The Northern Daily Times.
Liverpool, Merseyside, England, 1856-09-29 00:00:00

THE NORTHERN TIMES.---LIVERPOOL, MONDAY.

1 frontier of Montenegro fresh troops, munitions of
war, and an artillery force of ninety heavy guns.

us, they date simply from restrictive and bad
money-laws, and the mercantile world will be
curious to see which will produce the bitterest

G Madrid advices of the 23rd state that the
sequestration placed on the property of the Queen
Mother is about to be taken off. This is very
probable, and after what took place in the Cortes,
where no categorical accusation against her Ma

esty was made, it could not be otherwise. Confis-
cation is abolished in Spain; and when it was
condemned by the respectable Governments of
the Liberal and Conservative parties in the case of
the Prince of Peace, it was impossible to apply it
to the property of the mother of the Queen. Such
measures can only be adopted in revolutionary
periods, but cannot be persisted in when the laws
recover their empire, and the sound sense of the
people regains its rights. It is asserted that the
resignation of M. Cantero will in no respect
change the policy of the Cabinet, and it compares
it to the retirement of Lord J. Russell from the
English Ministry.

From St, Petersburg we learn that the Emperor
has addressed letters to the inhabitants of Jeka-
therinoslaw, Cherson, the Taurida, and Bessarabia,
thanking them for the patriotism of which they
have lately given proof. Count de BenkendorfF is
appointed Russian Ambassador at Stutgardt. The
Grand Chamberlain Ribeaupierre and M. Suma-
rakow have been raised to the rank of counts

Emperor has restored to the dignity of Prince the
following persons lately amnestied :—Trabetzki,
Obstenzki, Wolkowski, Schtakepen Rostowski, and
Royatinski. A nautical observatory has been
founded at Cronstadt. A commission for maritime
constructions has been appointed.

One of our weekly cotemporaries has alluded to
the case of Mr. Commissioner Stevenson. We
have been requested to state that the learned gen-
tleman offered to put aside £1,300 a year to liqui-
date his liabilities, and not £3OO, as stated by the
print in question. If the Messenger of the Bank-
ruptcy Court, Mr. Gaskill, was dismissed for being
insolvent, so ought his superior. What is sauce
for the goose should be sauce for the gander.

Tau Continental monetary pressure we noticed
some days since, still continues to excite serious
apprehensions. The rates of discount have been
raised in nearly all the Continental capitals,
and an advance is generally looked for in France.
The Paris Bourse has already felt some convulsive
shocks of panic, and these, it is believed, will lead
to the adoption of further restrictions on com-
mercial action. Such a system is obviously
monstrous ; and we fear a demonstration of its
practical effects will not prove very agreeable at
this critical moment. The evils to be dreaded
have been confined to this country hitherto ; but
now they have spread, and appear to be generally
felt through out the Continent. A European panic,
in fact, is imminent. Every State feels a drain,
and they are resorting to the same means of
removing the impending danger. The sequel of
such an attempt remains to be recorded. In Eng-
land we shall feel it socially. In other countries
its consequences may assume another and a very
different character. We shall find our trade crippled,
and general pursuits unusually heavy. Englishmen
can reconcile themselves to such a state of things.
Sophistry rushes to their aid, and endurance
becomes a national virtue, which elicits the
warmest and most universal applause.

Continental nations are not so easily ap-
peased. They cannot bear the same amount of
pressure from without. The bitter effects of
incomprehensible causes are not re,3koned 'among
the essentials of national prosperity abroad. The
monetary derangements which are going on must,
consequently, produce very great anxiety in the
public mind, and it .seems impossible to find a
remedy for so wide-spread a disease. France has
no rational plan of relief to propound ; Austria
is working away on credit; Prussia is relying on
restriction ; and Russia hopes to be sustained by
those who cannot help themselves. Belgium and
Holland are more frightened than hurt, but still
their fears will make them more cautious than
their neighbours and dependants may think. They
will adhere to the Bullionist policy most rigidly.
The precious metals will not be suffered to leave
their shores without a severe struggle for their
retention. A commercial panic will be preferred
to a bullion famine. Spain's money difficulties
will be confined to the problem—" where to get a
" loan ;" and the embarrassments of Portugal will
be narrowed down to the possibility of raising the
year's revenue.

We may here, we think, consider our picture of
the monetary and financial position of the Europe
of the day as complete. It requires no embellish-
ments, and will admit of no erasures. When a
ship founders, if the whole crew fly to one boat,
they must be content with their choice. There is
no use in attempting to return to the sinking craft
Our Continental friends are very much in the posi-
tion of the wrecked crew. They have all chosen
one line of monetary policy. They all think with
our money philosophers that, making money both
dear and scarce, will carry them safely through
the hurricane. We await the upshot with no ordi-
nary concern. The numerous political arrests
recently made at Paris, will give a fresh impulse to
the public thirst for hoarding, and the overthrow
of the Reactionists in Spain, which is not far dis
taut, will help to give intensity to the feeling of
terror; and should Russia's diplomatic shuffling
in the East be persisted in, public confidence in
the peace of Europe will be totally demolished
How far these gloomy probabilities will affect
this country, it is hard to say. They
cannot improve, even if they should not render our
condition much worse than it otherwise would be.
We can have no commercial prosperity while all
around us are in a state of collapse, and all nations
acting as if a season of direful events was close at
I hand.

The French Rentes and British Consols are
acted upon simultaneously. The same incidents
which cause one to fall or rise have precisely the
same influence on the other, and much as we may
dislike the occurrence of a panic on the Stock
Exchange, it is sure to follow a break down on the
Paris Bourse. We receive fresh proofs of the
truth of this assertion every day, and it is high
time we paid strict attention to what we see going
on at the French capital, before we are swept into
the vortex of Continental bewilderment. The
political condition of France has led to the severity
of the monetary crisis we are now suffering
from. Our circulation is too contracted by
law for our general wants, and we have to
pay a proportionable high price for commercial
accommodation ; and, although this may be a
great social injustice, it has no connection what-
ever with the political feeling or temper of the
country. Great Britain, much as she may be, and
is, embarrassed herself, cannot, then, be the author
of those difficulties which have overtaken the
Continent, at an epoch when the wants of all ought
to be readily, if not amply, supplied. The discount
movements on the Continent are, in a word, the
results of ill-advised political doings, while, with