The Northern Daily Times.
Liverpool, Merseyside, England, 1857-03-10 00:00:00

(or In other words to hold himself responsible for the vali-
dity of the credit bill), no money would be required ; t
if he declined, the party would be compelled to rai. e
money by some means, and with that money meet the bi I
about to fall due against him.

MONETARY AND COMMERCIAL.

tiVEnpooL, Monday Evening.

Seeing, then, that the power of the " bill and elearane 4
system" to super'ede the use of legal tender almost ent irZy
h'nges on the discounting accommodation afforded by
hanks, we therefore have the key to the sudden and
lo ent flultuations which occur in the supply and demon I
for leai tender. It is well known that the dispositioa of
banks to give discounting accommodation increases as the
plentifulness of money increases, and decreases as scarcity
advances. Hence, it results,' as an absolute necessity;
that the tendency of the " bill and clearance system " to
supersede the use or money, increases with every increace
in the-Supply of tnney,`And cleCr6a3eawith every dccredie
in the supply. fa other - words,- -every increase in- the
supply of money has` a direct tenlency to decrease the
'aggregate amount of work to be' done with it, and.every
decrease in the supply a direct tendency to., increase the
aggregate amount of work to' be done With it. Can we
wonder, then, that we have Stich 'extraordinary fluctua-
tions in the rate of interest ? Or, rather, can we conceive
arty sysfein- to be better adapled-thin our present one-for
prodbcing such flictuations ?BlWhy,;:a.ccasual observer
would fancy it was cut and carved for the very purpose,
and would be amazed at the- apparent ingenuity displayed
in accomplishing that purpose.
OUR MONETARY Ir.STEM PREVENTS THE NATURAL
LAWS PROM REGULATING THE RATE or, INTEREST. -
" Mercator," in a letter to the Times of Jan. 26, says*.
" The framers and supporters of the bill- of 1844, never
undertook to regulate the fate of interest. They knew
that interest is the pride paid for the use of capital, and
that that price mnst depend on the proportion between
the supply and demand for capital." He further explains,
that the aim of the above measure was to regulate the
amount of paper money ; and on this I would observe,
parenthetically, that the attempt to regulate the amount
of legal tender, whilst leaving the rate of interest to find
its ofru Idiot, was the grand error of that measure. The
only possible way to place the currency on a safe basis, is
to operate altogether from the other end of the subject,
namely, to regulate, the rate of interest, and leave the
amount of legal tender to find its own level. This will be
made clear in a future letter.

- The adv_ices received by the Europa were
delivered • this morning, but they do not seem to
have affected our Cotton Market in any material
point, although the Market at New York: and New
Orleans was active, and an. advance had taken
place at both those cities The sales of Cotton
hero to-day were about 6,000 bales; of which 1,000
*ere on speculation and for export, at the prices
of Saturday. .
With resptct to the supply of Cotton and the
forthcoming crop, we have been favoured by a cor-
respondent with the following steel-dent from a
source, Which in-general has proved very reliable,
as to the probable course of Cotton receipts,
exports. &a. from the American ports.
New Yonx, 23a1 -Feb., IBs7.—The accounts to hand
to-day, per Asia, are better than locked • for, inasmuch as
'our prices had not given way as we expected, nor had the
Bank of England raised its rate of interest, as we feared,
Its effects upon our market here has been to check business,
as holders demanded unreasonable prices; the sales, how-
ever, have been 2,000 bales, chiefly t. the trade, at the
outside value of nay quotations. The effects upon the
Southern markets will be a further advance, as they have
a more easy money market, decreasing receipts, decreasing
stock, and increasing cot& tence. The defaeit in receipts
amounts to 8,000, next week it will be nearer 70.000, and
every week hereafter will show an increased deficit. The
crops will be all in earlier than in any previous yetr, and
no difficulty will be felt in carrying the balance of the
crop for still higher prices. The following will ba some-
thing like the position of cotton next week, in 1000's
bales : Stock

• Receipts. Exports to G. Britain. in U.S,
1857 2,300
1856
1817. 1856:
Stock in U.S. ports as abore .... 730 .. 640
Probable receipts in ten weeks ... . 500 „ 877 .

There is both truth and error in the above -State-
ment of '" Mercator," that interest is the Price paid
for the use of capital. The truth is, that the rate
of interest ought to be determined by this cause ;
the error is, that Udder the existing system the
supply and demand for legal tender is continually over-
ruling the supply and demand for capital ; sometimes
3erking interest up to double its proper rate for the time
being, and at others depressing it to half its proper rate.
The supply and demand for capital does, however, to far,
assert its supremacy as to keep the mean Or average rate
somewhere about the proper level. As examples of the
steadiness of the rate Of interest, when ruled mainly by
the natural law of supply and demand for capital, we May
point to the rates on mortgages, corporation bonds, rail-
way debentures, and other similar loans, which, being
made for long dates, are thereby almost wholly removed
from the disturbing influences of the artificial law of
supply and demand for legal tender, and are hence subject
only, or chiefly, to the law of supply and detiland for
capital.
Before this view of the case e'en be made clear, we must
have a clear conception of what is meant by capital. As
herein usetz% the term signifies "general wealth," such as
prodnee, manufactures, buildings, &c., in short, every
product of human labour, which is useful to man, It
should be stated, however, that political econonlisfs limit
the term to such of the above deterlbed wealth as is
applied to purposes of reproduction. But this limitation
serves no useful purpose whatever, and if it did, would
not affect our present argument, because, if the supply
and demand for general wealth should beanie detanged
from an excessive demand for it; for reProductive pur-
poses, that derangement would necessarily extend over
the whole field 'of supply and deniand; for instance, if the
supply and demand for bricks were deranged from an
excessive demand .for them for the purpose of building
mills and factories, the supply and demand for bricks for
all other purposes would be deranged in like manner.
Since then, no useful purpose is se;ved (especially in our
present argument),:by dividing the general Wealth of the
country into two portions, one of which. is capital and the
other not, we still proceed on the assumption that the
terms " capital's and " general wealth" are synonymous.
With the subject thus presented, it becomes almost
self-evident that, as a matter of natural right, we ought
never to have a rise in the rate of interest without a gene-
ral rise in prices, nor a fall in the rate without a general
fall of prices. For, if a rise in the rate of interest were
only a consequence of the demand for general wealth being
in excess of the supply, the immediate effect of that
derangemeet of supply anti demand would of necessity be
a general rise of prices. So, in like manner, if a fall in
the rates were only the consequence of the supply of
general wealth, being an excess of the demand, the imme-
diate consequence would be a general fall of prices. It
follows, therefore, that if the natural law of supply and
demand, for general wealth, had full scope in regulating
the rate of interest, the rate of gmeral prices and the rate
of interest would always keep parallell with each other or
'thereabouts. Hence, any, and all monetary systems,
must be radically wrong which fail to preserve this
state of parallelism. The question, how to maintain the
required parallelism ? • will• be discussed further on. 'ror
the present, it suffices us to know that the existing system
does not provide it for us ; but, on the contrary, main-
tains a continual contrast between prices and interest,
making interest• excessively hi4h, while prices are exces-
sively low, and vice versa.

1230 1517
Stock 14th May next - 500 432

To be disposed of in the ten weeks 730 1085

Of which treat Britain will get . . $3O .. 619

France
Qontinent of Europa • 150 .. 103
United States consumption, Ste l5O ... 189

Consumers Stooks . 730.. 1085

The actual figures for last year are given, those fer this
year are assumed. lam not aware of 4nything- unreason-
able in them) and yet it would follow that the table of 13th
May ill Show a total export to Great Britain of only
1,060 bales, against 1,534 bales to same date last year. We
should have a greater increase in stock than 70,000 bales,
for, in speculative years, a large increase in stock always
takes plate. After -131 a May there is less ehenee for
200,000 bales conned td light this year, than for the
300,000 haJes which were received last year after that.
period. - •
The Liverpool Share MarkeE is still in a very
inaminate condition; few transactions being re=
corded, and prices, on the .wWle; are mill 3r lower.
The sales Were as follows-Blackburn, 8 15.16, 0 ;
Caledonian, 34a,4,a,-2-,1,1 5; Chester and Holyhead,
19, 181 F ; Eastern 4Counties, 10 13-16,1 ; Great
`Western, 681 ; Lancashire and Yorkshire, 102,
1014, 4, ; London and North Western, 1051,
1, 5..1 ; Do , k Shares, 81.; Manchester, Sheffield,
and Lincolnshire, 37, 6/, 7 ; Midland, 84A-c, 83 ,
; North British, 111. 5-16 ; North Eastern,
4 ya
Slat ft; e'llild°,Yearnsh Lt 01°91 nisi '4Ol ;ShAafraerisc, Manchester,
Dutch • Rhenish, 1,3-16 p, ; 'Great Western of
,Canada, 26; Bank of Liverpool, 241;. Borough
Bank, 104, 1.- The following were the closing
prices :*----Blackburn; 9, O 8; Chestet and Birkenhead,
64 101 ; .Caledonian, 35, ; :151; Chester and
Holyhead, 181, 19; Eastern Counties, 101, 19/ ;
o .
East 'Lancashire, 99, 99; , Great Northern,
231, •241 ;. ditto A sharei, 101,. 101 ; Great
Western,• 681, id 681; Lancashire and Yorkshire
Stock :10.1/, 102 ; Liveiponl, and
Southport, 191, 19# ; London and North Western
Stoek, 1051; xd 1051; .ditto *:shares 1-16 d, xd par ;
Manchester, Sheffield, and Lincoln, 34 37 ; Mid-
land Stock, 831, 84 ; North - British, 11-1 L 11;
North, Staffordshire, 5, 41 (-1 ; South 'Eastern and
Dover, 23 3-16 231; Scottish North Eastern, 14,
141; North Eastern--Borwick, 211, xd 211;
York and North Midland, 311, xd 311; Leedsnapital
Stock, 20 , 201 ; -Buffalo and Lake Huron, 1,
11 p; Dutch Rhenish; 1, 5=16 p; Great Western of
Canada, 26, 261; ditto 4New Shares, 3 346, 31 p;
Great Luxembourg, 101, 101 d ; Grand Trunk of
Canada, 121, 121.
The Manchester Share Market was quiet to day,
at the following- prices :-Dover's, 2.31 ; Sheffield,
371; Eastern Counties, 10/ ; Berwick, 211 ; Leeds,
1011; Midland, 84

There are several other arguments I should be glad to
adduce in proof of the-radical defectiveness of our existing
monetary system ; but the subject is considered a dry one,
and hence it may be assumed, that the less said, the more
likely is that which is said to findreaders. Moreover, one
conclusive argument is, or ought to be sufficient, and the
one last given is thoroughly conclusive. There is no
getting beyond, or beside, the broad fact that, if the rate
of interest were determined by the supply and demand for
general wealth, as the defenders of the present system say
it is, and as we all feel it ought to be, the rate of interest
and general prices would always run aide by side in their
fluctuations.—Yours, &c., J. BBITTEN.

The demand for money continues quite active,
but the supply keeps steady, and there is no alter&
tion in the rates of discount. Messrs. Littledale
and Co , in their circular just issued, make the
following remarks :
Little or no change has occurred in the value of money
during the month. The demand both for commercial purposes
and on the Stock Exchange has been active from day to day,
and full rates have been paid. Within the last few days the
idea of an easier market has again gained ground, and is
favoured bythe improved position of the Bank ofEngland and
of monetary affairs in France; but with the preseat demand,
which would be increased, if the rate of discount were to
decline, we cannot anticipate any great reduction until the
bullion increases at a more rapid rate than it has done in
the last three months. Bates of discount—Bills not over
three months, 6 percent ; four and six months, 6 to 61
per cent.
The Market for Public Funds and Securities
to day was dull, but there is very little change
to notice in the price of Consols, closing per cent
lower than on Saturday. Consols for Money were
variously quoted at 938, 4,1, 8 ; closing at 931;
for the Account they closed at 931 to 93i. Ex-
chequer Bills were steady at par to 3 .prn.
In the London Railway Share Market, to day,
there was very little business, and prices were
a shade lower. The closing-quotations were :
AmbenY,ate, Nottingham, and East Junction, 47,,
; Caledonian, 70, 704 ; Edinburgh and Glas-
gow, 564, 574, ex div ; Eastern Counties, 102, 107 ;
East Lancashire, 99, 100 ; Great Northern, 954;
964; Ditto A. 85, 86 ; Great Western, 684-. 681 ,
Lancashire and Yorkshire, 1018, 1018 ; Leads Nor-
thern, 391, 40 ; London and North Western, 1051
1057; ; London and South . Western, 1041, 105 ;
Manchester, Sheffield; and Lincolnshire, 371;
Midland Stock, 811. 82 ; North British, 45k, 464
South Eastern -and .Dover, 754 ; York, Newcastle,
and Berwick, 85k, 86; York and North Midland, 62i
After official hours, the business transacted was at
the following prices :—Caledonian, 70, ; Eastern
Counties, 10p, -a; East Lancashire, 99, 100 ; Great
Northern, 964; Do. A Shares, 854, 861; Great
Western, (Jai ; Lancashire and Yorkshire, 1018,
; London and North Western, .104 e ; Midland
Stock, 811-, 82 ; North British, 454, 464; South
Eastern and Dover, 75, 75f ; York. Newcastle and
Berwick, 85, 86; York and North Midland, 62, 621
The General Produce Markets to-day were very
firm, with a rather better demand for Sugar.
Other articles were unchanged. With regard to
Tea we find that on c-mparing prices with those
ruling a month ago, there is very little variation,
except that common Corigous may be quoted 4d
per lb. higher. The Chancellor of the
,Exchcquer
mentioning in the House of Commons on Thursday
night that he intended instead of Is. 7d. per lb.
as the new Tea Duty for the current year to propose
is sd, has made holders much more firm in their
prices„ and the market. has an upward tendency.
According to the circular of Messrs. Littledale

SPORTING INTELLIGENCE.

TAT TERSALL'S.-YESTERDAS.

LATEST BETTING.

HOPEFUL STARES.
4 to 1 agst Heroine (taken freely)
5 .. 1 .. Peregrine (taken)
6 ... 1 :.. Fly-by-Day (taken)
10 .. 1 .. Any other.
Evfn on three.
DONCASTER HANDICAP.
5 to 1 agst Odd Trick (taken)
6 .. 1 ... Codrington (taken)
7 1 Martlet (taken)
NORTHAMPTONSHIRE STAKES.
13 to 2 agst St. Janies (taken)
8 .. 1 ... Skirmisher
8 .. 1 ... Sir Colin
10 .. 1 Adamas
7 4 .. The first three favourites (taken)
2.000 GUINEAS STARES.
6 to 1 agst Vidette
7 .. 1 Sydney (taken)
7 .. 1 .. Schiedam (taken)
9 1 .. Lamboyne
10 .. 1 Lord of the Hills

CHESTER CUP.
60 to 1 agst Alice Wentworth
DERBY.
18 to 1 agst Loyola (taken)
25 1 .. rsenal (taken)
25 .. 1 .. Sprig of Shillelagh (taken)
50 .. 1 .. Messenger (taken)
1000 ..15 .. King of the Forest
1000 ..10 .. Victor

&GM—One of the greatest domestic nuisances, especially
in the spring and summer of the year, is the prevalence of
bugs. Many means have been tried to prevent or extermi-
nate them, but all hitherto ineffectually. Cleanliness may
check but cannot eradicate them. Mr. R. Greer, late one
of the Liverpool sanitary officials, after intense study and
deep research with many practical experiments, in the usual
pursuit of his official avocation, has at length discovered the
great desideratum,' Greer's Patent Anti Bug Lotion," is
an unfailing exterminator of bugs, fleas, &c. It is clean,
simple in application, agreeable in smell, and perfectly
innoxious save to insects. To be had at the Anti Vermin
Office, 49, Brownlow hill, Liverpool, in bottles at ls, 2s
and 4s each.—Advt.
THE CALIFORNIAN PEN.—The everlasting question of
" is this a good pen" has been answered by Mr. E. T. Hall
of South • John street, who has succeeded in producing a
metallic pen, which he designates—not inaptly—as above.
There is hardly anything more annoying than a bad pen—
every one knows the misery. The pen made by Mr. Hall is
fit for any hand to use—light or heavy—and, what is of the
greatest value, it does not corrode, but will work with equal
facility in any ink. From experience of metallic pens, we
can say that this one, which is polished as gold, and will
last nearly as long, is the best one we have ever used. One
box, containing six dozen pens, sent free on receipt of 2s 6d
in postage stamps. Agents wanted for the country.—
Advt.

An active demand has continued for Silk during the past
month. At the public sale,s, which commenced on the 18th
ultimo, previous rates were fully sustained, particularly for
the better descriptions of China and Bengal silks, which
.are scarce, and sell readily on arrival—the deliveries for the
past Month are 6,000 bales China, and 800 bales Bengal,
and but little Silk remains in importers' hands, though the
recent arrivals have been large, and the probabilities are,
that the total imports for the season may reach 80,000
bales of China. Prices are uninfluenced, and the market
presents a firm appearance.

FOLEY'S AMERICAN GOLD PENS.—Charles Willmer
wholesale and retail stationer, 19, South John. street
respectfully intimates to merchants, traders, and dealers,
that he has been appointed sole agent for the sale of Foley's
celebrated American Gold Pens, which are universally
acknowledged to be far superior to any other manufactured
either in America or this country, They are sold cheaper,
are made of the best gold, with superior points, and are
warranted to wear at least ten years. In America they
have been extensively used for that period, and are pre-
ferred to new ones. The prices range from five shillings to
a guinea each. Supplied wholesale by Charles Willmer,
19. South John-street► LiTerpcol.---Advt.

A singular effect of the cold weather is recorded by the
Nantucket Mirror, It says that when the ice broke up
last week, the whole Eastern shore of Long Pond, from
Jeremy's Cove to the bridge at the Narrows was found filled
with eels to the depth of two or three inches, so thick
that a spear thrust in it at random by way of experiment,
horntook
is a

THE NORTHERN TIMES.--LIVERPOOL, TUESDAY.

Commerttal Intelligence.

LIVERPOOL COTTON gARKET.-11ancu 9.
The cotton msrket continues very steady; the demand
has been general, but limited in quantity, and with mode.
rate offerings ; prices are unchanged. The sales—including
300 Pernambucos B.ld to Bid, 50 Bahias Sid, 170 11aran-
hams 81d, to 93, 200 Egyptians 10d to 11d, and SCO Surats
Sad to ssd—are reported 6,000 bales, of which 1,000 are on
speculation and for export.
•

LIVERPOOL PRODUCE MARKET.—MAmcm 9:
SUGAR : The tone of the market has improved, and a
fair amount of bn-mess done at full prices. We have to
report 30 hhds Demerara at 53s to 54s ; 120 bags white
Benares for export, at 56s 6(1 (I7s 6d duty); 1,100 bags
Dates to arrive, lit 493 to 493 6d; and 300 tons Maceio and
Pernams, also to arrive, at 34s per cwt in bond from the
quay.
MOLASSES : 400 puncheons Demerara have been sold
for arrival at 25s 3d per cwt from the quay.
Rum OR COFFEE : Nothing has occurred.
RICE : We- have had an improved demand, 17,500 bags
Arracan having changed hands, at lOs for Larong, at
9s 91 to lOs for old, and 103 91 to ifs. per cwt for new
Necransie.
SALTPETRE : 200 hip' have been disposed of at 35s 6d
to 433 per cwt, ld to 2 per cent refraction.
PEPPER : There has been an improved enquiry, 1,050
bags Malabar being reported, chiefly at 5d per lb.
-JUTE & C 3): We have also to notice 500 bales at
£l7 10 per ton.
'LINSEED : 300 q'iarters Bombay, for distant arrival,
sold at 68s per quarter.

AGRICULTURAL PRODUCE MARKET.-MARCH 9.
Per stone, 201bs. i Per 901:/s. s. d. s. d.
s. d. s. ri.lPotatoeq, Seedlings 40to 4 A
fiayold ...... 0 68 to 0 88 Ditto, Kemps .... 4 2 to 4 6
Ditto, new.
Ditto, clover
Green Clover
, Vetches ooto 0 OiDitto, cattle ooto 0 0
Straw, wheat 0 3 to 0 3i Per ton.
Dittd. oat
Ditto, barley .... 0 .34 to 0 181 Carrots

10 25 0
to 0 0
2,1 0
to 7 6

Oats, In straw 0 0-- to 0 Of mangle wurtel 23 0
'Manure & 6

LIVERPOOL CATTLE MARKET.—MAuc 9.

Prime beef barely held former prices today, whilst all
other descriptions were 20s a head cheaper, with a good
many beasts left unsold at the close of the market. Sheep
were sold in some instances as high as 10d per Ib, but 91
pet lb was the current price for good Mutton. The supply
at market consisted of 1,698 beasts, and 4,01/ sheep.

LOXDON PRODUCE MARKET. —MARCH 9.
The follOWing sales are aclVettised fdt to Morrow:—
Sugar-200 hhds Demerara, 3,000 bags Mauritius, 3,000
bags Bengal, and 8,000 bags Madras ; Coffee-1,000 bags
native Ceylon, 70 casks plantation Ceylon, and 700
packages Of Moeha; Rice-2,500 .bags.
The private contract markets have been Inactive since
Friday, yet most articles liave a steady appearance.
TEA: The settlement of the duty question, which placed
it at Is 5s rlb on the sth of April next, making a
reduction of 4d per lb; has satisfied the trade, and
strengthened the tone of the market. ThPre is a good
den'tAnd for consuming civalitieS to day, and common
congott is steady at 13 id to laid per lb.-
011.3 : Seal, pale, £4B to £4B 10s; yellow, £44 to
£44 103; brown, £4l to .e 42; sperm body, £lOO to £102;
headmatter, £lO5 to £lO6 ; cod, 1:146 to 4'49; olive
Gallipoli, £6O to £6l ; Spanish and Sicily, .e 59; cocoa
nut, 40s to 51s 6d; palm, fine, 45s 6d to 46s ; linseed, 41s;
rapes pa1e,,,53s dd to 54s • brown, 503 6d.
tither articlei ate withotit variations.

SHIPPING INTELLIGENCE.

LIVERPOOL, MAncn 10.
Flzas WATsrt—Morn. 11 35 —Even. 11 51—Height, 16 rt. /0 in

ARRIVED.

March 8. Lancashire Witch .. ....Copiapo
Rhone (s.s.) Tri.stc March 9.
Thessalia (s.s.) &c. Christopher Carnal ..... B. Ayres
Buena Mosa Mataorip