The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1850-07-09 00:00:00

TIE Lit-11144U STANDARD.

payment of Corporation imposts ; and are unavail-
able as money, or even as the means of raising
money, during periods of severe pressure, such as
that of the year 1847 and preceding periods. The
only advantage to the lenders of the money which
they represent is the fact that they bear interest;
whereas, by the adoption of the " time currency"
system, or, in other words, small notes issued on
Corporation security, and payable twelve months
after date, (advocated in our columns, and ably
explained by our correspondent Mr. Bancks,) the
expense would be saved by the town; and the notes,
being circulated in payment of wages and other
charges, as they became due would be replaced in
circulation by such portions of them as had been
paid in to the Corporation for rents, water-rates,
&c., or by the issue of new notes for those which
had arrived nearly at maturity. In this way, as
in the case of the market at Guernsey, which we
recently showed had been erected by means of a
similar temporary currency, we might awake some
morning and discover that we bad achieved the
possession of a splendid property which had
never cost us a shilling of principal or interest
to erect.

We have been favoured by a friend, in whose
correctness as an authority we place perfect confi-
dence, with the following document, addressed
three years ago toa gentleman in Manchester, show-
ing the extent to which the United States of America
have been indebted for their progress to a system of
paper money, issued upon local or state security :

" NEW YORK, AUGUST 12, 1815.—Provisions are very
dear : beef 14d. per lb. this morning, which when I first
came was only 5d.; everything else has risen in propor-
tion. Although we are not oppressed with taxes, we have
to pay excessive rents, which makes it much about the
same. We have no money at all r all paper—the penny
and sixpenny paper. This country is very poor, and we
do not see a silver coin once a month. Specie is at a
premium of 15 per cent. Enclosed you have a specimen
of our money. Firing is very dear throughout the winter ;
it costs me 3 dols. a week for wood. All things com-
bined makes it hard work to gain a livelihood in this
country."

ONE CENT:

O The Corporation of the city of New York 4g
CD promise to pay the bearer on demand
One 1 Cent.
g New York, 26th December, 1844. By 2
order of the Corporation. PENLARD. 0
1 Cent. I One Cent. I 1 Cent.
On the reverse, " A cent saved is a cent got."

There are several most instructive facts connected
with the above statement, as well as a few fallacies
in the statement itself. America, the writer says,
was at the date of his letter miserably poor. She
did not possess bullion enough to furnish a very
small fraction of her circulating medium ; and
hence was compelled to resort to paper almost ex-
clusively as the instrument of exchange, She was
poor, however, in the precious metals alone. She
had a vast extent of soil of inexhaustible fertility,
and an industrious and enterprising population;
and the only reason of her being without the pre-
cious metals, which we foolishly believe to be the
only reliable standard of a currency, was that she
was at war with Great Britain: the most extensive
customer of her principal articles of export—cot-
ton and tobacco. Her agricultural population were
reaping high prices for their products. The owners
of property, of every description, were receiving
highly remunerative rents. Labour was well re-
warded. Are these signs of poverty ? Certainly
net. The fact is that although denuded of the
precious metal, America not only contrived by the
confidence of her citizens, in a system of paper
money, to stave off the inconvenience, which
would otherwise have been experienced by the de-
privation of an extensive market for her chief
articles of export, but continued that progress
which has at length raised her to the station of a
first rate power. This very paper money, repre•
sented to be the certain indication of poverty, ena-
bled her to build her magnificent cities, to increase
her naval and mercantile marine, to extend her
cultivation of the soil, and to develope the arts, the
manufactures, and the industrial pursuits of her
people, until, at the present hour, she is not only
independent of the world, but even Great Britain,
then her powerful enemy, is tributary to her for
her southern products, and for food itself.
What would have been the position of America
in 1814 and subsequent years, had her government
senselessly insisted, like our own, upon a currency
restricted by the amount of specie in the hands of
her bankers ? Obviously, and by every law of
political economy, prices of land, stocks, the value
of securities and of commodities of all descriptions,
must have declined ruinously, owing to the appre-
ciation of the precious metals, and the necessity
of making sacrifices in foreign markets to bring
them back, in order to form the basis of her medi-
um of exchange. The industry of the country must
have been paralyzed, and all progress in the devel-
opement of its resources stopped, during the course
of this unnatural operation, the only parties benefit-
ing by it being the foreigner, the native creditors
interest, and the monied capitalist.
We have little present expectation that the cor-
poration of Liverpool will show itself to be any
wiser than the rest of the nation by resolving to
make its undoubted credit and its large corporate
estate the basis of a sound and secure local curren-
cy. By the aid of such a monetary instrument,
Liverpool might at this moment have been a city
of palaces, well ventilated streets, splendid public
buildings and docks, without feeling the burthen
of an interest-bearing bonded debt, or any other
drawback upon her local income, or the prosperity
of her industrioue masses. And the time will
undoubtedly come when her local legislators
will look back upon the conduct of their prede-
cessors, in pandering to the prejudices of an age
of charlatanism and false philosophy, as character-
ised by folly and blindness, as the most preposterous
that ever was committed by civilised men.

Sir J. Birch, W. Brown, A. Henry, and G. C. Legh,
voted on Friday against the repeal of the malt tax.
MR. JOSEPH BAILEY, JUN., M.P.—We are extremely
glad to learn that the report of the death of this gentle-
man is entirely untrue. The report originated with the
Hereford Times of Saturday week, but Mr. Bailey him-
self has written to the editor to contradict the statement.
It will afford much gratification to Mr. Bailey's numerous
friends in this town to hear, that though he is still con-
fined to bed, he is pronounced by his medical attendants
to be better.

THE STEAM SHIP ATLANTIC.—This splendid effect of
American talent and enterprize sails to-morrow with her
full complement of freight and passengers. During the
past week she has been visited by some hundreds of our
townspeople, all of whom, through the kindness of her
commander, have been conveyed and admitted free, indeed
Capt. West has himself remained on board directing the
attention of strangers to the objects most important, and
exhibiting that urbanity of manner, (particularly to the
fair sex) that seems to be the peculiar characteristic of
the American gentleman.
RAILWAY ACCIDENT.—An accident, which from its
character, might have been attended with very serious
consequences, occurred on Saturday night to the mail
train, which leaves London for Liverpool at a quarter
before nine o'clock. The train had proceeded without
obstruction until it arrived at the curve approaching
Harrow ; the guard then perceived a luggage train
stationary on the line, a little a-head of the train. The
steam was immediately shot off and the engine reversed ;
this, however, did not prevent a collision, which shattered
one of the waggons, and shook and injured all the passen-
gers slightly. The most serious injuries were sustained by
the guard, the engine-driver, and the stoker.

CRICKET.—A match was played on Thursday last be-
tween the Bootle and Olympus Clubs, on the ground of
the former, which terminated in favour of the Olympus,
being decided by the first innings as there was not time
to play the game out. We subjoin the score :

COMMERCIAL AND MONETARY REPORT.

Monday Night.

THE revived activity which we last week noticed in
commercial affairs has been maintained during the past
week, and a fair steady business done in most articles.
To a considerable extent, however, the feelings of our
merchants have been damped by the untimely death of
Sir Robert Peel, of which Wednesday morning's tele-
graph brought us the melancholy news. By all classes of
the mercantile public the right hon. baronet's name has
been associated with commercial progress. It was to his
intimate knowledge of the requirements of this district
that many, even of those opposed to him in general prin-
ciples, looked for such a modification of our recent com-
mercial policy as would restore confidence and promote
a proper and well-regulated extension of the national
enterprise; and the fact cannot be mistaken that even
the free trade section of our community have shewn by
their regret at the calamity which has befallen the right
hon. baronet, their conviction of the want of fitness of
the party at present in power to carry out successfully
his recently-adopted principles.
The sales of Cotton on Saturday were from 10,000 to
12,000 bales, at gradually hardening prices, many specu-
lators operating heavily in expectation of exciting accounts
by the steamer expected on Sunday; demand freely met
by holders, but still asking higher prices. The steamer
arrived on Sunday, and her accounts from all the cotton
sections were as gloomy as they could possibly be ; so that
buyers of all kinds came in and swept the market of all
the lots left over from Saturday : these were speedily fol-
lowed by the offer of plenty more at 1-16 advance, and in
this way 15,000 bales have been sold to-day at hardening
prices fully id. since this day week ; and though the mar-
ket is freely supplied, it is rather because the article leaves
a good profit than that confidence in it is diminished.
Many parties are very decided that Cotton is to rule very
much higher than at present, but sufficient for the day is
the evil thereof; and we will not opine what may follow
a second short crop of Cotton, only secondary in its con-
sequences to a leek of corn.

''he certainty of a deficiency in the supply of this raw
material, almost irrespective of a seriously decreased crop
next season, will be evident from the following table :
Present stock of Cottton in Liverpool, 4th
July, in round numbers
Probable supply to the end of the year—
From America........ . 300,000 bales.
„ Bombay.. 70,000 „
„ Egypt and other
countries ... 50,000 „ _ _

420,000 ~

920,000 „
Deduct probable exports to, the Continent.. 60,000 ~

Total to 31st December
Consumption to end of year, (25 weeks,) at
27,000 per week

Probable stock on the 31st •Dec. next .... 185,000 bales.

The actual stocks at the same date upon each of the
following years have been-
31st December, 1849: ..... 470,000 bales.
„ 1848.... -.400,000 „
It
1847:.....367,000 „
„ 1846.. .... 425,000 „
Pt „ 1845...... 890,000 ~
Of 1844. ... . . 725 000 PI Of

PO 1843...... 650,000 ft
The probable receipts from this time to the end of the
present year, it is believed, have been stated at en extreme
amount. Thus we imported up to 4th July, 1849,
1,230,869 bales, and up to 31st December of that year a
total of 1,732,554 bales. Hence the imports from the
sth of July were 501,685 bales. The imports during the
same period of this year we have put down at 420,000,
which will be a falling off to the extent of 80,000 bales.
We think we are fully justified in anticipating such falling
off on two grounds :—First, That the crop on which we
had to draw last year was unprecedentedly large, whilst
that of the present year has been less than an average.
Thus the receipts at the ports in America, up to the 25th
June, were last year 2,636,000 bales, whilst this year,
nearly the whole having been forwarded from the interior
they only amount to 1,970,000 bales. And, secondly,
Because it is perfectly certain that America can, and
will hold back a supply sufficient for her-own consump-
tion, in anticipation of a further deficient crop in the
coming season ; for by the latest arrival previously to the
4th instant, as stated in Messrs. Littledale'a circular, just
published, we find that there were on the way for Liver-
pool only 40,000 bales, against 117,000 at the same period
last year..

The Share Market has been firm all week, with a consi-
derable amount of business done. Prices, however, have
not experienced any change worth noticing. This day's
quotations are—" Great Western, 59 ; Leeds Fifths,
9 11/3 lis. ; London Quarters, t 16/3 pm. ; Fifths, 1 pm. ;
Sheffield No. 1,8 i ; Ditto Preference, 8* ; Midland
Halves. 24 11/3 11/3 dis. ; North Union A, 237 ; Borough
Bank, 12k.; Royal Assurance, 18/9 pm.
The improvement noticed in Friday's market, gained
increased strength on Saturday, owing, no doubt, in a
great measure to the deluge of rain which fell during the
greater part of that day ; anl a large business was done,
including the sale of several floating cargoes, at further
advanced rates. Some business was also done yesterday
at the full prices of Friday ; but the market may be de-
scribed as quiet though firm. This day's market is ex-
pected to open firm also ; but much must depend, during
this critical period, upon the state of the weather. In
some parts of the country reports are rife of the grain
crops being laid,,although there are few complaints in this
neighbourhood. From Friday last to the close of the
week the arrivals coastwise and from Ireland continue in-
significant. From the United States we have 5676 quar-
ters Indian Corn and 3275 barrels flour; Canada, 1542
quarters 'lndian Corn, and Europe, &c., 4720 quarters
wheat, 1270 quarters oats, 750 quarters beans, 2155 quar-
ters Indian Corn and 683 sacks of flour. The exports of
Indian Corn to Ireland amount to 6535 quarters.