Northern Times.
Liverpool, Merseyside, England, 1857-11-24 00:00:00

THE COMMERCIAL CRISIS-ITS EFFECT AND

REMEDY.

TO THE EDITOR QF THE NORTHERN TIMES.

The people ought to be up and doing at once,
and a deputation ought to go and wait upon the
Cabinet ; they do not want the old women who
represent Liverpool in Parliament to go with
them, and who possess neither weight ncr ability,
nor mental quantity in position These 11I.P.'s are
more fit for red cloaks an I bonnets, to vend
oranges and apples, than act as legislators for the
first commercial port in the world.
My experience in London tells me that the
members for Liverpool are looked upon as " light
weights" in the House of Commons, especial y ,she
they come to the scales with men of the cal fibre of
Viscount Palmerston, Earl Granville, 'Lord Stan-
ley, of Alierley, and Earl Clarendon. "These
statesmen' are all good men of business, and my
opinion of tile President of the Treasury,
Earl Granville is, that his lordship possesses quan-
tity in position, with a Ttickness of perception I
never SAW in aoy man; also, he is tha -most urbane
gentleman f ever addressed; and such is my convic-
tion, that his lordship is the' right man in the right
place," that I suggest :he propriety of a deputation
of the merchants and brokers of Liverpool waiting
upon the Cabinet, as I feel satisfied, if the business
facts that eneircie commerce be made personally
known to their lordships, that an Order iu Council
will be passed at once, to remedy the evil that be.
sets and fetters negociations when produce
represents the staple wealth of Eng!and.
Viscount Palmerston has been made acquainted
with my views on this monetary crisis since the
commencement of this year, anti my letter book
will divulge the facts, that time has proved too true
for many an honest man. His lordship must have
these broad ttarhs personally laid before him, and
I have little doubr, but his love and ambition of
his present position will prompt him to accede to
anything that_is reasonable for the ultimate wel
fare of the nation.

In cum losion, I beg to state that if my humble
services are of use in aiding a moving power to
allay the dithinilties tint surround the trading
community of Great Britain, that I place them at
the disposal of my mercantile brethren, and, further-
more I have no objection, knd nut afraid, of acting
as spokesman before Her Majesty's Ministers.

JOHN 01 ARE, Jun.,
21, Exchange-buildings, Liverpool, November,
21st, 1857.

At LEWIS & ONPA NY'S. Ranelagh-street,
BOYS are CLOTHED from the Agee of Six Twenty Years.

The court, martial held on board her Majesty's ship St.
Vincen on Frtd ►y, on Mr. Drew, la e acting ma ter of
her Majesty's !hip Juno, after being nine months under
arrest, terminated (n that cvenirg The charge was, "F, r
that he (lid. on board the said ship, on or about the 10th
of July, 1857, neligenty perform his duty and forsake
his station ;" and " That he did, on or about the 10 h of
February, 1857, conduct himself with disrespect towards
Captain Stephen Greville Frem nt►e, his commanding
officer, by justifyirg his ne,4lect of ditty, and refusin4 to
receive a reprimand from his said commanding officer,
which he had justly inearreti," The prisoner wis
assisted by Messy. James aid Edward Hoikins, solic'tors,
of Gosport. After a protractel inquiry, the Court, ha• i:g
heard the evidence in supp,rt of the cha•ges, and what
the prisoner had to offer in defence, was of opinion `• that
the c' arges had not ben proven, and that the Court
acquit the said Richard Came I Drew of the charges
brought against him, and he is hereby acquitt, d accord-
ingly." An ther court martial, making t e third on the
Juno's officers at the instance of her captain—will be
held on board the St. Vincent, to try Lieutenar t Hugo B
Barnaby, first lieutenant of the June, who has been tar d r
arrest, and fur some time under bayonet sentinel stutrei!-
.lance, a year and a half.

At 'LEWIS & OSIPANV'S, Rimelagh-street.
BOYS are CLOTHED from ttio Ages of Six to 'twentyYea-s,

Sir,—The pecuniary distress at the present time
is the only apology I can offer for trespassing on
your good nature.
My commercial experience enabling me to weigh
mattera on th.i Liverpool Exchange, prompted me,
in Marcia last, to write an article on The Prosperi-
ty- of England," which was published in the Liver-
pool Herald of the 12R ,la of that month. As those
prognostications been fully developed by time,
I will thank you to quote the subjoined, which
apee tred in the Herald of this day.'s date.
TOE COMIERCRL CIJ3IS.—A letter from Mr. John
Clare, jun , appeared ita the Herald on the 28:h of March
last, in which the present crisis was foreshadowed. That
gendeman thou said : The vicissitudes of trade and com-
merce, cinoled with the perplexities of foreign powers
during 1857. will be such as th-e people of England will
remember, many of them with bitterest anguish, all their
Eves; the mischief brought upon the.' by the Aberdeen and
Graham administration, is now only beginning to show
itself and its cffeets amongst the commercial community,
and these dependent upon them for support, must be too
apparsnt, be'ed as it is upon Peel's currency bill ; without
a speedy charge for the better in the money market, there
is nothing but ruination for many an honest man before
the 3 at December. All brought about with h'gh.priced
provisions, an expensive war, and dear money, upon a
curtailed circulsion an I defecive system, by placing the
currency of a ccuntry like England upon a met allurgic
value. When the revenue is rase] upon direct and indi-
rect taxation, if the country is solvent to pay !he revenue
required, and its production is dependent upon trade and
commerce, can there be stronger proof than Peel's curreney
bill is a delusion and drawback to the prosperity of the
nation, also to an extension of Briti.h commerce. If the
standard value of gold is £3 17s 101 d. per ounce, a fixture,
so should the rate of interest be also at five per cent ;
other Rise, one being a moving rate, and the other a fixed
standard, it is only a nem al result that panics in the
money market will pay periodical visits to the commercial
• community every ten years, Most unquestiona'2ly it must
he to if the rate of discount fluctuate. This argument is
confirmed with the low rate of discount when money is
seeking employment, facilities being given to speculatcrs.
And so soon as a pressure comes in the money market, up
rise discounts, and a difficulty to negotiate, then, between
the capitalist and the representative of cipital, viz , com•
merce, the middle -operators are swallowed up in a
commercial vortex. The innocent get hit indirectly with
the guilty. If gold is to continue the ruling standard, the
sooner the community begin to reli,coish wearing golden
trinkets. the earlier will the dsiek speck disappear, which
at present is on the hor zon of commerce.
The absurdity of the currency being based on
metallurgic value', for the increasing trade and com-
merce of Great Britain, is only comparable to an
old man when ho gets into his dotage. The very
fact of Englund's trade and commerce increasing,
and the commodity that represents it not being
equivalent in value, the fact is proved, that Peel's
Currency Bill is a clog on the wheel that revolves
upon the commerce of the globe. If we are to look,
in a scientific light, upon Peel's Bill, that has
blasted England's reputation before to day, and
also caused the ruin of many an honest man, it is
not founded in accordanee with the fitness of things.
This argument is verified by expansion and con-
traction; the latter refers to the gold currency, and
the former to commerce, that is reduced to its value
by gold; hence it is, so long as discounts fluctuate,
and trade and commerce inercase, with the advance-
ment of the age, and England is tied up in
monetary' matters by that infernal machine known
as Sir Rob,,rt Peel's Currency Bill, no solvent man
is safe when monetary matters become deranged
for want of a negotiable medium.
The people of England deserve to be ruined if they
do not at once come forward and take such steps
as will appease, to some extent, the arbitrary Act of
Parliament, known as Peel's Currency Bill, and by
their causing it to be made a door mat of, at Cam-
bridge-house, they will lay a foundation for re-
establishing the commercial credit of England, and
by which the honest trader will be prevented from
being ruined.
If the Crown of England can procure from the
people of England a revenue of fifty to one hunded
millions sterling per annum, Queen's notes for
that amount ought to be issued forthwith, of such
amounts as the emergency of the times demands.
If this mode of negociation be not resorted to at
once, the commercial and trading community,
dependant upon it, Will he impoverished before the
31st December, 1857. The 10th of December, i
matters are Id:, to remain as at present, will make
great slaughter with the American houses, es-
pecially those who have done business as bankers
between the two countries.