Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-03-11
LORI John Russsl ON Italy.

dress in reply to the Queens speech Lord John Russell
spoke warmly Of the wrongs which have been inflicted
upon Italy, by the Intervention OF foreign powers and
after describing how government is administered under
the protection of foreign bayonets, he said
Can you wonder that the people in Central Italy, thus
governed by means of foreign force have become I'M
patient under that government and can you be sur
prsed that they should resort any remedy and look to
any resource rather than continue under that govern
ment Hear, hear But what is the remedy? The
right Hon. gentlemen says that advice has been given,
doubt with the most benevolent intentionsnamey
that Austria and France should point out how justice
should be carried on and the administration purified,
and the law made enlightened. Well, this is all very
good advice but there is thing that to be
better than any of those things namely to let the peo
pie settle it for themselves. Cheels and laughter y
was reading pamphlet sometime ago on Italy, that
was written by Signor Farrisi. Well, what Signor
Farrs said thistle had been reading the treaty
of Paris and he says the people of Wallachia and Mol
dava are to meet and consider their own form of gov
eminent why should we not have the same in Italy ?
Why should not the people of Romagna meet and de-
clare what laws they should have? (Hear) Signor
Falrs is perfectly right Hear, hear In the Queens
speech you have declaration that the assemblies of
those Danuban Prncipalities- Roman provinces
they choose to call them-have met and settled their
they WILL undoubtedly, be laws fitted for the people of
those provinces, and they will be- hope, laws under
which they will live happily. (Hear hear) You have
to deal in Central Italy with people that have had for
five centuries glorious literature. people who have
been enlightened for those five centuries and therefore
very superior to those people of the Danuban Prn
cipalities II you withdraw those foreign forces if
provision be made by the Catholic powers of Europe to
furnish contngents for the security of the pope-as
Protestant State have nothing to do with that-and
| if you let the people of Bologna and Romagna make
laws for themselves, believe the difficulty of Italy will
be almost entirely solved Hear hear If there shall
be bloody and contests of armies, they may do
nothing for their freedom, and | will not do
much for their independence but should such plan as
that suggest be adopted, those people would be able
under the suzeranty of the Pope govern themselves
they would be able to settle their form of govern
ment, and their own mode of administration. Hear,
hear This is my opinion of the present state of Flu
rope.
| COMMERCIAL REvULs1oNs-At recent meeting Of
| the Glasgow Chamber of Commerce, a report on the
commercial crisis presented by the committee on
Banking Laws. It contained the following useful re-
marks the system of allowing interest on deposits:
The best security against commercial CONFUSION Is 10
limit credit. The nearer to cash business the
sounder will be trade. The comparative security OIL
French during the late crisis was no doubt
greatly owing to the modified nature of its credits and
on the other hand the disasters which overwhelmed the
commerce of America were as certainly the result of
exaggerated credit system Everywhere the stability Of
commerce is inverse ratio to the development Of
credit. But the abuse of mercantile credit could not ex
list to any great extent it not osered b the abuse
OF banking credit. In our SySIeu
given by one trader to another depends mainly the
credit given by bankers to traders. Traders could not
give excessive credits unless bankers supplied them with
the means Imprudent banking is at the root OF all un
sound trading. The great fault of modern banking II
the nsuffciency of reserve.
Bankers, like traders are bound to provide for the
solvency they must reserve ample means to NEE
obligations and in their any departure from Thu
rule is the inexcusabe that the proper amount
for them to hold may be ascertaned with amos
mathematical precision. But the desire OF profit or tn
urgency of their customers induces bankers too manv
instances to invest their deposits closely than pru
dence warrants safety is sacrificed for additional pc
centage of profit the is allowed to fall dangerous
low, and when time of pressure comes the bank ha
nothing to fall back upon. This insuhcency OF bank
ing is the immediate cause of our panlcs.-
When pressure great money lenders are tn
first to take alarm with enormous liabilities and made
quate of Immediately reliable resources they fee
that their sovency endangered and their violent efforts
to regain position of safety are the chief cause OF dis
turbance in the money market. Instead OF lending tt
Others they become themselves the most mporunate
borrowers They who should sustain credit are the chic
authors of discredit they who should inspire confidence
themselves panic 1t is not the needy de
positor or ignorant noteholder of the provinces VIII
panics; it is the millionaire money lender
our great centres of our commerce.
One great cause of insufficient reserves is undoubtedly
the high rate of interest allowed upon deposits. Suc
rates can only be paid, and profit realized by clos
investments of deposits Our trading credits rest maln
+ on accommodation from the banks. The provincial
f banks deposit great part of their with Lon
don bankers on call. The London bankers again IN
vest their deposits closely and trust mainly to advance
from the Bank of England in OF need, while tn
Bank of England itself allows its in times
pressure to fall to trang fraction of its deposits Thu
the vast superstructure Of British commerce rests u
mately trihe of reserved capital. Our who'll
credit system is an inverted pyramid Your commtte
does not look for any legislative remedy for the abuse
credit The must be found in the more honest an
intelligent appreciation Of their duties by all who eithe
give or take credit"
: SCIENCE TRIUMPHANT.-The other day, while in No
bile, we availed ourselves of invitation of Mr. Cook
the Superintendent of the Southern Oil Company, t
visit the works of the company located IN the Souther
part of the city and after looking at the establishment
and the wonders there going on we could not but dc
clarehat science triumph all obstacles and ca
accomplish any and everything. This establishment
takes common pine rosin, and out OF the common pin
rosin makes at least half dozen different kinds of OF
The process is that of taking the rosn, placing it In
caudron, when it goes through boiling process, the
coming through condensng pipes into vats then throug
kettles and out through different reservoirs just as d.
" sired. Crude oil is first made then gas OIL and o
which generates 1000 feet of gas to the gallon, costn
twenty cents The second stage of the rosin, after pas
ing out of this stage, is that of deck OIL which is e1
. tensvey used on decks of vessels, steamboats,, &c
thence into tanners OIL machinery OIL paint OIL and tn
last stage is that of spirit superior oil for burnln
purposes. All these different stages from the rosn
accomplished by small steam apparatus, which is q
~ simple to run as an OK wagon
~ This company turn out of the different oils owe
500 barrels per day, averaging seyentyfve cents pc
gallon at cost for the rosn of not over thirty dollars
which, beyond doubt is one of the greatest triumph
0 Of science that has ever been accomplished 1t is
great curiosity, and every scientific man who visits Nc