The Northern Daily Times.
Liverpool, Merseyside, England, 1856-09-08 00:00:00

extenso

The domestic incidents of the day are somewhat
numerous, and in some respwts painful. The
failure of the Royal British Bank continues to
attract much attention, and fears are entertained
that the disaster will entail upon many of its share-
holders pecuniary loss of a serious nature. As the
affairs of the concern become known there is fresh
cause for complaint, as to the management of the
bank. It is now suspected that the Sadleir frauds
have had something to do with the concern•
Nothing could be more culpable than the
conduct of the directors at the late annual meeting
Duplicity stamped, their proceedings on that
occasion, as they represented the affairs of the
company, not only in a satisfactory, but in a highly
prosperous condition, while, at the same time, it
was then actually insolvent. The suspension of

this bank teaches a most important lesson to the
people of this country, and suggests the pressing
necessity of an immediate and searching enquiry
into our monetary and banking system. Meetings
of the shareholders are being held, and hopea are
yet entertained that the affair will be " wound
up " in a manner not to press too hard upon
the victimised shareholders, as w6ll as the unfor-
tunate depositors. Indeed, we should not feel sur-
prised if the fact of the stoppage of the Royal
British Bank be attended with other con-
sequences of an evil character. Public confidence
is much shaken in private and Joint Stock Banks
—the doings of Paul, Strahan and Bates—and the
gigantic frauds of Sadleir and Co., followed by the
present smash, may cause a "Monetary crisis,',
which although most undesirable, is by no
means improbable. Alluding to this matter,

yesterday's Observer states, " that the committee
formed of depositors of the late Royal British
Bank, under the presidency of Mr. James
Wyld, appear disposed to act with energy

and promptitude in relation to the steps to
be taken for the protection of the interests of the

general body of creditors of the bank. The policy
of avoiding recourse to legal proceedings is no
loubt a good one, but, like many other well-inten•
oned plans, it may be found to be an impracticable
lay be perfectly true that some of the
ho aro liable not merely for the
yet called up, but for
ciency which may exist beyond that, have

ihareholders w

balance of their shares, not

s at once either to pay up
which they are liable, or to give

d their readin

the amount fo

for payment by instalment. But their
resolution does not and cannot bind the whole
body of shareholders, among whom may be
found some who are able, but unwilling to

ecurit

^2ntribute their quota, and others who
have the will, but not the power of so doing

The powers vesiid

!D. the courts of law under the

up Act will, we fear, ultimately have to

ked for the purposeof securing fair con-
a from all those who, unfortunately, are
be called upon to make good the losses

tribUtio

liabl9 to

sustained ti

the directors

Improper management of
dertaking The offer of

some of the shareholders to pay up by instalments
the remaining balance due on their shares appears
to be somewhat premature, as the depositors will,

ME violence of the Prussian Royalists in
Switzerland may be received as the second act
in the drama of Continental reaction. Following
so closely on the sanguinary movements in Spain,
and possessing all the characteristics of a coup
d'etat, its objections and origin cannot be mis-
taken. Neufchatel, the scene of Prussian violence,
is not of sufficient importance either in population
or extent of territory to cause Switzerland or
Prussia much uneasiness, still the Swiss claim it
as an integral part of their confederacy, which
they re•took from Prussia in 1848, and which they
have ever since retained. Neither the Royalists
nor Republicans need care much for a small spot
of earth containing only 70,000 people, of whom
nearly one-half are foreigners. It is the manner
in which the attempt has been made to
regain possession of the Canton, and the
character of the belligerents which render the
movement so threatening to the peace of Europe.
Should Prussia lend her aid to the rebellions
party, and the Swiss take up arms in support of
their rights, we shall have a Royalist and Repub-
lican war raging in the heart of the Continent,
at a moment when such a crisis ought to be most
studiously avoided. The whole world needs repose.
Asia and Africa have been reduced to the lowest
depths of barbarism by tyranny and the sword,
and millions of their wretched people must perish
if they be not rescued from interminable wars.

Europe and America have taken the great
burden of human civilisation on their shoulders,
and must fall and be crushed beneath its weight
if they be not allowed to carry forward their great
work in peace. Politicians may not see that from
the rude labour of the most benighted nations
comes all that gives life, wealth, and greatness' to
the world ; and that bloodshed, when viewed
politically, is as dangerous, no matter how near or
far from home, to the maintenance of civilised
life, as it is abominable in the sight of God.
That the political mind of Europe has not
imbibed a due appreciation of the blessings of
peace, is demonstrated by the fact, that while we
place no limit to our lists of field marshals, we are
content with one or two heads to watch over the
moral and religious training of millions of human
beings ; and while we vote away thirty and forty
millions annually, for the support of armies and
fleets, we will not bestow one tithe of these sums
to educate and enlighten the great masses of our
fellowmen. While such a perversion of reason pre-
dominates, we must expect little else than war, and
all its miseries. We can hope for nothing but
anarchy, while every man labours to go through
life in peace, and is thwarted, crippled, and over-
thrown by the burdens which some ruling folly
or vice has left after it. The armed resistance
offered to authority in a petty Canton of Switzerland,
May not be thought of sufficient importance to call
for these remarks. But we believe that we can
scarcely give too much weight to any event which
is likely, in the present temper of the Continent,
to lead even to a discussion, in which great prin-
ciples are involved, and conflicting opinions must
exist.

The Swiss will not suffer their sovereignty to be
interfered with by any foreign Power with impunity,
and if they be compelled to resort to arms in
defence of their rights, the struggle which must
ensue will be no trifling matter. Switzerland
cannot be erased from the map of Europe as the
republic of Cracow was only a few years since.
She may not have many friends abroad owing to
the detestation in which her mercenary legions are
held in other countries ; but she has in the
mountains within her borders all that is necessary
to enable a weak State to carry on an interminable
war with a power of ten times her numerical
strength. Nor do we think that the recent attack,
sudden as it has been, will find her wholly
unprepared for defence. The fact of there being
upwards of 30,000 foreigners in Neufchatel when
the insurrection took place looks strange, and if
the Royalists were not all Prussian, the whole
affair will have a still more singular aspect. It
will look more like a great reactionary con-
spiracy than a mere outburst of popular
discontent on the part of the inhabitants of the
Canton. Had the rising been preceded by diploma-
tic negotiations between Switzerland and Prussia,
with regard to the disputed territory, and had they
failed, the affair would have appeared much more

a natural sequence than an unprovoked coup
d'etat, and the world would have had less reason
to believe that there is a reactionary spirit abroad
which bodes much evil, and which must be loudly
denounced by Great Britain,

We care not in what direction the peace of
Europe is broken, it must prove most inimical to
the commonweal. It is puerile nonsense to sup-
pose that we dread the occurrence of tumult on
our own account only. Every European
nation
must feel its smarting more or less, and we do so
only, because others suffer still more. In adversity
we hold, happily, a very inferior position. Great

Tun appearance of the Duke of NEWCASTLE and
Mr. ROEBUCK at the Master Cutlers' feast at Shef.
field was most unexpected, and would, no doubt,
have produced some consternation in Ministerial
circles had the hereditary peer, and the independent
commoner came forward with the programme of a
future campaign, instead of recommencing the
recital of past defeats and frightful sacrifices. The
noble Duke has nothing to complain of, however,
beyond the abortiveness of his disinterested efforts
to save a 'noble army from annihilation. His
Grace tells us how hard he worked, and his bitterest
enemies cannot deny that he did " work like a dray
"atorse." But as the ex-minister had a fair trial
given to him, and did not get through the work,
the least said about the campaign in which he played
so conspicuous a part the better. Mr. ROEBUCK
was less ministerial and more triumphant. He
did get a committee of enquiry appointed, and
his services did contribute mainly to rescue the
remnant of the old army, and the body of the new
host sent out to the Crimea. For this alone, Mr.
ROEBUCK is entitled to the highest national mark
of distinction which could be bestowed upon him.
But while Mr. ROEBUCK has claims upon the
country for past manliness and honest indepen-
dence, he does not appear to have any definite
policy to lay before the public for their future
guidance. He seems to think that the best place
he can occupy is the cross-benches of the House
of Commons. He therefore leaves others to lead,
while he reserves to himself the right to help or
retard the movements of the Charioteers of pro•
gress. A Ministry has but little to fear from the
visit of such an opponent, during the recess,
to his provincial Constituents. Mr. ROEBUCK
and those who act with him, are like Mr.
DISRAELI and his Conservative friends. They
neither of them dare venture on propound-
ing a definite policy, while they recoile from
the thought of giving a blind or consistent ad-
hesion to the course laid down by their political
rivals. But the public will begin to see that when
a popular representative cannot give his hearty
support to those in power, he ought to protest
against that which he, by his opposition, admits
to be wrong, and prejudicial to the best interests
of the country.

Mr. ROEBUCK may not desire to be a leader of a
strong Constitutional and national party. He may
be leaving that high position to be filled by some
man of greater weight; but this, we think, is a
very mistaken course for the honourable member
to pursue. He must see very clearly that reform
and retrenchment must speedily force themselves
on Parliament. He has, no doubt, observed that
petty despotism, under various masks, is making
rapid strides in England—he has seen the
principles of local self•government trampled under
foot—he finds the country with its • taxation
increased beyond all possible endurance, and
representation reduced to a perfect nullity—he
can see how many men will be entitled to vote at
the next general election out of a population of
27,000,000—he has heard the abolition of trial by
jury in civil actions mooted by the London Press
—and, lastly, he must have observed that there is
not one man in either Houses of Parliament who
ever dreams of speaking in defence of the Consti-
tutional rights of the subject. Routine has a
perfect monopoly of place, and the most paltry
expediency is suffered to rule the Empire. The
man who is aware of all these things, and still he
has nothing to say about them and remains silent,
may be exceedingly honest and independent, but
his provincial visits will not ruffle the feathers
of his opponents in office, nor cause his most
ardent admirers to believe that integrity and
Statesmanship go together.

MONETARY AND COMMERCIAL.

LIVERPOOL, SATURDAY EVENING.

There is still a pretty active demand for Cotton.
Prices are well sustained, although there is a good ,
supply. To-day, 8,0)0 bales changed hands, of
which 3,000 were taken for export and speculation.
The steam-ship 'Canada arrived here this after-
noon, with New York, advises of the 26th ult. The
Cotton market at that city was very steady, and
sales to a fair extent were going forward. The
crop prospects were good, and it was considered
that the late storms in the South would not do any
damage of a serious Or extensive character. The
latest telegraphic despatches from New Orleans
represent the trade in that city as being firmer.
Full details of the commercial intelligence will be
found in another column.
The" Money Market remains in much the same
position as last reported, There is a pretty active
demand, but no change in the rate of discount,
although it was expected otherwise, in consequence
of the large export of specie. The imports of
specie this week amount to 1,210,9781, and were—
by the Asia, from New York, 520,905 dols., or
104,2001.; the La Plata, from the West Indies and
Mexico, 3,122,133 dols., or 625,0001., of which
2,655,874 dols were in silver, and the rest in gold ;
the Ravensbourne, from Antwerp, 62 cases 26
packages of bullion ; the Eglinton, from Constan-
tinople, 11 packages of spcmi,-; the Alhambra (s.),
from the Nieditermueap, 5,99 N.; the Kent, from
MAbouvne, 82,000 oz of gold, or 328,0001. ; the

Retriever, from Africa, 2,000 ozs. of gold, or 8,300/. ;
the Walter Hood, from Sydney, 4 2001. and 4,731
ozs. gold, or 23,1001.; the Baron Osy, from Antwerp,
2 cases of specie ; the Arago, from New York,
363,000 doll., or 72,6001. The exports of specie
were—by the Oronoeo, for the West Indies, 14,9001 ;
the Indus, for India and China, with 835,3021., of
which 26,732/. was in gold, and the rest silver,
divided as follows :—Gold to Alexandria, 19,9001. ;
Madras, 167/. ; Singapore, 9701.; Hong Kong,
5.6951. Silver to Bombay, 115,706/. ; Madras,
5,000/. ; Calcutta, 161,299 ; Penang; 7,806/. ; Singa-
pore, 36,0251.; Hong Kong, 202,7011; Canton,
30,6621, and Shanghae, 249,371/., making a total of
850,000/.