Northern Times.
Liverpool, Merseyside, England, 1857-10-20 00:00:00

in a direction were a nation's honour is far more
deeply concerned than her people's solid wel-
fare. We have broken down twice in our modern
race after empire. In each case we can
assign our failure to palpable causes, nor are
we at a loss for facts to account for our
subsequent abandonment of all thought of the
re.conquest of our lost territories. Dominion is,
in fact, a political commodity, which, like cotton,
may be bought or held at too high a price. And
we may rest assured that, whatever the upshot of
the present revolt in India may be, we shall be
compelled eventually to examine very minutely
into the returns we receive from Asia for the

expense we incur in its government. Whatever
the system of administration of Indian affairs has
been hitherto, it is now quite clear that it must
be instantly abandoned. We have lost an army
of 300,000 native troops which must be replaced
by Europeans. Less than 100,000 men will not
suffice for this service. How this drain on our
physical strength will operate, what its cost •to
England will be, and how long it can be sustained,
are questions which remain for discussion at a
future day. In the meantime we enter on the
work of re-conquest with our banking discounts
within one per cent. of a famine rate of interest
for money, with our best foreign customers—a
people without a national debt, who knownothing
of the pressure of taxation, who have no standing
army worthy of the name as far as regards
numerical strength, whose government are con-
tent to live on the cheese-crusts of their country,
and who produce as much virgin gold within
their own territory as we do—suffering from a
suspension of cash payments, and an universal
breaking down of commercial credit !
If we - look nearer home, what have *e to
expect ? England is the pivot on which mone-
tary and commercial Europe revolves; and when
we fail to perform our diurnal functions, in the
way of giving or receiving accommodation, the
circle of disastrous phenomena will be complete.
Those who have been relying, either in the poli-
tical or material world, on the steady production
of gold for the success of their speculations, must
be appalled at what they have witnessed in
America within the last few weeks. They must
see that, by same perversity of things, that which
contributes most to the comfort and progress of
a people, adds least to the stability of the best
intereits of a community. This apparent paradox
has a world-wide existence in practice, and, with
a living exemplification of its truth before' oiir
eyes, it behoves us to be on our guard. It is
futile to suppose that any line of action which
has a tendency to depress trade, and disturb the
general pursuits of the country, will leave us more
at ease in the prosecution of monster military
exploits. We have never questioned the power
of England to enforce obedience to her will, nor
the valour and lov4ty of the gallant troops
employed in the despoiate.conflictnow raging in
India, but it would be highly criminal to attempt
to disguise those dangers which manifestly
threaten us at the present moment. We are not
in a condition to bear up against an extraordi-
nary, military expenditure, and a heavy depression
forced upon trade; and India must be abandoned,
as the Russo-Turkish war was, or the Bank screw
must be relaxed.

An immense and unexpected demand has
sprung up abroad for the precious metals, owing
to the failure of the monstrous doctrine of con-
vertibility ; and we must now check the efflux
of our stock of bullion, as if to give
intensity to the consequences of that failure,
or prepare for a suspension of cash payments at
home. The Bank screw has not always proved
successful in preventing the exportation of gold ;
and as bullion is worth more just now in the
American produce markets than 8 or even 10 per
cent., the drain to New York cannot be stopped
without the Banks resorting to measures which
may precipitate a far worse state of things. Those
members of Parliament who comprised the
Select Committee of the House of Conarnotts, to
inquire into the operation of the Bank Charter
Act, must be•alive to the dangers Which are now
impending, and to them we have a right to look
for safety. They are aware of the mischief
another one per cent. added to the present
rates of discount must produce. If they do not
see the full extent of the consequences of such
an act, they must know enough to make them
feel that we are beset with dangers of alarming
magnitude. Those dangers, great and immediate
as they really are, cannot, however, be attributed
to a want of loyalty and patriotism on the part
of the people. Our military enthusiasm as a
nation has, for the, first time in our history,
extended to cries of vengeance, and we risk the
glories of certain triumph by countenancing acts
of reprisal previously unknown to Christendom.
When we make such sacrifices as these to prove
our devotion to a cause, who can doubt our
success in a hand-to-hand conflict? But there
arty other elements of power to be taken into
account—the command of adequate means to
carry on distant warfare and to sustain the great
fountains from which the material are to be
obtained. These stand in the utmost jeopard y
at the present time, and we only seek to have
due attention bestowed on those quarters from
whence dangers are to be apprehended.

AMONG the more important items of news from
India last received is the order in Council respect-
ing the " treatment of the mutineers," issued by
authority of Lord CANNING. It is a State
document of a most important character, and one
which gives us a further proof of the singular
conduct of the noble lord who now rules the ,