The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-19 00:00:00

PRESS.

a class of persons who rrquire rather to be relieved them-
selves than to be taxed to the support of others. The
having already so much misery to deal with ought surely
to make: a Government pause—and long and fearfully too—
before it finally resolves to enforce a law that will have the
effect of putting down a fLurishing manufacture of our
own, in favour of foreigners, and throwing hay a million of
industrious woi kmen out of bread, and this too at an eventful
period like the present. when the country can least bear
any interruption to its industry, and is least prepared to

encounter any fresh convulsion.
Such is at this moment the stagnant state of the silk
trade, arising from the expected ruinous operation of the
new law, that when the stock of materials now in the
hands of the operative weavers is worked up, no manufac-
turer wiil give out another ounce of silk fur any fresh sup-
, ply of goods not on order. What a wide spread mass of
distress must be the result! Can it be a question whether
such a calamitous crisis should be permitted to arrive if•
by any human means, it can be averted? There never
was a subject which it was of more importance that the
public should fully understand than the one here before it.
We arc most anxious that all its bearings upon the situa-
tion of the country should be fully known. Let no man
consider it as a question in which he has no concern. No
indifference can be more fatal. We are not here reasoning
upon hypotheses. In a few short weeks what we are now
stating will be no longer matter of reasoning, but of reality.
That the public may form their judgment upon it prac-
tically we will go a little into detail. Mutter of fact
carries its own warning with it. We will take the city of
COVENTRY and its vicinity. The following is not a con-
jectural and off=hand t,:mate ; it is a statement the
correctness of which may be depended upon, and which
will therefore warrant the conclusions which every reflec-
tive reader will draw from it. _

The amount paid in wages WEEKLY to the riband-
weavers of Coventry is twelve thousand pounds. The va-
lue which this labour adds to the material upon which it
is emplcyed may be truly stated as equal to three times its
own amount. Thus tLc value of the ribands manufactured—
including the workmanship and material—amounts to ONE
HMI lON eight hundred AND SEVENTY-TWO THOUSAND
Pot; 24D5 per annum.
Allowing—which is as near the fact as possibk—that
twenty shillings is paid for manufacturing one pound and a
'quarter of silk—or one shilling each ounce—the annual
consumption of raw silk is 780,000 pounds weight : which,
at the average cost of hurteen shillings per pound, amounts
o 66.3,0001. Now, if we deduct this 663,0001.—i1ie
prime cost of the foreign raw silk—the value of the ribatids
produced by the labour employed upon them is DICE
LION TWO HE NDRED AND NINE THOUSAND POUNDS per

annum. It must be here remembered, that a quantity of
British good.. to the value of six -hundred and silty-three
Isthousand pounds must have been exported in exchange for
this amount in value of raw silk imported.

We here see in a short compass what is paid in wages
to the operatives of a single district, and the value added
by it to the raw product. The above account does not
include the profit of the manufacturer, of which, from a
variety of causes, it would not be possible to give an
ac-
curate estimate.

Let those who have nerve enough look steadily at the
consequences to the country of destroying all this pro-
fitable application of capital—of annihilating so valuable
a branch of our manufactures—for annihilated it actually
will be—and turning adrift this whole number of operatives
—men, women, and children—who earned collectire&, by
their Ilonat and well-directed industry, twelve thousand
pounds a wed:, and throwing them—helpless and starving—
on the parish rates!
We have confined our statement to tha riband-wearers
only ; we have said nothing of the hundred thousands em-
ployed in the manufacture of !road silks. The picture
would be too appalling to contemplate. We again repeat,
that we are not here enumerating evils which may, but
which inevitably will ensue, if the British silk trade is
opened to foreign competition. his not upon the silk-

manufacturers, as a body, that this extremity will fall

They can retreat for a time upon their own resources, and,
for all beyond, the course is open to them. It is upon the
workmen thrown out of employ that the weight of distress
will fasten. In the Silk Trade there arc nine thousand
stern hundred looms in active work. Of this number stern
thousand are the property of the operative weavers. The
moment French goods are introduced, these looms will be
thrown idle, and n hen it is seen how great a pcoportion of
them is the property of the workmen,it is easy to imagine not
_ _

only the irreparable loss which the manufacturing industry
of the country must sustain by the breaking up of all this
weaving machinery, Lut how greatly it must swell the ag-
gregate of the pauperism which is already the fruitful parent
of to much crime and calamity.
Upon what ground, we 'maid here ask, do the silk-
Factors—the party who solicit the repeal of the prohibition—
upon what ground do they large its removal, or upon what
principle do they proceed to prove that it would be of l'ene-
lit to the public? To what extent the motives of philan-
thropy or of patriotism may govern them, is a matter

upon which we offer no opinion; but thus much we will
tcll them, that they are sadly short-sighted, if they imagine
they will promote their own interest by advocating the intro-
duction of foreign silks, since it is manifest that the ready

resonree which offers itlelf to the silk manufacturers, and to

which they will, no doubt, resort, will be immediately to
employ their capital as rectors instead of manufacturers,
and the former will thus find, to their cost, that their trade
will be suddenly over-run with competitors which their
mistaken policy has forced into the field. It will be too
late for them to tread back their steps when they shall have
discovered the error of their calculations; but that they
nial discover their error, in the end, is certain.
Our limits will not permit us to say more at present.
We shall resuine the subject very shortly, and our
deep conviction of its importance will induce us to return
to it till we have left no statement unurged that may, in the
end, produce conviction.

No efforts were spared during the late panic in the City
to extend its sphere and aggravate its pressure. Malignant
insinuations were first the instruments with which the
alarmist patty worked. Ai these failed of effect, recourse
was bat to direct falsehoods. The wicked zeal, and rids-
ebietous activity, of this party can hardly be conceived by
those who have not watched its proceedings. Since the
agitation has begun to subside every nerve has been
strained to excite it afresh. Daperate means must he used
for a desperate end. Falshood was necessary ; and false-
lwed, therefore, was sent forth in abundance. A few pa-
ragraphs, published as recently as Saturday lost, will show
the cltanieter of the machinations to which we refer. In
one of the accounts purporting to come from the City, in
the Mcrniag Herald of that day, the following statement
occurs:--

The ileeting of the Merchants and Traders, anti their Resolu-
tions, are not considered here to be Of the value or one straw in
his eventful mica/. Parties want something more than mere

•:.•*

meetings and resolutions. Firm pmtesfationa of confidence will
rot satisfy the man who wants the money with which he is to nice
his engagements. We went to the Mansion-house several time to-
day, but we certainly had not the good fortune to see any person at-
tending to sign the resolutions, end its the course of conversation
with the different merchants, they one and all declare 'that they trill
not sign it, because they do nor like to subscribe their names to that
which they do not believe to be true. The Hebrew interest is de-
cidedly opposed to it.
Now what was the fact ? In order to insure that none
but respectable signatures should be attached to the Re-
solutions agreed to at the Mansion-house on Wednesday,
only eight gentlemen were admitted at a time into the room
appropriated to sign them. There was consequently no
bustle such as ordinarily prevails at places where the sig-
nature of every individual is eagerly sought for. As to
the tliinelittation of the merchants to affix their signatures,
" because they do no believe" " the Resolutions to be
true," let the advertisement in our front page of this day
strike the vile calumniator dumb. The same baud endea-
vours in another passage to arouse the suspicions of the
weak and timid part of the public with regard to the abi-
lity of the Bank of England to continue cash payments.
These arc his words :
" The panic this day has taken a new turn ; the holders of notes
began to straggle rather thickly into the ballot rffice of the Bank,
:Mere gold is obtained fur notes—crowding and jostling by hundreds
et a lime, &c.
We pass over the gross ignorance of this City agent, who
evidently knows not the very localities of which he is
speaking, nor probably the difference between cash and
bullion. Whatever else lie knew not, at any rate;he must
have known that his assertion that " that hundreds were
crowding and jostling" to obtain gold at the Batik sa-
absolutety without foundation. Bat we have not yet done
whit the malignant falsehoods of this Paper. On the faith
of a correspondent, it is alleged that "an eminent West
India house in the City, the leading partner being an M.P.,
stopped payment to-day. Another house, extensively en-
gaged in the South American trade, has also stopped."
These statements, again, are purely malicious fabrica-
tions. Nothing has occurred which can in the dightett
' degree justify them. Vague and sweeping assertions of this
nature, howz-ver, are not all : individual calumny is deemed
' advisable. This is supplied in the following shape:—
" A constant reader of the Morning Herald begs to assure the
Editor that Mr. Irving, who made so grand a speech at the Man-
i sion-house respecting Sir Peter Pole and Co.'s affairs, kept cash
at that !liaise, and his firm (Reed, Irving, and Co.) were the fir.t
to withdraw their balance.—Lloyd's, Friday Morning."
Will it be credited ? This statement, so boldly and
broadly advanced, is wholly the invention of the writer !
Words are insufficient to express our indignation. The
only proper answer would be, tl:e scourge of criminal justice.

CITY, SATERDAY EVENING._

The transactions of this morning, and the general ab-
sence of all mischievous reports that had any semblance
of credibility, confirm our former statements, that the
panic is fart subsiding but it can scarcely be expected
that so great and extensive a convulsion as has recently
been experienced in the Money Market call entirely pass
over without several returns of depression and agitation.
Indeed the accounts that must daily arrive from the country,
describing the effects produced there by the ruinous alarms
of the past week, will necessarily, to a certain extent,
cause some re-action In the metropolis, and we doubt not
that any relapse of this Nod will be eagerly taken advan-
tage bf by that party whit t has already done so much to
aggravate the evils of the late financial dirtress, and used
as a stalking horse to promote their further objects. Bu
be the recurrence of agitation more or less, and the most
sanguine must expect some return of it, the public may
rest assured that the worst is over, and that any sudden
consternation that inly hereafter arise, is otdy the nature
result of that morbidly semitive state of the Money
Market, from which it has not yet, perhaps, absolutely
recovered.

Considerable sales of Money Stock were effected this
morning, principally, as it was understood, in order that
the proceeds might be transmitted to the country for the
purpose of upholding the credit of the provincial bankers.
The price of Reduced Annuities fluctuated between 791
and 78f 9, which was the concluding quotation. Consols
opened at 814 f, and closed at the same price, having once
in the morning reached I. Exchequer Bills were 40 60
56 68 .discount.

The Foreign Market possesses little or no interest at
present; the prices were rather lower than yesterday.
Colombian Bonds were S6i 2; Mexican Six per Cents.
381 I ; Guatemala Scrip 1.5 18 discount; Spanish Bonds
13); Greek ditto 15 16; Danish ditto 67 9; and Bra-
zilian Scrip 20 18 discount.
The issue of email notes from the Bank of England is,
we find, generally regarded by the Monied interest as a
precautionary measure of great importance and utility.
It will immediately provide a secure circulating medium
in those distant places where a temporary want of confi-
dence in the local bankers may prevail, and thus, in the
first instance, check, and, probably, destroy the alarm
which otherwise would soon produce, particularly in the
moufacturing districts, a train of, evils which it is fright-
ful to contemplate. The large supply of cash could not,
with all the exertions of the Mint, have been prepared
for immediate transmission ; and as bullion would neither
have been acceptable nor useful to the multitude amongst
whom the panic would most dangerously operate, the issue
of small notes by the Bank of England was the only effec-
tual remedy applicable to the perils of the moment. The
whole conduct of this great corporation, throughout the
late crisis, has been such as reflects infinite honour upon
the 11)ard of Directors..

We statcd yesterday that we had reason to believe that
the very respectable film of EVERETT, WALKER, and Co.
did not intend to resume their business. It appears that
we'were correct in that announcement, as the following
circular has been•forwarticd to all their custonters-:
Itte.scs. Everett, Walker, and Co. respectfully announce that,
not having obtained the desired assistance, the house will not be
able to resume Its business; they are making arrangements to sub-
mit a statement of their afftira w their creditors, aad to liquidate
all their debts and engagements. Dec. 17.

As far as the London banking houses are concerned, the
most perfect confidence seems now to exist. iVe hear not
eves a whisper against one of them.

Ttir CraaCN CY.—lt is very probable that the immediate
effect of the increased value of money will be to reduce the
price of grain and other agricultural productions. Either
the Jews or Gentiles have already begun to sweat the gold
coin, and out of 250 sovereigns received in payment the
other day from Ireland, not fewer than 30 of them had
been under this operation. We hope that we shall never
again see the time ►when paper money will tot be con-
vertible into gold at the will of the holder, but we should
be very reluctant indeed to have the cumber and the trouble
of a circulating medium altogether metallic.—Leed,,
Mercury. . _ _

A set of swindlers are going about the neighbouring
villages, persuading the country people that all the Not-
tingham banks are going to break, and kindly offering to
purchase their notes. This humane ofer has, in many
instances, been accepted ; and our correspondent adds, that
"one of these swindling scoundrels, it is supposed, realized
more than 50/. in a few hours."—Lerls Jfercur:,