The Northern Daily Times.
Liverpool, Merseyside, England, 1853-11-04 00:00:00

CENTRALIZATION IN MONEY.
(From the London Constitutional.)

We are indebted to a valued correspondent for the fol-
lowing communication upon a subject of pressing importance
at the present moment. Colonel Thompson has admirably
hit off some of the most striking absurdities of our money
laws. That the present system is submitted to for a moment
is a fact which testifies to the utter ignorance prevailing
upon the most important and at the same time one of the
simplest questions in the whole range of economical science.
For what have we a board of money-lenders in London,
elected by the private proprietors of a joint-stock bank;
endued with the powers of legislation and government ;
using those powers from time to time in such a way as
powerfully to affect every trade and calling, and so every
man, woman, and child in the British Dominions ; and yet
guided in the employment of the most influential and for-
midable agencies thus mischievously placed at their command,
solely by a regard to the private and selfish interests of
themselves and their fellow proprietors ! Can centralisation
be worse ? What were our Chambers of Commerce and
Commercial Association doing, to permit such a power to be
entrusted to a board of interested and irresponsible indivi-
duals ? Why do they not at once bestir themselves to free
trade and production from a grasp so fatal ? Laissez faire,
cry
.the political economists whenever it has been suggested
to interpose central or local authority between the strong
and the weak, between the infant operative and the dynasty
of cotton, between the cheated work-people and their truck-
paying employer. " Let us alone," said the French mer-
chants to the meddling monarch who offered to protect their
trade and regulate it for their benefit. But what, in the whole
range of legislative interference between capital and labour,
ancient and modern, is to be compared for unsoundness in
principle and evil in result, with a contrivance by which
twelve (or twenty-four) irresponsible "Directors" can at
pleasure check, regulate, and mischievously interfere with
the concerns of every trade, and every description of indus-
try, in every counting-house and work-room of Manchester,
Leeds, or Glasgow ?

We are gladto see our friends in the north awakening to
a sense of their miserable servitude. The following passa-
ges are extracted from the first number of a daily newspaper,
the Northern Times, lately originated by gentlemen connec-
ted with the two great foci of commerce—Manchester and
Liverpool, and which, if it continues as it has begun, is
likely to prove a formidable rival to its southern contempor-
aries. " If," says the writer, " money be the moving ele-
ment of production, the] producer should never lose sight
of its perfect control. If it has a function to perform in
the distribution of production, the bona fide producers should
never allow the power of using it and directing its use to
pass from their hands. If its accumulation, as the result of
honest industry and legitimate enterprise, bestows moral
power or political distinction, who will venture to question
the right of the producers to manage the reward of their
labour ? That the North of England does produce more
than seven-eights of the whole manutactures of the three
kingdoms, and that Liverpool is the great centre of distri-
bution for three-fourths of the world's production, no one
denies. Why. then, does the north, why does Liverpool
hold a second-class position in monetary circles at
home and abroad ? If bullion is to remain the
basis of our currency ; if gold can be sustained as our
standard of value with safety to the creditor-interest, surely
the traders of the North, as the largest realizers and holders
of bullion, may be entrusted with the management of their
own gold, without endangering any one of the fundamental
principles of our existing monetary institutions. Of the
thirty-five-and-a-half millions of gold imported into Eng-
land within the last two years, at least three-fifths of the
whole amount is the property of the Northern manufactur-
ers, shipowners. and merchants ; and it is a matter of uni-
versal amazement that these men, who have but one legiti-
mate pursuit--one idea—one hope—production ! produc-
tion ! should passively surrender the great moving power of
their commercial existence to a conclave of gentlemen sitting
in Threadneedle-street, whose collective wisdom certainly
has not done so much for their country or civilization as the
humble and industrious sons of the North."

This argument seems to us incapable-of being answered,
either logically or by an appeal to facts. The single ques-
tion is, Has this conclave of private bankers in London
any power whatever to alter at discretion the relations of
capital and labour—buyer and seller—debtor and creditor ?
Can they, by a stroke of the pen, without notice, without
appeal, and without compensation—by altering however
slightly, the interest of money, alter the value of loanable
capital, and so, of every description of investment and pro-
perty in the country ? It would be a waste of argument to
show that no such power ought to be deposited in the hands
of any man or body of men, either in London or elsewhere.
It is equally clear that with our present system of credit,
"an enormous superstructure," as Sir R. Peel termed it,
" built upon the very smallest basis" of actual cash—
credit depending upon " confidence, " and confidence
liable to be destroyed for months or years by emer-
gencies or rumours that may arise at any moment—in such
a system, we say, the minutest exercise of such a power
over the whole circulating medium of the country, is fraught
with extensive mischief and danger to society. If, then,
such a power exists--experience has shown it largely ex-
erted, and no one surely will assert that it does not exist at
all—it ought at once to cease, and by its cessation relieve
our commercial system from much of the present alterna-
.a.— nnd .woos 4.11er whioh caSIC v 6 IG. Thu tiuua,luo. of
abolishing the mischievous powers of the Bank of England
necessarily involves a consideration of its present sources of
profit, and its remuneration for services to the Executive
Government. This consideration is effectually disposed of
by our correspondent. The Bank has received by the na-
tional grace a charter conferring considerable privileges ir-
respective of this mischievous one of increasing its divi-
dends by tampering with the currency. It has abundant
other sources of profit, without being permitted to betake it-
self to this. A charter let it still have, but let that charter
be granted solely upon. terms of unmixed advantage to the
community. Let it no longer be permitted to exploiter
(or job) the circulation in the smallest degree. Let its
rate of discounts for good paper be fixed within certain
limits. Let advantage be reaped by its shareholders rather
from the steadiness than (as at present) from the fluctuations
of the money market. If it be a hardship to prohibit the
Bank from making money too cheap when its store of
bullion happens to be plentiful, or to compel the Bank to
issue notes at reasonable rates of interest when coin, though
adundant, in fact may, through fear of ocarcity, be hoarded
and unobtainable,—let this hardship be fairly met and com-
pensated. If the Bank Directors are still dissatisfied, they
eau but resign their charter. If they will not continue to
discharge the functions of note-printers or paper-money
issuers to the community, that function can be readily dis-
charged by a special department like the Mint or the Post-
office, merely acting ministerially —devoid of any mischievous
discretion, and endowed with no power over the rate of
interest, i. e. over the capital which_ forms the only source
of ,industrial operations. We may hereafter return to this
important subject; meanwhile we direct attention to the
remarks with which we have been favoured by one whose
life-long services to the cause of free-trade, though it has
been the fashion to forget them fora time, will probably fill a
larger page in history than some great platform celebrities,
and whose thorough mastery of every topic of economical
science exceeds beyond all question that possessedby any other
living writer.

MUSIC, MALT, AND HOPS.—Messrs. Bass and Co.
the teetotallers will be glad to hear, have published a circu-
lar in the name of the Burton Pale Ale Brewers, announcing
the intention of raising the price of their beer by 6s. per
cask. This concert amon&• the brewers, with a Bass for
leader, exhibits some novelties in harmony. The Bass rises
instead of descending into the scale of price, and by thus in-
creasing in height, will, strange to say, reach up to double
bass. One step more will raise it to treble bass ; but
that will be a contradiction in terms, and absolutely ridicu-
lous.—Punch.

THE CONVICT AND HIS FAMILY.—SOIDO six Or
seven and twenty years ago, there was a notorious gang of
desperate offenders in Felmersham, whose frequent depreda-
tions spread terror throughout the place and neighbourhood.
At length sure footed justice overtook the desperadoes in
their career, and most, if not all, of them were transported,
some of them for their natural lives. Amongst these was one
man of the name of Corstin. About the time he went to gaol
at Bedford, his wife gave birth to a son. That son, we under-
stand, he never saw. The lad grew up an idle, ragged,
wretched being, who led a ;loose, dissolute life, always sus-
pected, and frequently in the hands of the police. Twenty
years after his father's trial and conviction, this son was con •
victed of petty larceny, at Bedford. On his release from prison
he hung about Felmersham a little longer, then plucking up
a spirit, he enlisted in a foot regiment, and subsequently visited
his native place once, if not twice, on furlough, previous to the
embarkation of the regiment for India ; and certainly it was
most gratifying to his friends to witness the metamorphosis he
had undergone. In addition to the great improvement in his
appearance—once a mean, dirty, slovenly-looking lad, now a
smart, active, brisk young soldier, he had undergone a moral
change as well. It was, certainly, somewhat amusing to hear
the once young profligate chiding his quondam companions for
their profane vulgarity, and giving them a few words of whole-
some advice. To return to his parents. Many years after his
father's banishment, his mother, considering herself in the con-
dition of a widow, especially as the sentence was "death
recorded" against her husband, married again to a person
named Neal, by whom she has a family. Some few weeks
ago a stranger, well furnished with the golden fruits of Aus-
tralia, s isited Felmersham. He was soon recognized to be the
veritable transport himself, who by his reformed conduct had
at length obtained his free pardon, and by his industry and
hard labour had become the possessor of both land and money,
and had undertaken a voyage from Australia, where he had
been lately residing, on purpose to take back his son to that
now " land of promise." On arriving in England, he was
greatly disappointed to find his son had sailed, but we believe
it is his intention to purchase his discharge. The most touching
circumstance, however, connected with his visit was that of his
wife's being married again, and residing in the village. The
poor woman was much confused when she heard of his return,
but her mind was somewhat set at rest when she found he had
no intention of reclaiming her, chiefly on account of the family
she had by her present husband. After an interview with her,
which was rather of an exciting character, he bade farewell to
England, and is now on his passage, accompanied by a nephew,
back to that land which is absorbing so much of the youth, the
manhood, the energy, and the enterprise of this great centre of
civilisation,—Bedford Mercury.

IRELAXD

(FROM OUR OWN CORRESPONDENT.)
DUBLIN, THURSDAY,

THE EXHIBITION BANQUET

One of the most magnificent entertainments that
ever took place in Dublin, was given last night, in
the King's Room of the Mansion House, to Wil-
liam Dargan, and the Executive Committee of the
Exhibition. There were over 600 persons present,
The Chair was taken by William Fry, Esq., T.C.,
on whose right sat the guest of the evening.
Amongst the distinguished individuals present,
were :—The Lord Mayor, the Lord Chancellor,
Lord Clancarty, Lord Massareene, Lord Talbot de
Malahide, Lord Ward, Lord Gougli, Lord Ross-
more, Lord Bective, Lord Bessborough, Sir Her-
vey Brno°, Sir A. Brooke, Sir P. Nugent, Sir. J.
Benson, Sir W. M. Somerville, Sir C. Roney, &c.

Grace having been said,
____ ..._

The Chairman iose and said it was customary
on such occasions as this to propose certain toasts,
which the press disposed of by saying, " the usual
toasts having been drunk." But he was sure the
company would remember that the Queen herself
had been an exhibitdr, that she and her royal con-
sort had sent several valuable and interesting
articles to the exposition, and afterwards done that
which had given them still greater delight. (Hear,
hear, and cheers.) They all remembered the cir
cumstance which had caused a postponement of
the royal visit for some time—namely, illness in the
royal family. However, they were all acquainted
with the circumstances of the royal visit, and of
the visit to Mr. Dargan, which he believed every
Irishman considered to be a compliment paid to
himself individually. (Great cheering.) He had
no hesitation in saying that that was one of the
most popular acts of her Majesty's popular reign.
(Cheers.) This was the Sovereign whose health
he proposed ; and with those observations he gave
them, " The Queen." (Drunk with nine times
nine.)
Air —" God save the Queen"—the entire company join-
ing in.the chorus to the National Anthem, with an exceed-
ingly fine effect.
The next toast was that of Prince Albert, after
Which the Chairman proposed " The Lord-Lieute-
nant. and Prosperity to Ireland."
The Lord Chancellor responded to the toast of
" The Lord Chancellor and the Irish Bench."
Lord Gough acknowledged " The Army and Navy
and Lord Gough."
Letters of apology were then read from the Lord
Lieutenant, the Sheriff of London, the Mayor of
Liverpool, the Mayor of Manchester, the Marquis
Of Kildare, and others.
The Chairman stated that Mr. Acheson, who was
the mover of the address to the Executive Commit-
tee, would proceed to read it.
Mr. Acheson accordingly came forward and read
the following address :

TO THE EXECUTIVE COMMITTEE OF THE GREAT INDUSTRIAL

EXHIBITION

3lst October, 1853

MY LORDS AND GENTLRMEN,—We, the committee of the
exhibitors at the Great Industrial Exhibition of 1853 tako
this opportunity of expressing our sentiments respecting
the memorable events of the past year.
Scarcely twelve months ago our country had barely re-
covered from the effects of poverty and distress, struggling
for self-dependence with unwonted energy, to attain to a
prosperous condition, and receiving her reward when the
usual exhibition of manufactures under the auspices of the
Royal Dublin Society was announced.
It is known to all the world how our generous and dis-
tinguished countryman, William Dargan, came forward to
render the exhibition not only worthy of Ireland, but a
suitable sequent to that of 1851.
We are fully aware of the great difficulties connected with
the formation and arrangement of so large and splendid an
undertaking, and how much depended on the exertions of
those appointed to carry them out ; in a wore', upon the
exertions of the committee depended success or failure.
My Lords and Gentlemen, we are proud of the opportu-
nity of congratulating you upon the entire success of this
undertaking, that your labours have had their reward, not
only in the general approbation of your countrymen, but
also of our Sovereign and the numerous visitors from Great
Britain, the Continent, and America.
But, whilst bestowing upon you onr warmest approbation
for your untiring zeal, we are not forgetful of the man who has
done so much good for Ireland, whose disinterested generosity
has won for him the name of national benefactor.

To William Dargan we owe the great benefits arising from
the Exhibition—to him we owe the breaking down the barrier
which seemed to exist between England and Ireland, in one

short season pouring a flood of wealth, not only into this city,
but into the entire country, the effects of which will, we trust,
be felt in succeeding years. _ _ _

Beyond this we hail the great advantage of having given an
impetus to industrial pursuits and self -dependence.
We must repeat that, notwithstanding the great co-operation
he has received from you, we cannot find words sufficiently
strong to express our admiration of William Dargan, who has
refused title, for it could not dignify him,—who has decline'
rank, for it could not ennoble him,—and who, we rejoice fo
say, has received from our most gracious Sovereign the highest
honour it was in her power to pay a subject.
With lasting sentiments of esteem, and best wishes for the
futiire happiness of you all, we have the honour to remain, my
lords and gentlemen, your's, &c.
. .

Signed on behalf of the committee,
W. FRY, Chairman.
JOHN CLASSON,
Hon. Sera.
W. H. KERR,

Alderman Roe returned the following reply :
MEI. FRY, MY LORDS AND GENTLEMEN.--Permit me to
express, on behalf of the Committee of the Great Iniustrial
Exhibition, our warmest obligations for the valuable testimony
you have just borne to onr exertions in promoting the suness
of that great enterprise.
Selected by Mr. Dargan and by the Royal Dublin Society
to assist him in carrying his unexampled and munificent project
into execution, we rejoice to find that the manner in which we
have discharged the trust reposed in us has mei with your

approval.
While we cordially unite with you in ascribirg to our dis-
tinguished fellow-countryman all honour for his patriotic con-
duct, we cannot forget that his liberality would have been
fruitless, had he not received such generous suiport from those
whose contributions in arts and manufactures graced the noble
pile he erected for their reception.
To the exhibitors from foreign countries, as well as those
from the sister kingdom and our own island. we would there-
fore desire to express our best thanks for that noble collection,
the examination of which has gratified mad instructed our
people.

If it shall be found, as we confidently believe it will, that
the interests of trade and commerce hare been benefited by
this Exhibition, the best wishes of William Dargan will have
been realized, and our labours amply rewarded.
In the high honour which has been sc gracefully accorded to
him by our beloved Sovereign, the dignity of human labour has
been recognised in a manner which has made a deep impression
on her subjects, and will form one of the most interesting and
instructive events in the history of this country.

Reciprocating with sincerity the kind sentiments with which
your address concludes, we have the honour to be, Mr. Fry,
my lords and gentlemen, your faithful servants,

GEORGIC RoE, Chairman,

The Chairman then proposed the Health of
' The Executive Committee, and Mr. Alderman

Roe."

Mr. Alderman Roe, on returning thanks, stated,
amid loud cheers, that Mr. Dargan had requested
him to announce that he was quite satisfied with
the pecuniary results of the Exhibition.
The Chairman then proposed " The Health of
William Dargan," which was received with loud aad
continued cheering. _

Mr. Dargan, on rising to respond, was received
with enthusiastic cheers. He said—Mr. Chairnan,
my lords, and 'gentlemen, I thank you most deeply
and most sincerely for the honour you have done
me by the cordiality, the good feeling, and the ap-
preciation which I discovered in that hearty cheer
with which I was received and delighted. (Cheers.)
There are many classes of men in the community
performing their own duties with every attention,
every care, and every justice ; but the man who,
upon his own intelligence, in the application of
his own energies,—who, in the applicaticn of that
gifted mind which so peculiarly belongs, to the
manufacturer, the artist, and the genius,—who,
whilst he is prosecuting his own legitimate ob-
ject for his own advantage, by its advancement
spreads the blessings and benefits which the em-
ployment of labour gives, to sustain the rich and
support the poor,—it is from this class of men,
whom I believe. to be the great stay in human so-
ciety for its advancement, that I have now received
this distinguished honour. (Hear, hear.) And I
can truly say that there is no compliment that could
have Come upon me with equal force, with equal
value to my own feelings, as that conferred upon
Me by men of my own station, arid prosecuting my
own duties. (Cheers.) I may now tell you, who
have contributed so largely to what we all, thank
goodness, are able to feel—though at one time we
have thought there was a great doubt of our suc-
cess; but I can now point to what we did under
the management of a number of gentlemen who
have taken up the duties here without any pros-
pect of reward, except the approbation of their
cbuntrymen. These gentlemen displayed an
amount of skill, of judgment, and of untiring per-
severance, that I never before saw equalled by
any gentlemen who gave up their time for the