The Northern Daily Times.
Liverpool, Merseyside, England, 1857-02-11 00:00:00

London has been the subject of a public meeting
in Exeter Hall. We rejoice to find that this social
question is taken up in an earnest and philan-
thropic manner •by men and women of high station
and great influence. The speech delivered by the
Bishop of London was of a very interesting cha-
racter. The movement must surely commend
itself to the warm sympathy and active support of
our fair countrywomen.
Locally there is nothing stirring. A meeting
of the gentlemen interested in the tobacco trade of
Liverpool, was held at the Clarendon Rooms yes-
terday, and the proceedings seem to be most
uproarious. The meeting separated without
gaining the object for which it met—the
appointment of a master cooper to superintend
the delivery of tobacco.
Holmes, the notorious ticket-of-leave man, who
boasts that he has been in every prison in Eng-
land, has been apprehended, and caged at
Bradford. It is time he was sent out of the
country.
Our intelligence from the Continent is unim-
portant this morning. We have news from Teheran
to the 10th inst. It confirms the news of the pro-
clamation of a holy war by the Shah. He had
issued a proclamation promising to his people that
lie would not yield to the threats of England. In
fact there is to be complete war to the knife ; so
that the opening of negociations between Lord
Cowley and Foroulih Khan at Paris comes very
opportunely for the British Government. It would
appear that the Russian protest against the demands
of England on Persia is an established fact. It
has been followed, as we learn from St. Petersburg,
by instructions to the Russian commanders in the
Caucasus, on the Caspian, and in Western Siberia,
how to act should it be necessary to march Russian
troops into Persia—whether to assist the Shah or

to secure part of the booty. •
The article in the Ilioniteur a few (lays ago, in
favour of the union of the Danubian Principalities,
has elicited a storm of attacks from the Austrian
press. It seems that it was written four weeks
ago, and communicated to Lord Cowley, who
insisted upon its not been published before the
closing of the conference at Constantinople.
This demand, being just in form, was complied
with, though, after all, the article does not contain
anything but what Lord Clarendon himself took a
part in expressing as the wish of Europe at the time
of the Paris Congress.
We have Constantinople dates to January 30.
They state that Admiral Lyons had given orders
to all the ships in the Black Sea to join him before
the 10th at Constantinople. Some of them had
already arrived in the Bosphorus. When the
whole squadron shall have assembled, it was stated

to be Lard Stratford's desire that it should be
once more paraded all round the coasts of the
Black Sea, immediately before taking leave, and
as close to the 30th of March as possible. But it
was considered doubtful whether Admiral Lyons
would lend himself to so foolish a display in the
face of the equinoxial gales. The relations between
Lord Stratford and Sir H. Bulwer had not
improved, although no further collision had taken
place. Sir H. Bulwer" does not avail himself of
the holida3s which the Principalities Commission
enjoys until the 23rd of March, by which date the
Austrians shall have withdrawn their troops.
He and the French commissioner, M. de Talley-
rand, remain at Constantinople. All the other
commissioners are off for their respective
homes. The Porte has at length resolved vigo-
rously to execute its share of the treaty with Greece
for the suppression of brigandage on the Turko
Greek frontier. A battalion of infantry and a
regiment of cavalry had been despatched for this
purpose to the Greek frontier.
The intelligence from the West Coast of Africa,
published .to-clay, is of a satisfactory character.
The Peninsular mails arrived in the Colombo at
Southampton, yesterday. She was clue at that
port on the 11th inst., and a steamer had been
sent in search of her. Her detention was caused
by a break down in the machinery.
Up to the hour of going to press there was
nothing of the steamer America, which was to leave
Boston on the 28th ult.

THE CHANCELLOR of the EXCHEQUER has
obtained a Select Committee to inquire into the
operation of the Bank Charter Act of 1844.
" PEEL'S Bill of 1819," he alleges, " recognised
" the principle of the convertibility of the Bank
" note, and as this was a question of contract,
"resting on the principle of honesty, that should
" be recognised not only by every speculator and
" every political economist, but by every man of
" sense and understanding. He could not
" believe that any person, either in that house or
" out of it, would contest the validity of the prin-
" ciple." There is much in these words which
goes for nothing, for we never heard any man
question the soundness of the principle of conver-
tibility. All the Currency Reformer says is,
that it is impracticable, and time has shown that
they are right. This is proved by the Bank's
never being able to hold at any one time, since
1819, sufficient gold to redeem all the notes in
circulation. The paper in the hands of the pub-
lic has never been less than 14,000,0001., while
the reserves of bullion have repeatedly been
below 5,000,0001. To correct this evil, Sir G.
CORNEWALL LEWIS says :—" The Act of 1844
" was passed." But the operation of that mea-
sure has only rendered the failure of the principle
of convertibility still more conspicuous. Since
the passing of that Act Australia has added
nearly 70,000,0001. to our supply of gold, and
notwithstanding this, seasons:3of monetary pres-
sure, usurious discounts, and panics in trade
have been more frequent than at any former
period of our history.

It is this palpable failure of the economic prin-
ciple involved in the theory of convertibility
which has created a Currency Reform agitation,
and emboldened the enemies of the Bill of 1819.
The Bank of England have, it is true, contrived to
supply gold on demand to meet their notes ; but
by what means, and at what cost ? First, by
suddenly contracting their issues, thereby depre-
ciating the value of all property and produce, and
throwing labour out of employment. Secondly,
by raising the rates of discount, and adding from
2 to 3 per-cent. to the burdens of taxation, and the
cost of production. These are the scourges
which have rendered the principle of convertibi-
lity a national curse The impracticability
of the theory, " I promise to pay
" [gold] on demand," was clearly established
when the Legislature found it necessary to confer
a Royal prerogative on a Joint-stock Bank, and
enable it to make its notes legal tender in pay-
ment of debts and taxes. This was an immense
relief to our bullion reserves, as it gave the public
a degree of security which the stock of gold held
by the bank never had afforded them. Such a
step would not have been needed if convertibility,
in its literal sense, as the CHANCELLOR of the
EXCHEQUER and other Bullionists use it, had not
proved a most signal paradox in practice.
The note itself would have been of no use in the
presence of 20s. worth of geld for every pound
issued in paper. The sovereign requires no
o
representative. The 14,000,0001, of o