The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-11-28 00:00:00

POLICE INTELLIGENCE.

On Tuesday last, at the Liverpool Police--court, no
fewer than 25 shipmasters were fined ss. each for leaving
their vessels without any shipkeepers.
_

An old man, a discharged Soldier. named Thomas Mur-
ney, was committed for trial, on Tuesday, at the Liver-
pool Police-court, for harbouring and concealing a deserter
from the 4th regiment.
William Blain) a lad only thirteen years of age,. em-
ployed in the office of Messrs. Shorthouse and Madden,
estate-agents, was committed, on Wednesday last, to•take
his trial at the sessions, for embezzling the moneys-of his
employers.
LOITERING WITH OMNIBUSES.—An omnibus driver,
named John Parry, was fined ss. and costs, on Tuesday,
for loitering with his omnibus at the Trafalgar Dock... He
said, in defence, that be was employed by Mr. Radley, of
the Adelphi Hotel, to bring Lord Ashley and his family,
who were expected by one of the steam-boats, which ap-
peared to be the fact but the offence lay in placing his
vehicle in a place to annoy the public. Joseph Wade was
also fined the same amount for allowing his omnibus- to
loiter in Burlington-street.

THE SMOKE INFonmATIoNs.—On Wednesday the in-
formation against Mr. Hardman Earle, for not consuming
the smoke from his chimney in Oil-street, was again
heard. It had been postponed from the 11th of October,
in order to allow time for making some experiments with
the furnaces. Mr. Grantham had, on the former occa-
sion, given it as his opinion that the smoke had arisen
from bad firing or negligence ; but the result of the expe-
riments showed it to originate in the smoke-burner being
out of order. Mr. Rushton, on this ground, refused to
convict. Mr. Grantham said smoke-burners should. be
examined once a week ;, and it was understood that their
being out of order was in future to form no excuse.
A FORTUNE TELLER IN TROUBLE.—Wm. Wallace,
a mute, was placed at the bar, on the charge of defrauding
people by fortune-telling. Martha Lee said, " The pri-
soner has taken away both my character and my mother's."
—Mr. Rushton :—" Taken away your character I What
do you mean—by telling fortunes ?"—Witness : " Aper-
son lost a pair of sheets, and he says that I took them,
and gave them to my mother to pawn, and afterwards
burnt the ticket. She has no other evidence o it but
this, and she gave him three shillings to tell it to her."—
Mr. Rushton :—" Well, but that woman is not here. It
makes one quite ashamed that decent English people,
with clothes on their backs and heads on their shoulders,

should give a fellow like this three shillings for telling
fortunes. Discharge him."
THREE POLICE OFFICERS SUSPENDED.—On Wednes-
day Daniel Myers, a ropemaker, complained of the con-
duct of officers numbered 605, 631, and 634. Complainant
stated that on Tuesday morning last, as he was passing
along Prince's Park-road, to his work, the three officers
were on the other side. One of them threw a stone at
him, and upon his remonstrating, two crossed to him,
used opprobrious epithets, and assaulted him several

times. Complainant said officer 605 was the man who
struck him, but the other officers said 605 never crossed
the road. The officers also denied throwing the stone or
assaulting the man, who, they said, challenged them to
go into the field to fight. Mr. Rushton said there had
been very improper conduct on the part of the officers,
and suspended them.

—A respectable-looking young man,

THE LIVERPOOL CURRENCY REFORM ASSO-
CIATION AND THE " ECONOMIST."

On the 10th vii. the Liverpool Cutrency Reform Asso-
ciation addressed the following letter to the Economist :

" (To the Editor of The Economiot

" Sir,—ln your last number, of the 7th instant, there
appeared an article on Foreign Exchanges, in which you
repeat your statement of the 7th ii•'lay, that under a system
of barter, the effect on prices, in the event of a bad har-
vest, would be the same as under our present sys-
tem of currency. In your reasoning to substantiate
this doctrine it appears to us that you have committed the
error of regarding gold as a mere commodity, overlooking
the fact that the law has given to this metal the privilege of
measuring the value of other articles. Thus gold has a
double function to perform, that of a commodity, and that
of money ; and as you make no allowance for the'effect
whic:i an export of gold produces in consequence of its
possessing the latter and more important function, it ap-
pears to us that the whole of your argument falls to the
ground. At all events we find it very difficult to conceive
that an equal value exported in the shape of iron, coals, or
calicoes, or even railway and government securities, in
payment of corn, would produce the same disorganising
effects as result from a large export of gold, nor can we
conceive that if it were reduced to a mere commodity like
iron, the export of gold itself would cause the same dis-
turbing effects in the prices of other articles, which it now
produces in consequence of its possessing its money
function.'

To this the Economist replied as follows, on the 4th in-
stant, and not before

" A little consideration will show that our correspon-
dents are confounding two entirely distinct and separate
things. The fact that gold is fixed upon as the standard
of value in this country, and silver in France, do not in
any way alter the character of these articles as ordinary
commodities ; nor does it interfere in any way with their
fluctuations of intrinsic value, which is still regulated alone
by supply and demand, the same as wheat or iron. The
precious metal adopted as the standard mry rise or fall in
value like all other commodities, the only difference being
that the changes in its value are not expressed in the rela-
tion it bears to any other article, but by the relation which
other articles bear to it. If gold were to become very
scarce, and of more intrinsic value, that change would not
be expressed by saying that 1 oz. of gold is now worth
more wheat, but that a quarter of wheat is worth less gold
(or moncy.) But the main reason why gold has been
fixed upon as the standard is, that it is subject to those
changes of intrinsic value less than any other article; and,
therefore, it is the best standard, though not a peril:et and
unalterable one. All other commodities are measures of
each other at any one moment; but from their nature
they are so rapidly changing in their intrinsic value, by
variations in their supply and demand, that they would be
wholly unfit to be adopted as•a standard whereby value
should be measured at different times.

" Gold is never exported but as a commodity, nor until
it becomes more profitable to export than any other_coun7

rnodity

,t is not correct to say that t

[.e export of gold

is the cause of the disorganisation which arises frol a
bad harvest. It is, in fact, the means by which the evil
is most easily met, and greater disorganisation prevented.
Nor is it correct to say that in exporting gold the quan-
tity of money is lessened in the country. The gold ex-
ported is always taken from the reserves of the bank, or
from the stocks of the Cambist, and not from the circu-
lation, which, in fact, generally is larger during a drain

ces are not sufficient to meet the demand, it is met by a
greater reduction in the prices of otter commodities to
balance our foreign payments for grain. Still gold is never
exported except when it is more profitable than anything
. _

else. If, instad of gold, or if at the commencement of a
large import of grain we had no stock of gold, and there-
fore those imports had to be paid by other commodities—
say iron, coal, or calicoes—what would be the reduction
of prices to which we should have to submit in order to
obtain the necessary quantity of corn ? It would certainly
be much greater and much more sudden, than it is now
by the use of gold. It must always be borne in mind
that in those cases we have a large payment to make to
foreign countries over and above their wants of our or-
dinary commodities of export. Under those circum-
stances, what extent of reduction in price. would induce
the shippers of wheat in Hamburg to buy iron, coals, or
calicoes-to such an additional extent at the time as would
pay for such imports of corn as we received in 1847 ?
" But what our correspondents are confounding with

the simple functions of go.ld as a commodity in the con-

sequences of its exportation, is

he effect which it pro-

duces, owing to the existing extensive system of credits.
on which the business of the country is carried on. As
gold is exported, though there may be no less currency or
money in this country, yet the available loanable capital

beconies less, and can:o'nly be obtained by
_the papa' exit

of a higher rate of interest. A great
certainty prevails as to whether it can be ob

of un-

necessary quantity toixieet current engagements, and

fact induces all who have it to keep itin-larger quantities
than usual to meet their own exigencies and contingen-
cies. But if in a state of barter a system of credits ex-
isted, that is, if extensive loans of commodities were.
constantly made, to be redeemable on a given day, with
so much more fur their use, what would take place if a
deficient harvest caused a sudden exportation of those
commodities, o❑ the usual supply of which all the com-
munity were relying for the payment of extensive en-
gagements, and without renewed loans of which they
would be unable to carry on their business ? The truth

is, that the derangern-ent consequent on the export of
gold is caused chiefly by the huge current liabilities

rising out of an extensive credit system, which are not

ness of the country. It is to this cause, that is. the great
extent to which the system of credits exists in this coun-

try and the United States, that large exportations of bul-
lion lead to so much snore disorganisation tharf it has
usually done on the continent under similar circumstances.
In England anti France the precious metals are equally
adopted as the standard of value, E

the same principl

of currency exactly is followed ; but in France, as coin-
pared with England,.the credit system exists to a much
smaller extent, and while the trade of the country has
made much less progress, yet, apart from political causes,

it has never beeii exposed to the same severe derange-
ment as has peen the case in England.

The foll

sing excellent reply was then immediately

" (To
In reply

Editor of The Economist.)

" SIAM

to our communication dated the 10th

ultimo, you say in your last number :
" As gold is exported, though there may be no lesscurrency
or money in the country, yet the available loanable capital be-
comes less, and can only be obtained by the payment of a
higher rate of interest. A greater degree of uncertainty pre-
vails as to whether it can be obtained in the necessary quantity
to meet current engagements: and this fact induces all those

who hate it to larger quantitt
heir own exigencies and contingencies.

than usual, to meet

" This exactly corroborates our views, because, if tb
particular description of capital so exported did not pos
sess the function of money, but consisted of a simpl

commodity, then we conce
capital' would not becon

that ' the available loanable

arising effects on credit and pric

gently tit(

would not

if the quantity of money in the hands
not be less' during the drain of gold,'

ni money is " kept in larger quanti-
►ose who have it;' in other words, it
ipation of the reserves being exhausted.
n becomes paralysed, and panic is the

Robert Peel's Bill
circulation by the with-

istic of S

Totes when gold is abstracted

y larger during a drtiin of bullion

adopted

NoT. 2S, 1848.

EXTRAORDINARY ARRIVAL OF VESSELS AT
LIVERPOOL DURING THE LAST WEEK.
SYMPTOMS OF IMPROVEMENT IN COM-
MERCE.

We are indebted to the Liverpool Telegraph and Ship-
ping Gazette for some statistics, which will be interesting
to our commercial readers, as showing a great increase of
imports during the past week, indicating a revival of qv..
culation in the commercial world, if not an advent of more
prosperous times than we have for many months enjoyed'
To say the least, there appears to be an abundant soppll
In foreign lands of the principal staples of consumption in
this country, whether for manufacture, or for food ' • and
notwithstanding our monetary depression, the holder'
appear to be contented to send us large portions of their
stock in the hope of an adequate reversion, or something'
approaching towards it.

It is next to impossible to state precisely the number
of arrivals of vessels daily in our extensive port, for soma
obtain entrance into our docks on the same tide that
brought them up channel, and others anchor in the rive'
at various points, and may so remain for some days, before
they can dock. There may therefore be a few missed, an
a few reported twice by mistake. This, however, makes
up about a balance; and we may submit the following bs''
as being nearly correct, of ocean-going vessels from di,'
tont foreign ports, of large tonnage :

Monday (yesterday week), reported arrivals
Tuesday..

Wednesday
Thursday .
iday .
Saturday .

Sunday Wand Monday (inclusive)

Total 181
We find that these vessels, chiefly from the United State*
South America, the West India Islands, the East Indies?
the Brazils. China, &c., average, (taking about 25 of theta'
at random) about 580 tons, and they appear to have heel'
fully laden with produce. These are irrespective of smaller
vessels from the Mediterranean, and European ports, as
well as of all coasters, sailing or steam, of which we have
a constant accession day and night. The arrivals five
foreign ports have been in fact from, it may be said, au
parts of the world, and some of the cai goes-of great value.
The chief weight of the imports have been, Ist, Flour,
Indian Corn, Corn Meal, and a large quantity of Wheat;
2nd. Cotton; 3rd, Sugar; 4th, Tallow; sth, American
Cheese and Hams, and a large quantity of American
Apples. The "Andrew Foster" brought 3,629 boxes of
American cheese; and the " Constitution" 2,926 boxes.

The total amount of breadstuffs imported kito Liver-
pool on Friday and Saturday comprises,—Wheat, 12,223
qrs. ; Barley, 42 qrs. ;. Oats, 2,214 qrs. ; Beatip;-5 qrs.;
Pease, 745 qrs. ; Indian Corn, 21.740 qrs.; Indian Corn
Meal, 2,325 brls.; Oatmeal, 1,570 loads; Flour, 1,184
sacks, 55,721 brls.
The steam ship Europa alone brought 1,318 barrels and
30 half-barrels of American apple
The arrivals for the fortnight

previous

c last "week
(noticed) were not very great, owing principally tb• die
prevalence of easterly winds,. which retarded some of the
vessels in the chops of the channel.
We rejoice to add, that the cotton market last week
~
underwent a revival to something like olden times, though
not in prices. The demand was such that the daily sale.,
amounted to about 8,000 bags, and the spinners took 011`
during the week about 40,000 bags. We' learn that the
only cotton mill in this town is now employing morW
—is. and that generally in 3' --K1 oft

iVtanchester anc ,Aer
terior districts there is a resuscitation to a certain extent,
which gives promise of better things than have for a long
time been experienced in the manufacturing districts.

rststrirt Rrtus.

An explosion of fire damp took place on Wednesdar
Last, at Strangeways collierY, Hindley, by which four men
are said to have been killed, and others seriously injured.
MANCHESTER PROTESTANT OPERATIVE ASSOCIATION•

—The annual meeting of this important institution is an-
nounced to take place in the Town Hall on the 7th of
next month. Dr. Cumming of London is to be present.
On Monday week the stage coach running between
Ulverston and Lancaster, became fixed. in the sands ; the
horses were loosed, the passengers carried out, and the
coach left to be floated out next tide by means of some
empty puncheons fastened to it.
On Friday, Edward John Gerrard, the infant.son of
Mr. Gerrard, grocer, Hindley, was drowned in a mug of
buttermilk. The child was only about a year and a-hal
old, and had been left for a short time playing in the
shop. He was found with his head dowzr at the bottore
of the mug, and his legs sticking up.
A BRASV.—On Sunday week, a man named Dutton,
at Stockport, died from excessive drinking. It appeared
that on Saturday night, he had undertaken to drink e
dozen gills of ale in ten minutes, but after swallowing the
eighth, he became so stupified as to be unable to cow'
plate the wager, and was taken home. He resided alone
in the house, and the next morning he was found a
corpse.

FIRE AND Loss of LIFE.—On Monday night, the
house of James Crowther, in Irwell-street, Bacup, Was
discovered to be on fire. The premises were speedily
consumed, and James Crowther, and his wife, MarY
Crowther, the inmates of the house, were burnt to death,
their bodies being shockingly disfigured. The fire was
caused by the ignition of some naptha which was kept in
the upper part of the house. _

JOILI3-- IN C;

The prevailing, subject in
the appointment of a batch. of political
'jell has just been granted by. the Lord
lr.
Coppock, the late town clerk, in spite - - - - -

Stockport is

JUSTICES

and in utter contempt of the voices of the -burgesses
through their local legislature, and the definite represen-
tations of the deputations sent to London on-the subject.

Messrs. Thomis Labrey, Scholes, and Co., tea dealers►
Newsll's Buildings, Manchester, have had for some time
two Chinese young men, employed as counter-men, in
which occupation, both are exceedingly attentive and
active; while their placid, quiet manneis soon allay Oa
apprehension which ladies often manifest at first, on be-
ing served by a " foreigner," and their docility and teach-
able dispositions have rendered them favourites. •
A Goon SIGN.-At the New Bailey, on Wednesday►
there was not a single prisoner to be examined, nor
summons to be heard, nor an application made. When
Mr. Trafford took his seat at the usual time there were

ct.as,c-my uaii.a-uozen persons in the court, and they were
there from curiosity rather , han business. On Monday
the whole of the business done was the hearing of an ar
plication for a summons; and yesterday the court was
again almost empty, all that passed being the hearing of
applications for summonses:—Manchester

two or thr

Guardian

late reduction
sed lengths of

some of the employers