Northern Times.
Liverpool, Merseyside, England, 1857-12-05 00:00:00

THE COMMERCIAL CRISIS.

A special meeting of the Directors of the Manchester
Chamber of Commerce was held on Thursday, Mr.
Thomas Bazley, president, in the chair, and the follow-
ing petition to the House of Commons was unanimously
adopted

•
To the Honourable the Commons of the United Kingdom
of Great Britain and Ireland in Parliament assembled.
The Humble Petition of the Directors of the Chamber of
Commerce and Manufactures at Manchester.

Sheweth,—That your petitioners view with regret and
alarm the accumulating commercial disasters of this coun-
try, isnd which they humbly submit have been increased
by those serious evils which have arisen from the inju-
dicious and reprehensible course pursued by a few discount
and bankit!g establishments.

That whilst your petitioners deplore the disturbances
which have taken place in the foreign commercial relations
of the country, they cannot withhold the expression of
their deep conviction tha• a c tuso of mischief beyond those
disturbances has existed, and tended to produce the present
ruinous crisis.

That your petitioners lament that the floating credits of
the country, in the forms of bills of exchange, have been
created and circulated beyond the means of the capital and
the currency of the Country to withdraw or absorb at their
maturity, and whilst they admit the value to commerce of
the legitimate bill of exchange, they cannot avoid censuring
the abuses which have attended the employment of this

beneficial instrument, which, when rightly issued, promotes
the profitable exchange of commodities. •
That your petitioners fear, from the existing impel„
ments to trade and commerce, and from the crippled et
of those sound pecuniary facilities, which are at all titre
needful for the conducting of large transactions, that IT:,
labour of the manufacturing districts will become ;10
minished to an extent fraught with severe distress W
industrious classes.
That your petitioners believe that a sound curreacl4
indispensable to permanent prosperity, and that a tilet6,6
standard alone can contribute to the monetary safety `"
nation. :.„o.cfa•
That your petitioners disapprove of the existing 1,4—•:;,,d
larities in the monetary arrangements of the "tit
Kingdom, and respectfully urge that one undevia,.o
impartial, and just system should prevail in Brig'
Ireland, and Scotland. rauf
Your petitioners, therefore, humbly pray that •
honourable house fill be pleased to institute a sears >D9
inquiry to ascertain whether the existing monetary sYI no.
contribute to the soundness and safety of the trade,. c'nisr,
merce, and industry of the country; and, in PFt,letat
whether the course pursued by some of the joint's tbs
banks has not been opposed to the intention of ded
legislature, and prejudicial, as in the cases of the stlsPeuto
banks, to the best interests of the public, and also its
your honourable house will adopt such remedies 115 ;,,
tioti
wisdom may be deemed requisite, to ensure the restellig
of general confidence, the maintenance of order. an La,
conduce to the employment again of capital and law"
to the benefit of the people of these realms.

And your petitioners will ever pray. er,
The petition was forwarded to James Aspinall
Esq., M.P., in London, for presentation ; and Sir
Potter, M.P., has been requested to support its prayer.

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