The Northern Daily Times.
Liverpool, Merseyside, England, 1856-09-15 00:00:00

The approaching Pr

more and more th

Both parties

xnd speaking strongly in advocacy of the
•
principles they espouse. Who will be the victori-
ous candidate no one could say. But generally
speaking, the chances appeared to be in favour of
Col. Fremont. The intelligence from Kansas con-
tinued to bring tidings of further depredations
committed by the lawless desperadoes from Mis-

lain topic

meetings

soon

By way of the United States, we have accounts
from Havana informing us that General Concha

was the object of considerable attention on the part
of admiring Cubans. We have also information
that the Home Government had approved of the
project for the production of 40,000 African

very well

THE NORTHERN TIMES

says the journal in question, "to give the facts,"
" disclosed in Mr. WILLIAM TYSON'S bankruptcy,
" as a specimen of our mercantile transactions at
" the present day." Passing from the unpardon-
able truths disclosed in this bankrupt's case, our
author attempts to justify what he altogether con-
demns. He tells us it can be " readily understood

" that occasions may arise, even in ,the course of
" the most legitimate business, when the merchant
" is driven into a corner through no fault of his
" own, and is prepared to pay an enormous rate of
" interest, once in a way, for temporary accommo-
" dation." Again, he says, "no business, how-
" ever, can be carried ou upon the basis of money
" borrowed at tho rato of 70 per cent. as its normal
" condition." We are thankful for this admission
from those who would sanction usury under any
circumstances, and our gratitude will be very
materially increased if we can command the
sympathy of the London Press when we show that
70 per cent. is by no means an uncommon rate of
interest to pay on commercial transactions.

Every man in trade is aware that money was not
to be had only a very short time since under 10 or
8 per cent. We all know that a merchant's bill
is discounted and re-discounted at the current rates
of interest, seven, eight, and even ten times before
it arrives at maturity. The obvious result then, isa
that the circle of traders interested to the extant of
1001. worth of produce, say, will only receive 30/.
or 401., or perhaps nothing at all, for this bill.
In the process of discounting, the whole of the

bill will have passed into the hands of the dis-
counters, and it matters little to the man in busi-
ness whether 70 per cent. goes in a lump into the
hands of one individual such as Mr. PEMBERTON,
or whether it is swallowed up in tenths by some
eight or ten discounters ; and we, therefore, quite
agree with our cotemporary, when hs asserts that
"no business can be carried on upon the basis of
" money borrowed at the rate of 70 per cent. as its
" normal condition." This discovery, though made
rather late in the day, is of great importance, and
when coupled with the axiom that, " the Legislature
" has no more right to prescribe the price of one
" commodity than another, and money is just as
" much a commodity as corn, iron, or cotton "—it
is perfectly invaluable.
Such recantations as these, coming from an
obdurate source, leads one to believe that the
writer, like Moses, has been admonished,
and that he may, consequently, be received into
the ranks of the monetary reformers, as one to
whom their leader might say, admitta to habilem.
We have, in fact, only to convince him that gold is
money, that money is a commodity, in order to
satisfy him, that fixing the value of gold, i.e. money,
at 3/ 17s 100 per ounce,was a cruel abuse and injus-
tice on the part of the Legislature ; and that, limiting
the issues of notes to the amount of gold held by the
banks, is simply saying—" you shall only have a
" certain quantity of that commodity, money,
" wherewith to obtain corn, iron, or cotton." We
are indebted for these very opportune changes
in the minds of our London scribes, to a
vain effort to paint the DEVIL blacker than ho
really is. Many abler hands have lost their way
in this bootless task. Mr. CIIARLES PEMBERTON
would make a very respectable board of bank
directors if properly cut up into aliquot parts, but
since he is quite capable of doing the work of seven,
eight, or ten bill discounters,we do not see that the
public will be either gainers or losers by allow-
ing him to remain as he is. To fall upon one man
for what has become a national sin is a course we
should never tolerate, though the offender were as
black as SATAN himself. The land is full of 70 per

s only a
fair average sample of the modern British bill
discounter, as every trader in Liverpool knows to
'URI those who are wont to pour forth
a la maniere d'anatheme ought to have as good
memories as less scrupulous truth slayers.
The London Times has forgotten that usury has
become almost a time-honoured institution in this
country, and that fixing a low mint price on gold
gives us a standard of value, and regulates the
value of that commodity—money ; and that while
the Legislature did this, that it also, in the purest
spirit of Pagan tyranny, limited the amount of cir-
culation we were to have. And what are the
practical results ? Banks, after running all the
heavy risks of their business, divide 20 per
cent. per annum profit, and often more !
Panics in trade, which occur within circles
of years which become shorter as the
perfection of usury developes itself, and the
pressure on the first necessary of life—corn ; and
the weight of taxation increase with the augmen-
tation of the hands to be employed, and the
mouths to be fed. These are the hydra-headed
evils which have followed that which our cotempo-
rary says the Legislature have no right to do. They
have fixed the price and quantity of money we are
to have, and usury is sanctioned by law ; and we
think it the height of Editorial iniquity to censure
the commercial anomalies displayed in auy indivi-
dual transaction, while the accused can plead the
immoralities of a heathen statute, and father the
sins of the usurer on such names as those of PEEL,
OVERSTONE, and GLADSTONE. The two first-named
Legislators had the hardihood to fix the value of the
prime commodity of human progress, and the latter
has converted the temple of our money changers,
which was once religiously watched by Parliament,
into a 70 per cent. discount market, in which Mr.
PEMBERTON, or any other man, may, to-day or to.
morrow, charge twice 70 per cent. if he pleases,
and have as perfectly a valid claim against a bank-
rupt's estate as any trade creditor, whose profits
do not exceed five per cent. on a cash transaction.
Such is the law in the nineteenth century of the
Christian

THE PALMERSTON Cabinet have at last decided
on a line of policy. The PREMIER is aware of what
the country expects from him, and as novelties
command the highest prices in these days, the
noble Viscount proposes to introduce a few to the
public. Susceptible minds hate vulgar criticism.
Pure spirits dread the danger of contamination.
The wisest measures are often defeated by national
contumaciousness, and scouted by the honesty and
wisdom of the multitude. " The PREMIER," if his
London heralds speak truly, " knows this. One
" great task has been laid upon him, and he is
qware that by .deeds, not by words,

will his administration be tried. Accordingly,
" he wishes to put his work well out of hand, that
" the disagreeable task of criticism may be despatched
" within official doors, rather than in the eyes of
the
whole world. Children and fools, it is said, should
" not see unfinished work, and the latter class is
" too numerous in both Houses to allow an tin-
" fin. shed law reform to present itself with
" impunity." We think we hear the national voice
re-echoing from shore to shore a hearty ha ! ha ! ha I
at this announcement. Either Lord PALMERSTON
or his chroniclers have assuredly b
seethe wine of
n dining at
the Trinity House lately ; Array seethe
Tower-Hill is more than usually potent, we may
excuse the suggestion of an attempt to despatch
the disagreeable task of criticism " within official
" doors" The Trinity brethren are famous for their
love of secrecy, and this proposition is only the

---LIVERPOOL, MONDAY.

second volume of the homily which the lovers of
mystery have recently given to the world.
As far as legislation goes, the ministerial

ption is, that " what is everybody's business
"is nobody's business." Now, we have no objec-
tion whatever to collar a burly headed prophet and
try to shake him into reason ; but experience has
shown us that it is little short of insanity to grapple
with those who tack their faith to the most effete pro-
verb. Let them, then, have their hobbies, just as
you would allow a malefactor to help himself to
rope. We are happy to find, however, that the
PREMIER has mistaken sand for hemp in this
instance, and that no serious consequences are to
be apprehended from an attempt at premature des-
truction. He has decided on a very comprehensive
line of action. " There is," says the exponents of
the noble lord's unuttered thoughts, " A. bundle of
" work already cut out for next session, and for
" the Lords to begin with. Towards the close of
" last session the LORD CHANCELLOR laid on the
" table of that House a batch of bills for the con-
" solidation of the criminal law. They are

announced as part of a series for the consolida-

" tion—that is, virtually, the modification—of the
" whole law of this land ; but what we have before
us relate to the criminal law, under the several
" heads of offences against the person, larceny,
" and the like offences against property, malicious
. _

injuries to property, forgery, treason, and offences
against the State, k- offences against public
and religion, accessories

justice, peace,

" and abettors, and criminal procedure." We
were informed long since that the Ministry pro-
posed to make every man his own constable, and a
policeman at large, that public prosecutors were to
be introduced to annihilate the junior criminal
bar, and that the army is to be reduced to a very
respectable war footing.
In this concise summary of coming events, we
have a good deal of pure comic trifling with public
opinion, a melo-dramatic onslaught on the Con.
stitutional rights of the people, and a few passes
of real tragedy. Setting up the LORD CHANCELLOR
with " a batch of bills for the consolidation of the
" Criminal Law," as a make-believe that the public
are to have no more of the semi-political property
swindles which are so common in our equity
courts, and that the monster crimson curtain and
no jury system is wholly to be abolished, is
certainly very laughable. Then comes the con-
stabilisation of the whole male population, which is
to give the dock porter the power of arresting a
merchant prince, a " brother officer" on a suspicion
housebreaking,of
ioin
bs
asb tproposition
at lo
pecrown
oo Igvrnha mat highway
programme.
ebg
eehw
ludicrousness
imported
Lastly t•
uloysube
comes
osr
nsy ,
feorsof ormtthheNe treason.
tasrpeani
tragic ThNaples,
s
pr
business of "
ade
cs
edi e in g disagreeables within
40'
foffictiha
el doors"
as
r" There r
issubatenraniemamn immense
eassadgeeasl
"of the haunted castle by torch light," and
the " knight of the bloody shield " about this part
of the coming Parliamentary bill of fare. The
" witch with the magic lantern" could scarcely be
dispensed with in the working out of so heavy a
plot. Simple clowns to reveal the secrets of the
Lord of the " haunted castle " will not be wanted,
as " children and fools," particularly "the latter
class, is numerous in both Houses" of Parliament,
in addition to which we have the mock dukes and
touchstones of Printing-house-square to fall back
upon. Who is to introduce the goddess of secrecy—

" Deep, ambushed in her silent den,"

surrounded by thousands of despatched disagree-
ables, we cannot tell. The London Times vows
with more than an ordinary amount of solemn
dianity that Lord PALMERSTON has been engaged
for the leading heavy business of the Parliamen-
tary season, and few announcements could be
more attractive, especially if the noble lord should
open the session in the character of " OTHELLO,"
and commence by saying,

"'Tis better as it is."

THE COURT

BALMORAL, Sept. 11.—Her Majesty the Queen and his
Royal Highness the Prince Consort drove out yesterday
afternoon. The rest of the royal family took walking
and riding exercise in the neighbourhood of the castle.
BALMORAL, Sept. I2.—The Earl of Clarendon takes
leave of her Majesty to-morrow, and returns to his
official duties in town. Sir George Grey is expected to
be the Secretary of State in attendance upon her Majesty
in succession to the noble earl. The Braemar gathering
of the clans of the Dee side was held yesterday at
Braemar Castle, the residence of Mr. and Mrs. Far-
quharson, of Invercauld. The Queen and Prince
Albert, with their Royal Highnesses Prince Alfred, the
Princess Royal, the Princess Alice, the Princess Helena,
and the Princess Louisa, left Balmoral in the middle of
the day, and were received on their arrival at Braemar
by Mr. and Mrs. Farquharson. The various Highland
games and sports then took place in presence of her
Majesty, and were continued for some hours ; after
which, the Queen and royal family returned to Balmoral•
The Earl of Clarendon, Lady Ely, Miss Seymour, and
the Gentlemen of the Household were in attendance
upon her Majesty. The royal family were riding and
walking in the forenoon. The royal dinner circle yes-
terday included her Royal Highness the Duchess of
Kent, the Princess Royal, the Princess Amalie, the
Marchioness of Ely, Lady Augusta Bruce, the Hon. Miss
Seymour, the Hon. General Grey, and the Hon. Colonel
Phipps.
Her Majesty is expected to prolong her residence in
Scotland this year to seven weeks' sojourn.
Lord Palmerston will return to London, on Thursday
next, from St. Leonards-on-Sea.
Lord Panmure has not yet left London for Balmoral
to replace Lord Clarendon in attendance upon the Q ueen,

-..---.......---

THE LIVERPOOL ACADEMY'S EXHIBITION

The private view of the exhibition took place-on Satur-
day, all the arrangements having been fully completed.
There was a very crowded attendance of visitors during
the day. As we intend to give detailed notices of the
principal works of art which make up this exhibition, we
shall not at present say more than that its character
maintains the opinion we first formed—that it is a display
surpassing in general interest that of the previous year,
although not perhaps possessing as many separate pictures
of remarkable characteristics. The prize picture is Mr.
Ford Madox Brown's painting of " Christ washing Peter's
feet," which hangs in the centre room. The exhibition
opens to the public to-day.

TRADE WITH NEW ZEALAND —Some time ago, we inti-
mated that steps were being taken to open up the trade
of New Zealand with this country. As a preli-
minary step, Messrs. James Baines and Corny any are
about to despatch their well-known clipper-ship, the
Oliver Lang, with bounty emigrants to Wellington, on the
20th instant. As a proof of the desirability of making this
the port of departure for Government emigrants to
Australia, we may mention that the cost of despatching
them from London is 20 per cent. more than in Liverpool,
whilst the character of the vessels cannot, for comfort,
convenience, and accommodation, be compar yl with the
Australian clippers sailing from the Mersey. The Oliver
Lang is by far the largest and finest ship that has ever
been despatched from Liverpool to New Zealand, and the
first for Wellington during the last ten years. She will
have on board the greatest number of emigrants ever con-
veyed :in one vessel to that colony. Other vessels will
fellow each month, and everything will be done to deve,
lope the resources of that splendid region by extending its
trade and commerce with the mother country. With the
view of inaugurating this important movement, we hear
that it is intended to give a grand banquet on board the
Oliver Lang on Thursday next. Among the company who
are expected to be present on the occasion are—Lord
Lyttleton, Lord A. Churchhill, Goldby, Esq., M.P.,
R. Adderly, Esq., M.P. John Gladstone, Esq., of London,
A. Morrison, Esq., J. T. Smith, Esq., of Wellington, New
Zealand, and a number of others interested in the colony.
We omitted to say that the Oliver Lang will load back for
Liverpool direct.