The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-07-07 00:00:00

TO PUBLISHERS.

As the LIVERPOOL STANDARD has a very extensive and in-
fluential circulation among the Clergy, Gentry, Merchants,
and Manufacturers, in Liverpool, Manchester, and the
surrounding country, it will be found a peculiarly eligible
medium for advertisements of new publications, works of
arts, &c., &c.

CONTEMPORARY PRESS,

CHURCH DISCIPLINE BILL
(From the Times of Friday.)
_

•
We have before inserted remarks from correspond-
ents on the subject of the Church Discipline Bill, and
therefore admit one deserving of attention to-day.
With respect to our opinion on this matter, we may
say, that the primary motive for bringing in such a
bill was to relieve bishops from the enormous expense
to which they were subjected in the prosecution, and
removal, if necessary, of immoral clerks. That, there-
fore, was the chief point to be attended to ; and if the
avoiding of expense be positively effected by the pre-
sent bill, it has the chief merit which was sought for.
In looking over our correspondent's remarks, and com-
paring them with the schedule of the bill which we
have before us, we observe that what may be called the
contentious part of the suit begins only at clause 12.
Up to that point the proceedings in the Bishop's
Court, if any, must have been acquiesced in by both
parties, the accused and the accuser ; and no man will
have a subsequent right to complain of the decision of
a court before which it was prievously optional with
him to be tried or not. By clause 12, indeed, the Bi-
shop may either irresistibly hear and adjudge the cause,
with the assistance of three assessors (a barrister and
two of the clergy), or he may remove it by letters of
request to the Court of Arches. In 19 cases out of
20 we have no doubt that the latter will be the course
adopted. From this Bishop's Court there is an appeal
to the Archbishop ; or, if the cases commence there,
from his Court of Arches to the judicial section of the
Privy Council. It would have been obviously better,
therefore, to have gone at once to the Court of Arches,
and then the case will stand simply thus :—An accused
clerk may appeal to his diocesan, and say, " My Lord,
you shall judge whether this charge against me be true
or not; and if it is, I submit to your judgment ;" or
he may go without any intermediate stept to the Court
at Doctors' Commons.

That it is better to drop that intermediate court is
also clear from other causes. Suppose the clerk
charged be a son or nephew of the bishop, can the
court of a diocesan thus circumstanced be put in mo-
tion ? Obviously not. And if, as our correspondent
justly suggests, the bishop has the right of presenta-
tion to the living of an ousted incumbent, can he be
thejudge in that case ? Obviously not again. Or will
lay patrons submit quietly to the deprivation of a rela-
tive—a son or nephew—by such machinery as the Bi-
shop's Court, with its assistant barrister and two cler-
gymen ? No. We, therefore, for our own part, see
no use in this intermediate court. The bill went
through a committee last night, and is to be reported
on Monday.

Number of emigrants arrived at Quebec duBri3n2g. the week
Scotland, 59 ; Lower pßor.tNs,„7—whTicohtal,mra3so6ar3:n:
ending the 6th June, 1840—From England, Ireland,
2,165 ;
DIVING OPEKATIONS.—The corps of divers,
announced
the
eor
in our
a
command of Captain Mosley,
few weeks since, in the Constitution, as having a
harbour, for the purpose of instituting inquiries in the "
deep,
deep sea" relative to the loss of the Havre, left Cove on Sa-
turdaypto report the progress made in the for London,
ex-
amination of the vessel. The apparatus used on the occasion
remains in Cove, and it is expected that the scientific persons
engaged will shortly return to resume operations. The re-
sult of the inquiry has been kept a profound secret, as also the
description of the various articles which they have taken from
the vessel, so that it is impossible to say whether they have
bteelnigshute.cesTshfuel
ditilvteiriesoobjnecetxoafmtilnietinrgm.ission. In the course
ofo
their search after the Havre, a curious circumstance came
: the bottom of the sea
with their grappling poles, came in contact with a heavy pro-
jecting piece of
metal, which they believed to have been !in
anchor. Directing their
proved to be a long 0-1;
dis-
covered to be a cannon, and '•
d it. It
attention to the object, it was
they
nineaccordingly raise .
was eaten away, but the
bore of four inches. The '
oulnder feet in length, with a
sand was in good preservation, muzzle or upper part of the gun
atii)nwer part which lay buried in the
nfrirliend thereon was very visible
the King's "broad arrow." cannond has been brought
itited
to Cove and is now lying on the strand.
carelessness
of is
as_
cue:pi
years
a accident
nss
tei
since,
aet
so,
7 underr have belonged to the Britannia, a vesselat'
"let-
ters of marque," which was blown upab'oull:l
near the spot where the Havre went down. about
e 5
believed to have occurred in consequence of the
of the cabin boy, in going into the magazine witT
candle. The divers were also engaged by the Messrs
phy to examine the coast at Ballymacotter head, with refer-
ence to the loss of a sloop, laden with porter and hides, boiled
for Youghal, wrecked about three weeks since, on which oc-
casionn every soul on board (four in number) perished. The
sloop went down close to the shore, and, though the divers
made the most minute search, not a trace of the ill-fated
vessel could be discovered. It is presumed that the casks of
porter, being buoyant, drifted the vessel into deep water, but
in what direction it was impossible to discover.—Cork Con-
stitution.

A mixed measure of great importance has arisen in con-
currence with these, namely, the depositing of money in
banks by persons who do not in the meantime require it, that
it may be lent to others who do require it. This also leads
to a great economy of capital, and multiplication of its
power ; for it renders every portion of the capital of a dis-
trict, at all times available. In Scotland it is usual to obtain
interest on such deposits, though always less than is obtained
by the bank. The difference between the interest paid and
charged, remunerates the bank for the trouble and risk of
re-lending, and the depositors become in reality sharers in
the profits of the banks. This facility is of great use in two
ways :—lt enables a capitalist not desirous of great activity,
still to derive something from his capital, without lending it
permanently out; and it enables persons of industry and
judgment, but wanting in capital, to get into the field of pro-
fitable industry, without crowding it, and after a time to retire
in like manner, to moderate profits with reduced risk. It
was necessary to say this much, to bring all the points into
view that may hereafter require to be referred to ; and
from this it will be seen, that the uses of what we term bank-
ing, are—

First—To facilitate business, by the exchange of the moneys
of different countries, or of the obligations of different in-
.

dividuals, for something that will circulate where business

is to be done.
Second—To effect payments at a distance, with ease and
safety, by means of accredited obligations,—commonly
called letters of credit, or of exchange.
Third—To increase the power of capital,—by bringing it into
deposit in known places, and where the use of it may be

. .
obtained, on terms that are known.
And, lastly—To economise the use of BULLION, as the re-
presentative of capital or acquired property, by substituting
paper. therefore an accredited circulation of
.... _

. .
These are the uses, and ALL the uses of what we term
banking, and, though few, they are obviously very important.
I do not intend to go much further in the way of explana-
tion. It seems only necessary I should show that I under-
stand the subject. But as it has been said, that the com-
mittee of parliament were engaged for three days, in consider-
ing whether deposits in banks, were to be considered circula-
tion, I may be allowed as many minutes to clear up that mat-
ter, and to show generally what circulation is.
Every thing that circulates property, is pro hac vice, circu-
lation :—A bank note, a bill of exchange, an exchequer bill,
or any other document of public or private debt, au ingot of
gold or silver, or any other valuable metal—a jewel, &c, all
are circulation, if they are received, and circulate property.
But if the gold and silver, or the jewel, has been turned into
articles of use, or the circulation is effected by exchange of
commodities in use, or for use, the transaction is termed
barter.

Again—nothing can be termed circulation that is not in
use as circulation. Even gold and silver coins, deposited in
a bank, are no more circulation while so deposited, than if
they were again returned to the earth. But if they lie in the
bank, ready for circulation, they are a power of circulation.
But nothing is actually circulation, that it is not daily and
hourly required in the transactions of the State. The amount
required for this, forms the circulation of the State, whatever
may be its character ; whether it be in bullion, bank notes,
bills of exchange, or bartered commodities. DEPOSITS of
PROPERTY may be termed CAPITAL; and if accessible for
use, it is, as I have said, a power of circulation; but it is
no more circulation, while out of use, than manure deposited
is manure—till applied to the field.
If it is possible, therefore, that the committee of parlia-
ment and their witnesses have been employed for three days
in considering whether deposits are circulation, it is clear
that they have been considering in that committee, what they
ought to have considered at home ; and have only been en-
deavouring to instruct themselves, instead of being in a situa-
tion to instruct the country. And gentlemen acquainted with
HORACE should remember, that he has not written anything
more true than this :

Si me intelligere velles,
Ante omnia necesse est, ut—
___

Tu ipse intelligas

I must now consider all the collateral views of this subject
to be understtood, as I have fully studied them, and I think
understood them ; and if from what I have said, the public
shall be of opinion that I do understand them, they will in
the mean time receive from me the following propositions,
as proper and necessary to be adopted, for the regulation of
this very important matter.
First, of what should NOT BE.

There should not be A SOLE BANK OF ISSUE. It is true
this has been proposed even by Chancellors of Exchequer;
and it is still, I believe, strenuously contended for by the
establishment that hopes to he instated as sole source of cir-
culation, and seriously meditated by persons looked up to as
statesmen. But if this is contemplated by statesmen, it is
proper to say at once, they are very ignorant statesmen. It
would no doubt be very profitable for any bank to have two
per cent. on the whole paper currency of this kingdom ; but
it is exceedingly impudent to expect it, from the following
considerations among others :—First, from its excessive
amount. Next, from its presupposing that the FORTUNES
of the WHOLE KINGDOM should be trusted to the paper ob-
ligations of a few men, elevated into bankers, from the ex-
tent of their capital and not of their capacity ; who would
thus become responsible for the prudence of all the banks in
the kingdom to whom they might lend their currency ; and
who, by seeking this responsibility, in addition to a respon-
sibility already excessive, show that they are very imprudent
themselves. But lastly, and yet more particularly, because
their avowed object is, to regulate the whole proceedings of
the kingdom in matters of trade !—And how ? By regula-
ting what they term the exchanges. Now, it is impos-
sible to enter into the briefest explanaton of that subject, in
this place ; but the idea is certainly the very height of ab-
surdity; and its effects would be, the moment we had ac-
quired more money than our neighbours, as compared with
our wants, to cause us to throw that money away ; and the
moment we had less in proportion to our wants, to cause us
to throw our property away, to seek more money, merely to
bring what they term exchanges to a par. It would be sys-
tematically making a trade of the instruments of blade, and
without the least necessity. The Brentford tailor on horse-
back, whipping and spurring and curbing, all at the same in-
stant, would be but a slight type of this sole regulating esta-
blishment ! But, though the madness of the tailor may be
ludicrous, there is something serious in the destruction of the
horse : and we may rely that such would be the fate of this
country, under the tailors of Threadneedle-street, were they
installed as they have the modesty to desire. The power
they already possess, has, according to the Manchester mer-
chants, repeatedly caused fluctuations in the value of pro-
perty to the extent of thirty per cent !—and were the
country placed at their feet, as they desire, there would
be no limit to their power, but in their own discretion.
No sovereign that has ever lived, has ever possessed a power
equal to what would be the power of a sole bank of issue, or
even its meanest director.

Second, There should be no UNLIMITED ISSUES, by BANKS,
HOWEVER NUMEROUS. We see the consequence of this in
AMERICA ; where the circulation of banks is almost as much
depreciated, as the assignata of the moat profligate govern-
ments. RICARDO has said, experience shows that neither
a state nor a bank has ever had the unrestricted power of
issuing paper money, without abusing that power." It
would be exceedingly easy to demonstrate, that the checks,
as they are termed, that have hitherto been devised, are
nearly nominal in every view ; or, if they may in some de-
gree save the banks, they are even pernicious as the public is
concerned, by tending to strip the failing bank of all its
ready funds ; that is, to carry PREFERENCES to the extent of
the last ready penny.
Third, There should be NO ISSUES AT ALL, WITHOUT
WELL DEVISED SECURITIES. The propriety of this regula-
tion is self-evident.

And lastly, As the privilege of issuing paper currency,
however secured, is a privilege to COIN, in a
,substance of no
value—a privilege not granted either to the STATE, or to the
KING in this country, it is clear that the State should be re-
munerated for this permission to individuals ; and for the
trouble of superintending and guaranteeing the system.
I will give my views of the mode of regulating and distri-
buting the currency, so far as in paper ; of making the banks
entrusted with supplying it, at once independent and safe; of
remunerating the country for permitting and guaranteeing
this species of currency, which at once economises and cre-
ates capital, and accelerates industry ; and I will do this in
a very few, and clear, and simple propositions ; self-acting,
and of self-evident utility.
In the meantime, I trust I have given a very clear view of
BAN KING„IND ITS USES; and in that have shown, that, if
considered by itself, (as it ought to be,) it is a very simple
matter. Collateral subjects attach themselves, and if al-
lowed, may complicate the individual subject to
any extent.
But this ought not to be allowed ; and never will be allowed,
where the subjects are understood. They are collateral but
not identical. D. BAIN.
P.S.—I will give the regulations I propose in one week.
In the meantime, I hope this preparatory paper may be pub-
lished as generally as possible.

AN IRISH CALCULATION.—The weekly Freeman's Jour-
nal, in reference to a dispute as to the sole right of fishing in
the Shannon, claimed by a lessee under the corporation of
Limerick, says, " should the plaintiff succeed he will be bene-
fitted £3OOO a-year ;on the other hand, it is stated, that
2,500 individuals, who now obtain their living by,the fisheries
of the Shannon, will, in that case, be deprived of their means
of subsistence." Ergo, 2500 individuals exist on £3,000 per
here Well annum, or 245. per annum each. There is no exaggeration
Shannon when it can deliberately make it appear that 2,500
fishermen's
may this
ovnelryaciraoeu pr
means
soifnt be called the Freeman's
Journal,
existence are under one
Penny per daym

3. The Solar Cycle is a period of 28 years, which, owing
to leap year, must necessarily pass round before the days of
the month can return respectively to the same days of the
week as at the commencement of the Cycle.
4. The Dominical or Sunday Letter is one of the first let-
ters of the alphabet ; which letters are used to denote re-
spectively the days of the week, and one of which letters must
of course fall to the Sunday throughout the year. But owing
to the leap year, their order is every fourth year disturbed ;
so that the Solar Cycle must pass round before the letters can
fall respectively to some days of the week. The present be-
ing leap-year, there are two Sunday letters ; the left-hand
letter is used till the end of February, and the other till the
end of the year.

5. Roman Indiction was a period of fifteen years appointed
by the Emperor Constantine, A.D. 312, for the payment of
certain taxes from the subjects of the empire.
6. The Number of Direction. It having been decided by
an assembly of Christian bishops at the Council of Nice, in
Asia, A.D. 325, the Easter Day is always " the first Sunday
after the Full Moon which happens upon, or next after, the
21st march," it follows that Easter Day cannot take place
earlier than the 22d of March, or later than the 25th of April,
so that from one date to the other (both inclusive) are 35
days. The number of direction is that day of the 35 on which
Easter Sunday falls.

7. The Julian Period consists of 7980 years ' • which is
produced by the multiplication into each other of the Solar
Cycle, the Lunar Cycle, and the Roman Indiction,
(28 xl9x 15 = 7980). This period is reckoned from 709
years before the creation of the world, when the three cycles
are supposed to commence together ; which circumstance
ea nnot take place again until the lapse of the entire period,
A. D. 3267.
The Roman Indiction and the Julian Period are not now
of practical use in the calendar; but the other observations
will serve to assist those who wish to understand the calen-
dar, which is prefixed to the church service, in the prayer-
book.

RHUBARB WINE.—Let the stalks be at least of full
growth, cut them in pieces into a pan, pour boiling water on
them, and macerate till soft, but not into a pulp ; let them
stand till next day ; strain and proceed as for gooseberry
wine ; with respect to proportions, about one-third more by
weight than of gooseberries. It is aperient, but mild.—
Map. of Domestic Economy.
TEE SPEEDWELL MINE, CASTLETON.—The guides hav-
ing arrived, we proceeded, through a small spar-depot, to
descend one hundred and six steps ; and, at the foot, were
handed into a deep-sided, but rather narrow boat, partially
extending from the mouth of a tunnel just wide enough to
admit the same, and of sufficient height from the water to
allow of our sitting erect. The guide and his assistant then
pushed us along in a straight line for the distance of 750
yards ; one of them now and then leaving small pieces of
lighted candle on each side at transverse angles, which pro-
duced a very pretty effect. When our boat accidentally
struck against the flinty side of this excavation, the noise
resembled distant thunder. On stepping out of the boat. we
found ourselves in an immense cavern, called "The Devil's
Hall;" said to be 300 yards from its base to the surface of
the earth ! The guide told us, that rockets had proved the
cavern alone to be 150 yards high ! To convince us of this,
he ascended, by means of ladders fastened in the side, to a
great height, where he placed on a projecting or table rock,
what in excess of modesty was .termed a " Bengal light,"
whose lurid influence enabled us to gaze on naught but wide
interminable space ! Yes, as incredulity melted away, w
were half inclined to believe the truth of his assertion, partly
on account of the vast distance the eye is enabled to wan-
der amid the loftier parts of these demoniac regions. Being
early in the morning, we had a clear cavern;—an advantage
not to be expected later in the day, after the more fre-
quent discharge of sundry " blue lights," whose murky
exhalations, of course, naturally tend to obscure—what I,
under favourable auspices, was very far from being able to
discover—this high and solitary hall's inexplicable roof! The
general effect is much heightened by thundering sounds of
the grand cascade, which, after rushing with terrible impetu-
osity along the side of this cavern, passes on to Peak's Hole;
a cavity of the earth, stated by miners to be without bottom!
One reason for making so bold an assertion is this. All the
stone cut from the tunnel already alluded to, together with
several thousand tons of other rubbish, had been thrown
into that endless chasm without producing any visible effect,
or ascertainable alteration ! The guide said he once de-
scended, by means of ropes, 80 or 90 yards lower than where
we stood, and afterwards sounded 100 more, without observ-
ing the least obstruction to the plummet ! Any person
believing the generally given account of the deptii of Elden
Hole will be more prepared to admit the truth of so extraor-
dinary a declaration. The noise of the water bursting over
the higher parts of the rocks, on approaching quite close, is
almost astounding. It may be as well to mention, that strong
rails are placed to prevent strangers falling into this fearful
abyss, which is a very proper precaution. There is certainly
no cave in the Grand Peak Cavern anything near so high as
" The Devil's Hall," in Speedwell Mine ; although the latter,
if contrasted generally, must fall short of the former as an
object of wondering admiration.—Sketches in Derbyshire.

GRAND JUNCTION RAILWAY

The following are the Times of Departure from Lime-street,
Liverpool, and from Liverpool-road, Manchester :

. ,
TIMES OF DEPARTURE
FROM LIVERPOOL AND MANCHESTER TO BIRMINGHAM,
3 30 a.m. First Class, joins London Train at 8 30 a.m.
6 a.m. Mixed „ „ 12
8 15 a.m. First Class PO „ 1 15 p.m.
10 30 a.m. First Class „ 4 p.m.
12 15 p.m. First Class „ „ 6 p.m.
4 p.m. Mixed
7 p.m. First Class " " 12
FROM BIRMINGHAM TO LIVERPOOL AND MANCHESTER,
2 15 a.m. First Class—Meets N. Union Train to Preston
at Parkside.
6 a.m. Mixed Train do. do. do.
11 30 a.m. First Class
2 15 p.m. First Class
2 45 p.m. First Class—Meets N. Union Train to Preston
at Parkside.

3 30 p.m. Mixed •
5 P.m. First Class
On Sunday the Departures will be
3 30 a.m. First Class, joins London Train at 8 30 a.m.
8 15 a.m. Mixed 1 30 pan,
10 30 a.m. „
7 p.m. ~ „ 12
2 15 Pl•st. PP
Class
7 30 a.m. Mixed
11 30 a.m. „
245 p.m. ,
The Trains on Sundays stop at First Class Stations only

VESSELS ENTERED FOR LOADING.

(SINCE OUR LAST PUBLICATION.)

EAST INDIES, CAPE OF GOOD HOPE, Src.
Shakspear, G Henderson, 657 Bombay, W & J Tyrer
Udney Castle, H Turnbull, 313 Cape of Good Hope and Mauritiu.
Kit by & Watson

LIVERPOOL COTTON MARKET, JULY 3.
Cotton.—The improved demand noticed in the last Circular has
again been followed up. particularly by Speculators, whose opera-
tions were very extensive in the early part of the week, and the
prices of ordinary to fair American advanced id to id 1 ; since
Wednesday the demand has been chiefly confined to the Trade, and
the market has closed with less animation, the extreme advance
being barely maintained. Brazil. Egyptian, and East India arc
without change. 16,500 American have been taken on speculation,
and 1280 American and 250 for Surat for export. There have been
forwarded during the past month unsold 5700 American.

ACCOUNT OF SALES AND IMPORTS OF COTTON,
From the 26th ultimo to this day, inclusive.