Northern Times.
Liverpool, Merseyside, England, 1857-11-16 00:00:00

THE DAY'S NEWS:

We to-day devote much space to the details of
the news from India. They are of a most exciting
•and important character. True, we have already
published the- results of the attack upon .Delhi;
but the copious extracts which we take from the
Bombay and Calcutta journals, to say nothing of
the official despatches from General Wilson, Ste.,
'will be anxiously dwelt on, and canvassed by the.
:people. The definite attack upon Delhi was com-
menced on the 7th September, the British then
numbering some eight thousand before the walls.
From this day up to the 11th, a number of
batteries were erected. On the 11th, the batteries '
opened fire, and with terrible effect. Huge masses
of masonry crumbling before the iron storm,
shovied the efficacy of British practice, and con-
vinced all parties that the hour of retribution was
rapidly approaching. Night and day until the
Heil was this tremendous fire continued, and
then the breaches being reported practicable, it
was :sown that the moment of actionhad at length
arrived. The .attacking force was distributed into
five columns, the first under the lamented Ni-
cholson, and the others under Brigadier Joees, Col,
Campbell, Major Reid, and Brigadier Longfield.
The cannonade was maintained until the last
moment, and then the Rifles dashed .to the front
witha true British cheer. There was a brief delay
of some ten minutes, while the ladders were
lowered into the ditch, in order to ascend the
scarp. At this period there was a perfect hailstorm
of bullets, thinning the ranks of the adventurous
heroes engaged in this dangerous task. It was,
ho never, speedily brought to a conclusion. The
men dished -into the breaches, and the .cowardly
miscreants by whom they were defended, fled
before the British bayonet, wielded by true-hearted.
Britons. Atthe Cashmere Gate, a feat of daring
valour—seldom equalled, never serpassede—was
manifested. It was decided that the Cashmere
Gate was to be bloWn down, and the perilous duty
was entrusted to Lieutenant Salkeld, of the Engi-
neers, and Sergeants Carmichael, Burgess and
Smith. They advanced cooly and resolutely to.
almost certain death. The bags of powder were
placed in the most steady and deliberate manner,
Lieutenant Salkeld receiving two bullets, Sergeant
Carmichael was killed, and also Sergeant Burgess,
but not until he had fired the train. Through
the gate thus blown down, the third column rushed-
with irresistible force, and entered the town just
as the .first and second had won the breaches. It.
was in clearing the Moree Bastion that General.
Nicholson received his death wound. The British
loss in killed and wounded in the terrible attack
alone, azaeueted to 01 offiees, and 1,178 men. The
-victory was virtually decided and Delhi won on
that day ; but from the 14th to the 20th the
British troops were steadily improving their
triumph. That day Delhi was their own, the un-
armed citizeneeand women were permitted to leave
the city, but no mercy was shown to any armed
rebel

According to the ministerial organ of yesterday,
the Observer, a Privy Council will be held at
Windsor to day (Monday), after which a pro-
clamation will.be issued, calling Parliament at the
earliest possible time. The day in all likelihood
will be fixed is Thursday, the 3rd of December.
It cannot be much earlier, as fourteen days must
elapse before the meeting of Parliament, dating
from the publication of the Order in Council. The
Observer rerßarks:—" It has been stated, incorrectly,
that the law required Parliament to be called
together in fourteen days, after what people are
'pleased to. call a violation of the Bank Act. But,
in the first place, the Bank Act has not been vio-
lated at all. It is further considered very likely
tbat the Bank will not now find it necessary to use
:the permission given to their:, under certain con-
ditions, of issuing any number of notes beyond
those -authorised. Even sheald, they be • cam-
,pelled to do so, there is nothing in the law to
render the itnineeliate meeting of Parliament ob-
ligatory In giving their advice to the Sovereign
for an early assemblieg of Parliament, the Govern-
ment have been infineeced by the desire to leave
•nothing undone to restore the cenfileace of the
commercial classes, which has been so much shaken
by the very serious mercantile agitation itt Liver-
pool, Glasgow, and elsewhere, Ceefidene is
already returning. Let us hope it will be completely
established by the assembling of the great council
of • the nation." It is generally- believed that
Parliament will at once acquiesce in the indemnity
bill, but that very powerful efforts will be
made to induce the Government to introduce a
new Barak Act. That such is imperatively de-
manded by the state of Commercial affairs in the
Kingdom, there are few, it' any, would have the
temerity to deny. To one or two courses, the
Government must commit itself. "Ifit is deter-
mined," says the Banker's ,Circular of Saturday,
." to ophold a system. of currency based upon gold,
:giving to depositors as well as noteholders the
,power to demand epode at all times, we say that
,the country shoehl demini a strict adherence to
.the principle;; but to maintain the present hybrid
,eyStem, and tell the world that there is gold for
any-one who likes to demand i; for ILK the deposits
and liabilities of every bank in the kingdom, is one
of lAhe grossest delusions ever palmed upon
a nation. Not a single bank in the United Knee-
dein could .stand sueh-anordeali why, then, we ask,
is :Inch a dangerous power entrusted. in the hands
of depoeitors-?• -We are not the snalogiats for a host
-o' currency theorists, whose E2hezeee look very
.grind upon aver; but we maintain that a mare
,dangereus system than the present-could never be.
.dapvised 4a throw the nation into periodical convul-

sionp, and to degrade thoae, chases who live by
industry. The very par.,ort of the Act of 18/1 was
to monopolise, uitimately, the sole powzr.of issuing
notes through the.attilt of England :ac this spitit
is visible in alinost every .clattio of thlt A.et The
present crisis has clearly d.;:-I..)ristmted that tout
ivatitution cannot sustain the gigantic fabzie of
credit which commerce 'has re_trad. whenever any

pressure comes upon us, and that it car only savo
itazif by precipitating the spread of almost .univer
sal distress witi. ruin through,.;.ttt the country.'
The domestic news this mclrning is not of any
interest. The committee appo'llted at the Reform

Meeting, held 1:71 London in Juno List, flajrtiTc-on—
ceived a nvnifesi.o to the peopi of Great Biitaiu

and Ireland

This iri.Ln.esting docurnent calls

upon the people to soelt rliamentary P.lform in
:order to ensure .‘ Ministerial responsibility;" it
declares that the result of the present defective
system are " class legislation, bad administration,
finan.cial, extravagance, and a foreign policy always

beyond popular control." Six points aro enume-
rated as the rallying cry of geformers. They
are; residential suffrages in the boroughs, ten
pound occupiers in the counties, vote by ballot,
equilization of canstituencies, . abolition of the pro-

perty valifintions, and triennial parliaments
the adarm ja brief, but pungent, an<l Jae not yet,

been signed by any President or Chairman. On
Saturday the Princess Charlotte transport, sailed
from Queenstown with the 18th Regiment for India.
Full details'of the news by the West India mail
steamer Atrato, will be found in another portion of
to-day's impression. From the British Possessions
there is nothing of any material importance. From
the South Paciic there is, however, several items
of importance. The news from Chile is to Sept.
30. A new Cabinet has been formed, the President
having yielded to public opinion. The political
excitement that formerly existed had all subsided,
and everything promised to go along
quietly. Dates from Bahia are to September 28.
The revolutionary movement in this Republic have
assumed a most general character, and Dr. Linares
has assumed the title of Provisional President, and
tilen the field against the Constitutional Presi-
dent, General Cordova. The cities of La Paz,
Oruro, Cocabamba, and Chuquisaca had pro-
nounced against the Government. Gen. Cordova
was marching against the first named city _with
1,500 veterans. La Pas had a garrison of only
1,500 recruits. The revolution still continues in
the South. Nothing decisive had been done. One
of the accomplices of the assassination of Mr.
Sullivan, had given information against the mud--
derer,who is said to be a Frenchman.
Our intelligence from the Continent is unusually
meagre this morning. The Committee of the
Liberal Opposition party of Turin has recom-
mended the electors of Genoa to re-elect all the
late deputies, except Count Mamiani. The Na-
tional Bauk of Turin has raised its discount to 8
per cent. •

The Peninsular Mails have arrived. I.;.sbon is
still very subject to the yellow fever.
The Asia which sailed for New York on Saturday
took out 55,000. in specie.

Oust correspondent, "An Observer," whose
letter appeared in the NORTHERN TIMES of
Saturday last, suggests the propriety of the
Liverpool merchants presenting an address to
Lord PALMERSTON, thanking him for the relief
given to trade, and asks our very humble co-op-
eration in the movement. This, we regret
exceedingly to say, we must decline. The ques-
tion of panics is not of so light and frivolous a
character that childish complaints or party sym-
pathy can avail one jot. We have stated on
several former occasions that the mercantile pub.
lie have but very little to thank the PALMER STON
Cabinet for on the present occasion, and have ad-
duced sufficient facts to justify our assertion. The
Premier must have seen as clearly as we did that,
when the Bank of England raised its rate of dis-
count to eight per cent., universal bankruptcy in
trade must inevitably folow. When the Bank
raised its minimum rate to nine per cent., Lord
PALMERSTON was waited upon by deputations
from Scotland and the manufacturing districts of
England, who first pointed out the real condition
to which the trading classes were reduced, and
solicited relief in the name of common sense-
These deputations were listened to with impa.
tience, and dismissed without a vestige of hope.
Another addition was made to the rate of dis-
count. Ten per cent, was the minimum imposed
on trade. Two pounds was added to the famine
rate of 1847. Now, this two pounds per cent.
on the 200,000,000/. of commercial bills floating
in trade would amount to 4,000,0001., and this
is what the holders of those securities have lost.
Add to this ten per cent. more lost through
-failures and depreciation of prices, and it will be
found that the Premier's refusal to grant timely
relief to trade has cost the public fully
8,000,000/. The losses of the railway, bank, and
mining shareholders, Exchequer-bill, and fund-
holder are much greater. We must look again
at the vast amount of annuitant property which
has suffered from the combined operation of the
panic, and the conduct pursued towards the
East India Company. Let the faults of Directors
of public bodies, which exist under charters
derived from tin State, be what they may, their
blind and deluded constituents, whose substance
is at stake, are not to be wholly ruined and left
destitute that placemen may continue to hold
office and live.

If we turn to the labour market, which was in
a most healthy state before the panic commenced.

we shall find abundant grounds for serious appre-
hensions.* There are thousands of artisans who
were fully employed a month ago now out of
work, and without the remotest -prospect• of
being employed for months to come. Three
fourths of our . labouring population are in pre-
cisely the same state.- Under these circum-
stances, the bare mention of an address,
thanking Lord PALMERSTON fbr the relief given to
trade, can only be meant as a bitter satire, and as
such it would most assuredly be received by the
Premier. Moreover, we are most strongly op-
posal on tirinciple, to the commercial classes
bein?; used for the purpose of heaping party
adulation on political leaders. Lord PALMER-

.sTON is just entering on his trial as a statesman.

An incomparable Foreign secretary, an energ;tic
and determined war Premier, a skilful debater,
and able Parliamentary chief, may be deficient in
those very qualities we now require in a Prime
Minister. The hands which demolish the works
lof centuries, are seldom gifted with the genius
which:can rebuild and restore. They are works
for distinct ages. Through the former, Lord
PALMEKSXON ha. 4 passed with great ability, and
has won unmistakeable reputation. He is now
entering upon the latter, and we can afford to
wait until we see how he proposes to restore the
foundation of
.industry, revive the great super-
structure of commerce, re-arrange the pillars of
trade, and re-adjust the ordinary ernbAlishrnents
and princely adornments of civilisation. The
artistes of the Molise° School were' not dis-
tinguished for the magnificence, or
propriety in working out the details
of - their designs, and since the • legislative
mind of England keeps hovering to and fro
from Moorish hobbies to feudal follies, we are by
no means sanguine as to the result of modern
law-making where great fundamental principles
of progress and refined life are to be, dealt with.
We are bound, in reason, at all events, to

I=.t until we see the end of the crisis of 1857
before we applaud those who are responsible for
its desolating effects.
To keep the springs of industry in
motion, is the first of the moral duties in-
trusted to governments—and we hope to
find the natural activity which prevailed pre-
vious to the failure of our labour-grinding
money-laws, speedily restored. The Banks,
more especially those of Liverpool, have regained
their former stability. The merchant will be
able to hold his produce, now that the unwar-
rantable depreciation of our markets has been
checked. Our imports will increase, as foreigners
must send their products to the world's market,
for which they were originally intended. They
will take our depreciated manufactures in ex-
change, and thus our exports will be augmented.
All this may come to pass in the natural coarse
of things, within a month or two ; but what is
to become of the working millions even 'in this
short space of time? Where is the money—the
gold and silver—to pay wages ? The Banks
cannot part with those metals while immediate
danger is proclaimed by a ten per cent, rate of
discount. They must not part with the sove-
reign as we have nothing to represent it at the
working man's pay-table. The gold pound is the
highest _measure known in our metallic money.
The "promise to pay" five pounds is the lowest
note allowed for circulation. The latter, there-
fore, cannot represent and discharge the functions
of the latter. The sovereign, which is really
worth a great deal more than twenty shillings,
is not allowed a note to represent it, while the
romantic " promise to pay" has its millions of
paper in circulation ; and the worst of all is,
that the value of these "promises" depends
altogether on the power of the Banks to with-
hold our metallic money from the public. By
this system we are compelled to give up the only
portion of our currency which can discharge the
first duty for which money is required, to give
value to paper which is perfectly inoperative
where the one pound, coin is imperatively wanted.
In all that has been written on the subject of
panics, no one has ventured however to assert that
the aggregate capital of our Banks represents the
twentieth part of our realised wealth, or that
trade enjoys one-half of the credit to which its
substance entitles our traders.

Hence we arrive at the true cause of our present
difficulties, and until the public are taught to
look on money, in whatever form or quantity
it may be given to us, as representative,
it will be impossible to prevent the recur-
rence of devastating panics. The attainment
of comfort, independence, and wealth are the
main aims of human industry and enterprise,
and it matters very little what the instru-
ment is composed of, which the State supplies us
with to gain our object. If " rage" are made to
represent a given amount of acquired wealth, or
produce of any kind, no one will part with that
which represents his substance without an
equivalent, as its recipient would then be able
to convert this representative money into sub-
stance. But, then, it is urged that a limit must
be placed to the use of " rags." Precisely so.
If we had no State, no Government, no army, no
fleet to support, and led a primitive life, we
should now be the richest people in the world,
and no under currents would be at work to bring-
about panics. We have money—gold—enough, if
you will, for all the purposes of industry, trade,
and commerce. But what about the State's
demands on the subject ? The Chancellor of
the Exchequer will require 80,000,0001. • of
taxation this year. This money must leave our
tills before it can return to them. Here, then, is
a diversion, of many months' duration, of this
large amount of the available means of the
people. Of this huge sum we get about

30,000,000/. in " promises to pay on demand,"
But this leaves a deficiency. in trade of no less
than 50,000,000 Z. Now, to re-imburse those
who have to pay this 80,003,000/., it is necessary

that they should be able to add the taxation o

the year to the prices of the commodities they
produce. It must be self-evident that if we
cannot do this we must be heavy losers by the
diversion of so large an amount from the ordinary
channels of trade; and as a limit must be placed
to the use of paper money, let it be confined to
the amount required for the support of the State.

The Crown should at once resume its prerogative
of creating money, and give us legal tender paper
with which we could pay all duties and taxes.

The State would then be enriching, instead of
impoverishing, trade. We could have no depre-
ciation of currency where the demand would
always be equal to the supply, and being made
legal tender, we question if our English State
notes would not be at a high premium all over
the world. As a nation- we have something to
pledge, and as our moral and political existence
depends on our good faith, who would question
the intrinsic value of the Imperial Paper Money
of Great Britain.