Northern Times.
Liverpool, Merseyside, England, 1857-12-21 00:00:00

17" stopped by a killing frost, and by the middle of Novem-
sr the crop was nearly all gathered in. The result being
total cf 2,940,000 bales.
fudging, therefore, by comparison with last year, as
Well Well as by the best information from the various points in
s
LB.._ ()nth, I feel warranted in saying that the crop of
is likely rather to exceed than fall below a total of
`"see and a quarter million of bales.
of show an increase on the corresponding week
4 last year. Tais will not be maintained for some weeks
%Ileac, as our receipts last season to the end of January
Were unusually heavy, whereas this season the weight of
receipts is not likely to ba felt until after Christmas.
14ports are small to alt points for the week under
138 ',low The total to Great Britain, however, is 50,000
a s more than to corresponding dates last year, while to
France the deficit is 33 000 bales. The exports to other
d°llelga parts is only 5,000 bales behind last year to same
.4`BB. After two or three weeks we may have a decreased
,"zPort for a while, as it has been difficult for the past ten
`,4,4378 to cell exchange at the South spinet shipments of
votton to any foreign market.
The following is a statement of the movement in Cotton
"ce the 18t September as compared with the previous four
hies :

17elpts at the Ports 616,000 247.000 964,000
"'zPorta to G. Britain 222,000 172,000 31,000
": France. .. 56.000 89,600 114,000
" other For. Pts. 33,000 43,0 .0 76,000
4-4
Exports. .... 316,000 304,001 517,00 J
ck on .. 328.000 510,000 432 000
ti.cce)

1954. 1853
620,000 569,000
223,000 155.000
68.000 35,050
34 000 38,003
325 09 2:8,4100
330,000 331,000

durinz we past week. included to tn.t above

elpts at the Port. , 10,000 103, 00n ' 124,000' 85,000 72,060
PPorts toll Britain 21,030 24,030 45,000 47,000 24,000
.4 France, , 8,000 18,0001 18,000 7,600 8,000
Ports 4.000 • 3000 13,0 01 4,000 5 OGO
"1111 Expor ts
.33,00,1 45,000 7F,000 58,000 37,000
~...______ _

MILLTCY.— ECRlPTS.—Decrease at the ports compared
pith last year, 331,000 bales. ExroaTß.—lncrease to
Great Britain, 50,000 ; decrease to Rware, 33,000 ;
decrease to other foreign ports, 5,000. Total increase in
el"Pcirts, 12 000 bales.
l'itaranTs.—The amount of cotton shipping is limited,
and the rate dull at 5 321 per lb. to Liverpool, and
ee A. to Havre.
taIeADSTUFF/3 ; There has been a very limited demand
rr flour, and prices show a considerable decline. Wheat
4 also a little heavier, but we do not notice any decline in
Indian corn.
'ower ten Patovrstoas of all kinds are dull, and prices exhibit a
dency.
PRatours continue very dull. To Liverpool, 9,000'
4shels of wheat were taken at 41, in bulk ; 800 brls of
°on!' at 1s 6d.

1„, PAS %ENG ERS BY THE S rnAM-811 P AFRICA, FROM NEW
"R.--Sir Allan .M‘lll.,b ; MessrF. R. Wallis, F. Warre,
I,:,Perciral, R. Almsteat, H. Smith, G. Cockburn, R. B.
1.103,1Da11, E. Power, W. H. Power, CurTillier, M. Ga nude,
)„.14 Mosley, A. Green, D. F. Coffin. G Von. Baur,
1"."(4.141‘Nab, Miss M'Nab, Miss M'Call, Mrs. Ewart, Mr.
Driggs, Mr. S B Driggs, Mr. A. Menzun, lady:
daughter, Mrs C 'Gibbon, Miss Minis, Messrs. M. J.
r7gford A. Mitchell, James Christie, M. Smith, Ross,
C. Murray, N. Nathan, S. Grabnin Portens, GC.
o.ek, J. W. Hamilton, L Pulmnu, Mrs. and Miss Archer,
$
4ta c. Deyer, Mr. L. Thompson, Mr. and Mrs. J
t°w,l2 and three children, Mrs. S. Bowden, Mrs. Jones.

PRESIDEN I'S MESSAGE.

w-CnIZENS OF VIZ SZNATE

AND HOUSq of REPICESSNTATIVES—
baI (obedience to the comand Of the constitution, it has now
a( the my duty "to give tome on gress the in*ormation of the state
tile Union, and .ecommend to tneir consideration such measures'
Judge to be necessary and expedient."
ti,:ll deot, and above all, ous thanks aee due to klmighty God for
07: numerous benefits which les has bestowed upon his people; and
rwunit;rl prayers ought to ascend toe him that he would continue
t; less nor great republic in time to come as he has blessed it in
ztin Past. Since the aejou nment of the last Congress Our constitu-
, 8 have enjoyed an unusual degree of health- The earth ;has
Vred her 1 nits abundantly, and has
haverbouniful;y rewarded the toil
ene husbendman. Oar great staples commanded high prices,
up tili within a brief pet led, our manufacturing, mineral, and
kee,hanical occupations have largely partakcn of the general pros-
rie',;tY e have possessed ail the elements of mateeal wealth in
dabundance, and yet, notwithstanding all these advantages, our
Nin its monetary interests, is at the pres nt moment in a
periv'le conditi
of agrion In the midst of unsurpaqted plenty in all the
weluetionsculture, and in all the elements of national wealth,
Dr ~Le eur msnufectures suspended, our pnblic works retarded, on^
enterprises of different kinds abaadoned, and thousands-of
sti7(T labour-re thrown out 'of employment and reduced to welt.
ones,Lanue of the Government, which is chiefly d- rived from duties
appr '"'rto from abroad, has been g-eatly reduced, whilst the
Opthie
,„ ^fts made by Congress at its last session for the cu rent
teueLar ale very large in a-neunt.
ef theise circumstances a loan maybe required bsfore the close
1,,," Present ri-ssion; bet tills, although deer)), to be regrettei,
'aid prove t be only a beget misfortune when compared with the
'tittering and distress p-evailing among the people. With this the
Government cannot tail deeply to sympathise, though it may be
‘itliont the power to extend relief.

THE FINANCIAL ItEvULeION.
eit 13 eur duty to inqui what has produced such unforttina'a
te'ttitas and whether theire r recurrence b 3 prevented. In alt
Irai.er revulsions the bl .me Might have been fairly attributed to a
Itletir of co-operating causes; but not 50 upon the present occasion.
appar nt that our existing misfartunes have proceeled solely
blee our extra and vice cue system of paper currency and bink
ettes exciting the Teeple to wild eculations and gambling in
tees These revuleioes must continue to recur at successive Intel-
tee. to long as the amoun-, of tht paper currency and bank loans and
et,'"onnts of the country shall be lefc to the
chefdisretion of fourteen
of ?I'eti Irresponsible bankiag institutions, wh rom the very law
their natare, will consult the interest of their stockholders rather
"n tee public-welfare.
to he e frame a of the c natitutio -, when they gave to Congress the
er;,er 's to coin money end t s regulate the value the eof," and
,itlbited the Slates from coining money, emitting bills of credit, or
sng anything ate, gold and silver coin a tender in payment of
ex,' sulopo.ted they had protected the people feminist the evils of an
sts, ~,ive and. irredeemable piper currency. They are not responsible
r the existing anomally that a government endowed with the
sene'elen attribute of coining money and regtratang the value thereof
eti;:eld have no power to prevent others f -om driving this coin out of
o„_eflaintry, and filling np the channels of circulation with paper
does not represent gel,' and silver.
/el' 'gene of the highest arid most responsEle duties of government
enahritire to the p..ople a sound cireula- m_dium, the amount of
10l to ought to he ada ted with the utmost possible wisdom and ak 11
le:he wants of internal trade and •foreien exchanges. If this be
eer greatly above or grew*, below the proper standard, the
trhiKelt'le value of every man's property is
_increased or diminished.
%one aarne proportion, ann irjastice to oidividuals, as well as meal-
i'jtble evils te the commnnity, aie the consequence.
nfortuna e'y, under tl e; °attraction of the federal constitution,
e,rell ha. now prevailed too long to b 3 changed, this important and
11,..&te duty has bee's dissevered from the coming power and
liee'4l:Y transferred to more teen fourten hundred State banks,
indeeeneney of each other, an Ie regulating their paper
ey alineet exclusively by a regard to the present interest o, their
tkliolders. Exercising the sovereign power of providing a paper
ncy Instead of co'n, for the country, the first duty whioh these
ofs ewe to the public is-to keep in their vaults a settic e t amount
51 Old and silver to insure the convertibility of their notes into
to 1,,,an all times end nailer all circametancee. No bank ought ever
Jew. ehavered without such rea rictioes on its bnsine-a as to secure
tee result. All ther restrictions are comparatively vain. This is
te-chlY true t oneh,tone, the only effident re,eul-tor of a paper
lawsnoY--the only one ehieh can guard the public against over
It 24 &ad bank suspensions. As a collateral and eventual security
le;pnbtless wise, and in all ca-es ought to be reqa'red that banks
eoae' 1 hold an amoaiit of United S' ates or St. to securities equal to their
tee,' circu'ation, and pledged for their r.demption. This, how-
fernahes no effiquate security against over issues. Cn the
Acs,, alTi 't may be perverted to ilia ote the currency. Indeed, it is
ible by this means to convert all the debts of the United States
41,4, goveinmenta into bone notes, without reference to the
te:fe requirel to redeem them. However va trails these securities
et,e7e e in themselves, they e,nnot be converted into gold and
eein'. at the moment of pre sore, as our experience teaches, in
tqtnt time to prevent bank suspensions and the depreciation of
notes. In England, which is to a c nsiderable extent a paper
"nutria though vastly behind our own in this respect, it was
trt,l
51 adv sable, enter or to the • Act of Parliament of 151 ehich
aeparated the issue of notes from the banking department,
teen') nenk of England always,to keee on hand gold aud silver
to one-third of its Combined cireuletion arid deposits If this
Of il'ortion was no mo: e than sufficient to sec re the convertibility
to notes with the whole of Great Britain, and to some extent the
Isee`e,lnebt of Europe, a • a field for its circulat on, rendering it almost
,1114ible that a sudden and immediate run to a dangerous amount
111311'5,4 be made upon it, the same ; ropartion would certainly be
hem, aient under our asking system. Each of oar utter n hundred
"0117:8 has bat a limited eireemlerenee for its circula ion, and In tho
!tei'Le ,of a very few days the depoeltors and noteholders might
aao fro n su,h a bank a sufficient amount of sercie ta compel
thet°3Pend, even although it ha coin in its vaults equal to one-
tee of its hum, (Pate liabilities. And yet I am not aware, with the
the ~Ption of the banks of ouisiana, that any State bank throughout
tee'hitee has been required by its char ter to keep, this or any other
,i4rtion of gall and silver compared with the amount ef its corn-
% cirealetion and depo its. Weat has besn the consequence ?
eole recent report male by the Treasury Dep.& tment'on the condi-
(11,01 the banks th enreho it the different States. according to returns
'eesel:' nearest to Janu ry, 1857, the aggregate amount of actual
11'4 to teai yeults is 51.49,838 d lars. of their creulaon
l'et4'.°a,l22 h
dOls., anti of their depotso 230 351,352 flo.ls.i Thusi it
'llier" that these banks in the aggregate have conederably less
thee One dollar in seven of god and silver compared with their
het ation and deeoslts. It was palpable, there-ore, that the very
of PreQsure must drive them to suspe eaten' and deprive the people
!!'lliev°4Ve tibia c erency, with a 1 its disastrous consequences. It is
wearteiful that they should have so Eng continued to preserve
!lee credit, when a dement' for the pa meat of one seventh of their
ail
thl;?diate ashlit es wouldtanks, netwithatand ng that have driven th m into insolvencfour hundred
. And
,elst',„ the condition of the
e°l ofgold from Ca Vert ia have flowed in upon us within the
atts beet years, and the, tide still continues to flow. indeed, such
8 en the extravagance of bank cre ills that the banks now hold
,Itei"Mderabl less amount of specie, either in proeorti in to their
.4410 Y . •
ere, rto Veer circulation or deposits combined, than . they did
Niro the dime ere of gold in California Whilst in the year 1848
.4el,,Pecie inproportion to their capital Was mre then Uil dollar
0,0
'or fn' four pandpa heir, in 1857 it does teat amount oae dollar
„herr') abt dollars and thirty three cents of their cipital. In the
aoller°4B the specie was qaai within a very smell fraction to one
Ote; 4.10 fn,e of their circulation and deposits ; in 1857 it is not
tee one dollar in Leven and ahaf of their circulation and
rtes
tO, %A t),
els statement it is catty to .account for our ti ante it history , ast forty y-ars It, has been .n history of extra,v.seaut expaa-
tt the bushie'ss of theeenniry, followed by rninons contract oas.
eese„eoessive intervals the hest and most enterprising nien have
1;4 ernieted to their ruin b, excessive bane: loans of mere .paper
alit! ; exalt ng them to extravagant importatioue of foreign goods,
Peeulations and rninous and demorelleing stock gombling.
tee e the _ .
IDetif te aaels arrives, as melee it must, the banks can eetent no
„tete e, the People. .in a vain st:uggles to redeem the r liabilities in
tl'ed gt re
,compellel to contract thetrloans and . thetr lues.;
'Nod s'l, lall the hour of distress, when their assistance isss most
e;,t Is iitltileY and their debtors together sinkinsolvency.
peke 4 Paper system of extravagant expansion, raisin; the nomie
of every article far beyond Its real value, when co /pared