest to their creditors. That is to say, the kind and agreeable British public have been lending money out of one pocket, and receiving it back in interest in the other. But let them once see that there is no more chance of getting your cash, and you will see that a very slight chance remains of your dividends. But I do not come here with the idea of warning any of those capitalists who take this loan as agents, or the speculators who write for it. We all understand how that is done now. A certain house engages—I'll let you behind the scenes a little. A certain house undertakes to be the contractor. As soon as the contractor has settled his terms—and they do not always tell you the whole of the terms—he sends out circulars to his friends; that is, those speculators whose names he has in his books, and who are accustomed to put down their names for a certain amount of these loans. These brokers, bankers, and speculators are all invited to put down their names as subscribers to the loan. They send in their names for 50,000l., 30,000l., or 20,000l. And why? Because they expect to be able to redistribute these sums to their customers, their clients, and their acquaintances, at a profit—not with the view of holding the stock themselves. I venture to say, that not five per cent. of the loan which will be subscribed for up to Monday next will be taken by parties who really intend to hold it as a permanent investment.


I came down this morning from the west end of the town in an omnibus, sitting opposite to a gentleman. As we were riding along he looked out of the window and saw a placard with the words, 'Great meeting on the Russian loan.' He said to me, 'Mr. Cobden is going to have a meeting, I believe.' 'Yes,' I said, 'I believe he is.' 'It's very odd,' he observed, 'that he should presume to dictate to capitalists as to how they should lay out their money.' 'Well,' I said, 'if he attempts to dictate, it is rather hard. But I suppose he allows you to do as you like.' 'But,' said he, 'he holds public meetings to denounce this loan; yet I should not wonder if he would be very glad himself to have 20,000l. of it.' I said, 'Have you taken any yourself?' He replied, 'I have—50,000l., and I intend to pay it all up.' I then said to him, 'Would you like to leave that property to your children?' 'No,' he said, 'I don't intend to keep it more than two years at the outside, and I hope to get a couple per cent. profit upon it.'


Now it is with that view that that gentleman is going to pay up his calls—that is, if he thinks of doing so. That is not the ordinary case; they generally pay up one call, and then sell the stock at any profit which they can get upon it; and the loss of holding these securities—I said it before, and I repeat it now—the loss falls upon individuals who were totally unconnected with the taking of the loan—tradesmen retired from business, widows and orphans, trustees and others who invest money in what they regard as a permanent security, in order to obtain the interest upon it. Well, now, I declare most solemnly, after looking into this subject of Russia, as I have done for the last eighteen years, that I would not give 25l. per cent. for the Russian Five per Cent. Stock, which is being dealt in to-day by the bulls and bears at 107—I would not take 100l. worth of it at that price for permanent investment, and with the view of leaving it as a part of the dependence of my children. We do not profess to come here to advise those brokers and capitalists who originally take these loans; we know that they always make money, even when other people lose. I ask you to go back to the loans which have been contracted—for instance, by the house of Messrs. Baring and Co. I ask you to inquire for yourselves how some of the loans which have been taken by that house have turned out in relation to the interests of those who have ultimately become the depositories of the bonds. The contractors did not perhaps lose by them; but I get letters daily from persons who have had Spanish bonds, Guatemala bonds, Portuguese bonds, and the rest, describing the sorrowings and sufferings which they have experienced as the result of having been entrapped into purchasing such bonds.


I say, then, that in coming here to denounce this transaction, we do so in the interest of the unwary; we do so to guard against these transactions, men who have not had the same opportunity as some of us have had of investigating this matter. And if we can by this means place an obstacle in the way of these warlike and despotic sovereigns, when they are coming to raise money from the civilised industry of this country, in order that it may be expended in barbarous waste in Russia and other countries, I say that we shall have done society good service. I ask only for just so much confidence in what I say as I am entitled to in consequence of what I asserted before with regard to the state of the Russian finances. Take nothing for granted in reference to Russia. Systematic fraud and deception, and lying and misrepresentation, are the policy of the Government of that country. A great part of the very money which is now about to be loaned in this country will, I have no doubt, be spent in espionage in Constantinople—in bribing employeés and functionaries there, and in bribing a portion of the press in Germany and in France. [Cheers, and loud cries of the 'Times,' followed by hissing.] We cannot believe that any of the press of England would be bribed. [Laughter, and renewed cries of the 'Times,' amidst which were heard the words 'Morning Post.'] To be sure, some of our newspapers have been doing the work of despotism rather heartily. And now they seem disposed to play the part of vampires or ghouls. They are worse than vampires and ghouls. How shall we describe those indescribable monsters who, when their foes have fallen, when they are gone into exile, when they are separated from their wives and children, when they are starving in the streets,—brought down to the begging of their bread in the midst of winter,—how, I ask, shall we describe the wretches who are then base enough to traduce the character of such men? I spoke of ghouls and vampires. They prey upon the corpse of the material body: we have had no monster as yet which lived by destroying the character of a fallen foe.


Now, Gentlemen, this money will be spent, I say, in bribing the Continental press—in paying for an insurrection in Paris, no matter whether it be a red republican or a legitimist insurrection, so that it causes confusion and violence—ay, in paying somebody to create confusion in this room, if they durst. Talk of red republicanism being anarchical! There is nothing in the world so anarchical as the despotism of St. Petersburg. Let it not be concluded, from what I say of the Russian Government, that we have here fallen into the great delusion which prevails in this country on the subject of the character of the Russian people. I have had before to correct some misapprehensions with regard to the finances and resources of Russia. There is nothing in reference to which there is so almost universal a misapprehension as exists with regard to the character of the great mass of the Russian people. In the first place, we have them represented to us as a collection of barbarous and discontented hordes, who are anxious to quit their country, and to pour, like an avalanche, on Western Europe. There is no greater delusion in the world than the supposition that the population of Russia have any desire to leave their native land. There is not a people in the world who are prouder of their country than are the Russians of theirs. There is not a people in the world who are less disposed to cross their frontiers to commit an act of depredation or spoliation, much less who would leave their country to become permanent settlers in another land. I speak now of the national character. Nor are the Russians a warlike people. There is no greater delusion than the supposition that we have to deal with the Russians as a warlike people. Why, the army is so unpopular, that when the Russian peasant is torn from his village by the conscription, there is a procession in the village, of which the priest is the leader, which resembles a funeral ceremony. When I was at St. Petersburg, an English merchant described to me a striking scene, in order to illustrate the repugnance of the Russian people to enter the army. He said that he entered a street in St. Petersburg where a surgeon was examining the conscripts, in order to ascertain whether or not they were fit for the service. Some conscripts had entered a house. They were there denuded and examined, in order that it might be seen whether they were fit to be admitted into the army. One of the men was declared to be unfit for the service; and so great was his excitement, that in the frenzy of his delirium and joy, he actually rushed from the house into the street in the state of nudity in which he had been examined. Well, now, I say the character of the Russian people is a gentle character. They have a great regard for human life. They are, indeed, as slaves, addicted to slavish vices; they lie, they pilfer, and they are too apt to get drunk, or at least to indulge in the use of intoxicating liquors. But great crimes—the crimes of murder and violence—are rare in Russia; and I wish it to be distinctly understood, that in dealing with the Emperor Nicholas we will not allow it to be said that we stand here to menace or affront a population of sixty millions of people.


But what will be the grievance of this people as against you? It is you who enable the Government to maintain its enormous army; it is you who enable the Emperor to keep up a navy for which he drags twenty or thirty thousand of his vassals from their villages, placing them for six months in the year in barracks in order that they may, for three summer months, sail on board his ships in the Baltic and the Black Sea, to the great amusement of British and American sailors. The Russians have even a greater horror of the sea service than they have of the land service. They are dragged from their villages to be put into ships of war, and imprisoned in barracks at Cronstadt, and all because you lend the Emperor of Russia money to enable him to do this. Once withdraw these loans, and from that moment the whole policy of the Emperor of Russia, as well as of the Emperor of Austria, will be changed. Russia would no longer be able to menace Turkey—Russia would no longer be able to send its army into Hungary—Russia would no longer be able to hire these spies and journals in Western Europe; and the Emperor, not having the means of coercion placed in his hands by foreign aid, would be obliged to conciliate his people, in order to govern them securely.


I would, in conclusion, exhort those who may read what I am saying, to consider well before they invest one farthing of their money in a security based upon the life of an individual like this, one who does not belong to a long-lived family, and whose son may be utterly unfitted to cope with the difficulties which await him, when the present Czar dies. In thus lending your money, you place it upon a volcano. You may rise any morning and find that the vast empire has been torn asunder, that a spirit of violence and insubordination is spreading throughout its serf population. Come it will—it may come on any day. This boasted Emperor of Russia, of whose energy and talents we hear so much, is doing the most likely thing which a man could do to precipitate and render inevitable such a convulsion as I speak of. Instead of conciliating the nobles, he is holding them with the tight hand of despotism—he is pretending to give emancipation to the serfs only to disappoint their hopes; and, instead of employing the energies and resources of the empire in preparing for the greatest evil which could hang over any country, namely, that which arises from the possession of twenty millions of serfs, he is increasing his expenditure, embarrassing his finances, enlarging his army and navy, trying to keep the whole of Europe in a state of perturbation. and making enemies to himself of every civilised people on the face of the earth.


I ask all who may read what I say not to be daunted by what they are told is said in the City, by the statement that everybody is laughing at them—that everybody is laughing at Mr. Cobden's letter. They said that everybody was laughing at my letter about the Austrian loan. We were told then, in reference to the Austrian loan, as we are told now with regard to the Russian, that it was all taken before we met. Well, now, I was calculating this morning, before I came here, what is the present state of the account of those who took the Austrian loan. I am very happy to say that that loan has remained principally in the hands of the first subscribers; that it is the great bankers, the great brokers, the great speculators who had been really caught in this case; and for that very reason, and no other, you will never hear of another Austrian loan. Now, what is the present state of the account of those speculators? I find, by a very short calculation which I made this morning, that at the present rate on the Exchange, they have had a loss on that loan up to this day of 145,000l. So I think the laugh is on the other side of the face—and it is only the beginning of the laugh. We ask, therefore, everybody who has a conscience which is proof against one per cent.—on the ground of morality, on the ground of political economy, on political grounds, and on the ground of personal safety and security, we ask every one to ponder when he reads what has been said to-day—we ask all to do their utmost to discredit this most nefarious attempt on their credulity and their pockets.

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