Northern Times.
Liverpool, Merseyside, England, 1857-11-09 00:00:00

THE NORTHERN TIMES.---LIVERPOOI„ MONDAY, NOVEMBER 9, 1857.

AMERICA.

to New York. The Central Railroad discharges its
,freight at Albany, from whence it is brought
to. New York by the Hudson river during navi-
gation, and by the Hudson River and Harlem
Railroads in winter, and by railrci'ad to Boston the
year round. It is said that in winter the Central Rail-
road brings as much prodace.to Albany as the three rail-
roads named can conveniently take away. The Erie
Railroad delivers its frieght at Piermont, from whence it
costs nearly as much to bring it to the city as though it
had come from Albany. We understand that it is the
intention of the Erie Railroad this winter to deliver their
Western frieght in Jersey city. It is the rule of the
railroads, so soon as the canals close, to advance their
rates of height. The employment of railroads and
telegraphs are greatly relied upon to save time in the
.transit of produce. For instanee, the Erie or Central
roads can deliver flour in New York in- four days, while
by canal the time required is from fourteen to sixteen
days. As time is money, the railroads, with the telegraph
lines, afford merchants great facilities for the movement
and sale of produce. For instance, a commission house
is instructed by his correspondent in Buffalo to sell 1,000
brls. of extra State flour, deliverable in New York in four
days. The sale is immediately effected, and a despatch
returned to Buffalo advising the sale. The 11 aur is imme-
diately forwarded, and arrives in the time agreed upon.
and the cash is paid for the same. The house then
telegraphs to its friend in Buffalo that it has
received the money, and requevs him to draw for it at
sight. The shipper in Buffalo draws his bill and sells it
for cash. The whole operation of forwarding the flour,
selling it and getting the money in Buffalo, thus consumes
only four or five days, while to have realised on the old
system—the canals an I mails—would have ceases-sled
about twenty days, making a saving of time of from tif-
teen to sixteen days. The rates of interest at seven per
cent per month, frequently paid during the panic, would
give about one fourth per cent per day, which, for the
difference of time, would give a total of about three an i
three-fourths to four per cent. If we suppose, the transac-
tion to be based on extra state flour, at 5 dols. per
barrel, the sun would be 5,000 dols., the per. tentage
saved on which would amount to from 187 dole. 50 cents
to 200 dols. In this way the saving of time secured to
business by the aid of railroads and telegraphs leads to
large gains in a pecuniary point of view. The same course
is pursued with regard to southern produce; the links in
this case being the southern steamers and sea board tele-
graph lines, the operations including all s tutherts cities as
far south A 3 New Orleans. Wo woutd here remark that
while nearly all branches of business have suffered during
the late panic, the operations over all the te:egraph lines
leading out of New Yo.tk have been enormously increased.
We learn that for some weeks the despatches sent from
the Telegraph Building, corner of Wa!l and Broad-streets,
North, E set, West, and South, have averaged about 2.000
per day. The office 43, Wall-street, connecting with
New Orleans by the sea board line, has had its business;
increased about 75 per cent. ; The despatches to New
Orleans alone frequently averaging 100 per day, varying
in cost from 2 dole 40e. up to 15 and 20 dole each. Hence
the old adage of " ao ill wind, &c."—New York Herald.

THE UNSUCCESSFUL ATTEMPT TO LAUNCH
THE GREAT EASTERN.

It is unquestionably a source of considerable disappoint-
ment that the first attempt to launch the Great Eastern
should have failed, but still there is nothing to diseoarage
either the engineer or the company in the failure. In -a
case of this kind, where so many hundred men were em-
ployed, it is not at all surprising that some few did not
thoroughly un lerstand their instructions. Allowing one
chain to be a little slack was the cause of all the mischief.
Had it not been for this, this splendid vessel would have
been now afloat. There cat' be no doubt that but for this
slight mistake, the vessel would have been launched in less
than an hour. instead of tekin: the two days as ryas ori-
ginally intended. It is all very well for persons to find
fault, hut to launch her at all, or even to move such en.
enormous mass without damage, was a marvellous work
of engineering skill, and reflects the highest 'honour upon
the engineers engaged. It was hardly to be expected that
everything would have gone right in the first instance.
Indeed there has scarcely been a case upon record of any
eery great and novel work proving successful at the
outset. Look at the failures that hive taken place with
respect to the laying of the submarine electric telegraph,
and yet no one doubts but that eventually the Atlantic
telegraph will be laid, and . that we shall have instant
communication at some future time with India. Look,
again, at the Great Britain. This vessel was at the time
a marvellous work. The accidents that happened to
her were very disheartening, and there were not a few
who prophesied that she would prove a failure; yet all
difficulties were surmounted, and: she has proved herself
one of the finest ships ;Abet. Tbe very accidents them.
selves, as regards the case of the Great E astern, only
render success more certain, because the engineer is
made aware of the difficulties which he has to contend
with, and will ba prepared to meet them on a future
occasion. It may not have struck him that the stern of •
the ship, being much heavier, as in that portion of the ,
ship her ponderous machinery and massive screw are
placed, would, when the ship was once started, have a
greater momentum than the fore part of the ship, ane
pews irre. e Jgatrtso ente:ee er. 'sem et, •H- Fey i Nis
satisfied with the resu't. Ills only fear was to starting
her. Having now ascertained that he can do so,
all fears for the ultimate resit' t are at an end. Con-
siderable apprehension was at first felt that the vessel,
having been moved from her old bed. would, by her im-
mense weight, cause that portion of the launch upon which
she now rests to sink. It has slightly done so to the extent
of about six inches. This was during the first nicht after
the attempted launch, but she has not sunk more since,
nor is she likely to do so, because she has not got beyond
the bed of concrete originally laid down for her. Had she
gone twelve, or even ten, feet further, there theta would
hove been considerable groundi for apprehension. An
accident of a somewhat similar character occurred three
years since at Tilbury, at the launch of the Tilbury
railway pontoon, an inorneale iron structure There were
several steam tugs to tow her down the ways, and a
massive windlass at each end to- check her °nurse. As
soon as she began to move the motion at one end was
more rapid ' than at the other ; the consequence was,
as in the case of the great Eastern, that the windlass
at one end overcame the men, who wire thrown from
it, but fortunately without injury. The ways at
the end where the motion was m ,st rapid partially
gave way, and the monster rolled down. Attempts
were then made to pull the other end to a parallel, but all
attempts failed, and the launch was post ponel for a fort-
n;ght. Then with additional machinery, she was at
length got into the`,.w leer. This is nearly a para lel case
with the Great Eastern, and there is little doubt that a
similar result will ensue. It is erroneous to suppose that
the ship, even when she is launched, will be ready for
sea, or even nearly fie:shed. It will require the outlay
of considerably more than another £lOO,OOO before
that desired end can be obtained. Several alterations
and additions have been made—some think them
anything but improvements—by Mr. Brunel since
he has had the mangement of her, and these will not
only occasion a largely increased outlay of capital,
but also great delay, and there are a good many who
fully expect that she will not be ready to make her
first voyage uetil the spring of 18b9 The directors
are naturally most anxious t'at she should be in the
water, since that has been regarded as one of the greatest
practical difficulties, and has induced many capitalists
to hold back, and even to allow many of their shares to
be declared forfeited. They think, however, that when
once the" monster of the deep" is fairly afloat, they will
have but little dilLculy in raising the necessary capital
to complete her. But for the unfortunate death of Mr.
Geach, the former chairman, the vessel would have been
all at more than twelve months since; as, with the lerg9
capital ne had at command, and the great interest he had
at stake, he would have pushed her forward to com-
pletion, and would thus have been enabled to have reaped
a rich harvest by the cmveyance of troops to India. The
directors see this now', but it is too late, and the only
course they can adopt in order to get a return for their
capital, is to make any sacrifice to prepare her for sea as
quickly as possible. The next trial to get her off will in
all probability be on the 2nd or 3rd of next month, but it
is quite possible that an earlier essay will be made, if the
requisite machinery can be got ready.— Obseever.

A letter from N iples states that the Princess Dolra
Maria, qster or the K; g, and aFe of Dun Sebastian of
Spain, had becom) so ill, that the last sacraments had been
administe. ei to her

PARTS, Saturday Morning —lt is announced that the
Bank of France has not increased its rate of discount,
hoping to find other means of self protecti 3n. There is some
question as to the right of exporting gold.
FRENCIE ST? USERS ON THE DANU:SE 1 tier from
Pest!), of the 27th u't , says : —" The first French stesmer.
the 1110 gene, has just moored ( if the quay °foil. to.; n. Sne
was, in the 6 s' instance, at Trieste, and after an ex :ursi,no
iz the Black SJa, she steamed up the en' ire length of the
Danube. It is evi !era that a new era has dawned for the
nar;gatiol of this river, and that sdrious competition is
abilat to commerce.

Tuts GtanT DOG. —A som-vlitt presentation
was made to her filltj.sty, at Windsor Castle, ca Wednes
day last. Mr. E. Wider, of Nem York, hal the h•-tnenr of
introducing his remarkably floe American dog •‘ Prince"
to her Majesty and the C mrt, in the quadrang e. This dog
was horn in Pennsylvaeia, an 1 resernh',es in colour some•
what the coach d g of other drys. lie is remarkably docile,
yet possesses unusual courage and strength.
WISE MEN or THE k:Asr.—A deputati n of Muphtis.
Khedis, Ulenass, Tolbis, Imans, and native professors of
icier Cc and law, lately waited upon M. Latour Mtv.vay,
the Preset of Algiers, still a flittering address, in which
they slid that tti,eir ti.nvies were " too short to srals the
praises of the Emperor." The pref-ict was much tictil-d
with the Szure of sp eel), and promising to tell the Em-
peror cf it, recommended the wise men of the E ► t in pros-
tr to in their splendid mosques arid pr .y for his
Majisti, whose grOtttsc d 4 idhl W4l 10 accept ill; homage
of aiscere hearts.

FORGERY.

At
' T
At the Lendon, on Warder, 'Wiliam Wilcox was
bre ght before the Lord Mayor, in custody of Funnel, the detective
officer, charg d with having forged a check for £2OO, with intent to
def and 51es3rs. Coutta, the b. nkers. Mr. E. J. Mellnsh, cle.k to
Messrs. Coutts, said : The order produced for a check-book was
pre-ented to me on the sth inst. It purports is be signed by H. and
S. R. Lewin, who keep an aceonnt at our bank. The prisoner pre-
sented it, and I gave him a check-heok marked and numbered F. D.
9,651 to 9,800. The che.:k produced has boon taken from that bock,
and a purports to be slue 1 by Messre. Lewin.al paid it in a ...-6200
bank n Its and .4'50 in gold. Mr. M.J. R. Adams I am one of the
principals of the Issie Department of. the! Bank lief Eng-
land. My attention was yesterday called to:th s £lOO note ',re-
duced. It is endorsed Thomas Brown,3 105, Oxford-street'
I reforrei the Directory, and net finding the name of
Brown to that address I asked the prisoner if he lived there
Ile said hs dii not, and that a man had given :him the; note in the
street.— \ Ir. H. Lewin : I am a sorcitor at 32, Sonthampten-street,
Strand. The order prodacel for a check-hook is not in my writing,
nor was it *toed by my antharity. I did not sign the check pro-
duced for £2 .0, and which purp ,rts to have my signature attached
to it. E I yard Fennell, the detect ve office-, said: f saw the prisoner
at the Bank of England yestard•ae attorao in, reed asked him who he
received the £230 note from. He replied that a man hal given it to
him in the street. I asked him if he knew the man. He said he dil
not, but that he met him near Ludgate-hill. 1 asked him how much
he had been promised for getting the note cashed, and he repl ed
£l. He added that he was to meet the mm in St. Paul's Churchyard.
I asked him to give me his own name and address, and he wrote
on spices of paper. " William Wilcox, 76, Hatton-garden," and said
he Iva; e'erk to Mr. King, 19, Maddox-street. At t re station-house
he took from his pl. ket a handful of sever_ igns. I asked him where
he got them from, and he repfie I, " From the man who gave me the
note to' et cashed." I a,ked him if he had been to Coital's ?..; Ile
rpl ed, "I may as w3ll tall you the truth," as-d afterwards sail that
the man who had given him the not, had g ven him a cheek for £251,
which he tock to Coutts'e and got callad in a £3OO note and at 50
In god I. I timid 20 sovereigns en him, and he told me that the
rem :tiring £3O he had given to the man who had entrusted him with.
the check. Tee prisoner wss filly committed fur trial upon the
tw ,f3'd charge of forging the ern': for £250, and ferging the order
for the eel-vere of the check book.

TEE BANE OF ENGLAND IS. HER MONETARY
SYSTEM.

What a spectacle does England present to the
'world at this moment ! England, with her wealth,
her industry, and har intelligence, stands tottering
upon the brink of 'a precipice ! There is a deadly
struggle between commerce and the moneyed
power, which must end in the defeat of one or the
other. We would fain drive away from our pre-
sence all tearl about the result of this contest, if
we, felt convinced by facts that there was the least
ray of hope for brighter prospects. But why should
we build our hopes upon a, rotten- foundation, that
must crumble to pieces at the first gale thit conies
upon us, and reiterate that nauseating language
which seeks to hide the real position of the
country `from the public view I England,
miehty England, whose forefathers delivered,
themselves from the tyranny of Princes, has
now become chained in golden fetters. Her honour,
her industry, her religioneher :strength, ore humbled
before the image of gold. The bine of England is
her monetary system. If any , demonstration of
this assertion be required, we reply, that the daily
f..tcts which come betoro the public are sufficient to
prove_it. Yet it is lamentable to find that they are
ignored by a very powerful and influential class of
men. One of the most extraordinary felts 'of the
age is found in a monetary system that has power
to derange the commerce and finances of the
whole world. Whether we look to America, or
to our own country, this truth is equally apparent
The system of credit, built upon gold, without the
meane of obtaining it, is the greatest fallecy of the
age in which We live; and yet •it is submitted to
with as much eomposure, except in the time of some.
'national eonvulsion, as if it were revealed from hea-
yen. It is not necessary to go into the monetary
system of America, except so far as to show that
it 'contains the tame dangerous elements ns our
own. The principle of demanding esery payment
to he gide.in specie, no matter in what the deposits
are mule to a bank, is fraught with the greatest
danger; because a banking system founded upon
such law is -utterly impracticable, whenever any
pressure takes place of an extraordinary nature.
The law of banking in America has, to a ter.
taro extent, been made free as a business; but the
same error with regard to specie payment per-
vades the system. In the case of the American
banks, the evil has fallen upon themselves;
for they have discovered that the payment of all
• their liabilities -in 'specie is wholly impossible, in
tiny great. emergency; there is, then,
.nothing but
the forbearance of the depositors to secure them at
any time against a suspension of specie payments.
While this strengw anomaly- is allowed'' to exist,
monetary panics must always ensue, and- the
trade of the country become. paralyzed •by the
suspension of credit. Eugland in this respect
is .in pucisely the same situition as America.
.She has.rnade it lawful for every man who holds
deposits in a bank to claim them at any time in
specie, Whether they were made in paper or
gold. What, may we ask, would 'be the effect of
any motetary. convulsion, such as hes odeurred in
Amerien (and this is not beyond the range of pos-
sibility), were it to take place in L)nden ? How
could the banks meet the demands upon them even
in notes, much less in gold .2 The Times has
strangely enough pointed. to the Ant of 1844 es the
only safe course to be adopted in the future system
of banking in America. It would, indeed, be an
extraordinary change to see_ such an absurdity
ventured upon in that land offreedom.
It remains new to be seen whether England can
maintain her credit , upon the same foundation.
Already some of ?pier most powerful manufacturers
and merchants are falling before the storm; and
unless some sffort be made to render eff ictive aid to
this class, thousands of ertiz ins and labourers will
cease to have employment. There are, we are aware,
some who can look on and see nothing in this state of
things, but simply an advance in the rave of dis-
count. to 9 per cent ; but such calmness is more the '
result of a heartless indifference to the actual
' condition of the country than of any patriotic
views. The nation has become a complete slave to
that money power which daringly. defies and
over-ride) every other interest of the kingdom.
This is
..not only . the cal() in England, but in
almost every country is Europe and America.
The time has now arrived when it must be either
under which the country now :*roans is a piece of
machinery unmatched in the world for its
iniquitous opprersion, and for the extent of injury
t has power to inflict upon every clasi of society.
To assert that universal alarm and anxiety should
pervade the wealthiest community in the world, at
a time when an abundance surrounds us on all
sides, it is the strongest proof that can be adduced,
that our difficulties are created
.by our own folly,
and by a blind adherence to the prdildl.cee of a bye-
gone age. S.) long as England makes gold her
idol, she must make up her mind to sacrifice all
the noblest attributes of our rase.—Bankers'
Circular.