The Northern Daily Times.
Liverpool, Merseyside, England, 1853-11-09 00:00:00

DIE NORTHERN DAILY TIMES.

The sudden contraction of the currency here
spoken of, arises from two distinct causes. First,
from bullion having become the standard of sta-
bility, and secondly, from the jealousy and deter-
mination on the part of the established banks to
check the creation of new and rival banks,
many of which are coming into operation in
quick succession. On the 17th of September, 1853,
the banking assets of New York alone amounted to
135,261,449 dols., of which 11,656,884 dols. was
bullion, which, compared with the returns for the
same period last year, show an increase of 5,624,421
dols. For all the other banks of the Union we
may fairly allow a proportionate increase or an
aggregate of 100m0,000 dole., equal to about
20,000,0001. The actual stock of bullion held by
the States cannot be less, if we consider that 'Cali-
fornia alone has produced upwards of 40,000,000/.,
of which sum 30,000,000/. at least has been im-•
ported by the Northen States.

In the face of this enormous bullion wealth what
does a monetary panic, in which the rates of interest
range from 12 to 18 per cent. for trade accommo-
dation, denote? To us it is suggestive of a crying
necessity for an immediate return to a stringent
usury law. If a superabundance of gold is to be
held up as a justification for exacting from trade
and industry a per tentage for money, which would
amount to extortion in a season of famine, it is high
time that we had the Jew on the hip. If England
ever required increased facilities to carry on pro-
duction it is at this moment. Our manufacturing
rivals are active and well skilled in the art of
successful trade and commerce and as a set-off
against the heavy injuries sustained by the
States from the existing pressure for money,
we are told "to bear in mind that the manufac
turers of England have been very active, and that
stocks of goods are large, while the consumption
is to be checked as usual, by the rise of food and
dearness of money." This, it is anticipated, will
make goods the best remittances to the States, in
payment of food. From this course the American
producer looks with the utmost certainty to gain
in the double ratio of higher rates for his produce,
and lower prices for our goods. Thus they say :
" at the latest dates, flour in Liverpool was 325. per
barrel, and pig iron, 645. per ton. That is to say,
two barrels were worth one ton. If flour should
rise to 40s. and pig iron fall to 505., two barrels
would buy one-and-a-half ton of iron, while the
falling of the prices of goods will diminish the amount
of duty to be imposed upon them." This argu-
ment goes to prove most conclusively, that in order
to sustain the present equilibrium of prices, we
should promote consumption At home as well as
abroad

The Monetary embarrassments of the States, how-
ever, are not confined to trade only. The operation of
the Tariff is beginning to show itself in a way
which must be highly edifying to our Protectionist
friends. Within the period of twelve months
' of prosperity, the Protective Tariff of the States
has produced a useless accumulation of 30,000,000
dollars in the Treasury, which sum will be increased
to upwards of 50,000,000 dollars, within the year, and
the anticipated demand for American breadstuffs,
will add 31,000,000 dollars more to this amount.
To this extraordinary absorption of bullion, the
restrictive operations of the banks are mainly attri-
buted, and until the Government hit on some plan
by which they can disgorge these gigantic accumula-
tions, the Money Market, it is contended, must re-
main pretty much as it is at present. And if it

was not that trade is independent of the banks, as
is the case in England, the crisis would be far more
disastrous than one can well imagine.
As for the mere Money Exchanges between
England and the States. we can care but little, but
we apprehend great losses from the position which
the exchange of productions, seem most likely to
assume, and to this subject we would direct the
immediate attention of our political economists.

THE ELECTION OF MAYOII. AND ALDERMEN TO-DAY,

It is generally understood, that at noon to-day, Mr. J. B.
LLOYD will be unanimously elected to fill the Civic Chair
during the ensuing year. We learn that Mr. Lloyd will be
proposed by Mr. Charles Turner and seconded by Mr. J. A.
Tobin. There is likely to be considerable difference of
opinion as to the eleetion of Aldermen. We believe that
the Liberal party are resolved upon bringing forward Mr.
Robertson Gladstone, and Mr. George Holt, in opposition to
Mr. J. Cooper, and Mr. Parker. As far as we were
enabled to ascertain the general tactics of the party, last
evening, the Liberal party generally will support the re-elec-
tion of Mr. Bramley Moore, and it is therefore highly pro-
bable that he will be re-appointed by a considerable ma-
jority of votes. We have also good reason for believing
that the retiring Mayor, Mr. Holum, will receive their sup-
port. In addition to opposing Messrs. Cooper and Parker,
a determined resistance will be made to the election of Mr.
Bold, whose elevation to the office on Monday week, brought
such a vast amount of discredit upon the Council. Should
the effort not succeed, the Liberal party will have done well
in protesting against a flagrant piece of political jobbery,
and they can therefore well afford to leave the Tories in the
enjoyment of their unenviable victory, should the latter sue-
ceed in confirming the appointment of their " Warwick."
It seems that the Tory caucus of 24, which was held at the
office of the Constitutional Association, on Monday after-
noon, was anything but unanimous with regard to the elec-
tion of Aldermen. The retiring Aldermen are Messrs.
Thomas Bold, James Parker, Joseph Cooper, John Nelson
Wood, James Proctor, Edward Molyneux, Thomas Chilton,
and J. Bramley Moore. It was unanimously agreed to re-
elect Messrs. Bold, Parker, Molyneux, and Cooper, and also,
to elect the retiring Mayor as one of the Aldermen. The
names of Messrs. J. Bramley Moore, Toulmin, R. C. Gard-
ner, and Chilton, were then submitted, when there voted for
Mr. Moore, 16, Mr. Toulmin, 15, Mr. Gardner, 10, and Mr.
Chilton, 10. On Mr. Proctor's name being submitted, only
seven voted for him. It was urged against Mr. Chilton,
that he was negligent in attendance on his municipal duties.
Mr. It. G. Gardner appears to be exceedingly popular with
the party, and it is believed that Mr. Chilton will have to
give way to the member for Ahercromby Ward.

REV. MR. EnowN B LECTURES.—The Rev. H. S
Brown delivered the second of his course of lectures upon
the religions of the East, at the Concert Hall last night.
The lecture principally had reference to the revolution
which is now taking place in China its character, and its
religious aspect. Having on last Tuesday night described
the civil and religious habits and institutions of China, the
second lecture proceeded to detail the cause from which
the present revolutionary movement arose, the gradual
spread of disaffection, the successive failure of every attempt
to suppress it by arms, money, or stratagem, and its increas-
ing success untill it arrived to its present formidable growth.
The lecturer dated that in last April the revolutionary party
were in possession of Nankin, and probably by this time
had effectually shut up the Imperial canal or even perhaps
marched upon Pekin itself, and declared that there could
be little doubt that the old dynasty was a doomed one, that
the revolution would be triumphant, and its leader succeed
to the Tartar throne. The lecturer then proceeded to caution
his audience against trusting to the too sanguine hopes en-
tertained in this country regarding the religion and Christ-
ian character of the movement. He denied that it was fil-
led with the true Christian element, and pointed in support
of his belief to its cruel and sanguinary character, to the fact
that it leaders were pledged to the Confucius doctrine, hav-
ing urged as an arguments againt the Tartars dynasty that
they had neglected the tsudy of Confucius and to the im-
postures which its leaders had got up, pretending that the
son of God was amongt them, and actually dressing. up
one of their followers to personate the Divine Being him-
self. He expressed his belief that the new dynasty would be even
more intolerant than the old, declared the movement tobe en-
tirely political, and its religious element to be one of the most
unmitigated impostures which the world had ever seen. Loud
acclamation followed the conclusion of the lecture, which
was several times interrupted in its progress by the applause
of the audience.

James Barnwell, a corn porter, whilst carrying a
sack of corn from a lorry to a warehouse door in Earl-street,
accidentally slipped and fell with the sack, receiving a severe
laceration and injury to the spine. He was taken:to the
Northern Hospital and immediately attended to, but his life
is despaired of.