The Northern Daily Times. — Liverpool, Merseyside, England, 1856-10-21 00:00:00

Nit Eh ;,TIAINMENT AND PRESENTATION WILLIAM M'VAUGHT. tl4yaqatsday evening, the friends of Mr. William ver e it t, Who has carried on business in this town for qtr k d' e a lrs, and who is now going to Australia to extend I l rese nt „ T the colony, ave hm a farewell bang thtriiroles"peoetna with a beautiful ) gold watch, as a . t a o e ken of itil d esteem for him, both in his capacity of an 144 ? t t e o t k rade ernan and private gLitleman. The entertain lt,la ki t place at Lawton's Bee Hotel, Queen square, and. dos edi Y.eaeal to anything of the sort supplied by Mr. Law l ees ' ; 1 1 . 8 , 0 well known in town and country for the exceld -41 repo' his dinners. The bill of fare was extensive, by tort 'otlaility, could not be surpassed by Sover—who is, a t att, Rehtlatal con-ent allowed to be the ruler of— . the i. beat II -.. 0 e wirle e C p ' l t ' full supplied, and comprised il shl fr-ra L awto er ' a ld en i llar y stock. The company was t ele eYfreBPeotableli o N t -, th e t _ , and apologies . ee were sent from six mem ill toe nt "wn council, who were obliged to_ be absent, ON Thebn attendine, ward meetings, and one from '''tetib parties regretted ' being absent, but their etep n .'re testiteen to the cordial feelings which they ritPrelaslat'd t owards Y Mr• )ITau.ht, and conveyed hearty 41 °,1)' • arl e of esteem for .' ll" for his past life, and wish- Ab let t l every happiness ini Wh thi rt y tl and s s u a c t ce d s o s w i o n his new country. to the banquet . , Webb w al aervpi : el l ,g B ee " is th e `tow n ...- p in e t m he en style for which the , e eliai ' 4 ehn Murdock, d''' ; ot:' an d br Games was the vice-president Esq., was chosen tot. for the o 4 ° ' a nd it i . onl t t dd that both gentlemen t , i . g ed „_ e . -... i l ls, _o a , ._. Vi'lhb,,, „‘o it duties with great ability, and very much be e eu to the evening's enjoyment. When " - justice , et b s n eYecuted" on the good things that had thronged ta elit f I .,V , the Chairna gave the usual loyal toasts lt 4 a 4 p re le i e n i , e P it e ll il i e e l ) ei ati .- ns and the health of the , Al b s ert va n i c7the young ones," was of course I N Yhtti/lltended. M ' e a ssrs. G. Cowan, and R. Butcher h e s e r liatio n ep, Nati on Messrs. in first-class style. Ze tt Pled tw-itil,bairman then gave " The Army and Navy, l I lei f „lour brave Allies, who so nobly fought the i ri u , t4 af t) tli f e r i ee "bm, and may they live long to enjoy the re of red s r noble deeds." The learned gentleman . de li-y-4 iltatteilecl anent address, and gave interesting sketches__ all was War es of Inkermann, Balaklava, Sebastopol, &c. 1 1 11; 14 17 0 ",;: lt Y applauded, and the _toast was drunk with 41) Pro • ar s, musical and others. Mr. Butcher sung Th bnat e 8 • admirable style. Ilea e Chair song ong in te t ;,!id th e ,nt e l rose to toast, e the toast of the evening. the t4eoti ee "g f 9et of the es which he was about to offer krt." that _.,_ meeting, was one that had brought them he 14 bein g nii,ht. (Cheers.) It . affo . rded him sincere plea t Ns 1 ,,, the medium of mentioning the fact, although l es -41 red that parson more capable than he was, b 4 11 :" t hat la lie) elected to do anrespectablecompany, might have their respected guest. (No, Nel l n f ' however honourhe eflt incompetent to do his duty in I ., l p t th e ' tt; t i e t o nld ' assure e them, at least, that his heart was 11,2thet " s ielleers)—and he would not offer one sentence ti,4l(i,,eltlle sincerely from the utmost recess of his i4llliale",.l3'ense)—and he, therefore, trusted they would i Rated 'Ott for that. He had known their worthy and tt i l lav ra t e g n est, fo r at least ten years ; he (the longer guest) was i h 4 , 11 th s c ra est of the gentlemen present for aperiod h,l l) t si - ,,'," be always found him to be the correct 4 ) ,' hike' m an of business ; and in private life, the upright hero tril that;atoibded, honourable gentleman.. (Cheers.) T I lead L- l lt Mr. MiVaneht, which he was . happy to (;, t eti ell t f le - tZ ti al s et.t Was so desirable in a man of business and in no had the happy knack of cultivating the , 11 ti Net, an. , esteem of every 9 ' 11°41,41- "e and - one with whom he came si L Yitli h i never offended any individual who had deal ittlhent i ll . t °1 11 ; Ch (applause.) . The pleasure which he felt tile, ioel the r that evenin was mingled with regret emirsd , j, Were about to g Litain by the absence of 11;) b l it , ' I :, h o had made up h s ismind to separate from of miles might separate teri iyet th eis ." l _ ugh_ thousands eh, s mol t ~,;sueart's best wishes would accompany him, a t ,7,) f r n e _t would_ be together in another land. (Loud Spd glle c onlm ° l "hat they all knew of their friend, _there heartatt ach , ia . tio n —although he left hearty well wishers y su friends behind him, he was sure to form as Ice L flood . 40 - 0 e,,,gs—id f riends in the country . to which he was going, e Pt Of ~ "t remain long in any place without making i lilr essi e" la ncis- (Cheers ) He took with im the honest b o l.' thstirs_sipteere hearts . , and he (the Chairman) must kgt, i t „,°'_un nest . and noble heart ever beat in bninan tih.reent" ..1,1,t bat Which animated the breast of William . .";;ati4-I,' ( Lo ud cheers. He felt regret at . parting with ,laeß h ue was sure they all participated in that regret t_ they en1t',"14..t.),---bnt they could not allow him to part wi . h h )1 / Geld h;""ten of esteem, for the estimation . in which h 41 11 ' lll . It was not a silent monitor, however,. and friszttotiivotha‘lel look on it—perhaps not without a silent tear Itie g ti a ll far Way n--it would remind . him of dear end valved by hdos Wh o ~.waY- It would remind him that he still had th e Yto 4j :trolly esteemed him, an_d_ s it fa w c ou e l r d , stimulate (h_ t elpe etop ale . the ood deeds of hi h and earn th e , ers,) A t A , nig fellow-men, that father had done. 11 4Petit, th' n ",e,r some further well merited observations on %fi.matene gel presented M V I I th e rp watch and chain,value a r Loirt:£ lr 3 a O u . gh T t he w w it a h te a h ki rk 1 a f ew c .— presented (4 b (biewing • " to William Tli o ,e,f th e i r !lends, on his departure , a u a. g s6 h t , 1 6 t t h o o A n u t s o t b r i :a l i . i V a 18a . h e4t , .tiei rmaii trielsepneot and,teostoe Our honoured and respected ee . ispArrety In t ti llel and g e a f v l e aTs adoption,. to . which he is proc d te: . all its faults forget that freed loving country which, at'tlß:if the earth, sal standhsipr freedom-loving amongst the na- maysuccesses pre-eminent far exceed his life mostto 11`Ye ent,e,/Peetationn, lth, s prosperity, and long 'a,,ettezr't:' The toast was received and honoured with ajitr- it?, e at e t t i :n_g!. which were kept up for some time. eqsat ed ,. said he could not let the opportunity pass heatingti `' l ng a word to the friend whom he had known and well, and whom he so highly respected. Meer, di,i'lldeivrpgrlore noble-minded mah vi hie e hever had the honour Il eiv e i t , il e b ' t a ti ll i d ' if the ocean divided t by e o a u l l l d w n h o o t , sp d ,elie . a ,,,e ly affection felt d th d eir th fr e i m end i 4 w illei r • fi.,,T.ear, hear.) He was confident that in a new ) tilh a l to ti t ` e 'nn would be as successful, and as estemeed, as Ned h im old country, and he, therefore, with his heart, Af t er ,, . l haOniness and prosperity. Sang—" Come, m 1 47 til e Wine." tr! e l'itl "b time Mr. M‘Vaught rose to return he x as tt;•`tati: nt lY felt much on the occasion. He 13 4 eee all y i n want of words, but his kind frien sa d i s d had, on n t h elio a4 l, l°ll, Placed him in difficulty, for after what had . c . 0 4 4 . ,t 10 - 5i 1.. 11 by their worthy chairman, he . really knew not Ci t e lialif . When the affair was first hinted to him he A ' , ti t 41 credit it, for hed id not know what he had done, ttlta t e"fn to he that he merited anything so k, tttenentary and das gratifying,not aware even from his friends. When te tl le llti ‘l o that resPectle assembly done des II f ereed •- - d—,, What have s met to honour hip_ I tit erye t,,,s.!,tself upon his min yep th e e q .' ? and:thq answer was—nothing. (No,. no ) Ra e dote Laklness of his friends, without anything having ttre. r salliabi l _ . 1 -litn . . He valued the memorial, not because it 14,2 1 1, ,g. Intrtneleally, but because it came from valued e t to to \ge ar, hear.) And it would be almost useless for tt e ' 44 „ iie 4 7, he never would or could forget their he ' Spperl'uldness to him—that night would be yo lk " I _OU in his mind. On leaving the country if he y lls I , a a .a..Y that he had . friends, and Itlk That witit tletl from them without regret he would s ot w ek th e not true. (Hear, hear. I to t i d l lat i t i ll l it was true, but Australia 20 years ago was liewas about part- Nil b lit - 11 8 , t° 'daY—it was then days sthoeffo.the(rcshideeerosf and sstier.) ",w it was only fifty !ty ee, gat vii,l, t oed although his feelings we . again, them were sorrowful at to ;,.. kil e it; u l t hem, he did not depair of seeing tt - -: , k e f.. I only fifty days off now. (Cheers.) He trusted the 'lad thn l enda in the new land, but he was sure if be iiii 4 ll4l ll o 0 : World over, inch by inch, he would never meet til'l's (Ch eer cet e and noble friends that now surrounded h. k et Tlel t fti s. ) His innate love of England, and his trel a t 4. "do, could not be destroyed by the Ott 4,4 witrat - Otiii". fie,„ la---(hear,. d together, so long hear) —and as long as England, It ' Eo k ; ) ,",,and. and Wales remained eat vt i l li tlie l t Z fe " c ommand the respect of the world. (Cheers.) Ito4i d treat ed re, with regret he left England for a time, a'?sei n not ai s ,That if t h ey ever again h ea rd o f hi s name it bl3le 4 (she them for the honour tth a e c r corded him that nat tt ll klet, ers .) Their conduct--their i generons and a n d one neth would stimulate him to exertion, and point tog, t his g Of honour whereon m he should walk ; that they never Wi11ia,„4.4 gave could promise the, they had shown to la tiot i - , If T a ; B ,_e to regret the kindness After some further obser af and Ont. (oheers.) the honour 411 etteti avit g dered due thanits . Plat 43 11113". rendered sat down amid repeated , Ili e * l b; Mr. WlTaught i t e Vie 1 .. si te . e.ch A , :; t 4 .4 a i ll tlr tr a e ntl i. ch l t r ie ta iiide a ree tl ,n4 winehnincallipipewrdoaspriiathte terms, gave the ft ev er , a nßht d u l y the name of Mrs. with applauded. d al of h returned thanks. lir ie 4Nn oe i. her toasts were proposed, and responded a t o o . ; far t e 'ehaii li n th 'ao were the healths of the Chairman much tella "many — t he "worthy h i tt," who had done so iblikie,lped enrigsh(l man ;" and veral very good and well 'a * / le • ' sting been sung, the company separated,. d N I ratia, d R d one • having spent a h . apppy evening, an respect to a worthy individual. --e.,---.. t , Pi b . A calculated, though 411,h.-4tilloc AC CIDENTS.--It has be V II II raceV°,neh for the calculation, that inth forat itfhethseunwthhoelye k,'cl riLe,.._rmtarted by an express t e t tpletti.447 reach it, since on h . average of railway ~...4,ey would all either be killed or laid up oR the „ A L "fling Paper. klb,katicl3,4,l3B:4r SEA. —The members of Lord Granville's y 4%!ai teli k y e s . a correspondent) ha n ve s , s b i y a. this time, ne . n oq i !'ll w eb ‘,7 r departure from tion.l lith'''',.'eave Cronstadt with the ...Peel comes -4 ) il l i :. do not know whether Si . u majority The Sotr. themJea Sir R. A 1 Itl atid e g r is 81 . 1 43, but if not, Captain wing, O n the o r RaR, wll not be grievously disappointed.. her gallant t th lt , li fr Lt some unpleasantness occurred, in consequence vin. 1 4 . _ee_ of opinion between Sir Robert and the %,,i,iraity,^:,:: Robert thought' that as a Lord of the command v,kiti k.ne was entitled to ' the ship ; but i t dOrq ~,,lIIR, very properly, did not recognise the right. 1),,-`ll it.",' the Admir alty , individually, is a nobody on pol p ,:Nro - e ' . "P ., , as . one of a board he is, conjunctively, e tt eg .. ,,,, e. 4 oeheve, however, that Lord Granville's good '4'. netlecessary to convince Sir Robert Peel of his THE NORTHERN TIMES.-LIVERPOOL, TUESDAY. MANUFACTURE UNDER DIFFICULTIES A contributor to the Manchester Guardian gives some account of " the reason why" French manufacturers are so much afraid of competition with foreign industry : The French manufacturer is in an unenviable position, and from no fault of his own. He is quite unprepared for competition ; he possesses neither the material nor the nippers and stealers to fit him for the strugg'.e of free trade with England.' His limited capital is invested in mills and machinery, for the most part used up and out of date. His workpeople are far behind the same class with us ; they seldom put them• selves about. In the mysteries of spinning and weav ing there is not one adept in ten thousand. It is as if each workman for himself had made up his mind to bring t o hip occupation as much activity and intelligence as would enable him to creep through the hours of labour, and no more. To these drawbacks add that every manufacturer is obnoxious to a host of annoyances from the Jacks in office. The counting house, which ought to be sanctified to the purposes of calico and to those dedicated to the craft, is contaminated by the eternal visits of cocked hats and brass-handled toledos, as though military was jealous of what will eventually result from steam power. None but Frenchmen could have organised manufactures under such serious and constantly-recurring impediments—such liabilities from public events, and such uncompliant materials. Besides all these, the Imperial government is labouring under such a severe attack of tenderness for proletaires that every precaution is taken lest their worshipful stomachs should get out of order from cloy or indigestion. Factory regulations are now so cruelly stringent that no millowner is sure he shall not have his head shaved and a job at picking oakum before he is a fortnight older. If an operative do but get his hand scratched in a machine, no matter how, the proprietor is subject to fine, im prisonment, bread and water, a felon's dress, and God wot. A respectable manufacturer in the neighbourhood of Lille is now condemned to this ignominious arrest. We revolt at the petty meddling of our factory inspectors ; what should we say to this ? Let us sympathise with our friends across the Channel, and bless our stars that neither Lords or Commons have yet ventured to class us with the infamous outcasts of mankind. A few figures will exhibit a comparison of the cost of manufacturing in England and France. Let it be a cotton mill of 50,000 spindles : England—A mill with 50,000 spindles, complete with all improvements, £42,000. France—the `same £70,000. England—Price of coals in Lancashire, 6s a ton. France—Price of coals at Lille, 20s a ton. England—A spinner minds 800 to 2,000 spindles, self acting mules. France—A spinner minds 300 to 500, chiefly hand mules. England—Duty on raw cotton and dyewares, nil. France—Duty on same, heavy. England= - Annual repairs of engines and machinery, 4 per cent. France—Annual repairs, 6 per cent. England—Price of female labour (average) is 3d a day. France—Price of female labour (average) is a day ; more hours, but less work. LADVERTISEMENT.] TO SHIP OWNERS WHO ARE CAPITALISTS, AND WISH TO KEEP THEIR MONEY TOGETHER, AND NOT PAY HIGH PREMIUMS FOR INSUR- IRON SHIPS CLARE ' S PRINCIPLE THE ONLY MODE THAT WILL ENSURE SECURITY TO LIFE AND PROPERTY WILL LAST A I AT LLOYDS FOR EVER. John Clare, Junior's commercial experience developing where the defects lie in what are called iron vessels, con structed by people who are not mechanics in either intellect or skill, but upon the " tin-pot" principle, he will leave that proportion of the trade to persons of that class who have turned out sinking coffins to consign to watery graves her Britannic Majesty's subjects who are marine travellers in such things as the Orion, Ida, Tayleur, Faith, Forerunner, H.M.S. frigate Birkenhead, and many others, including a number of colliers that foundered with their crews, all of which were inefficiently and unmeehanically constructed, in accordance with the " tin-pot" principle. The public are ignorant of what they travel by when on board the present description of iron vessels, as they are unsafe and unseaworthy from their bad construction and the light material of which they are composed upon the " tin-pot " principle. If security to life and property he the desideratum the marine department of the Board of Trade have in view, they ought to put their authority (i.e. if that board is sincere in its intentions towards the public,) into effect forthwith, and cause a scale and mode to be laid down upon which iron vessels will only be allowed to be built. Until that io done, thee.° will bo no and fn vocreola fonnrioring, &c., and sinking from collisions, such as the Imogene— sacrificing some £60,000, but, providentially, no life. As my attention has been directed to the art of iron ship building, to attain the climax whereby safety to life and property is practicable upon scientific and mechanical principles, the development of which appears to have given Mr. Charles Bean (the editor of the Liverpool Albion.) great offence, as it will naturally prevent him puffing his friend, Mr. John Laird. of Birkenhead, in the way he has done ; as the said person told me last Wednesday, that he put that scurrilous document in his publication, on the 6th inst., because I had been running his friend (Mr. John Laird) down, which false accusation I flatly donied. He qualified it, and said, no—but you have his ships. Mr. Charles Bean said, if you give a tit, you must take a tat. I said, if Mr. John Laird, or any other person, calling himself an iron shipbuilder, made coffins to drown people, I, as a man, would do my best to protect my fellow .men from a watery grave. As I was a man, and always treated every person as one, that was a man in principle, and as I always as a rule spoke of people as I found them, I only wanted the same courtesy extended to me. I will take care Ido not commit myself by an unmanly action. I told Mr. Charles Bean that any person who might be annoyed at my ideas, and provided I was right, might write as much as they chose about me, if they attached their names and address to it, then he could not be blamed; but he was much to blame for lowering the dignity of the Albion if he 'were not the concoctor of that document. As he stated that the poetry at foot had given him and his friend, Mr. John Laird, such great offence, which appeared in the Albion a short time ago, for the good of the public, I again cause it to be printed. The French floating batteries that repelled the 64 lb. shot in the Crimea, and built from the designs furnished by myself to his Imperial Majesty the Emperor, also, the same plans being carried out by the British Government at the close of the war, by building at Messrs. Robert Napier and Sons, Govan, on the Clyde ; Messrs. Palmer Brothers, at Jarrow, on the Tyne ; and Messrs. Sammie, Brothers, at Blackwall, on the Thames. Floating batteries from the same plans and designs as were furnished by me at the request of the Admiralty on the 9th and 16th of July, 1855, but originally brought before the Hon. Sir M. F. H. Berkeley and Sir Baldwin Wake Walker, the Surveyor of the Navy, at Somerset House, on the 11th of June, 1854. This admission by the British Government building Iron Floating Batteries, as thus described, is a convincing proof that my ideas are sound and efficient in naval archi. tecture, whereby ships may be constructed on scientific and mechanical principles. J ohn Clare, thou bast a good old name, O ! shall it not be known to fame ? • aply the sailor far at sea N e'er shall forget to honour thee. C an skill so well brought out as tbine L ong fail as it deserves to shine ? A h 1 Jack, as his pure draught he'll drink. R eally full oft of Clare shall think. E ach novice o'er his glass shall ask Who was it made this water cask? And men the proud truth shall declare The inventor of this cask was Clare; Nor casks alone, but o'er the sea Clare's ships shall float from damage free;' So sailors now shall drink pure water. Nor fear the cannon.ball's dread slaughter. Few are the dangers which environ Ships made, as Clare's are made, of iron ; Masts, spars, and ribs may well defy Dangers from foes, from wave, or sky. And when, far o'er the Atlantic sea, Another home belongs to thee, Your house of iron, all complete, So strong, so beautiful. and neat, Will make wife's, daughter's, son's!fond prayer A blessing on the name of Clare. TO SHIPOWNERS , 1W CUM LEVITATE. PERSONS desirous of baying VESSELS built that can neither Leak nor Sink may obtain efficient Ships through the medium of the undersigned's patents, who is now prepared to execute all orders confided to him. JOHN CLARE, Jun , Sole Inventor and Patentee of Improvements in Shipbuilding, Metallic Masts, Spars, &c., upon scientific and mechanical principles only. 21, E x change-buildings , by the Underwriters' Rooms, Liverpool. ACCIDENTS, --On Saturday morning, a young man, named William Morgan, a seaman, residing in lived, lay mounted on the roof of the house where be and fell asleep there. As might have been expected, the_ consequen ce o f t hi s f rea k w as, that he fell off the roof. _H e received se vera l severe woun ds and contusions, and bad.to be conveyed t o th e N ort h ern H os pital. —Yesterday morning, a man, named Th omas B e ll, d oc k gateman at the Wel lington dock, r ece i ve d a severe fracture o f the leg from the handle of the windlass used in shutting the gate. Livzitroor. ROYAL hiPIRMAItY. —Week ending Oct. 18, 1856.—Admitted : In -patients, 50 ,• out-patients, 13 ; casuals during week, 19. Discharged : In-patients cured, 1.5 ; relieved, and at own request, 10 • made out-patients , 9 ; irregular, I ; dead, 2 ; remain in the house, 166. H ouse visitors : Charles Freer, and Edward Gibbon, Esqrs. Physician and surgeon for ensuing week : Dr. Turnbull, and Mr. E. B. Bickersteth. House surgeon : Mr. E. Morris. Junior house surgeon : Mr. Cecil Webster. Chaplain : Rev. H. J. Garrod, B.A. Robert Hutchison, Treasurer THE BANK OF ENGLAND AND THE BANK OF FRANCE The last returns of the Bank of England and the Bank of France are documents that required to be closely scrutinised in connection with the present financil condition of the two countries. The return presented by the Bank of England being as unfavourable to that institution as that of the Bank of France, although there are some di,tinctive features peculiar to each. We have now arrived at the third period of alarm at the position of the Bank under the p-esent law by which it is governed ; and if due consideration be given to the subject, it is impossible to avoid seeing that the excite ment and alarm created at the present time are almost entirely the result of the unsound principles upon which the bank is compelled to act. As far as bullion is con cerned, there was nothing in the last week's return calculated to create any anxiety ; the weak point of the system was shown in the approach to a condition in which it would be unable to issue a single note. We simply ask whether an establishment like the Bank of England ought to be placed in such a position with nearly £10,000,000 of specie in its coffers ? Yet this is the spectacle we are called upon periodically to witness, without the slightest attempt being made on the part of the Government to remove. By merely calling attention to the facts of the Bank returns at such crises, it is by no means satisfactory. If the simple transfer of a small quantity of specie from the vaults of the Bank be sufficient to disturb all the monetary and commercial transactions of the kingdom, surely it must be of para mount importance to discover a remedy by which those disturbance , can either be mitigated or prevented. Let us glance at the returns of the Bank presented to the 4th of October. and we shall see that the liabilities and assets were as follow : LIABMITLES. ASSETS. Notes in eireulation.X2o,926,l s s Government debt £11,015,100 Capital ............. 14.553 000 Othtr see 3,459,900 Rest . 3.785,488 Government ditto 278 Public Deposits..... 7,759 499 I Other (Mt, 21,582, 4 ,4 Private deposits.... 10,323,552 Coin and Bullion Seven day and other 958,305 58.303,999 58 305,899 We have given the actual circulation in the amount of liabilities, for the bank cannot be said to be liable for notes in its own possession, which is the case with those under the head of " Notes" in the banking department. If the whole of the liabilites, including the notes in circulation, be placed against the specie, it appears that the proportion of the latter is only equal to about 18 per cent, but as the bank places the greater part of its specie in the issue department against notes, of which nearly two thirds are issued upon the government debt due to the bank, and other securites, the remainder of its liabilities, amount ing to £37,379,844, are represented only by a mere fractional amount of specie, or less than two per cent ! It is owing to the unfavourable position in which the affairs of the bank are placed by these returns that so much alarm is con tinually created, and which might be prevented by the mere transposition of the accounts. Let us take the law as it was intended to operate, and plaee the amount of notes issued against the securities they were intended to represent, and the same account would stand thus : ISSUE DEPARTMENT Ca. D a. Notes Issued 14,475,000 I Government Debt 11,015,100 Other Securities 3 459,900 14,475,000 BANKING DEPRTMENT, Ca. 6,451,155 Govt. Securities 11.464,279 14,555,009 Other securities 21.582,464 3,785,488 Gold coin and bullion 10,784,257 7,759,459 10,323,552 958.305 14,475,000 Da. Notes in circulation Capital Rest Public deposits Other deposits Seven day bills .... 43,830 999 43,830,gY9 This would be a far more rational mode of presenting the accounts than the one at present adopted, because it would be placing the specie in the department to which it legitimately belongs, while it would remove that constant alarm which is now created by representing the notes in the banking department as the full extent of the bank's power to issuenotes. The estimate of £14,000,000 in notes, to be issued against inconvertible securities, whether comet or otherwise as to the amount, was assumed on the ground that the active circulation would never fall below that point : why, then, should the bullion of the bank, which, more strictly speaking, belongs to the depositors, be placed against such issues? And is there the slightest probability that the uneasiness which now prevails would have existed if the accounts were presented as webave given them above ? We believe that it would never have been thought of; for if there be no probability of demanding cash for £14,000,000 of notes, pray why should speciebe locked up to represent them ? If those who framed the Act of 1844 be desirous of retain ing their favourite theory of separating the bank into two departments, let them keep so much of it as relates to the government under a disti❑ct form, and let the bank carry on its own transactions without any such absurd restrictions as those now adopted. We have stated before on similar occasions, and we repeat it again, that the imminent danger . of the bank has been very greatly augmented by presenting such returns to the public ; and so long as they are allowed to remain, these recurring panics must be the natural consequence. If the sum of £14,000,000 be a fair estimate of the notes that may be put into circula— tion without specie, the country ought to derive the full benefit from them ; but this can never be done while the government deprives the bank of any part of its bullion to represent them. By adopting the plan we have sug gested, only £6,451,155 in notes would be represented by £10,784,257 in specie, an abundant supply to prevent any uneasiness, either on the part of the public or the bank, which is deprived of its capital by a fiction in the law.' We appeal to the judgment of any practical banker or merchant, and ask whether such a state of excitement as we have witnessed during the last fortnight would have prevailed if the capital of the bank had been given in its proper place, instead of placing before that public the bugbear of " notes in reserve ?" Is it right that an establishment like the Bank of England should be placed upon this tottering foundation, which a few idle rumours may contribute to overthrow ? It was the admitted principle of the Act of 1844 to allow the bank to issue as many notes as it held specie for beyond £14,000,000. Consequently the bank circulation by the last return was below the authorised amount by £4,330,102 ; and yet in consequence of a demand for less than £2,000,000, its rate of discount was raised fifty-five per cent in a few days. In the arrangement of these accounts we have at once the cause of the great alarm raised about the financial state of the Bank of France. But there is great truth in the old adage, "that people who live in glass houses should not throw stones." This is the kind of structure which the Government has made for the Bank of England, instead of one of solid masonry, which would enable it to defy, with success, the storms which it has occasionally to withstand. Few would attempt to deny that the issue of notes upon the public debt due to the bank (which we have always regarded as a complete fiction in point of convertibility) was permitted to be of advantage to the public as well as to the bank proprietors ; but it cannot be so if the notes thus issued are to be balanced by any part of the gold which really belongs to the banking department. This is a point of such vital importance in the arrangement of the ba❑k accounts, that we feel certain such an alteration as we have proposed would remove a great deal of that anxiety which is now caused by looking up the gold in a depart ment where there is not the least chance of its being required. The late Mr. Gurney told the unbelieving government of 1847 that the public wanted notes—not gold. Under the system which we have reviewed, any external influence upon the resources of the Bank operates with redoubled force, and hence the excitement raised about European speculation, and the conduct of the Bank of France in its purchases of specie. But we think it would have been wiser, and more to our interest, to have alleviated those evils, than to have fanned them into a flame which can produce nothing but unfavourable consequences to ourselves. Whatever may be the speculative propensities of the French Institutions, such as the Credit Mobilier, and the banking interests connected with them, the Bank of France has only been a pas,ive agent in the recent pressure upon its resources. It will be found on referring to the returns of this Bank during the present year, that its note circulation exhibits a remarkable degree of equability; and that it has only been galled upon for specie to a large amount upon sudden emergencies. The following return shows the prin cipal features of the bank for each month during the current year : Advances Advances Notes in on Public on Railway Circulation. Specie. Discounts. Securities. Securities. Jan. 10.. 24,317.500 7.981,410 17,887,780 1,903,020 1,814,270 Feb 14:. 25,109,820 8.575,070 17,591 770 2,684.420 1 762.640 March 13 24,764,460 ' 8.563,890 17 285 860 3,442,659 1,833,490 April 10... 24,561,58 0 10,729,210 17,253,160 3,395,500 1,937,410 May 8.... 23.071, 0 10 11,453 610 16,909,210 4,332,630 2,196 670 June 12... 24,483.180 11,451,840 15,313.400 4,653 510 2,317.210 July 10... 25.289,890 9,279.460 18 848.473 4,832.630 2.531.180 Aug. 14 .. 25,577,880 9.901,350 18.477.810 4,072,1591 2,288,''40 Sept. 11_ 24,821,060 9,432,100 17,565,510 3,611.850 2.218,160 Oct. 9.... 24,483,830 6,658,790 20,463,161 3 517,710 2,210,040 These figures show a remarkable degree of steadiness in the bank circulation; but the Bank of France like the Bank of England, is compelled to part with a larger portion of its specie at one time, in exchange for its notes, than at another. it was in July that a decrease of £.2,172,380 in the specie reserve was eTperienced : and it was at that period that we cautioned the rblie against too much reliance on maintaining a large stock of gold in this country, in the following remarks on the 12th July :—" The movements of bullion have again interrupted that repose which so many had anticipated wou`d result from the termination of war and the arrivals of gold from Australia. We cautioned our readers a short time since against too much confidence in the mere arrivals of the precious metals into this country, from the fact that they were sent here as the centre of distribution to various parts of the Continent of Europe, into countries where, as in England, gold was not a natural production, and where the possession pf it can only be secured by the commercial and financial operations between one country and another. These operations have now become so rapid in their influence through telegraphic despatches and steam communication, that the foreign exchanges do not accurately indicate the movements of the precious metals ; and those who place implicit reliance upon them will frequently find themselves deceived." These were our opinions in July, and we entertain the same views at the present moment. We have mistaken our position ; and we have been blind against the new current of events which have been created by modern civilisation. So long as gold is made the principal basis of all national and commercial credit, there will be a constant competition amongst ?various nations to possess it : and we shall labour under a fatal delusion to suppose that we can retain posses sion of it by act of parliament, by a favourable state of the exchanges, or by en advantageous balance of commerce. The skilful capitalist laughs at all these antiquated theories ; and as he knows that gold, like all other merchandise, can be bought by those who can give the highest price for it, he cin obtain it as well from the Bank of England as else where, so long as there is a stock on hand. Therefore, to punish our merchants and traders for such transactions, is a practice founded rather upon tradition than upon justice, and demands a speedy and permanent removal from our monetary code.—Bankers' Magaziae. INFAMOUS CHARGE Mr. Geo. Cook, a most respectable and religious man, about fifty years of age, whose wife and family were in court, wai brought before Mr. Selfe, on Saturday, at the Thames Police-office, charged with stealing a silver watch, a gold chain, and four geld rings, the property of Elizabeth Reid. The prosecutrix i 3 a woman of the town, and, according to her statement, she met a gentleman she believed to be the prisoner, and who said his first name was George. at the Mahogany Bar Concert and Assembly Rooms, in Wellclose-square, on Wednesday night, the 811 instant. They had some Fri re-, and the gentleman went home with her, and remaine It her till the following afternoon when.he suddenly depe'ted, while she was absent from her rocam, and when she returned she missed a silver watch, a gold chain, andl)ar - gold rings, from a drawer in her room. She would not swear positively to the prisoner. It was a gentleman like him who went home with her, and he had a scar over, his left eye. Roche, the gaoler : There is no scar over the prisoner's left eye. Witness : Perhaps it's the other eye. Roche : Nor over the other eye. Witness : I met him last night, and so believe I can vouch he is the person. He was a bald headed, florid complexioned man. I judge by the scar over his eye. Mr. Selfe: You have proved his innocence--he has no scar, woman. Ann Clare, who lived in the same house as the prosecutrix, looked at the prisoner, and said the man who came home with the last witness was very much like the prisoner, but she would not positively swear to him. Mr. Cook, in defence, said he held a responsible situation in the London Dock, and had done so for sixteen years. He slept with his wife and not with the prostitute who had made this false charge against him. On Thursday, th e 9th i ns t., h e was ta ll y i ng w i nes a ll day in the London Dock. Mr. Selfe asked the prosecutrix what time the man left her on Thursday, the 9th inst. ? To which she replied that he remained with her all day until four in the afternoon. Mr. Andrew Scott, clerk in the London Dock, said—l produce this sheet of accounts made out by the prisoner on the 9th inst. He was tallying wines all day from eight to four o'clock, the business hours. The prisoner was not away from the dock during these hours. Mr. Selfe was satisfied the prosecutrix had made a most false and infamous charge against the prisoner, and she ought to be ashamed of herself, if any shame could be found in a common prostitute. The charge not only affected the prisoner's character as an honest man, but his character for morality. He did not believe there was any wiful mistake on the part of the prosecutrix, but when she doubted the prisoner's identity last night she ought to have withdrawn the charge. The prisoner would be discharged, and without the least stain on his character as far as this accusation was concerned. Mr. Cook : I have been locked up all night on this false charge. Am I to have no compensation ? Mr. Selfe : I can award none. You can bring an action against that abandoned woman for false imprisonment, but I am afraid you;will obtain nothing from her. I am very sorry you have been put to so much inconvenience and that you have been incarcerated all night. EXTENSIVE CLOTH ROBBERY• CONFLICT WITH THE ROBBERS On Thursday last, five powerful ruffians, named James Atkinson, George Brook, John Hardcastle, Samuel Patchett, and Abraham Anpleyard, were tried before H. W. Wickham, Esq., M.P., at the 'West Riding Sessions, at Leeds, upon the charges of breaking into the warehouse of Mr. Wm. Walker, at Longwood, near Huddersfield, and stealing ten ends of cloth, worth £lOO. The case has excited very considerable interest in the West Riding, from the fact of the prisoners formed part of a gang of robbers who have from time to time committed extensive and daring depredations at Leeds, Bradford. Huddersfield, and other places, from some of which towns woollen goods have been stolen in one night almost sufficient to load a waggon. From the evidence adduced on the prisoners' trial, it appeared that the prosecutor, Mr. Walker, is a merchant and manufacturer of woollen cloth at Longwood, near Huddersfield. During the night of the Ist of August his warehouse was broken open, and ten ends of black woollen cloth carried off. Information was at once given to the police, and Mr. Heaton, superintendent of the Hudders field police, took the requisite steps to detect the thieves. Nothing was heard of the matter for some time ; but at length it occurred to Mr. Heaton tint it would be well to examine various places in the neighbourhood. Among other places searched was a building at Quarmby, formerly used as a school, but at present the meeting place of one or two denominations of Dissenters. In the ceiling of this building is - a trap-door or man hole, giving admission to a space between the ceiling and the roof. An officer went through the tray-door into the false roof, and there found eight ends of black cloth, which by the tickets, numbers, and olher marks, were identified as eight of the ten ends stolen. Feeling satisfied that those who " planted" the stolen property would come and fetch it away, the superintendent and several other officers concealed themselves in an adjacent mistal and watched night by night from the 25th of August to the Ist of Sept.; and then the officers removed from the mistal to a garden nearer the school, where they continued their watch night by night till half-past 11 o'clock on the 3rd of Sept. At that hour, the prisoners Brook and Atkinson came along the road, entered the baron, and subsequently walked towards quarmby fold. They were followed by five or six other men, and all went to the school where the cloth was concealed. One of. these men, the prisoner Patchett, was carrying a new plank. These rn ,, n unlocked the door of the school with a skeleton key, and entered, while' Appleyard kept watch at the side of the garden where the . officers were concealed, and only separa ted from them by a low wall and iron pallisading. The man who had entered the school reared the plank so as to give access to the man -hole ; but at this moment Appleyard saw or heard something in the garden, and running towards the school, shouted " All away, all away l" The men rushed out, and the officers were upon them immediately. A severe struggle ensued, the result being the capture of Brook and Atkinson and the escape of the others. During the struggle, Brook cut open the face of a constable with a dark lantern he carried, and afterwards attempted to brain him with a heavy life preserver. He was, however, secured. Later the same night, Hardcastle was apprehended at Wyke, near Bradford, at which time his shoes and-trousers were quite wet, and the shoes were also warm. Next morning Patchett and the other prisoners were appre hended at their homes, where some housebreaking implements and a new waistcoat and trousers made of black cloth of the same kind as that stolen were found. E. Shaw, himself a convict, related a conversation which he had with Hardcastle on the morning after the robbery, when Hardcastle described its circumstances, and stated that the ploth had hem planted where it would remain for three weeks or a month, The w h o le of the prisoners were convicted, and in passing sentence, Mr. Wickham said the comt could not forget that the prisoners were a set of men banded together to commit any deeds of violence, and the murderous designs of at least one of them bad been proved beyond all doubt, Having broken into the warehouse and concealed the plunder, they waited for five or six weeks in the hope that the vigilance of the police had slumbered, and the hue and cry had blown over. But they had found themselves miserably disappointed, for the police bad used and continued exertions which must commend them to everybody who had heard the case. The activity, vigilance, zeal, and . patience of S uper i n t en d en t Heatqn and the police were creditable to them to the highest degree. Looking at the desperate character of the prisoners, the court could not think of allowing them a chance of committing crime again for a long time to come. The sentence of the court upon them was, that they should each be placed in penal servitude for the period of eight years. A gratuity of £lO was awarded to Superintendent Heaton for his excellent conduct throughout the transaction, THE TYNE SHIPOWNERS AND THE INCOME TAX.—A con siderable amount of discussion has arisen among the Shields shipowners during the past week, with regard to the method adopted by the Income-tax Commissioners, who have been sitting in the Town-hall of that town, to increase the assessable value of their ships's earnings. In all the north east ports, the shipping property is insured in mutual insurance office or clubs , the rate of insurance paid by the vessels so ins ure d depending upon the amout of losses sus tained by the offices in which they are insured. The calls made by th e insurance offices are known as " averages," and, of cou rse, vessel, but i n some years the l o s ses are so severe , an d t h e are paid out of the freight earned by the earnings of the vessel 'so small, that the balances of them have to be advanced out of capital, which, however, may be considered a very exceptional occurrence. Those " averages" have always been considered by the ship owners as proper deductions to be made from the earnings of' their vessels, and, as far as we can learn, have been all owed b y t h e commissioners as such, bat this year they h ave refused to d o so , an d h ave c h arge d all the " averages" to income to be taxed. As some owners of vessels in the Tyne have £60,000 worth of property afloat, and pay during the course of the year, in all probability, 5 per cent. insurance upon them, this. deoision of the com missioners will cause a considerable loss to them, and, so far as it goes, is a discouragement to small owners in pro tecting themselves and creditors from the dangers of the ocean. THE CURRENCY QUESTION [LETTER V.l TO THE EDITOR OF THE NORTHERN TIMES. Sir,—lmmediately after the memorable meeting—with an account of which my last letter concluded—his Majesty's Ministers met the Governor and Directors of the Bank in Downing-street, and placed in their hands the famous Order in Council,which, according to the Times, sanctioned " an act of national bankruptcy in a mitigated form ; " but, according to Lord Castlereagh, "solved for the first time, the problem of reconciling national prosperity to a state of war, by supplying the country with a circulating medium of undoubted cr'dit proportioned to its wants." The eloquent historian of the French revolution describes the suspension of specie payments, imposed by this order on the Bank, as " the commencement of a paper system in Great Britain, which enabled the empire to carry on for so long a period so costly a war, and to maintain for years armaments greater than had been raised by the Roman people in the zenith of their power, which brought the struggle at length to a triumphant issue, and arrayed all the powers of Eastern Europe against France, on the banks of the Rhine." Such testimonies to the value of the great national restorative of national industry—a paper currency resting on till credit and wealth of the nation—must make a lasting impression on the minds of thinking men. At all events, they tar outweigh the rash and unsupported " ipse dixit" of your leviathan cotemporary. The immediate consequences of the measure of relief carried by Mr. Pitt, in 1797, were the restoration of con • fidence, the revival of trade, the re-invigoration of the fainting soul of enterprise, and the rushing in upon the nation of an overflowing tide of commercial prosp-rity. _ We were, not only furnished with the sinews of war ourselves, but we were en 'bled to subsidize all the sovereigns of Europe, whose cause we had e4poused. We found no difficulty in importing, in Is3ll, 1,500,000 qrs of wheat, to supply the deficiency of the preceding year. All this we accomplished when guineas were a rare avis in terris, paper having almost entirely superceded gold as an engine of dim:nestle commerce. To that measure of relief, which vested in the Bank of England the power of expanding the paper circulation ix PROPORTION TO TUE ABSTRACTION OF SPECIE, and to the wants of the country, all our subsequent prosperity may be traced. To it, under Providence, we are unquestionably ind-bted for all the victories of Wellington, for the glorious termination of the war with France, and, indeed, for the salvation of the empire. It was truly an act which brought " healing on its wings" to all the suffering interests of the state. By establishing the currency on the solid basis of national wealth, it simultaneously wreathed our brows with the laurels of victory, and loaded our garners with the fruits of peace. Such were the astonishing effects of the expansive monetary system established in 1797. There were, of course, occasional reverses, ebbs and flows of mercantile activity ; but, from the adoption of that system, to the close of the memorable battle which restored the equilibrium of Europe on the plains of Waterloo, adversity was the exception, and prosperity the rule, of the intervening eighteen years. During that period the checks to our prosperity were ephemeral and scarcely perceptible. Not so in the years which followed the resumption of specie payments, and consequent contrac tion of the currency by the bill of 1819. The disastrous results which followed, from the adoption of that fatal measure, are facts of - history with which we are all familiar. "Perhaps," says Sir Archibald Alison, "no single measure ever produced so disastrous an effect as that has done. It has added at least a third to the national debt, and augmented in a similar proportion all private burdens in the country; while, at the same time, it has taken as much from the remuneration of labour, and means of paying it enjoyed by the comm un ity." " Without pronouncing an opinion on abstract ground," says the same author, "on the expedience of these changes,"—namely, the alterations effected in the monetary system of the empire, by the Act of 1819—" it has already (1849) been decisively proved that they have added 50 per cent. to the weight of all debts ; that they have extinguished, practically speaking, the sinking fund, and rendered indirect taxes so unproduc tive, that a recurrence to direct taxation, even in a period of profound peace, has become unavoidable ; that they have compelled government to starve down the military and naval establishments of the empire to a degree incon sistent with its security, and which may, ere long, endanger its independence; and have rendered it more dif ficult now to raise £50,000,000 a-year from 28,000,00)of men than, in the latter years of the war, it was to raise £70,000,000 a.year from 18,000,000. And, if it be said that these evils were unavoidable, and the price which the nation pays for shunning the dangers of an unrestricted issue of paper—the South American madness of 1824 and 1825, followed by the dreadful monetary crisis in the close of the latter years ; the joint-stock mania of 1835 and 1836, succeeded by the severe and protracted depression from 1836 to 1843, and the railway mania of 1845, terminating in the awful and protracted monetary crisis of 1847, suffi ciently demonstrate that the metallic system affords no security against those dangers, but, on the contrary, by rendering commercial credit dependent on the plenty or scarcity of that most shifting and evanescent of earthly things —a gold currency, in the highest degree aggravates them." These are not merely Sir Archibald's opinions, they are historical facts, and if " history is philosophy teaching by example," they ought to command our most serious atten tion, especially at such a time as this, when, according to a writer in the NORTHERN TIMES of the 13th inst., there is nothing that " can check the demand which is absorbing all the gold and silver of England and France," but " An immediate suspension of specie payments." Nothing, that can "restrain within due bounds the spirit of speculation," but " A minimum rate of interest fixed by law," to continue in force until the resumption of specie payments. J. W. Liverpool, October 14, 1856. TO THE EDITOR OF THE NORTHERN TIMES Sir,—What is currency ? If we were to look for the solution of this question in what is seen around us, the answer might resolve itself into a tirade of sarcasms. At present, however, I restrict myself by saving that currency, as known amongst us, is but nominally the beautiful, useful, elastic agent required ; for although itleertainly is a medium of exchange, yet it is very far from being a just standard o f va l ue , an d i n th e measure in which it c o m es s h or t o f t h at, so must its efflcieucy be crippled. By the term currency, in its common acceptation, is understood money ; and in this country we have come to find it hard to divest our minds of the notion that currency is synonymous with gold and silver, or else we go to the other extreme, and picture to ourselves the floating paper of insolvent states or of bubble banks. If the wealth of a nation consisted solely or chiefly of the precious metals, there might be some reason in foster ing such notions, but as that fortunately is very far from the case in this indefatigably energetic, commercial, manufacturing, agricultural, and delving community, it. is to be feared that we have all, more or less, allowed our seves to be cajoled out of our propriety by a narrow mindedness on this one point, which is unworthy of the liberal and enlarged views of the nation on most other social subjects, and we bring the eye of the miser and commercial ignorance—worthy only of the rudest age—to assess our wealth and our well-being, which we measure just after the manner of such persons and times. But what, then, is currency ? In England, legally, it is limited to gold sovereigns, silver shillings, and copper pence, somewhat swollen if you will in practice by Bills of Exchange, which, at times, are almost unnegociable, and a small proportion of unbullioned balik notes. Passing by the distinctions from this definition in other European countries, we note that in some parts of Africa it consists of a certain description of small shells, pieeos of iron, and such like things, of littl e or en vale" answering all the purl/44cl for which It is re' into food and 010., yet . i tered, viz., to facilitate the exchanging of v.-a ous commodities—to convert the fruit of the - f' eul into manufactures, i and lab i i ' aing—t - he necessaries of lifeto luxuries —the 118611 !.. into the ornamental—and the surplus of these !no' * articles of taste and vertu. But what, then, should be currency ? Which is the preferable thing?—the gold or the cowrie?—the thing of intrinsic value, or the thing of merely nominal or representative value ? Why, both do the same work—their object is one ; and, admitting for argument's sake, that their results are the same, and that both are equally efficient to the extent of their respective capabilities, the employment of the thing of intrinsic value is clearly superfluous, because not necessarily requisite ; and hence we may fairly conclude, need not consist of any material of intrinsic value, since, legitimately, it is but a medium of exchange—an assessor and representative of wealth, not itself the wealth, and he who has the heart or taste of the miser may hoard up gold to his heart's content, let our currency be what it may. How we are to establish such an intrinsically invaluable medium that will be perfectly secure.—how we are to arrive at a sound and unflinching standard of value, are points which do not belong to this stage of our enquiries. We must make sure our premises ere we elaborate into details. --____ Be it so, then, that currency is simply a medium of exchange, for we think that no commercial man will dissent from this. Now, a medium of exchange, in its application, should be as the worthless iron weight in the ge—unchangeable a n i —not scales, which serves to as s e ss the value of your bag of standard gold, that m a y b e worth .£5.000- It should be a s th e equ ipoise between value and value—. u n a ti s adjusting the weight of flour to the measure of wine or oil—in short, it should be an unque stionable stan dard of va lu e u c w t u e l a l t i a ng u nd e s a medium but constitutionally so — no t b y a law of the land, but by a law of nature a nd reason, being itself its own adjuster. Such a currency we certainl y do not possess rall e i r o e f u m e x s t c a h n a c n e s arbitrarily , for while an arbitrary fixed value is by law given to it nominally, its relative value fluctuates just as any oth er article of commerce, being equally, if not more sensitivel y, suscep tible to the incessant fluctuations of demand Be it observed that the immedi a t e • and supply. question at issue is not as to the possibity of our arriving at such a p er f ect s t a t e of things, but simply, i s Ig such required ? is it d es i ra ble ? y opinion is most unquestionably • I contemplate advanta . in favour of it, as in it ges that will, it establish as were, peace in comme rce , and natural honesty in the fluctuations of prices, which cannot possibly be the case under our present system. t o cr u b a e t i v m e made e e r a t - We are free to admit th a t a grea t c h a nge may have t o i 0 n o s b , t b a v i n h a s v u i c o l: t a o g e l t v i r e r e u n p c y —that some their present fewindividuals ma y be thrown out of a course) of very usurious transactionsLbut the nation at large would be relieved from monetary commotions, and trade would no longer be dependant on that winged, slippery thing, called money, which is neither the wealth of the country nor its r epresentative, though it be a portion of it.—Yours; &c.,1 Liverpool, Oct. 17, 1856. _CONNELIUs. TO THE EDITOR OF THE NORTHERN TIMES. Sir —ln Your paper, of yesterday, I notice a further letter from Mr. John Wills on the currency question, and I do admit, freely, that his views on this subject coincide very much with my own. He traces the present difficulties, in the money market, as ascribable to this cause—that the currency of the country rests on a metallic foundation, that is to say, is based on gold ; and he adds that, if we sell our gold, it matters not what we get in exchange, we dispose of sort the life blood of our cornmerc-. Gi ve us , th en , h e says some other description of money. Give u 3 mon e y "th a t cannot be exported," and money panics will no longer be dema reWilbls what le paper, otr Yours, &c., ANTI B uwo N IST. _ _ is this possible. to be Bat ? would it to be ask u n i%rel Friday, October 17, 1856. TO THE EDITOR OF THE NORTHERN TIMES have S ir t i h e s r ; 11 i b s y ta to e u n r my h monetary ast y lea n ot e d e o r f of s t i n t - u d r a d y, a y a you It did id not say that a suspension of specie payments was " the only means of staying the present drain of gold;" but that it was the only means of instantaneously checking the demand for its exportation. I cannot agree with you that such would be a more suicidal course than that adopted by the Bank of France, especially if it were accompanied by the other measure suggested in my note, " a minimum rate of interest fixed by law," to remain in force during the suspension. if, as it is to be feared, France has been for some time living too fast and trading too fast ;—the Bank of France cannot permanently correct the evil arising from this improvidence by purchasing gold at a considerable loss. You ,know the proverb, " W may bay gold too dear." The pressure which is now so severely felt in France is greatly aggravated by the practice of hoarding. The only way that this can he prevented is, by an immediate suspension of specie payments. The supply of gold which the Bank of France is obtaining at so great a cost, has only the effect of increasing the demand, and I do not believe that she can "keep up her circulation, and preserve a fair commercial rate of discount," by pursuing the policy of purchasing gold— regardless of its price—in the vain hope of alleviating the sufferings which have their origin in an antiquated system of currency that has outlived its usefulness. The suspension of specie payments which I suggested, implies, as a matter of course, the enlargement of our paper issues, and the introduction of " the one pound legal tender note" as a substitute for the sovereign. We know that a decree of Napoleon can effect this in France. and an Order in Council would have the same effect in this country. Without this, a suspension of specie payments would of course prostrate our importers, exporters, and manufacturers. No sane man would advocate a suspension of specie payments which did not invest the bank with the power of providing a currency capable of sustaining the commerce of the country. You say, that, though the bullionist may have reason to tremble, you do not see what more enlightened monetary men have to fear from the failure of the great usury scheme. But I say, that it has failed already, and that the urgency of the casedemanis an immediate remedy, aucl as was resorted to in 1797, until Parliament, in its wisdom * shall devise the means of placing our currency on the safe and solid foundation of national wealth.—Yours, &c., Liverpool, Oct. 16, 1856. Jowl WILLS. TO THE EDITOR OP THE NORTHERN TIMES, _ • Sir,—lt seems that I was somewhat premature in my strictures upon "J. W." He has, I find, condescended to take some little notice of " A British-American Ballionist." But there is something very caustic in " J. W's" note of the 14th. As a specimen of great ability, in dealing with an opponent, I think it has seldom been surpassed. It conveys a quiet intimation to all who wish the writer to develops his system prematurely, that they must bide their time. As there is no hurry," (says our great unknown,) "my opponent must excuse me if I take my time." I see that "J. W." has found a champion in " Sit:had the Sailor," who deals very wittily, and very un ceremoniously with "A British-American Ballionist." The latter gentleman has, on the whole, received to , ..re kicks that ha'pence;" but I hope he will return to the contest, and not lay himself open to the charge of asking questions which, I must confess, have no more to do with the subjects of" J. W.'s" letters, than if be had asked him in the words of your droll correspondent " Sinbad," whether he had ever been in New york—whether be had ever witnessed an indignation meeting—whether he had ever eaten a pumpkin pie—whether he had ever tasted a mint julepe, and, if so, in how many places? Having read "J. W.'s" letters, three and four, since I last addressed you, I wish to make that gentleman the emend* honourable for having said that we had plenty of " irredeem able trash" in his letters. I begin to view the matter in a little different light ; and though Pd still " rather have a guinea than a one pound note," I don't deny that the letters in question have shaken my faith a little in the bullion system, and I shall now patiently watch the progress of" W.'s" argument, and let him " follow his own working , plans," and complete the work he has taken in hand in hia own time and way, without further interruption.—Your; eko.. GUINEA GOLD. Low 11111, October 16, 1856, PRIG HTFUL TRAGEDY AT TAE CURRAGH CAMP.—A cor respondent writes :—lt is with extreme sorrow I have to inform you that a dreadful assassination took place here on Monday last. On that day a soldier of the 56th, while on sentry in the II division, got into dispute with a man of the 18th Royal Irish, the result of which was, that a stone was flung at the head of the former, immediately after which the 18th man ran away, but w a s f o ll owe d b y a comrade of the sentry, and by him bayoneted in three different parts of his body till life was extinct. The occurrence has created great sensation in the neighbourhood of the camp.__ Freeman Correspondent. LAUNCH OF A FRIGATE AT PEMBROKE DOCXVA D.-4) a Tuesday, the 14th inst., one of the largest frigates ever built was launched from Pembroke yard. It is called the Diadem, and is pierced to carry 32 large guns, and will have an auxiliary steam screw, w.)rked by wigines of 800 horse power. She was named by the Viscountess Emlyn, and went off in the most satisfactory manner. There were a great many spectators present on the occasion : Her dimensions are es follows :—Length between perpendiculars, 240 feet ; ditto of keel for tonnage, 20& feet ; breadth, extreme, 48 feet : ditto, for tonnage, 47 feet 4 inches ; ditte moulded, 46 feet 8 inches ; depth of hold, 16 feet 7 inches ; burthen in tons, 2,4708. When jury rigged she will be taken to Portsmouth to be fitted for sea, and at once placed, in commission. THE TYNE SAILORS' HOME.—This noble institution, which is completed arid furnished, will be opened at North Shields on Tuesday next, by his Grace the Duke of Northumberland, and presented to the port. It has cost his Grace between £B,OOO and £9,000, and will furnish most ample accommodation for above 100 seamen. £2,00 has also been contributed by the shipowners and mer chants of the Tyne for an endowment. The extension of these institutions to the principal parts in Great promisp, in a few years, to vastly improve th.: ' habits of the seafaring population. There are now - . Sailors' Homes in :Well-street, London ; Poplar Sunderland, North Shields, Liverpool, Bristol. 4 l:: drdiff, Falmouth, Devonport, Plymonth % Dover, aiad oti— „ T P .;ctsrnouth, Dublin, Belfast. Cork, QileenStaW" . ~imerick, Glasgow, Greenock, and Leith, ..ers are building. _ 6 ERGEA. , T PHILIP OTLAHERTY.—This distinguished young soldier, who has returned from the Crimea, has just purchased his discharge, that he may be in circum stances to carry out his intention of returning to Turkey as a labourer in the missionary field. He has been appointed by the Free Church to proceed to Con stantinople under their charge, and to devote himself exclusively to the work to which his way has been so remarkably opened. We understand that he is previously to attend the theological lectures in the New College, Edinburgh, at least for the present winter. Being in this town on Sabbath last, he addressed the children in con nection with Rosemary-street. Berry-street, and Brown street schools, at a united meeting in Rosemary-street Church. Although it was only notified on a limited scale, the capacious church was 'crowded at fi ve o'clock b y an immense audience. every aisle and pass a g e being densel y proceedarmth of their filled. Sergeant O'Flaherty , who was introduced by the Roy. Mr. Macnaughtan , g ave a short account of his personal history and of his futu re p rospects in con nection with Turkish evangelisatio n. After the dismis sal of the meeting he was surroun ded by a s y m p athisin g crowd of all classes, and it was with difficult y t hat he could make his pgwraaytuolauttio of s h . e n c h e owingu i r s ch aboutto t o the to his native period glen, there to sp end the intermediate before the commenc ement of the theological session in Edinburgh.— Belfast Paper cont GROCERS' CiiMMY.RCIAL ASSOCIATION.—A meeting, con sisting principally of the grocers residing in the northern and north-western districts of the metropolis, and con vened by this associ a ti on, was held on Wednesday' evening and t t i h h e o l l l o u u si r c a - b h l a e ll s , y S s t t o e r m e- o s f tr d e e e a t l , in ß g e , dford-square, under the I T a h ti e v presidency of M r . J. Henderson The association has recently been formed with the view . of correcting the evils existing in the trade, an d th ere by ps romo ting a more fair reductio n o f d ut i es on t h e articles in which as effecting a which grocers deal, and w a t c hi ng over all trade r e g ulations and le g is proceedingse associationis affecting proseen thatt btrhaenchmoovfemcoemntmewrciteh. vigou r , an d holding meetings in various parts of th e country. It has in view three distinct classes of obj ec t s . _ 'of selling practice .sugars at a loss ; the second is to secure form The first is to effect the abandoment by retailers of the a fairer and more uniform system of sampling sugars, tares upon teas, and such changes in the Castom-honse regulations and market terms as from time to time may be f oun d beneficial to the trade; and the third is to accom plish such reductions and simplifications of duty , espec ially upon the arti c l es o f sugar , tea, co ffee, cocoa, f ru its, and tobacco, a s s h a ll b ene fit the trade and the public, without lo ss t o th e reven ue. The point to which at present the be s t energ i es o f the association are mainly directed, is th a t o f i n d uc i ng the trade to abandon the mischievous system of selling sugars at a loss. The folly of persevering in this system was shown in various ways last night by the speakers, who, besides the chairman, were Messrs. Snowdon, Mills, Strugnell, J. Newson, L. Wray, and R. Moore. The meeting separated after passing a resolution for the formation of a district committee to co-operate with the general body, and expressing its cordial sympathy with the objects of the association.':