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THE NORTHEjRy^ STAR. „ Octobeb 9,184?.
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* Ur George Rose ralaeii the gold in cir...
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: ANTI-GOLD-LAW LEAGUE. On Monday a publ...
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THE FREE TRADE CONGRESS AT BRUSSELS. {Fr...
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STATE OF THE MONET AND MANTJ FACTURING M...
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On Wednesday the pressure in the monty m...
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uiiua ot estminster i Printed !' ,y DOUGAL M'GO*WAN, of 16, Great Windmill-ullli * w,u C- i_.i •„ il. rt'A 1» TlT-_i_ * ._a .1 ilia *lt*.
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street, IlaymarKei, vity W , o. m« m» Of...
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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The Present ' State Of Gbeat Britain Cha...
nd ad silver , leaves not a shadow of doubt oa the nbjeibject . Bu But what brings home the effects to an excess in iie eae emission of paper , and its consequent depreciation ion more conclusively if possible , is their having _itappappened precisely in the time , the degree and the uaanaaner that might bave been expected . Si Supposing the whole of the specie to have umoimounted to fifty millions * in February , l /» 7 . «* iirstim emission of paper , to the amoun of thesemy --oiMons , could have had _north er f _* ct thanto [ forcforce the specie out of circulation , and to wt ns Eplaqplace . ThuYfar the minister would have had the _L- _' _ji fifty - _^ _55 - _wowoaia nave " _££ itstransfer
- _" _« for circulating - iindindispensably « JJ » for a paper machinery - _^ _I'VgSJ _^ _SrS as such utterly unsafe _Sa _^ in _^ _Ashythis ShsSution , the amount ot the circulating medium in in use would remain the same , the first emission , as as far as these fifty millions of paper , could not have _. _exje _^ enced any depreciation ; _accordmgly it was mofnot until about the beginning of 1 / 98 tbat the ffiffteffects of this depreciation began to be felt . The Ifurfunds , which in February , 1797 , were at fifty-three , ifollbllowed the regular natural course that might have Ibeebeen expected , and gradually sunk ; specie was growiingng more scarce ; but when the emission of paper Ihaiiadpassed the point of mere substitution for theflfty imimillions of " specie , the depreciation began to make iitsits appearance . The funds which bad sunk to fortyiseiseven in the beginning 1798 , gradually rose after
_lejegut years of the most expensive war ever recorded , to to sixty-seven ; gold was at a higher premium , and _lallall sorts of commodities experienced a similar rise ; alaU exhibiting additional proofs of excess and depfeci : clarion , by the time , the degree , and the manner in w which they made their appearance ; _while from the m nature of the disease it must go on increasing , like tithe pernicious habit of dram drinking , every excess le leads to a greater : the more paper that is issued , tl the less is its value ; where as in a dropsy , perpetual tl thirst , perpetual repletion , the patient goes on till * b * be bursts .
At a moment when there cannot remain a shadow 0 of donbt , that these inducements , these -violent j propensities , arising from interest and necessity in a all descriptions of persons , from the government d down to the lowest trader , have operated this null nous excess and depreciation in the circulating med dinm ; when it is found that this aptitude in the - » -whole nation to fell into this ruinous excess has had flits effect , are the peopleof England rightly informed o of the real situation they stand in ? Was there ever a a ministry whose genius or talents were less adeq _quate to the great crisis at which these were chosen ? _IB ave these men who have great stakes in the counttry reflected on the nature of the mine that has
hfieen worked under their feet , by which their projperty is hourly menaced with total subversion ? IHave the sober , thinking men of Great Britain --weighed the extent of the bankruptcy into which tthe nation is sinking ; a bankruptcy that must exttend to every crevice where circulation can enter ? The direct effect of a depreciated paper circulattion is too evident to need ranch explanation . The xtevolution in fortunes is obvious ; all property v which was sterling becomes liquidated at a half , a i fifth , or a tenfhf of iu original value , according to tthe degree of depreciation the paper currency shall _Ifcave attained . The public creditors who lent their _i sterling property , on the faith of the nation , instead
i of the full stipulated interest for which they condi-1 tioned , receive bnt a half , a fifth , ot a tenth , as the i evil advances . The rents of lands and of houses ex-; perience a like diminution ; the revenue as it swells : in bulk , sinks in value ; while the loans in a deprei dated currency reduce the stocks to waste paper , and harries on the accumulation of debt at a rate which insures a national bankruptcy by geometrical . acceleration ; effecting a revolution in the whole state i of property ; where the swindler , the spendthrift , and the desperate adventurer gain a temporary relief ; and the industrious and prudent , whose frugality has accumulated that sacred fund to which Great Britain owes her wealth and her greatness , are plunged into tie depth of adversity . -
These are the effects that have ever attended a depreciated paper medium ; and in proportion to the extent and activity of the wealth and industry of England , in proportion the effects must be dreadful ; but as a manufacturing nation , depreciation in the circulating medium is peculiarly fatal . Wages and the price of raw materials augment with the depredation , as do provisions , lodgings , and every necessary . The capitalist , who advances these extravagant prices for the materials , and those increased wages , can have no interest to engage his capital in employing tradesmen , if he does not get a proportionate price for tbe manufactures ; as the depreciation in the circulating medium increases , so must the price of the manufactures .
The greatest writer on politieal economy assigns the depreciation of specie in Spain as one of the principal reasons why she is so h ' _ttleofamanufactariff nation . Specie is of more value in the rest of Europe and of less in Spain ; but this depreciation is _nothing in comparison with this paper depredation which exists in England , with the still greater which must inevitably follow . With all her advantages , and she has many , how is it possible she can continue to undersell those nations where gold and silver continue to be the sober , solid , sterling measuie of property ? How shall she prevent ,
by and by , other nations , with this single advantage , from underselling her in her own market ? Of all the means that could be devised to destroy a manufacturng nation , adulteration in her circulating : medium is the most efficacious ; for this plain rea--fon , that let the manufacturers have been brought to tie highest pitch of perfection ; let them have every other advantage , once tbat the circulating medium has suffered a considerable depreciation , no man can continue to employ his capital in manufactures , who vrill not submit to the loss of the whole of his profits and a part of his stock .
If the prospect in looking forward is frightful , that which presents itself in looking back is not less dreadful . Let us suppose for a moment the resolution taken to go back to the solid basis of gold and silver , aad that all obligations in paper were again subject to the good old law of paving in specie . What a chaos ! What an Augean stable !! All the debts that have been contracted , all the bargains that have been made , all the contracts that have been engaged for , all sorts of business that have been transacted by the standard of depreciated medium , at a third , a fifth or a tenth of the sterling -value , to be paid with gold or silver ; that is to pay three , five , or ten times more than the value which bad been given , while fifty millions ot the active capital of the nation must be sunk to purchase gold and silver to replace that which was forced away by the paper emission .
It is obvious , that thefirst effect of such a resolution to return to the standard of specie , would be as on every like occasion , of which history makes any mention , the total and instant discredit of the -ffholeof tbe paper ; so that , as Sir James Stuart observed on a like occasion , - a man might starve the next day with one hundred millions of paper in his pocket . * So inveterately ruinous is that solid system of finance of the late minister , whether we look back or forward , presenting difficulties so vast , so complicated , that his successors , perceiving that they have waded so far in ruin , will find it easier to go On than to return .
Here then is the true , the naked exposition of the so much vaunted resources and finances of Britain ; here is a detection of the shifts and frauds of the late minister , whose praises have been sounded by so many venal voices throughout Europe , and reechoed by so many ignorant credulous dupes . Reduced to his just value we see him raising sixty-six millions in the four first years of the war , by holding up to the imagination of the good peopleof England , a constant succession of the most frightful
pictures of revolutionary horrors , while he himself was acting the part of the most active revolutionist in Great Britain ; alarming the rich that they might the more readily fill his loans and subscriptions , by setting forth that a vast portion of their countrymen were incorrigible Jacobins and revolutionists , whilst plots , assassinations , and insurrections were played off from time to time to keep up the alarm , with all the _arldress , manageinont and stage effect th ;> iuight suit tbe profession ofa charlatan , hut i ' or ever disgraceful in the minister of a great
mahon . In the nest five years he has made away with 175 millions more , hy means hitherto unknown in the annals of Britain ; and which have been so fully explained , as to leave no doubt of the ruin he has brought on ids country- After having played slightof-hand with the whole specie of England , and having laid the foundation for inevitable bankruptcy _.
The Present ' State Of Gbeat Britain Cha...
bv theiaw which has substituted paper for gold , nrofitine by the first run of the new circulating me . dinm he has quitted the ministry at the moment when depreciation began to make its appearance , leaving his su ccessor to struggle with the disgrace of bankruptcy and ruin .
The Northejry^ Star. „ Octobeb 9,184?.
THE NORTHEjRy _^ STAR . „ Octobeb 9 , 184 ? .
* Ur George Rose Ralaeii The Gold In Cir...
* Ur George Rose ralaeii the gold in circulation before the 26 th of February , 1707 , at £ _13 , 950 , 042 . I have taken the whole guld and silver at fifty millions . f In France the papsr waa at a depreciation of 60 M liv , for a lou _' _' or , and in America Still lower .
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: Anti-Gold-Law League. On Monday A Publ...
: _ANTI-GOLD-LAW LEAGUE . On Monday a publio meeting in behalf of the objects of this League was held at the Rose and Crown , Brook-street , Brick-lane , Spitalfields . Mr _Sorbeil , solicitor , was called to the chair . Mr S . C . Hobbt , barrister , entered into a long detail ofthe evils consequent upon tho working of the present system . He considered that the subject was more particularly applicable to that portion of London , as there were so many tradespeople resident in the locality , and it was in consequence of that , he had come out with the first ef his lectures on the subject in that district . Many causes had been assigned for the present distress . At first it had been attributed to a decrease of food , although
it had been proved that there was an ample sufficiency of food for all tho population ofthe country . Then it was said that the population was too numerous for the _capabilities of the country , and consequently a scheme of emigration was commenced , a most unjust one , as he thought , as by placing the monetary system onaproper footing _. the eountry Mas sufficient to supply all its population . The great defect in the system was the present currency laws , which had the effect not only of lowering the wages of the working man , but of robbing the finances of the country , by giving the foreigner the power to purchase our gold when goods in this country were at a high price , and of purchasing our goods when gold was at a low price . The lecturer then went on
to show the depreciation which had taken place in the wages ofthe working people , as well as in the circulating medium of the country , by the adoption ofa gold instead ofa paper currency , showing that the loss to the country , occasioned by the drain of our gold by foreigners , amounted to sixty millions of p 6 unds yearly . He also contrasted the high rate of wages paid during the war , when a paper currency was recognised as the circulating medium besides that allowed now , and contended that were the gold currency done away with , and the paper currency introduced , it would tend not only to benefit the working classes , but the trade of tbe country generally . In proof ofthis he instanced the time of tiie war . when the paper currency was in existence ,
and when the wages of the working classes were much higher than they were under the present aystern , and concluded by urging the propriety of returning to the same medium of circulation , as the best means of benefiting the finances of the country , and more especially the labouring classes . __ Mr Wateins attributed tho cause ofthe present distress in tbe commercial world to the over-speculation of parties engaged in it , and considered that were the working classes more fully represented in Parliament than they were at present , so that they could have more power in legislating for themselves _, they would be placed on a much better footing , aud made independent of the fluctuations of the currency , which had been so much dwelt on by the lecturer . ( Cheers . )
A vote of thanks was passed to the chairman , and the meeting , which was very numerously attended , theH separated .
CO-OPERATIVE LEAGUE . A _tea-party-and soiree to promote the objects of this society , took place on Monday evening , atthe Central Hall , King ' s Arms-yard , Snowhill . Mr W . Howitt in the chair . The room was tolerably well filled , a laree number of the company being females , snd several speeches were delivered in furtherance ofthe views ofthe league , which , in their own words , are to ' supersede selfishness by universality—undue restraint by full individual liberty—antagonism by peace—competition by brotherly love , and thus a state ef existence may arise founded oa the principles of wisdom and goodness , yielding its fruit in the happiness of every member of the human family . ' The following resolutions were adopted : — Movedby the Rev A , Baynes , seconded by Mr Good . wyn Barmby : 'Co-operation a human brotherhood—May the' present disastrous stats of the commercial
world , bronght about by the competitive modes of life , lead men to peiceive that anarchy and confuifon must be continually recurring where antagonism and individual interests are allowed to exist . ' Moved by Ur Jame . son , seconded by Mr Alexander Campbell : 'Monetary reform . May the people speedily exert themselves to devise and adopt a currency tbat shall possess tbe quality of beiog _unchangeable in Its value , and _co-extensive with the exchangeable wealth of the nation . ' Moved by Mr Walter Cooper , seconded by Mr Roberts : 'Our co-operative brethren in America and other parts of the world . May the offers recently made by the friends of co-operation at Cincinnati be the commencement of a series of exchanges carried on in the spirit of brotherhood between the different nations of tha earth , burying in oblivion the hostile spirit of rivalry wbieb has hitherto existed , and leaving men to recognise the beautiful privileges of universal lave and goodwill . '
CURRENCY REFORM . Oa Monday evening a meeting , convened by the Currency Association , lately established in Binning ham , was held at Dee ' s Royal Hotel , for the purpose of considering the best course to be pursued to secure the early and effectual attention of the new House of Commons fo the engrossing question ofthe currency . MrR . Martineau , the mayor , took the chair . Therehas long existed in Birmingham a hostility to the Currency Bill of 1819 , but on no occasion has it exhibited itself as at this time in a combined form , or by a union of parties , irrespective of political _feeline . There were present Mr Munte , M . P ., and Mr Schelefield , M . P ., members for the borouch ; Messrs Newdegate and Spooner , members for the northern division ofthe county , and others , who spoke to the following resolutions : — -
That the existing depression of facade and commerce , as evinced by the numerous failures of bouses of undoubted solvency , is attributable to the restrictive and unsound monetary system established by the acts of 1819 and 1844 , which injuriously Interfere with all mercantile _esgagensmttjrendering the same course of action which Is at one time prudent and secure , at another time entirely rainens . That a single deficient harvest wonld nave affected materially the great interests ef the nation , had not the evil of scarcity of food been aggravated by an artificial scarcity of money , producing a forced and unnatural depreciation in the values of comi modltles and other property , and a sudden aad extremt
increase in the rate of Interest , and leading to the withdrawal of the usual banking faeilities from parties engaged in certain important branches of trade and commerce , and the consequent limitation in the demand for laboni . That a monetary system which necessarily breaks down under tbe effects ofa limited exportation of gold for the needful _sapply of food , producing from snch cause a general derangement of trade and commerce , and an enormous depreciation in the values of property and c _* mmoiities , thus greatly increasing a national misfortune like that of a bad harvest , is _rlctsus in principle and destructive in its operation to the well being of the community _.
That the arguments now being used to mislead the public as to the effects of the expenditure of the money in railway works and other _undertakings of a national character , and to withdraw the attention ofthe mereantile and trading classes from the real evils under which they are suffering , are of no value whatever , and can only be taken as an evidence that , in the present position of the country , the monetary means are net afforded for the profitable employment and maintenance ofthe population . That in the opinion of this meeting , justified by the history of the present century , this country , so long as its mercantile and trading operations are not limited by unnecessary monetary restrictions , is fully able to hear an expenditure equal to that required for the construction of railway works , inasmuch as that it has horns , _withoutlajury or derangement , a much lsrger expenditure for carrying on a protracted war , and for otherpurposes not likely to become productive . Tbat the necessary expenditure for making the railways
sanctioned , after mature deliberation , by parliament , has led to the employment of a vast amount of labour in -rations parts ef the United Kingdom , and to a consequent demand f « r previsions and unmanufactured articles ; and that no complaints of the pressure of railway calls were made until the general business of the nation was sullenly and injuriously affected by the restrictive operations of the Bank of England , rendered necessary by the provisions of the acts of 1819 and 181 * . That the same restrictive monetary policy has been attended with the same disastrous consequences in former years , when no expenditure for railway purposes was proceeding ; and that , although in certain cases the employment of large amounts ef money for particular objects may lead to some temporary inconvenience , tbe evils nnder whicb the country is at present suffering can be attributed in only a very trifling degree , if at all , to the railway undertakings now in progress , as those undertakings can but slightly aggravate the difficulties arising from other and more permanent cansts _.
That it is the deliberate opiulon of this meeting that the executive government will incur a serious responsibility unless they at once propose and carry into effect some temporary measure calculated to restore the monetary means and the credit of the country to an efficient state , and thus to relieve the commercial and trading classes . The relief and assistance have heen afforded in former _psriods of extreme national danger and difficulty ; and tbat there has beea no oceasion daring the last fifty years _wbsn such relief was more imperatively required than it is at this time . That the demand for labour is rapidly diminishing in the manufacturing districts ; and that it will be extremel y dangerous further to neglect those remonstrances wbich have been already addressad to members of the government , with tbe view of inducing them to preserve the nation from tbe serious evils which would follow the general _suspension of employment _.
That while measures of a temporary nature are required to remove that most severe distress . and suffering which tbe population are now experieacing , and to avert the more serious consequences with which ( hey are threatened , it ia iapertaRt that the monetary policy 0 f
: Anti-Gold-Law League. On Monday A Publ...
the country should undergo a fair and searching inquiry before a committee of the House of Commons . Ihat it iB recommended by this meeting that immediately on the assembling of parliament petitions praying for the appointment of sueh committee should be forwarded from aU the principal towns and public bodies in the united kingdom . That such an inquiry ls rendered absolutely necessary now that the principle of protection to native industry bas beea abandoned , and now thatit has become painfully evident that the interests of all classes , tbe debtor and creditor alike , can only be permanently secured by the establishment ef a sound monetary system , capable in its operation of sustaining and extending tbe mercantile and trading transactions of thenathn , and calculated te prevent those extreme and dangerous fluctuation * which are the natural and inevitable results ofthe existing system
Thatthe committee of the Birmingham Currency Reform Association be requested to communicate the forgoing resolutions to her Majesty ' s Ministers , and to forward copies of the same to the members of both houses of parliament .
The Free Trade Congress At Brussels. {Fr...
THE FREE TRADE CONGRESS AT BRUSSELS . { From our German Correspondent . ) On thel 6 tb , 17 th , and 18 th of September , there was held here ( Brussels } a congress of political _wonomists , manufacturers , tradesmen , & c „ to discuss the question of Free Trade . There were present about ISO members of all nations . There assisted , on the part of tho English Free Traders , Dr Bowring _, M . P _., Col . Thompson , M . P ., Mr Ewart , M . P ., Mr Brown , M . P ., Jonas Wilson , Esq ., editor of the Economist , _dsc ; from France had arrived M . Wolowski , professor of jurisprudence ; M .
Blanqui , deputy professor of political economy , author of a history of tbat science , and other works ; M . Horace Say , son of the celebrated economist ; M . Ch , Dunoyer , member of the Privy Council , author of several works upon politics and economy , and others . From Germany there was no Free Trader present , but Holland , Denmark , Italy , & c , bad sent representatives . Senor Ramon de la Sagra , of Madrid , intended to come , but came too late . The assistance of a whole host of Belgian Free Traders , need hardly be mentioned , it being a matter of coarse .
Thus the celebrities ofthe science bad met to discuss the important question— . whether Free Trade would benefit the world" You will think the discussions of such a splendid assembly— discussions carried on by economical stars ofthe first magnitude must—bave been inte . resting in the highest degree . Tou will say that men like Dr Bowring , Colonel Thompson , Blanqui and Dunoyer , most have pronounced speeches the most striking , most have produced argument ; tbo most convincing , must have represented all questions under a light the most novel and surprising imaginable , Alas ! sir , if you had been present , you would have beeu plteously undeceived . Your glorious expectations , your fond illusions wonld have vanished within less tban an hour , 1 have assisted at innumerable public meetings and discussions .
I heard the League pour forth their _AHtl-Corn-Law arguments more tban a hundred times , while I was in England , but never , I cau assure you , never did I hear such dull , tedious , trivial stuff , brought forward with such a degree of self-complacency . I was never before so disappointed . What was carried on did not merit tho name of a discussion—it was mere pot-house talk . The great scientific luminaries never ventured themselves upon tho field of political economy , in the strict sense of tbe word . I shall not repeat to you all tbe worn-out stuff which was brought forward on tbe first two days . Read two or three numbers of the League or the Manchester Guardian , and yon will find all that wns said , except , perhaps , a few specious sentences brought forward
by M . Wolowski , which he , howerer , had stolen fromM , _Bastiat ' g ( chief of the French Free Traders ) pampblet of ¦ Sophismes Economiquei . ' Free Traders did not expect to meet with any other opposition but tbat of M . _Kissingbausen , a German _Protectionist , and generally an insipid fellow . But up got M . Ducbateau , a French manufacturer aBd Protectionist—a man who spoke fer his purse ,, just as Mr Ewart or Mr Brown spoke for theirs , and gave tbem such a terrible opposition , that on the second day of the _discussion , a great number , even of Free Traders , avowed that tbey had been beaten in argument . They took , however , their revenge at tbe votetbe resolutions passed , of course , almost unanimously , On tbe third day , a question was _discassed which in .
terests your readers . It was tbis : _« Will the carrying out of universal Free Trade benefit the working classes V The affirmative was supported by Mr Bbown , the South Lancashire Free Trader , in a lengthy speech , in English ; he and Mr Wilson were tbe only ones who spoke that language , tbe remainder all spoke French—Dr Bowring , very well—Colonel Thompson , tolerably—Mr Ewart , dreadfully . He repeated a part of the old League _docu . ments , in a whining tone , very much like a Chureh . of . England parson . After him got np Mr Wmbth , ot Rhenish Prussia . Tou know , I believe , this gentleman—a young tradesman whose poetry is well known and very much liked throughout Germany , and who , during several years' _stsy in Yorkshire , was an _eye-witHess of the condition of the working people . He has a great many friends amongst them tbere , who will be glad to see that he has not forgotten tbem . As his speeeh will be to your readers themost interesting feature of the whole Congress , I shall report it at some length . He spoke as follows : —
Gentlemen—You are discussing tbe Influence of Free Trade upon tie condition of the working classes . You profess the greatest possible sympathy for those classes . I am very glad of it , but yet I am astonished not to see a representative ofthe working classes amongst yon I The monied classes of France are represented by a peerthose of England by several M . P . s—those of Belgium by an ex-minister—and even those of Germany by a gentleman who gave us a faithful description of the state of that country . But where , I ask you , are the representatives of the working men ? I see tbem nowhere ; and therefore , gentlemen , allow me to take up the defence of their interests . I beg to speak to you on behalf of the working people , and " principally on behalf of those five millions of English working men , amongst whom I spent
several of the most pleasant years of- my life , whom I know and whom I cherish . ( Cheers . ) Indeed , gentlemen , the working people stand in need of some _generonty . Hitherto they have not been treated like men , but like beasts of burden , nay—like merchandise , like machines ; the English manufacturer * know thia so well , that they never say , we employ so many workmen , but so many hands . The moaied classes , acting upon tbis principle , have never hesitated a moment to profit by their services as long as t hey require them , and tben turn them out upon the streets , as soon as there is no longer any profit to be squeezed out of them . Thus the condltlon of these outcasts of modern society has become snch , that it cannot be made worse . Look wherever yon like ; to tbe banks ofthe Rhone ; into the dirty and pestilential lanes of Manchester , Leeds , and Birmingham ; on the hills of Saxony and Silesia , or the plains 1 of Westphalia ; everywhere you will meet with tho . same
pale starvation , the same gloomy despair , in the eyes of men who in vain claim their rights and their position in civilised society . ( Great sensation . ) Mr Weerth tben declared his opinion to be , tbatthe pro tec tire system in reality did not protect the working people , but that Free Trade—and be told it them plainly and distinctly , although he himself was a Free Trader—that Free Trade would never change their miserable condition . Ho did not at ail join in the delusions of the Free Traders , a * to the beneficial effects of the carrying out of their system upon the working classes , Ou tbe contrary , Free Trade , the full realisation of free competition , wiuld force the _workingpeople as much into a keener competition amongst themselves as it wonld make capitalists compete more selfishly against each other . The perfect freedom of competition would _iHevitably give an enormous impulse to the invention of new _macblnsry , and thus supersede more workmen than even now were
daily superseded . It would stimulate production in everyway , but for this very reason it would stimulate over production , overstocking of markets , and commer . cial revulsions , just ia the same measure . Tbe Free Traders pretended that those terrible rerulaions would cease under a system of commercial freedom ; why , just the contrary would be the case , they would increase and multiply more than ever . Possible , nay certain it was that at first the greater cheapness of provisions would benefit tbe workpeople , —that a lessened cost of production would increase consumption and the demand for labour , bat that advantage very soon wonld be turned into misery the competition of the norking people amongst themselves would soon reduce tbem to the former level of misery and starvation . ' After these and other
arguments ( whioh appeared to be quite novel to the meeting , for they were listened to with the greatest attention , although the 'Times' reporter deign- to rid himself of them with the impudent but significant sneer—' ChartlBt commonplace' ) , Mr _Weesth concluded as follows : —• And do not think , gentlemen , that these are but my individual opinions ; they are the opinions , too , of the _English working men , a class , whom I cherish , and respect , because they areinteUigent ; and energetio man , indeed , ( cheers , _« b y courtesy , ' ) I shall preve that by a few facts . During full six years the gentlemen ofthe League , whom we see here , courted the support of the working people , but in vain . The workiBg men never forgot that tbe capitalists wero their natural enemies ; they recollected the League riots of 1842 , and the masters' opposition
against the Ten Hours Bill ; It was only towards the end of 1815 , that the Chartists , tbe elite of the working classes , _associated for a moment with iho League , in order to crush their oommon enemy , the landed _aristocracy . Bat it was for a moment only , and never were they deceived by the _delasive premises of Cobden , Bright , and Co ., nor did they hope the fulfilment . of cheap bread , high wages , and plenty to do . No , not for a moment did they cease to trust in their own exertions only ; to form a distinct party , led on by distinot chiefs , by the indefatigable Buncombe , and by Feargus O'Connor , who , in spite of all calumnies , —( here Mr Weerth looked at Dr Bowring , who made a quick , convulsive movement who
, )— , in spito of all calumnies , wlthin a few weeks will sit upon the same bench with yon in the Howe of Commons . In the name , then , of those millions who do not believe that Free Tra _^ e will do wonders for them , I caU upon you to seek for _smoother means to effectively better their condition . Gentlemen , I call upon you for your own Merest * . You havo no longer to fear tho Emperor of aU the _fUs ' . ans ; you dread not an invasion of _Cessacks ; but if _yo- do not take care you will have to fear the irruption r / y 8 ur own workmen , and they will m * . bIa to you than all tho Cossacks in tbe world . Gentler lMnj tne workpeople want no more word * irom Jon . the * , Want deeds . And you have no reason te De _wtoWUKedatthat , They recollect very well , that lu
The Free Trade Congress At Brussels. {Fr...
1889 and 31 , when they oonquered the Reform Bill foryou in _Undon , wben they fought for you In the streets ef Paris and Brussels , that tben they were courted , shaken _haade witb , and highly praised ; but that when a few years after they demanded bread , tben they were re . ceived with grape shot and tbe bayonet . ( Oh I ' no , no I yes yes ! _Buzangais , Lyons . ' ) I repeat , therefore , to you carry your Free Trade , it will be well ; but tbink , at the same time , about other measures for the workingclasses , or you will repent it . ' ( L _* ud cheera . ) Immediately after Mr Weerth , up got Dr Bowwko to reply . ' Gentlemen , ' said he , 'lean telt you that the hon , member who has just sat down has not been elected by the English working people to represent them in this Congress , On the contrary , the English people
generally have given us tbeir suffrages for this purpose , and , therefore , we claim our places as their true representatives . ' He then went on to show tbe beneficial effects of Free Trade as proved by tbe increased importation of articles of food into England since the introduction of last year ' s tariff . So many eggs , so many cwt . of butter , cheese , bam , bacon , so many heads of cattle , & c ., & o . ; wbo could have eaten all that if not the working people of England 1 Ho quite forgot , however , telling us what quantities of the same articles bave been produced less in England since foreign competition has been admitted , He took it for granted that increased importation was a decisive proof of increased consumption _^ He never mentioned wherefrom the working people of Manchester ,
Bradford , and Leeds , wbo now walk the streets andeannot get work , wherefrom these men got the money to pay for this supposed Increase of consumption and Free Trade comforts , for we never heard of the masters making them presents of eggs , butter , cheese bam , and meat , for not working at all . He never said a word about tbe present depressed state of tbe trade , which in every publio paper is represented as really unexampled . He seemed not to know that all the predictions of the Free Traders since the carrying of the measures have proved just the reverse of reality . He had not a word of sympathy for the sufferings of the working classes , but , on the contrary , represented tbeir present gloomy condition as the brightest , happiest , and most comfortable they could reasonably desire .
The English working people , bow , may choose betwixt their two representatives . A host of others followed , ' wbo spoke about every Imaginable subject upon earth , except upon the one under discussion . Mr _M'Adam _, M . P ., for Belfast (?) spun _aneterhallyjlongyarn _upon'fiax'spinning in Ireland , and almost killed tbe meeting witb statistics , Mr Akersdyob , a Dutch _professor , ' spok « about Old Holland and Young Holland , tbe university of Liege , Walpole , and Dewlt . M . Tan de _Casteele spoke about France , Belgium , and tbe ministry . M , Asker , of Berlin , about German patriotism and some new article he called spiritual manufacture , M . Dan Tex , a Dutchman , about God knows what . At last , tbe whole meeting being half asleep , was awakened by M . _Wolewski , wbo returned to the question and replied to Hr Weerth . ' His Bpeecb , like all speeches delivered by Frenchmen , proved bow much the French capitalists dread the fulfilment of
M . Weerth's prophecies ; they speak _nith Buch pretended sympathy , such canting and whining of the sufferings of the working classes , that one might take it all for goed earnest , were it not too flagrantly contradicted by the roundness of their bellies , by tbe . stamp of hypocrisy deeply imprinted on tbeir faces , by tbe pitiful remedies they propose , and by the unmistakeably striking contrast between their words and tbeir deeds . Nor have tbey ever succeeded in deceiving one single working man . Then , up got the Duo d'Harcourt , peer ef France , aad claimed , too , for the French capitalists , deputies , 4 o ., present the right of representing the French working people . They do so in the same way as Dr Bowring represent the Euglish Cbartists , Tben , _speke Mr Jonas Wilson , repeating , _most'braxen-facedly the most worn-out League-argument , in the drowsy tone of a Philadelphia quaker .
You see from this , what a nice discussion it was . Dr Marx , of Brussels , whom you know as by far the most talented representative of German Democracy , had also claimed his turn to speak . He had prepared a speech , which , if it had been delivered , would have made it impossible for tho congressional . ' gents' to vote upon the question . Bnt , Mr Weerth ' s opposition had made tbem shy . They resolved to les none speak , of whose orthodoxy they were not quite sure . Thus , Messrs Wolowski , Wilson , and the whole precious lot spoke against time , aud when it was four o ' clock , there were still six or seven gentlemen whe wanted to speak , but tbe chairman closed tbo discussion abruptly , and tbe whole set of fools , _ignorants , _andjknaves , called a congress of political Economists , voted all votes against one , ( that poor German fool ef a Protectionist aforesaid ) — the Democrats did not vote at all—that Free-trade is extremely beneficial to the working people , and wfll free them from all misery and distress .
As Mr Marx ' s speech , although not delivered , contains the very best and most striking refutation of this barefaced lie , wbich can be imagined , and as Us contents , in spite of so many hundred pages having been written pro and eon upon the subject , will yet read quite novel in England , I enclose you some extracts from it .
SPEECH OF DR MARX ON PROTECTION , FREE TRADE , AND THE WORKING CLASSES . There are two sects of protectionists . Tbe first Boot , represented in GermaBy by Dr List , who never intended to protect manual labour , on tho contrary , they demanded protective dutieB in order to crush manual labour by machinery , to supersede patriarchal manufacture by modern manufacture , They always intended te prepare the reign of tbe monied elasses ( the Bourgeoisier ) , and more particularly that of the large manufacturing capitalists . Tbey openly proclaimed the ruin of petty manufacturers , of smalt tradesmen , and small farmers , as an event to be regretted , indeed , but , quite inevitable , at tbe same time . The second school of protectionists , required not only protection , but absolute prohibition , They proposed to protect manual labour against tbe _invasion of machinery _. _as well as against foreign competition . They proposed to protect by high dutieB , not only home _manuiactures , but also home agriculture , and the production of raw materials at home . And where did tbis school
arrive at ? At tbe prohibition , not only of tbe importation of foreign manufactured produce , but of tbe progress of the home manufacture itself . Thus the whole protective system inevitably got upon tbe horns of this dilemma . Either it protected the progress of home manufactures , and then it sacrificed manual labour , or it protected manual labour , and then it sacrificed home manufactures _. Protectionists of the first sect , those who conceived the progress of machinery , of division oflabour , and ef _competi'ioa , to be Irresistible , told the worklng . _elasses , ' At any rate if you aro to be squeezed ont , you bad better bo _squeeaed'by your own countrymen , than by foreigners . ' Will tbe working classes for ever bear with this 11 tbink not . Those who produce all tho wealth and comforts of
the ricb , will not be satisfied with tbat poor consolation . They will require more substantial comforts in exchange for substantial produce . Bat the protectionists say , ' After all , we keep up the state of society as it is at present . We ensure to the working man , somehow or other , the employment he wants . We take care that be shall not be turned out of work in consequence ef foreign competition . ' So be it . Thus , in the best case , the protectionists avow that they are unable to arrive at anything better than tke eontinuation of the statu que . Now tbe working elasses want not the continuation of their actual condition , but a change for tbe better . A last refuge yet stands open to the protectionist . He will say that he is not at all adverse to social reform in tbe interior of a
country , butthat the first thing to ensure their success will be te shut ont any derangement which might be cansed by foreign competition . ' My system , ' he SBys , ' is no systim of social reform , but if we are to reform society , bad we not better do so within our own country , before we talk about reforms in eur relations with other countries ? Very specious , indeed , but under this plausible appearance , tbers is hid a very strange contradiction . The protectionist system , while it gives arms to the capital of a country against the capital of foreign countries , while it strengthens capital against foreigners , believeB tbat tbis capital , thus armed , thus strengthened , will be weak , Impotent , and feeble , when opposed to labour . Why , that would be appealing to tbe mercy of capital , as if capital , considered as such , could ever be merciful .
Why , social reforms arejnever carried by the weakness of the strong , but always by the strength of the weak . But it is not at all necessary to insist on this point . From the moment the protectionists agree tbat social reforms do not necessarily follow from , and tbat tbey are not part and parcel of tbeir system , but form quite a distinct question , from tbat moment they abandon tbe question , which we discuss , -We may , therefore , leave them in order to review tho effects of Free Trade upon the condition of the working classes . The problem : What will be the influence ofthe perfect unfettering of trade upon the situation ofthe working classes , is very easy to be resolved _. It is not even a problem , If there Is anything clearly exposed in political economy , it is the fate attending the working classes under the reign of Free Trade . All those lows developed in the classical works
on political economy , are strict ") true under the supposition only , that trade be delivered from all fetters , that competition be perfectly free , not only within a single country , but upon the whole face of the earth . These laws , wbich A , Smitb , Say , andRicardo , havedeveloped , the lawB under which wealth is produced and distributedthese laws grow more true , more exact , then cease to be mere abstractions , in the same measure in which Free Trade is carried out . And the master of the science , when treating of any economical subject , tells us every moment tbat all their reasonings are founded-upon the supposition that all fetters , yet existing , are to be removed from trade . They are quite right in following this method . For tbey make no arbitrary abstractions , they only remove from their reasoning a series of accidental circumstances . Thus it can justly be said , that the economists—Ricardo and others—know more
about society as it will be , tban about society as it is , They know more about the future than about the present . If you wish to read in the book ofthe futuro , open Smith , Say , Ricardo . There you will find desoribed , as clearly as possible , the condition which awaits tho working man under the reign of perfeot Free Trade , Take , for instance , the authority ' of Ricardo , authority than which there is no better . What is the natural normal prioe of tho labour of , economically speaking , a working man ! Ricordo replies , 'Wages reduced to thoir _minimumthelr lowest level . ' Labour is a commodity as well a , any other commodity , Now th 6 price of a commedtty Is , determined by tbe time _necessary to produce it . Whit then is necessary to _produce the commodity of labour t i . xaotly that which is necessary to produce the sum of I commodities indi _spensable to the sustenance and the re * *» fairing ofthe weft-- _^ tear of tho labourer , to _ennrjli
The Free Trade Congress At Brussels. {Fr...
bim to live aud to propagate , somehow or . other , his race . , We are however , not to believe thst the working mas will never be elevated _abeve this lowest level , nor that he never will be depressed below it . No , according to tbis law , the working _olasses will be for a time more happy , they will _baveforatiaie more than the minimum , but this surplus will be the supplement only for what they will have less than tbe minimum at another time , the time of industrious stagnation . That is to say , that during a certain space of time , which is always periodical , in which trade passes through the circle of prosperity overproduction , stagnation , crisis—that , takin g the average of what the labourer received more , and what he received less , than the minimum , we shall find that on the whole he will have received neither more or less than tbe minimum ; or , in other words , that the working class , as a class , will bave conserved itself , after many miseries , maBV sufferings , and many corpses left upon
tbe industrial battle field . But what matters tbat * The class exists , and not ouly it exists , but it will hare increased . This law , that the lowest level of wages is tbe natural price of the commodity oflabour , _wiHrealiso itself in the same measure with Rlcardo _' s supposition that Free Trade will become a reality . We accept every thing that has been said of the advantages of Free Trade . The powers of production will increase , the tax imposed upon the country by protective duties will disappear , all commodities will be sold at a cheaper price , And what , ngaiB , says Ricardo J ' That labour being equally a commodity , will equally sell at a cheaper price —that yon will have it for very little money indeed , just as you will have pepper and salt . And tben , in the same way aa all other laws of political economy , will receive an increased force , a surplus of truth , by the realisation law of
of Free Trade—in the same way _^ the population , as exposed by Malthas ,, will , under the reign of Free Trade , develop itself in as fine dimensions as can possibly be desired . Thus you have to choose ,: Either you must disavow the whole of political _ecoaomy as it exists at present , or yeu must allow that under the freedom ef trade the whole severity of the laws of political economy will be applied to the working classes , Is that to say tbat we are against Free Trade ? No , we are for Free Trade , because by Free Trade all economical laws , w ith their most astounding contradictions , wilt act upon a larger scale , upon a greater extent of territory , upon the the territory of the whole earth ; and because from the uniting of all these contradictions into a Bingle group , where they stand face to face , will result tbe struggle which will Itself eventuate in the emancipation of the proletarians . r
State Of The Monet And Mantj Facturing M...
STATE OF THE MONET AND MANTJ FACTURING MARKETSi
The oountryis just now passing through one of those commercial panics , which recur as regularly under the present system of conducting business , as darkness follows day-light . A few gleanings from the metropolitan and provincial journals , will serve to give an idea of the nature and extent of the stagnation . It would appear , that in many respects the crisis is more severe than even the celebrated ' smash ' of 1825 and 1836 , and as far as can be seen at the present moment , our futuro prospects are most
depioraoie . ... T Last week was a most gloomy and harassing one . In addition to the actual number of failures reported . rumours affecting the stability of many ofthe principal houses in the city , were current , in and fact , it was difficult to say who would be able to ' weather the storm . ' The Bank of England finding itself unable to meet the pressure , declined to make any farther advances on Stock or Exchequer Bills , and the immediate consequence was , an alarming decline in the prioe of Consols . Exchequer Bills also fell at one time as low as 27 s . discount t
The _Aftrniny Advertiser says , speaking of Monday * — 'As we anticipated , this has been a most severe day in the City . The 4 th of the month is heavy under ordinary circumstances , but how much more so at a time , like the present , may be readily conceived . The Bank of England has done all in its power to relieve the pressure , but from tbe determination to exclude Exchequer Bills and Stock from the benefit of advances , firms of tbe very highest standing have been compelled to make further saoriflces . Since these securities could only be made available en the Stock Exchange , it is in _thafclocality that the excitement has been most apparent . Usually the jobbers are in a position to take off most
important amounts , because they have a resource with their several bankers , as well as with the Bank of England . To-day , however , the case has boen very different , and for the limited means at their command , these useful middlemen have naturally been enabled to obtain most _usurous terms . Forced sales of the Unfunded Debt sent down the value to 20 and 27 shillings discount , and large amounts were still offered without finding buyers . Upon stock , rates of interest wore paide-ow . to 50 per cent , per annum , though it must be remembered that the accommodation was ( but for a week or a fortnight . At the bankers , great activity prevailed in the country offices especially , and we fear , from the _resultB of our inquiries , that there must be a good deal of work
for the notaries in connection with the minor departments of trade . Among the actual stoppages of importance to-day , are those of John Thomas , Son , and Lefevre , a very large and highly respected firm , engaged in the Russian and Brazilian trade , with branches at Jersey and other places . We believe one of the partners is related to a gentleman occupying a high position in the political world . The house of Reugemont Brothers has also suspended , although , as report says , with a good balance at their bankers , and with assets , calculated to be three times the amount of their liabilities . According to the explanation we have heard , the resolution was come to under the determination not to submit to the ODDressive losses which the existing Currency
Restriction Bill is entailing upon every merchant in the country . Indeed , this feeling has become so strong , that it is not impossible that houses with ample funds at command , will entirely suspend business , unless matters speedily improve / 'The fluctuations in thc Funds to-day have been even more violent than those of Saturday . Upon the commencement of business there was ft tendency towards improvement , but subsequently a reaction of 1 to li per cent , occurred , Consols being done as low as 83 } for money , and 841 for tho 14 th inst ,, a difference ef no less than 1 per cent , to those who were in immediate want of cash , and such as could afford to wait exactly ten days . Exchequer Bills ranged from 10 s . to 27 * . discount , closing at the
lowest rates , although Consols were last marked at a rally to 84 and 84 | for transter , and to 84 | f for time . ' Exchequer Fills ( i . e . government paper ) during ono portion of the _morningjwere almost unsaleable . With reference to the two failures mentioned above , the _Timis says , _« That of Jobn Thomas , Son , and Lefevre , will prove extremely serious . The liabilities ofthis firm upon acceptance ? , amount to £ 350 , 000 , of wbich £ 130 , 000 fall due during the present month , £ 120 , 000 in November , and £ 100 , 000 in December , and tbe immediate cause of the stoppage is understood to have been the non-receipt of expected remittances from their houso at St Petorsbuigh . By many persons , however , the business of
the house h _~» long been supposed to have been extended beyond the amount warranted by its capital ; and it is , therefore , feared that the results will not prove se favourable as might havebeen expected if the disaster had originated in some merely [ temporary circumstances . The blow is expected to fall most heavily at Manchester , whence the firm , in connection with Messrs De Jersey and Co ., have been large exporters of cotton-twist to St _Fetersburgb and Moscow . Within a recent period they bad erected a cotton spinning establishment at St Petersburgh , which is stated to have cost £ 60 . 000 , and
which ( this branch of business being known to be one of the most profitable in that city ) added considerably to the confidence of those who regarded the position of the house as a sound one . John Thomas and Co ., is the title of the firm at St _Fetersburgh , and it has two partners , Messrs Maingy and Forcenuinn , who are _uwwMwio ' . ed with the house in London _. ibutasit is not expected that they have independent capital to any extent , and as the present suspension has been caused by tbeir want of punctuality , there is little room to hope that the event may be mitigated by anything that may transpire from that side '
The same symptoms ot derangement were visible on Tuesday ; the Chronicle City article stated , ' The state of affairs in the City to-day has not improved in regard to the difficulty of obtaining banking accommodation ; but weare glad to be able to add that we have henrd of no further failures in the metropolis . Great excitemont , of course , prevails on the Stock Exchange , and parties are anxiously hoping for some relaxation of the recent resolution of the Bank Directors : but in the mean time the pressure for money oontiuueB so great that the same disparity exists in the quotations of Consols for Money and for tho Account which we noticed yesterday . The fluctuations in the market wero very considerable . ' The provincial markets _piesent an equally gloomy aspect .
STATE OF AFFAIRS IN LANCASHIRE . I _MiNCHBs--Ki . -Mesi ) A 1 r . _„ The nuiaerousand _impsrtant failures whioh have taken place hero during the last week have operated most injuriously , as might bo expected , on the mercantile operations ot tbis town md district . Confir _^ nce seems to be entirely gone and the buBine » of buying and selling has been literally suspended for some days . The teariul rapidity with whioh these failures havo come upon _us-themagnituoft of the liabilities-and th ? natural uncertainty na to who maybe eventually _involvedhas
- _m-iuced a feeling of distrust and caution—in fact , of positive alarm , never before witnessed _amonj the commercial men of this district . The last w _^ ek has been far more disastrous and disio o " _^ an y- _8 "" 9 have experienced sinc e 1825 . Firms tbat have for many years been looked _upoaas not only secure , ' . but absolutely wealthy , % _-e viewed , and indeed spoken of , as doubtful . The _immense extent ot railway speculations , and the _** iainful , but obviousf act that the largest and wealthi iest houses are , in many instances , the first and the I deepest involved , _eeemf * to b % oue important ele-
State Of The Monet And Mantj Facturing M...
ment in the general distrust aud want of confidenp _* which prevails , it may fairly be said , univenalW _in this immense district . A number of mills have en tirely ceased working on account of the failure of the owners , but a still larger number have reduced the hours of working from three and four _daya a week , to two and even one , and to increase our difficulties , a rather genera ] movement seems to be made for a material reduction of wages . On Saturday last no fewer _thun forty-two firms in Ashton and Dukenfield , gave notice to their hands to reduce tbo wages of tbo snjnnersto what was paid in 1843 , This , of courae , has caused much alarm among the operatives , and yesterday a very numerous meeting of delegates was held here , to take into considers .
tion the steps necessary in tbe present emergency . About thirty delegates were present , representing thefollowing places , namely , Ashton , Bolton , Bury , Chorley , Chowbent , Dukenfield , Halifax , Leeds , Manchester , Mosley , Oldham , Saddleworth , Waterhead , Mill , and some others . The chair was occupied by Mr Joseph Gregory , of Bolton , and Mr Brindle _, of the same place , acted as secretary . A very lengthened discussion ensued as to the desirableness of a genera ] secession oflabour , rather than a deduction of wages . The general result , how * ever , was , tbat resolutions were adopted , wbich pledged the meeting to cause public meetings to ba held in the various districts , with the view of effecting , by voluntary neans , a general suspension of
labour for a given period . These meetings aro to be held forthwith . The system of falling npon wages , however , in times of difficulty , seems to be going out of favour with many of the leading employers . On Friday last , a deputation , consisting of Mc John Homer and Mr J . Mitchell , of Stockport , was dispatched to Mosley and Ashton , nnder the sanction of Mr A . Orrill , the mayor of that town , Messrs . Lees , Kershaw , and Co ., ofthe same place , and twa other very influential firms , for the purpose of endeavouring to effect an adjustment of the matters in dispute between the masters oi Mosley and Ashton
and the operatives , as to the proposed reduction of wrges , or , if that could not be effected , to induce the men to stand out against the reduction rather than submit , and thus induce a general reduction in wages throughout the trade . Tbat benevolent mission , however , must bave proved wholly unsuccessful , as the reduction proposed by the forty-two firms , as already stated , was given notice of on the following day . One rather remarkable feature in thia proposed reduction is , that although the wageB are paid fortnightly , in most instances , and fall due on different days , the notices have been so given as to all expire on the same day .
Leeds . —There is a continued depression in the foreign wool trade , and as the business done is so extremely limited , prices are merely nominal . The demand for English wool is limited to the immediate wants of the manufacturers , who hold light stocks of it . In prices there is no alteration . —There has been a much better feeling as regards business this week than for many weeks past at both our cloth-halls . Tbere has also been some little improvement in business in the warehouses , but principally with the country drapers . Huddersfield . —There was a slight depression manifest in the market , and goods were much heavier of sale than what tbey bave been for some weeks past : RocnDALE—Tbe weather was extremely fine , and
we bave had a larger attendance of buyers trota Scotland and Yorkshire inthe market than for the last twelve months past . The demand for somo sorts of flannel goods has been greater than the supply , and in some instances rather better prices have been obtained . Bradford . —There is no improvement in the wool market either in demand or prices . The stocks in the hands of the staplers are small , and they are not anxious to replace them at present prices asked by the producers . Noils and brakes being scarce , fetch higher prices . The spinners are in general working to order , but the prices are quite _unremunerating , and the spinners aro curtailing their productions as much as possible . There was less doing in the piece market .
On Wednesday The Pressure In The Monty M...
On Wednesday the pressure in the _monty _market continued very severe , so much so that the _Bafbk was obliged to give way to a certain extent , ana to make some advances wbich will carry the bonus over to tbe 13 th . It was believed , however , that the panic was subsiding . An old-established house in the _iron-trode , Messrs _Y . Higgins and Sons , were reported to have suspended payments .
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- * - " - * - — -- _' - ' - * -- ' - * - ' -- _^ -- * - > _-y _^ _- ' _* S 1 r _* _WrfVrf- _* - > .--. COM , 4 c . Coastwise up to our market , last week , the arrivals of English wheat were somewhat on the increase , but by no means extensive . Of all other articles of home produoe , tbe receipts were on a very limited scale , the time of year considered . From Ireland and Scotland scarcely any corn came to hand ; bat from abroad , we received 33 , 483 ? , _# r _^ _* _-, -, 803 ditt 0 of bariey _. 47 , 529 dittoof oats , and 11 , 177 brls , of Hour . From Essex , Kent , and Cambridgeshire , aB well as onr other gram districts , the arrivals of English wheat np to our market , this morning , coastwise as well as by land and
carriage sample , were very small , owing to which _, and the increased attendance of both town and country millers-many of whom were very short of stock—the de . mand for all descriptions of that article was somewhat active , at an advance in tbe quotations paid on Mondav last of from is to 2 s per qr . andat which most ofthe samples brought forward were disposed of ; indeed , we mav observe tbat the market closed firm . Notwithstanding a very extensive quantity of forelirn wheat was again brought forward , a fair average amount of business was transacted at fully last week ' s currencies _, in some few instances the very finest Dantric was held at a rise of Is per qr . The general quality of foreign wheat was bv no means first-rate _.
The supply of English oats was very _scanty-that of foreign very large . Selected parcels _weremostly disposed of at late figures , but the _out-of-condition sorts declined Cd per qr . without much progress being made in sales . Indian corn and meal were m moderate request , chieflv for feeding purposes , and full prices were paid in every instance . There was a steady iniuiry for beans , and late rates were firmly supported , The sale for all kinds of peas was steady , and some of the holders refused to sell oven at extreme _fig ures The flour trade was stead y , and the prices ° paid on this day se ' nnight were realised without difficulty . _Mabk-lane _, Wednesday . —A very limited supply of English wheat has been received up to our market this week , coastwise as well as by land carriage . To-day the show of samples was exceedingly small , owing to which , and the increased attendance of buyers , the demand waa very steady , and , in some few instances , the finest qualities of white produced ls per qr . more money . J--Mark Iamb , Friday , Oct . 8 . —Prices of wheat bothhome and foreign were similar to those of Monday last . Livebpool , Oct . 5 . —There is a fair import of foreign wheat this week ; but the quantities of other articles of
the trade reported from abroad are moderately small . We arenow receivingsmall shipments of now wheat , oats , aud oatmeal from Ireland . The exports of barrel flour and Indian corn are rather considerable , as will be seen on reference to the appended note . The interior markets being less freely supplied with grain at the recent reduc tion in price , we have had several distant buyers here during tbe week , and they have purchased to a fair extent ofthe leading articles at full prices . _American flour has obtained a small advance for choice fresh samples which are become exceedingly scarce . Indian corn has sold readily at 35 s to 36 s per 480 _fbs . for best quality and 31 s to 33 s for feeding . Irish new wheat has brought 6 s lOd to 7 s 6 d per 70 lbs ., new oats 3 s 5 dto 3 s 7 d per 45 lbs .. and new oatmeal 31 s to 32 s per 240 Ibs . At this morning's market we had a full attendance of town and country buyers , and a goed business waB transacted in wheat and flour at an advance of Sd per bushel , and Is 6 d per barrel on tbe rates of this day se ' nnight . Choice Western Canal flour sold readily at 28 s per barrel . Oats and barley fully supported late prices . Irish new mealing oats brought 3 s 6 d to 3 s 7 d per 45 lbs . , and new oatmeal , 30 s to 32 s per _2401 bs . No change in beans or peas . Indian corn and corn meal each met a steady demandat full prices
, . Richmond ( Yorkshire ) Oct . 2 .-Wo bad a heavy market of wheat , but only thin of other grain . —Wheat sold from 6 s to 7 s 9 d j oats 2 s 9 d to 5 s ; barley , 4 s 9 d to 5 s Sd ; beans 6 s 9 d to 7 s 6 d per bushel . _.. _^ _a . CATTLE , & c . « - «—The following imports of live stock took place iaLon don during the past week : — Frana Whence . Beasts , Shp . Lbs . Cal . Pigs . Hamburg 54 5 U 2 — — — Nieu Dieppe 20 161 — 29 — Rotterdam 291 1 , 852 SO 120 10 Harlingen 178 1 , 006 81 43 — Antwerp — — — 25 — - Flushing — 418 — — — _Toningen 47 * 280 — — 6
Total 1 , 117 5 , 119 131 208 16 SMITHFIELD . At the outports the arrivals ( mostly from Hamburgh _, and Rotterdam ) have comprised nearly 2 , 200 head of eachs kind of stock , the quality of which has been by no means first-rate . The supply of foreign stock here to-day was * again ex . tensive , viz ., 9 G 4 oaen and cows 8 , 880 3 hcep and lambs , 110 calves , and 29 pigs . All breeds ( the condition of which , was very inferior ) met a very slow inquiry , at barely last ; week's quotations , and a total _cleavatu-e was not eSfected . The numbers of sheep were _moderately good , but their : general quality was indifferent . _Comparatively speak- - ing , tbe mutton trade was in a sluggish state , at Friday's j decline in value of 2 d per Slbs . The highest _fiigure 5 for tbe bests , old downs did not cx _< wed 5 s 2 d par 81 _bs ., and I a total clearance was with _difiipylty effected . The ptimestcalves were _insteady requestat full prices , _> _, but all other kinds of veal _uomiuundeJ very little _atteu- _ition .
Smwhfieio , Friday , Octi . 8 . —The few prime Scots , ! , & c _> in the market , _matod off steadily , nt prices fuUy iy equal to those _obtained on Monday . Otherwise , the beef sf trade was exceedingly heavy , at barely Iato rates , other _sr stock sold at about Monday ' s prices . COTTON . Liverpoo l Oct * _S . —Our cotton market to-day has been en in a very glouay state . The failure of VV . Maury , exteh- _ihsively _engaged , in the American and East India trad ? , le , yesterday , together with that of Thomas and nenry Mux- i > ray , West India merchants , to-day , has had a very dis- liscouraglng effect . Thc sales are 4 , 0 Q 8 bales , inchidiuf * ing 509 for export , and 300 on speculation , Tho lower Ameri- _srican kinds were sold at a further decline of _$ A _jjer lb .
Uiiua Ot Estminster I Printed !' ,Y Dougal M'Go*Wan, Of 16, Great Windmill-Ullli * W,U C- I_.I •„ Il. Rt'a 1» Tlt-_I_ * ._A .1 Ilia *Lt*.
_uiiua _ot estminster _i Printed !' , y DOUGAL M'GO * WAN _, of 16 , Great Windmill-ullli _* w , u _C- i _ _. i •„ il . _rt'A 1 » TlT- _ i _ * _. _ a . 1 ilia * lt _* _.
Street, Ilaymarkei, Vity W , O. M« M» Of...
street , IlaymarKei , _vity W , o . m « _m _» Ofllco _, in tho same Street and Parish , for the l _' ropriotw , ter _,, FEMIGUS O'CONNOR , Esq ., M . P ., and publishcdhcdl by Wimmm Hewitt , of No . 18 , Charles-street , Bran-randon-street , Walworth , in the parish of St . Mavy , _New- _* _ew-. ngton , in the County of Surrey , at tbo _OSico , No . 16 , _16 „ Great Windmill-street , Haymarket , iu tho QityofWesU _' _esUi _miasttr , ' Saturday , _Oetob'r _Dtb , ' 47 ;
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Citation
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Northern Star (1837-1852), Oct. 9, 1847, page 8, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/ns/issues/ns3_09101847/page/8/
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