Northern Times.
Liverpool, Merseyside, England, 1857-10-21 00:00:00

unnecessary and impracticable when applied to
Banking, in its broadest and national sense. If
the Americans had adopted our hopefulness and
good sense, at the same time that they imported
our " convertibility" follies, we should not have
lived, in all probability, to witness a whole
nation rushing like maniacs to sweep away their
whole stake in the institutions of their country, and
destroying the last vestige of their credit at home
and abroad. We question if hugging the worst
absurdities of the " cash payment" school could
have led, under any circumstances, to so lamentable
a result. There is nothing, however, to be found
in their banking returns to justify a supposition
that their banks had departed from what we
consider to this country to be ordinary sound
banking operations ; and a very brief comparison
of the actual condition of all the United States
banks with that of the banks of England will
suffice to show the astounding stability which
the former have attained. At the close of the
year we find the States Banks held 40,020,000
dollars in species, and 251,875,000 dollars
capital against 140,300,000 dollars of notes in
circulation, Here it appears that their issues were
only a trifle over 500,000 dollars in excess of what
we consider prudent banking namely, one
pound in specie for every three pounds in paper
put into circulation, and that there certainly was no
cause for public alarm at that period. The Banks
of New York actually held 12,000,000 dollars in
specie, while their aggregate issues oniy
amounted to 8,000,000 dollars ! The Banks of
Philadelphia held 4,000,000 dollars in specie
against 7,600,000 dollars of notes in circulation,
and the Banks of New Orleans had a bullion
reurve of 8,000,000 dollars against 7,500,000
dollars of notes in circulation.

This was the condition of the banking busi-
ness of America at the commencement of the
present year, and we find, by the returns for the
week ending the 3rd instant, that the banks of
New York held no less than 11,400,4 i 3 dollars in
bullion, against 7,916,102 dollars of notes in
circulation. This being the actual condition of
the leading banking districts of the States, it
renders the recent diastrous movement on the
part of the public perfectly inexplicable and
unpardonable. They were all in a much sounder
state than we are at present, according to the
much-lauded banking absurdities of the day ;
for we find by the returns of Friday last that the
Bank of England only held 10,109,9941. in
bullion, against 19,990,100/. of notes in circu-
lation. And what is the average of our aggregate
capital. and stock of bullion compared to the
total circulation of all our Banks, whiclfis very
rarely less than 30,000,0001. ? The States have
realised the superlative delights of the B unionist's
dreams, and at a much earlier date than they
had any reason to anticipate, and it is only to
be regretted that, when they had the courage to
fnllnw na int'n nnr rnn nF c.,11...:.. 4,--sv t,„
not the fortitude and good sense to lo3k to, the
actual condition of their monetary affairs before
they rushed headlong into the destruction of
their trade and commerce. If we were true
believers in the creed preached to us by our
money-mongers, we should have a run upon our
Banks every other week in- the year ; but we
know the greater part of their doctrine is all
blarney ;" and while we respect the welfare of
our neighbours, and the general safety of our
country, we must submit patiently to that which,
if tested, would be found a pitiable delusion.
This is the coolness and forbearance America
lacks, and until she cultivates them, her com-
mercial and industrial existence will be at the
mercy of every paltry charlatan who has suffi-
cient knowledge of her weakness to fill the public
mind with groundless alarm.

TUE Liberal Municipal Electors of Liverpool
are now called on to exercise the solemn trust re-
posed in them by the State. They are to elect
• sixteen fit and proper men to represent them in
an assembly which is second only in importance
to the Imperial Parliament. Other Corporate
• Councils may have to deal with a larger popu-
lation, a more princely revenue, and to make
away with more turtle, venison, and champagne ;
but there is not another body whose acts immedi-
ately affect the commerce and mercantile pros-
perity of the nation, How these interests have
been dealt with by the Parliamentary haxks of
the Corporation we shall not fail to show when
the election of the new Conservency Commission
is about to take place; and we need scarcely do
more than paint to the Dock, Gas, and Water
jGbbery of the last three years to revise in the
lib.eral voters of Liverpool a fixed determination
to return none but honest and intelligent men
to the Council Chamber. Last year we showed, in
Lime-street Ward, what can be done by union
and vigorous exertion. We have an opportunity
this year of doing much more, to reduce that
overwhelming majority of Corruptionists, who
carry everything their own way, and with whom
remonstrance is of no use. Between professional
jobbers and morbid " liberals," gentlemen of
small ambition and easy disposition, the cor-
ruptionists have a majority of three to one in the
Council, and they do as they please with the
Ratepayer's money. TO correct this state of
things is the bounden duty of every indepen-
, dent man in the enjoyment of the municipal
franchise. Our Corporation should be a perfect
reflex of the public spirit and commercial rectitude
of that great mercantile community, from which
its members are chosen.
Men should be selected for such officers who
would not shake off the good manners—and the
very skins from their backs —when they 'enter the