The Northern Daily Times.
Liverpool, Merseyside, England, 1856-12-30 00:00:00

THE NORTHERN TIMES,---LIVERPOOL, TUESDAY

the bellman, and remain passive. When the
rates of discounts are raised to produce " a fall
" generally in the prices of all commodities " in
which we have invested our money, we submit
with a degree of composure which would become
a Stoic. If we are compelled to sell at a sacrifice
to meet pressing calls, we do so, and pocket the
loss in silence. If gold will not come back in
obedience to the screw we do not murmun

We have gone on this way from 1819 up to
the present—now about thirty-seven years. It
is time, then, that we should be allowed to speak
and tell our simple and unvarnished tale. It
relates to the day passing over our beads, and we
wish to ventilate it before it loses those beauties
of freshness which add so much to the brilliancy
of an illustration. When the Bank of England
thought proper to raise the rates of discount last
September, the price of cotton was in favour of
the English manufacturer. Strictly middling
qualities could have been purchased in the States
at 111 cents. The terrors of dear and scarce
money, and no accommodation, deterred our
importers from sending out their orders as usual,
and now, when the Bank thinks all is right,
speculates on probabilities, and lowers the rate
of discount, the same cotton cannot be bought
under 121 cents per lb. Hence we have lost
1 cent per lb. on 2,000,000 bales of cotton by
.our legislature's tinkering with the commercial
rates of discount and direct interference with the
current of prices in trade. What we have lost
on corn, sugar, coffee, silk, and other com-
modities which we know to be more or less
scarce, remains to be ascertained. But we have
in the cotton market an instance of the baneful
operation of our crotchety monetary system, 1
which cannot be easily forgotten.
To preserve the bullion value of the legal
tender note, we are asked to make these sacri-
fices just whenever the Bank of England may
deem it prudent to put the provisions of the
Bank Charter Act in force. If the Directors can
make a profit by selling gold to foreign shippers,
they are perfectly at liberty to do so, totally
irrespective of the propriety of sustaining the
humbug of " cash payments," or the wants of
trade. If they should sell away until their
bullion will admit of no further exhaustion, they
can, at the last moment, raise the rate of interest,
cause a panic, a depression of prices generally,
and leave Bear speculators to sweep our markets
at their own " fancy figures." They may leave
the country without currency to pay wages or
taxes, and this is the way, we are told, to sustain
" cash payments." This is to preserve the in-
tegrity of the British merchants, and give stability
to all our mercantile pursuits. But may we not
point t) our own cotton market of to-day t 3
demonstrate the fallacy of the whole doctrine as
it is preached, and the law as it is admin-
istered ? setting aside our losses caused by
the sudden advance in the banking rate of
discount, the cotton market is in a perfectly
healthy state, and it would favour all parties to
preserve the current rates of the day. But how
is this to be done ?

Those who have money will buy largely, in
anticipation of another banking interference with
the money market. This speculative demand
will throw prices up. When this takes place the
Bank will call it " overtrading," and dreading a
drain of gold, will advance their rates of interest.
The prices will fall it our stocks happen to be
large, or they will advance, in spite of the screw,
as we recently witnessed, if they happen to
be light. How, then, are we to keep
that steady course of trade which is
FO advantageous to the whole community
with such disturbing causes at work beneath the
foundation of all that is commercial ? MERCA -
TOR'S plausibility will find many dupes in Bel-
gravia and the inland villages .and hamlets of
England and Wales. But it will not surely be
swallowed by those who must be aware, that the
loss we have just sustained in the purchase of
the raw material required to keep up the indus-
trial life of the manufacturing districts and this
great maritime town, cannot be contradicted. We
have lost up to the present moment 1 cent per
lb. on 2,000,000 bales of cotton owing to the
last application of the Bank's screw, and any
further advance which takes place within the
next two months, may be set down as a loss
dating from the same source.

LONDON and Birmingham are up and doing
something in opposition to the continuance of the
Income and Property Tax, and may we ask what
Liverpool is going to do in the matter ? We
have hardships, nay, persecution, to complain of
here, as well as the income-tax payers of other
large commercial towns. With the principle
involved in raising revenue from property and
fixed incomes, amounting to an independence,
which can he ascertained without an inquisitorial
investigation of a man's private or trade affairs,
we have no fault to find. A Great Empire
must have a large income, and we are bound to
make vast and willing sacrifices to preserve our
statics as a nation to fulfil our duty towards
others. But we can only comply with these
obligations by an equitable adjustment of the
burdens they impose on us. The aggregate
amount of revenue received from income and
property for the fiscal year ending the 31st of
March, 1856, was 15,159,4581. To this we have
to add Land and Assessed Taxes, which are paid
by the same classes, 3,192,4201. Here we have
a total of 18,295,5351. raised by direct taxation
from only two sections of the community. The
injustice of this will be best understood by com-
paring the sum taken from a fraction of society
with the gross amount of revenue raised from the
entire population.
What secrets the revenue accounts will dis-
close next March, under the head of Income and
Property Tax, we cannot pretend to fortel; but
the system pursued by the revenue authorities in
Liverpool is likely to produce a very large aug-
mentation of the total of last year. The Income-
Tax officers pay little or no regard to the returns
sent in by the public. They have no faith in the

tatements made by respectable men in trade,
who have their annual balance-sheets before
them. Outward appearances, or information
derived from secret sources, seem to govern their
opinions and acts ; and we have reason to believe
that there are but very few respectable men in
trade in this Borough, who have not been

assessed for double the amount of income-tax
they ought to pay according to their ledgers.
" Why not appeal in such cases ?" is the general
enquiry, and we answer, for this simple reason—
no man likes to carry his books, and explain all
his private affairs before a public board composed
of men living in the same town, and carrying on
the same business as the man under examination.
To escape the dangers of such a system as this,
double income-tax is paid by a large majority of
the persons wrongfully assessed.
If the adoption of class taxation had been
followed by a corresponding reduction of revenue
in favour of the poorer orders, and the com-
munity at large, there would be far less reason
for complaint than we find at present. But, in-
stead of that, the prolificness of the Income and
Property Tax has not only stimulated all the
other branches of revenue, but it has more than
doubled the gross expenditure of the year.
Cabinets have speculated largely on the produc-
tiveness of income and property. For example.
The ordinary revenue last year amounted to
68,650,8481. 2s. 6d.; whereas the total revenue,
less the government balances on hand, reached
129,311,615/. Is. Bd. In fact, both Parliament
and the Ministers seem to have set no bounds to
their lavish expenditure, since they have taken in
hand to tax income and property. The peace
party may say that we are mainly indebted to
the extraordinary fiscal power it has placed at the
disposal of the Treasury for the part we took in
the late war. We will not, however, venture to
go so far ; still, we firmly believe that, as long
as we give governments more money than is
absolutely necessary for the ordinary purposes of
the State, that some extraordinary means will be
devised to absorb double or treble the amount
actually required.
We have something like a palpable proof of
the truth of this conclusion in the facts we have
stated above. Before income and property were
given up to the CHANCELLOR of the EXCHEQUER
to prey upon, the State went on very respectably
and tolerably prosperously on a income of about
52,000,000/. annually. But this year we shall
have probably 120,000,0001. raised, and an
expenditure exceeding the ordinary revenue of
the country by fully 20,000,0001. What then
have we gained by.taxing income and property ?
It has led to no reduction in those taxes which
press most heavily on the working man. It has
not helped the merchant and trader by facilitating
the advancement of Free Trade. It falls heavily
on the employers of labour; and when added to
the many additions the Legislature have made to
local taxation, it threatens to bee me an insuffer-
able burden. If the collectors of this most impo-
litic and crushing tax have actei throughout the
country as they have done in Liverpool, i. e.,
doubling the impost by assessment, the total
derived from income and property, within the
current year, will be really fearful to contem-
plate. Suppose they add but a third to the sum
raised in 1855-6, from this source we shall have
over 20,000,0001. taken from a very small fraction
of the population. here is a war, a jobbing,
State-corrupting, and prodigal-making fund, such
as no Ministry in former times would have ven-
tured to ask for, except to meet some grave
monetary pressure, or to fill up a blank left lay
the repeal of duties in favour of commerce, and
to promote the general prosperity and content-
ment of the country,

COMPASS ERRORS.

[COMMUNICATED.]

A cotemporary of Wednesday last has some re-
marks on the errors of the compass, and, in pro-
posing a " cure," alludes to a very elaborate
instrument introduced into this country by " Mr.
Reeder, of Ohio." It is, moreover, intimated that
" it did not attract that attention which its me/ its
deserved." As nothing is more important to the
whole trade of Liverpool than the steadiness and
accuracy of the compass—which guides the wealth
of the world to this its most central maritime port
—this announcement is singular, nay, its very truth-
fulness perplexes. The favourable opinion of a
commander, so eminent as Capt. Comstock, seems
lost on the community. He was " astonished at
the accuracy of Mr. Reeder's compass on board the
Baltic;" while Captain Clarke, of the sailing ship
Boston, equally attests its usefulness; and yet, on
reaching Liverpool, no rush was made on the
ingenious " Ohio farmer ;" no strife ensued for
early posseSsion of so inestimable a thing as a safe
guide fur shipping ! Again, Capt. Small is said to
possess a compass which contests the point of
utility with this American compass—both appa-
rently derived from a certain " celestial" compass
of some year's eince. In such a time of " inappre-
ciations," we question if a compass from the celestial
regions themselves would meet with a better re-
ception !
Since, however, we read a small pamphlet called
" Captains and Calculations," written by a gentle-
man not yet well known in Liverpool, a new light
seems to be just dawning upon us ! Sailors and phi-
losophers have apparently exhausted their energies,
and mechanics and opticians have added to the use-
fulness of the compass, yet we are still at times con-
tert to let our ships guess their groping way within
a " point or two "—happy, if lucky—lost, if other-
wise. It is even now wonderful that so few
accidents occur. In Mr. Saxhy's pamphlet the
whole question seems brought to a focus. Evi-
dently a man of considerable experience, he
attacks, ruthlessly, yet without ostentation
or offence, the whole present system of navi-
gation ; and, what is more to our present pur-
pose, solves the difficulty which besets Mr. Reeder,
of Ohio—which besets Captain Small, in his
excellent compass on " celestial" principles—which
besets Mr. Gray in his improvements—Messrs.
Jewitt, Dent, Cameron, Gowland, Silly, Basnet,
Stubbings, and numerous other able opticians of
the age. It really appears that the perception of that
eye which supervises maritime safety is insensible
to every ray of light—something blunts or distorts
the vision. Not even a gleam from our Atlantic
cousins has power to produce favourable impres7
sion. " Red tape" and " routine" still bind and
restrain within narrow bounds the energies of
writhing minds. Improvement seems limited to
position of compass—to mastheads. Tripods and
minor
." manipulations" and "corrections" which
instead of serving as handmaids, stalk with brazen
front and imperious look, and claim precedence on
the quarter deck ! while true science, like indignant
Juno, complains unheeded, until Eolus looses the

winds and scatters a fleet, on a hidden and hazy
shore.
ac vent!, velut agmine facto
Qua data porta, ruunt, et turas turbine perflant.

But all this preponderance of senile custom, and
shadow of substance, must be dissipated as the
pamphlet of Mr. Saxby gets into circulation, and
improves the system of training young men for the
sea' The want of proper knowledge of spherics is
with some reason insisted on by him as the cause
of the frequent inappreciation of valuable improve-
ments in navigating ships. If their instruments
are prepared on spheric principles for remedying
what is amiss ; and ignorance of spherics in the
multitude renders these improvements useless;
what ai•e we to do ? It is only left us to reform
our system of preparation for nautical study. We
notice Mr. Saxby's remark, that speed is now con-
fined to clippers, while acceleration is very possible
to all. But here again, want of knowledge of spherics
renders even Mr. Towson's admirable system of
great circle sailing unavailable to the many. We
cannot help noticing that it is the custom to pro-
duce instruments, &c., on the assumption that'
a certain amount of spheric knowledge pervades
the nautical world ; indeed, that captains are neces-
sarily mathematicians and nautical astronomers•
Is it, then, matter of suspicion, that the instru-
ments referred to, meet not with that appreciation
which their "merits deserve? "

That man, whoever he may be, who provides a
remedy for this state of things, confers upon com-
merce and the marine world a rich boon, and merits
public—we will not yet say gratitude and acknow-
ledgement, but at least—encouragement, and pre-
cisely of this nature is Mr. Saxby's newly invented
instrument for the most ready and simple correc-
tion of the compass by night or day, when a
heavenly body is visible. Unlike various diagrams,
which of themselves convey no information, but,
after solving a set question, leave the operator
gazing in bewilderment at lines and curves which
impal t no knowledge ; the whole of Mc. Saxby's
" Spherograph" is pre-eminently .fraught with
interest, and seems to extend the hand of fraternal
sympathy to the weary calculator, offering, like
" tree of knowledge," the " golden fruit " of science
for the discrimination of ‘t good" from " evil." We
do not exaggerate; if we did, the most eminent
names among Liverpool navigators, including of
course Captain Comstock, are with us. It is not
our province or our practice, to advocate private
interests, but with a conviction that all scruples of
this nature are oven riled judiciously and justly, in
consideration of public benefit, we shall not with-
hold from Mr. Saxby, nor from any one who renders
a public service, our wish to see him successful
with his invention. Our cotemporary takes the
same course with Mr. Reeder's seemingly important
improvement. We are not about to attempt a descrip-
tion of Mr. Saxby's Spherograph, and its value to
the compass, particularly in iron ships ; but recom-
mend to shipowners, underwriters, and captains, to
call at 4, Goree Piazzas, and judge for themselvc s ;
we can at least promise a courteous reception. One
thing we would suggest to the inventcr. His
pamphlet refers to matters of which the importance
and interest cannot be known until it has been react,
therefore, we would presume to advise reduction
in its price to .sixpence. The liberal manner in
which with so valuable a patent he has fixed a low
price, insures his excusing our suggestion. It
ought to be added, that the Spherograph relieves
the mariner from tedious calculations of all kinds
at sea, and, by its thus preventing the use of
logarithms and the possibility of errors from haste
or divided attention, it contributes to the safety of
the ship, and the comfort and satisfaction of her
commander. 'We shall say more on this subject.
December 23, 1856.

SPORTING INTELLIGENCE.

TATTE S ALL' S.—LAsT NIGHT.

Two THOUSAND GUINEAS.-4 to 1 agst Loyola '(take 9
to 2).
DERRY.-11 to 1 agst Blink Bonny ; 20 to 1 agst Tour-
nament (taken); 25 to 1 agst Lady Hawthorne (taken) ;
28 to 1 agst Glenmasson (taken).
CHESTER CUP.-40 to 1 agst Claret (taken) ; 40 to 1
agst Tasmania (taken) ; 50 to 1 asst Vengeange (taken).
WALTHAM STEEPLECHASE.—It is decided by the
stewards that British Yeoman gets the stakes.

THE GREAT BARON OF BEEF, A's D WONDERFUL CAPE
SHEEP, AT MORRISH'S.—As already noticed, these great
wonders will be dressed this day, ard ready to morrow, at
the Merch ,nts' Dining Rooms, ard from the number of in-
quiries made of Mr. Morrish in reference to these rare
specimens of delicious food, the only fear is that there will
not be a sufficient quantity for the numerous applicants. We
know the quality is first rate, and to get a taste of these
delicious articles, the only chance is an early application.
FESTIVITIES AT ROCK FERRY.—Amongst the festivities
that took place about this beautiful locality, at the other
side of the Mersey, may be mentioned that which has
been spoken of in terms of deserved praise. Mr. Crafter,
the proprietor of the Derby Arms Hotel, kept up the
" good old Christmas time" in a style very suii able, and
which reflects credit on his generous mind. One of the old
and hospitable school, he could not at this season forget to
act according to custom. On Friday and Saturday he held
a regular " open howe," as was always his wont at this
festive season. There was an immensa supply of ham,
beef, and plum pudding, with plenty of the best ale given
gratis to all who chose to avail of the good cheer; and it
is needless to add that the visitors at the Derby Arms were
not like "angels," but that hundreds partook of his gener-
ous hospitality. The kindness of the worthy host was duly
appreciated by a large number of gentlemen, who assembled
to do him honour "on their own account," for his kind-
ness to the less wealthy; and the juveniles of the locality
will, no doubt, long remember the liberal supply of plum
pudding so handsomely supplied to them by Mr. Crafter
and his amiable family.

The vicarage of Chiswick has become vacant by the
death of the Rev. T. F. Bowerbank. It is worth £7OO a
year, and is in the gift of the Dean and Chapter of St.
Paul's.

We (North British Mail) hear that the installation of Sir
Edward Lytton Bulwer, as Lord Rector of the Glasgow
University, will take place on Thursday, the 15th of next
month.

The Lord Mayor will preside at a meeting in the
Egyptian Hall on Monday, the sth of January, for the
purpose of offering a testimonial of admiration and respect
to Dr. Livingstone, the explorer of South Africa.
The Dundee Advertiser states that rumour has it, that
the Rev. Mr. Caird is to receive £l,OOO a-year as minister
of the new church at the west end of Glasgow, and that
he will only be expected to preach once each Sabbath.
CAMBRIDGE, Dec. 27.—There will be a convocation
this day, the 30th inst., at eleven o'clock, to admit Mr. R.
Bickersteth, of Queen's College, Bishop designate of
Ripon, to the degree of Doctor of Divinity by royal
mandate.
_ _ .

We understand that the very Rev. the Dean of Christ
Church, in company with Mr. Liddell and his medical
adviser, Dr. Aclantl, started from Plymouth on Tuesday
last in H.M.S, Satellite, captain Prevost, for Madeira, it
being considered advisable that he should spend the
winter months in a warner climate.

MONUMENT-TC; THE MEMORY OF !SAME WALTON.—A
subscription is now on foot for the purpose of restoring
they monument of "good Isaak Walton" in Winchester
Cathedral. It is proposed to restore the original epitaph,
and place a portr-ait monument in marble of life-size, above
the tomb, the entire cost of which will be about a hundred
guineas. The Dean and Chapter of Winchester have
kindly consented to remit their fees on the occasion.—
Salisbury Journal.
KOSSUTH AT THE GRATE or BURNS.—In company with
his aide de camp, Kossuth proceeded to St. Michael's
churchyard, where, amid " crowded obelisks and urns,"
rises the sculptured shrine of Robert Burns. M. Kossuth
entered into the mausoleum with reverend step, and as if
absorbed by the Intensity of his thoughts. He gazed long
in pensive sadness at the figures of the ploughman poet
and of Coila, and then earnestly conversed with his Hun-
garian companion in their own Magyar tongue.—Dumfries
Standard. . _

NV
DEATH OF Da. CALVERT.—It is our melancholy duty to
record the death of Dr. James Calvert, who, for nearly
half a century, held the high position of Rector of our
Academy, on which he shed a lustre by his distinguished
talents, and his fame as an instructor of youth. Dr. Calvert
had reached the patriarchal age of eighty two years, He
retired from the duties of the office a few years ago. Dr.
Calvert was highly esteemed by all who knew him, and
his demise is deplored by a wide circle of friends.—
Montrose Review.

Lady Franklin, accompanied by Miss Cracroft, Mrs.
and Miss S. M‘Kenzie, Sir R. Murchi,on, Mr. Majendie,
Capt. M'Clintock, R.N., and Mr. C. Grinnell, paid a visit
to the Resolute, in Portsmouth harbour, on Saturday
afternoon. They were received on the guaval. deck by
Capt. Hartstein, the officers, and crew, attended by the
United States' vice-consul at Portsmouth. The Resolute
will be given over to the British Government, to-oz:orrow.
and Captain Hartstein, with his officers and crew, will
return to the United States in the American steamer
Washington, from Southampton, on Weinosday. On
Christmas day the whole of the crew were regaled with
an excellent dinner of roast beef and plum pudding at the
George Inn, at the expense of the British Government.