The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1847-08-17 00:00:00

s his favc

niotected ourselves from a 1
had not rushed into

it we

d that ma

ncy of currc

him, -which provide

had not capital to make
11 the railways likely to be sanctioned by Parlia-
ment ? Assuredly we had. The difficulty was
when our operations for procuring a supply of
hdrew from circulation our gold, we had
ent our capital. We

Why, a tempo:

,—the other end of

13e oscillating between
Will

e suffering

11 us that

,d wit

longer a currency to repres

and Manufactures in our

v time

.arehouses

)rn we re-

for and to feed the

:ct our railway

7 medium to enable

were at a

ay work throughout

it ivc

have per-

nation, however much a

ran temporarily con-

' The first effect of the panic was to lock up money and
id down prices. Importations were for a moment

base our depre-
saetions all over the coun-

:me in to p

o consequence,

a revival of

; no r

n railway schemes of any
axation of the
7e could be warranted ;
,at an end had been
produced the evil

c a reaction

was en

veered in great

Consols

Leasure

led since January, Bank Di-
ange of reducing the rate of
at London and at Liverpool,

was universally

which

We might go a little further than this, and add
that, as the result of the revival of confidence—
mind, in the power of the Bank to provide the
,eans (currency) by which the commercial and in-
Arial operations of the country could be carried
-the spirits of our manufacturers began to re-
"l. that had been entirely stopped, or work-
' began to resume their wonted
activity, and the operative manufacturing popula-
tion began to have hopes of being fed. This,
jnoreover, was not merely speculative feeling. On
the contrary, there was every prospect of a good
demand before them. The foreigner was short of
and wanted our goods in return for the grain which
he had sent us. Orders had already poured in
upon the manufacturer, which the improvement in
the position of the Bank held out the prospect of
his being able to execute. Yet what is our present
condition ? We have almost the certainty of an
abundant harvest, both at home and throughout
the world, Out fears for the potato crop are almoqt

ing half time onl

dissipated. Food of all kinds has been placed
within the reach of our population. Foreign mar-
kets still invite the manufacturer to renewed opera-
tions. Yet, our contemporary says, "We have now
again to write of panic." And he says so truly, if,
for "panic," we substitute the words " currency
famine." Manufacturing industry is again sus-
pended ; commerce is once more paralyzed ; the
price of our public and other securities is ruinously
reduced, as well as those of property and exportable
products of every description ; and shortly we shall

ks upon as having

he foreigner

recently taken pl

,0 has our gold-

in to purchase our depreciated

id, our man

has the conduct of the

any thin
things ?

ecurities,

ce, in

comes

and, we

amunity had

do with the production of this state of

,ed at and

to prevent its occurrence
ed says

scarcely a dozen

;memos or an
and t'

sitated bv tic

have been aban-

" no relaxation of the caution ne-
ae trade could be warranted." What

the abandonment or non-

)andonment of railways

.old going out of ti

are at a

except inasmuch as b