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

about. The keel of the Lefort wily appeared once,
and vessel and crew disappeared, not a soul being
saved of more than 800 individuals who were on
board to tell the tale of how the disaster could
have happened. In our opinion, there has been a
sort of mutiny on board, and the ship has been
scuttled.

The weather of late has been very boisterous in
the channel, and, with the exception of the Frenah
mail, we :re without our usual continental advises,
Via Pat is, however, we learn that it is the Minis-
terial crisis of Madlid which engages the attention
of rolticians on the continen'. The Nord con-
firms our views i❑ saying that Marshal Narvaez
and hie colleagues are only waiting the nomina-
tion of the'r successors to return. The Epoca, ou
the other hand, says that Qacen Isabella has
earnestly solicited Marshal Narvaez to undertake
the formation of a new ministry, and tint some of
his colleagues had recommended him to remain in
office.

With some continental governments it is becom-
ing the fashion to be afraid of the dead. The
Austrian authorities have refused to the Sisters of
Marlin the consolation of having a funeral service
performed to the memory of their brother in a
church at Vebice.

According to a letter from Tabriz, the distur-
bances which recently broke out in Pers:a have
been suppressed, and the rebels severely punished
disturb.lnces were created by a fanatical tribe
inhabiting the s:an+l.l of Ktiouzstan, which has
epeatedly evinced hostility to the reigning
dystany.

The Bullion in the Bank of England this week,
shows a decrease of £513,397, compared with the
returns cf last week.

Tan Bank of England has giVen the screw
another turn. On Thursday they raised the rate
of discount one-half per cent., and the lowest
minimum rate for first-class paper is now six per
cent. For second and third. class Securities as
high as from seven to eight per cent. will, no
doubt, be demanded. The members of the
Stock Exchange are beginning to look upon
the state of monetary affairs in a very gloomy
light, and fears are entertained by many that
we are drifting into a monetary panic as disas-
trous as that of 1847. Not only in England is
the Money Market tight, but throughout the
whole of the chief Winking cities on the Conti-
nent a considerable degree of stringency is appa-
rent, and five-and-a-half, six, add seven per cent.
are the ruling figures. In the. United States, the
panic which recently broke out still continues,
and failures to a large extent have been the con-
iseuence. In Philadelphia, three Banks are
already reported to have suspended payment,
and we are told that all the monetary institutions
in the Quaker City would follow the example.
In Boston, New York, and other cities, the num-
ber of private firms which have been obliged to
succumb to the pressure is truly enormous,—but
how can this be prevented, when money is as
high as eighteen per cent ?—indeed, in se era!
instances, as much as twenty-four per cent. per
annum has been paid for accommodation by the
inferior houses. Ot course, such a rate
of interest cannot be made by legiti-
mate trade, and the consequence is that
when bills become due the holders loose their
money, the drawers go to the wall, and if the
acceptors do not at once follow, they are almos t
certain to smash under another operation. In
America the rate of Exchange on London has
fallen to a point below which it is profitable to
ship specie to this country, and it may be that in
a short time we will be under the necessity of
exporting coin to the United States. This, with
the demand of specie for th 6 Continent, may
drain the Bank coffers of a very serious sum in
the course of a month, and, added to the loan
which will be made to the E ist India Company
—for sooner or later that Company must obtain
national aid to carry on the war—the metallic
resources of the Bank may turn out- very
discouraging. Even now, the extraordinary
demand from almost every quarter of the globe
has seriously effected the Bank, and it is under-
stood that the drain during the past week or two
has been very great indeed.
At present we cannot counteract this demand,
as, according to our Monetary code, we are not
only obliged to supply the entire Continent, but
the Western Hemisphere. Any foreigner can
purchase bullion in our own markets if he
pleases to offer a small premium—some twelve
shillings per hundred pounds—and he will drain
us of all he may require, as there is nit enough
of patriotism in our monied classes to with-
stand six per mille premium, as the Bank
of France was recently offering. The conse-
quence is, that we lose a hundred . times more
by this operation than if the Bank of England
could itself buy up gold and pay a premium,
for a tightness of money comes in due course,
and the business portion of the public pay the
piper,

Sir ARCHIBALD ALLISON says that no amount
of prudence and circumspection on the part of
the merchant-or manufacturer can guard against
the effects of thy, sudden stoppage of credit, and
refusal of accommodation, which arises from an

exportation, trifling in amount but ruinous in
its consequences, of the precious metals. " A
nation, possessing two hundred millions a-year of
solid realised income, independent of professional
income—whose capital exceeds five thousand
millions sterling, finds itse:f reduced to the verge
of bankruptcy by the exportation of five millions
of sovereigns in exchange for food I This, too,
takes place at a time when the Bank has ten
millions of sovereigns still in its coffers, when
trade is in an uncommonly healthy conJition,
imports great, exports above fifty [now a hun-
d,•ed] millions, and nothing exists to derange
commerce but the artificial perils with which
erroneous human laws have environed the

currency."
This was Sir ARCINBALD's opinioa many years
ago, and it would seem as if it had just been
expressed, so accurate and perfect is it of our
condition to-day. We are drifting in a down-
ward course, and until our monetary code

revised, altered, and amended, we cannot per-
manently improve our condition.
There is no longer any occasion for theoretical
suggestions, speculative opinions, or abstruse
arguments. On the vital subject of monetary
science the thinking world has been convinced,
although, strange to say, not yet converted,
which is attributable to the degrading effect of
the bullionist theory of money called the "Peel
principle." Without any disloyalty at all, the
people of Manchester would have rebelled in
1847 instead of starving; or, which is the same
thing, being the prey, in their cellars, of epi_
demics, through the want of sufficient food,
arising from the blasting operations of our money
law, which, with no care for the lives or happi-
ness of the people, cares only to sustain the Bank
of England in a hypocritical independence. But
what prevented the revalution then is just what
prevents the people now rising up against our
money law, viz., that the cruel and heartless
operations of the same money law has made us
so artificial that, afraid of the small thread of life
which it leaves us, we are afraid to kick, or we
have not strength to kick. What the nation
requires. says a London cotemporary, is- a
domestic currency that will be freely received in
all the transacians of internal commerce and
every -day life. So long as it is issued in conve-
nient denominations—say for 11.7 21., and 31.—
and that it be kept within sufficient iimits, and
received in payment of taxation and every
national demand, so long will it circulate freely
from hand to hand, and possess the purchasing
power which is all that is required.
The bullion in the Bank of England on the
2nd instant, according to the returns gazetted
last night, amounted to 10,662,692/., being a
decrease of 613,3061. as compared with the
returns of the previous week.

THE First of November draws on apace, and
already certain gentlemen, anxious to retain their
seats in Council, or aspiring to attain municipal
honours for the first time, have favoured rh,-;
constituencies with expositions of their views on
such subjects as are likely to occupy the atten-
tion of the Council, and prove interesting to the
electors.

The first and most important—namely, the

Water question—is one on which the most perfect
unanimity of opinion seems to prevail amongst
the candidates, whether Whig, Radical, or Tory.
In fact, a more complete fusi.m of parties on this
vital subject could not possibly exist ; and it
forms the very best commentary on the soundness
of the views we, in common with nearly all our
fellow townsmen, have ever held on the Rivington
Pike Water Scheme. What was the language
held by the promoters of that scheme towards
those who honestly and concientiously differed
from them some years ago ? Let their speeches

n f.... , th,
y
not denounced as ignorant agitators, as factioni.sts
and clamourers, in order to serve their own sordid
purpose? In short; the opponents of this dis-
astrous job were characterised as everything that
was disgraceful. " Wait," said the Pike hirelings,
" until the Riving-ton streams are flowing
throughout the town, and then we shall find
that the public, who have been led away by these
selfish, agitating demagogues—when they have
discovered the deceptiln which.has ben practised
upon them—will thank us and bless us for our
considerate care in affording- - them an abundant
supply of the purest water, Tnen woe unto those
who have been our adversaries." Well, the water
has now been nearly twelve months flowing
through our town, and do the people bless those
who were instrumental •in bringing it to them ?
Not so. Bless them, indeed ? Ask the senti-
ments of every one, rich or poor, and they will
tell you that, in place of blessings, the very
opposite ought to be the re.'ard -of those who
have been guilty of polluting with their abomin-
able wash that pure water once the delight and
boast of all. What says the Conservative can.
didate, in his address to the electors of St. Paul's
Ward ? Why. that, if returned to the Council,
he will vote for the immediate restoration of the
well-water, which he eulogises as infinitely
superior to the Pike. Then, we have the
declaration of his Radical opponent, the present
member, that he will do likewise, if re-elected.
In St. Anne's Ward, we have the frank confession
of Mr. KITCHEN that he supported the Pike
scheme from prudential motives, never dreaming
that the water was to turn out the abominable
stuff it has proved to be ; and he gives ',LS his
personal experience of what he saw himself at
the Pike. Mr. KITC.HEN very praperly resolved
to go to the works, to see and judge by the
evidence of his own senses, and he very properly
invited a number of his fellow-Councillors to
accompany him, and they did so. He informed
his constituents that, while he admired the
extent of the works, he was, nevertheless, grie-
vously disappointed with the quality of the
water—that the fluid stored in the great Angie-
zark Reservoir was totally unfit for human use—
the very opinion, in almost the very words, of
our own report published a fortnight ago.
Upon reading those truthful declarations, so
unreserved, and, apparently, so candidly made,
a disinterested spectator might reasonably ask
how a Town Councillor, holding such strong
opinions, could for nine months silently sit in
the Council Chamber, and permit others to com-
pel 400.000 people daily to drink a liquid which
he declares to be unfit for human use. Truly,
there seems some littla discrepancy between Mr.
KITCUEN'S opinions, as declared to the electors of
St, Anne's Ward, and his votes as recorded in