Northern Times.
Liverpool, Merseyside, England, 1857-08-28 00:00:00

THE TRUE PRINCIPLES OF CURRICNCY.

The author of the pamphlet bearing the above title is
not unknown to the readers of works on the Currency
question, and those who have carefully perused " Currency,
Self-regulating," will be prepared to find in "The Trne
Principles of Currency" the opinions of an intelligent and
practical man of business —one who has thought deeply,
and who has had the opportunity of testing his theories bY
practice. The publication of this pamphlet, says the
author, arose from his desire to lay before the Bank
Committee his evidence on the evils of the present monetary
system, which hs proffered to Sir George Cornewall Lewis,
but received for reply "that it was not probable he would
be selected for examination." No other means remained
of making his views public than by issuing them in the
form of a pamphlet. The author has given bis
evidence in question and answer; and has kept 10
view two leading objects —the exposure of the evils
of the present system, and their remedy. ge
dwells with great clearness on the fallacy of basing our
currency on gold alone, seeing that it is an article of met'
chandize, and consequently ever flectuating in its supply ;
"hence, when the exchanges are favourable, gold flows los
and money becomes unduly abundant ; while, on the other
hand, no sooner do they turn, and gild is .exported, than
money becomes injuriously scarce," and both paper money
and specie are withdrawn simultaneously, white the rate of
interest rises to the great injury of the mercantile corn'
munity, and to the destruction of commerce. In questions
Nos. 64 to 70, the author shows " that the much boasted
check of 'convertibility' operates only when the exchanges
are unfavourable, and gold is wanted for exportation ; •
and that at all other times the circulation and the
issues or the banks are as really unlimited as they would
be under an irredeemable paper currency. The plan pro-
posed by Mr. McPhin is that an institn'ion, called a Bank
or any other name, should issue notes to be made the
legal tender of the country, that the notes so issued should
be inconvertible, leaving gold to find its market price
amongst other mercantile commodities. For the basis of
the issues, he proposes the national stock of the country,
which being considered the safest investment for capi-
talists, he argues, must be the best security to give for the
circulating medium, inasmuch ins "it would represent A
certain value of commodities in general." The common
opinion that prevails respecting the uniformity of the value
of gold, is very clearly shown to be a fallacy. In 1815,
when the news of the landing of Napoleon in France
reached England, this metal rose, at a bound, from .C 4 4$
to £5 Cs per ounce, or 26 per cent. The present
variations are equally great, though they are ingenious],
veiled from observation by our currency arrangements,
the rise in i s value being indicated only in the fall of
other commodities. For numerous valuable suggestions
and for the details of the proposed plan, we must refer the
readers to the pamphlet itself ; and as security, uniformiti
and expansion are the objects sought, we recommend an
attentive nerusal of the publication, from which may be
gathered much valuable information on the currenol
question. Apart from this the pamphlet abounds with
variety of commercial information, unknown to a grest
many writers on the currency question ; and though we do
not coincide with all the author's suggestions, we consider
he has contributed much valuable knowledge upon t.,1249
subject.—Fromthe True Principles of Currency, by ff •
Lyon Mc. Phin.

At LEWIS & COMPANY'S, Ranelagh street,
BOYS are CLOTHED from the Ages of 6 to 20 Years;

TUBULAR BRIDGE ova THE NIAGARA.—Not contest
with superintending the erection of tubular bridges across
the St. Lawrence and Otawa, Mr. Hodges has designed Ai
bridge of the same sort for the Niagara, after a carafe"
survey of the ground, we believe. It is contended that the
suspension will wear out in a few years, and that it Will
he found necessary and profitable to replace it with the
more substantial structure even at an enhanced cost.
We have had lying on our table for some time past, e
nicely executed lithegraph of this preposel bridge—the
si'e chosen being but a short distance from that of the
suspension bridge. It is taken by Mr. T. S. Scott, archi-
tect, of this city.—Montreal Gazette.
A WATERSPOUT IN CANADA —The Rev. L. Preuhr,
priest of Sr. Eleazor, County of Beauce, writes to the
Journal de Quebec a very graphic description of a water-
spout which devastated his parish, and of which he was $
witness. A large and dark cloud was overhanging the
place on Sunday forenoon, July 18, when a noise, as that,
of the sea in a storm, gave warning of the approach 0'
something unusual. Soon the cloud seemed to burst,
letting fall towards the earth a long train, somewhat is
the shape of a funnel, with the small end turned down-
wards. It revolved rapidly, hissing like escaping stout,
and swinging to and fro, and imitating the contortions of
a snake. When the small end reached the ground, it
lifted and carried away in its revolving impetus whatever
it came in contact with. Boards, timber, stones, aria
portions of houses were whirled in the air and thrown at
a distance with a fearful report. Several houses were thug
razed to the ground. One horse and three COWS were
drawn by the power of suction to the waterspout, and
after being raised high in the air were let gradually down;
they escaped uninjured, and were only covered with
mud. Five carts were carried to a great height and thrown
across some fields into the woods, being smashed by the
fall. Large trees, such as maples, have been uprooted
and removed a distance of five acres. This phenomena,
although disastrous and awful, must, however, have been s
sublime sight, which it is granted to very few, especially iu
Canada, ever to witness.—Montreal Witness.
ACCIDENT ON THE SQOTTISH NORTH EASTERN RAW
WAY. —On Monday afternoon, when the 2.24 mail train
from Aberdeen to London was a few miles south of Mon-
trose, and near the Guthrie station, drawn by two eugineet
one of the axles of the second engine broke, by which the
carriages were thrown off the line. The first engine con-
tinued to drag the train along, and thus saved the greater
part of the train from being thrown s.ver the embankment,
bat the coupling chain of the seventh carriage from the
end having broken, all the carriages beyond it fell over;
and two of them were smashed. One of these, a third
class carriage, was full of passengers, and yet, although it
was shivered to atoms, no lives were lost. Thu other car'
ridge which was broken was a ;second class one, and here,
also, the passengers had a miraculous escape, none being
killed, although from fifteen to twenty persons were hurt.
The guard and inspector, who were in the guard's cons-
partment, were thrown into a ditch, and the latter seriouali
injared, but none of the parties have been dangsronsll
bruised. Medical attendance was speedily obtained, arid
the stationmaster at Guthrie, and other officials, were most
attentive to all the passengers who were maimed. The line
was speedily cleared, and the through passengers who were
in the first portion of the train, and not thrown over, pro-
ceeded southwards. The engine the axle of which
gate way, is one of the best of the company's plant'
is live years old, and the fracture has no appearance of
having been previously weak, or in any degree unsound'
Among the luggage and parcels destroyed were a consider'
able number of boxes with game from the Highlands,
few of which can be in any way identified. The occurrence
was purely accidental, and may be said to be the first
accident which has happened on this generally wall managed
line.

MR. HUMPHREY BROWN AT TEWKESBURY.—Mr. Brown
(says a correspondent) appears still to he considered 14
some of his late constituents as both a martyr and a here;
The worship of a portion of the population, principally 01
the lower classes, seems to be extraordiniry. Mr. Brosgr!
lost little time after his release from h.tween the walls 0'
the Claeen's Bench prison in paying a visit to the t 0
which had the honour of giving him birth,. to receive the
cendolenec of tad sympathising friends. He arrived in tile,
ancient borough on Monday morning, aad no sooner We'
it known that he was once more upon native soil than
stir was made, and a movement started in the way Of 13
demonstration. It happened that on the same aftersoo
the lion. F. Lygon, M.P., who succeeded in ousting t 8
British Bank director at the late election, after hi"„
Laborious ditties in the House of Commons, paid a visit to
his constituents, and, as is usual in honour of the occassil .
the Abbey bells rang forth a merry peal. A concert he'
bean announced at the Music Hall, where, it will ber
remembered, Mr. Brawn was presented with a piece es
plate by his admiring friends, and the audience Oa
somewhat startled by load cheers on the outside, 011,,
enthusiastic cries of "Hurrah for Humphrey Brown,
The doors shortly opened, and in walked the distinguishel
personage himself, whose dejected appearance shovel
that his incarceration had not been beneficial, as far $
least as health is concerned. All eyes of coarse weft
fired upon him, but the public gaze bad no visible ele°tl
He appeared to enter into the spirit of the comicality e„
Mr. Cowell's songs, one of which, " The Artful Dodger'
is well known to all. It goes through the swindles of.Th
day, and the catastrophe connected with the Royal Botilie
Bank forms one of them, but this part of the 0(15
Mr. Cowell has been persuaded to withhol. At t,,b
conclusion, Mr. Brown was recognised by a large re.:b
of men, women, and children, and the air was rent vitro
cheers. The Tewkesbury brass band, engaged for iltis
occasion, played " Cheer up," and led the ex M.P. to for
hotel, where he was surrounded, and had it not beee.aed
theinterference of the police, he might have been 5t je
by the embraces of his fair friends. He was then para cim
the
up the High street to his nephew's house, and after ; to
band had serenaded him for some time, it continueuthe
keep the town alive till long after midnight, muchto,4i.
i
annoyance of both the well thinking and peaceable nlo
tants of the borough.

At LEWIS & COMPANY'S, Ranelagh-street.,sts
BOYS ere CLOTS El) trot the A gee et 6 t 1 3Q 1(1