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    50 THE LEA D E It. [No, 459, January 8, ...

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    priests. To trade for the public benefit...

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    Position Of Austria. The Great Central D...

    profound discontent on the part of the thinking and educated middle ranks of society at the religious and intellectual vassalage to which all are indiscriminately reduced . Means of public remonstrance or- discussion with their priestly and police tormentors they have none . Toleration , as asserted by Maria Theresa and established by Joseph II . is extinct . The souls of the people have been bargained a-nd sold to the Church , as their bodies are claimed inexorably for military service , and their purses for irresponsible taxation . There are few svmptojns of writhing or resistance permitted to appear ; but it is impossible to helieve that beneath the innumera

    surface , could we penetrate it , there are not - ble festering and cankerous discontents . The state of the Lombard ^ Venetian kingdom is too well known . It is a magazine of national hatred which any spark may cause to explode . Railways and electric telegraphs would avail nothing after the first few days of general revolt , as they would need -whole armies to protect them from being temporarily interrupted . If or police purposes they are perfection , so long as the regime of police endures ; for military purposes iii a hostile-country , they are good for nothing . Oil the other hand , these great inventions would remain in full force and operation in those countries whence attack is to be apprehended by

    Austria . . } At comparatively trifling cost , and at a few hours notice , Kapoleon I ' ll , could launch a whole army on the plains which it took his uncle months of preparation , weeks" of perilous toil , and countless treasure to bring within sight of his antagonists . The same observation applies , to every detail of reinforcement . There ; is not . ' a barrack in any department of Erance where the summons for succour , in case of a rererse , would not be communicable , from the banks of the Adige or the Mincio , between < 3 awn and dusk of a summer ' s day ; and allowing for the time necessary to transport supplementary

    corps from Toulon or Marseilles to Spezzia or Genoa , it is certain that in the space of a very few days reinforcements unfatigued , aud in the best condition , ¦ could be sent to repair any loss that their compatriots or Piedmontese allies might , sustain . " Very different would be the condition of an Austrian army if defeated on the banks of the J ? o . Their whole line of communication between Mantua or Verona and the foot of the Alps would be beset by the enemy . The passes they would no doubt spare no pains to hold ; but the blunder of Charles Albert , who left the entrance to them open on the Italian side , would hardly be repeated by French generals ;

    • and if these could be scaled for even a short time , the Austrian eagle would be caged within the bastions of an isolated fortress . Long sieges and obstinate defences are just what her soldiers are best fitted for ; but the fate of his dominion south of the Alps would be sealed irrevocably were it once made ¦ a question how many months' provisions her im > prisoned troops had in store . Looking at all the circumstances of the case , we cannot help feeling that the odds ave enormously against her . That she thinks so herself , is betrayed

    by the hesitation evident in sending an army of occupation into Servia . Time was when the Court of Vienua would not have endured the notion of standing by while her puppet despot was deposed by a revolutionary decree in a neighbouring state , and janother , known to be in the interest of a jealous rival , seated in his stead . Bodies of troops were , in point of fact , gathered on the frontiers some weeks ago , preparatory to an armed occupation . But the peremptory veto of France , and probably also of Alussia , was interposed , and the perilous step has been suspended , if not abandoned .

    50 The Lea D E It. [No, 459, January 8, ...

    50 THE LEA D E It . [ No , 459 , January 8 , 1859 . ¦ - ¦ ' ' ' - ' ¦ ' ' ¦ . — ' - ¦¦ — ¦ ¦ — ¦ - ' ' ' ' ¦ ¦ = — = : —————^— ^^ ^——^ a ^^^ a ^ m ^^^ m ^^^

    Priests. To Trade For The Public Benefit...

    priests . To trade for the public benefit , or for any other purpose than to enrich the individual trader , is decried as hypocritical , and denounced as mischievous , by all the accredited writers on trade . Theoretically , it is far less beautiful than they , but , like many a harsh-featured face ; it may be an index to more sterling virtues than a softer and more smiling countenance . It is a striking testimony in favour of trade that all the statesmen of the civilised world think it their duty to promote it . They make many laws , if not successful , for this purpose . They even make war to attain it ; and , with the general approbation , trample under foot all the principles taught by religion incorporated into law and professed by all statesmen , to secure the opening of new channels of that

    trade . Equally striking , too , is the fact , as trade has extended , the morality of mankind , as well as their material condition , is on the whole inir proved , and is most improved where trade is most extensive . It is not , for example , to be questioned , that the morality of Europe , aud especially of England , aud more especially of this great metropolis—where life and property are now enjoyed in a security utterly unknown in the middle ages , and scarcely recognised in the days of the three first Georges—has improved as trade has become a larger portion of society . Bad as we may think the morality of our cousins in Boston , New York , Cincinnati , and Chicago , where all the people are traders , it is much superior to the morality of Milan , Naples , Vienna , and Rome , where all " but a small portion of the people are priestslawyers , and politicians .

    , It we justly reproach the Americans with continuing slavery , we ought not to forget that this is exceptional to them , and was , to a late period , universal in Europe . Moreover , Europe ' began the Afr ican slave trade ; , left it as an . heritage to America , and America has abolished it . That trade has gone hand in hand with civilisation , and that by common consent it is now encouraged as a means , of civilisation , assures us that it cannot ~~ be immoral . I" a general senseits advantages , moral and physical ,

    , are never denied ; and it is only in detail and in individual cases , when examples of unfair dealing or fraud turn up , that the morality of trade is sneered at . as low . Morality , however , is the law of life in society—the rule for the performance of duties by which the welfare of all is promoted—aud it is incongruous to suppose that . a branch , of society so influential , great , and growing as trade , can be conducted on principles adverse to morality and inimical to social welfare .

    It is not , however , trade in general , or trade m the abstract , which is now especially condemned , but certain aberrations from the true principles on which trade ought to be conducted . Latterly , trade has become of increased importance to society . Its great value is recognised , the large fortunes to which trade has conduct ed some individuals , the new channels opened for it , have attracted into trade much of the floating and permanent dishonesty of society , and trade has had to bear all the blame of the knavery which its name has been assumed to cover . Thus every attempt to swindle by a bank , or a board ot railway directors , or an and the

    individual merchant , has been called trade , villany of the individuals has been ascribed to the occupation . As well accuse all mankind of felony because there ' are some felons , and all tho priesthood of immorality because some members of the order are drunkards and adulterers . Trade , as the rule , is one of tho nowesfc portions of society ; every trading enterprise is something now , speculative , and hazardous , the results are olten affected by changos in tho laws of different countries , as well as by unexpected changes in the weather and tho seasons ; almost every failure , consequently , is classed with trade and remembered to its dishonour , while evory successful enterprise is unnoticed and perhaps unknown .

    THE MORALITY OF TRADE . Op late the morality of trade has excited much attention , and it is generally referred to as . exceptional and Jlow , especially less worthy than the amorality of politics , law , , and religion . That it is -difltyefttin some measure from some of the practices « nd p rinciples prevalent in these other groat brandies of society , ' and in so far exceptional , must

    too adfmtted ; but the great . cardinal principles ol morality— -honesty , justice , truth , respect for the rights of others—ave common to them all . Tho great distinction , between it and them is that it is avowedly founded on selfishness , while thoy all rest on the opposite principle . Whatever may bo its immediate op ultimate effects , it makes no claim to bo philanthropic , charitable , or patriotic , while they all professedly' promote the general welfare , rAtfiw than the welfare of statesmen , lawyers , ana

    Just now tho country is recovering from a collapse of credit j thoro was a wide extended exertion to obtain a share of the new wealth which had been discovered in tho lands of tho Puoiuo . Eagerness overshot its mark , There wero many failures , and credit , speculation , and trade are ail denounced . Credit is only uuothor name for trust and confidence whioh man must place in man . Socitoty cannot exist without credit or confidence . A clerk cannot bo entrusted with a cheque , nor a carrier with goods , without confidence Thp shoemaker cannot oonfino himself to his lafbt unless he believes that the tailor will p ly his noodle and the baker knead his dough while ho makes only shoos . Lending monoy or lending securities is only oiio form of , credit or confidence , whioh ie a necessary

    part of society . Two or more persons arc always concerned in it . To every lending and borrowing there are two parties , and if tho lender , eager for gain , hand over his money or his securities to another person , of whom he has up knowledge , aud without proving his integrity , he acts unwarrantably . Trust without knowledge is very likely to be deceived , and the man who so trusts , whether he be a poor or a rich man , whether he lends his all or a mere inite of . his wealth , is not . justified in complaining . Particularly if he be eager to trust in order to share the reputed gains of an enterprising man ,, be he a banker or a railway engineer , he is as hhimable as a ' confident mau who-trusts ' in . Fortune

    and draws from her lottery a great blank . Mr . Black , who , by his late lecture at Glasgow , has drawn attention to the subject , throws all the blame on the borrower , and has not a word of censure for the eager , unthinking lender , lie puts the case of a man borrowing money to . invest it iu sugar , on the chance of a rise iu the price , and concludes that by doing so without consulting the lender , he is guilty of a breach of faith and a reckless misuse of the money . To us this seems a misunderstanding and a misrepresentation of the case . The money is lent on faith in the man , and implies unreserved confidence in his mode of usin" - it . To suppose that his creditors are to he is to deal with the and

    be informed how money , control it after it is in his hand , is to make them not lenders but partners , and takes the whole question out of the category of credit . Credit is implicit confidence , and all that the creditor is concerned with is to get back his money . How it may be employed , unless he make some stipulation to this effect , is no concern of his ; and whatever the speculation , if it be successful , he gets back his money . He is only not paid when the speculation is a " failure . For him and for Mr . Black the speculation , is onlv illegitimate when it is a failure . To deny the utility of credit ^ -to deny the necessity of speculation—is impossible ; and success or failure is the onlv diuerence iu all credit and all

    speculation . Throughout 1 S 50 and the greater part of 1 S 5 . 7 speculation . \ vas carried on . to au extraordinary degree , and no moralist said a word against it . At the latter fend of lS 57 . many speculations Were proved to be failures , . mid immediately a voice of reprobation , echoed and repeated by Mr . Black , vises from all the eager , trusting creditors ; , expecting ( o get rich by the exertions of their debtors , and of society .

    Let us be understood as denouncing an as strong terms as Mr . Black every deviation from the strict line of honesty , every departure from fair dealing , but we cannot , there ' forc i go with him hi throwing exclusively the disasters of IS 5 . 7 ou the debtor , the speculating and the eutcrprising portion of society . Closely examined , it will be found llmt the debtor here was the creditor iu America or some other country , and that , debtor and creditor arc so interwoven -throughout society , that'to blame one is to blame the other . Society generally , however , may be described as consisting of two classes —¦ tho

    Havc-gots , and the Want-to-gets ; between them there lias been a contention U \ nc out of mintl , aud the imputations on the morality of trade are a con * tiuuation of tho quarrel .. Neither party can do without tho other , yet each is jealous of the other-As long as tho Huvo-gots got more , uiul the Want , to-gets got ¦ something , all went smoothly , but when tho latter were unable , from wlial , causes we will not how inquire , but not exclusively from their mismanagement , to give all that they had promised to the former , tho old contention was revived , and the struggling , enterprising portion of society is denounced ojs guided by a lo > y morality . For us this soonis a very onesided view of tho question , but it is quite consistent with tli » conduct of the Havo-gots in ovory age , who have always at onoo struggled to got more , and ilouounut- 'U or thwarted thoso who , having nothing , have wanted to get . In both olassos honesty > s to be commended and dialionesiy denounced , in both classes a too groat eagerness to got ia reprehensible- } but it is not inoro reprehensible , as Mr . Black ' s teaching would imply , iu one than in tho other .

    Tho trudor produces actually nothing himself ; ho is tho intermediary betwoon tho nmnumoturur ana the . farmer , or one producer and another . But by removing a commodity from whoro it itf of little valuo to whoro it is of much value , ho produces utility as well us thoy . Ho moans , as tluiy moan by their oxorl-iona , to ' bonollt himself , and ho oilers his commodities frooly to others . Competition—open competition—is tho auul of trade . It knows nothing

• Citation
  • Leader (1850-1860), Jan. 8, 1859, page 18, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_08011859/page/18/