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

THE NORTHERN TIMES.---LIVERPOOL, SATURDAY, DECEMBER 5,1857 e

Stocks. Foreign Exchange was rather inactive at
1071 to 1081 for bankers' bills on London, and 105
to 107 for commercial bills.

IT would be impossible to form an opinion of
the view taken by Parliament of the Currency
Question; from Thursday's debate. Lord DERBY
showed a great desire to exact some definite
statement from the Cabinet as to their Monetary
policy, and ridiculed the idea of asking for
committees to inquire into a subject which had
been thoroughly exhausted ; and he observed
that lie could not understand how, while soli-
citing Parliament, "to grant an indemnity for
violating an Act the Government could ask the
Legislature to continue the permanent operation
of the very Act the Executive itself had found it
necessary to suspend." Earl GREY took pretty
much the same view of the subject, but would,
on account, give up our present low fixed stand-
ard of value. Lord OVEItSTONE followed in
his usual strain of Leo erectus. The Bullionist
Peer was, in fact, perfectly desperate, He would
not admit that the creation of the money of a
country, was the prerogative of its Sovereign.
ITu fortunately there are several qualities of money
required to give a commercial nation a currency.
Of the metals employed,:the Crown is only left
to regulate the quantity which shall represent
certain sums, and when this is done, the money
itself certainly belongs to its subjects. But
there is another species of money which human
hands can create, and in any quantity. This
money is composed of paper, and the right to
create it is the highest prerogative of the State,
and cannot be surrendered to money dealers and
lenders without doing gross injustice to every
other class of a community. But let us read
Lord OVERSTONE'S assertion, on this head,
literally.

The noble lord alleges boldly, that the principles
on which the Bank Charter was founded were,
that " gold should be the money of England, and
that the quantity of gold which the country
should have for its money should not be under
the control of any Government, nor of any body,
nor of any private individual." If this be the
case, how comes it that we have any bank notes
at all ? And how can Parliament think of
allowing Acts to be concocted for the avowed
object of giving bankers the power of controlling
all the gold in the realm ? Again, if we have
" perfect Free Trade in gold," as Lord OVERSTONI
asserts, and " can rely on a proper supply of
money upon the same principle as that on which
we rely for a proper supply of provisions,"
how can the Legislature venture to place a fixed
price, upon the commodity we call "money,"
above which it cannot rise ? To talk of Free
Trade where there is a fixed price placed on that
with which alone we are to trade, is simply
outraging common sense. It would be useless,
however, to enter into a discussion on first

principloa with mon who corn opia.l3lo of otioh
monstrous contradictions. Our most urgent
business at the present moment i ; first, to
account for the distress which has fallen on the
country ; and, secondly, to endeavour to see our
way out of the crisis. In the performance of
the former of these tasks, we derive considerable
assistance from Lord 0 VERSTONE'S speech. After
dwelling in the most disparaging terms on our
Joint-Stock Banks, of which the Bank of
England is the head, and impugning their
method of doing busyness, his Lordship said that
if the Government had maintained the Bank
Charter Act " only twenty-four hours longer,
the whole of the vicious system to which he
referred would have been got rid of, by the
crumbling to atoms of the institutions which
fostered it. Irretrievable ruin would have
followed, but the commercial atmosphere would
have been cleared." Here we think we ay
pause.

We need not go further in search of the secre
which has led to the commercial disasters of

1857. We have long suspected that Banking
rivalry lay at the bottom of this great national
calamity. " Free Trade in money was established
in 1844 ;" and yet we hear from the mouthpiece
of the Bullionists that the Joint Stock system of

paying interest on deposits is a vicious one, and
that the Act of 1844 would have crumbled those
institutions—meaning our Joint Stock Banks—
into atoms within twenty-four hours if the
Government had not decided on its immediate
suspension ! Here the light must be beginning to
dawn on the mercantile world, and we may say,
"so much for the past." The present and future
must now be considered, and we need only quote
Lord OVERSTONE'S words in support of our oft-
reiterated predictions :—" The next occasion of
pressure upon the Bank would probably come
before the exchanges were rectified, and then
the crisis would beg; eater than that which we had
shrunk front meeting upon the present occasion.
There were serious and formidable difficulties
hanging over this country, and, in warning the
House of them, he desired to call their earnest
attention to them." This is Lord OVERSTONE'S
language, when asking the House of Lords to
support the renewal of a statute which was within
twenty-four hours of bringing this great country
into ‘• irretrievable ruin," for the purpose of
" clearing the commercial atmosphere !" But
will the merchants, bankers, and traders of Great
Britain never see through this wretched hum-

bug ?

We were in hopes that the exposure of the
vile scheme, and the object of its authors, would
have deterred all honourable and high-minded
men from mixing up their names with any pro-
posal for its perpetuation. That we should have
an infernal machine ready for the " crumbling to

atoms" of the Joint Stock Banks of the country,
with their mercantile constituency, within twenty-
four hours, is a most lamentable reflection, and
one which our enlightened Legislature will not,
surely, leave the commerce and industry of
England exposed to. Lord OVERSTONE speaks
as a banker, having many years of experience in
the money world; and, when he breathes danger
to society, and makes no distinction in favour
of classes, it is time to take heed. Had
be spoken of the probable operation of laws,
which he had only read incidentally, we
might not attach any great weight to his warning
voice. But in this instance, we have the first
apostle of Mammon, revealing the true faith of
his master, and preaching the law which the
Bullionist has made and the usurer knows best
how to revere. We therefore say to every class
of the community beware of the impending
danger, and place no reliance on the stability of
a state of things which is based on Acts of
Parliament, which are now admitted by their
authors, to be diametrically opposed to the com-
mercial and industrial progress of its people, and
for which the Senate appears to be unable to find
a substitute. It is a positive falsehood for those
who say that, our money-laws permit " any man
to bring any quantity of gold into the country,
while it has a low fixed price placed upon it," or
that "any man may take out of the country any
amount of money:, while the Bank Charter Act
gives bankers the power, and compels them
actually, to raise their rate of discount to 10 per
cent., in order to keep gold at home,

IT is useless to deny the fact that, according
to present appearances, the Government of the
United States seem likely to have an Indian
Mutiny]of its own, and carried on, too, in much
the same fashion as the Sepoy's of Bengal began
the mad and murderous rebellion at Cawnpore.
The accounts brought by the steam-ship Canada,
and published in this journal on Monday,
inform us that, there was a great movement among
the Mormons, in preparation to contest any
attempt of the United States' troops' to compel
the Salt Lake " saints " to pay deference and
obedience to the mandates of the federal Govern-
ment. It seems that the Mormons of Carson
Valley and San Bernardino had disposed of their
cattle and property for nearly nothing, and, at
the bidding of their Chief, had gone to Salt
Lake, with the secret design of re-organising,
arming, equipping, returning, murdering, and
plundering their Gentile enemies. We see it
stated that they have declared that for every
saint slain by the United States' troops, ten
Gentile women shall make atonement. That they
will first exterminate the troops' from the East,
then proceed West, and in predatory bands, allied
with Indians, they will ravage the border, rob,
plunder and murder, until they shall have
..I.,l,Lasti.o tr,vas"..y
insults upon his chosen people ! This is a
tolerably good programme to begin with ; its
first part—the declaration that for every saint "
slain in the coming contest, ten Gentile women
should make atonement —is a type of the NANA
SAUIB school, and must entitle BRIGHAM YOUNG
to a distinguished consideration among the
civilised nations of the earth.

Before commenting upon the unholy and
brutal character of such a threat, let us see what
means these Mormon warriors have of effecting
such iniquitous purposes. From all we have
learned of the territory of Utah, we believe that,
at the order of their leader and prophet, they can
muster 15,000 men, armed with the most effective
instruments of destruction ; they have many
thousands of the finest horses trained to camp
service; they have a foundry, where cannon and
shells are cast ; a powder-mill and factory, where
revolving rifles and pistols are manufactured,
equal to any made in the United States , they
have every munition of war and necessary
provision and means of transportation within
themselves, and even the women and children
are instructed and practised in the use of arms.
To this, may be added their geographical position.
To reach Salt Lake from the East, it is necessary
to pass through a valley of twenty-five miles,
under hills so steep and rocky that a dozen of
men could hurl down an avalanche of stones on
an Approaching caravan ; and, even in the event
of several thousand troops reaching the valley,
the besieged, with their herds, would take to the
mountains, and reinforced by their savage allies
—the Indians—would, in turn, besiege the
besiegers, until they had starved out the invaders.
Again, we are told that they have 20,000 Indian
allies, whom they are ready to furl-fish with arms
and horses on an emergency. These Indians are
partly instructed in the Mormon doctrines,
enough to cause them to be superstitious in
regard to the God of a superior race, yet repres-
sing none of their natural ferocity. Such fiends
would only delight to torture and murder
civilised females. With allies like these, and
fighting for their homes, and, according to the
belief of the ignorant, under the direct super-
vision of the God of Battles ; and, from the
rampart*, wi h which nature has surrounded
them, it is easy to conceive what would be the
fate of a few thousand troops who travelled a
thousand miles to fight their own countrymen,
brave as themselves, as well armed, better used
to field life, and stimulated by their love of
home and family, and assured of victory by the
revelations of their prophets.
Such is the character of the enemy, and the
warlike resources at their command, which the
Government of the United States has now to
grapple with and conquer. The tenor of their !

religious creed shows that ferocity and inhu-
manity are among the more conspicuous traits
of character towards any one who would dispute
their religion or their practices. In their
treatment of the Federal Judge of Utah, and the
ruthless hands which they laid upon the heads
of the territory, we have a sample of the ferocity
which they would indulge should they be
engaged in actual warfare with an open enemy.
Indeed, we must say, that the United States'
Government has too long delayed the chastisement
of BRIGHAM YOUNG. Allow them to continue
their haughty defiance to the Federal authorities,
what is there to prevent the Southern Statesd
from rising en masse and enforcing the adoption
of their pro-slavery principles and practices
upon the citizens of the North and East. On
this ground alone Mormonism must be compelled
to submit to the laws of the Union, and he is no
friend to his country or his kind that would
counsel any other line of policy. But, inde-
pendent of all this, the horrible system of
polygamy, which is the main characteristic of
Mormonism, is a moral pestilence, and, such'
unfitted to the existence of a country where the
Supreme Being and Christianity are admitted
and acknowledged by the very humblest. Not
less then, on account of the political importance
of the matter, than the great moral results which
must follow the Mormon subjugation, we
desire to see President BUCHANAN put forth his
whole power, and send a sufficient army of
Christians to root out this nest of wickedness and
idolatory, planting in its stead a colony of
industrious, well-disposed, and loyal people.
If this is done, the administration of Mr. BUCHANAN
will be considered amongst the most successful
and humanising since the days of 'WASHINGTON
himself.

THE " TIMES" AND THE CHEAP PRESS. —About a year
ago the Edinburgh Review, in an interesting article on
journalism, sp)ke of the great nugabers who read the
Times ‘‘ with a purely passive and unhesitating belief."
This fact, which no one can doubt—though it is not true
to nearly the same extent as when that paper was penned
—is partly owing to the world-wide circulation and celebrity
of the paper ; the herd worship fame, wealth, and success,
and have neither knowledge, penetration, or vigour of
mind to contest views eloquently supported and reiterated
from day to day; but it is also owing to the thorough
independence and disdain of party or one-sided views
which that journal lcng maintained. But the Times of
tc-day is not such as it was under the reign of Walter the
First. It is n 9 longer broadly British ; it is Ministerial.
Formerly it gave information impartially, quite regardless
of how it might tell or who it might strike. But now it
cuts and carves, selects and adapts to please particular
appetites, and wholly suppresses some awkward facts and
unpleasant documents. The cake of the Calcutta anti-
Government Meeting, and the petition to the Queen for the
recall of Lord Canning, is a case in point. Thus, too, an
important speech of Sir J. Pakington was garbled into a
few lines, because it was an attack on our Indian policy ;
while the absurd rhodornontale of "W. B." is given
columns long because it was a fulsome adulation of Lord
Palmerston. The elder Walter would have spurned such
subserviency, but now the Times has fallen under the sway
of smaller intellects, who wield it not for British and
imperial, but. cur uuunuea tang put Ly purposes. Inc su-
premacy of the Times is quite a recent creation, and as it
rose to its higher position, owing to the really great quali-
ties which it exhibited, so by falling under a meaner
management, it may gradually recede from P. London
commercial men, shipowners, and traders of every kind,
find a great convenience in having one receptacle for all
advertisements, and not having to seek them through a
number of channels. But this operates much more feebly
in the provinces. Its uuwieldly busk is itself a drawback.
It must require an enormous appetite and a fine digestion
to master its contents and not to feel oppressed by the
effect. There is a luxury in a smaller and a lighter paper.
There is a growing charm about it. At first the cheap
daily press seemed vulgar, belt it is fast outwearing that
unpardonable crime, and if conducts 1 with equal ability
it will be an over tnetch for its ponderous opponents. We
rise from its perusal refreshed, not wearied, and with a
healthy appetite for what tho morrow may bring. The
Manchester Guardian, after ridiculing the cheap press,
found itself compelled, on risk of extinction, to become
one itself. The growth of this new power, both in London
and the provine,,s, leas•perilously shaken the supremacy of
the Times, and has with vast multitudes in all classes
entirely superseded it. The freaks which the Times has
been playing of late, and the deep abasement into which it
has plunged in its wholesale subserviency to the Gov, rn-
meet—for the Thunderer i 3 now enacting the humble part
of jackal—will only accelerate the process.—Bath
Express.

THE KING OF DELHI—Just added to Allsop's Royal
Wax Work Exhibition, Lime-street, Liverpool, modelled
from a sketch taken in the City of Delhi.
LEWIS AND COMPANY'S NEW ESTABLISHMENT FOE BOY te
CLOTHING.—Number of boys clothed for the week ending
Saturday, November 28th, 694; corresponding week last
year, 410 ; increase, 284. _ •
_ _ _

SAILING. OF TEE OCEANIC& —This splendid ship belongs
to Messrs. Edward Thompson's line, sailed yesterday for
Melbourne, having on board the large number of 420
passengers, besides 1,400 tons of valuable merchandise.
The Alice Walton is the succeeding packet of 25th Dec.
Lisa or PASSENGERi par U.S mail steamship Adriatic,
from New York.—Col. and Mrs. J. W. Line, Mr. and
Mrs. Chas. Hauser, Miss M‘Naughton, Misses H. C. and
M.S. Allen, Mr. Horatio M. Allen, Capt. Mackinnon,
R.N., Dr. Hugh Walsh, Dr. J. Whitmore, Mr. H. Johns,
Mr. Messier Reese, Mr. Wm. Armer, Mr. P. Williams,
Mr. S. Geary, Me. Wm. Keatinge, Senor-Jose Burtillo
Arleta, Mr. S. C. Barney, Mr. G. Macbride, Mr. H. H.
Rothbar, Mr. W. H. Flandrean, Mr. John Zimmer, Rev.
D. V. M•Lean, Miss Lavinia Rablin, Messrs. Wm. Rablin,
Charles Mosher, Armand Hodey, Henry Smith, Thomas
O'Connor, Albert Michel August Sauvain, Thos. Crunn,
Magnus Wilson, Thos. Taylor, L. A. Philopoteaux, and
David Holland.

CORONRR'S INQUEST.—The inquest on the body of Pefer
Davis, cooper, of Ormond-street, mentioned in yesterday's
paper, was concluded yesterday, The affair at fi st
assumed a serious aspect, bat from a long investigation
that took place, the facts appeared to be these :—About a
week sine the deceased got one of his hands hurt by a
cask falling on and crushing it. Then, it appeared, he
was ordered some ointment for it by a " bone setter."
Subsequtntly a " medical man" was called in, and from
his report it would appear that the " bone setter" had
not done right. Thera did not appear 'to exist between
the parties an amicable feeling, but on the fellest investi-
i gation the jury found a verdict of accidental death.
THE LANCASHIRE AND YORKSHIRE RAILWAY INSURANCE
COMPANY.—At a recent meeting of the Lancashire and
Yorkshire Railway board, the directors, finding that out of
upwards of .5,000 of their servants, about 1,000 had
omitted to become members of an insurance society estab-
lished in connection with the company, making a provision
for the p iyment of a sum of money in cases of death to the
surviving family, and of a weekly allowande in cases of
disablement through accident, passed an order to compel
the whole of their employes to join the institution or to
leave the service. It appears the directors pay £lOO a
year to the funds of the institution, and the subscription
of workmen is so small as to be scarcely felt by them. The
adoption of such a resolution Was singulary vind!oated a
few days after it was passed. A man employed in one of
their workshops was injured by an accident on the very
day his name was inscribed on the books, and died the
following day. His widow and children became entitled
under the rules to the sum of 437, 10s. The amount' of
subscription to secure this benefit would be only 23. per
week.

STATE OF THE COUNTRY.