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Northern Star (1837-1852), 19th July 1845, Edition 2 of 4, Page 4

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    • TIME WORKS WONDE RS i
    • THE NOKTHEEN STAR. SATURDAY, JULY 19,1815.
    • Co fteaftei'S & CoCTearoiftentft
    • "YORKSHIRE. &. '
  • Adverts (10)
  • Text (11)
  • Transcript

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      \„ . Tfff! Northern Star. Jply 19 ' 18 ^

      \„ . TffF ! NORTHERN STAR . JplY 19 ' 18 ^

      Time Works Wonde Rs I

      TIME WORKS WONDE i

      Ad00411

      InHueicasinotherfhins * . Jnstpul ^ ed , * » ew work , « gflW ^ SctfSction for thePianoforte , Singing , T . ohn , r S ^ SSatw ern in the seienee of music inlTg land . ana is the best book that has ever appeared for tJ epractical use of the great million . IVl & hed in Parte , and i ^ -h sent , post free , for sateen yostige stamps , by H- WHITE , 8 W , Oxford-str . et iocron .

      Ad00412

      EUTVABD WAITER'S Fourth Letter to the Bishop tftVoreeeier- — Jnst puhXsbei , price Si , by post six pDSacc stamps , " What 5 s blasphemy V - Has Tnan a free w 51 V "Is there an intelligent first enuse ! " and , « Who takes care ot * the souls of the e ' ergy V Questions asked ia a letter to tlie Kightllev . Pather ia God the Bishop of Worcester , hy Edward Walter , of Worcester . — ' lis alone can discover truth who dares to investigate all tilings . " "He alone can be free who hts truth for a guide . " TVorctiter : Baker , bookseller , Mealehcspenstreet;—London : netherington , IIolyweH-street , Strand ; ¦ w " atK . n , ratii " s-auey , rattTnostcr-TOW ; andallbookselltrs The following also Ly Edward Walter : — « . d .

      Ad00413

      KCyW rUBLlSlllFG , In Weekly Suinbers , price 1 « L , and in Parts , price Cd ., TTVHE HISTORY OF THE COXSTJIATE AXD JL EMPIRE OF FKAKCE , under Xspoleon , by M ^ Thteh ? , AuUior of die " History of the French Revolution , " late President of the Council , and Member of the Chamber of Deputies . Coxnmoss . —The work will be neatly printed in two -columns , roval octavo , from a new and beautiful type , and © a fine paper . Also TiaSform -with the above , in Weekly Xumbers , price 3 i , aad ia Jlonthlv Paris , price 81 , "THE PEOPLE'S 2 DITIOX OF THIERS' HISTORY OF THE FllEXCH DEVOLUTION" forming together four handsome volumes .

      Ad00414

      ENLARGED TO THE SIZE OF PUNCH I JOE MILLER THE YOUXGER , price Three-half pence . —Xo . 3 contains a splendid comic picture of Parliamentary Haberdashery ; or , Sessional Selling Off , try Joe Miller ' s Own Academician . Also a laughable picture of the Ovens of the House of Lords ; or The Learned Bakers . Talcs of Tame Animals ; or , Stories ot Social life , illustrating tlie sins and sorrows of subserviency . Xo . I ., The Lawyer ' s Clerk . The AVorklioutc , a poem—National Charity—Joe Miller ' s Clownlb-caking up for the Holidays—Recourses of Rich Villany — -Batchcries of Ambition— -Joe Miller's Critic—Drama—Poet—and Learned Pig . With all the fun tfi" the « eck . I'ric 3 Three-balfpcice . Stamped , to go free by post , Twopeacc-halipeany . Hay be had of aR booksellers and newsmen . Oflice , 159 . rieet ^ iieet .

      Ad00415

      A BOOK FOR THE MILLION ! Kow publishing , to Be completed in sixty numbers , nt One Penny ,

      Ad00416

      SOVEL EXCURSION TO BRIGIllON AND BACK IN ONE DAY , FOR FOUR SHILLINGS ' . THE MEMBERS and FRIENDS of the CHARTIST ASSOCIATION and CHARTIST CO-OPERATIVE LAND SOCIETY , respectfull y announce to the Public that they have engaged Special Trainsfor aPLBASURE TRIP to the beautiful and salubrious town of BRIGHTON , on So-uat , Acgcst Srd , 1845 . Tha Committee have made every arrangement with the Brighton friends to render the excursion a truly pleasant one . Children under fifteen years half price . The Trains will start from the terminus at London Bridge at a quarter past 8 o ' clock precisely , returning from Brighton at Seven in the evening , thus allowing upwards of eight hours to visit the Pavilion , Chain Pier , Devil ' s Dyke , Kemp Town , nnd the num rous other attractions of this pleasant town . The train will arrive at New Cross at half-past eight o ' clock precisely , and stay a few minutes for the friends in that neighbourhood .

      Ad00417

      AMERICAN EMIGRATION OFFICE , 96 , Waterloo-road , LiverpooL THE Subscribers centinue to despatch first-class Packets to XEW YORK , BOSTOX . QUEBEC , SONTR 1 AL , PHILADELPHIA , NEW ORLEANS , and ST . JOHN'S , X . B . They are also Agents for the New Line of Now York Packets , comprising the following magnificent ships : — Tons . To Sail . Qcxen of the West 1250 Gth July . Rochester 1000 6 th August , IIottuigues .. . 1150 6 * h September . LwriPOM . 1150 Cth October . Who have also , For New York . - . St Patrick 1150 tons . „ , Republic 1100 „

      Ad00418

      THE CAUSES of EXPLOSIONS in STEAM-BOHERS , and the prevention of those arising from Incrustation , are now lectured upon by Dr . Ryan daily at half-past Three , and on the Evenings of Monday , Wednesday , and Friday atNine , at the ROYAL POLYTECHNIC INSTITUTION . Professor Bachhoffner lectures daily at Ten o'clock , and on Tuesday and Thursday Evenings at Nine , on the ATMOSPHERIC RAILWAY , a Working Model of which , carrying visitors , is exhibited daily and in the Evenings . A curious MECHANICAL HAND ; new and beautiful Objects in the CUROMATROPE PHYSIOSCOFE , PROTEOSCOPE , and DISSOLVING VIEWS . Working Models described . EXPERIMENTS by the DIVER and DIVING-BELL , £ c . < fcc . — Admission One Shilling ; Schools , half price .

      Ad00419

      ASSOCIATION OF UNITED TRADES TOR TOE PROTECTION OF INDUSTRY . NOTICE . —A Conference of Trades Delegates , to consider nnd determine on the two plans of organisation for a " General Union of Trades , " and for the " Employment of Surplus Labour in Agriculture and Manufactures , " drawn up by the Provisional Central Commit , tee appointed for that purpose by the General Conference of Trades Delegates held in London on the 24 th of March last , roll be held at the Literary and Scientific Institution , John-street Fitrroy-square , London , on Monday , July 28 th , 1815 . The Central Committee will attend at ten o ' clock in the morning , to receive credentials of Delegates and to furnish them with tickets of admission , and the sittings of the Conference will commence at three o ' clock , p . m . T . S . Duncombe , Esq ., M . P ., in the chair . The Trades are requested to forward the names and numbers of their Delegates to the Secretary , as early as convenient previous to the day of assembling the Conference . By order of the Central Committee , T . BARRATT , Secretary , 30 , Hyde-street , Bloomsbury .

      Ad00420

      In the Press , and speedily will be published , in one volume , post 8 vo , neat cloth , lettered , price 7 s . Cd ., THE PURGATORY OF SUICIDES a rrfeon-Rnyme : in Ten Books ; BY TflOUiS COOPER THE CHARTIST . Orders ( for tlie present ) to be addressed either to Mr . O'Connor , M , Great Marlborough-street ; or to Mr . Cooper , 184 , Blaekfriars-road , London .

      The Noktheen Star. Saturday, July 19,1815.

      THE NOKTHEEN STAR . SATURDAY , JULY 19 , 1815 .

      The Late General Jackson. We Announced I...

      THE LATE GENERAL JACKSON . We announced in our last the death of this celebrated man , the pride of his country and the henefactorof his species . Such a man should not pass away from amongst us lvithout the rising generation being informed as to what manner of man he was , so that , knowing his principles and acts , they may devote themselves to thefurtherance of those principles , und seek—however humbly—to imitate those acts . A knowledge of Axdhew Jackson's career will also enable the young men of England to contrast the character of this hero and legislator , sprung from the

      ranks ef the people ; with the generals and field-marshals , and the hereditary and class-elected lawgivers of their own country . The contrast will , «* wo guess , " be quite sufficient to convince the most ohtuse , of the Kuperiority of that system which invests the people with the rational sovereignty ( asm America ) , over that system which nominally invests the sovereignty in King , Lords , and Commons , hut really in a few hundred land-robbers , and a few thousand profitmongers , with the addition of a gilded , powerless , puppet , dubbed Qceex ! Impressed , therefore , with the desirableness of placing upon record , in our columns the leading facts of General Jackson ' s public life , we

      had intended to have prepared a sketch of his career , when , casting our eyes upon our contemporary , the Tone Mercury ( of "Wednesday last ) , we found that the Editor of that paper ha d anticipated us , in the me moir given below . The writer of that memoir Thomas Docblbdat , Esq ., —we cannot mistake the authorship of the article , —as a pupil of "WruiAii Council and an uncompromising advocate of fh e principles of the Jacksos policy , was -well fitted to do justice to the great American soldier and statesman ; if we regret anything , it is , that Mr . Douslupat has not more fully discharged a duty for which lie is so eminently qualncd . With these

      reronrlss wc introduce to our readers tl . e following sketch of the life of GENERAL JACKSOX . "The world has lost its best asd greatest man . Ge ;; e : al JACiiSOs has espied , full of years and

      The Late General Jackson. We Announced I...

      honours , and with the calmness of a hero , a philosopher , and a Christian , at his farm at Hermitage , having not lived quite long enough to be assured from the lips of his friend , General Housiox , that his plan for the prompt ' annexation of Texas' was now sure of success . " Andrew Jacksox was born on the 15 th March , in the year 1767 , at Waxsaw , in South Carolina , and was consequently seventy-eight years of age at the time of his decease . He was the son of poor Irish parents , who , tired of the misery of their wretched country , luckily for mankind , and , no doubt ,

      conducted hy an all-seeing Providence , left it two years before the birth of their sou Andrew , and settled in Carolina on a small farm . Their son early showed " what spirit he was of . " He , at the outset of life , studied and practised the law ; but events soon led him to prove to the world that in the lawyer were hidden the commander and the statesman , and that his knowledge of law would only enable him more effectually to serve his country in the latter capacity . When tho Revolutionary war of 1775 broke out , Jackson was a boy . His eldest brother , Hugh , however , took the side of his country , and lost his

      life in the earlier period of the contest . Nothing daunted at this , Andrew Jacksox , at the early age of fourteen , in company with his brother Robert , joined the army under Washington ; and , after distinguishing themselves , were taken prisoners by the British , when the future General and President nearly lost his life by the cut of a sabre from an English ruffian , given in cold blood after his being made prisoner . On the end of the war in 1783 , Andrew , now the sole survivor of the three brothers , studied law , and , after a few years' practice , settled himself with his wife ( for he now

      married ) on an estate on Cumberland River , near Nashville , where he lived for a few years in the quiet and happy seclusion of an American farmer , until elected one of the representatives of Congress for Tcnesse . In 1813 , England , flushed with the coming triumph over Bonaparte , resolved , if possible , to break up the American union ; and at last provoked that war with the States which proved so disastrous both by sea and land . This event again called forth tho soldier-like qualities of Jackso . v . He had been accustomed , as a Colonel of Militia , to warfare with the savage tribes on the Mississippi ; and these tribes were now excited to attack the States as a diversion

      in favour of the English troops which were to operate further north . Jackso . y , now a General of the United States , was ordered to defend the States that aic connected with the great river Mississippi from the fury of these savages , whose cruelties were terrible . In this duty , after a most arduous forest campaign , lie completely succeeded : and he had entirely dispersed the Indian tribes , when he was suddenly called on to defend the city of New Orleans , which was menaced by a fleet and an army of from nine to ten thousand picked British troops , under Generals Sir Edward Pakenuam , Gibbs , Keane , and

      Lambert . The events of that defence , and of tho memorable battle fought on January Sth , 1315 before New Orleans , are known to all the world . The English were driven to their ships , leaving dead upon the field Pakenham and Gibbs , with near three thousand of the bravest of their troops ! This great victory concluded the war , and Jackson retired to his farm at Nashville , without expecting from his country those rewards for his performance of a mere duty , which the mercenary "heroes" of other countries deem it no shame to wring from the very bones of their starving countrymen .

      " This great man was now to enter upon a new career . He was now a senator of the United States The vile English landed and monied aristocrats , baffled in their attempts to enslave America by « -nr , were now endeavouring to do it by the agency of papermoncy . They-had corrupted and bought the leaders of that villanous faction that in America arc called 'Whigs . ' They had bribed Cur , the speech-maker ; Quisct Adams , the senator ; Webster , the flimsy lawyer ; and Crawford , a politician by trade . They had , through the agency of these men , got Congress to allow a huge bank to be set up , called 'The

      Unitcd-States-Bank ; ' a thing created solely by the purses , and for the treacherous purposes of the English Jews ; and by the briberies through this bank , they hoped to gain a control over the whole American Legislature 1 Jackson , and all the wellinformed men of the States , saw through this infamous but ; deep scheme . He denounced it to his fellow-citizens . The young farmers and working men , who , in America , understand that ' currency question' and its workings , which seem to puzzle us so much here , formed associations to stand by the

      General till he . should strangle this monster . In 1824 , accordingly , Jacksos was a candidate for the Presidency of the States . He was opposed by the three traitors , Ciat , Atoms , and Crawford ; and not having an absolute majority over the whole three , was foiled ; the second election by States choosing Qoinct Adams . In 1828 , however , . Ciay and Crawford being cowed by the spirit of the people , the contest was between Jackson and Adams alone ; and Jackson was elected by two to one , and in 1829 , was inaugurated , in a happy hour , President of the United States of America .

      "Now came hisstrugglc with the monster of corruption , the bank and its villanous directors , of whom one Biddle was the chief ; He denounced the bank and its briberies in a message to Congress . In Congress the Whigs still had a majority . Their answer was * a bill , * which passed both houses , to renew the Bank Charter . Cut brought in that bill , and Webster supported it . In 1832 , the re-election of Jackson came on ; and in 1832 , to destroy him , i f possible , Clay and his majority gave him this bill to sign . The President threw himself on his country . He told them ' he would cut his right hand off before

      he would sign such a bill , as President . ' The farmers and the working men stood by their President . The infamous bank spent millions in bribery . All was in vain . Jackson was re-elected ; and , at the same time , a Congress , in . ' which there was an immense majority of his supporters . He removed the deposits of Government from the clutches of the infamous bank . Its charter expired : its paper-money was annihilated ; and , by the President ' s wise measures , a currency of gold and silver established ,

      in the doing of which the coffers of the Bank of England were so drained , that , in 1839 , she would , had it not been for a loan from the Bank of France , have stopped payment . This was the greatest act of the life of this great man . Van Buren succeeded him , and his policy is now being carried out by President Polk , who may be styled a pupil of Jackson . It is believed that with General Jackson originated the grand idea of annexing Texas , Oregon , and the Californias , to the United States . That idea . will inevitably be carried into effect . "

      The Commercial Excitement Of 1825,183g, ...

      THE COMMERCIAL EXCITEMENT OF 1825 , 183 G , 1815 . We are glad that this subject is exciting considerable attention . It is one of paramount importance ; and the more it is discussed , and the more that correct notions of the causes of the periodical" flushes " of" prosperity , " and their bitter after-consequences , are acquired by the trading and operative classes , the better able will all parties be to meet the next reverse when it comes .

      As might be expected , there are different notions afloat as to the extent of the " reaction " that all seem certain is coming , though but few are preparing to meet it . That it will come , none seem to doubt . They seem to have made up their minds on that point they only disagree as to the time and extent of the " panic . " In relation to one view of the subject—that taken by those who believe that the next" p akic " will not be so severe as our former ones—there is an article in the Liverpool Times of Tuesday , which we shall extract in full , that the readers of the Star may see the lest that can be said in opposition to the views we have , on former oeeasioss , expressed . His reasoning is by far the strongest on his side of the question that we have yet seen ; and i ; : e " .-joinis" he

      The Commercial Excitement Of 1825,183g, ...

      puts are deserving of attention and consideration . After we have given his > easonings , we shall endeavour to consider them . He says , then : — Many persons are of opinion that the excitement of the present year will end like tlie excitements of 1825 and of 1830 , in a great convulsion , and judging merely by the number of new schemes which are launched every week , and the reckless eagerness witli which they are taken up , this seems only too probable . Still the

      circumstances of the country at the present time differ so widely from those which existed at cither of the two periods mentioned above , and that in points of importance , that it is not possible to reason from one to the other with any degree of confidence . What may bo safely inferred from the experience of tho past is , that speculations like thoseV 1825 and 1830 , will end in the same way ; but this only applies to a certain class of share jobbing , and certainly not to the commerce and staple manufactures of the country , ' or the condition of trade generally , at the

      present time . ' , . t The chief points of difference between the condition ot this country now and in the years 1825 and 183 Garethe following . - — . First , we have now a sound currency and a safe banking system ; then we had neither . During the excitement of 1 S 25 , the whole country was deluged with oiie-pound notes , issued by private banks so miserably feeble tliat nearly a hundred of them suspended payment when called upon to fulfil their engagements ; and though there were no one-pound notes in 1836 , yet the joint-stock banks were then to a great extent under the management of rash , confident , and inexperienced men , bent above all things

      on doing a large business , and willing to take any risks for that end . It was at this time that the Northern and Central Bank fell , and that the ruin of other banks equally ill managed was prepared . The events of that disastrous period have never since been forgotten by the banking interest , which is at present in as sound a state as it has ever been at any period of our national or commercial history . This appears to us to be the grand distinction between the commercial activity of the present and of the preceding times . They were preceded and occasioned by great monetary excitement and derangement , whilst the present excitement has sprung up under a sound currency and as prudent a system of banking as the country has ever known .

      Another great difference between the excitement of the present time and of the two periods which we have mentioned is , that now the raw materials of manufactures are cheap , whilst then they were extravagantly dear . The speculation of 1825 was chiefly in cotton , and other prime materials , and that of 1880 was so likewise , though not to the same extent , whilst this year cotton at least is cheaper than it was ever known to be , and all raw materials at a moderate price . So little is the public disposed to encourage speculation of this kind , that we have seen within the last few months , a rise in the price of iron suddenly checked , even in the midst of the railway fever ,

      and the price of that great material of railway construction again brought within very moderate limits . As a general rule , this is the case with all raw materials at the present time , and this is not only a great contrast with the state of things which existed in 1825 and 1830 , but is also a great security against the manufacturers of staple articles being left with heavy depreciated stocks on their hands . As far , indeed , as it is possible to judge , there are scarcely any stocks of the principal manufactures to be depreciated '; for , rapid as production has been for some time , it has done nothing more than keep pace with consumption , This is another point in which the present excitement differs from the excitements of former

      yearf . Another point of difference is the increase in the number of oar foreign markets . The foreign trade of the country is no longer confined to the United States ( always a fluctuating ,- though often a valuable market ) and to two or three markets more , but extends to every country on the face of the earth , and runs in too many and too independent channels to be in danger of any general stoppage . The trade of China may be said to have sprung up from a mere nothing since 1 S 3 S , and that with India , Australia , the Cape , Turkey , Greece , Egypt , and many other countries , has wonderfully increased . It would be difficult to point out a country whieh has not cither direct or indirect commercial relations with England , and the universal diffusion of English commerce is the best security that the country could have against those violent shocks to which it was subject when the foreign commerce of the country was confined to some half dozen countries .

      The great danger of the present excitement arises from the immense number of new schemes , chiefly railway schemes , which are now before the public , and of which there seems to be absolutely no end , tlie production of them being still as rapid as ever . No one can doubt that , sooner or later , there will be a great crash amongst these projects , in which numbers of persons who now flatter themselves that they will be able to sell out , with a profit , from the various projects with which they are now so

      rashly connecting themselves , will find themselves grievously mistaken . Still this railway excitement is far from being nn unmixed evil , for it will be the means of establishing railway communication in many parts of the empire ( Ireland especially ) where it might not otherwise have been introduced for many years . Whether the members of many of these railways will obtain a decent dividend is quite another affair ; but that is a matter about which those who take care of their own xnonev hare no great reason to trouble themselves .

      Our contemporary contends that there are several essential points of difference in the present condition ' of the country and that of the years 1825 and 1836 ; and that these differences will operate to prevent the " reverse "—sure to come sooner or later—from being so severe as those of the two respective periods named . These points of difference are three : —" a sound currency and safe banking system ; " " cheapness of the raw materials of manufactures ; " and " the increased number of bur foreign markets . " First , as to the currency and banking system . His assertion that wo hare a " sound" currency , and " safe" banking system will " sound" very strangely in the cars of those who know that some £ 30 , 000 , 000 of mere " promises-to-pay" are circulating as money depending on the " absence of suspicion" only for their existence : liable at any hour to a demand for

      " conversion into gold , " which demand , if made , would blow the whole system of " sound" currency and " safe" banking to the devil !—very " sound " and " safe" that system which depends entirely on confidence—liable at any moment to be shocked and upset ! But if our contemporary uses tlie terms in a relative and not in an absolute sense , wc freely accord him so much . Compared with 1825 , the currency is " sound , " and the Bank , ing system " safe . " At that period , there were £ 41 , 049 , 238 " Promises-to-pay" in circulation : and , worst of all , £ 27 , 000 , 000 of that amount was pro . kctcd lyioAU from all demand of payment ! As far , therefore , as the difference between the amount of DEBT- " MO » Er" in 1825 , and the amount of the same species of " money" iu 1845 goes—being the difference between £ 41 , 000 , 000 and £ 30 , 000 , 000 ; and , as far as there is a difference between the issuers of

      this " fictitious money" being protected by law from the payment of the sums they have " promised , " and the being liable to be made to pay as far as they are able : as far as these things go , the present currency and banking system arc " sound" and "safe " compared with those of 1825 . But compared with 1836 , the " difference" is not so great , and consequently not so essential . At tiiat period the amount of " Promises-to-pay" in circulation was £ 29 , 152 , 000 : now it is £ 30 , 004 , 893 . So there is little advantage thkbe ! On tlie contrary , the amount is against our

      present condition . And then , as to the " prudence ' of the Bankers , as compared with their " rashness " and " inexperience" in 1830 , wc really fear that our contemporary has "reckoned without his host . ' " Has he looked over " THE LIST" of those who have " subscribed" £ 2 , 000 and upwards , to Railway schemes ? Has he seen Bankers there , " down , "responsible , —for their three quarters of a million each ? Does he call that . " prudent ? " Does not this look like as if they were " bent , above all things , on doing a large business , and willing to take any risis for that end" ? Besides , is it not notorious that"

      discounting is easy —and " money plentiful ? " Is not the " age of speculation" invariably the " age ol advances ? " Will the Bankers , who have the means in their own hands of making " promises-to-jmy " " as good | as money , " neglect their harvest ? Are they to have no " share" in the GENERAL PROSPERITY ? Have they had nothing $% with tho millbuilding , tlie machine-making , and the immense manufacturing of cotton , woollen , and linen yarns and fabrics lately going on ? Hav

      " As merry as a marriage b :-ll , " and the " rashness " "inexperience , " and "illmanagement" arc well covered up . Let the " panic " but once overtake us , and wc shall sooil find Otlfc how the difference between £ 20 , 030 , 2 . 14 , —the amount of the notes of the Bank of England and other banks of issue in England and Wales , in circulation in 18 . 10 , and mmw , the amount of snch no : es in circulation at pves ^ itj-has been enmJovcd . We < bu \

      The Commercial Excitement Of 1825,183g, ...

      then , we doubt not , have some exposures of " prudence" and " good management . " Meantime let us content ourselves with the following ; It is pretty significant of its kind . VTe have not had far to fetch it either . The article in the Liverpool Times appeared on Tuesday : on Wednesday , the very day after , tbe Court of Bankruptcy , in Basinghall-street , was occupied witli the following instance of " prudence : "TUB BOJirOED BANK . — johkson and company ' s

      BANKRUPTCY . The bankrupt appeared before the Court on application for his certificate . He was supported by Mr . Cooke , the barrister , and opposed by Mr . Wilkinson , for the assignees . Mr- Lawrence attended to natch the proceedings on behalf of several creditors . The business commenced by the official assignee ( Mr . Follett ) reading the subjoined report on the condition and affairs of the bankruptcy : — The balance sheet of the Romford bank , as filed by Thomas Johnson , sen ., presents the following facts : — That Mr . Thomas Johnson admits having withdrawn from the bank , in thirteen years , the following sums ,

      . - — In bills X 13 . SS 0 Money 12 , 735 Total £ 20 , 115 That the bank was carried on the whole period of its existence ( eighteen ycare ) not only without profit but at a loss : — The expenses being stated at ... £ 16 , 707 Profits U r 511 Showing a loss upon the trading of 5 , 250 In addition to bad debts of ... 2 , 751

      Total , „ » . ... * 8 , 010 As quarterly balances were struck during the whole period of eighteen years , it must be assumed that Mr , Johnson was aware of the position of the bank affairs . The balance sheet of Thomas Johnson ' s private estate . The private bakuwe-shect of Thomas Johnson admits the receipt in thirteen years of—The previously named ... ... £ 20 , 115 Receipt from the Aldgate concern ... 18 , 70 !) Profit , rents ... 5 » 9 ' 3

      ££ 00 , 801 which is accounted for by Loss on white lead concern £ 8 , 0091 Interest and discount ... 10 , 714 > £ 10 , 089 Personal and domestic expenses 18 , 30 uJ further proving that the bills and monies withdrawn from the Romford bank were applied to purposes distinct from that concern . It is almost unnecessary to say , that the certificate of the bankrupt was refused . Had it been otherwise , it would hare been a most scandalous shame . The commissioner , in his judgment on the case , observed , that the bankrupt : — .

      Was a ba nker carrying on business , and who , no w failing , was found for years to have been miserably insolvent . A banker was supposed to be above the ordinary grade of men ; he was looked upon as a man who possessed standing , not only in respect to wealth , but also with regard to intellect and strict business habits . But had Alderman Johnson in the present case showed these qualities , Or llfld the course of his business proved him to have been the man fit for this branch of trade % Quite the contrary ; for without he had shut his eyes , without lie had been willfully blind to the state of his affairs , he must have known from the quarterly balance taken that the bank was a losing affair from year to year , without profit in one

      single instance . Nothing that could be urged would in Ids ( the Commissioner ' s ) opinion palliate the conduct of the bankrupt . While in a state of hopeless insolvency ho had received tlie monies of his customers , and instead of rendering them iu due payment had applied them to his own speculations nnd uses . After mueh consideration , it was his opinion that the failure of the bankrupt , in this case , could not be regarded as the ' result of misfortune , or of circumstances over which he had no control , but rather as arising from years of misconduct as a trader in a branch of business which of ail others required the greatest care and vigilance ; and , therefore , tlie judgment of the court was that the certificate must be refused .

      That little specimen of the " prudence" of our bankers , and of the " soundness" of tho banking system , will surely suffice for tho present . Whether it was much exceeded by the " management" of the Northern and Central Bank we do not take on ourselves to determine : but we know that it does not make much for the first " point" of essential difference between present and former times that our contemperary seeks to establish . Tlie amount of Paper " money" in circulation now as compared with 1836 is decidedly against his views , when judged by his own rules : and we think we arc fairly entitled to say that on his first " point" he has failed in shewing the "difference" he contends for . If the "difference " not there , or if it be not so great as he would repre sent , the inference he has attempted to draw from it is baseless also .

      The second " point" relied on by the Liverpool Times , as holding out hope that the next reverse will not affect trade and commerce so severely as those of 1 S 25 and 1830 , is , the present comparative cheapness of raw materials of manufactures . But is it true that they are " cheap ? " Nominally , they may be so : but to ascertain whether they are really 80 , it will require that we take more tilings into account than the respective prices of the respective periods . In 1 S 25 , the amount of " notes in circulation" was £ 41 , 000 , 000 ; in 1815 , it was £ 30 , 000 , 000 . This of itself , would cause a vast difference in nomina . prices . The question is , arc present prices of raw

      materials " cheaper , " in reference to the amount of " money , "than they werein 1825 and 1830 . But there is even another clement to be yet taken into the calculation . What relation does the prices of raw materials bear to theprkes of th « manufactured articles at the respective periods ? Are present prices" cheap" when so tested ? In 1825 the official value of British manu factures exported was £ 10 , 468 , 282 ; the real value £ 88 , 083 , 773 . In 1830 the official value of the ex ports was £ 85 , 220 , 837 : the real value ( £ 53 , 368 , 572 In 1844 ' the official value of the exports was £ 131 , 501 , 503 : the real value £ 58 , 584 , 292 . The raw materials , therefore , in 1 S 15 had need be

      _ cheap , " if they are to bear any proportion to the immense depreciation in price of manufactured articles ! Look at the difference ! In 1844 three times the quantity brings but ono-and-two-thirds the price of 1825 ! If the price of raw materials in 1845 were anything nearly as "dear" as at the former period , pray what would our manufactures and commerce be worth ? The fact is , that when thus tested ; when all tilings are taken into the calculation ; when the question is fairly examined in all its bearings , the prices of the raw materials at the present time are not low—are not "cheap : " they arc "dear : " and the inference the Liverpool Times has drawn froth his second fact is baseless , for his fact is no fact at all .

      "Wo now come to tho third " point" of diffcrcne set forth by our contemporary , between the present and former times : " the increase in the number of our foreign markets . " Here wc give him , without hesitation , tlie fact . Our markets have increased . China has been opened to us ; and India , Australia , Turkey , Greece , Egypt , and other places take more of our goods than they did . What of that ? Have we not beforetime been quite as unlikely to glut our foreign , markets as wc now seem to be ? Has it not many times seemed as if there was to bo no end or

      bar to our progress in the markets of the . world ? And have we not found . - ourselves laid prostrate ? Has not " glut" followed on " high prosperity ?" Have wc a guarantee that it shall not be so again ? Would a deficient harvest not interfere with the present " roaring trade ? " Is a deficient harvest an unlikely occurrence ? 117 ia « will the chances he , should theprescnt weather continue but a fortnight longer t It may not affect China : but it will affect us at homeand if a deficiency of food here causes it to bo " dear " what will " Prosperity" be worth .

      AVo readily grant that live best symptom in our condition is the absence of Stocks in the hands of the merchants . It is beyond dispute that the consumption or demand for our manufactured goods has been" astoundingly immense . It is also true that the demand continues ; that little appearance of " glut " presents itself as yet . Still that " difference" in condition between these and former times will not save trade and commerce from the . shock , when tho " I'Asic" comes ! Our whole THING hang , toacther .

      i ouch it in one part , and you affect it in another . A good harvest sets the manufacturers to work a bad one stops them again . " Km" in the nmuoymai-kct makes both lirauchcs of industry " prosper ous " : confusion there brings all ( kings to a dead slop The "CRASri" which all ospcet ; whieli the / , Vc >~ />*•/ Wet ipcihs of ns wrtain to coinu soo-vr or l .. lcr , wil ! p ! .-ly » uM Ihrry" « m 'eiiansc : and the

      Effects , Of That " Cuasu" Will Inevitab...

      effects , of that " cuasu" will inevitably be f ^ i every manufacturer , agriculturalist , and trailer ' the land . How can it possibly be otherwise ? " j ^ LIST" wc gave a selection from last w eek , siie . , . that £ 94 , 812 , 813 have been " subscribed" for tch ( ^ laid before Parliament for sanction ; and the l [ enn } states that at least £ 00 , 000 , 000 move have \^ " subscribed" for schemes not yet even m entioned [ Parliament ! Can all this take place without dj , ° ruption to every interest in [ the state ? Impossible " Nine-tenths of the schemes will fall through , —d , ^ ' —of their own account : but all tho " deposits " , nn ) all the " premiums" will be lost ! This of ' ft , ^ will cause insolvency without end . Sec some little ui the effect in the following : —

      Tde Baknslet Junction Railway . —The refusal c- « '& the committee to sanction this railway has produced u „ ' $ utmost consternation . Shares were held to a considers" I ble extent in Leeds . One gentleman is said to hold i ( i ; j „ j : | shares , and the difi ' erence in the prices of Tluii'sd . av ' n „ H I Friday ( on which latter day the unfavourable intelli g «„ , arrived ) would make a difference of no Ifcss Uiim Xifii , ^ | in his property . This was only the case with one " gentleman" in am | scheme , in the height of the Railway mania , i ^ | but the " CRASH" come , and where will thousands I

      of such " gentlemen" be ? And how much bettcv M will those be that hold " shares" in schemes that § j happen to succeed in Parliament ? When the " ealls' » fj are made , how many of them will be able to obev , § f them ? Will the nuxDREK or thousands set down || in " THE LIST" be then forthcoming ? M ' iUUjt I will tftctt have to " wish lie may get it I" Those that ; P have not the means , but who have now purchased H " shares" at a high premium to get rich all at once M by a gamble , will then have to sell . The hurrying of 0 the shares on the market will tumble down the price , w The " decline" will alarm others . Each will bo if anxious to sell before the price gets lower . More H and more will they hurry on to the market ; lower ami p lower will they tumble , till all the premium is gone S and a heavy discount submitted to . Ruin will thus ¦ I

      be spread far and wide . The money market will % be deranged . Each branch of trade and commerce | must feel the effects ; and dismay . and consternation % will be seen on every hand . | And this is what is before ns ! As sure as fate , it | is coming . It cannot be avoided . As tho Unh | Mercury well says : — | " The present speculation , however ' native , ' is the 1 reverse of being ' sound . ' It proves the existence of fever 1 and mania , which must end in a fearful reaction . , \' o » one can say how many months the excitement may t » k kept up : but all experience must convince every sober . I minded man that the speculative fever is dangerously f §

      high , and must do extensive mischief . If we should hare I a bad harvest , —if the foreign exchanges should turn 1 against us , —or if from any cause money should bo . | come scarce , the price of railway shares will go down I with a vengeance . The defeat of many of the projects in | Parliament will cause extensive loss ; and the calls mado | on those which succeed will sadly inconvenience many 1 speculators , and withdraw capital from its ordinary clian- | nels , to the pinching of trade nnd commerce . At pre- | sent , whilst speculation is on the advance , all seems very | alluring ; but we warn our readers to ' look out for I squalls , '" |

      Lord Stanley's Irish Land Dill. As Soon ...

      LORD STANLEY'S IRISH LAND DILL . As soon as Lord Staxley's Irish Land Bill was sub . mitted to the consideration of the House of Lords , we ventured the following opinion as to tho manner in which an Irish landlord would evade its provisions should it become law : — Lord Stanley dispenses with law aa a means of arriving at the question of compensation ; but he does not dispense with the present expensive system , by which a landlord of straw is at all times able to break a tenant of steel . Now ,

      to deal with a case precisely such as Lord Stanley's bill proposes to meet , let us see tlie mode by which an Irish landlord could drive a coach and six through the proposed Act with as much case as his Lordship says the fanners can drive a cart on the top of an Irish fence . What more easy in a case where a tenant contracts to take a farm without offices , with a full share of the proscribed mounds , and requiring drainage , than for the landlord to insert a condition in the lease , sotting forth that the porfornninco of any of the three acts protected by law shall amount io a forfeiture of the lease ?

      In confirmation of our opinion we find that his Lord- | ship ' s Bill has been withdrawn " ron the present , " I —an ominous Parliamentary period : and wc learn | that the following alteration made by the select com- | mittee , has been tho cause of the bantling ' s sudden | death : — | " The bill is not to extend , | " * 1 . To cases in which any lease , or contract , or agree . | ment made , OR TO BE MADE , may contain any matter " or condition to a contrary effect . "' 1

      What a pity that Lord Staslet did not consult w on Irish practice , before he ventured upon tho absur * dity of checking Irish plunder by English law . If lie had done so he might have avoided the exhibition of | impotency he has just made both of himself and 1 his colleagues , in attempting to deal with a festering | and gangrenous social evil . Irish "landlordism " | and Irish "tenant-rights" must be regulated in afar I different manner than Lord Stanley proposed . |

      Co Fteaftei's & Coctearoiftentft

      Co fteaftei'S & CoCTearoiftentft

      The Plundering Millocrats.—In Continuati...

      The Plundering Millocrats . —In continuation of tlio fj disclosures contained in a letter from Mr . Hicjukd || JTausden , which appeared in tlie StKr of July 5 th , Mr . | | iM . sends us the following : —I heard of a young man , m n spinner at Chorley , paying a rental of half-a-crown a M week for six months , without ever knowing where tl » §§ house stood which he rented : nnd had every reason to m believe tliat the millowncr had no house unoccupied f |§

      , though a key had been given him . Tlie young man : -A submitted te the imposition on the advice of his father , -m being unable , at that . time , to get employment oIse- ; fl where in the immediate neighbourhood . It may l ) i ? f possible for many to listen witli an incredulous Car M W 3 i tlie recital of such doings ; but tlie variety of model ^ resorted to to filch from the workman his earnings it | || would be impossible to describe . I once had occasion iH

      to go to a mill one Monday morning , and was there g before tlie mill engine was in motion . At the exac ' . g moment of commencing work the heavy doors wcre'j closed by tlie gate-keeper , though he could see at leaf 5 | g twenty of the hands coming up tlie narrow passage to j Hie gates , nnd within a few yarde therefrom . These had 1 to pass through the watchhouse , to have their immkr ;| J taken , nnd be fined n penny each , and whilst 1 stood ^ there not less than sixty passed tho . same way . It fell such acts as these which must ever lead in the cud wl [ reductions in wages , and the consequent deterioration ? m the condition of the working men , if thero were no | | other cause ; and till they are viewed as equally odiou » j | with every other kind of theft , and alike punishable , -j $ not by fines , but in the same way as the poor thief is jl punished , by the silent system—the coarse jacket , anl . ^ Hie gaol diet , —those shameless exactions will ever con- § tj tinuo to be made . WiU our aristocratic and conimcr-Jti cial law-makers ever do tlus ^ I ftar the hope \ A 0 ever have to be considered preposterous . $ | Mb . Stead , HuDDEUsraij , , will see in Mr . 0 'Connot «| letter an answer to his request . That gentleman i *^ templates n tour through the West of Yorkshire aiid the North of Lancashire , at his earliest convenioiitf-S Of course , due announcement will be made , and hW ::-given for proper arrangements .

      Mb . Paine , SinATFORD-ON-AvoN . —We i , ave not vet td the " letter of air-Emigrant" he has sent . C . J . M . TuonPE , LAMnnrn . —It has been noticed in < ' •« btar over and over again ; that room could not H spare 1 for addresses" of a merely local nat . iiv . »' Collins must take the same answer . The Kewsvekdebs anu OTIlEns IN MAUYLEUOSE , *"' ' complain that they cannot get the Northern ShtrrW larly , are informed that Mr . A . Packer , of Xo . 7 S , U * row-road , will undertake to supply their wants . Mk William Beeslev who is at present working *

      , Blackburn , requests ns to insert the folloivi . nr notice :- . I ergons who wish to see Mr . Ueesley arc desired ntf . to wait upon him at the workshop . Those vho « J ° to see Mr . Ji . must call upon him at Ma todping ** - ' tween twelve and one o'clock at IIOOII , Or after & *¦ ' * oeloekmihe cvcni ., at Mr . Newton ' s , Tcmpe" 1 * 1 ' ' ?' Hotel , lung-street , Blackburn . It is impossible for •*)? lleesley to answer James Ward ' s communication ""'' f 'V he is furnished with his address ; the letter bears % > ircsUm post-mark , but there is no date or place n «'' : •' . - turned in it . Z \ l — ^ U

      "Yorkshire. &. '

      "YORKSHIRE . & . '

      ^ Est-Llrmxfi D*:M:Cute Meeting. — This ...

      ^ EST-llrmxfi D * : m : cute Meeting . — This nteeW-f ?* was held , according to notice , on Sunday Inst , in « f S ; JV orknig nlnn ' n Hall , Halifax , Mr . 11 , Sua * ;! , the chair . Alter the preliminary business hai ^ % , gone turough , the following sums for tlie Kxceni ^ were paid . in-.-lU-adford , 7 s . ; a gift from the CtofK isls d Little Horton , 7 S . 10 R ; Halifax , 2 s . lf . 1 t U « fk-y , Is . 3 d . ; Mountain , Mr . liuccshead . ' . & 1 be lollowhi " . anions : other resolution , * f . $ * adopted ; - " Tliatwo call tho attention of earif * ig canty in the Wcst-Kiduig to fclcproprietvaiiiU'Sp cessuyofcstaWisIiiiijf a Chartist Tract Society , s ^ M appointing tract distributors in cvorvlc * . i" » . \ , J & S umn powei-tiil auxiliarv in proniolinu' the p" ' - : l'K . # «! the iV-ople ' s Charier . " " That this nuv' / r- .- v « j :- <> "rii to ti . e second Sundav in Anffnst .. when it | S " ,. | ¦ y-ii-sti-i ! Inafc caoli ioea'itv w ; l ! send « t ' . c ; . ti on - - ? $ U'alc- to iimt meetinc . " ' £ ¦ y m

  • Citation
    • Northern Star (1837-1852), July 19, 1845, page 4, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/ns/issues/ns2_19071845/page/4/