Northern Times.
Liverpool, Merseyside, England, 1857-10-23 00:00:00

the Moldavian Divan in favour of a united
Roumania under a Western Power, is confirmed
to-day by a more detailed dispatch from Jassy
The resolution affirms the principle of the autono-
my of the Principalities, conformable to treaties
with the Porte, the rights of which are admitted;
the union of the provinces under a prince of a
western dynasty ; a representative form of Govern-
ment, and neutrality of the new State. It is
expected that the Wallachian Divan will pass a
similar resolution with the same unanimity.
M. Mon left Paris on Tuesday evening, and
arrived at Bayonne on Wednesley afternoon. He
can scarcely be in Madrid More Saturday, and
therefore the constitution of the Arrnero ministry,
supposing it to be accomplished at all (of which
doubts are entertained), will not probably be
announced before the middle of next week. There
is a very general impression that his ministry, if
formed, will not last many days after the meeting of
the Cortes. The majority of the Madrid Press is,
however, disposed to advocate a fair trial for them,
and M. Mon, though not by any means a liberal in a
political sense, is a free trader, and intends, it is
said, to conciliate and interest public opinion by
large commercial reforms.

The Divan, now sitting at Jassy, is reported to
have resolved in favour of the union of the Prin-
cipalities, and in favour of a King taken from one
of the royal stock of western kingdoms. The
Prussian Government have published tha text of a
private letter on this sulj.wt, which was sent to
their foreign representatives. In this corninunica-
tion Prussia commits herself to nothing but. the
strict and faithful execution of that Treaty of Paris
which it had so very little hand in manufacturing.
The principal foreign news of the day, however,
is that brought by telegraph, that the Wallaehian
Divan has almost unanimously affirmed the prin
ciple of the union of the Principalities under a
prince belonging to the western dynasty. There is
something ambiguous in this. During the Crimean
war, the " Western Powers" signified only France,
England, and Sardinia Geographically speaking,
however, Belgium, Holland, Spain, and even several
little German states are comprehended under the
designation. Now th:•t the vote of the Divan has
been given, there seems a dispositio❑ to diminish
its importance. Few people think that the political
union of the Principalities is likely to be aceorn-
plished in the face of the decided opposition of
Turkey, Austria, and England. The Prussian
Circular, also juat published, is not at all of a
character to give the Unionis.s any great hopes of
tha support of that power in the face of a determined
resiatanee. The Porte, it is said, intends to send
Fuad Pectin as a special commissioner to the
Congress of Paris (whenever it may need), to
support its views and assist Djamil-Bey. Iu that
ease the other Great Powers will probably send
special envoys alsa, and the second meeting of the
Congress will not consisf, as was at first arranged,
of the see' nd plenipotentiaries only.
The mails and passengers from India have arrived
at Marseilles. Amongstthe passengers are Mrs. and
Miss Brooks and Miss Clete, who escaped from
Mhow by riding hundreds of miles. They were
confined for a long time in a fort, when they had
to feed with the horses with which they escaped.
Mrs. Graham was also on hoard. That lady
escaped from Sealcote. Her 'ausb Ind was shot by
her side in a carriage in which they were escaping
She drove on, and thus saved her own life. The
steamer which brought down to Suez the Bombay
mail, conveyed to Aden abut 50 of the disarmed
troops in the Bombay Presidency. They threatened
to be mutinous on board the mail steamer • from
Bombay to Aden, but became very sea-sick, and
quiet in cansequence. The passengers by the
' Ripon met English troops passing through Egypt.

EIGHT per cent. is the minimum figure at
which the Directors of the Bank of England will
grant monetary accommodatation to the mercan-
tile and trading classes. And even at this high
rate there is an unwillingness to deal in paper.
Besides this, the accounts from the United
States are discouraging and gloomy in the
extreme. Canada, too, is beginning to feel the

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Tian advices are not quite so satisfactory. The
war in India still continues; and, disguise it as
they may, the East India Directors are in tad
want of the " sinews of war." In fact, they have
been obliged to ask help, and contract a loan.
In such a state of things we ask—how is it
possible for the wheels of commerce to keep
moving ? We have already had several failures
in this country. The fact that the American
panic has not ceased, and the advance of the rate
of discount on Monday, cannot fail to lead to
fresh embarrassment. We only hope, for the
sake of the country, and the porer classes of its
people, that such will not be the case.

It may be said that we are raising a needless
alarm; that the wealth of England is by no
means exhausted, and the trade of the country is
in a satisfactory and healthy condition. With
regard to the wealth of England being unexhausted,
we admit that that is so. But it must be remem-
bered that a vast portion of her wealth is locked
up in railways and other national undertakings.
The securities held for these investments cannot
be converted into actual capital at the present
moment, unless the holders desire to make an
unreasonable and a most unusual sacrifice of
their property. The Fund., notwithstanding all
the subterfuges adopted in order to maintain
their respective values, are tumbling down, and
railway stocks and shares never fail to follow in
the wake. Hence it is that everything connected
with our monetary system is in a most precarious
and shakey condition. But are the commercial
classes in a better position ? We answer, "No."
The produce markets, both here and in London,
have presented a dull and drooping appearance
of late, and a general reduction in prices has
followed. Merchants cannot see their way to
carry on business, and be obliged to pay from
S to 10 per cent. for discounting their business
paper. Speculators, ton, have been driven from
the markets.

Again, matters are not in any better condition
at the great seats of industry throughout the
manufacturing districts at Manchester. We are
told that the depression in that market continues
to prevail, and business may at present be said
to be altogether at a stand still.

Birmingham letters tell us that the trade of
that town is dull, and it is the confident opinion
of well-informed parties there that should the
rate of discount remain as high as it is, it is
quite certain that in somebranches of the foreign
trade the merchants will be compelled to suspend
their orders. The Woollen trade of Leeds,
Bradford, Huddersfield, and Halifax a.e said to
be very languid, and at Nottingham, we know,
an equally unsatisfactory state of things exists.