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'whether it be made in ' ¦ " -.„ October...
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COLOSSEUM
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THE JSOKTHEHjS STAH. SATURDAY, OCTC-BEK 25, 1S«.
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"THE 'BEGINNING- OF THE EXD, 1 ' THE '¦l...
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THE MINISTER AND THE CORN LAWS. WHAT SOR...
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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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'Whether It Be Made In ' ¦ " -.„ October...
' ¦ " -. „ October 25 , 1345 1 roB _' _E--NOK ¥ H . _E- & _fl -SfAR , _^ _. _^^^ _--- _—^ _—^^^^^^ ___¦ ¦ - »*—«»* ' — _*— - — — _¦« - ¦ » . m
Colosseum
_COLOSSEUM
Ad00406
. „ i _ ,- - _ ,, l i , _r ber Host _'QraoiattS t _^ LfSb S _th . rre « . _^« d _confirxied by ev _^ y -v _^ tor ZhTL _' wost perfect triump h of Art » _atS-va « ou » A ... both bv _ 0 _ . _y- « = d Sigh * * tint _has-oirer-keen _££ _& _Safto six exhibitions . The GJyptotl « . _* _OTtttai « E works of--the first artist . ; _Koat _Slanc _* nd _Moontain Torrents , Superb _Conserrotories , Gothic _A-riary Classic Earns -awl J ? ountaius , Panorama of _toadon . re-painted -byMr . FurU , 4 c Adaiittance _, _^ a . _ChUdnn , _half-pric _:. The StaliCtite Caverns , the _tnoat _aagnificent " of aU the temples _which-. _uaUirchas _ImUHbr herself in the regions of night , It . extra _.
Ad00408
TO TAILORS . Just _^ _ubttsheu , I OXDQX and PAHI 3 PASUI 0 S 3 for fho Autansa I aod Winter , 1815 , by T . GOOD , 6 , Conduit-street , _itegeut-street , JLoudou . The _mostsupeib plate-ever published—M "figures , representing tlie most fashionable garments , particularly the new style paletot over-jwate , both __ iinglea __ , < i doable-breasted , six patterns of garments—viz ., < wo sizes ef paletot , two - -dress coats , the Parisian style -rest with skirts , and shootiag vest ; full aud particular report , tc , Jx . Pace 10 s . Cd . for the one season , or 30 . 4 -for one year , including an intermediate report , summer And winter , » ri _ h every necessary information throughout -tha year .
Ad00409
TO TAILORS . JJjap rohation of Her Most Excellent Majesty Queen Victoria , and His R « _jal Highness Prince Albert . TBE _lOXDONaud PARIS PASHIO . VS for Autumn and "Winter , 18 * 5 and 18 * 6 , ready early in October , hy HEAD and Co ., 12 , _Har _t-street _, Bloouislury-squarc , London ; _JBtrgtr , Holywdl-street , Strand , London , and _jszy be had of all Booksellers wheresoever residing ; a wry superb Print , representing the most splendid exhibi-_ _tian ia Europe , an Icterior Yiew « f the Colosseum , _lUgent's-park _, Londfu . This exquisitely executed and hesalifully coloured Print will be accompanied with _follaizellresB , Frock _. and aiding Coat Patterns ; also , Patterns . ofthe _X-ew F _ u > hioaabIe I _' olka Frock , aad Locomotive
Ad00410
_INDEPENDENT OB . DEROF UNITED BROTHERS ( LEICESTER _T 3 J _5 ITY ) . IMPORTANT TO WOllKING ME 3 _T . S _ELP-lJJTEttEST heing the _firat law of nature ( and tlirough life we find this the oue grand ruling _principle— -neither is it wrong , if not carried out to an improper extent ) , ia these days of incertitude it behoves every man to have a thought for the future—to make some provision for the time of sickness , want of employment , and such like contingencies to which man is liable . Ihe _tariOUJ _SOCietl . _a forinedfor this purpose are amongst the foremost , established by the philanthropist of our day ; the greatest good has accrued from tlicm ; but the most prominent stands the various Secret Orders ; the principle oh which tbey arc bound gives them a superiority above all other similar institutions . Various are their titles and s ' igiiiucations , and various are tbe modes of
Ad00411
GREAT BR 1 TAIS _MVjTVJAL LIFE ASSVJRASCE SOCIETY , li , _Watexloo-pucz , _Losnos , B 1 BECIOSS . The _Chis ' iolm , Chairman , "William Moriey , Esq ., Deputy Chairman . "Henry S . Barber , Esq . James John Kii _ l .. cb , Esq . John Brightman , Efq . Henry Lawson , Esq . Frauds Brodigau , Esq . _Uenry Penny , Esq . James Wm . Deacon , Esq . Robert Power , Esq ., M . D . Alexander H . Irvine , Esq . The Her . F . W . Johnson John InglisJerdein , Esq . Vicfcery , A . M . ACBITOBS . C B . Rule , Esq . T . C . Simmons , Esq . G . Thomas , Esq . _JHSSlCIiS . 3 ohn Clentlinning , M . D ., F . R . S ., IC , _Wimpole-street .
Ad00412
( BO ALL _WilOGA-N'T PAY ! Iliy . _EVIAZE Protection , anU _41 prompt and safe final discharge , without-the intervention ofa Prison or au Attorney . A discharge to Debtors is nowinipcrutive , because'Imprisonment for Debt is now penal , not remedial . — Debtors of all grade * will bebeneiitted by applying forthwith to John S . Eensteitd , 22 , Basill _^ _liall-Strcet , near tiu > Court of _Bankrup-t-y _. -Xondon ,
Ad00413
TO . TH £ EMBARRASSED _.-IMrORTANT . THERE are thousands of persons who havo struggled long against the force-of misfortune , but few are aware that by a very reccut Act all small traders owing debts not exceeding £ _J 00 ,. jBv _ ners _, and all others owing to any-amouut , can be entirely . raised from their difficulties at a-small expense , and without imprisonment or bankruptcy . All such Mr ; Weston begs will apply to him at _Moira-ohambers , 17 , Irmanonger-Uue , Cheapside , by letter or _. _personally . . _Pcrsonsisumtuoned for-smalldebts should apply _iinnie-Uiatslj , a « they may thereby-save themselves from frequent and lengthened commitments to prison .
Ad00414
TEETH . _MASTSCATION and jAttisolation Improved and Guaranteed . —Messrs . DAVIS , Surgeon-Dentists , 123 , -Pall-mall , opposite tho . _Uaymarket , and I , New Bridge-street , corner of Fleot-str « ot , continue to supply teeth , guaranteed never to . discolonr , break , or _deray , ami fixed without springs or wires , without extracting the old stumps , _« r giving , any pain . A single tooth , 5 s . ; a get , £ 5 . iLosse teeth' fastened . Scurvy in the gums effectually cured . Stopping decayed teeth . Price 4 s ., Darin's H , __ ___ : sti ' can : all persons . can use it _themselves , as full directuAs are enclosed ,, 3 nd can be sent per post .
Ad00415
-COALS . ¦ _PaOV-IDE _FOR-fKNTER . ' . PROVIDES ]!* _FAMILIES , subscribing Is . per week to the Metropolitan-Coal Company * .. Shilling Club , can obtain four _bolf tons annuall jj without further charge , fines , itc . The Company ?* price current is ,-Best Screened "Walls end , 25 s . per full . t _« u ; Seconds _^ is . _/ _'iSs ., and 23 s ; Coke , U « . fid . Office , 279 , High _Holl / om .
Ad00416
_PANKLIBANON _lilOK WORKS . THE LARGESJ JSTOCK IN EUROPE . —FURNISH . ISO _IROXMOJTGERV , Stoves , -Crates , Kitchen Ranges , Fenders , Pice-irons , best-Sheffield Plate , ornamental Jnon and Wxre Work , Gardeu Engines , Rollers _, ic , Japan Tea T-rays . Baths , . & _c—PAKKMIiAKOtf _i OX WORKS , adjoiniajjMailame . Tussau _^ s , 58 , Bakerstreet , i'urlnj-Hi-sgu _.-u-t . >" . _« . —Every article is marked in plain Jgures at the owest cash prices .
Ad00417
TUlRTY-TiyO PAGES EOR OKE PENNY . THE LONDON _ENTJRTAINIXG MAGAZINE ; or , _ _LIBRAUY OP ROMASCE _, published weekly , containing novels and romances , _ivitli gravities and gaieties , unexampled in interest and price . Ko . 52 will be publislwd on _Saturday , October 25 , price One Penny , aud wilt commence With
Ad00418
MUf . ERS' ALMANACK , FOR ISiG . By Mr , William Damells , In the Press , and shortly will be published , THE misers' almanack , for 18 * 6 , containing _Twenty-FOUT _PsgeS , over and above tne Advertisement Covers ,
Ad00419
COMMERCIAL BUILDINGS , LEEDS . ON Monday evening , Oct 27 , awd _w « _tj evening during tlie week , Mr . M'Millan has the honour to announce that he will give his celebrated entertainments on Ventriloquism , Vocal Imitations , aud Original Anecdotes . Doors open at sei ' , to hegm at eight o'clock . Reserved Seats 2 s ., Second Seats is ., Back Seats 63 .
Ad00420
CIW CHARTIST HALL , 1 , Turnagain-lane , Skinner-street , Snow-hill . THE Chartists ofthe Metropolis , and tlic Public _generaUy , are respectfully informed a series of
Ad00421
JUST PUBLISHED , In one volume , foolscap 8 vo ., neat clotli , price 7 « , Cd ., THE PURGATORY OF SUICIDES A Prison Rhyme : in Ten Books : BY THOMAS COOPER , THE CHARTIST . J . How , Publisher , 182 , _Fleet-street . ( 9 * Orders from tbe Country to be sent through the Booksellers . MR- COOPERS NEW WORK . To be Published early in _A _' _oTeuiber , in 2 vols ., l * 2 mo . Price Fourteen Shillings , WISE SAWS __ . NB
The Jsokthehjs Stah. Saturday, Octc-Bek 25, 1s«.
THE _JSOKTHEHjS _STAH . SATURDAY , OCTC-BEK 25 , 1 S « .
"The 'Beginning- Of The Exd, 1 ' The '¦L...
"THE 'BEGINNING- OF THE _EXD , ' THE ' ¦ lUKIC-SGMW ' _, _J _ _* UT OX . "It is a long lane , " .. the old adage says , ¦ " whEch never _.-haa-a turn : " -and it would have been marvellous indeed if the _high-road-. to fortune through Rail " way-share gambling , had not had turns , and bends , and ruts , and deep _declivities . Had this " royal road to wealth" _been-atf _ihat the speculators , have deemed _JrL _thcPhilosopUer ' _s stone wouid no longer
have -beeu a _ifoiV < . _rate , * ulor the " secret" 6 f _teuismuting the baser metals into gold—for the _-discoveryof . which the _alebyiuists expended so _uwrch _nesearcluand wealth- _ . a . matter to be coveted . If it had been _J 08 SHJLE . _for-aKswho engaged in UalUayshare _^ peculation to _continually gain without adding one farthing ' s worth of labour , _orvahte , to thc article they " trafficked" in ; ifit : had been _fossiblb for « _# who applied for ,. obtaine ( l , and bought or sold shares in the " bubble schemes" of the hour , to " uakb _moa-ey" by ihe " thousands" without outlay and labour _and-paafitable return . on labour ; had this but
been rossmu ; , it wouhl . hii . ve been a discovery for the fortune-hunters _worthw . prldsj Nay , it would have beta of _univensal . advantage . It would have repealed the cui « Ewhich . we are told was inflicted on the lace through Adam ' s transgression ; for it would have been unnecessary for any to expect" the sweat ofthe brow" in-order _"to . _eat bread . " They would but haws had io . obtain a " share' * ' in the OUt-pouringS of this wonderful new " cruise of oil , " which "tlie more it ie emptied THE FULLER it is , " to set them up for life . The * " tales . of the . Magi , " and the romances of the " _Arabianaiights" weuld have been
far eclipsed . " _Alladin ' s wonderful lamp" would not have been worth-a _«>« . _, ; _andthejiower of fairies and good genii not worth an hour ' -s purchase . The wealth-creating benefits ofthe " - ' old lamp" were confined to those who might possess it for the time being ; and the power of the _"spirits > of . air" was reserved for a few special favourites-: but if this new " royal road" to fortune had been what many of the speculators persuaded themselves it was , ALL could have travelled on it , and none been left behind in the mire and slough of despondency . "Day
dreams , " however , often turn out to he as evanescent in their nature , and as incapable of realisation as the incongruous fantasies of the _night : and in this case the " full of faith" arc doomed to woeful and bitter disappointment . Stern reality and flinty fact comes in to dissipate their pleasing imaginingsto teach them that as yet there is no . ' " rfij / al . road to wealth ; " but that , even in the long lane of Railwayshare "Prosperity , " there is a turning whieh leads to RUIN , —along which turning fhey are bound to go .
Hitherto , the general run of the road has been smooth iudeed Money has been gathered up in astonishing quantities by those who first traversed it ; and pretty tidy pickings have also fallen to the lot of those who followed next . It is true that a few quags and quicksands have had to be passed over but the planks of RISING confidence having been used , the parties fir st _cngulphed have beeii enabled to extricate themselves with little damage . TllC
"success '' of the first _travellm has induced crowds to set out on the journey with all the ardour aud enthusiasm of hunters after the ignis fatuus that is to make them rich without labour . These find precious little ffealtli scattered by the way , —that having been cleaned hy . those who have gone before : but still , having the hope of a golden prize at the end of their journey , thcyy _* ess on , and hurry both themselves and those that _xvould now turn back—down the awkward turning which has the pit of _JltUIN for its
termination . Banks and bank-notes will but serve to a certain and defined extent . They can " expand" with a rising " _rROBVERm" to the point of danger ; and then they must" contract , " to bring matters back again withiti safety ' s limit . You may heat the boiler of the Railway Steam Mania ' till it strains on every rivet and fetter which should keep it cimfincd within
legitimate bounds ; but if you do so , you must make use of the safety-valve , or you are liable to an explosion whicli will carry destructlO i to all around . Facts and physics will not alter their nature , —not even to serve the euds of stock-jobbing gamblers : and all attempts to make "two and two" into five will result in the " labour for the pains . " The power CVCn ofthe Bank of England to "accommodate"" is restrained within a certain extent : and when thatlimit
is full it must so " operate as to brisg back a considerable portion of that it has sent out , or it falls i . \ with the pressure of compression , like to a fragile vessel exhausted of air . This is the present position of the " great money-corporation . " It is obliged to put on the screw ; and the nESULT will soon he apparent in thc share-market , where the " property in premiums" is vanishing like smoke ! On Friday last the Times had the following announcement : — Thc _falloaing notice , issued by the Directors of the Bank of England , shows that the long-anticipated movement has taken place : — " Bank of England , October 16 . "At a Court ot Directors held tliis day ,
resolved" That _tlieniinimunt rate of interest in London for bills and notes discounted at the Bank of England be £ 3 per cent ., such bills and notes not having more than niuetyfive days to run . " Itis _SlippOStd by many that the rise in THE INTEREST OF MONEY WILL NOT STOP At THIS fOINT , Oil tile ground that the Bank lately limited their period of accommodation to one month , and that this month has not yet expired . The railway share-market was not buoyant . The ardour of the speculators was damped in a certain . degree by the advance established in the value of money .
This is " turn the first" of the Bank screw . But the cause that has made this " turn" necessary will necessarily oblige the Directors to " turn" it again awd again . Money ia needed . The country banks have been drained of their deposits , and millions upon millions have been already abstracted from manufacturing and _other'industrial operations , to be " invested" in Railway stock , and to pay up " de posits" and " calls" in new schemes and unformed lines ; the parties who have thus Used tlieir money rely ing on their credit to be able to carry on their manufactories and other businesses . These must liave
money at cither one price or another ; and the country banks are the first place to flee to . The pOWCr of these to " accommodate" is far more limited than it was , ere the necessity for their' doing so arose . Before the Railway mania set in , it was common for the country Bankers to have as much , entrusted to them hy depositors as enabled them to carry on their business without using a single farthing of their own capital . Mr . "Wm . Beckeit of Leeds , of the firm of theBECRETTs , the celebrated country bankers , gave evidence before the Ilouse of Commons that tllia _WOS the case in their "house . " But now all these
deposits are withdrawn—and all the capital the bankers had of their own has been called into requisition . Hitherto the pressure has not been hardly felt , because the bankers have had the Railway deposits in their hands to supply the place of the other deposits ; but the time is fast approaching when these , to the extent of £ 30 , 000 , 000 or £ 40 , 000 , 000 , must be paid into the hands of the ACCOUntant-General , to enable the _promoter of the many lines now before the country to go before Parliament . The old adage , " you cannot eat your loaf and have your loaf" will here apply . The money cannot be thus paid over , and remain in the hands of the bankers , to be used
in " accommodating" their customers who require . aid to carry on trade . Thus the country hanl'S . themselves will need " accommodation ; " ami jn their need they roust -apply to the " Old Lady of Tbreadneedle-strcet . " The manufacturing customers of the country bankers will have , to give Bills and Securities . to the country bankers' & r the aid they require ; and _. _jfowe will have to be " negociated" in London either through the London _Banking-houses or with the "Old Lady " herself direct . } . n any case the " Old Beldame" will be called on for . advances ; and as money . thus hecoiaeg scarce , she must put on the screw again , and again ,: to make _itjiEAR . ; _% eh turn of that . screw . will ; be
"The 'Beginning- Of The Exd, 1 ' The '¦L...
. _attendedwitlHdtssstrous consequences to tliosc who _-aeediaoney , andto those ' who have money lockcdup itt , the . 6 chemestor _' pi'OJects liable to be affected and . alteved . in ¦ _vedus-hy th « se monetary operations . -The _jiwrenuuiiis on projects will first disappear . Away will go . £ 20 , 000 , fl 00 \ orX 30 , 000 , 000 s worth ot " property " . that has beemkeug ht and sold ! It wiltdissipate like mist before _> the -wind . The stllsrs who . have _pocketed the premiums will be " all right "—having " made , " as .-it _« termed , that £ 20 , 000 , 000 or £ 3 ( LQQ 0 fiQ 0 . ; . hut tlte " _iiotDEas" will be "all
m iy "—the / LOSS of the entire amount being theks . ! In fact tlie whole process of this gambling in . _moonshincJs but to emi > ty the pockets of the gulls _inw those of . tke . « _fwirper- ' . After the premiums on . projects will go the premiums on existing lines . All of thorn have , . by ., the spirit _ofgaiuWins hitherto so rife , been forced : iip , to a fancy price . With the blow to confidence will-oomc their depreciation even below tlieir real vdlue . ; and these the capitalist—he that cau _afford _tojiold—will step in and purchase for holduig at the depressed price . When the country has recovered-from the effects of THE PANIC , the
shares the capitalist has thus bought at uuuer-price will regain their Jegitimate standing in the market ; and he will " realise abundantly on tliem : but all thi s will be aUhe _, acpense of those who are now forced to sell . And . thu * they go on—ono stripping another ; one becoming rich , as if by magic ; and hosts becomin g poor to -make that one a nahob ! Such must be . the inevitable effects ofthe "turning of the screw . " They arc already manifesting _themaelveB . _Assosn as the " order" above given was promulgated , it had an unfavourable effect on the prices o f " Er . glisfi Securities ; " or rather on the "funds , " or acknowledgments for tlie Nation ' s Debt , "Consols , " which were " up at 102 in 1 SU , were "down" at 9 JJ ; and Exchequer Bills were at 49 s . premium only . " On Saturday , " says thc -Timet * . —
The depression in tlie _Consol-markct was partially relieved by some timely _purchases by a leading stockbroker made in the [ fhrec-and-a-Quarter per Cents ., which bad fallen more in proportion than Consols . The same party ulfO bought JEtXChequcr-biliK . Notwithstanding tliis interference tlie closing prices wore—Consols for money 07 _J sellers , aud CousuU for the account 97 J ; Exchequer-bills , at 4 * 5 . to _-tSs . premium ; On Monday : — At tho opening of tho Stock Exchange , tbe appearance of things was mure remarkable than has occurred for a
very long period . AVwe of the brokers ut empted to do business either as buyers or sellers , and , for atime , no _quotations were named even in the English stock market . i'oit _SUAllE _!) , THERE WAS _LlTEllALLV K 0 PttlCE FIXED . This state of uncertainty lasted full au hour after the _usu-. d commencement of business . _Evc-n up to one o ' clock , the more steady _brokers were averse from furnishing any lists ; and throughout the day the business dune in nil the securities ( stocks or shares ) was somewhat limited in extent . Kailway shares were flat up to the close of business . The brokers continued to deal , but prices constantly fluctuated throughout ihe day .
Oil tins ' consternation the " City correspondent" of the Times remarks : — The wise proceeding ofthe Ibink of England in raising the minimum rate of discount to 3 per cent ., small lis the difference is from that which before _prcvniK-d , has brought the railway speculations to at least a temporary stop . Little has been heard on all sides to-day hut dis . cussions on the teudtnicy of this measure , and among the jobbers and gamblers in railway shares the conviction is _^ _nevat tliat it ought not to place tliem in a worse position , because to men who are already paying at the rate of 20 or 30 per cent , to put off the evil day of payment , a differ _, _eiweof one . half per cent , in the current value of money seems a trifle unworthy of the smallest consideration .
Still tliey hesitate about engaging in any new operations , aiid Ul ( _^ inj . 08 i . i 0 lltS / d ) i . l eaf _«) "l ( i _Seil than to buy , onli THAT BUIEUS MtE SOT TO BE VOVXD AT TUB STANDIKG quotations , the dealers , who stand between the companies and the public , keeping aloof until they see which way the tide is likely to turn . In every instance the attempt to force sales would at present be attended with a large sacrifice . The true barometer with most of the prudent operators is held to be the state of the Consol and Exchequer-bill market , and these have manifested a degree of weakuess which , if it is in any degree to he traced to lhe Bank notice of Thursday , ought to _mufce those treoible who are holders of three-fourths of lhe railway paper now afloat . The " avalanche , " as the urent
accumulation of railway schemes has been termed in the city , adds daily ill Illi / lioilS to its unwieldy weight , nnd among sound , pracUoaZ men thc QUESTION IS ONLY ONE OF TIME , HOW SOOiV IT if AV COMB DOWiV ; » Mie < M _* J <> _* My » fct _* , tome two months , add _otiiebs speaking of the _jall as smt . moke IMMINENT . The mere advance iu the rate of interest by tlio Rank is not , perhaps , so material iu itself as wheu coupled with one of the assigned _CilUSOS of that Step , / jri / l / i _«< _Zil'ft _!(<) _i-e , as _i-umoar states , reckon upon the distraction , before the end of the year , of three or four millions of their stock of gold to meet tlie tnsfobiiciti upon foreigii railways , they cannotslopliere , but most _i-uhtiier pkotect THEMSELVES BY BllAWHiO THE COIID ST 1 LI , _ri 611 TE » .
Too much force seems 10 haiebteii assigned In the city to the argument that as tliey have still a reserve of about eight millions unemployed , it was their policy to keep the money-market easy , and hence iliat this last measure was uncalled for -, but it is the quality of the advance , and not the mere power of advance , which must always govern this great corporation , which cannot prosper or be safe unKss iu so employing its surplus _lueivws as to retain the power of calling them buck in the shape of bullion if they require it . The directors must not therefore hesitate at any step which is necessary to place this part of their responsibilities beyond the reach of hazard . There is « otfi . _iij left for tlie railway speculators _coiisegueiitljl but to take in sailas quickly as possible : TIIE STOItil IS AT UA . N 1 ) .
On _Tucaday the same writer thus returned to the subject : — There is a notion prevalent among the speculators in railways , that to them a rise iu the value of money is a mutter of secondary importance , _SillCC they must ultimately , as iu the instances of the Liverpool and Manchester . Grauil Junction , London and ' Jirminghum , and some others , obtain eeut . per cent , upon their outlay ; and whether three , four , or live per cent , is paid for accommodation , -while this dream is working on towards its realisation , they _rtyitrd with utter indifference . As far as they are concerned , the Bunk of England , the great discount brokers , and the body of dealers in money , may fix tlieir own terms : the speculators are willing and able to
comply with thero . This 16 9 delusion which cailllOt bo too suou removed . Let any party , having his tin-box crammed with railway scrip and shares , exhibit it to any prudent banker or merchant as security for an advance of money to the extent of one-iulv only of its nominal value ; Ac toitt not , in most cases , get any adcance at all ; or , if he does , it will depend more upon liis general crodit and stability than on the value of the article tendered as security . His character in those respects will ever be damaged by the plain avowal of the fact , that lie has made a large venture in railway shares—au investment , in some instances , perfeciiy good in itself , but so completely overdone and overtraded in at the present time , as to threaten for a period to involve good and bad projects in one
common ruin . With such persons , therefore , let money be as cheap US it may for the prudent trader in tlie general market , _accomillOfliltiOll IS alwatf 8 _difficult ; let any rise lu its value take place , accommodation becomes impossible . In this way _ftane speculators in other commodities—in tea , in cotton , iu tallow , or any of the great articles Of Consumption , all good , useful , and necessary . articles iu themselves—been , constantly brought tO a Stand . There are no men , professionally , s _& acute and sagacious ns the dealers in money . They seek information ou all sides , and compare notes with each otlier _respecting the operations in whicli the leading merchants or the public are engaged ; and a hint that A or B has accepted too many bills on any one commodity , beyond what the ordinary transactions of lus business will justify , damages his credit , and either brings his speculations to
a close , or , by forcing him to suspend payments , leaves perhaps a better dividend for his creditors . Both lenders and borrowers , by thc timely interference of the discount houses , are thus often saved from ruin . Hut the speculators in railway sliares , according to tlie present indiscriminate practke , are far below even ihe worst clas ) of speculators tu an article of commerce or consumption . The LATTEa is _ALW L _* S WOHTU _SOllE-riUSO _, BUT THESE TO AN IMMENSE _AMOUNT _MCSr BECOME _UTTEKtV WORTH _IESS , TllU 8 _WB have the _spuetuele iu this aud _othur great towns of the kingdom , which have all established marts for gambling , of a countless mass of dealers and traffickers iu a commodity of the value of _tofticft they know . _lolfti .. _^ , and on whicli no money can be raised . Mex k _» v _difi-bu as to the TIME AND M 4 KSi'R ill Whkh ( hit heap Of combustible } will explode i but Unit ie cun end _wiUtout some serious _comtubion 110 one ventures to _fwue .
Are not we entitled to ask , " who were the " croakers" when we lind those who were silent when we first Bounded the note of alarm mw using our very wovds in describing the evils _coming upon us , and which cannot now be prevented ? Should we not he justified in strongly contrasting our opinions so frankly and explicitly given , with those then held forth by those who how speak as above ? But to trium ph in such a manner is not our inclination . Enough for us that we have done our duty . Enough for us that we foresaw " THE END " from thc beg inning , and warned the country of the danger to which it was subject . _Enough for ug Uiafc we j . „ vc been true to our professions ; that we spoke without fear orwithout / avour . Eaougk for _TO that we did not defer our warnings to the int o *** of anvbody that tre did not pander to tlie provaiKnffPivj _« Uicc il ; at cr " _fticnAT might . get > icli at somebody ' s else
"The 'Beginning- Of The Exd, 1 ' The '¦L...
expenoe . Enough / or ue that ¦ voVsaH _* --danger , and gave _instaiifcuttcrarice to our "fears . But then . _* 'ha-t is to be the end © Lall this .. ? Is the _gambling-markct ' to _bedepreissed _ibca-Uraa ; then to regain its buoyancy ; then again enable the sharpers to fleece the . gulls ; and then another depression and danger of .. national bankruptcy . ? -Ire we to go this eternal round of rascality and ruin *? Are the good and legitimate -projects for railways to sutler and decline because a score of bad ones . are ushered helterskelter into the market to " compete" with every goodone ,. and to enable the hosts . of . Directors , Provisional-Committee men , -Shareholders , and other gambler _? , to appropriate to . themselves heaps of money for which they give no . equivalent 1 Is this to
bc the continual course . ? It is not htting that it ghould . Railway communication , when judiciously laid out , and economically formed , is calculated to bc of national advantage . It operates against isolation , brings man in contact with his fellow—destroys mere local prejudice- —and enhances the means of giving and receiving information . It is , moreover , calculated to dwelopc the inci pient resources of a district , and improve those which aro had in avail , whenever it affords hetter facilities for tlic conveyance of raw material . and manufactured goods . It is , therefore , of national importance that all good and likely lines of Railway . should be forwarded as fast as the national men ns will allow , consistently with the other national ei ) gagem < . iits . We havb to hii ox a _tlan _*
bg which tfds good can be effected , without the evils of which we have to complain , and from which we have to suffer . The mode of doing this will present itself , when the present system has worked up to a certain point . With English * men it was necessary that the plan of individual or conjoint rnivArt * enterprise should have its full swing , to prepare them for a higher principle of action , which , while it prevented individual accumulation , will secure thc benefit to the nation at large . The evils of the present system will work their own cure . We shall have the Railways without the gambling . Already docs the public mind indicate the growth of an opinion in favour of this course . Already is the public press hinting at the possibility of this ! being accomplished ; and before we have passed through the stormy times how opening on us , WC shall have the mode by which this ean bc reiliscd , publicly discussed , and very generally
_suppoi-tcd-Spacc now prevents m * from entering more particularly into _thia branch of the question . We must deter it to another opportunity . Meantime , we conv » v . < iv . _< A the following extract from thc Bankers ' Circular to general attention . Thc remarks OU the present speculatien in Railways are temperate ; and preceded as tlicy are by a descriptive sketch ofthe " great crisis" of 1821-5 and that of 1835-6 , for the purpose of contrast with the present , Ihey are calculated to be of general benefit ;—•
We now proceed to bestow a few observations for tlte purpose of distinguishing this extraordinary speculation from some of those which have preceded it , equally niiirliing in their day an excited and diseased state ofthe public mind when stimulated by the designs and interests of brokers , the association of numbers , and the eagerness of gain . The speculation of 1824-5 took all directionscolonial produce , all raw materials of manufacture , public companies for all imaginable purposes from stenin . wnshing and cow-keeping to making Ireland a _silk-producing country , and covering the sea with ocean steamers—bad
and good schemes of all sorts . Hut its boldest and most conspicuous flight wus over the Atlantic , to invest money in the mines of South ana Central America . It is impossible to state how large was the whole capital which was sentin this direction ; Mr . Huskisson made it the theme ofa discourse , iu which he represented the clear loss at from tliree to four millions sterling , IJut the peculiar character and manifestation of that speculation are the important and instructive circumstances that wehave _noiv to consider , for the purpose of showing their _bearing by force of contrast on the mania now prevailing .
Tlie source of all these speculations is a reflux of money to the centre , after a period of commercial and manufacturing distress , and low prices . That of 1821-5 was wide spread , and it fnstencd on many objects ; but its most striking feature was the miuing enterprises , which also involved the greatest amount of ultimatcloss . During the highest State ofthe fever the premiums ou the _shares of _soincof the South American mining companies rose to more than a thousand times the nominal value of the shares . In this there is a striking contrast to that which has taken p ' _ace in railway shares , in none of which has tli e premiums amounted to the nominal value ofthe shares , wheu iliu affair was in the state Of projection . Till ! reason is this , —supposing the spirit to have the same
strength and intensity , and to be supported by the same amount of power in lSi _.-l-5 'as iu 1814-5 , at the former period no oue _objact presented itself on which alone the i speculation coulil live and prosper . Gold and silver mines are limited in number ; thfcir situations are remote from the centre of power ; the people of England were not familiar with such enterprises , aud nothing but high mercantile names could have induced them to adventure their money in such novel and hazardous undertakings . The spirit was rife and eager to be led , but the leaders could not create objects fast enough to satisfy the cravings ofthe spirit ; and so it fastened on many absurd schemes which men of lower grade nnd iuferior ) autlioritics brought forward for it to feed on . If mines had been like
railways , equally familiar to the public observation and approbation , —if mines could have been presented in unlimited number , and some leading men had been willing to lend their names , influence , und authority to the formation of a score of companies at once , as they do now ill the case of railirnys _, the speculation of _18-J 4-5 would have been confined as exclusively to mining emtcrprises us the speculations of lSlt-5 is confined to railway enterprises . Ingenious men observe the cravings of the monster , and they fiud no dilliculty in creating a tllOUSMl J railways for the purpose of satisfying it . In 1824-5 _thsre was no such prolific field of creation ; and consequently the shares in the few Wining companies brought out rose in some cases to more than a thousand-fold of the amount of capital proposed to be laid out .
The nest succeeding period of speculative prosperity , 1 S 35-C more nearly resembled in its characteristics that of 1825 than docs the present one . North American credit , garnished with banks , railways , and other public improvements , was in this case the tempting bait . Substantially , the objects then presented for investments were of sounder foundation than four out of five ofthe railway projects that have been brought out for public patronage in the year 1815 ; and we firmly believe that the shareholders in canal aud railway property and in loans to municipalities in the United States , and on the other hand , in the new railways of England , will admit thc validity of this conclusion when they compare accounts in the year 1835 . The range of enterprise for British
capitalists in _1835-G was extensive , for it hud the whole of the United States for its theatre . It Wil 8 then , as now , confined mainly to ' one field abroad , but in England it took the direction of forming joint-stock banks , opening large streets and constructing new ones , building public edifices , laying out parks with -villas , as at Claplutm and near Manchester , nnd generally it CieatCd a Spirit of speculation in mill ? , mines , manufactures , and the raw materials of manufacture . On attempting to draw a parallel between the two periods of excitement , 1821-5 and 1835-6 , we find the great feature of the first was that the principal stream of speculation was directed to South aw * . 5 _entral America , and that ofthe latter , was that the great stream was directed to North America . In other
respects there was no striking characteristic of difference in the two , except _whatrclates to joint-stock banks , which _, in 1825 , the state of the law precluded from heing formed . "We now come to the speculation ofthe present time , to make the examination more intelligible . The object of the current speculation is principally , almost exclusively , confined to railways here and abroad . Its range , however , is as great as in the two former cases , probably far more extensive , but it is in great part limited to home , and the money it calls out is spent in great part on ourselves . We rejoice that it is so ; it must be productive of public benefit by drawing out hoarded , and , as it Jay , useless treasure and giving employment to labourers . But , we ave _coiwidenng the matter as a speculation , and endeavouring to trace out
some of its probable cotAse _^ _wawcs , _Assuch in what respect does a railway aider fromo mill that is built in times of stimulation , and is sold for _one-fifth of its cost in times of distress , because the owner cannot pav the expense of working it ! The mill is better property than a railway , because the latter can be applied tO One only purpose , In botlt eases , the architects , fallen in materials , and labourers of the structures were benefited _whdst they were in course of heing constructed ; but . alter that , so long as thc structures will not pay for working them the capital ex pended is almost wholly pure _wuste . Of what use to the public or the proprietors is the capital expended in the Junction Kailwavt We believe that is the name of ono for which an act was obtained ten years ago , to bring the traffic of the existing railways to a point somewhere about Gray ' _s-inn-lune , and which was partly constructed . The ground has been _forfened to the
original owners ofit long since , according to the terms of the act Of what use will be some of tfa ! hve _navrays projected to be formed between London and York ! Not one additional railway can be formed without injuring the revenue of that which is i „ operalion Some of them must be closed for the want of power to pav he working of them ; for , to _rendor M , om _p , _**** ° P ay . tlie profit , L wealth _' _and p _^ _' _£ of Z _2 _oi £ ? _KS £ ¦ _Mrbfld _inlco _^ _uouw _Su . rir _^ ' _™ ' Ca " n 0 t be Ins the ... being _grcaSll , ! r 0 nt cxPen " ° f > _-ork-. _udtlieycaubeSSS _' _otll ! . r M « _" * _%
"The 'Beginning- Of The Exd, 1 ' The '¦L...
Wasteful expenditure , ' whether it be made in _n- _^ like instruments , useless canals , - or useless railways , _l-,. ' the same malign bearing ' ou . the welfare _ofa _^' whatever may have : been its object . In the t ;( sL . * i wasteful expenditure in war , the state provides tii ! lt „ . capitalist who advances money as it is 'united slv . _0 \ , ceivc his stipulated usance for it by taxes levin ! , _^ ¦ whole community ; in the ease of a wasteful c . v ] . _i-, i , ! i luj in useless _railn-iiys—say of fifty or a hundred mini _,.,,, which cannot be worked btcauseof thu expense of nw ! _*' ing being more than thc income—there is u 0 Malc o * power to guarantee the annual usauce to those _wl _, 0 su ' ply the capital ; conseauently , although the pulilic bUr " den must be lets than that for expenditure cac _^ i " . i _« * . _ « , l , _ tlli (_ _it 5 # liu »_ . ___!_ , I . _
war , or nothing at all , the individual _mluij caused by abortive railway schemes with their outlays must be so great as to battle all power of description . Neii ) itr _^ there wanting evidences oreti in this , the infancy « f tlle system , to prove that three or four out of every _fiyatf the new projects—especially those for the cast , south and sonth-west of England , remote from thc sources J mineral wealth—must fail . To say nothing u { u wrecks passing under the titles of the IVmk ami u _, Moreton-iu-the-Mnvsh Railways , there exists the ") Y / _, itb and Pickering Kailway fa single line , with sliding . * _„ _j twenty-four miles ) as a warning . Tlure is no i- ailway that rims over suck a proportionate length of waste and worthless land ; there is no railroad more needtd _, fur
Whitby is a populous and wealthy town , situated in _« deep and remote cut de sac , the nearest market tuwn being twenty-miles distant , and the _illterveniiif ; fj , . every direction being moorland . Two buautii ' _ul _valley approximating near to midway between Whitby a )| _Q Pickering present the most favourable basis for the eon . struction of a railway . The one now worked has constructed—badly constructed we admit—and in _upm _,. tion many years , Thc owners never , we believe , tecvivtd one farthing in the shape of dividend or Interest for _tlu-ir capital , and the expellee of Working the line was with dilliculty defrayed—the operations were frequentl y on
the point of being stopped for this reason . Here there _wi _ s no competing line , no competing carrying power north alluding to , except that provided by the sea ; tun ] we repeat , no _dicumitsnces ean be Imagined mi » r _« fy . vourablu for a railway enterprise , except dense popufo . tion and mineral treasures . Not one iu fiv _* of tl . u _ww projects is to be compared witli it , all circum . « _tancc-s considered . Mr . Hudson's keen practical rye lias perceived this , and he haa bought the _Wlu ' tby and * Pickering Rail _, way , which , as an adjunct lo lhe fork and Scarborough and . the York and North Midland , now all oue , will prove in his bands an important feeder ; for competition is out of thc question in kucIi a locality .
« c have adverted to _thest . _illustrations furnished bj brief experience in working a novel system , for the pur . pose of suggesting the improbability of more than one in four of the new projects paying any interest to tke adventurers . It would he useless to multiply _exatutiltt or they might be adduced from the slight and miserable dividends exhibited by some of the southern . railways working without competition . Then what will be Die effect of all this speculation ou the monetary power is the only remaining section of the mnttcr on whicli ivc sllilll at present offer any observation . We said a furini g ' . it since that the thing as a speculation must break down within six months , or subside , leaving shoals of adven .
turers helpless on shore when the tide ebbs . I ' _rupluts _, with a particle of foresight and discretion , will | _i _ l ( e , _ n ample margin when prophcejing ; anil a third _yurt ef six months may be sufficient to realize this prophecy . Whenever that time comes there will bo a rush to obtain the possession of mouey to keep the speculation afloat , A few only of the speculators will succeed in this ; for there never was a speculation in _wiiicli the Directors of the Bank of England generally , and those who influence and control monetary operations in the city of Loudon flood more aloof than they do iu this railway speculation . The Bank will not bc controlled by railway magnates as it was controlled by the great merchants and merchant _, bankers at the two former crises of 1825 and 1 S 3 G .
This leads to the inference that the manufacturing and mercantile operations of the country will be less interfered with at the _nextconvulsiOIl thai ! at ally preceding one ; and this appears to us a just inference . Still there will be a very large sum of money abstracted from its mercantile and ordinary use , which will make the market for supplying it to those uses scarce and " tight . " We can perceive no _dilll-rence between lockimr up money in a useless railway in _Fennsylrauitt aiid locking tip the same SUtn in eight useless out often projected for Southampton . America being always the debtor country on the balincc , it would be rather less disadvantageous to our
manufacturing interests to waste KnglUh money there than lot such purposes at home . * at home it ivould cause less tobe _tprntiw English manufactures than in the United States , and more to be spent iu such imports as tea , coffee , tobacco , sugar , wine , rice , and food—especially in tlta period of projection and laying out of schemes . A secondary clerk to an engineer has , we know , been paid seven guineas a day for his services ; and this fact _inarki the objects on which an increased expenditure for railways in this stage of their progress is likely to be squandered _. The great question for consideration is , what will be the _eft't-ct . of all this speculation combined with augmented imports on the Bank oi England !
On this last question we know far too little to justify us in saying more than we have said at present . We understand that the directors count on the probability of losing two or three millions of their treasure . Such a drain , we believe , ivould not Stop at tho assumed point , but even that small sum would be quite sufiicient to sink three out of four of all the new railway projects , to produce greater _stringency in tbe administration of money _,, and very guarded conduct on thu part ol all hauliers .
The Minister And The Corn Laws. What Sor...
THE _MINISTER AND THE CORN LAWS . WHAT SORT OF BARGAIN SHOULD THE FARMERS MAKE ! There arc indications on the political horizon that Peel is prepared to " go the whole hog" with the Corn Laws , and complete the degradation of his agricultural majority by dragging them np to vote for the total repeal of thoso regulations wliich tlicy have held out as necessary to the very existence of the landed interest . Last session all the defence that could be offered by the " farmer ' s friends" in the Ministry was a "kicking" reproof from Mr . _Stdsc t _IlEiiBKiir , ( he new Secretary to the Treasury , to tlic fanners * ' for coming whining to the legislature for relief" from , the distress and ruin worked for tliem by legislative measures ; and Sir James _Ghaiiam at once announced that the Ministry were fully
picpared to admit thc Free-trade principle to its lull extent , —the application of it being only a question of time and " Ministerial convenience . Since then the Times has been preparing the public for a new course of policy in relation to the importation of food—its articles having for tlieir object the inculcation of the idea of a total repeal of the Corn Laws rather than the substitution of the " fixed duty " which the Times in former times , and not very long since , advocated . The recent jeopardy we were in , in relation to the whole harvest , and the partial failure of the corn and potatoe crops , have afforded occasion for these preparatives for the coming event . In addition to tlwse Bignincant
" signs" we have Lord Ashlet addressing his constituents of thc county of Dorset , telling them that " the destiny of the Corn Laws is fixed , " that" the leading men of both the great _pai'tiCS in thfi legislature are by no means disinclined to their eventual abolition ; " and " that the difference between these same ' great parties' is lees a matter of principle than a question of time . " Add tO all _tlflS tllC fad that the Sunday organ of the Ministers announces that " the Government are sedulously procuring information from all parts oi the country , as to the
most vital of all questions—the food of the people ;' and that a variesy of rumours were circulated " on Change" on Monday , in relation to a change of ministerial policy on the subject of the Corn Laws , and had some effect in depressing the funds and Railway shares . Add all these tilings together : and it would appear pretty evident that Peel is preparing to give the finishing stroke to ' that" proud and haughty aristocracy" of ivhich he is not a , member , and complete the ministerial structure of free trade for which liu laid 1 * 1 * 16 foundation in his Tariff of 1841 .
Onr opinions as to the ef fect of such repeal , unaccompanied by the otlier fiscal and monetary alterations which we have pointed out , have undergone no change whatever . "We still believe such a step to be fraught with destruction to thc real farming interest , and to carry in its train a host of awful consequences to the producers ot" all classes . The experience we havo had of the free trade measures of Sir _Robem Peel has not weakened these opinions in the slightest —• but , on the contrary , strengthened tlicm in every particular . Tell us not that the " _ro-iriitf trade " and " glorious _PROBPERm" of the last two yeart have resulted from Sir Robert ' s abolition of import duties ; for with the free trade Chronicle we hold that
Sir Hohrrt Peel is perfectly well aware tliat the apparent success of what he calls " his policy " has , in rcaUiv _. as little as possible to do with his policy—that the p lenty , cheapness , and general prosperity , the high _w'ttgi'S and diminished pauperism of the last two years , are as little attributable to his _Corn-Iaw , as they ore to bis Incometax— -that they are the fruits of a succession of abundant harvests , which have virtually and pro tempore , repealed bis Corn-laws . Sir _Robebt PEEL knows _this—and what is more , he knows that the country knows this . Tell ns not , therefore , that Sir Robert is to be _crcl . lied with thc _prospeiuty that has abounded , unless you also admit tliat ihe j _» _fe . tuatcd gamblin g in the
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Citation
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Northern Star (1837-1852), Oct. 25, 1845, page 4, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/ns/issues/ns3_25101845/page/4/
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