The Northern Daily Times.
Liverpool, Merseyside, England, 1856-03-10 00:00:00

TO-MORROW,

' On account of whom it may concern.
TO-MORROW, the 11th instant, at half-past One o'clock,
at the Brokers' office, Corn Exchange-buildings,
Brunswick-street,
About 400 Loads Derry OATMEAL,
„ 120 Bags Damaged Calcutta WHEAT,
„ 69 Sacks Irish Seconds FLOUR,
~ 260 Qrs. Yellow INDIAN CORN,
50 Qrs. Mixed INDIAN CORN.
For particulars apply to
GOLDING & NASH, Brokers.

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either Constitutional Government or civilisation.
If such a transformation should be wrought in the
Conferences we can only say " Wonders will never
And as the only prospect we have of the
restoration of peace depends on the success of
some such effort—while all that is transpiring in
that assembly is kept secret, we may be allowed to
entertain a doubt as to the attainment of so desi-
rable an end. We do not pretend to be better
informed than our neighbours, but we
cannot help remarking, that when little
birds are allowed to whisper, " War to the knife"
constitutes the burden of the popular song, and
when all is hush, silence, and not a sound heard,
the Te Deum of peace is chanted with remarkable
enthusiasm. But as some of our local cotempora-
ries have become famous for pleasing all parties,
and leaving DICKEY and SAM to choose which side
of their politics they like best, we cannot, perhaps,
do better at this momentous juncture, than leave
those who are for peace to enjoy their
opinion, and those who believe that there is
nothing in store for us but war, in the full enjoy-
ment of the conclusion at which they have arrived,
on the principle that those who have paid their
money are entitled to their choice.

cease.

THE CHANCELLOR of the EXCETEQCrEIt has ex_
pressed great indignation at the thoughts of any
inquiry being made relative to the transactions
which are said to have taken place in the tea trade
last year. It is quite clear, however, that with an
expenditure which cannot fall far short of
100,000,0001. for the coming fiscal year,

increased taxes must be levied. What art

Treasury will select for these new imposts, those
who really understand the condition of our stocks,
and are well advised as to the prospects of future
supplies, must be at a loss to divine. The present
state of affairs in China does not encourage a hope
that we shall receive any superabundance of tea or
silk from that country. The supply of sugar
reached last year what may be considered a fair
average for 1856, if not 1857. Foreign coffees
may be slightly in excess of the quantity imported
in 1855, but those from the British possessions
are not likely to exhibit any increase. Assuming
then, that no relief is to be given to trade by Legis•
dative interference with the anomolous state of the
"money market," and that nothing can be done

to increase employment, and restore consumption
to its natural dimensions, any re-imposition of
duties on those commodities would fall with
extreme weight on all classes of the community,
but more particularly on the unemployed and

poor.
Any addition made to the income or property ,
tax would, in the crippled state of the market for
domestic productions, where profits are reduced
to the zero of remuneration, and at a moment
when incomes derived from professions, mercantile,
and other employments, are cut down to the lowest
point, and in a vast number of cases wholly
swept away, would become perfectly intolerable.
What then is to be done to raise a 100,000,0001. of
revenue for the financial year 'close at hand? It
would take a PITT to solve this problem. Will
tho renewal of the Bank Charter Act, or
an Order in Council to issue an extra 475,0001,
of " convertible" paper money, based on the
bankruptcy and refusal of other banks to issue
notes, be sufficient to meet such an alarming
exigency ? At a time when the country was not
intoxicated with war, and its attention drawn off
from the national balance sheet by every species
of trifling, where is the statesman who would have
the hardihood to ask for a 100,000,0001. of taxation
from the ordinary, and every day trade means of
the subject ? We hear a great deal said about the
prosperity exhibited in the Board of Trade Re.
turns ; but we would ask those who boast so
largely of the increase they show in the value of
our exports, to compare that increase with the
additions made to taxation since 1853. We know
that the State burdens have been very nearly
doubled within three years, and we should like
some one to show us an increase of 40,000,0001. or
50,000,0001. in the declared or official value of the
products which we have sent out for cash and on
credit, a large portion of which may never be
paid for.

It is the fashion to talk of enlarged trade, pro-
sperous times, banking restrictions and usury,
as though the secret of reconciling the chemical
differences of oil and vinegar had been dis-
covered—as if things perfectly incompatible all
over the world, worked in sublime harmony in this
enchanted land. Returns showing 100,000,0001 of
exports, and 100,000,0001 of imports, would not be
sufficient to justify the States, drawing one-half of
its revenue, or 50,000,0001 a year from trade, unless
indeed, we had some other system of adding taxation
to price besides the adulterationof all commodities,
an expedient which, we regret to say, is very
generally resorted to. That fifty per cent of the
revenue is derived from taxes directly affecting the
mercantile capital and productive industry of the
country, no one will deny. And where all
1 transactions resolve themselves into hard cash
it becomes necessary to inquire, what amount of
money—Legal Tender—we have to adjust all fiscal
and trade demands ? We have nothing of our
own, as a people, a nation, or an empire, beyond
14,000,0001. of paper money—Legal Tender—based
upon paper ! All we have besides that amount is
a few millions of a foreign commodity—gold—
which we receive, not in payment for our entire
produce, but whi,3ll comes to us in settling the
balances of trade. And with this paltry fraction
plus 14,000,0001. of Legal Tender in the shape of
Bank notes, we are left to carry on the trade of the
country, and provide 100,000,0001. in loans and
taxes

It is true we get back nearly all the State
receives, but then there is the diversion of our
mercantile capital to be taken into account. This
diversion is almost incessantly in operation, while
we should be at a loss to find a CHANCELLOR of the
EXCHEQUER who would consider himself sufa-
ciently respectable to look the House of Commons
in the face if he had not a balance of 5,000,000/.
or 7,000,000/. locked up in the Bank of England as
" Government deposits." Others, to make the
diversion of money from its legitimate channels
more irksome, do not think themselves successful
financiers, unless they can show a surplus of a few
millions at the close of each year, and all coming
out of the movements of trade, which often
leave us with a large balance to pay in gold to
other countries, instead of having anything to
receive. Such a system as this is as replete with
danger and difficulty as every other species
o f wild folly and rampant injustice. The
imposition of additional taxes will most assuredly
bring our present career in finance to an end. An
empire cannot exist without somo means of sup-
plying its industrial and tradingwant‘sv,ithwhiicths
might be contracted or expanded
necessities, or in obedience to the dis-
cretion of the Imperial Crown and Parliament.
The financial condition of India, and the whole
of our inexhaustible colonial possessions, show
that they are sharing all the monetary anguish of
parentthe
State. They have no means dating