The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-14 00:00:00

your advice and assistance to enable me to come
to a right conclusion upon the subject.'"
We have devoted much of our space to the
discussion of this question, and it is some satis-
faction to find that the views we expressed
nearly four years since, are now becoming
general. In the first number of the NomaERN
TIMES the following remarks appeared :--
" Looking at the present anomalous monetary
position of the country, we should feel disposed
to give and to ask time for that remarkable cur-
rent of events which distinguishes the last three
years from every other period in our monetary
history, to take some definite and intelligible
course before we should think of advocating any
very decided action on the part of our banking
institutions or Legislature. The unaccountable
and apparently reckless precipitancy we have
recently witnessed on the part of our monetary
rulers in London is such, however, that we do
not hesitate at once to contend that the time has
arrived when the vast and growing importance of
the Northern counties calls for some great and
comprehensive alteration in the present system
of conducting their monetary business." * * •
"If bullion is to remain the basis of our e 1.11;
rency ; if gold can be sustained as our standard
of value, with safety to the creditor interest'
surely the traders of the North, as the largest
realisers and holders of bullion, may be entrusted'
with the management of their own gold, without
endangering any one of the fundamental
principles of our existing monetary insti-
tutions. Of the thirty-five and a half mil-
lions of gold imported into England Ivithm,.
the last two years, at least three-fifths Of
the whole amount is the property of the
Northern manufacturers, shipowners, and met`
chants ; and it is a matter of universal amaze-
ment that these men, who have but one legid;
mate pursuit—one idea—one hope—productiou•
production ! should passively surrender the
great moving power of their commercial oist'
ence to a conclave of gentlemen sitting in Thread"'
needle-street, whose collective wisdom certainilf
has not done so much for their country 0s
civilization, as the humble and industrious Sell
of the North."
What has taken place since 1853, when the for
going observations were penned, has more full
convinced us that the Bank Act of 1844 is quitea
inadequate to the requirements of the age, alit
more particularly to the wants of olio
Northern merchants- and manufacturers. .I'o
the law now exists, the Bank of England 0,4
drag upon the machinery of commerce. The
power which the old Lady in Threadneedle-stre_
possesses, and at all times exercises, of regulatil
the rate of discount, interferes in a very materl_f
degree with the steady and onward progress vie
the trading community. We are not the peel)...
of 1844. A new era has dawned upon .1;
Progress must continue. We must apPIY
principles of Free Trade to our monetary sYstelP_r
and thereby get rid of the restrictive scheme 0;
Sir ROBERT PEEL. In
and the..
must not be carried away by extreme
retical views, which may be antagonistic to
national tendency to secure a practical ellifirgl
ment of our monetary issues. Without canmt
ling the power to convert practically our I:4eto
issues into gold, may be found the via Media
rev
a successful adoption of any improvement.
genius of Englishmen deprecates sudden trale
tions. Improvement to be permanent must doing so, however,
,igo,
o
gradual. With these feelings, Reform in
Banking system must be approached.
t ()f
VVarioussuggestions for the improverae-
a
tb
our monetary system have been laid before
public through the columns of the Noially
are
TIMES; and although the respective writerstog
not of one mind, all are agreed in condelili cies
the system which now exists. The °LIS
which have been advanced by interested W''ie;
are hardly worthy of notice. For e 5-31111) $
because the Bank of England sleowssveerro'soi
reserve of notes of over four-and-a-half ell': out
it is impudently but fallaciously assumed tija ritry
paper
circulation Keeping outis of view
larger
than
the the i egteouo the
requires.e
fact that Exchequer Bills and Bonds cage
extent of twenty-seven millions, as was tile
tabli
on the 30th of June last, were more P'o
to t•
for the Bank of England employed as a eircoett
ing medium, and as a substitute for Bank Pt; to
—a fact which at once proves how inadege3ol‘
the wants of the country is the present vet
paper circulation. And when it is knowntrf
this amount of public paper costs the CO oiot
865,0001. in the shape of interest, an °by 0
which might have been saved to the State a be
better devised system, little more nee oce
urged to demonstrate the wasteful extrav` 16
of our present monetary arrangeraents',ctilli
sincerely hope and believe that the 01V; that
be immediately and fully investigated'sa cony
„
the Bank monopoly may be repeale °, .oriot
merce in all its branches freed from tbefetecl,
restriction which the Act of 1844 has in
°

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Rsnt eErorEdeiT, amey
a,osnfidtu eh thee bo d
unknown, wuar founddocks.yof ii
ni
811'
r 11:::
maTnHGE ibbßoOnLsi;OwNho
BODY Fo
es erdaaydD,
wife and child are going on well.
to have been brought up t
on t THEhe eastern SHIP B
sideoAN EoFf a
tEhse.
Mr. Clough applied for a rem-t.nd, and ,!... up.
granted it, without having the prisoner brougu" i,
iEnt: libel :e
hpse;ih ° ilcee ni‘eflolUrortll5;,0:11;iiii:(1:
“ verbg
Captain Sedgwick, which took groundg on Frie,,a7ri t i, to
BIIiIiENHEID —We understand tern Docks, at Plymouth, when being
pilot day PP
was floated off by the next tide on the same --' ir
communication resecting a
sustained little damage, and making no wOO% f )08
trates and the Town Commissioners hoe flail "hst
new Town etlt":11
at the next meetingHamiltoonf til fi'
Bridewell in
Birkenhead, and the affair is so far oe,ey Co
r, commend the erection of a building for the Fnace
alluded to forthwith. It will ant spec
be on the vac •fee
the south si LI
f tbe et°
PLIRE WATER.—As the Water Committee 0= -„,,trivruer
pool Town Council seem determined to force tbe vioewo
they will or no, we would strongly advise
use
of 0,1
water down the throats of the Liverpool
outerrtTp_sh art leaoaeupredcoe.sinboetanihdas
atuai
els:lts
fieotnSeihieeicrePisud,,ltib:°p.,:teooo,erlio;i4:ce,oo,o;,'
readers who wish to drink pure water to use _tate t be
water filters—though we are not hold enough to b_. 001,
all the poisonous matter in the Rivington vote' still 1,6
tbesodep
extracted by the use of these useful inveniionseve otet...
it ow
liquid, after undergoing filtration, will, at c".-.. ice' c
comparatively free from any dangerous shall
pounds.