The Northern Daily Times.
Liverpool, Merseyside, England, 1856-05-17 00:00:00

SATURDAY, MA Y 17, 1866

THE terms on which the Government have
offered their new 5,000,000/. loan show the urgency
of the demands on the Treasury, and the
dread the Ministry have of approaching the
money market for anything like the legitimate
amount of assistance the State requires in a
difficulty, such as war
moment of extraordinary
and other human calamities leave after them. The
CHANCELLOR of the EXCHEQUER admits that he
wants 7,000,0001. to carry him over the fiscal year,
and yet he dare not venture to draw on a restricted
money power and stringent money market for more
than 5,000,0001., leaving the balance of 2,000,000/
only to a chapter of chances. This is one of the
most powerful illustrations we could have of the
political defects of our present money laws. They
cannot be relied on for the defence of the country
or the material advancement of the Empire. The

utmost the Cabinet of the day can obtain at any
moment is a paltry and inadequate loan at exorbit-
ant rates of interest. The forthcoming Three Per
Cent. Stocks will not be taken at less than 31- to :3.1
per cent. interest, with a large bonus in the shape of
Acerued and accruing dividends. How much more

oppressive and injurious then must those laws,
which are so impotent and usurious when resorted
to for State purposes, be when resorted to by the
subject individually !

The manner in which a loan of so small an
amount is spread in little instalments over no less
than four months, is the most convincing proof we
can have of the feebleness of that monetary system
on which the greatness and prosperity of this
mighty nation depend for existence. Great credit
is due to those who have considered our monetary
weakness, and shaped the wants of the State to the
smallness of our money institutions. They desire
to preserve, or, possibly, to lower the present rate
of discount, but they will find they are doomed to
disappointment. Within thirty-seven days from
the 22nd inst. they will draw on the money market
for 2,500,0001., and on the tax-payer from the sth of
January for the interest of the amount of stock
which that sum represents. Between the 28th of
June and some day in. September they will draw
for the principal on the like sums, while they
reserve a further draft of 2,000,0001. in the shape of
Exchequer Bonds for the gloomy month of Novem-
ber, probably ! With:these certainties, added to
the uncertainties with regard to cotton, corn, and
sugar crops, who will venture to say that money
for commercial purposes will be cheaper, or as low
as it is now, for the next six months ? For political
purposes it is broadly asserted that the money
market will improve, but all prudent men will wait
until an actual change in favour of trade has
taken place.

The man who would suffer himself to be drawn
into heavy engagements in the present state of the
discount market, would scarcely be entitled to the
name of a merchant. The continuance of the rates
of interest now demanded for accommodation,
must depress prices, and the ordeal of wholesale
depreciation must be gone through in obedience
to the Bank Charter Act, before gold will flow back
to Threadneedle-street. The CHANCELLOR of the
EXCHEQUER speaks confidently with respect to the
Government requiring only 7,000,0001. to carry
them into the first quarter of 1857. But, while he
adds that that sum would cover the entire esti-
mated expenditure which was now before the public,
for the present year, he says :—" It would be for
" the discretion of the Government whether they
" would require any contingent vote for any addi-
" tional expenditure that might take place." There
is no trifling degree of ambiguity in this portion of
the right honourable gentleman's speech. The
"discretion of the Government" must be ruled by
the wants of the Exchequer ; and, until we know
what the estimated income for the year is, it
would be impossible to say what their require-
ments will be. Sir CORNEWALL LEWIS admits that
it is as difficult to estimate the cost of bringing
home troops as it is to calculate the expenses of
war; and, since he made no allusion to the imme-
diate reduction of our armed forces, the public
must wait patiently for his financial statement, in
which the sources, and probable amount of
revenue on which he relies, are set forth, before any
definite opinion can be formed of the future state
of the money market. Meanwhile, we know from
experience that the entire policy of the
present Cabinet is Bearish, notwithstanding
a Bullish colouring is given to the existing con-
dition of things. It, therefore, behoves the
merchant to keep clear of shoals, whilst the trader
is endeavouring to avoid rocks. Our financial,
affairs are in anything but an encouraging state,
and we know what follows the most petty fiscal
embarrassments in these days of monetary
insanity.

THE IRISH RAILWAY FORGERlRS.—Yesterday Mr. Knight-
ing was brought up before the magistrates at the head
police office, Dublin, under a writ of habeus corpus, when
new evidence was opened. The magistrates (Messrs
Magee and Porter), however, refused to take it, there
being, in their opinion, suffieent evidence already re-
ceived in all the cases against the prisoner to warrant
his committal.
_The prisoner was accordingly committed
for trial at the next commission held in Dublin,

THE CRIMEAN MILITARY ENQUIRY.—The board met
again this morning, when Commissary-General Filder
made his statement in explanation and defence of the
course he had adopted at Balaklava. Mr. Filder read a
number of documents from which to show that the
report of the Commissioners was incorrect in several
important particulars. At its rising, the board intimated
that it will sit again on Monday to hear the reply of the
Hon. Colonel Gordon to a written statement respecting
his evidence from Col• Tulloch. The board adjourned
to Monday.

SUDDEN DEATH.—A woman, named Maria Pullen, 44
years of age, was found dead in her bed in Peter's-lane
yesterday morning. She had been ailing for some time
past.
Susincnous Cast.—The body of a new born child wa
found at an early hour yester lay morning in Lydia Anne
street ; the head of the infant was smashed in apparently by
violence.

COLLEGIATE INTITUTION.—Mr. Pellew Arthur, the
masters exhibitioner, has recently been placed on the found-
ation of Trinity College, Cambridge, having been elected a
full sizar in the course of his first year. Mr. J. S. Per-
cival has also obtained honours in the newly established
Theological Tripos.
AMERICAN MAILS.—The royal mail steamer Afrioa will
sail this day for New York with the mails, Aze. Letters at
General Post (Me up to half-past six will be in time
in the ordinary course, and to half-past seven with
fees. At the stage the box will be open to half-past eight
o'clock a.m., for letters with late fees of one shilling.
THE EXTINCT ANIMALS OP TIE ANCIENT WORLD.—A
popu'ar course of two lectures upon this subject, rendered
so interesting of late by the eloquent discourses of Professor
Owen, is announced to be given at the Collegiate Institu-
tion, by B. Waterhouse Hawkins, Esq., under whose
directions the monstrous restorations, now exhibiting at the
Crystal Palace, were made.
Fp-tn.—Yesterday afternoon, a fire broke out in a
stable and hayloft, situate in Bridgewater-street, in the
occupation of Mr. E. Okell, cart owner, and in a block-
maker's shop above, tenanted by Mr. William Brown-
The engines, under Mr. Hewitt, from Temple Court,
and Major Greig with a body of police were quickly
on the spot. The conflagration was not got subdued
until extensive damage had taken place. The cause of
the outbreak is at present unknown, but we are happy
to state that the premises are insured.