The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-10-17 00:00:00

1 ness anotber— of those cony

contemporary has

frequently

I the men of Lombard-street and its neighbourhood,cvithout dela
for whose welfare the 'limes has been ever especi-
ally
interested—find themselves, in this 'Oetol

It of course never struck these
lutionists to interfere to stop the wanton waste
.ebellion. and of

,er of 1 of their time in demonstration.of

lecond N

----
r of Free Trade, in no very easy
• • • -

money in pikes, m

__....i,5, and gunpowder, during
. ,u.hing tcrward with a little trepi- the previous part of the year; or to urge upon them
dation to the approach of Christmas. There are, the adoption of improved modes of culture and the
it is hinted, some securities in their strong:boxes, necessity of more constant habits of industry.
and those ....vu are negociable They were permitted to huddle their wretched crop
...wit, are daily decreasing in value. of potatoes into the ground, only half dug and
was fun for these men, and their organ, two trenched, and wholly unmanured, and to devote
years ago, tb he sweeping out of the market bubble two or three days out of the seven to drunken re-
projects—to see stags and provisional directors vellings at feasts and "pattherns," wakes and fairs,
"hoist with their own petard," lighted by the fire whilst it was growing. The crop, which otheas
of leading and city articles. The fun, however, it warned them not to trust to, has failed; and we
would seem, has gone too far. The bubbles have are asked, for the thousandth time, to pay for all
effectually trodden down ; but the wreck has ex- their improvidence and folly, in the first place, by
tended beyond the limits prescribed for it. It is affording employment, and in the next, "to use all
not pleasant to see Midland Stock at £75; London our influence to effect such an equitable adjustment (BY EXPRESS.) guiltless in the case.
and North Western at £102; and Eastern Coun- of the relations between landlords- and tenants as The various devices which companies have hitherto hai
ties at -£l2 : or to contemplate the ruinous decline shall stimulate an outlay of capital, insure the em- LATEST FROM FARM recourse to, as remedial of their depressed position, and
. to escape from their difficulties,. have proved themselves,
in every species of produces It is perplexing to ployment of the able bodied, and increase the ayri- PARIS, SUNDAV, 6.30 P.M. Mr. Mills contends, complete failures • and he proceeds
to find that, with all the improvement of their po- cultural products of the soil." . The state of Paris to-day, and especially the faubourgs, t.o lay down. the policy which he would Propose, and which
sition, manufacturers still continue their decreased We beg to direct attention particularly to the is such as you' may have anticipated from the contents' of is described as " economical, non-aggressive, and empha-
production, and speculation the most legitimate passage marked in Italics, as showing the kind of my despatches last night. The rumour everywhere cir- tically utilitarian."
flags; that mercantile enter prize and energy are councils, by which it seems destined that the pea- culated is-, that we are on the eve of a crisis. Tuesday is " Its adoption by any particular company, would involve the
nosfeitilleo
ltihneesloiwnesptvoirnets,sofanlitchhe telwcsiuenbt-
prostrate on every hand. Something, it is clear, santry and farming classes of Ireland shall never be tuoarz.d manybgrame hteow-edvaeyr as
dtehae Ilaclti at
awt
tlei ircsh it willtbr.eak
setadnutia.it'eneejsterluleegiei
working of the lines in operation, will. admit: the abandon-
must be done to arrest the downward tendency of permitted to learn the true causes of their periodi- The immediate exciting'causeys are them news faroremyriertTnea. !meta, as tar as practicable, of all territorial extension schemes
affairs, and to allow Christmas balances to he cal suffering, and their constant degraded and and the change in- the government here. The clubs are --' i-lie limit of squared off, without extensive bankruptcy and ruin pauperised condition, as compared with the people everywhere assembling, and the state of siege- does not
being created. But what is that " something ?" of countries not half so gifted by nature as their prevent innumerable private meetings.
It is l reported to-day that several of the clubs.propose
see if we cannot discover the direction in which it
We turn to an article in the Times of Saturday to own. These people obstinately adhere to a miser- t
declare themselves en permanence. Many of them
able system of cultivation of the soil, which com- tohave i
addresses of felicitation to the inhabitants of
is to be sought. bines sloth, carelessness, and ignorance approaching Vienna, in which- they declare that it is impossible for
The text, upon which. our contemporary has to fatuity. And when the natural results follow__ France to remain behind Austria.
chosen to dilate, is a speech by M. Tillers, in reply when a crop fails or markets fall—they are taught . LONDON MONEY MARKET.-
to a proposition of M. Ledru Rollin, to raise two to cry out for "an equitable adjustment with their The funds have been heavy this morning , .. milliards of assignats, on mortgage of land and na- 1 landlords !" They are getting out of the land' not We have now, however, wslight improvement in Consols, Which
tional workshops—a socialist measure, similar to more than a tithe of what it is capable of producing; are
icinu es tseg at 841 Ca
I,iiebelthrifiorr money and time, but with less
that which so disastrously failed when attempted and the landlord is to suffer, in the shape of redue-a.4.teo c7,31t8°3 time,
6T. hEexecia.,42-a-
by the anarchists of the French Revolution of 1793. Quartere peermCgints.,Bo.terf. Beeansk
Bills, 345. to 37 premium. Foreign stocks are quoted rather
tion of rent, for their obstinacy or laziness ! They
With this theme in hand our contemporary sets alotwleoritwuilhlia. roartie Vitirveeersr2di Ttroerted.pasWis have
tSopr ishpFoives
, argue that capital ought to be stimulated to employ
out upon a discussion on the subject of currency able bodied labour and increase the agricultural, guese, 223 to 233. Russian are down to 97 to 9. Danish, 6rstit'o-
generally. products of the soil ; and imagine that the land- 8. Dutch Two-and-a-half per Cents., 433 to 43 ; the Fours, 673
Mexican, 19 to 3. Peruvian, 31 to 3. Chilian, 82 to 4.
"M. Thiers," he says, "reminds one of the golden lord is to do all this: Yet the main cause why tillrastlian are lower, at 71 ttra+
days when Peel was in his glory, propounding the great capital does not flow thither a it flows to all other
question.is a pound ?" Hessay
is brilliant on LONDON SHARE R MAKET.—YESTERDAY. the erkit Fancier delivered last Tuesday will ever re- conntries where it can be 'prosfitably employed, is
The market for London and" North Western shares this
main a text on the currency question. He pointed out ' the continual turbulence of the people, the nightly morning is 102; North StaffOrdshires have again been done
at
with clearness and with wit, that it was in'fact impossi- and daily shooting and burning, and the agitation £0 dis. ; Caledonian Preference, at 55.; Shropshire Unions,
Th. 6d.; Shrewsbury and Itirmiugliam (Class A), at .41 ;Great
ble to add either to the property or the currency of a na- fomented by the priesthood themselves. The pre-
Northern (A), at 23. The acconnt is passing quietly over, but
tion by merely multiplying the symbols of wealth. Pro- sent race of tenant farmers in. Ireland have no heavy differences are being paid: West Riding Unions, .41
nerty is a definite quantity of the gifts of Heaven, and of
the works of man. Money is the token of its possession. capital of their own, and no disilosition to employ Imid 7 dm.
- - it if it was in their possession. Should the land- LONDON CORN MARKET.YESTERDAY.
r
lords drain, fence, and manure for them, the Our market was shortly supplied with English Wheat this
chances are that, with the. present habits of the bulk morning, by land carriage simples, from the near counties.
The 'few parcels of fine Wheat realised about last Monday's
of the small tenantry, at all. events, they would find
nlearragler, uenxsciene=e4roteloo ra2.s.alopwfar.sa7arre(iign
their liberality unappreciated,. and their land, in a prices'
aret tag'eafne
1 few years' time, reduced` to, its pristine disorder, night; since which about 15,000 quarters have come to hand.
bouul%lu-alit
with the old worthless system inveterately persisted muchie -.t;eaDpearntzrutaitiod
mliaoismioaaknyWrheartescsoiv,illtlhnootthbeer
in, and probably covered- with a race of squatting descriptions, a decline of 2s. per qr. upon last Monday's quo-
under-tenants and conacre menb_ defying alike the tgitions had to he submitted to. Pim". .

leave any profit for disposal in our declining market.
The supply from India must be almost cut off, they
it is well known, compete with America at the
same price, lb. for lb.

cannot

3. The cheapness of American Cotton is fast driving
our long stapled Ecyptian an Bengal Cotton out of use
in this country; the fineness- and silkiness of the Sea
Island, if at all on a par in pricerbeine. infinitely preferred.
4. A large import of American will be required to keep
up the plentiful supply, and it is entirely owing to this,
and to the pressure to sell freely, Oat prices are so uneven
and unsteady.

The practice, however,, has been with con.panies, when
in this condition, to go• into the market for money at a
high rate of interest, by the creation of preferential- shares
at guaranteed dividends. This process operates not only
to injure the character generally of the line which adopts
it, but by the depression iw prices which it at once creates,
operates most unjustly upon. the original shareholders who

LATEST INTELLIGENCE.

its own peculiar district. and indeed of all
works of questionable utility, and whose:satisfactory progress
and completion, is render& impossible hrthe financialposition
of the company."
As an instance, he describes 'what he would do in the
case of a line in our own neighbourhood—the Birkenhead,
Lancashire,. and Cheshire Junction Railway. We need
not here go into the history of this line, its growth in
extent and capital, its amalgamations and guarantees.
All these movements of the company heronsiders origi-
Ts: nated in the spirit of aggression manifested in its projection
_ _

-YESTERDAY

as a compethirprojectio the Liverpool witl•Manehester.
Fortunately. for the shareholders, he says,.a large por-
tion of whom are heavily in arrear, no progress has been
made on any portion. of the line, except onuthe fourteen
miles between Chesterand the London and North-Western
Company's line at Keakwick. He would at once begin to
reduce the extent, of the concern, and thne'relieve the
unfortunate shareholders from a portion of their liabili-
ties, by abandoning'the branch of nine miles from Hooton,
on the Chester and, Birkenhead line, to He'shy Marsh ;
alSo that portion of the line which runs parallel with the
London and North-Western line from Keakwick-to War-
rington. The line from Warrington to Stockport (LS miles)
lie considers ought to be abandoned, and ought never to
have been taken uo'hyl this company. According to the
estimate of the entireliner a saving would be thus effected
of £930,000, which would leave only £1 per share to be
called up to finish the whole of the really necessary part
of the undertaking—provided the arrears of calls and the
sums due to the Birkenhead Dock Trustees and Commis-
sioners were recovered.' As this is doubtful, he would
fix the amount of each share at £l3 10s., leaving X 3; 10s.
to be, called upon, the -.-Cl.O already paid. The calls should
be spread over some period, and in light sums. He
would also insist in this,as in all other cases, that the
capital 'account should be promptly closed. Mr. Wills
continues :

The currency in whatever -fort

gum, saver, o
_paper, is an instrument of spontaneous growth whiel
adapts itself to the uses of society, and rises and fall
in amount according- to the level of the national wants

reacu ut legzsualve enactments, except the
mere form of the institution. Property and currency are
matters of fact, as much so as the breadth and quality of
the soil, the climate, the number and character of the
population, and the national resources. It would ind
be quite as possible to c-

population of a country
by a circulation of counters standing for men, as to double
its wealth by a circulation of pecuniary counters. If the
counters be convertible they will b-e nre.sentpfl for

el 0
collector of rent and poor rates..
We regret that we cannot altogether absolve the
landlords of Ireland from: blame on account of this
lamentable condition of the unhappy people.
They have failed in setting them an example of
enterprise and prudence,. and in. the duty, incum-
bent upon the gentry in every country, of endea-
vouring to instruct, in the useful arts and to school
in habits of industry the classes dependent upon
them. Some. of them have looked only to the
grati&ation of the wants and necessities of the

alteration in
were Is to aa, JEITArley
value, being very scarce; other qualities were almost unsalea-
ble. eats were a heavy trade, at a.tiecline of 6d. to Is. Beans

hip, samples and French sack

en knee the value of thee-shaves and to enable all whe were

a price that
When of

realise at least the amount• of-calls in arrears
annonnred, and agreed to at a,sreneml meeti,

went; if not they will be thrown into, the fire. But
poverty, and that cupidity which is still more hungry
than want, inspire all sorts of hallucinations on this cap-
tivating topic. An indefinite multiplication of tokens, a

and grey and
cheaper.,

maple Peas, without-alteration; white Peas 2a

it would do more raising the funds required fcr,the
completion,of the works, than a call of .e 5 per share in the
present, position of tie company.—A glance at the map 'will,
show that the really useful portion of the line is that between

SMITHFIELD. CATTLE MAIINET

-YESTERDAY

mortgage on everything moveable or immoveable, h
borrowed from the future to be re-paid five years hence,.
or at the Greek Kalends, are only some of the brood of
tinsel knaveries ever rising to this earth from the Limbo
of Fools."

We-have an extraordinary increase- in.the supply of Beasts;
the weather has also changed unfavourably ; lower prices are
consequently submitted to, although' the demand is consider-
able. It is likely almost everything will'be cleared off. There
are a few more cheep, and the demand is limited; trade is very
slow, at -rather less money than on- Friday, but about the same
as on-Monday last. Although the number of Calves is not
large, it exceeds the demand, and there is a, reduction of fully
2d. ixk.r. 13H3s. on all kinds. Pigs are-not selling quite so well.

kmester atm neakwick, and that this, as an extension of the olck
Chester and Birkenhead line., in connexion with the London•
and North Western, would form a sufficiently direct communi,
cation between Birkenheadd. Chester, and the manufacturing
districts.—Thus curtailed and reduced within its proper limits,.
the Birkenhead, Lancashire, and. Cheshire Junction, when.
completed, would prove one of. the most remunerative
the kingdom. All the Irish tratEc..via tio!vbend, to Liverpool,.

The admissions made in the commencement of
this extract are valuable, as showing the tendency

ent ; and permitted their properties to be
injuriously subdivided, or handed over to extor-
tionating middlemen and. bloodsucking usurers,

Mancter, and the Nor

of the writer's views, as to the nature of money,
which is, not " property." but only " the token of
its possession." We like much the sneer at "the
golden days when Peel was in his glory, propound-
ing the great question 'What is a pound ?'" The
latter portion is only a quixotic assault upon an
imaginary windmill, and is introduced with a pur-
pose. No man of common sense ever fancied that
"an indefinite multiplication of tokens". was an.
indefinite multiplication of wealth -. although it
might be its result if we are to consider that money
is the token of the possession of wealth. We
repeat, however, that our contemporary is only here
fighting a shadow of his own creation. Proceed
then to the conclusion of the article:—

traffic, via Shrewsbury and Oswestry, must of necessity pass•
over it: Already the partial opening of the Chester and Holy-
head, and the North Wales Mineral lines, is daily increasing
the traffic-between Chester aral.Birkenhead. What the traffic
would be, 'were all these in fell- operation, and the Cheshire.
Junction completed as we have suggested, we leave others,ta
calculate.""

THE;LONDON AND NORTH-WESTERN RAIL-

whose exactions have driven the peasantry to a
state of frenzy. But the bishops and priesthood of
Ireland—men sprung from the people, and mingling
with them day by day, acquainted: intimately with
their unthrifty habits, and general.ignorance and
obstinacy, are not the less betraying their trust
and misleading those whom they ought to direct
aright, when they teach them that their wretched-
ness and 'pauperism can be best removed by equitable
adjustment, which is synonomous- with landlord
robbery: The Irish farmer must be raised to the
level of his English and Scottish brother, in know-
ledge of his business, in industry,. in perseverance
under difficulty, and in conduct,. before he can
succeed in raising his position in the world ; and
no legislative effort can effect this for him. Give
him to-morrow the, equitable adjustment with his
landlord, which is demanded for him, by which we
presume is meant a reduction of rent and something
amounting.to a-permanent claina upon the land he
tills ; and will. he (with his present habits unim-
proved) be in. any more prosperous condition in
five, years hence On the contrary, we should look
to see a large portion of the present race of tenant
farmers, when thus advanced in, position, running
into a coarse imitation of the vices of too many
'andlord class.

WAY AND THE-PUBLIC,

We gave some particulars of the position of this gigantic
concern last week, as stated, man appendix to his pamph-
let, " the Bubble of the Age.„7 .by Mr. Arthur Smith,
one of the most painstaking amongst the exponents of the
railway system. By-the-bye, oar compositors gave him
the name of Albert Smith, of faketious,.instead of statis-
tical, repnte—a totally different- sort of personage. The
statements of Mr. Smith appeared. to us of so startling a
nature, and so calculated to unsettle the public mind, in
the ab'Aence of intelligible data, upon which people could
be enabled to form a judgment for themselves, that we
urged upon the company the extreme desirableness of
their-furnishing, forthwith, afull and intelligible explana-
tion of their position, their liabilities, and future pros-
pects+ convinced, from our knowledge of the high character
of the board of directors, that they could-have nothing of
as improper nature to conceal, and much to gain by frank-
nesa.. We are happy to find that the course we suggested
has been determined upon and that such an explanatory
statement is being prepared; and-in a few days will be
made public.
. _

Shareholders, generally,, he contends, in forcible lan—
guage, for which we refer our readers to the pamphlet,
ought to adopt the pressure from without to procure
such measures being at onceresorted to.

* Railway Reform, or How-to,Reatore Public Confidence .in
Railway. Property. By John, Wills. Liverpool :G. Arnold
and Co.; 1848.

The Court House at Clonreel now is very scantily at
tended,

The. Rev. Dr. Cooke
Belfast.

has resigned his presbyter,

"The peculiar value of M. Tillers' arguments is their
bearing upon the general question of agricultural banks,
or any paper issue on the security of estates. Experience
has established the possibility of such banks under certain
very limited conditions. They answer as the pecuniary
instrum- In a purely

The Cork Constitutic4,of Saturday says that Mr..
O'Brien has become much dejected, and deeply bemoans
the misery and wretchedness he has brought down upon
his innocent family.
At
Mr

a Baptist missionarrmeeting in Nottingham,.
W. Nowbiggen said that in a country in South Afri.2a-,_in.
ord3r to, save a certain " ornament," consisting of knobs
of clay fastened on the back of the head, the natives-stick
a wooden fork in the ground, and sleep all night with
their neck between the •prongs ! Almost as bad; he
thought, as tight lacing.

hitii the appearance of such' document we had con-
cluded to advert no furthento the question, and we are
only induced to recur to it-now. to notice the extreme
Mildness of the estimates. which. are being published.
One of these—not of so extreme a character as the rest—
appeared in one of the city articles of the Times last
s week, which contains, weore.assured„,many gross inacc

TAB Inisn PoLiTioar; CONvicrs.—The Dragon;, et,
steam-frigate, Captain It Hall, bas proceeded.frotn
Waterford to Cork, anotthere awaits orders to receive on
board the Irish politicslconvicts for transportation to•any
pce " beyond the seas."—niied Service GazeMo,
Tire widow of Th- ' at rr- Lane Foot,

of the present

ver, of the

endicant resolu

of their reverences, the Roinisb bishops and arch-
bishops, is contained in a. succeeding resolution
deprecatory, of any national. support being given to
their priesthood. " Having shared in the prosperity
of their faithful flocks," they say, "the clergy of
Ireland are willing to share in their privations, and-
are determined to resist a. measure calculated to

racies. The writer enters.into a statement, purporting to
chew that, in order to pay preferential charges—guaran-
teed interest on property-of the company in certain lines,
rent of the North-Union, and interest on loans to the
amount borrowed of £124'060,000 at 4t per cent—£642,764
will be-required. He sets down next, the capital of the
London and North-Western stocks and shares, if all called
up, at £21,047,675, ate :amount which we conceive must
include the loans, or, a large protion of them • for we
gave. in our last, the total capital of the North-Western,
as opened for 349,1 miles, at only £14.440,04210, as per their,
half-yearly return for:December, .1848. Their nett revenue
for the same half year was . £641,855' from which, unless.
the preferential interest is capitalised m the £21,047,675
the half of £642,Z,1; oe £321),382 would have to be
deducted, leaving only £321;473 applicable for the six.
months dividend on £21,047,612, or £12,360 per week.
This obviously is a preposterously incorrect ealculat,:ont
and its incorrectness is. increased by his adding to it
£6,250,000 in roand.numbers for other lines, all of which
arc yet ineomplete, and yielding no revenue. The result
which he thus establishes.
traffic of £70,(04 per week

_ nomas. Moses (lieu - ...rough
i-Athe township of Lynesack and Softley, on Friday,
ternber 26, aged 96 years: Another old woman, .in the
same township, died a-few weeks ago, aged 91 years;: and
there are still living three women in the same township
whose united ages are .285, years—averaging 95 Team each.

COLLEGE OF CHNMISTRY.-ThiS institution is• now
open every day, and every description of information on
practical chemistry is imparted to the students. We
believe that Dr. Muspratt has not established, the college
for any personal remuneration, but that he wishes to take
one step to make Liverpool as celebrated for science as
she is justly for commerce.

t discontent, to, sever the people from.
their pastors, and ultimately to endanger catholicity,.
in this country." Certainly if this was all that was.
to be apprehended from, such a measure the peo-
ple of Ireland would have little to regret the
result,. seeing what catholicity has done for
them,, temporally at least, by degrading them.
in their condition below the level of any.
Christian nation. Wa-trust, however, that no:con-
sideration of this sort will influence Government. to
permit so obvious a licilation of our Protestant-con-
stitution. These marl, know themselves that the
real security for the- maintenance of Catholicity in

create va4

ASSUMPTIONS 0.. F!, POPERY.—The Sydney) abroniele
Romish paper says, " As the bull of his Ugliness Pope
Pius IX., appointing Dr. Goold to the episcopal bench,
bears date pries to the letters patent under- which Dr
Perry holds office as the Anglican Bishop of Melbourne
Dr. C—'' --'" -
next

he preeedzace

SPOT ON TWA,-SUN.—The large spot on Ile sun, which
attracted atte-otiun about a fortnight since,js again brought
into view by tha rotation of the sun on.its axis, and was
observed on the 13th instant as a fine dark line upon the
extreme edgA of the sun's disk, towards the south-east.

that it will require a Aross
to pay 7 per cent. dividend,
_ _