The Liverpool Standard and General Commercial Advertiser. — Liverpool, Merseyside, England, 1851-05-27 00:00:00

r -- 1 8 TATTERSALL'S, YESTERDAY. ASCOT STAKES.-7 to 1 each agst Vampyre and Ballet Girl; Bto 1 each agst Vatican, Empress colt, and Pitsford. The above prices are nominal. LONDON MONEY AND SHARE. NIARKETS.-YESTIRSAY. CLOSING PRICES. The English Market has been very strong, but generally closes a shade lower, without any apparent cause. Consols Account, 10th June, 97k, 8; Ditto Money, 97/, 8; Three and Quarter per Cents, 98/, ; Exchequer Bills, L and S, 41-4 pm. Foreign Stocks steady : Mexicans, 35/ ; Spanish Actives, 20/, ; Ditto Threes, 40, ; Ditto Passives, 6/, f. Railway Shares pretty good at opening. In the afternoon the markets dropped a little, but recovered before the close, and end about the same as they begun. Not much done. London Stock, 1231. 4 ; Ditto Quarters, 3L, 4 prem ; Midland Stock, 56, /; Ditto Halves, 163,15 g prem ; North Staffordshire, 7/, # dis ; South Eastern, 24g, dis ; Caledonians, 131, g; Ditto Pref. ed,i ; Eastern Counties, 61; East Lancashire, 18/, I ; Great Northern, 18/, ; Great Western, 83/, 4/ ; Lancashire and Yorkshire, 57, / ; Ditto, Fifths, 7/, 7 dis ; York, Newcastle, and Berwick, 20/, 1; Ditto Pref., 2/, 2; York and North Mid. land, 23/, g; Manchester, Sheffield, and Lincolnshire, 29, 31. LONDON CORN MARK ET.-YESTERDAY. We have a scanty show of English wheat at our market to day, and the trade opened firm, at fully last Monday's cur rency. Foreign importations restricted at full terms, English and foreign flour brought the rates of this day se'nnight. Isar ley, beans, and peas fully as dear Oats are scarce and fine. English rather higher; °reign unchanged. Little doing in seeds and other articles, and prices nominally the same as on last market day. English White Wheat 42s. to 488. f t Red „ 368. to 435. ARRIVALS. - - Qrs. Qrs. English Wheat „ Earley Oats Malt - Floir „ Beans „ Peas 25 - Irish Wheat — „ Oats „ Malt — GLASGOW IRON MARKET.-MONDAY, At our market to-day there was not much doing in Wheat and Barley, but no reduction in price. Peas steadier, at last week's prices. Fleur a free sale, at the currency of last mar ket day. In other little doing, and no alteration in value. LONDON PRODUCE MARKET.-YESTERDAY. Sugar.—Foreign market rather lower, with few buyers. Few public sales declared. Refined inactive; Brown Lump, 4s6d. Coffee. For native Ceylon, good ordinary 395. to 405., with few buyers; other sorts dull and declining.—Tea. Free sell era, at previous rates. —Rice. East India more in demand, at last week's ten - mt.—Cotton. Not cheaper but demand small. TALLOW RETURNS. The return of stock is 36,848 casks, against 24,611 casks in corresponding week last year, being an increase of 12,237 casks last week. The deliveries last week were 766 casks, against 1,147 casks in corresponding week last year, being a decrease of 381 casks. SM ITH FIELD CATTLE MA RKET.—Ye STERDAY. The supply of Beasts at this day's market ww! large, and trade ruled better than on Friday last. Sheep in fair demand, and no material change in price. Lambs at last Friday's rates. Calves unaltered. Beef, 2s. 2d. to 3s. 6d. • 3lutton, Ss. to 48. ; Veal, 2s. 6d. t o 4s. ; Pork, 3s. to 3s. Bd. ; L amb, 4s. 6d. to ss. Bd. Arrivals.—Beasts, 3835; Sheep and Lambs, 27..070; Pigs, 490; Holland Beasts, 435; Ditto Sheep, 1340; Ditto Calves, 144; Irish Beasts, 2400; Scotch Ditto, 300, TIE LIVERPOOL STANBAXIL WRRESI'ONDENTS. several letters and other communications are unavoidably postponed until a future publication. Ehr Riberpool TUESDAY MORNING, AY 27, 1851. 1r is scarcely necessary to draw the readtr's attention to the important proceedings which took place yesterday at the quarterly meeting of the Liverpool Chamber of Commerce. The Council of the Association deserve the warm thanks of the commercial community and of the public generally for their efficient and persevering exertions to bene fit the trade and commerce of this important town. The Chamber appears likely to become one of the most valuable societies in the town for the redress of local commercial 9:,rievances, and for the promotion of the interests of the whole mercantile body. IF there is a man in this sad world of ours who is more inconsistent than another, it is Sir James Graham —the hope of the small section of politi cians, who ape to walk in the footsteps of Sir It. Peel. To no party ; to no principle; to no opinion has the Knight of Netherby ever remained con stant. When he wrote his celebrated pamphlet on "Corn and Currency"—celebrated, by the bye, only because it has rendered his after life a false hood—he was somewhat near the truth as to the questions which he treated. He was once regarded as a sound Protestant. He is now prepared to abet the impudent encroachments of Popery upon the prerogative of his Sovereign, and the liberties of her people. He was the most offensive Home Secretary which this country was ever compelled to tolerate for a season. But worst of all the faults, of which Sir James Graham has been guilty. is his new reading of the teaching of the Holy Scriptures themselves. We shall explain as to what we refer. In the year 1841, Sir James made a speech at Dorchester, in which he main tained that "the best safeguard of nations was to be found in that independence which arose from those nations, in the average course of years, being enabled to supply their inhabitants with their daily bread." On this ground, he said, he had been the advocate for protection to British agriculture. And he went on as follows : " He would allude to a topic which had been handled with vast skill by an eminent and dignified divine, and he knew not that he could offer a better illustration of the subject than had been given in an analogy brought by that writer, and brought, too, from that sacred fountain which contained lessons of pure knowledge. They would re member that the most ancient commercial city was the city of Tyre, described in Holy Writ as sitting like a queen upon the waters, as ' the crowning city whose mer chants are princes, whose traffickers are the honourable of the earth,' who was the mistress of the world, enriched by the ships of Ophir, and dealing in the dyed garments of Bozrah ; yet a little but striking incident is related with respect to this city. She was in the neighbourhood of a poor and apparently powerless 'kingdom, that of Judea. A quarrel arose between them, and the inhabitants of Tyre were obliged to send an ambassador and sue for peace at the hands of the King of Judea, and the reason assigned is that ' their country was nourished by the king's country.' THEY DID NOT GROW THEIR OWN CORN. Now he believed this to be written for our learning and Instruction. It went to the essence of the whole case. They might depend on it that the ROOT OF NATIONAL IN DEPENDENCE WAS, AFTER ALL. SUCCESSFUL NATIONAL AGRICULTURE. Hewas proud of British ships; he was proud of British commerce ; he was proud of British manufac tures ; he was proud of British colonies ; but, after all, THE SOURCE OF OUR NATIONAL PROSPERITY AND OF OUR FUTURE NATIONAL INDEPENDENCE WAS HOME-GROWN CORN—NATIVE BRITISH HOME-GROWN WHEAT." vv The majority of our local readers will remember that "the eminent and dignified divine" referred to was the Rev. Dr. M'Neile. Now Sir James Graham was of opinion, in 1841, that the instance of the condition of Tyre was " written for our learning and instruction." It was no cobweb of the brain of a political economist. The lesson which it teaches, he says, was " brought from that sacred fountain which contains lessons of pure knowledge." Tyre was obliged to humble itself at the feet of Judah, because its people " was nourished by the king's country" ! Has Sir James Graham, since 1841, lost his belief in the truth of the in spired writings of God ? Does he now think that they were not " written for our learning and in struction" ? Is the inspiration of a Manches'er cotton factory moretruthful than the Sermon on the Mount ? Is the code of Mr. Cobden more to be obeyed than that delivered by God himself to Moses in Horeb ? For shame Sir James Graham ! Shame upon every man who dares to set up man's wisdom against those lessons which have been be queathed to us by inspired writers " for our learn ing and instruction." But let us proceed a little further with this in consistent gentleman. He said, on the occasion referred to : "If, indeed, it was expected by human lays to provide for providential calamities, much more was expected than human legislation could accomplish. They were told that, like pestilence, famine was one of the Divine punish ments for national offences ; and to baffle human skill, to subvert all human efforts, how slight were the means that would suffice ! What was blight ? The breath of Divine displeasure passed forth, and the husbandman's hopes were blighted, the staff of life was broken, and there was the cry of distress, and suffering, and sorrow throughout the land. By such means, apparently so in significant, but oh, bow powerful ! were we taught on the one hand to look with humility on all the efforts of the legislative wisdom of man, and, on the other, to look up for reliance on Him who is the giver of all good. There fore, he said, that to pretend to make a country altogether independent of the evils arising from a deficient supply, was the pretence of quacks and empirics, and was not the profession of the real political philosopher." Oh that a man who could, ten years ago, thus humbly throw himself into trusting dependence upon the supreme "giver of all good" things, should be found mow setting up the shallow conceits of his own brain—" the legislative wisdom of man" ! the " pretences of quacks and empirics,"—against God's own lessons to his dependent and guilty creatures! Tua remarks of the Manchester Guardian, on Wednesday last, upon the fact of Mr. Jonathan Duncan's having addressed a most influential body of merchants upon the currency question, as bearing upon the commercial policy of the country, betray a little soreness, in addition to the writer's usual self-sufficiency and pertness. Something must be very wrong, he conceives, when such men can be induced to assemble, during the business hours of the day, to listen to the " trash" of that gentleman. A sneer was obviously intended both at the mer chants of Liverpool and the lecturer. In behalf of the latter we do not presume to take up the cudgels. He is well able to defend himself against both the clumsy wit and the arguments (?) of our contemporary ; and it will be seen, and perhaps be felt by the Sir Oracle of the Manchester interest, that he yesterday availed himself of a tolerably in fluential audience before whom to make that defence. We care not a straw about the sneer of such a writer against the merchants of Liverpool, who only laugh at its impertinence. What we have to notice is the soreness displayed by the writer; and that soreness we suspect arises from the decisive proof exhibited by the meeting on Monday week, and confirmed by subsequent meetings, before which Mr. Duncan has laid his views, that the mer cantile community of Liverpool, of all shades of political opinion, are determined to investigate the pernicious oper ation of our present monetary system upon the commerce of the country, whether under Free Trade or Protection ; and to use their influence upon the legislature and the country to secure in its stead a sound, a just, and an honest system. Something must be very wrong in Liverpool is the substance of the sneer of the Guardian. Some thing is very wrong, we tell him, not only in Liverpool, but in Manchester, and in every seat of commerce and industry throughout the country. Can things be right with our contemporary's friends when, week after week, we find him writing long leading articles to prove a prosperity existing, whilst his own columns, under the head of market intelligence, chew that dulness pervades every market ? Can things be right when we find Railway Shares, securities of all kinds, foreign produce, minerals and manufactures, sinking ruinously in price, day after day, for no obvious or explainable reason. Is it a satisfactory state of things when, on every Thursday for the past two months, the holders of commodities have been in trepidation—yes, had the fear of almost ruin before their eyes—up to the close of the sit- , tings of the bank directors, a resolution of whom to raise the rate of interest, even by one-half per cent., would paralyze the entire trade of the empire ? The Guardian would have some difficulty in an swering any of these questions in the affirmative. But we tell him why the merchants of Liverpool must insist upon a revisal of the whole system. They are required to hold the imported produce, and raw materials, for the manufacturing districts, and a large portion of the united kingdom. They must .advance upon them to the foreigner, or pay him for them. The Manchester school of politicians, however, have limited the home demand for these commodities. They have failed to maintain their own consumption of raw materials, or to keep up to its promised extent even their boasted foreign demand. Both the home consumer and the foreigner buy from hand to mouth, and Liverpool has to be the great depot from which their peddling demands are supplied. tinder such circumstances, our merchants and capitalists require to be pro tected against the arbitrary working of the bullion ist system. If they have to keep double stocks in their warehouses, they have a fair right' to ask for a currency, which is not restricted by the limited supply of the precious metal—gold. It may be fun for Manchester millowners to see, every two or three years, the mercantile body crushed by this system, and millions of their accumulated capital swept away. They get their cheapness by such means. Sugar, corn, coffee, and other articles drop 30 per cent, in price during these crises ; and Man chester rejeices over the calamity of her Leighb-ours. But will her political theorists never learn the lesson that imports must be remunerative if we are to have a profitable export trade in manufactured goods, or in any other articles - ? Our contemporary assumes that all the intelli gence of the country is located on the banks of the Irwell ; and that Liverpool merchants are little children in leading strings. We can assure him that the world thinks very differently : and that this community will organize, and are organizing their strength to wrest Great Britain from the domination of a set of shallow quacks, who, in their selfishness, have well nigh succeeded in mak ing shipwreck of the empire. A RATHER interesting and instructive conversa tion took place in the House of Lords on Friday evening last. The Duke of Richmond, after re marking upon the conduct of the Peruvian government, in making a monopoly of the article of guano, informed their lordships that a large store of that very valuable manure had been discovered in Western Australia ; but that the local govern ment there had imposed an export duty upon it of £2 10s. per ton. This his Grace considered to be unfair, "as the country was receiving the corn of Western Australia without duty." The reply of the Colonial Secretary was to the effect, that he had desired the governor of Western Australia to reduce the duty to 20s. per ton. New, of course, for the benefit of the farmers of England, we should wish to see such reduction made. But we cannot, for the life of us, see what right we have to demand such a concession. As the Duke of Richmond says, we do receive the corn of Western Australia without duty. So we re ceive the corn of the foreigner. Not one advantage has the Australian producer in the markets of this country, which we have not freely given up to the producers of other countries. How, then, have we any right to ask for any special favour from the Australian government. There might, indeed, have been a policy shaped out, which would have bound this and all our colonial possessions to the mother country by the ties of gratitude and interest,added to those of a common origin and a common lan guage. We might have free-traded with our colonies upon eauitable terms, instead of stimula- twig only the industry of foreign and rival coun tries. We might have built up a Zollverein, which would have rendered Great Britain independent of tin world for a supply of every product of every clime. We could have conducted such an expanded trade with money based solely upon British property and British honour, without asking of California or Russia for an ounce of the precious metal which their miners and adventurers are degrading and brutalising themselves to procure. We might have striken down the atrocious system of slavery throughout the world, by giving fair play to our own West India growers of sugar and cotton. And, as the crowning benefit of all, we might have carried the produce of this great confederation of British subjects in every region of the world—this British empire upon which the sun never sets—in British ships, manned by British sailors, and at the same time fostered a powerful commercial marine, and a navy which would have rendered us impreg nable against the assaults of the world. Senti mental enthusiasts talk of an era of universal peace to be brought about by England reducing her armaments, destroying her buttresses of defence, turning her swords into iron shuttles, and becoming the huckster and drudge of universal mankind. Here alone, we tell them—in the fusion of England's colonial empire with England, which we have described—is the true instrumentality by which can be brought about an age of peace and security, of prosperity, happiness, and greatness for every creature subject to the sceptre of Victoria, who is willing to earn his bread with the industry which his Almighty Maker has prescribed as its price. EXPRESS NEWS. BY ELECTRIC TELEGRAPH. LONDON, MONDAY NIGHT. THE GREAT EXHIBITION. It was generally expected that in consequence of the reduction of the charge for admission to ls. that the building would be inconveniently crowded to-day, and extra precautions were taken to prevent confusion. At 10 a.m., when the doors opened, only about 1,000 persons presented themselves for admission. and the barriers erected at the different entrances were moved as unne cessary. At 11 o'clock 7.900 had been admitted ; between 11 and half-past 3, 900 ; in the next half hour, 1,400 ; and at 2 o'clock about 15,000 persons were present. The impression that enormous crowds would be assembled was no doubt the cause of such comparatively small atten dance. PARIS, SUNDAY EVENING.—The Globe's correspon dent says that the stormy proceedings in the French Chamber have not caused the slightest alarm. It is thought the Mountain are angry because they feel that they cannot prevent the revision of the Constitution. The Delegates of the Electoral Union have commenced the petion movement. The Fives were done at 90. BERLIN, 23d.—The Prussian Government expects to conclude with Sardinia a commercial treaty which shall extend to the Zollverein all the advantages lately conceded to England, France, and Belgium. THE PAPAL STATES.—Letters from Rome of the 16th instant state that the Papal Government bas published a decree announcing that summary punishment shall be in flicted on a person endeavouring to hinder another from smoking or using tobacco. MR. DUNCA' S'S LECTURE AT THE COTTON SAL ES' ROOM-YESTERDAY. Yesterday, .t two o'clock:Mr. Duncan delivered another lecture on the subject of the monetary system, as con nected with +the industrial and commercial interests of the country, at the Cotton Sales' Room. The lecturer had underta'ken to reply, in the course of his observations, to the notices which he: Manchester Guardian and the Liverpool Times had bestowed upon his last lecture. Francis Sliand Esq. was in the chair. Amongst the gen tlemen present we observed Lawrence Peel, John Torr, John Campbell, Isaac Buchanan, John Wilkinson, Aaron Lees, W. R. Coalburn, James Logan, Wynne, J. Priestley, W. Smallpage, James Harvey, F. Shand, jun., Thomas Urquhart, R. Rowlinson, J. M. Braga, N. Reyner, G. Holmes, L. -Follett. Lee, J. H. Hamp. shire, James Cunningham, T. H. Holderness, Crook, Gordon, Moore, Thomas Wylie,l Robert Procter, -- Sutton, Shallcross, Brown, Brereton, Esqrs., &c. Mr. SHAD, on taking the chair, said he was happy to introduce Mr. Duncan once more amongst them, and only regretted that the arrangements had not been such as to have enabled him to have delivered his two lectures con secutively. He dared say, however, he would connect himself in such a way as to connect the first lecture with this. As for himself, he must be permitted to say that he had had a number of communications on the subject last week, as if he were a professor in the same school him self. (A laugh.) That he must disclaim : he was there as a learner and inquirer, and had been an instrument merely in conveying Mr. Duncan's information to them selves. Applause.) Mr. DUNCAN said he had endeavoured on last Monday simply to sketch out a system of money, which in the judgment of the association with which he was connected in London, was considered most conducive to aid produc tion and prevent panic. He would just recapitulate the two forms of money, in case there should be any gentleman in the audience who was not present at his first lecture. He proposed that the money of the state, the national :money, should be issued under the control and by the advice of parliament, and that it should be limited to the annual amount of taxation ; whether that tax was 40, 50, or 60 millions sterling, such should be the quantity of national state money,—based not only upon the narrow margin of gold that was in this country, but based upon the six thousand millions of real property which statisticians tell us is the aggregate wealth of this country. Therefore the 60 millions of taxation would have no insufficiency of security, nor could the money ever depreciate, since it was an express condition that it should always be limited to the amount of taxes voted by parliament ; nor could it ever depreciate from any other circumstance, inasmuch as the crown would be obliged to take it back at the same price at which it had been issued. —(Heer, hear.) Then as to the money of commerce, lie proposed the security of banks which should be incorpo rated, the proprietors having given to government a tan gible and convertible security in case the bank should fail. Now he perceived that one of the local papers, the Journal, accused him of copying the plan from the New York banking system without acknowledgment. Supposing that he had copied it, if he showed his judg ment in copying that which was a good thing, he thought that he was much wiser than if he had put forth some thing of his own, which was not a wise thing. (Laughter and applause.) But the editor confessed that it was a wise plan, saying only that lie had copied it, that he was a plagiarist. Now he stated in his last lecture that the idea of security banks was contained in a letter of the first Sir Robert Peel in 1826, before the New York banking system was established, and he might state that the idea of security banks was conveyed to Mr. Biddle by Mr. John Taylor, of London, in his book enti tled " The Monetary Systems of England and America," and any one wLo was curious might see that the system originated and belongs to England and not to America. (Hear.) Now, the first curious circumstance which at tached to our present system was this :—He had endea voured to prove that the price of gold in the country was fixed, that whether there were a million ounces of gold in the bank cellars, or one hundred millions, an ounce of gold was still 775. and iths of a shilling in value. If large quantities were exported, the price was not permitted to rise ; gold was kept permanently cheap. Now, a note was considered the representative of gold, but curious enough. while we prevented gold rising in value, we al lowed the thing signifying it, the note, to rise in price, and that was expressed by a rise in the rate of interest. (Hear, hear.) They were perfectly aware that in 1847, when the panic occurred, money rose in value to nine per cent. interest, and twelve, or even twenty per cent. commission. Now, it was surely a contradiction of terms to say that the symbol should rise while the reality should not. (Hear, and applause.) So if a merchant had goods in his ware house worth £lOO,OOO sterling, and if the gold was ab stracted from the country, perhaps he was obliged to sell them for £50,000. There was no depreciation in his goods, their value was the same ; but simply because he wanted an instrument of exchange, made scarce by Act of Parliament, the whole of his property diminished fifty per cent. in value. (Hear, hear.) Sir Robert Peel, in one of his latest speeches, alluding to the subject, said, " Why should not money fetch what money is worth ? Does not a man get the highest price he can for cotton, for iron, or for coal, and, upon the same principle, why should not a man get as high an interest as he can for money." Now the reason was this, because commodities and money were not the same things in the market. There was no act of Parliament limiting the production of cotton, coal, iron, or any other commodity, but there was an act of Parlia ment which prohibits the increase of money, and there fore the comparison was false. (Hear, and applause.) We paid interest on money, a usurious interest, not for the legitimate use of money, but for the artificial scarcity of it caused by act of Parliament. Now it bad been fre quently asked, what would you do for a standard of value if you had this national paper money. The popular belief was that we had got a standard of value, but he would undertake to prove that this was:a perfect fiction. In the first place it was important to separate in the mind the idea of standard from the idea of measure, for these two terms were constantly confounded by writers on political economy, except by those who belonged as he did to Mr. Taylor's school. He was the first writer who had accurately distinguished between standard and measure. (Hear, hear.) All standards were fixed in na ture, and were eternal as the God of nature, but all measures were fixed by men, and they were so arranged as to bring the virtues of the standard most efficiently into service. For instance, the diurnal revolution of the earth around its axis and its annual revolution around the sun, were true indexes of time ; they were unerring, and as tronomers had never perceived the siightest fractional alteration. A standard must be immutable; if it were not so it ceased to be a standard ; but he should show in a subsequent portion of his lecture that our standard of the value of money was a weathercock which veered round with every wind. (Hear.) Now, if the revolutions of the earth were an accurate standard of time, then weeks, days, hours, minutes, and seconds were accurate measures of time. They saw then the difference. This premised, he assured them that we had no such thing as a standard of value of money in this country, and that he undertook to show by answering the question, " What is a pound ?"—a silly question, which Sir Robert Peel once put to the House of Commons. The circulation of the Bank of England in 1841 was sixteen: millions. Had a person been asked then what was a pound, he would have said it is one-sixteenth millions of the whole circulation ; and had he been asked in 1846, when Peel took care to extend the currency to carry out his own views, to twenty millions, he would have said a pound was one twentieth millions of the whole of our circulation. (Hear, hear.) There was a variation of N per cent. in that short interval of time : how then could we say that we had an immutable standard of value ?—(Hear.) The fact was that every pound added to or taken from the authorised circulation of the Bank of England, was a variation of the standard, and we could not say that what was a pound to-day would be a pound to-morrow. The way . that people were frequently misled Ras, by merely looking at the relation between gold and silver, but what we had to find was, a money which should have its rela tion to all commodities. (Applause.) It was only through an instrument intrinsically valueless, that we could keep the relative valne of all other commodities in parallel. Now a question arose here why does the foreigner take away gold instead of commodities ; why does he leave our warehouses stocked with goods, and leave our banking cellars empty of gold ?—(Hear, hear.) There must be some reason why he should give a preference; and it was simply and solely the blundering legislation of those who had passed the bills of 1819 and 1844. (Applause.) If the national value was the expres sion of the embodied labour of any article represented by the figure 4, and the tax of the country was represented by the figure 2, it was clear that the article should sell in this country for 6 ; and so it would do if this island were surrounded by the wall of Friar Bacon, or if we prohibited foreign commerce; but directly pricesbegan to rise from the barter level 4 to taxation level 6, and the foreigner comes into the market to sell his goods, he would sell at 6, he would sell at our high taxation price, because it was his interest to sell in the dearest market ; but having done so, he looks round for a cargo to take home with him ; and he finds that the taxation which had raised wheat, say from 4 to 6, had also raised. cotton, calico, and every article from 4 to 6,—the effect of taxation being to add to the cost of production without adding to the value of the product. (Hear, bear.) Now, under these circumstances, what did the foreigner do ; he said— " I understand that by act of parliament coined gold is not subjected to taxation ; it is always kept down at barter level ; it never rises in price. He sells his goods at six, but he will not buy any of our goods at six, so long as he can take away our gold at four ; and therefore it is that when price rises in this country to a remunerating level, so as to enable the employer to give good wages to his workmen, and have good profits himself,—the instant that happens, a premium is given to the foreigner to leave the goods in our warehouses and take away the gold. This was the cause of panics, and these panics were clearly the result of ignorant legislation. (Applause.) He should suppose, by way of illustration, that all the mea sures used in drapers' shops were made of gold, and that an act of parliament was passed, declaring, under a heavy penalty, that all goods should be sold with a golden wand, instead of the present wooden wand,—(a laugh)—and that the foreigner, by some device, got possessed of all the yard measures in Liverpool. Now what would be the consequence ? Not a single draper could sell a single commodity in his shop, because he would not have the instrument or measure of length. Now, supposing that all these wands were on board an American steamer in the Mersey, and that a deputation of tradesmen waited upon the foreigners whose property they were, and laid before them their case. The foreigners would say we are quite aware of your position, and if you are willing to submit to such ignorant legislation, that is no reason why we should not take advantage of circum stances : now we will let you have your measures if you will give us eighteen as twelve inches of cloth. (Hear.), That was practically what was done with the pound. We were compelled to bring back the gold from the foreigner; and how did we get it? ,Simply by reblucing the price of our commodities from the taxation to'the barter level ; we must lower our prices from six to four. (Loud applause.) Mr. Duncan proceeded to combat Sir Robert Peel's defi nition of a pound as " a definite weight of gold," and showed from a, work by Mr. Lowndes. a gentleman em ployed in the reign of King Wm. and Queen Mary to trace the origin of coin from the time of Wm. the Conqueror that there had been the greatest possible variations. Our (Mr. Duncan said) instead of being a constant weight, had always been fluxional in its character. The £1 originally was a pound of silver, twelve ounces : what was it now ? Four ounces ! and so had it been in other coun tries as well as this. This was a sufficient answer to those who attached weight to the silly words, as if there was any argument in them, "would you have a little shilling ?" In the time of William the Conqueror a pound weight of silver was coined into twenty shillings : now it was coined into sixty-six. After dwelling at some length, and imparting much information upon this interesting part of his subject, Mr. Duncan showed that the relation between gold and silver had also fluctuated, and proved that Sir Robert Peel could not have been well conversant with history when he could boast that " he had restored the standard of Elizabeth." The lecturer then said he had been asked to allude to the foreign exchanges, be cause it was a subject in which the merchants were deeply interested. It was said how will you manage with your paper pound in paying the balance of foreign trade. It was asked would the foreigner take our intrinsically value less money. He had answered that on Monday, by say ing no, he would not, and that was the great advantage of the system—(hear, hear)—for trade and commerce were deranged when we lost our legal tender, and suffered gold to be cheap, while all other commodities were dear. (Hear.) lie would not take away our paper, because it was valueless to him ; it would pay taxes to Queen Victoria, but not to the President of the United States or the Emperor of Russia ; but then came the question—how were we to pay the foreigner ? The foreigner did not deal with us at all in reference to our money denominations ; it mattered not to him what money we had for our inter nal commerce ; the balance of all foreign trade was paid by bullion, not by money as money, but as a commodity. (Applause.) Even if the £1 note fell to 10s., would that prevent the foreigner dealing with us ? Certainly not. He sought and would net for his goods an equivalent in barter. A writer in the Liverpool Times had urged ob jections to his views on currency, in which he stated that national notes would fluctuate more in value than gold or silver, and then alluded to the fall of consols during the war. Now, the answer to this was, that the £1 note would always discharge £1 of taxation, and be £1 in value in transac tions between man and man, no matter what gold or silver it would exchange for; but to understand this point well it was necessary to understand the distinction between debasement, deterioration, and depreciation, terms used by Sir Robert Peel as synonymous, (but the separate meaning attached to which the lecturer defined.) He con tended that paper money should depreciate according to the amount of taxation raised in the country. He said all commodities rose in price under the pressure of taxa tion, not that paper money caused them to rise in price, but that paper money permitted the rise in price up to the level of taxation. (Hear, and applause.) Mr. Dun can then treated of the low price to which French assignats fell, and said this might be considered as a condemnation of paper money ; but he quoted from Storch to show the prodigious extent to which these as signets had been issued (equal to 44,579,000,000 francs) ; but what did he (the lecturer) propose ? He did not pro pose the issue of an unlimited amount of national paper money, but limited year by year by the amount of tax ation voted by Parliament. There was an argument put forward in the London Times, at the commencement of this year—that if gold came in large quantities from Cali fornia, it would fall in value; and that 123 grains might be worth only 19s. or 17s. in silver; that then we might pay that to the fund-holder, and relieve the country from a pressure of taxation ; but the question was if that was an honest plan ? It was a most dishonest one. It was a gross fraud upon the debtor class wheu we re sumed cash payments in 1819, and it would be another gross fraud upon the creditor class if we took advantage of California to pay the fundholder 123 grains when its value might depreciate to 17s. (Applause.) Mr, Dun can then replied with some severity to some remarks which appeared upon his first lecture in the Manchester Guardian. If he stated such things in parliament as he had in that room on Monday last, he might as the Guar dian had stated, be scouted out of the house ; but it would not follow that he was wrong. The advantages of all great questions had met at first with obloquy. (Hear, hear.) 1111715 (said the lecturer, after quoting, some other instances), Daniel Defoe proposed to light the City of London with lamps. This was objected to by the Lord Mayor, the Al dermen and Council, and amongst his most formid able opponents, who wished to keep the town in darkness, was one Jeremiah Garnett (laughter) ; and here was a Jeremiah Garnett, at Manchester, in this day, denouncing the lecture which he (Mr. Duncan) had delivered, as " the veriest trash." The lecturer went on to show the histo rical falsity of an assertion in the Guardian's article that metallic money never was departed from without injury. It was paper money which enabled the Americansto gain their independence. Mr. Duncan, after quoting from Hume and Burke, read the opinions of Dr. Franklin :—" On the whole, no method has hitherto been formed to establish a medium of trade in lieu of money equal in all its advan tages to bills of credit founded on sufficient taxes for dis charging them, or on land security of double the value for repaying it at the end of the term, and in the meantime made a general legal tender. The experience of now near half a century in the middle colonies (New York, New Jersey, and Pennsylvania,) has convinced them of it among themselves, by the great increase of their settle ments, numbers, buildings, improvements, agriculture, shipping, and commerce. And the same experience has satisfied the British merchants, who trade thither, that it has been greatly useful to them, and not in a single instance Prejudicial. It is, therefore, hoped that securing the full discharge of British debts which are payable here, and in all justice and reason ought to be discharged here (in England) in sterling money, the restraint on the legal tender within the colonies will be taken off, at least for those colonies that desire it, and where the merchants trading to them make no objection." Was the paper money issued jointly by Great Britain, Russia, and Austria which enabled the allies to raise levies, and give the first great check to Napoleon at Leipsic. Strange enough if Mr. Garnett did not know historical facts; he ought to know what the French Government did in 1848. He recollected perfectly well that when the French Provisional Government proposed to issue paper money, there was a series of articles in the London Times denouncing it as a stupid and mischievous scheme ; but in a little time, when it was shown that this paper money had saved the country from anarchy, and filled the coffers of the Bank of France, the Times de clares that it was the best thing in the Revolution. (Hear, and laughter.) The London Times and the Manchester Guardian just followed public opinion ; they would never help on a great cause, but as soon as a cause became acceptable to the people, then the Times and the Guardian would mount th 3 winning horse, and say, " Gentlemen, you are all aware we have ever advocated this system." (Laughter and applause.) Mr. Duncan then quoted from a speech of Mr. Huskisson in 1827, showing how the productive classes benefit by a rise, and suffer by a fall in prices ; he also quoted the opinions of Locke and the late Mr. Rothschild in favour of a national currency ; and then went on to show what a false position it was for a nation to be dependent for its supply of food upon foreigners. To this he traced, in a neat and graphic sketch, the decline of the Roman empire ; and after showing in other respects the folly and danger of a one-sided free trade, concluded by recapitulating his views on the cur r3ncy, and by stating that money was to be looked at as the instrument of production. if we limited production, of course we limited consumption, and we destroyed our own markets at home, while we were making the most frantic efforts to extend our markets abroad. He was for making gold the servant and not the master of industry ! (Mr. Duncan resumed his seat amid loud applause.) ILLNESS OF THE EARL OF DERBY.—We are sorry to have to record the illness of the Earl of Derby. His lordship returned from town about the middle of last week, whither he had been to visit the Great Exhibition. The excitement and fatigue consequent on this visit, pro bably, were too much for the strength of one of so advanced an age as his lordship, and he was attacked with illness about two o'clock on Sunday morning : as the character of the attack was apoplectic, it caused considerable alarm to his lordship's establishment, and such medical aid as the neighbourhood afforded was at once called in, and as soon as possible, Mr. Bickersteth waited on his lordship. During the evening the patient recovered his conscious ness. Yesterday, Mr. Bickersteth ggain went to Knows ley, and found that his noble patient had made consider able progress, and we are exceedingly happy to say that his lordship is now convalescent. OPENING CRUISE OF THE ROYAL MERSEY YACHT CLUB.—The yachts of this club, which were at the station, joined in fleet on Satuaday morning (the Queen's birth day), under the flag of the commodore, on the occasion of the opening cruise of the season. They started from Birkenhead Ferry at Ten o'clock. The fleet consisted of the Queen of the Ocean, 49 tons; the Vision, 45 tons (on board of which vessel the rear-commodore hoisted his flag), the Bacchante, 80 tons ; the Coralie, 30 tons, and the Victoria of 15 tons. Each yacht had its owner and friends on board. The signal was made by the Commodore for the vessels to form in line, and proceed to the wesward. The was a light gaff-topsail breeze on the ebb-tide at starting, which carried the little fleet into the Formby Channel ; the wind died away, and a large fleet of vessels, outward bound, were observed totally becalmed in the Channel. On account of the lightness of the wind, and the flood tide meeting the yachts could not reach further than the entrance of The Victoria Channel. The owner of the Coralie expressed wish to try the speed of his craft with the celebrated Vision, and the Commodore agreed to let them break the order of sailing in a small contest together. The Coralie showed considerable sailing powers for light breezes, and, no doubt, from the resula, her owner will be able to win some cups on a future occasion. Towardevening the breeze freshened with the making tide, and the fleet returned with a flowing sheet up the river, and came to anchor off Birkenhead and the Sloyne. The weather was remarkably fine for the dey's proceedings, and the owners of the respective yachts entertained their friends on board in a liberal manner, and the remainder of the even ing was spent in cordial conviviality. Her Majesty the patroness of the club was not forgotten. The beauty of the evening was so inviting as to induce many of the party to sleep on board the yacht. We may here remark that the members will again meet and dine together on Tuesday next, at the club-house, Birkenhead, on the oc casion of the general meeting. ROMISH TOLERATION.--On Wednesday night, three shots were discharged through the window of a scripture reader na me d Y oung , a t Cl onong .hill, near Parsonstown, Ireland. The sash and five panes of glass were broken, but the escaped . unhurt.. He was in bed at the time. Persemted man, who is a convert from Popery, ,444-; _ A PRACTICAL VIEW OF THE SLAVERY EXCITE MENT IN THE UNITED STATES. On the receipt yesterday morning, by the Niagara, of the alarming accounts from South Carolina, we applied to a friend of ours lately returned from a tour of pleasure in the southern states of America, for his impressions on the subject, which we now lay before our readers. It will be observed that the writer would yield to no man in his abhorrence of slavery, while he is indignant at the unprincipled, unconstitutional, and utterly anti patriotic course of the abolition party in New England, a course which, he says, will without doubt break up the American union, if it is not protested against more em phatically than has yet been the case by the good sense and patriotism of the rest of the northern states. Of course we do not bind ourselves to every detail of his remedy. THE POSITION OF THE SLAVERY QUESTION IN AME RICA.—The question in America is not as to the thing itself, but as to the mode of getting rid of slavery. A few ruffians and heated zealots, or, to say the least of it, weak-minded men, have taken the lead of the abolitionists in the New England states, who are akin to the liberals of England, in so far that they do all they can to introduce disorder into society by an entire disregard of constitu tional means or modes of reform, caring only for the con viction in their own mind (I talk of the best of them) that the thing gone for is a good thing in itself. They represent to the European public that the late FUGITIVE BILL is a new law, whereas it is a mere declaratory act of the constitution" o f the United States. It was a mere apparent boon given to secure the triumph of the unionist or moderate party of the slave-holding states, who were willing to see the union preserved, if the fugitive law of the constitution is carried out, while the nullification party in the slavery states demanded, not only this, but that they should not be debarred from taking their slaves to California, and the other newly erected states. The latter decline discussing slavery as " a matter of localism," and say that till " the princi ple" is discarded they ought to be allowed to take their slaves to the countries alluded to as those in which they are most wanted. THE ERROR OF THE ABOLITIONISTS is that having, through their local legislatures, shaken hands, and made a compact with the slave-states, and after solemnly agreeing to slavery being a question to be left altogether to the legislatures of the slavery states, they break this compact and interfere on the subject in the northern states, thus throwing firebrands into the south, and arraying against the abolition of slavery as proposed by them, all the whites in the south, both union ists and disunionists. Instead of such g course, the only honest one open to the abolitionists in the north, is to get the legislatures of the northern states to give notice to the southern states that they consider they have made a nefarious bargain with the South, in permitting the slavery stipulation in the general constitution of the United States, and that unless the slave-holding states will hold a convention, and immediately abolish slavery, " as a principle," the northern states will wash their hands of such a connection. The abolitionists might then, if they choose, go south and use their influence on the public opinion there, which must carry the abolition of slavery through the different legislatures of the south, or through a convention of these. If they did this, however, they know they dare not do it by such incendiary means as they use in Boston, otherwise they would be " tarred and feathered" in every locality of the south. WHAT THE ABOLITIONISTS WOULD REQUIRE TO DO, is, to give the planters due credit for wishing to see slavery abolished, and temperately to join them in the discussion of WHAT THE SOUTH, LEFT TO ITSELF, SHOULD DO IN THE MATTER ; and what the planters must do if the responsibility were left with the southern states, (by the north taking an open manly course like that suggested,) is to declare that at the end of fifty years, or in 1900, every black man shall be free,—that in the mean time the slaves born after this date shall be " educated for free. dom"—each being free at the age of forty, and being then in a position to take the burden of the aged and infirm, and of the young at the era or jubilee of freedom. Any better measure than this cannot be got, nor is it supposed by practical philanthropists that a more sudden emanci pation would serve the best interests of the negro popula tion in America. IF THE FUGITIVE BILL IS NOT CARRIED OUT there will and ought certainly to be a dissolution of the Ame rican Union. Already, the excitement and bad blood in the southern states against the ruffians in Boston, are what must be seen and heard to be believed. But the good sense of the north will be sure to quash the irregular and unconstitutional movement of the abolitionists in Massachussetts and the north, and, by honestly carrying out the Fugitive Bill, will lay the south under obligations to move in the direction above described, with regard to emancipation. The southerners must feel that the slaves, being three or four to one as compared to the white population, are possessed of their own principle of right, viz., might. " Slavery (says Locke) is a state of war continued ; and the bond man has a right, when he can, to break his chains on the head of his oppressor. In the changes and chances of the world this opportunity is seldom long delayed." We would all object to the prin ciple of slavery, and so would the great majority of the planters of the south, as well as of the people in the northern states, although many do not see it a matter of such pressing importance at the present moment, or until some practical amelioration ofwhitelahour in Europe is at taine,l, by which white slavery will be made a better thing in Europe than African slavery is in America, supposing the American slave only to have a Christian master, and to be allowed access to the tools of knowledge—reading and writing. As to these prominent evils, under which the American slave groans (the not having Christian mas ters, &c.) every philanthropist in both countries would wish to find that they could be exterminated ; and my humble opinion, of the only effectual way of doing that, is the same as it was before I visited the southern states of North America—viz., that in the peculiar circumstances of these countries, the institution of slavery can only be safely got quit of by such A PROSPECTIVE MANUMISSION OF THE SLAVES as I have explained above. WHAT IS TO BECOME OF IRELAND ? The London Times must surely have consigned the editorial scissors to some new hand when his publication of last Saturday contained the following paragraph : "EMIGRATION FROM ULSTER.—The Fermanagh Reporter thus refers to the progress of emigration in the north of Ire land :—‘ From every part of the country the people are flying, as if before the surging sweep of another deluge. Every day the different conveyances that pass through Enniskillen are loaded with exiles—those who are breaking their hearts to save their lives. Whole families are moving away together under the desperate incantation of `No hope here.' What will be come of the country when those able to stay are going—the strength and hope of the land departing, and those remaining, so many of them, burdens on the country. And when this wish to fly is so strong in Ulster, what must be the feeling in the dark parts of Ireland, that are full of the habitations of cruelty. There must be an end to this flying, and where will the end be?" Well may we ask,—" Where will the end be ?" We might also ask—what is the reason that the people of Ireland are flying, with the desperate incantation in their mouths of "no hope here" ? The answer gvien by any sensible man would be, because the anti-national policy of the British legislature has handed over their labour market to the foreigner ; that it is no longer a privilege and a benefit to be a British subject. The Irish farmer, who used to supply a portion of the population of this island with his wheat, his flour, his butter, and his bacon, is driven himself to consume the grain with which other nations feed their pigs. What wonder that they transfer their labour to those soils upon which they can profitably raise that grain for themselves. "No hope here' ! Well may that melancholy cry be uttered by a people whose representatives in parliament, turning a deaf ear to their distress, are expending their whole energies in defending a spiritual tyranny, which has been the originator of one half of the degradation, misery, and crime, wh!ch have for ages made Ireland the wonder and scorn of the world. God gave her a fertile soil, splendid rivers, expansive bays, rich fisheries. Popery darkened the minds of her popu lation, held them in the depths of ignorance and poverty, with all these means of abundance and enjoyment spread with a bounteous hand before their eyes. British legis lation, aided by the factious folly of Irish representatives, and of a turbulent and ambitious priesthood, has put the finishing band to the work of ruin. THE " PUBLIC VISIBLE" AND " INVISIBLE".—I have lived long enough to find out that there are two Publics— a Public invisible, with " airy tongues that syllable men's names," much quoted in newspapers, much referred to by members of Parliament,—and another Public that is visible and tangible, that we meet in street and club, in market and shop ; and I cannot say I find this latter Public of the same mind as that first-mentioned and mythical Public, with which neither you nor I, nor any creature of flesh or blood, ever comes into positive con tact. I have as wide a range of acquaintance as most people, amongst all ranks and all classes ; and whether I talk with the statesman, the man of the world, the ab struse thinker whose task it is to master these topics, or with the merchant, the man of business, and the intelli gent tradesman, I find a very large proportion who are in favour, certainly not of prohibitory duties, not of a rever sal of the general policy involved in our tariffs, but of a moderate fixed duty upon foreign grain. And moreover, amongst those not in favour of attempting such a modifi cation of the law, I find at least half who are far from disliking the notion of that said fixed duty in itself,—far from doubting its beneficial effects, if it could be carried; but who merely doubt whether that animula vagula, that incorporeal essence, the other Public, will be disposed to accept it. And, though it may seem strange to persons less acquainted with the inconsistencies of mankind than it has been my professional lot, as a writer, to make my self, I positively aver, that among those who, thus seen in the streets and talked with in tranquil nooks, either favour a fixed duty altogether, or wish the other meta physical Public might so favour it, I find no small num ber of the very men who enjoy, by votes in Parliament or paragraphs in print, the reputation of being " sensible and enlightened," and go the whole loaf with Mr. Cob den ! The Corn-law settled No ! Free-traders and Protectionists alike feel in their heart of hearts that it is not settled; that it is not in the power of this Parliament to settle it. Many large portions of the constituent body, many agriculturists themselves , were induced, by the calculations of great authorities, to consent to what was called an experiment. Those calculations have been tested ; and it is now not on the speculative probabilities, but on the experiment itself , that the agriculturists at least desire to pass their opinion. There has been a Parliament with faith in the prophecy ; there must be a Parliament to decide on the nature of its fulfilment. "It is one thing," said the shrewd Arab, " to believe the assurance of Mahomet that he can move a mountain, and another thing to say before the kadi that the mountain has been removed."—Sir E. Bultver's Letters. A crack-brained man, who was slighted by the females, very modestly asked a young lady " if she would let him spend the evening with h er ." " N o, " s h e angr il y rep li e d, that's what I woWt." " Wh y, " repl i ed he, " Y needn't be so fussy, e6 I didn't mean this evening, but some stormy one when I can't go any where eke I" Nay 27, 1851• COMMERCIAL AND MONETARY NEWS' Monday Nig The same listlessness an d wan t o f an imation, which rte have had the unpleasant task to record for so many nay months, we are sorry to say, still prevails inour prods markets. Sugar has be e n h eav y o f sa le at is e r d l th w e prices, and in tea or coff ee th ere i s littl e doing, lnd e t ro ut ruinous offers made of the latter article imported our once thriving colonies, are deplorable. Rice is e lower, arising from the dep re s se d s t a t e o f the corn mark 4 to which there appears no bottom, present prices beingrA least 10s. per quarter lo w e r th an th e f ree t r aders fore told that they could possibly be. The Niagara steamer arrived yesterday morning fr,°., ut t Boston. The receipts of co tt on h a d aga i n i n creased , _p in consequence of the cold wea th er , pr i ces w hich bad oi' down on receipt of the declining state of this market,funiii proved again, and taking into account charges. were Am id. per lb. above our pre sen t pr i ces . T o -d a y 10,000 1 N i- - been sold at full rates. Our Share market has been greatly agitated throughout the week, and under the p ressure o f cont i nuous loan sales: prices have materially d ec li ne d. S evera l l arg e bull a counts also have been closed during the week, and °P . .; rations for a fall undertaken ; th ese , t oge th er , have sa' to the mischief. As a set off, howe ver , against th em; there has been a considerable—(in the aggregate) -4u spent in shares, which w ill t e ll w h en t h e accoun t day ~., rives, and rent:er the settlement easier than the gl° ° l ones anticipate. Our ma r k e t on S atur d ay an d this I has been firmer; the to ne b e tt er; pr i ces hi g h e r, and cessation of actual sales. We annex this day's quotatio n Aberdeen, 124 ; Cal e do n i an , 14 : E ast L• lncas hire, lha 2 ' l: Old Leeds, 574 8 ; Do. Fifths, 7 3-16 d ; •L'pool Cr° and S'port, Id ; London s t oc k, 124 34 3; Do. new Cl ear i ters, 34 4 4 4p; Wel:ester Shef and L'coln, 28; Midlane; 561- ; Do. Halves, 154 16d •, St. Helens pref. guar. ' 5 y A , cent. 133 • Old Dovers, 244 4 ; York and North Midi land, 234 a; Do. 14cl. The accounts from the manufacturing districts contiaues to negative the flatterin g pi c t ure pa i n t e d b y t h e advbee te of free trade. The following is from the circular for Messrs. Gibson, Ord, and C o ., d rawn up f or d es patch the India mail, and dated 22d instant : "Since we last addressed you we have had a series of d el to and drooping markets, with an almost unvarying tendellla a lower range of prices, —mainly, if not entirely, resulting g o ' 0 want of confidence, amounting in some instances almost ti s p sn c aed n t t :o i p, e c en ; , o sgoe f d r ,na e l t oi sl. r l act s t i tea ' i n i s ri re g es h i r s s i pt e eot i r h s ieflers the ,o n enenm e t t m lsi o an r i se e est at remarkableeunsettled est caurgent state r oe when ialaasnlzeyaqrascacttuehm accumulation lai s at e i no c can oof of getting ea stocksss i g n e d o . f goof t iron or yarns, I,ut principally from an anxious desire on the PN e f e tOc g market renders it problematical what course it may eventle, n e rates, L w i w h a tever c r os ly pursue, actuated as it now is, and has been for some time P,.. by adventitious ci rcums t ances — these local causes, mor e t 9 15 any advices we have reec i ve d f rom the great cotton pro ducl w States, may account for the extreme sensitiveness in the in g , ket for the raw material, w hi c h exerc i ses so baneful an in•ng ence upon this market, by unsettling prices, and renderto, operations most unsatisfactory to both buyers and sell n e r , There has been a considerable fall in some articles of link '1 rer o and a degree of languor and inactivity appears to P throughout the produce markets generally, which, together IL, the heavy exports to China and the East, and an unusual 1 7 1 , nation in our home trade demand, have operated most fireJ dicially on our market here." from A very striking and significant f ac t was no ticed •-, the Liverpool Bill of Entry last week, vi z ., the ar,r l„ ' o io f direct from France, of a cons i gnmen t o f 100 casa s „bt French pork. The mille r s o f th a t coun t ry are n o an' preparing to send us, in the shape of meat, the bran other feeding stuffs which they derive from the vast 44 0 , tities of fine flour, with w hi c h th ey d e l uge our mar" This is their trial shipment. The following report of the iron trade, from the mingham Gazette of to-day, is o n ly ano th er melanc%j proof of the present lamentable con diti on iK the indus tri interests of the country : ros' Ti Nothing has yet transpired to e n li ven th e pos iti o n or r tO pects of this trade. Although the aggregate demand seen s o be but slightlydimimshed, orde rs are c hi e fl y f or light gooLsippti they are altogether inadequate to afford general emploPu; s o while, as usually happens under the i n fl uence o f a down" tO tendency, business is being done with but little sa ti s factioa sti d either buyer or seller. Common qualities: of i ron , ralL for bars, are notoriously being sold at rates varying from Iss. per ton below the nominal p r ic es , an d o th er descriPii ni g show a still wider range; sheets as f ar as 20 s . t o 255. In iron there is an unusual variation of 20 s . p er t on betwee„," r ice extreme qualities ; and gener a lly, a d ec id e d g i v i ng -way in E h jcp• has taken place during the l as t mon th. Th e fi gures at W pigs are bought are now mainly d e p en d en t upon the Cir,, c , h ire stance of the makers. The i n te res t s o f S out h Stafforir„ of appear likely to be injuriously affected by th e pr oduction vast quantities of inferior metal, whil e qua lity is Ong bag disregarded. In some instances, every other consideratio n n o been so far abandoned but that of cheapness, that pigs ar ce of made and sold in this district scarcely realisin common brands in Glasgow, and certainly below them in v itioo the Po ol e. The almost unanimous rejection of the free-trade propos_ob of M. de Sainte Bettye, by the Commission of the Fy. fl ig. National Assembly, a leading feature of which was the a r oi l slots of iron at a trifling fixed duty, is not calculated to brigi:, o the expectations of a vastly increasing market for oUrr t ie upon the Continent. It not only confirms the retention of present tariff in France, but the reasons adduced for reject to tO the principle of unrestricted competition are of a Datil/re excite reflection in other States where the abolition 0 4 01 tective duties was obtaining more favour through the c_;,' o , o of our agents. The accounts from the United States also s_ b y that the present extent of our exports can only be secuT t L in , i a n n t d hat countrY• of the worst symptoms of the present depression is a recx_on, creaseadheri adheri ng to consumption very low can b rangee looked k e prices,f o disposition to do business on any terms. In accepting __‘ A tracts, profits seem to form no part of the calculation, siT,„ e • that no grey o; o f those now in band very few will return a shadow of reran, ration to the maker. A short time since it was announced , a matter of congratulation, that a large order for cast iron 11 0 ;,. had been taken by a well-known firm that would find emP, s l ment throughout time summer for a vast number of hands; ', l e i & unfortunately, kter information from the same authority stet t o that the said hands a..e all "on strike," through an attempt 0, exact from them more labour for the same wages— a swa doubtless, found requisite in the execution of thi s ho w order. THE SEIZURE EO OF SPURIOUS TEA.—We have ..•-• :„qg d a e t h l e specimens of the spurious tea which was seized ill, te r officers of the inland revenue, as recorded in a11e 1. 4 4 column, in its various stages of manufacture, of the materials employed to colour and flavour I the The names of the officers who made the seizure °f es e s tea are—Mr. Humphreys, collector, and Messrs. Je'socl Reader, Jeremy Chadwick, John Henry Sproul' , William Bowen. Those who seized the tobacco we re Messrs. Reader, Chadwick, and Sproull. BRITISH TEA V. UNITED STATES TEA I :, the The North China Herald, of March 15th, gives U irolll following statistics of the comparrtive exports of ten f ro m Shanghae to Great Britain, and of the same article " to Shanghae to the United States, from Ist July, 18501 March 15th, 1851 : Tea from Shanhae to Great Green—total g pounds ... . 1,800, 66 6 6 1 Grand total Tea from Shanghae to the United States : 8 6 Green—total pounds .. 5,4•15,L9 Grand total Thus, America, taking less than ourselves by 7,0n t ,, la 11 0 "- lbs., is taking above five-eights of her total o r ove green tea, the most expensive sort. We are taking,i s clC. than nine-tenths of our total supply in the inferio r .u tis off So much for our absurdly levied tea duties, which.' ibis the complaints of every American on arriving 10 country, of the inferiority of our te. o re NARROW ESCAPE.—An acciden a t, which I:Dig i t:O 4 been attended with very serious consequences , ? coil' yesterday afternoon, in North John-street. PC! Pe co taming two gentlemen, was being driven at a rell s / oral down Lord-street, when, just at the junction edc g ive s John-street, in consequence of the sudden c b .ol 1 0 a . to the horse, for the purpose of guiding the an et, 5131 e that street. it was thrown completely off ita came to the ground on its side with a v iolenb, eo itlY One of the gentlemen was thrown out and yell, au oe contrived to alight on ois feet , his companion wag thaowu thrown from his feet but remained in the al itg this time the horse, a valuable animal, had repine!, feet, and further Injury was happily prevented the timely aid of a g entle man who went to, the horse's head. • It was then found that the gen t i l e m en had not received the slightest personal injuv9Lingt on ly damage sustained by the horse was a v i o lent sil k of ot and that of the vehicle was co n fi ne d t o th e breeanel( one of the shafts, which was temporarily repaired ill a s it minutes, and the gentlemen drove off, preserved, almost seemed, by a miracle. The Sunday Tinzes says that Father Ignatius bee carded shoes and stockins. The Yorkshire Gazette g says that Lord Londesbnreaogilt; a free trader, has avowed to the Premier, that be no longer support the government on that question'Tote i Mr. W. Entwisle denies in a letter in vesterdaY s dor the statement of Mr. Cobden, that the Manchest er e tion scheme had failed. At the Old Church, St. Helen's, on Sunda , 10 after sermons by the Rev. S. Minton, the sum of sC collected for the schools. 109 oisP o isv Preparations are in progress for a monster r eq " Cashel against the Ecclesiastical Titles Bill. Th e h biOP tion is headed by the signature of the " Lord M c - of Cashel." f tb ° ut, 0 The Rev. David Bell (the great clerical lig"" s jor'',' o tenant league) has been chosen by an immense e l o tev"' moderator for the ensuing year over the Pre s Synod of Armagh and Monaghan. A id The bullion in the Bank of England has increase - ' £13,273,617 to £13,357,420, being a difference of ,i i34 ir elji The paper in actual circulation has decrease' th e £20,581,013 to £20,230,243. o, he • Taking the Tablet to be the recognised orgoll,o the Roman Catholics, there is no lon g e r any doubt t" b y decrees of the synod of Thurles have been rat ifie4 0 co ej Pope, and Ireland is theref ore , as f ar as Ronls e e i r s o io ll accomplish, to continue with ou t th e e ducation le' by the Queen's colleges. r —-- - ---___—,,-------=------ : 80 1 ' t t IP, LIVERPOOL CATTLE MARKET, YESTZ . r ge e 0 There was an increa se d su pply o f C a ttle at our n b l: t b 050 • day over last week. Th e supp l y f rom S co tl a nd was '' l , fell ' O O rous and good. Th e t ra d e was b r i s k, a t f u ll prices and ki t t y 's. prime realising 'aid. per lb. The supply of Sheep grid was abundant, and of good quality, for which the cm"' ~. fair.s Oflii. PINKING T• 1 fer 44u Prime first-class Heifers 4 d. o Second-class Heifers • ~. ~ 4,-• , 4 , Prime first-class Oxen Old Cows and half-fed Oxen 4 6 d d .. ~,, 4gi r: , Prima Wethers, in the Wool Clipped Ditto 5O. ~ ~'4 , d . t , Second quality Old Ewes Lambs 64d. ~ i LRPOOL : itt TUESDAY MAY 27, 351. .o, b PRINTED AND PUBLISHED EVERT T UESDA. , re ett .00 ,- By JOSHUA FLETCHER LACE, of 53, Grove s .;: e ett LEONARD ADDISON, of 14, Great Orford -I, NO. 4. ST. GEORGE'S CRESCENT. LAYgla rd n,,AW . j BIRKENHEAD: TODHUNTER, Cheater-str eet, ; rg PINENEY, Argyle-street; OsuoaNa, Choate-6 GRIFFITH, Hamilton -street. 0 0 ANNUAL SUBSCRIPTION . 0 . • ADvA O O€,. Do e. 20s. lON CREDIT., ,• ' t 04( 4. A % Ivik ,„t;), kty, Al th e jai tt 1 1 0 cbo 4 t "tee''