The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1849-10-16 00:00:00

TO CORRESPONDENTS.

We have inserted in another column a letter on the same
subject as that forwarded by " An English Brother."
" A Churchman" wishes us to obtain, if possil:le, the publica-
tion of the sermon preached on Tuesday last by the Rev.
Dr. M`Neile. We have heard a similar wish expressed by
many others; and should be glad to see that discourse, as
well as the one delivere by Archdeacon Brooks on the same
occasion, presented to the public in a permanent form.

ebt Eiberpool 'tanbarb.

TUESDAY MORNING, OCT. 16, 1849.

Mr. DISRAELI, it seems, has been misunderstood
in his proposed measures for relieving the agricul-
turists of the country; but he is still, we think, as
far at sea as ever with respect to the achievement of
one of the great objects at which he aims. He does
not contemplate the formation of a sinking fund,
by an increase, or an equalization of the Land Tax ;
but by an ad valorem Tax upon imported foreign
commodities. Five millions, he says, can be raised
annually in this way for the gradual liquidation of
the National Debt, the effect of which he thus
describes :
" There must, if there be a bona fide sinking fund—
there must result a gradual but a certain, and every year
a diminishing amount of burdens on the country. It wit,
not be the commercial section of the country, or even,
perhaps, some one commercial house, that will gain the
advantage of this measure; but every class in the com-
munity will, by the action of the sinking fund, obtain re-
lief. The next effect it will have is on the price of
capital—the interest of money—a subject of great im-
portance to the industrial classes. Now these advantages
you will obtain ; you will have capital abundant—you will
have every class feeling their burdens diminished."

A very little consideration would suffice to show
that the honourable gentleman is labouring under
a complete misapprehension of the laws, which
regulate the price of money. Undoubtedly, one
effect of the establishment of a sinking fund, and

the prospect, by its means, of a gradual decrease of
the pressure of the, public debt, would be to give
confidence to investors in the national securities,
which would rise in price, thus returning a propor-
tionately decreased interest. But how it is to
increase the amount of capital in the country we
have yet to learn. Mr. Disraeli, however, when he
speaks of capital, obviously means money; and it
is equally difficult to see how a tax of five millions
a year, to be paid by the people, can increase their
money; and, by making it abundant, decrease the
rate of interest paid for its use. Examine what
would be the operation. The Custom Houses
throughout the kingdom would collect from the
consuming classes five millions per annum addi-
tional, and the government broker would duly pur-

chase and cancel five millions of consols or other

stock ; but obviously there would not be a single
pound more of money as the result of the trans-
action.
It is perfectly true that the parties from whom
such stock was purchased would be driven to look
round them for other investments. 'We should
probably witness a temporary rise in the market
value of railway and other property. Possibly
investments might be sought in foreign stocks pav-
ing a higher rate of interest than British securwes-
But the five millions in money would at once find
its way into the channels, from which it had been
temporarily withdrawn. It is nib unlikely, more-
over, that, were the effect of Mr. Disraeli's project
to be an improvement
the condition of the indus-
trial and commemlal classes of the country, the
rate of intnrcst might be increased, rather than
diminished, by the operation. When the commerce
and industry of a country are remunerative, the
possession of money is eagerly bid for. When
they are in a contrary condition, production is
arrested ; the money of the country finds its way
into the hands of bankers and capitalists, and seeks
investment—only temporary in most cases—at low
rates.

We perfectly agree with the honourable member
as to the advantage which would accrue to the
agricultural classes by their being enabled to bestow
additional capital upon improvements in the culti-
vation of the soil, such capital consisting of labour,
materials, manure, &c., producinginreturn increased
crops of food ; and it would be most desirable that
they should be provided with a cheap and regular
supply of money to procure or create such capital.
This, however, cannot he obtained by the measure
recommended by Mr. Disraeli, or by any other
means, save a thorough reform of our present
monetary system, which gives at all times to the

commercial classes, who require accommodation for
short periods only, and can readily realize for the
purpose of repayment, an important advantage in
the money market over those classes who require it
for long periods. At the present moment it would
be difficult for any landowner to borrow at less than
4 per cent., yet first class commercial bills are
readily discounted at 2' per cent. With a currency
not subject to continual fluctuations, and the rate
of interest fixed, instead of oscillating within a
few months from 2 to 10 per cent., we should find
loans upon good landed security as readily procur-
able, and at about the same rates, as for commer-
cial purposes.

DURING the proceedings at the North and
South Toxteth ward meeting, last Monday night,
it appears that Mr. William Horsfall was nomi-
nated, not only, we believe, without his sanction,
but even without his knowledge ; whereupon Mr.
Jeffreys, who appears not to have forgotten the
defeat of the Confederation's candidate in Exchange
Ward, is represented by the Times to have said,
"If the burgesses elected another Horsfall to the
Council, after the conduct of the brothers who were
members of tl Council, they would do a blindfold
act indeed." He then referred to the conduct of
the late Mayor on the water question, and charged
him with going to Manchester, during his
Mayoralty, to solicit the aid of the Corporation of
that borough to prevent the docks being rated.
Mr. Horsfall and his brother can well afford to
pass unnoticed such uncalled-for misrepresentation.
The late Mayor, whose services we have not for-
gotten if Mr. Jeffreys has, received and well
deserved the encomiums, not only of the whole
community, but of her Majesty's government,
under circumstances more trying than those which
ever fell to the lot of any former Mayor.

THE "final instructions" of the Postmaster-
General. relating to the new Sunday arrangements,
have just been issued ; and appear to us of a nature
most offensive to the religious feelings of the
country, whilst the object to be attained by them is
very insignificant, when compared with the in-
creased labour which it will impose upon the Post-
office oficials, especially those in the provincial
towns. The following is the document in
question :
" On and from Saturday, the 27th instant, a Lon-
don bag must be made up in every provincial post-office,
and which is only to contain letters which pass through
London for places beyond it, and the postage on which
has been prepaid by stamps. Newspapers, books, parlia-
mentary proceedings, and all kinds of documents which
pass through the post for less than letter postage rates
will be detained in the provincial post-offices until the
London bag is despatched on Sunday. Foreign and colo-
nial letters, whether prepaid by money or sent unpaid, as
well as letters for the government offices, will be forwarded
in the Saturday night London bag. On and from Sunday
evening next a bag will be made up in London for every
provincial post town. A measure is in contemplation for
the relief of rural post-office messengers, which is to let
them return home within an hour or so after they have
delivered all their letters on Sunday morning, instead of
compelling them to remain at the extreme end of their
deliveries on Saturday night ; so that they may be
enabled to attend to their religious duties in company
with their families during the principal portion of
Sunday:"
Let us see what the extent of the change will be.
The leading object aimed at—the pretext for
increased Sunday labour at the General Post-office
is the forwarding on Sunday of letters passing
through London for places beyond it, which would
otherwise be detained a day in their route. And to
effect this trivial convenience, which the public
have generally been enabled to effect for themselves,
by the selection of another day than Saturday for
such correspondence, we have, in the first place,
an increase of Sunday labour at the head establish-
ment, and, in the next, a certain and fearful
increase of such labour in every provincial office.
The Saturday's London bag being restricted to the
letters referred to, there will devolve on the clerks
in provincial offices, on Sunday, a two days' sorting
and London despatch. But government have
engrafted upon this pretext, not a London delivery
certainly—that has no doubt to follow—but a
London despatch for every provincial town. The
business of all the metropolitan receiving hours
will be carried on in full vigour throughout the
Sabbath ; and the attendance of the whole staff of
sorters and the under clerks of the office will be
required. Another consideration, too, is worthy of
notice, viz., the encouragement given by the pro-
posed Sabbath despatch to Sunday letter writing,

which has hitherto been less practised in the metro-
polis than in any large town in the kingdom. We
are utterly at a loss to know what pretext can be
urged for this change. It is certainly not called for
on business grounds, unless the mercantile commu-
nity of the metropolis can be supposed to entertain
a wish to devote that day, on which all other em-
ployments are suspended, to the purpose of
correspondence with their customers and friends in
the provinces. Has any step been yet taken in this
town to make the government acquainted with the
strong feeling which exists here against the pro-
posed alterations ? We have not heard of any.
Manchester and other places have already raised
their voices, and Liverpool influence should not be
lost, especially as we have now another fortnight to
move in, the contemplated changes having been
postponed for a fortnight.

WE have given, in another part of our paper,
a verbatim copy of two letters, addressed to us in
reply to some observations which we made last week
upon the conduct of the " National Confederation."
in their endeavours to influence the result of our
Municipal Elections. Had we only been favoured
with one of these—the very temperate letter of
Mr. Callis—we should probably have inserted it
without comment, as conveying to impartial readers
an admission of the correctness of nearly all our
charges against the body. The letter of Mr. "J.
M. Macdonald, secretary," is, however, written in
a very different tone : and not only compels us to
bestow a few remarks upon it, but tempts us to
make use of Mr. Callis's communication to rebut
some of its flippant assertions.
We referred, in the remarks which have called
forth these communications, to the interference of
the Confederation, as a body, in dictating to the
Ward Constituencies ; and stated, on information
given to us, on most respectable authority, that
" the printed circular, calling the meeting, at
which Mr. Johnson was selected as a candidate,
was dated from the Central Rooms, and signed by
the secretary of the body." To this Mr. Macdo-
nald replies—" Do me the 'favour to state in your
next number that there is "not a word of truth in
the history of the circular as given. It was not
dated from the Central Rooms, nor was it signed
by the secretary of the Confederation." Since
making the statement, thus commented upon,
we have had furnished to us a copy of one of the
circulars in question, which we presume is a fair
specimen of the whole, and feel bound to correct
our statements, and admit that it is not signed by
Mr. Macdonald, nor dated from the Central Rooms.
But we certainly never saw a document, in which
much greater pains was taken to impart to it the
influence of the central body. We give it here
verbatim et literatirn :
" NATIONAL CONFEDERATION.
" EXC S
HAGE WARD

" Sir,—You are ',quested to attend a MEETING of the
CoMMrrrEE of this Ward, to be held at Mr. BAIRSTOW'S,
Bull Hot'-2, Dale-street, on Wednesday next, the 3rd
instant, at half-past Seven o'clock, P.M. precisely.—l
am, Sir, your obedient servant,
" JOHN TOWNSHEND, Secretary.
" Liverpool, Oct. 1,1849.