Northern Times.
Liverpool, Merseyside, England, 1857-10-31 00:00:00

morston, that they intend trying diplomacy at
Pekin first. "Does it not show at' once the utter'
absurdity of such eta idea. When will stay-ate
home talkers be -satisfied that they do not, and
cannot, know or understand the affairs
of foreign places as well as those who
live and trade en the spot, and whose interests are
bound up with the prospects and prosperity of the
place ? John. Bull thinks he can learn everything
in his study, and talk of it in parliament. But
there are matters which he cannot so learn—
amongst them, China and the Chinese.. - ,
Upwards of 500 officers and men of the English
army, have already passed through Alexandria,
,en route to India. A letter from the former place
says that Mr. Holton, the Peninsular and Oriental
Company's agent, has made such admirable use of
his position to render the transit of troops across
the desert efficient, that he is said to be ready to
undertake to convey comfortably 2,000 English
soldiers ,per month through the Pasha's sand
steppes. The Pasha does not at all object to'
English soldiers crossing his territory in the En-
glish uniform; but the government has wisely
provided the men with white clothing, not allowing
them to carry any arms across the desert.
India is still an exciting topic for public speech
Vying, and accordingly a number of our foremost
politiaians are availing themselves of the oppor-
tunity to expound their views on. the subject
Major-General Sir Frederick Smith, at Chatham,
said, that under all circumstance, and whatever
might bo the cost, oar power in India must be
maintained. He would extend mercy as far
as possibly could be done without entrenching
upon justice, but, " not only must we punish
perfidy, and fiendish atrocity, but at the same time,
we must let it be plain to the whole of Asia, that
England must be treated with the respect which
she deserves, and that her sons and daughters,
wherever they went must be respected likewise."
Mr. Milnes, at Pontefract, could not talk so glibly
as some of his friends on this rebellion, and he
really had no theory but to see it put down with
the utmost energy of England. His only pcint of
view was to see regiment after regiment landing at
Calcutta, and proceeding up the country to quell
the rebellion. Until that was done,—until the
rebellion was effeetually put down—it was nonsense
to think of this or that as the best means of govern-
ing the country. Mr. Wood did not think it would
be right to continue the East India Company's
governing powers; the country should be under
the control cf the English Government. Mr
Miles and Mr. Knatchbull, the members for East
Somerset, advocated the 'abolition of the double
government of India and the direct government of

she Queen.
Our news from abroad contains the announce-
ment of the Sudden death of General Cavaignac,
who died Suddenly during a shooting excursion.
The Sardinian minister has officially declared that
the Chambers, whose term of existence would
expire in a year, are dissolved simply because the
government wants an unambiguous expression of
publics opinion on the important measures it has
to bring forward. The elections for the communal
councils in Belguim have resulted in a complete
victory of the Liberal party. The resolution of the
Prussian Government to bring the coinplaints
of Holstein before the German Diet, has been
followed by a direct application to Austria
to make good- her promise .and support Prussia
in this course. At the same time Prussia
has declared her determination to act alone, if
necessary. The States of the other Danish Ger-
man Duchy, Lauenburg, have resolved to bring
their demands themselves before the Diet. Every-
thing depends upou the matter being exclusively
in the hands of the Diet. . In this case the -worst
that can happen is the advance of a Federal corps
into Holstein, and that will never lead to an armed
conflict. The Neufchatel affair now may furnish a
useful precedent.. The Mexicith Government has
accepted the mediation of En.gland and France in
her quarrel with Spain. This cioud may be consi-
dered_as having blown over. . igt
The news from Amerius, by the Fulton, arrived
at Sonth•impton; is of a satisfactory character.
The Monetary crisis. as a newspaper topic, was
, beginning to run to seed. It was almost certain
that there would be no extra session of the. New
nor;i It appear', sa.,v no necessity for it at the
present, but would hold the subject under advise-
meat At New Orleans, the run on the banks
continn?d, bitt the "panic" and the " excitement"
were dying out Money matters there was in a very
unsettled state. The banks at Nashville andi
Cincinnati had suspended, and a heavy run
had been made on the. Missouri banke. A
serious railway accident is recorded in the New
York papers, by which several .persons lost their
lives, and a number of them were wounded. Ac-
counts from Mexico state that Manuel Ruiz had
been ehos,3n President. The insurgents at the
South continued to hold out against the govern
meat forces, and it was reported that Alvarez had
been assassinated.

The B tnk returns of last night show that the
coin aid bullion in the Bank h-ts fallen to
£9,369,794; being a decrease of £1114,684 for the
week ending October 24th, but the decrease of the
three weeks preceding £383,870 per week,

" DELHI has fallen ! " was the cry a few days
since. The commerce of England is Prostrate !
is the dismal response. It would be a work of
supererogation to particularise, in such a crisis
as the present. Liverpool has not suffered more
than Manchester, nor'. can London hope to
escape the .c6nsequences of h, collapse of
confidence ancrcredit in the maritime and manu-
facturing districts. When the' commerce of a
nation receives a shock, every class of its people
feel it with equal force. Bankers, are only to
blame, where the money-laws of the realm are,
made to sustain the solid welfare of the country
in •seasons of unexpected pressure. The mer-
chant is not in fault in enlarging his business
when prfces justify his buying, and the general
aspect of commercial affairs shows that he is,
safe in holding over his produce. Large stocks
are essential to the tradesman's success in busi-
ness, and it is not his province to be incessantly .
prophesying.a rainy day and no trade. One and
all are constrained to take the same views, and
to sustain each .other in their efforts to realise
what they very reasonably expect must come to
pass. There is no want of this mutual under-
standing and cooperation in the mercantile
world. The huge breadth of credit given, and
the c3mparatiyely small loss sustained, from
causes purely commercial, proves that Bankers,
Merchants, and Traders are alive to the identity
of their interests, and the common obligation
which rests upon alma to uphold each other in
all that comes within the range of legitimate
commercial dealing.
How, Then, comes it that the commerce of this
great and wealthy country can be shaken and
paralysed to its ve:y centre, without any appa-
rently just or visible cause, Some demon must
have invented a scheme to disturb that which
statesmen, philosophers„and philanthropists have
spent centuries in cherishing and bringing to
perfection. • That our commercial system has
arrived at perfection is demonstrated by the
magnitude it has reached, the wealth, remune-
raitive gmployment, and comfort it heaps on

millions of people who would otherwise be
provided for and destitute. Whence, then, are
we to look for the rea.cause of the often recurring
commercial embarrassments and distress which
befalls this country ? They are not the natural
offspring or concomitants of trade. The funda-
mentalprinciples of commercial life are confidence
in the integrity and foresight of the merchant.
and' respect for the industry and skill of the
trader. Actual wealth forms but a humble part
of, 'nor is it essential to, the smooth and pros-
perous working of such a scheme of existence.
Credit is the vital element of this artificial, life.
The 200,000,0001. of Bills of Exchanges which
are daily floating in the hands of the commercial
public are, not only the life's -blood of commerce
and industry, but they are the great circulating
medium by which the dignity and power of the
State are maintained intact. We have no other
circulation—no other currency on which we can
depend. What is 20,000,0001. of legal tender
for a people who are carrying on a foreign trade
of 120,000,0001, and a home trade of fully double
that amount ?

We hear a great deal said about the commercial
dangers of this system of restriction ; but what
are they compared to the political hazards the
State runs in seasons of panic ? A Premier never
sits so much at ease as when manufacturers are
fully employed, and the Government organs can
refer to the Board of Trade returns to show the
vast amount of our exports and imports. And
yet, when a combination of unforeseen political
and commercial events abroad cause a monetary
panic,' the men who are responsible for
the evil working of the States'• Monetary
system remain immoveable, and allow the storm
to rage 'and exhaust itself, as though .it were
a tempest sweeping over the ocean or the hill
tops. The impending crisis is one, however,
which must be averted. The Bank of England,
has not the power of relieving or supplying the
amount of money required throughout the
country. The embarrassments of the present
day are not local. We are not worse off, nor
one half as badly, in Liverpool, as they are in
other large towns we could name. England has
lost 20,000,0001. by the money panic in America,
and the place of this 20,000,000/. must be
temporally supplied from some source. We are
no alarmist, but we say empathically, that no
more time must be lost in idle parley. It is
enough for those in power to' know that
commercial confidence is shaken, and all that is
required to restore it is, to extend the issue of
legal tender. We all witnessed its effects in
1847.
.It saved Liverpool from ruin, and all
Engla, received relief from the rescue of our
stupendous commerce.

We hittily deplore the existence of circum-
stances which have compelled us to notice them.
We have, remained silent observers of events,
limn that Which t. be a

virtue in public journalists becomes a crime.
But we should not now venture to broach the
subject if we did not feel confident that where
there is so much staked on the coolness
moderation, and general good sense of the
people of Liverpool, they will act with that
commercial steadiness and consideration which

becomes a mercantile community in matter of
trade requiring their attention. There are a
multitude of mischief makers, whose tongues are
to be dreaded, going about our town inflaming
the apprehensions of the timid; and, as there is
no knowing the injury they may do, it is better,
at once, to let the public know what really is
wrong. As to our local banks, they are an
prepared to meet their engagements, with thd
exception of the Borough Bank, and even that we
hope to see in full. operation once again;
Locally; we have , little to fear. The difficulties-
of the times are national, and if all parties act
'rationally in Liverpool and extend accommoda=
tion in trade, as far as possible, for a few days,
the " good old town"' will survive the squall, and
set a worthy' example *fo all other merCantile
towns in the Kingd )m. The Government are
fully alive to the embarrassing position it:v.:which
the commercial world has been so suddenly
placed ; and as they have the remedy in their
own hands, we may hourly expect to hear that
the Bank Charter Act has been once more sus-
pended, and relief given by simply allowing an
enlarged issue of legal tender money.

MANUFACTURE OF SARDINES.—Large quantities of sprat
are r.eekly sent to London from ih east coast of Scotland
to be manufacture,' into sardines. Young herrings are
Eilio used ler this purpose.—Scotsman. . I

LDWIS AND CJIWPANT'S YEW EiTABLISIIIIZNT 173 R Boys
CLorisiNo.—Number of boys clothed for weak ending
aturday, October 24th, 475 ; corresponding week last year,
80, which was the first week this establ;shment was
°Locoed ; increase, 195 boys.
Tito Nacw COURT FOIL THE BUSINESS OP THE COUNTY
MA.titsroATEs. —We think every one who ever 41, or i
likely to have, occasion to visit the Count! Magistrates
Court, will be glad to learn that tile business of:that
Court is no longer to be con-heed in the small, dingy, and
stifling back room in Clayton Spore. The new an capa-
cious court and offices erected iu Rsinett Street are now
completed so far that the County lilagistrates will sit there
for the gist time to-day.
PUBLICANS' CA.;ES The following cases were yesterday
disposed of at the Police-office, by Mr. Alltin
Mr. Glover, Highfiel(l-street, for -Sunday trading, fined
Se. and costs.—A.kxander Ar•Calusont, Copperauhill,
for Sunday trading, fi.led 10e. and cos:s.—Rabert Tucker,
tlygia-street, charged with Sunday trading; case not
proved; dismissed.—William Heaton, School-lane, Sun-
day trading, fined lOs and costs,--'lnhere were several bee:-
house cases disposed of. The details were void of itterest
DEATH OF TITS Ray R. ALFRED 'VAUGHAN, 13. A
This distioguishtd young minister died on Monday, at his
house, Alexander-street. Weatbourne-park.. • lie was son
of the Rev. Dr. Vaughon, principal cf the Lancashire
Independent Collego. kle took high Honours in University
College and the London University, and he en'cred on the
ministry firs: (in 1848) as the co-pastor of the Rev. William
Jay, of Bath, whence he removed in 1860 to Stee!-houst,
lane chapel, Birniingham. His health failing 11,e rosined
his charge in 1855, and devoted himself• exclusively to
literature. He was the author of many brilliant article.
in the British Quarterly Review, of which his fstber was
the editor, an i he published two vAumes of great learning
and ability mitled "Hours with the Mystics."