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application , of the principle to tanks ; which are not , properly speaking , trading bodies , but bodies holding the custody of other people ' s property , and therefore demanding some very strong pledge on the part of the persons managing or owning the banks . The question , however , was not srtfled j Mr . Thomas Hankey tried to get the opainon of the House by putting Mr . Heablam ' s motion isa « , more simple for mi ; . but both -motions were negatived ; and we interpret that result , less as a negative on the merits , tiran as -a refusal to enier-taia a section of a much larger subjert winch stanifc over till after Christmas .
The Jew Bill has been reintrodueed , not by Lord Palmerston , its author , but by Lord John Rtjssexx ; for the Bill is the same as that which Lord Palmejrston brought forward , with rather a peculiar alteration . Lord John l&tJssE : Lii ias -restored to tire , oath as amended by I * ord Palmerston , " This I declare on the true faith of a Christian ! " a separate clause providing that Jews shall not be compelled to utter those words . Lord John admits them on . the score of their ' prescriptive value / It is a concessiou intended to conciliate wayward opponents , but the Opposition still relies on . the Hcuse of Lords . Mr . Buncombe , whom
we rejoice to see once more in action , promises to bring the dispute to its last issue upon the reassembling ot Parliament after the Christmas holidays . : .... :. : ; . ¦ . ' . . '¦ . - ¦ ' ¦ '¦ : . ¦ ' ¦ ' ... . ' - Another religious point is handled in Ijord Bhaftesbtjjtk's Bill to amend the Act to secure libert y of religious worshi p ; this new amendment being intended to grapple with the incumbent of St . Michael's parish , and similar recusants , who will not permit services to be performed by any but themselves or curates within their parishes . Lord Shattesbttb . t ' s Bill would deprive the incumbent of any such power , even if he nas it by the present law , Tuiless he is sustained in . it by the Bishop of liis "diocese .
There seems to be no doubt that Mr . Milker Gibson will be returned for Ashton in the room of Mr . ^ Ghables Hindley . Thus , by degrees , we are getting back our best men . What constituency ¦ will now honour itself by bringing Cobden back into the Honse of Cominoiis ? Several have been engaged in electing members , but they are sending us up either unknown men , or men that have not achieved any repute . A Bagshaw for Harwich , a GRTritf-Ewiif a for Paisley , and a Ward Hunt for ¦ Northamptonshire " , in the place of Warbituton , "Hastie , and Augustus Stafford . And the
return of Mr . Deedes , in the place of Sir Edward Beeing , for East Kent , gives us one exceedingly respectable Conservative for another exceedingly respectable Conservative . Mr . James Edwakd Stephens , late Manager of the London and Eastern Banking Corporatioil , has furnished a strong exemplification of the truth iwtooh . is in the old saying that ' there ' s many a slip 'twixt the oup and the lip . ' Gentlemen in his unpleasant position , with very natural dislikes to the mode of doing things at the Bankruptcy Court in London , have preferred the milder treatment of
their disorders prescribed by the practice of the similar Court at Edinburgh . A certain duration of residence over the border was all that was requisite to ensure them the benefits of the mild treatmen desired—and so desirable . In the Bankruptcy "Court of London they have latterly taken to use gentlemen connected with banks so very roughlyteally oe if they -were criminals ! What was more aaaitural , then , for Mr ., Jambs Eiwakd Stephens to decline to expose himself to such odious treatment ? He went to Scotland , where rthey conduct such , "business as his in a much less barbarous faBthion : but— 'Humune propose , Dieu dispose !'poor man , instead of finding peace and quietness , he walked right into a hornets' nest of savage and . stinging lawyers . Mr . Stephens is a model
and exemplar of a man who can do great things without means—that is , with only a little worth , less stationery — call it ' paper currency . ' His p lan is so simple , a schoolboy can understand it . He is manager of a Banking Corporation ; a friend of his , Colonel Watjgm , has an estate with exceedingly valuable clay-works upon it , but no money to work them with ; ho introduces the Colonel to tho Directors of the Bank , who , on the strength of the introduction , help him to all the aooommodation * ho requires ; tho gallant friend offers him . half a share m the clay-works , and lie accepts it . Ho lias nothing to find but advioo and assistance in making a profit out of the clay ; tho bank being at hand to find tho money . Soon after
he becomes sole partner in the firm of Luttet and Co ., to jewery on the wr-fcehmaking ^ business of Barwise and Co ., Piccadilly , London ; again a littte while , and lie is partner with a Mr . James Black , as proprietors of Lett ' s Wharf , having c cash credit with security' with the bank , overdrawn to the extent of 23 , 000 / . ; -a . few months later , and he ' became a member of the copartnery * of Mxnter and Co ., upholsterers of Erith-streefc , Soho , Mr . Jabees Bi . m : k . being tke only other partner ; at
that time , Mr . John Carnac Morris was ebairmaii of the Bank Board -of Directors ; on-the 26 th of September , 1 S 56 , 2 St ? 0 / . were taken from the bank on account of the upholstery business—the proceeding was not formally sanctioned till the 29 th , the day after which , Mr . James Edward Stephens became the son-in-law of Mr . John Caknac Morris . That is the way it was all done- —and the way in which twice as much Haore might liavebeen -done , had time served ; all without capital , and by means so simple !
But , after all , there are yet simpler means of trading upon no tiling , called m the City ' hypothecating . ' You get together a cargo of goods on credit— -you want no capital , you only want credit ; you ship the goods to India , say ; then you . take the bills of lading to one of the great Indian-Banks , and get an advance of two-thirds of the value of the goods , enabling you to pay your way and to keep up your credit , and get you . new cargoes to 'hypothecate . ' Without a . penny to start-. with , you . may trade to the extent of a million a year , and make a good thing of it , if you have wonderful luck ; if you have not , you will probably iind yourself in the Bankruptcy Court , in the position , of Messrs .
Syers , Walker , and Sters , experts in the science of hypothecation , but floored—as so many great gamesters have been floored—by want of luck . Other instances of the excellent working of our credit system have been ventilated during the week . Mr . Moon , bookseller of Regent-street , amau with too many irons in the fire , ' has found himself in the Bankruptcy Court in consequence of the large amount of patronage extended to him by the aristocracy of his country for Opera-boxes—on credit ; and he had also a ' restaurant , '— -on speculation . The Bramhill murder has been disposed , of , a verdict of acquittal being returned by the jury . The crowd who were in court received this verdict
with loud , applause—why ? Looking carefully over the whole evidence , the anxiety of the prisoner as to the words that were to fall from the lips of the foreman seems to us much more reasonable . The Leviathan , fog enshrouded , is believed to be where she was when last seen—that is , some 101 feet nearer to the river . A sudden shock has been administered to public spirit in France by the temporary confiscation of the most powerful daily organ of independent opinion—Let Presse . It is amazing to Englishmen , accustomed to a free press as to the air they breathe , that
any Government sustained by five hundred thousand bayonets , and as many functionaries , should be frightened into fury by a newspaper article ! Lord Palmekston might whisper into the ear of M . Biljlauxt , " that public spirit is a steam-engine , only dangerous when the driver sits upon the safetyvalve , and that compression from above means violence from below . The press , like a naughty child , should always be left to ory itself to sleep . Perfect liberty is perfect impotence , and the irresponsibility of Government is only possible and practicable in a country where every citizen is at liberty to write himself down a—statesman . "
Bufc these maxims have yet to be learned in JFranoe . It is a curious circumstance that on the day after the suspension of La JPresse , M . Emile de Gira&din ( it is impossible to mistake the hand ) , began a scries of articles in the Oourrier de Paris , recommending a * constitutional opposition' and the reconciliation of the Empire with liberty . Is this a false alarm to the Empire , or a pitfal to the Liberal party ? Probably both . At any rate , the articles are written with all M . de Girakdin ' s force and dexterity of style , and have already driven two three of
or the best writers of the Cou ' rrier de Paris into resignation , and attracted the curiosity of Europe . Meanwhile , we are not surprised to hear that the modest dignity of M . Pjsyuat ' s life and home is besieged b y admiring letters and deputations , and that he will probably be carried into tho Corps Legislator by tho ' national will , ' as il ; is repre sented in the metropolis of Prance . A wiser demonstration , in favour of libert y it would be impossible to devise , and quite as impossible to embody n principle in a nobler representative than All'honse rjEYHAT .
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STATE OP TRADE . TA&DEas beginning to recover itself , and some of the mills in the manufacturing districts which had closed have reopened , "while others which have been workingstwt tira « have returned to full time . Since the opent ing of ifce soup kitchens at Preston , five hundred and thirty gallons of soup have been distributed , daily The supply is sot equal to the demand , and preparations are being made for increasing the quantity . The overlookers of the various factories formed a relief fund about six months ago , and the sum in hand has been very oDDor tune during the distress . Upwards of 80 / . have been distributed among the needy members of that bodv Iu Blackburn , there are numerous signs of amendment ' At the yarn-market held on Wednesday week there Avis great animation , and a considerable amount of business was done . In some of the other northern towns there is also an improved feeling ; but at Manchester , Bhmino-L ham , "Wolverhampton , Nottingham , Leicester , Leeds Halifax , Bradford , &c , trade continued during the whole of last week in a very depressed condition .
A serious > disagreemeat Ja * s broken out between the colliury proprietors and ironmasters of the ' ' Aberdare Mineral district and the colliers and workmen , ami has led to a strike of some thousand ironmen . The colliers proceeded to acts of intimidation , and a requisition , -was sent for the military . The origin of the dispute is a desire on the part of the employers to reduce the wages of their men , owing to the slackness of their trade . ° The amount of the proposed reduction was twenty per cent . at the ironworks , and from ten to fifteen per cent , at the collieries . The ordinary rate of wages is from twentysix to thirty shillings a week . Daily meetings of the workmen were held on the mountain last -week , . at -which the men resolved— " 1 . Not to accept any reduction of wages . 2 . That the meu employed to look after the
pumping and ventilation and other underground work in the pits should not be allowed to work . 3 . jSTot to pay the various shopkeepers and tradesmen the debts owing for provisions had by the colliers during the past month . " The credit system prevails greatly among the workpeople in that district , the payments being made monthly or fortnightly , as the men receive their wages It appears that the colliers and ironmen are habitually very improvident , and , as they hare laid aside no fund for any such crisis as the present , there is great distress . A few days ago , the colliers vented their indignation
against the masters in a very singular way . They assembled before the houses of tlieir employers , and ran races in a state of entire nakedness . A far more serious proceeding than this , however , has been taken . The engineers have been forced , under threats of violence , to abandon the pumps , so that the pits are flooded , and it will take some months to undo the mischief . The colliers at some of the other Welsh works have struck , for the same reason as in the case of the Aberdare men ; but at Mcrthyr the men have consented to a reduction of twenty per cent .
A singular story with regard to the suspension of the Bank Charter Act is related in the Tithes City Article in Wednesday's paper ;— "On the morning of the 12 th of November , when the alarm was at its height , a sudden demand was made by a leading discount house for accommodation to the extent of half a million . The moment an affirmative answer was obtained from the governors , the requirement was raised from 500 , 000 / . to 700 , 000 / . ; and as soon as this amended request was granted , it was then augmented to 900 , 000 / . That also was complied with . Meanwhile , however , the partner by whom these applications were made is understood to have proceeded to a leading banker among the private
firms m Lombard-street , and to have informed him that he had been to the Bank of England in vain , and could get no advances whatever . Of course , this was calculated to add greatly to tho distrust already prevalent , and its effects would have spread much further had not the banker subsequently ascertained that the representation had been entirely erroneous . In tho afternoon , the Government letter came down to the City , anil there the matter terminated ; but , as it vrt \ s generally alleged that tho discount house in question had had an interview with tho Government shortly before the measure was announced , a very general impression was created that the proceeding adopted had not been altogether unpremeditated . " This is in direct contradiction ol
statements made in the House of Commons by Government . Tho Western Bank of Scotland has finally abandoned all idea of resuming business . Tho result of ( lie investigation into tho affairs of tho City of Glasgow Hank by tho independent committee appointed by the shareholders has been published . The capital is " found to he intact , nil but 75 , 000 ? ., and tho greater part of tlie deficiency inay bo made good by a slight improvement in tho value of the securities and tlie recoveries from doubtful debts . The bonk is expected to resume .
Tho failures this week comprise—Messrs . Sowells rud Neck , an old and roHpcctablc house , in tho Norwegian trade , with liabilities estimated nt 500 , 000 / . ; TUensr . n . Albert Telly and Co ., also in the Norwegian tni < le ( liabilities , 170 , 000 ? . ); Messrs . Kroll and Colin , a ( . firm . )" firm , with moderate liabilities ; Messrs . llmllnnd nnd Co ., a vary old firm in tho Mnnchastcr trade , -with liibilitiea amounting to about 40 , 000 / . ; and Mesmn . Lielitensteiu , a German house ( liabilities supposed to amount to about 80 , 0000-
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. ¦ ¦ . : ' ' . ¦ -- ¦ ¦ . . ¦ ¦ . ¦ • ¦¦ ¦ ¦ t ¦ ¦ . . , \ ' - v . , - , . \ . ¦ . ¦ . - ; . . . . ¦ ~ * * . ¦ ¦ - . - a -J ; * \ 1178 TH E LEADER , [ No . 403 , December 12 , 1857 .
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Leader (1850-1860), Dec. 12, 1857, page 1178, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2221/page/2/
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