The Press. — London, England, 1856-10-11 00:00:00

OCTOBER 11, 1856. really and honestly to take the sense of the country, and not to disfranchise one class of the population by giving twice the say in the government of the country to the other class. But, as I know it is in vain to expect the Whigs to be honest against their interest, I propose that the Conservatives should take the initiative, and turn Reformers.—l am, &c., J. A. G. THE EXPEDIENCY OF INTERVENTION. TO THE EDITOR OF "TILE PRESS." Sir,—" Trouble your head with your own affairs," as we are told in the words of an old song. It is a trite axiom, and worthy of attention and considera tion. It is socially and politically true—and, strange to say, it governs, or at least ought to govern, our social and political rights equally and respectively alike. In social life, unless any danger is likely to result to ourselves from any misdeeds or eccentrici ties perpetrated by our neighbours, we are but too well pleased to leave them alone and allow them to do, think, and act for themselves in such manner as it may seem agreeable to them—we are always un commonly chary, not only of actual interference in their domestic concerns, but even of tendering our advice or good actions when we are called upon by them to do so. It seems to be indigenous to humanity not to intrude upon nor interfere unne cessarily with the domestic joys or grievances of another party. And if this be true with regard to our social condition, and tends to the preservation of friendship and goodwill among men, as it un doubtedly does, how much the more is it likely to benefit a nation when practically applied to its go vernment, foreign as well as domestic—to its internal as well as to its external policy. The policy of non intervention is in the abstract a just one, and should as a rule govern our social and political actions. I do not, however, mean to imply that it should be adopted at all times and in all cases; as, of course, on some occasions it would be suicidal and fatal to the best interests of the country. But in this country, especially as regards its foreign policy, in tervention has been the rule, and I apprehend that no one will be found rash enough to say it has suc ceeded ; therefore, just for the sake of variety, I should like to see how we should exist were inter vention to be made the exception and not the rule. Merely for the sake:of novelty, even if for no better mason, it would be refreshing to have a change in this respect. But our foreign policy has become a matter much too serious to jest about; and, if it be continued, must before long lead to serious and grievous re sults. It is a vexatious, worrying, frivolous, and meddlesome policy, utterly unworthy of a nation like Great Britain, and calculated to deteriorate and im pair the character and dignity of the country. Besides, there is no excuse whatever why this country should be for ever embroiling herself with third or fourth rate foreign powers. Were we a con tinental nation there might be some slight justifies ton for our pursuing such a policy. But we are just the reverse of being a continental power; we are an insular one, separate and detached from any foreign power whatever. We are not consistent either in our political relations with foreign powers. We have laid it down not only as a moral but as a political rule that no weak power ought to be oppressed by the stronger—an excellent proposition, theoretically considered, but, practically, simply absurd and ridiculous. Was not the late war with Russia justified by England on the ground of de fending the weak against the strong ? and now, what are we about tO do ourselves ? Why nothing less than the sending our vessels of war into the Bay of Naples in order to dictate to King Ferdinand how he shall govern his own subjects ! A more despotic act I cannot imagine, nor a more unjustifiable one on the part of a country which prides itself upon freedom of thought and liberty of action. Why, we reverse our own political creed, and the strong ninon insults and harasses the weaker one. Of course I am not going to be the apologist for the actions of the King of the Two Sicilies. That they are despotic and tyrannical must be admitted ; but I cannot see, even if they continue to be so, what possible good can accrue to this country from our objecting to King Ferdinand ruling his subjects as ho pleases. Until we see that danger to our s3lves is likely to ensue from our non-interference, we ought, I m a i n t a i n , t o rema i n neutral, and keep ourselves aloof from such political Quixotism, instead of making ourselves the ridicule of the world, by acting, as we are continually doing, the part of a p o liti ca l k n i g h t errant. Are we so j ea l ous o, the continued occupation of the Italian peninsula by the armies of France and Austria in Central Italy aid the Legations, that we are desirous of occupying a portion ourselves ? If so, in the name of honesty, I3t us at once frankly declare it. I do trust, sir, that in the ensuing session of Par liament what ought and should be the foreign Tolley of this country shall be clearly and concisely defined. It is manifestly impossible that things can go on as they have been. If it be true that our THE PRESS. domestic policy requires revision in the shape of Administrative Reform—and I for one am quite ready to admit that it does—no one, I am sure, will deny but that our foreign policy, more than any other, requires correcting and amending. The Liberals have governed this country after their own peculiar fashion for some years past, and what have they done for it ? Can they point to any one measure of foreign or domestic legislation with any feelings of satisfaction or pride? Can they turn to the present state of the Continent as a proof of the success of their foreign policy? They well know they dare not; and yet for the space of ten years, with the exception of the ten months' administration of affairs by Lord Derby's Cabinet, in 1852, they have had the entire sway and management of foreign affairs. Lord Palmerston, the pet of the Liberals, has revelled uncontrolled amongst his own peculiar theories of what should be the foreign policy of this country. With what success let the present condi tion of our relations with foreign powers testify. So it is, also, with our domestic policy. Here, again, the Liberals have ruled the roost fur the last ten years—and what have they done? what account can they render of their stewardship? What measures can they show us that could enable a jury of their countrymen to pass on them an honest ver dict of " well done" ? Are they to be seen in the present condition of the country ? Is our commer cial or political morality to be taken as a proof of it? Are the late disastrous events in the Crimea to be held up to us as a pattern of a wise and judicious administration of affairs ? Is our present commer cial, legal, or social condition to be the test of their legislative skill ? or are the present prices of the necessaries of life to be taken as the proof of their " political sagacity " and forethought ? and, lastly, where are the cheap loaf and the low prices of provi sions which the Liberal gentlemen so liberally pro mised to their constituents on the hustings? But let us hope, sir, that their rule is fast coming to an end; and let us trust that the day is near at hand when our foreign and domestic policy shall be Conservative; and that our country, under the wholesome principles of Conservative progress, shall be restored to that fair and honourable condition which has been tarnished and neglected by the ten years of misrule by the Liberal party.—l have the honour to be, sir, your obedient servant, London, 9th October, 1856. JI'VENTS. gloneg glare et ano tatg FRIDAY ETZNINO. Tux return of the Rank of England for the week ending the 4tli inst.‘shows the following changes compared with that for the week preceding : Increase in Circulation . Decrease in Public Deposits Increase in Other Deposits Decrease in Government Securities 500,675 Increase in other Securities Decrease in Bullion .. 985,115 Increase in Rest Decrease in Reserve .. Bullion iu Both Departments Circulation, including Bank Post Bills The comparison is the most unfavorable that we have had to notice in the present year, and we only need to glance at it to be satisfied that the Bank directors had no alterna tive but to put on the screw energetically. Not only were they called upon for an enormous extension of discounts, as may be seen by the vast addition to the Private Securi ties, but they have had to endule a drain of bullion, the greatest since 1847 within the same period of time. The Private Securities now stand at an amount without pre cedent, being no less than 21,582,4641., while the Bullion is barely more than 10i millions. These amounts would not, perhaps, be calculated to excite any uneasiness if there was reason to expect that they arose from temporary or exceptional causes. That, however, is not the case, for we know that the Bullion next week must show.almost as great falling off; and we are tolerably sure that the de mand for money will be active enough to compel the Bank to lend out again whatever it may receive next week in liquidation of the bills just running off. In this way the payment of the October dividends, which will commence in a few days, is not likely to produce much improvement either upon the price of stocks or the rate of money. To assist in meeting these demands the Bank has not only applied all its additional receipts on private account, but it has also sold stock to the extent of half a million, and again made a serious inroad upon its reserve. The notes in the till are now only 3,775,5901., and they will probably be less next week. Under these circumstances, and espe cially if the foreign demand for gold continues, as is not unlikely, we should not be surprised to hear rumours of a further possible advance in the rates of discount. The Public Deposits show a considerable decrease, although the Bank has not yet dispersed the dividends. This is owing, we believe, to the payment of numerous Govern. ment officials of their quarter's salary on the Ist inst. The monthly return of the Bank of France was pub• lished this morning. It is very unfavorable. The bullion in the Bank's coffers is reduced to 6,658,000/. Indeed, the Bank of England and the Bank of France possess together gold to the amount of only 17,428,1901. We observed last Friday that the principal event of the week then closing was the advance made in the rate of discount by the Bank of England from four and a half to five per cent., and that this policy had under the circum• 981 stances met with general approval. We have now to record a further and more important change in the same direction. On Monday the directors were specially as sembled to consider the course to be adopted under the pressure of a severe daily diminution in the stock of bul lion to Paris for the uses of the Bank of France. They immediately adopted a very decided policy, for they ad vanced the rate of discount upon two-months bills to six per cent., and upon three-months bills to seven per cent. im proved character effect of this policy was apparent in the character of the exchanges on Tuesday; but it did not arrest the drain of bullion, for up to Wednesday no less than 150,0001. was taken out. Yesterday a considerable arrival of specie, about 180,0301., suspended, or rather diverted, the demand, and to-day we have heard of no parcels being sent away ; but it is understood that the agents of the Bank of France have unlimited orders in their hands, by virtue of which their operations may be renewed any day. Fol lowing Bank policy, the discount-houses and joint-stock banks have also raised their terms to the like amount, and thus we have again, not for our own faults, but for the faults of our neighbours across the Channel, a dear Money Market,with no present prospect of the slightest relaxation. The effect upon trade was in the first instance very severe. In the north, especially in the manufacturing districts, contracts formed upon the basis of a four and a half or five per cent. rate were in numerous cases withdrawn ; com modities of all kinds advanced in price ; and profits, which have been tolerably good for the last four months, could not safely be reckoned upon. All branches of trade have more or less felt the pressure already, although not a week has elapsed since the change was made. Of course, people are gradually adapting themselves to the circumstances of the times; but production as well as prices is already affected, and if the pressure continues we may expect a falling off in employment during the winter, to be followed by greater demands from the local tax-gatherer. The perils of the monetary crisis in which France now finds herself have in the present week caused the Bank of France not only to increase her efforts to draw bullion from hence, but to press heavily upon the speculators on the Bourse. Whilst taking our bullion in order to strengthen her position, she is contracting her loans and advances; and she will now lend money only for thirty days, and then but to the extent of forty percent. upon Rentes and twenty per cent. upon Shares. These terms mast bring down all the weak speculators for higher prices. Still, up to the present moment, there have been no failures of conse quence. The drain of silver from France continues, thus adding to the embarrassments caused by undue specula tion. An attempt was officially made to restore something like confidence by the publication of a report from the Minister of Finance, but it was only partially successful; and the remedy now most generally suggested is a suspen sion of specie payments. The remedy, however, would eventually prove worse than the disease. Under these circumstances the panic, for such it is, continues almost without mitigation. As far as regards ourselves, there is more reason to be hopeful as to the future. A suspension of specie payments in France must transfer all her gold here, except that which may be hoarded by the population ; but we cannot really profit by the difficulties of oar nearest neighbour, and, therefore, it is our desire that those difficulties should be ended as soon as possible. Although our commercial interests are acutely feeling the pressure caused by the state of the Money Market, their position is substantially sound. There is nothing at all approaching to the oha, ratter of a panic feeling. A wholesome caution is evi dently exercised by all parties, not only by merchants and traders, but by dealers t in public securities. So that on the whole it may be assumed as a fact, not without signifi cance at this particular period, by those who contemplate investing in English funds or railways, that whatever may occur elsewhere, in a financial sense, no great or sudden change in quotations is likely to t ake place here. What ever fluctuations may occur for the next three or four weeks will, in all probability, occur gradually; but, if the present state of public feeling undergoes no considerable reaction, we anticipate a steady market, notwithstanding daily commotions upon the Paris Bourse. The demand for money during the week has been heavy, notwithstanding the high prices paid for it, the advance made in the rates on Monday having been too much of a surprise to enable borrowers to prepare for it. The specie arrivals have amounted to about 300,0001. No part of this amount has been retained ie this country. Considerable fluctuations have taken plaza in Consols during the week, partly in consequence of the changes in the rate of discount, and partly in consequence of the settlement of the October account, which was brought to a close yesterday. Two small failures occurred. The varia tions during the October account have been equal to about three per cent. For the Bth of November quotations have been up to 92j to I, but last night they closed at elf to 1. Today they closed at 9'2 to f, notwithstanding the nature of the Bank of France return, and adverse rumours as to the character of the Bank of England, which is analysed above. Exchequer Bills are 4s. lower than this day week. The dealings were at La. to Ba. prem., and to day at 4s. prom. Foreign Securities remain depressed. Very great fluc tuations have taken place in the Turkish Six per Cents., owing to a variety of adverse rumours—some to the effect that no provision had been made for the dividend due this day, and others, that the Sultan is about to negotiate a new loan. They dosed last night at 95f to 98; and to day at 92* to f ex. die. Railway Shares have fluctuated considerably. They are all lower than this day week to the extent of from a half to one per cent. The holders of stock however are not bringing it into the market, consequently business has for the most part been speculative. This shows that there is no apprehension as to the future, at least speak of. - . Joint -stook Bank and Miscellaneous Shares ha v e alined, and remain inactive. ■ none to 111Pode•