Northern Times.
Liverpool, Merseyside, England, 1857-10-21 00:00:00

WANTED, COPIES of the " NOItTILERN DAILY
TIMES" of the followirg dates :—April 10th and
-4th.—Apply at the Northers axles c Mee.

1-, T 4 • ,"
9t?4,a ttsitio
•

TVEDNESDAY, OCTOBER:.2I,I-6,57,

THE DAY'S NEWS:

-In the absence of any more exciting topics, the
-state of India, and the condition of monetary
.affairs, continue to absorb all attention of our
-leading politicians, and commercial circles
generally. Respecting the former, public opinion
is, that the last news is most favourable, end hopes.
are indulged in that we shall from this time hear
of nothing but victories of the .British troops.
'Delhi, it is thought, will fall before Christmas,
nay, there are some so sanguine as to say
that we shall have the intelligence of
the capitulation of that city, before the
new year. Mr. J. P. Willoughby, M. 13., for
Leominster, and one of the directors of the East
India Company, has been speechifying. on the state
of India. He concludes in the following strain :
" What we have now to look for is the punishment
of those who have so grossly betrayed their trust ;
the liberal reward of those who have befriended
our countrymen and countrywomen in their dis-
tresses. We shall have to re-organise our military
force, which, no doubt, must in the . main be de-
pendent upon European arms, assisted by native
troops, for it will be impossible to perform all the
duties by Europeans. By a judicious mixture of
the two, such a force may be maintained as will
prevent, for the future, the danger from which, he
hoped, we had now almost escaped. In the neat
session of Parliament the subje.ct.will, doubtless,
be amply and fully discussed. and he hoped the
great Conservative party will approach the subject
—than. which none can be of more interest both
to England and India—in a calm and dis-
passionate-epirit, determined to do. only what is
best for India, and to avenge without destroying:
That is the principle we have ac:ed.upon, and will
act upon. •He was not prepared to defend the
system by „which India is at present governed.
The East. India Company may have committed
sins of omission and commission, but, taken as a
whole, their rule has been beneficent andlsaa done
great good to India. Whether any other system
of g_overnment may be devised which .would be
anore ueneaciai tie -come not say, DUL it, certainly
',would not anewer to place the ~whele of that vast
empire under a Secretary of State, assisted by
„resident official-3." The Tines :nays that it is
satisfactory to reflect that the .convulsions of
-the criS s have been confined :to India. No
asommotion bas.cccurred either in Affghanietan
or Burtnah ; the. Chinese question has been ,eus-
pended without apparent prejudice to our position
or our claims, and the actual evacuation. of Herat,
according to the 'terms of tho treaty; has testified
'to the good faith .and quiescence of .the Persian
Government. Oar own colonies in other regions
have, indeed, vibrated with the shock, but only,
we are rejoiced to, say, after the same :fashion in
which we have been affected ourselves. ,Not even
in London or Edinburgh, or Manchester, or any,
other great centre of British opinion, has more
-indignation been felt -or more energy aroused than
in those colonial establishments which lie between
England and her Eastern Empire. The Gavernors
of these . settlements have risen promptly to the
level of the emergencies before them, and have
despatshed succours in every form with a gene
rosity andezeal deserving the approbation of all.'
The private letters received from America are of
a most ,alarming character. The complete pros-
tration of the manufacturing trade, has thrown a
great many operatives out of employ. Already.
the ciy comes from New England that they are;
in want of bread. The retention of crops at the
west kept provisions high, and as less than two
months of lake navigation remained, the whole of
the Northern-States would be dependent upon the
railways alone for their stiaplies. One of the
most remarkable features of the monetary excite-
ment in America is, that great public meetings are
held to discus - the difficulties of .the position, and
at these, as may be supposed, all 4:inds of theories
respecting the currency question are introduced.
At the Boston meeting, the Hon. Ateass. Walker, a
gentleman well known in England, ventured to
place himself in opposition to a storm of democratic
voices raised in favour of cash payments by the
Bank. One of the crowd exclaimed that the crisis
was past. "The crisis past r rejoined Mr. Walker,
my dear boy, this head is somewhat gray, and,
believe me, the crisis ban not begun; ney, it will
take six months before it is begun, and there will be
ruin upon ruin everywhere" It is to be hoped Mr.
Amasa Walker is a panicmonger and not a prophet.
It is hardly to be .expected that the financial
crisis which has involved the United States will
pass over without any of its evil effects falling
upon Canada " Happily," writes the editor of a
Montreal paper, " the sound „common sense and
:the cool practical ability of the mercantile commu-
nity of Lower Canada has placed this section of the
X'rovinae in a position to look .upon the storm .
around us with ccmparatively little anxiety. We.
lave few sp. dulators among us, capital has not been .
locked up in unremunerative investments, importa-
tions have been moderate, and credit has been
dealt out carefully. Six months ago cur merchants
and bankers eaw that there was trouble ahead, and
prepared to meet it; the fruit of that caution wa
now enjoy in the comparative ease of the money
market, the undisturbed cone fence, and the fact
that no .failure of consequence has taken place,
and that none is imminent. Undoubtedly we
shall have failures, such occur at all
seasons., and houses long ago rotten will
avail themselves of the eclat of a fiaan-
cial panic to resolve themselves into dust. Such
occurrences, then, if they arrive, need occasion no
alarm. We are told, and we are glad to hear it, that
the Banks are determined to give every facility to
legit m ite Lu tiness in their power, while exercising
all caution to check speculations which would
tend to withdraw specie, contract the circulation,
and engage Canadian funds in foreign operations.
Our prosperity depends on their management and
the cc-operation cf merchants and capitalists with
them. Men who, for the mere sake of profit, occa-
sion a drain of specie for foreign operations involv-
ing the delay of any considerable length of time for
realiz ttion may do the money market and the whole
country immense injury. A few weeks hence the
4.4mg.er will be past; the present low rate of Ex-