The Press. — London, England, 1855-10-27 00:00:00

OCTOBER 27, 1855. immense armies collected, must have had some effect. But, on the other hand, the har vest in the United States has been the most abundant ever known, and the increased sup plies from the Weat must go far to counteract the stoppage of those which under ordinary circumstances would be drawn flout the East. To account, independent of the war, for the present high rates we have the facts of a har vest somewhat below au average at home and considerably below an average in France. But this comparative deficiency would, in the face of the very largo quantities America is prepared to send us, not justify present rates, and we must look for the cause else a here. During the last war the excessive prices wire caused less by the natural action of the war, destructive and protracted as it was, than by the artificial system of currency which it was found necessary to adopt. Supposing that the gold currency had never been sus pended, it is almost certain that the action of the war would have been, not to raise prices, but to depress them, by making money scarce. The tendency of war, as we all know, is to interfere with the ordinary circulation of coin, and drain it from the country engaged in vast expense for the support of its armaments. With the scarcity of coin, commodities would fall in price were there no influence to sus pend the action of this natural law. In the last war this influence, as is well known, was the suspension of cash payments, and the es tablishment of paper money. It was not the war which caused high prices, but the paper currency which the war necessitated. This is an important distinction. That action which the large issue of paper money exercised in raising prices during the last war, the great and continuous supplies of gold from California and Australia are exercis ing now. Shrewd economists foresaw when the gold discoveries were announced that if the supplies continued they must in time have a perceptible effect on prices. In the first in stance the great banks of the world received the gold, then it was gradually sent to the mints, then the coin came into circulation, and it is this general diffusion and greater abundance of the precious metal which is now universally raising prices. On the most moderate computation, the addition made to the gold circulation of the world since 1848 cannot have been less than from 100 to 150 millions, independent of those sources of sup ply which previously existed. We hear from California this week that " more gold-dust has come to San Francisco in " August than ever before in one month. The " shipments in the month exceeded 5,000,000 " dollars." This is at the rate of more than twelve millions of pounds per annum. From Australia the last accounts state that the quantity of gold already supplied this year (1855) amounted to fifty-seven tons ten hundredweight, of the estimated value of 5,524,3681., and the yield is likely to increase as quartz-crushing comes into play. The theory by which all other commodities increase in price as gold becomes more abundant is very simple. The price of all commodities is principally regulated by their cost of pro duction. If it requires as much labour to raise one ounce of gold—value, say 808.—as to raise two quarters of wheat, then the wheat will find its level and stand at 405. per quar ter. But if, through new discoveries of gold, one ounce of the metal can be produced as easily as one quarter of wheat, then the grain will be 80s. per quarter. This is the principle, subject to various modifications ; but in these days when the gold-lands are thrown open to all comers, and when the means of transit are so easy, the level is sure to be quickly attained. The war has not, we think, much influence on prices one way or the other. Prices had risen considerably before the war commenced, and would have continued to rise had it not occurred. Those who support it from a notion that it inflates prices, and those who deprecate it for the same reason, are equally deceived. The notion is mischievous, as it tends to array classes against each other. While the existing currency system is maintained, whatever THE PRESS. advance in commodities takes place must be referred to other causes than the war, which of itself tends equally to make both food and money scarce and to cause the two kinds of scarcity to nearly balance each other. YOTE OF THANKS TO MAJOR-GENERAL WINDHAM. AT the Norfolk Quarter Session, last Friday, the magistrates of the county took the opportunity of passing a resolution expressive of their admiration of the "gallantry, courage, constancy, self-devotion, and self-possession" which Major-General Windham displayed upon the memorable assault on the Bth Sept. The Earl of ALBERMARLE, in seconding the resolution, traced the services of the gallant general through the campaign : One feature, observed the noble lord, in General Wind ham's conduct on the memorable Bth of September ought not to be passed over. If one defect more than another had been apparent in the conduct of the war, it was not a want of physical, but of moral courage—that courage which induced a man not merely to risk his life when the exigencies of the service required that he should do so ; but that which was dearer to him than life—his reputa tion. Windham performed the duties of a general officer at the commencement of the assault on the Redau; he ended by being his own aide-de-camp, and when he wanted supports went for them himself. It was true that he took the only means open to him for saving his fair fame by ob serving to a brother officer, " You will say, if I am killed, why I left the Redan ; " but the chances were ten to one against either of them surviving, and, if they had fallen, and the body of Windham had been found in the neigh bourhood of the fifth parallel, might it not have been said that his courage had failed him at the moment he wanted it most? It was impossible to catch General Windham in the wrong. He always had his wits about him, carry ing them with him wherever he went. The resolution was agreed to unanimously, and steps ordered to be taken to transmit a minute em bodying the resolution to the gallant general. THE NEW LAW ON BILLS OF EXCHANGE took effect on Thursday last. The act has a retrospective opera tion on such securities as have become due within six months. It is enacted that from and after the 24th October, all actions commenced, within six months after the same shall have become due and payable, may be by writ of summons, in the form annexed to the act. On filing an affidavit of personal service, or by proceeding in the mode pointed out by the Common Law Procedure Act, a plaintiff may proceed to final judgment for debt and costs with interest. Within a period of twelve days defendant can apply to a judge at chambers for leave to appear, and leave can be granted on showing merits, on such terms as may be imposed. A judge may order a hill to be placed in the hands of an officer of the court. The expense of noting a dishonoured bill, and other expenses, can be recovered. One sum mons may be issued against all parties to a bill. The act is to apply to the Courts of Common Pleas of Lan caster and Durham ; and her Majesty may, by an order in council, direct the act to apply to all courts of record in England. The act is not to apply to Ireland or Scotland, and is to be cited as " The Sum mary Procedure on Bills of Exchange Act." The object of the new law is to prevent vexatious or frivolous defences to actions. MR. FEARGUS O'CONNOR'S LAND SCHEME was wound op last week at Sheffield before the Commissioner appointed by the Master in Chancery. The object the Master in Chancery has in view is to ascertain how to apportion the surplus assets of the company equitably amongst all the accredited claimants. From the company's accounts it appears that about 90,0001. is the whole amount which was subscribed, by about 70,000 persons. On the average, above one-third of the claimants have reappeared, and about two-thirds of the amount subscribed has been claimed.—Leeds Mercury. THE BELFAST PEOPLE are about to give a dinner to Lord Carlisle upon his visit to the north of Ireland next week, but the arrangements of the committee appointed to superintend affairs appear to have pro duced a considerable sensation. The question as to whether the health of the French Emperor be pro posed or not was at one time negatived in debate, on the plea of his antecedents, and the toast struck off the list. The dispute raged high, but after two days' fighting a concession was made by the majority, and the toast permitted. A CANAL ACROSS THE ISTHMUS OF DARIEN has been again projected, and the plan brought under the notice of the United States Government by a com pany at New York. The late discovery of Colonel Totten that the waters of the Pacific and the Atlantic are exactly level at half-tide, and that the hitherto supposed difference of 3.52 feet in their mean heights does not in reality exist, has instigated a company at New York to press the matter seriously upon the attention of the United States Government. The cost is estimated at 147,000,000 dollars. 1015 THE GOVERNMENT RECRUITING AGENTS. THE recruiting agents of the Government seem to be at a discount in all parts of the world. Cologne and Philadelphia have especially marked these un fortunate men for judicial vengeance. At Cologne, this week, we read that the consul, Mr. Curtis, and two of his agents, had been each tined fifty dollars and sentenced to three months' imprisonment ; while in Philadelphia a protracted trial of two agents had at length terminated in the acquittal of one and the conviction of the other. In his charge to the jury the judge animadverted in severe terms upon the gross violation of neutrality which had been connived at by " high functionaries of the British Government " The case (said the learned judge) has involved, in its progress, a train of facts of very considerable political in terest—perhaps of more general interest in that aspect of it than in its hearing on the questions which are to be de cided by your verdict, There are very few among us — probably none—who have not felt aggrieved at the tone with which the press of foreign countries, and occasionally of foreign statesmen of the day, have commented upon what they have been pleased to call the over-alacrity of the American people to engagejin military controversies in which they properly had nu rightful part. Our people and our Government have been accused of forgetting the obligations of neutrality, and of pushing ourselves forward into the conflicts of foreign nations, and not leaving belli gerents to tight out their own quarrels. For one, I con fess that I felt surprised, as this case advanced, to learn that, during the very time that these accusations were ful minated against the American people by the press of England, there was, on the part of eminent British func tionaries here, a series of arrangements in progress, care fully digested and combining all sorts of people, under almost all sorts of influences, to evade the laws of the United States, by which our country sought to enforce its neutrality—arrangements matured, upon a careful inspec tion of the different sections of our statutes, ingeniously to violate their spirit and principle without incurring their penalty, and thus enlist and send away soldiers from our neutral shores to tight the battles of those who were incon tinently and not over-courteously admonishing us to fulfil the duties of neutrality. The prisoner, Charles Hertz, bad not been sen tenced, but the penalty by law was a fine of 1,04)0 dollars and imprisonment not exceeding three years. SIR WATKYN WYNN AND SIR FITZROY KELLY are engaged at Berlin examining into the exact state of relations between Denmark and I'russia and America with regard to the dispute on the Sound dues, which it is said have been sold by the Danish Government to an English banking-house. SIR JOHN BICKERTON WILLIAMS, F.S.A., died on Sunday last at the Hall, Wem, Shropshire. Sir John VMS only son of the late Mr. William Williams, by the second daughter and co-heir of Mr. John Bicker ton, of Sandford•hall, Salop (the representative of the Bickertons of Cheshire), and was born 1702. He was formerly in the legal profession at Shrews bury, from which, however, he had long since retired, and served the office of mayor of Shrewsbury, and also was aldet man of that corporation until he re moved to Wem. Sir John was one of the most learned and earnest of our antiquaries. He received the degree of LL.D. from Middlebury University, Vermont (America), and was elected a Fellow of the Society of Antiquaries in 1824. He was the author of the life of his celebrated collateral ancestor, the Rev. Matthew Henry (the commentator), and of his sister, Mrs. Savage ; also of the life of Sir Matthew Hale, and of W. H. Lacon. The deceased gentle man was knighted in 1837, at the request of his late Royal Highness the Duke of Sussex, immediately after her Majesty's accession to the throne. THE report of the committee appointed to investi gate the causes of the outbreak of cholera last year in Berwick-street and Golden square, among numerous secondary causes, affirm that the use of the impure water of the well in Broad-street may be considered as a primary cause. THE subscription at Turin for the Piedmontese army in the Crimea, in spite of the most strenuous exertions of the Roman Catholic clergy, continues to augment. Upwards of 60,(X$) francs has already been subscribed. STEAM COMMUNICATION WITH AMERICA iS on the increase. Four steamers for New York have lately left Southampton in one fortnight. The passenger traffic between England and the United States by steamers is now immense. In January next there will he a steam•packet communication three times a fortnight between Liverpool and America ; and this, added to the communication to and from Southamp ton, will make a communication between England and the United States by means of monster steamers nearly three times every week. A new mail•steamer, called the Fulton, will soon commence running between New York and Southampton. A MONSTER LAsp, weighing 214 lbs., and measuring two feet seven inches in length, was taken out of the large pond at Longleate, the seat of the Marquis of Bath, whilst letting off the water last week. I