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TtlE . NORTHERN STAtt. SATURDAY, OCTOBER 25, 1SW.
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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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COLOSSEUM . PATROV I ^ ED and visited » T *«• - Vost Gracions mSe « IT and his Royal Hfel . ne . ss Prince itBEBT 0 P »»* M from Ten till Six . Fron «« d bv me 1-resB , and confirm ^ by every vis . tor ^ Cl ^ e «» st perfect triumph of Art in its vanons am both by Var and Sight , that has ever been 3 « d . ' Equal to « x exhibitions . The Glyptothcca , fTtttang works of the first artists ; Mont Blanc « £ Mountain Torrents , Superb Conservatories , Gotlnc i ! ri . TT Classic Ruins and Fountains , l ' anorama of Won , « -painted by Mr . rarris , &c . Admittance , ^ 5 . Children , half-price . The Stalactite Carerns , the most magnificent of all the temples which nature has fcoUtfbr herself in theregions of night , Is . extra . ETESISG EXHIBITION , Open from Ei c " ' till Eleven , consists of an entirely new panorama of London by night , erected in front of tUe fla v picture , the largest ta the world , comprising 4 G , 0 ( JQ square ieet , projected and carried out by Mr . \ f . Iiradwell , and painted by Mr . Danson and Mr . Telbin . The Caverns , Jlont Blanc , aud Torrent fcj night , tlie G ! , yptotheca au& refreshment saloon , brilliantly illuminated , forming a . yroaenade perfectly unique . The whole exhibition designed by Mr . UradweU . Admission at the door 5 s . each . Family tickets to admit four persons , at 4 s . each , lo be had at the Xorth Lodge , Colosseum , from Ten to isii and at all the principal Librari * s and Musicsellers .
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TO TAILORS . Jnst published , IOIfDOX and TAV . 1 S FASIIIOXS for the Autumn I and Winter , 1845 , by T . GOOD , G , Conduit-street , Jtegeat-street , London . The mostsupsjb plate ever published—19 figures , representing the most fashionable garments , particularly the new style paletot over-coats , both tingle andaouble-brcasted , six patterns of garments—viz ., two sizes of paletot , two dress coats , the Parisian 6 tyle ¦ rest with skirts , and shooting vest ; full and particular report , &c &c . Price 10 s . Gd . for the one season , or 20 s . foe one year , iucluding an Intermediate report , summer and winter , with eviaj necessary infonnatiou throughout ihsyear . Aqdendid Livery Plate , warranted the most usefal in the trade ; seven patterns of garments , and a book of description , &c . Trice only 12 s . Two Juvenile Plates—Ko . 1 for spring and summer , Xo . ' 2 for autumn and winter ; price ( with the fashions or livery plate ) , 4 s . each . "The woric on Cutting , in numbers at Is . Gd . each , as tiraal . Scientific cutting taught , and garments or patterns cut for the trade . — Observe the address , as above .
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TO TAILORS . JJy approbation of Her Most Excellent Majesty Queen Victoria and His Koyallli s bness Prince Albert TT 1 HE LOXDOS aud PAEIS FASHIONS for Autumn X and Winter , 1845 and 184 C , ready early in October , lij HEAD and Co ., 12 , Hart-street , Bloomsbury-square , ZondonjBcistr , Ilolyirfill-strcet , SJraml , London , and maybe had of all Booksellers wheresoever residing ; a * ery superb Print , representing the most splendid exhibition in Europe , an Interior View ef the Colosseum , Segent ' s-park , London . This exquisitely executed and beautifully coloured Print will be accompanied with fulljKzeDresn , FrocV . and Hiding CoatPatterus ; also , Patterns ¦ ufthei ' few Fashionable Polka Frock , and Locomotive Siding Coats , aud an extra fitting Fajhionable Waistcoat 3 ? attera , with every part complete , and a fnll explanation of the manner of cutting and making them up ; also 9 extra plates , including 3 sectors , 4 for cutting fancy coats , 4 for waistcoats , the other for cutting Coat Collar Patterns , in proportion , for all sizes , so that any person anay complete the whole in the most correct manner , -without a previous knowledge of any system of cutting ¦ whatever . Price ( as usual ) the whole , 10 s ., or post free to any part of England , Ireland , Scotland , and Wales , 11 s . System of Cottinjj , 25 s ; Patent Measures , Ss the set . Patterns , post free , Is each ; to lie had of all booksellers . For particulars , see " Townsend's Parisian Costumes , " "Gazette of FaeTnon , " "London and Paris Magazine of fashion . " the " London and Country Press , " ic .
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ISDEPESDEST ORDER OF UNITED BROTHERS ( LEICESTER TLSTIT ) . IMPORTANT TO WORKING ME-V . SELF-INTEKEST being tlie first law of nature ( and through lift n * find this the one grand ruling principle—neither is it -wrong , if not carried out to an im--proper extent ) , is these days of incertitude it behoves « very 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 winch man is liable . The various SodttbE formed fo * this purpose are amongst the foremost , established by the philanthropist of our day ; the greatest good has accrued from tbcm ; but the most prominent stands the various Secret Orders ; tlie pr inciple on which they are bound gives them a superiority above all other similar institutions . Various are their titles and sujuifications , and various are the modes of carrying out their designs ; but perhaps tliere are none which shine so connuicuous or more beneficial than the ¦ "ISDEPEXDENT . OKDEH OF USITED BUOTIIERS . " it is an institution that will be found to possess in every * ray equal , and in some respects superior , advantages to any other society of its class . Its laws being based upon the pure principles of Democracy , ana past experience btTing taught the lesson that public-house- meetings tend * aiher to injure than otherwise , the members of this CrderarenotallOHed to hold their Lodges at such places ; . neither are intoxicating drinks allowed at them ; but , on the other hand , they are not restricted to tcetotalism . This Order has met tlie feelings of a great portion of m . r population ; hence Us i **^ y »« s » - « = > s- 'I ' o such , then , - »* o trisn to appropriate their money to a really useful purpose , vrlio wish to make a prwrisUm f or sickness and distress , and to tie convsyed in a decent manner to that ** bourne from whence no traveller return ? , " without the aid of a parish , « r of being under any obligation to friends or charitable persons , this Order affords every facility . Ihe regular contributions amount to 9 d . per fortnight , ibr which a member , when sick , receives 10 s . per > veck ; £ 10 is also given on the death of a member , and £ ' t : \ t the ! death of a member ' s wife ; ami , by paying a small nddi- lional contribution , tlie gifts at the deaths mil be doubled , j . All necessary information may be obtained by applying - < o the following persons , viz . : — John Windley , printer , Church-gate , Leicester . "William Colver , Dryden-strcet , ditto . j JDavid AbeU , bru « hmanu £ icturer , Westgate-street , Glou- j cester . Edward Jennens , Freeman-street , Birmingham . j William Parker , tailor , Kedditch . Thomas Knight , Mundy-street , Derby . William Robinson , Shearsby , South Leicestersliire . "William Clarke , sail cloth manufacturer , Kewark . William Pike , tailor , Porter-street , Sheffield . Samuel Boonhnm , Nottingham . And at the various Lsdge-liouscs in the dincrentfparts -of the counter .
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GItEAT BIUTAIN MUTUAL LIFE ASSURANCE SOCIETY , 14 , Waterloo-mace , Losdox . DlHECTOr . 3 . The Chisholm , Chairman . Wjllinm Morley , Esq ., Ztqnttg Chairman . Henry S . llarber , Esq . James John Kir . l « ch , Esq . « Tohn"i 5 rij ; htman , Esq . Henry Lawson , Esq . Prands Brodigan , Esq . Henry Penny , Esq . James Wm . Deacon , Esq . j llobert Power , Es < j ., M . D . . Alexander R . Irrine , Esq , ( The Kcv , F , W , Johnson John Inglis Jcrdcin , Esq . j Vickery , A . M . ACDITOKS . C . B . Rule , Esq . T . C . Simmons , Esq . G . Thomas , Esq . TnvsicUK . John Clendianing , M . D ., F . R . S ., 1 G , "Wimpolc-street . SOMCITOB , "Walter Prideanx , Esq ., Goldsmiths' Hall . BASKEES . Union Bank of London . JU > VAXTAGKS OF THIS ISSTITUTIOX . TUe whole of the Profits divided assbai . lt among the Members , after payment of five Annual Prt-iniums . An ample guaranteed Capital , in addition to the Fund continually accumulating from Fremiums / uHawiTtaVnf to afford complete securitv to the Policv-holders . HALF CKEDIT KATES OF PREMIUM . The attention of Assured is particularly directed to the Half Credit Rates of Premium , toy -which m-. ar . s Assurances may be effected , and loans for short periods secured TCth the least possible present outlay , and at a less premium than for short terms only , and with the option of paying up the arrears and interest , and the difference between the two rates , thus becoming entitled to participate in the whole of Me profit of the imf ifatton . £ XTSACT EROS ! THE BjtxF CB £ » IX £ ATXS OF rSESIICSI . WniOfcT PROFITS . Age 20 . j Age 25 . ) Age SO . Age 40 . Age 50 . 1 Age 60 . £ s . d . | £ s . d . 1 £ s . d . £ s . d £ s . d . ! £ s . d . 017 e ! 0 13 9 1 1 3 j 1 S 2 - » 1 O' 3 4 2 " ¦*"" WITH PROFITS . - Age 20 . Age 25 . Age 30 ., Age 10 . Age 50 . _ Age CO . £ . e . d . 1 £ s . . £ s . d . £ s . d . £ s . d . £ s . d . 1 Olll 3 01 5 81 13 11 2 S 10 3 15 11 I i Thus , for example : —A person in the twenty-fifth year of his age , need only pay ISs . 9 d . per cent , yearly for the first five years , and afterwards by paying up the remaining half ni ! h interest , and the difference between the above rates , lie will fee entitled to share in the entire profits , which it is expected will reduce the future payments to little more than half the original Mutual rate . The Cieat Bbitaijj is the only Society in which this very great accommodation is given to the Assured . Transfers of Policies effected and rcgistereu ( without charge } at the Office . Claims on Policies not subject to be litigated or disputed , except with the sanction , in each case , of a General Meeting of the Members , to be specially convened on the occasion . Members Assured to the extent of £ 1000 entitled fafter payment of five Annual Premiums ) to attend and vote at = 11 General Meetings , which will have the superintendence « Bd control of the funds and affairs of the Society . Foil particulars are detailed in the Prospectus , which , ^^*^ re 4 ni 5 iteiuformation ) may be obtained by ap-Iccntswan * a' ^ ^ IRVnfE > Managing Director . * £ & ^ £ ^ «***«™^ « A npplica-« o the H *» ri « £ ^?^* ^ nent 5 al Pities addressed M ^^^ 2 ^ u ilra .
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TO ALL WHO CAN'T PAY ! TMMEDIATE Protection , and a prompt and safe final A discharge , without the intervention of a Prison or an Attorney- A discharge to Deitors is now imperative , because Imprisonment fin-Debt is now penal , not remedial . —Debtors c . f all grades will bebenefitted hy applying forthwith to John S . Bcnstcad , 22 , Basinghall-street , near tho Court of Bankruptcy . London .
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TO THE . EMBARRASSED—IMPORTANT . rnilEUE are thousands of persons who hare struggled X long against the force of misfortune , but few are aware that by a very recent Act all small traders owing debts not exceeding £ 300 , farmers , and all others owing to any amount , « in 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 Mosra-chambers , 17 , Ironmonger-lane , Cheapiide , by letter or personally . Persons summoned for small debts should apply immediately , as they may thereby save themselves from frequent and lengthened commitments to prison .
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TEETH . MASTICATION and Articulation Improved and Guaranteed . —Messrs . DAVIS , Surgeon-Dentists , 12-3 , Fall-mail , opposite the Haymarket , and 1 , Hew Bridge-street , comer of Fleet-street , continue to supply teeth , guaranteed never to discolour , break , or decay , and fixed without springs or wires , without extracting the old stumps , or giving any pain . A single tooth , 5 s . ; a set , £ 5 . Loose teeth fastened . Scurvy in the gums effectually cured , Stopping decayed teeth . Price 4 s ., Pavis's Heniiastican : allpersons can use it themselves , as full directions are enclosed , and can be sent per post .
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COALS . PROVIDE FOR WINTER . pitOVIDEXT FAMILIES , subscribing Is . per week to JL the Metropolitan Coal Company ' . ? Shilling Club , can obtain four half tons aunually , without further charge , fines , &c . The Coinpany ' s ^ rice current is , Best Screened Wallsend , 25 s . per full ton ; Seconds , 21 s ., 22 s ., and 23 s ; Coke , 17 s . fid . Office . 279 , High nolborn .
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PANKLIBANON IRON WORKS . THE LARGEST STOCK IS EUROPE . —FCUKISHIXG IRONMONGERY , Stoves , Grate * . Kitchen Kaiigcs , Fendere , Fire-irons , best Sheffield Plate , ornamental Iron and Wire Work , Garden Engines , Rollers . &c , Japan Tea Trays . Baths , Ac—PAXKLIB . U'ON i OS WORKS , aujoiniii' Madame Tugsaud ' s , 58 , Bakcrstrcet , Portmau-square . N . B . —Every article is marked in plain figures at the owest cash prices .
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THIRTY-TWO PAGES FOR ONE PENNY . THE LOXDOX * ENTERTAINING MAGAZINE ; or , LIBRARY OF ROMANCE , published weekly , containing novels and romances , with gravities and gaieties , unexampled in interest and price . So . 52 will be published on Saturday , October 25 , price One Penny , and will commence with "THE REGENT'S DAUGHTER , " Newly translated from the French of Alexander Dumas ; a work much sought after in France and on the continent . Part 10 is just published , and contains 1 C 0 pages , price Sixpence . A ' ols . 1 and 2 are now ready , priee Three Shillings each , elegantly bound . These volumes contain the beautiful novel of "Matilda , " by Eugene Sue ; also several other Novels and Romances , by celebrated authors , besides an immense variety of entertaining and usdul matter . Each volume contains nearly 600 pages of closely-printed letterpress . It is the cheapest work in the world . The London Ent £ Kt . aini . nc Magazine is published regularly in weekly numbers , price One Penny , and in parts , price Sixpence , by B , D . Cousins , Duke-street , Liwcoin ' s-inn-fit-lds , London , and maybe bad of all booksellers in town or country .
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MINERS' ALMANACK , FOR 1 S 16 . By Mr . William Daxiells . In the Press , and shortly will be published , THE MIXERS' ALMANACK , for 1846 , containing Twenty-Pour Pages , over and above the Advertisement Covers , PRICE ONLY ONE PENNY . Besides the usual amount of information , this Almanack will contain Tables for calculating Wages , Prices for Hewing Coals , either by the score , yard , or ton ; Market , Weather , Tide , and other Tables ; Accidents in Minc 6 ; Ventilation of Coal Mines ; with Tables showing the speed of air currents , and a mass of other useful information . To Advertisers this will be nu invaluable medium of communication , the circulation each year , since it was fir « t published , having never been less than 10 , 000 ! Advertisements will be printed on coloured covers , and stitched to the Almanack ; and in all probability will be read by every llintr in Groat Britain . Orders and Adrcrtisements received at the Miners ' Adcocate Office , Side ; Mr . Horn , Music Seller , Greystreet ; Mr . France , Bookseller , No . 8 , Side , Newcastleupou-Tyne : Jtr . M .-Coll , Suuhselicr , Soutll Shields ; Mr . James Williams , Printer and Bookseller , Bridge-street , Sundtrland ; and Mr . Cleave , Bookseller , Shoe-lane , Fleet-street , London . X . U . No Advertisements will be received after the 2 £ th of October . Just published , Price Twopence , A PAMPHLET , entitled "AN EXPOSITION OF THE INSECURITY OF THE DAVY LAMP , AS RELATING TO COAL MIXING , " in which will be found the evidence and experiments of Dr . Murray , Dr . Ftavira , Mr . John Roberts , and others , as given before the Parliamentary Committee . To be had at the Jfincrs Advocate Office , Side ; Mr . T . Horn , Music Seller , Grey-street ; Messrs . P . France and Co ., No . S , Side , Newcastle ; Mr . II . McColl , Bookseller , South Slik-Ws ; Mr . James Williams , Bookseller , Sunderlaud ! aud ill . Cleave , Shoe-lane , Fleet-street , London .
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COMMERCIAL BUILDINGS , LEEDS . OS Monday evening , Oct 27 , and every evening during tlie week , Mr . M'Millan has the honour to announce that he will give his celebrated entertainments on Ventriloquism , Vocal Imitations , and Original Anecdotes . Doors open at seven , to begin at eight o ' clock . Reserved Seats 2 s ., Second Seats Is ., Back Seats CJ .
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CITY CHARTIST HALL , 1 , Turnagain-lane , Skinner-street , Snow-hill . npnE Chartists of the Metropolis , and the Public gene-JL rallv , are respectfully informed a series of NINE LECTURES Will be delivered iu the above named commodious Hall , to commence on Sunday evening , November 2 nd , 1843 , by Mr . Thomas Cooper , Author of "The Purgatory oi Suicides , " " Wise Saws and Modern Instances , " ' People . Songs , " &c . SUBJECTS OF TIJE tECTCTES AS FOitOW ;—Xov . 2 . —Life , reign , and character of Napoleon . 1 » . —Shakspeare : his comic genius—Falstaff , Dogberry , and Verges , &c . 1 C . —Discovery of America : characters of Columbus , Cortez , Pizzaro , Las Casas , Ac . su . —siinkspeare ; his genius compared with the greatest ancient models , particularly with the Book of Job ; his unrivalled knowledge of the human heart : "Lear , " " Macbeth , " " Othello , " " Merchant of Venice , " ic-30 . —Life , voyages , and adventures , genius , and character of Sir Walter Raleigh . Dec . 7 . —Genius and character of Robert Burns : — " Tam O'Shanter / ' "theCotter ' s Saturday night , " Songs , &c . 14 . —Poetry , novels , and character of Sir Walter Scott . 21 . —Life and Genius of Handel : music an essential instrument in real civilization . 23 . —Discoveries , life , and character of Sir Isaac Jfewton . Admission to each Lecture , Id . —Chair to he taken on each occasion at Seven o ' clock precisely .
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JUST PUBLISHED , In one volume , foolscap 8 vo ., neat cloth , price 7 s . Gd ., THE PURGATORY OF SUICIDES A Prison Rhyme : in Ten Books : BT THOMAS COOPER , THE CHARTIST , J . How , Publisher , 132 , Fleet-street . gg = Orders from the Country to be sent through the Booksellers . MR . COOPER'S NEW WORK . To be Published early in November , in 2 vols ., 12 ino ., Price Fourteen Shillings , WISE SAWS AND MODERN INSTANCES . A series of prose Tales and Sketches , composed in Stafford Gaol : among which are : — Kucky Sarson the Barber ; or the Disciple of Equality . Raven Dick the Poacher ; or " Who scratched the Bull i " Tim Swallow-whistle the Tailor ; or "Every dog has his day . " Master Zerubbabel the Antiquary ; and how he found out the "NooseJarning . " Dorothy Pyecroft ' spreaching ; or " Charity begins at home . " The Beggared Gentleman , and his crooked stick . The nurture of a Young Sailor ; or thehistory of Cockle Tom . The last days of an Old Sailor ; or " Butter your shirt ~ sing ' tantara-bohus , make shift !" The Man that brought his ninepence to nought . The Lad that felt like & fish out of watei The MinUter of Mercy . — " Merrie England" no more . Signs of the Times ; or One Parson and Two Clerki , < fcc , ic . Published also by Mr . How , Fleet-street , about to remove to 209 , Piccadilly .
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" THE BEGINNING OF THE END . " THE "BANK-SCREW , PUT ON . "It is a long lane , " the old adage says , " which never has a turn : " and It would have been marvellous indeed if the high-road to fortune through Railway-share gambling had not had turns , and bends , and ruts , and deep declivities . Had this " royal road to wealth" been all that the speculators have deemed it , the Philosopher ' s stone would no longer have been a desideratum , nor the " secret" transmuting the baser metals into gold—for the discovery of winch the alchymists expended so much research and wealth—a matter to be coveted . It it had been p ossible for all who engaged in
Railwayshare speculation to continually gam without adding one farthing ' s worth of labour , or value , to the article they " trafficked" in ; if it had been possible for all who applied for , obtained , and bought or sold shares in the " bubble schemes" of the hour , to " make money" by the "thousands" without outlay and labour and profitable return on labour ; had this but been possible , it would have been-a discovery for the fortune-hunters worth worlds ! Nay , it would have been of universal advantage . It would have repealed me cukse which we are told was inflicted on the race through Adam ' s transgression . ; for it would have been unnecessary for any to expect " the sweat
of the brow" in order " to eat bread . " They would but have had to obtain a " share" in the out-pourings of this wonderful new " cruise of oil , " which " the more it is tmptitd THE FULLER it it , " to SCt them up for life . The " tales of the Magi , " and the romances of the "Arabian nights" would have been far eclipsed . " Alladin ' s wonderful lamp" would not have been worth « sou ,- and the power of fairies and good genii not worth an hour's purchase , The wealth-creating benefits of the " old lamp" were
confined to those who might possess it for the time being ; and the power of tile " spirits of air" was reserved for a few special favourites : but if this neiv " royal road" to fortune had been what many of the speculators persuaded theiusclvcs . 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 be as evanescent in their nature , and as incapable of realisation as the incongruous fantasies of the night ; and in this case the " lull of faith" are doomed to woeful
and bitter disappointment . Stern reality and flinty fact comes in to dissipate their pleasing imaginingsto teach them that as yet ( Acre is no " rmjal . road to wealth ; " but that , even in the long lane of ltailwaysharc "Prosperity , " there is a turning which leads to RTHN , —along which turning they arc bound to go . Hitherto , the general run of the road has been smooth indeed 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 first engulphed have been enabled to extricate themselves with little damage . The " success" of the first travellers has induced crowds to set out on the journey with all the ardour and enthusiasm of hunters after the ignis fatnus that is to make them rich without labour . These find precious litlle wealth scattered by the way , —that having been cleaned by . those who have gone before : but still , having the hope of a golden prize at the cud of their journey , they press on , and hurry both themselves and tfiose that would now turn back—down the awkward turning which has the pit of { RUIN for ils termination .
Banks and bank-notes will but serve to a certain and defined extent . They can " expand" wich a rising " PROSPERITI " to the point of danger ; and then they must " contract , " to bring matters back again within 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 confined within legitimate bounds ; but if you do so , you must make ^ sc of the safety-valve , or you are liable to an explosion which will carry destructio 1 to all around . Facts and physics will not alter their nature , —not even to serve the ends of stock-jobbing gamblers : and all attempts to make " two and two" into five will result in the " labour for the pains . " The power even of the Bank of England to " accommodate" is restrained within a certain extent : and when that limit
is full it must so " operate" as to bring back a considerable portion of that it has sent out , or it falls is with the pressure of compression , like to a fr agile vessel exhausted of air . This is the present position of the " great money-corporation . " It is obliged to put on the screw ; and the result will soon be apparent in the share-market , where the " property in premiums" is vanishing like smoke ! On Friday last the Times had the following announcement : — The fellowin ; notice , issued by the Directors of the Bank of England , shows tliat tlie long-anticipated movement lias taken place : — " Bank of England , Octobcrlfl . " At a Court of Directors held this day ,
resolved" That the minimum rate of interest in London for hills and notes discounted at the Bank of England be . £ 3 per cent ., such bills and notes not having more than ninety five days to run . " hit supposed by many that the rise in the interest or money will not stop at this FoiNT , on the ground that the Bank lately limited their period of accommodation to one month , and that this month has not yet expired . The vaUvfay sliMe-Tnaiket 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 and again . Money is needed . The country banks have been drained of their deposits , mill millions upon millions have been already abstracted from manufacturing and other industrial operations , to be " invested" in Railway stock , and to pay up " tieposits" and " calls" in new schemes and unformed lines ; the parties who have thus used their money relying on their credit to be able to carry on their manufactories and other businesses . These must have
money at either one price or another ; and tlie country banks are the first place to flee to . The power 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 covmtvy Bankers to have as much entrusted to them by depositors as enabled them to carry on their business without using a single farthing . of their own capital . Mr . Wm . Beckett of Leeds , of the firm of the Becketts , the celebrated country bankers , gave evidence before the House of Commons that this was the case in tlieir " house . " But noiv all these deposits are . withdrawn—and all the capital tlie bankers had of their own has been called into requisition .
Hitherto the pressure has not been hardly felt , because the bankers have lmd 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 £ 10 , 000 , 000 , must be paid into the hands of the Accountant-General , to enable the promoters 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 banks
themselves will need " accommodation : " anil in themselves will need " accommodation ; and in their need they must apply to the " Old Lady of Threadneedle-street . " The manufacturing customers of the country bankers will have to give Bills and Securities to the country bankers for the aid they require ; and these will have to be " negotiated" in London either through the London Banking-houses or with the " Old Lady " herself direct . In any ease the " Old Beldame" will be called on for advances ; and as money thus becomes scarce , she must put on the screw again , and again , to make it dear . Each turn of that screw will he
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Wasteful expenditure , whether it be made in war , war . like instruments , useless canals , or useless railways , has the same malign bearing on the welfare of n country , whatever may have bi-en its object . In the *»„ o f wasteful expenditure in war , the state provides that tl » capitalist who advances money as it is wanted shall receive his stipulated usance for it by taxes levied on the « holft community ; in the case of a wasteful expenditure in useless railways-say of fifty or a hundred million * , which cannot be worked because of the expense of work . in S being more than the income—there is uo state or power to gunrantee the annual usance to those wlio sup . ply the eaoitul consequently , althoug h the public burden must be less than that for expenditure caused by
war , or nothing at all , the individual misery caused by abortive railway schemes with their outlays must be so great as to baflle all power of description . Neither are there wanting evidences eveu in this , the infancy of the system , to prove that three or four out of every five of the new projects—especially those for the east , south , and south-west of England , remote from the sources of mineral wealth—must fail . To say nothing of the wrecks passing under the titles of the Peak and the JIoreton-in-the-Marsh Railways , there exists the Whitby and Pickering Railway ( a single line , with slidings , of twenty-four miles ) as a warning . There is no railway that runs over such a proportionate length of waste nu-i worthless lnntl ; there is no railroad more needed , for Whitby is a populous and wealthy town , situated in a deep aud remote cul de sac , the nearest market town
being twenty miles distant , and the intervening space in every direction being moorland . Two beautiful valleys annroxiuuiliug near to midivay hutu-ecii Whitby and Pickering present the most favourable basis for the construction of a railway . The one now worked has been constructed—badly constructed we admit—and in opt ration many years , The owners never , we believe , received One farthing in the shape of dividend or interest for their capital , and the espence of working the line was with difficulty defrayed—the operations were frequently on the point of being stopped for this reason . Here tliere WikS no competing Hue , no competing carrying power worth alluding to , except that provided by the soa ; and , we repeat , no circumstances can be imagined more favourable for a railway enterprise , except dense population and mineral treasures . Not one in five of the now
projects is to be compared with it , all circumstances con . sidcrcd . Mr . Hudson ' s keen practical eye him perceived this , and he lias bought the Whitby and Pickering Railway , which , as an adjunct to the York and Scarborough aud tlie York and North Midland , now all one , will provo in his hands an important feeder ; for competition is out of the question in such a locality . We liavo adverted to those illustrations furnished by brief experience in working a novel system , for the purpose of suggesting the improbability of more than one in four of the new projects paying any interest to the adventurers . It would be useless to multiply examples , 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 the effect of all this speculation on the monetary power is the only remaining section of the matter on which we shali 1
at present oftl'iany observation . We said a fortnight since that tlie thing as a speculation must break uowa within six months , or subside , leaving shoals of adventurers helpless on shore when the tide ebbs . Prophets , with a particle of foresight and discretion , will take an ample margin when prophocying ; and a third part of six months may be sufficient to realize this prophecy . Whenever that time comes tliere will be a rush to obtain tlie possession of money to keep the speculation afloat . A few only of the speculators will succeed in this ; foe there never was a speculation in which the Directors of tho Hank of England generally , aud those who influence and control monetary operations in the city of London , stood more aloof than they do in : tills railway speculation . TIlO Bank Will not be Controlled by railway magnates as it was controlled by the great merchants and merchantbankers at the two former crises of 1825 and 183 fi .
This leads to the inference that the manufacturing and mercantile operations of the country will bo less intCVl ' ui'fld with at tlift next convulsion than at any preceding one ; and this appears to us a just inference . Still ' there will be a vary large sum of money abstracted from its mercantile am ! ordinary use , which will make the market for supplying it to those uses scarce and " tight . " We can perceive no difference between locking up money in a useless railway in Pennsylvania and locking up the came sum in tight useless ouc of tcu projected for Southampton * America being always the debtor country on the balance , it would be rather less disadvantageous to our
manufacturing interests to waste English money tlu-re than for such purposes at home : at home it would cause less to be spent in English manufactures than in the United States , and more to be spent in such imports as tea , codec , tobacco , sugar , wine , rice , and food—especially in the period of projection aud laying out of scheme * . A secondary clerk to an engineer has , we know , been paid seven guineas a day for his services ; and this fact marks the objects on which an increased expenditure for railways in this stage of their progress is likely to be squandered . Tlie great question lor consideration is , whiit will he the cliuot of all this speculation combined with augmented imports on the Bank ol England I
On this last question we know far too little to justify us in saying more than we have said at present , We uik di-i'stand that tho directors count on the probability of losing two or three millions of their treasure . Such a drain , we bilierc , would not stop at the assumed point , but even that small sum would be quite sullicicnt to sink three out of four of all the new railway projects , to produce groalc-r stringency Sn the administration of money , anU wry guarded conduct on the part of all bankers .
Ttle . Northern Statt. Saturday, October 25, 1sw.
TtlE . NORTHERN STAtt . SATURDAY , OCTOBER 25 , 1 SW .
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attended with disastrous consequences to those who need money , and to those who have money locked up in the schemes or projects liable to be affected and altered in value by these monetary operations . The premium * on projects will first disappear . Away will " 0 £ 20 , 000 , 000 or £ 30 , 000 , 000 ' s worth ot " property " that has buen bought and Bold ! It will dissipate like mist before the wind . The sellers- who . have pocketed the premiums will be " all right "—having " made , " as it is tci'iued , that £ 20 , 000 , 000 or £ 30 000 , 000 ; but tho " holder" will . be " all wrong "—the LOSS of the entire amount being theirs ! In foot the whole process of this gambling in moonshine is but to empty the pockets of the gulls into those of the sharpen . After the premiums on
projects will go the premiums on existing lines . All of them have , by the spirit of gambling hitherto so rife , been forced up to a fancy pr ice . With the blow to confidence will come their depreciation even Mow their real value ; and these the capitalist—he that can afford to hold—will step in and purchase for holding at the depressed price . V / hon the country has recovered from the effects of THE PANIC , the shares the capitalist has thus bought at under-price will regain their legitimate standing in the market ; and he will " realise" abundantly on them : but all thisivill be at the expense of time who are now forced to sell . And thus they go on—one stripping another ; one becoming rich , as if by magic ; and hosts becoming poor to make that one a nabob !
Such must be the inevitable eftocts of the " turning of the screw . " They are already manifesting themselves . As soon as the " order" above given was promulgated , it had an unfavourable effect on the prices of " English Securities ; " or rather on the "funds , " or acknowledgments for the Nation ' s Debt . " Consols , " which were " up at 102 in ISii , were " down , " at ' 97 $ ; and Exchequer Bilk were at IDs . premium only . " On Saturday , " says the Times : — The depression in the Consol-tnarket was partially relieved by some timely purchases by u leading stockbroker made in the Thrce-und-a-Quarter per Cents ., which hail fallen more in proportion than Consols . Tlie same party also bought Exchequer-bills . Notwithstanding this interference the closing prices were—Consols fur money 9 ~ £ sellers , and Consols for the account 97 J ; Exchequer-bills , at « s . to 4 Ss . premium ;
On Monday : — At the opening of the Stock Exchange , the appearance of things was move remarkable than has occurred for a very long period . Aouc of the brokers at erapted to < lo business either as buyers oi sellers , and , for a lime , no quotations were named even in the Euglisli stock market . Fob . SHAKES , Tll £ ltB WAS LITERALLY NO FItlCE ftXED . This state of uncertainty lasted full an hour after the usual commencement of business . Evin up to one o'clock , the more steady brokers were avii'de from furnishing any lists ; and throughout the day the business done in all the securities ( siocks or shares ) was somewhat limited in extent . Railway shares were flat up to the close of business . ThebroUtrs continued to deal , but prices constantly iluctuatcd throughout the day . On this " consternation" the " City correspondent" of the ' Times remarks : —
The wise proceeding of the Bank of England in raising the minimum ratu of discount to 3 per cent ., small as the difference is from that which before prevailed , has brought the railway speculations to at least a temporary stop . Little has been heard on all sides to-day but discussions on the tendency of this measure , and among the jobbers and gamblers in railiruy shares the conviction is general that it ought not to place them in a worse position , because to mtn who are already paying at the rate of 20 or 30 per cent , to put off the evil day of payment , a difference of one-half per ceut . iu the current value of money seems a trifle unworthy of the smallest consideration . Still they hesitate about engaging in any new operations , and the disposition is far greater To sell than to buy , only
THAT BUIEI ' . S AIIE NOT TO UE FOUND AT THE STANDING quotations , the dwilurs , ivlio stand between tlie companies and the public , keeping aloof until they see which way the tide is likely to turu . 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 Gonsol and Exchequer-bill market , nnd these have manifested a degree of weakness which , if it is in any degree to be traced to the Hank notice of Thursday , ought to make those livable who are holders of three-fourths of the railway payer now afloat . The " avalanche , " as the great accumulation of railway schemes lias been termed in the city , adds daily in millions to its unwieldy weight , and among
sound practical men the question is only one oi ? time , HOW SOON IT MAY COMEDOWN ; tome assigning six , some two months , and otiieub speaking op the fall as STILt JIOKE IMMINENT . Till ! mere advance in the rate of interest by the Hank is not , perhaps , so material in itself as when coupled with one of the assigned causes of that step , far if the directors , us rumour states , reckon upon tlie abstraction , be / ore the end of Vie year , of three or four millions of their slock of gold to meet the instalment upon foreign railways , they eannotstophere , hut must further , protect THEMSELVES IIV BllAWIKO THE CUHD STILL TIGHTER . Too much force seems to have buen assigned in the city
to the argument that as they have still a reserve of about eight millions unemployed , it was their policy to keep the money-market easy , and hence that tliis lastmcasure 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 UllliSS ill SO employing its surplus means as to retain the power of calling them back in the shape of bu / 'lion if they require it . Tlie directors must not therefore hesitate at any step which is necessary to place this part of tlieir responsibilities beyond the roach of hazard . Tliere is nothing left / or tin ntUaay speculators consequently out to take in snilas qnkklu as possible : THE ST 01 UI IS AT IIA . NI > .
On Tuesday the same writer thus returned to the subject : — There is a notion prevalent among the speculators in railways , that to thorn a rise in the value of money is a mutter of secondary importance , since they must ultimately , as iu the instances of the Liverpool and Manchester , Grand Junction , London and 3 irininghani , and sonic others , obtain cent , 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 regard with utter indifference . As far as they are concerned , the Dank of England , the great discount brokers , and the body of dealers in money , may fix their own terms : the speculators are willing and able to
comply with them . This is a delusion which cannot be too Soon removed . Let any party , having his tin-Vox crammed ¦ Kith railway scrip and shares , exhibit it to any prudent banher or merchant as security for an advance of money to the extent of one-half onty of its nominal value ; he ivill not , in DlOSt casci , yet any advance at all ; or , it' he does , ii will depend more upon his general credit 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 he lv . is made a Varge venture in railway shares—an investment , in gome iustatlCCS ) per . fuctly good in itsc ) i > 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 as it may lor the prudent trader in the general market , accommodation is always difficult ; let any rise in its value take place , accommodation becomes impossible . In this way have speculators in other commodities—in tea , in cotton , in tallow , or any of the great articles of consumption , all good , useful , and necessary articles in themselves—heen constantly brought to a stand . There are no men , professionally , s& acute and sagacious as the dealers in money . They seek information on all sides , and compare notes with each other
respecting the operations in which tho leading merchants or the public are engaged ; and a hint that A or 13 has accepted too many bills on any one commodity , beyond what the ordinary transactions of his business will justffy , damages his credit , and either brings his speculations to a close , or , by forcing him to suspend payments , leaves perhnps a better dividend for his creditors . Both lenders and borrowers , by the timely interference of the discount houses , are thus often saved from ruin . But the speculators in railway shares , according to the present indiscriminate practice , are far below even the worst cto ; of speculators in an article of commerce or consumption , THE LATTER IS
ALWAYS WOMH SOMETHING , BUT THESE TO AN IMMEN 8 E AMOUNT MUST BECOME UTTEELV WORTHLESS . Thus We l . ave the spectacle iu this and other great towns of the kingdom , which have all established marts for gambling , of a countless mass of dealers and traffickers in a . commodity of the value of which they knoio nothing , and on which no money can be raised . He . v mat differ as to the time and man . neii in which lldshca-p o / combustibles will explodc ; but lliat if can end toifftoitt some serious convulsion no one ventures to hope . Are not ive entitled to ask , " who were the " croakers , ' when we find those who . were silent when we first sounded the note of alarm sovr using our very words in describing the evils coming upon
us , and which cannot now be prevented ? Should we not be justified in strongly contrasting our op inions so frankly and explicitly given , with those then held foi-th by those who now speak as above ? But to triumph in such a manner is not our inclination . Enough for \ is that we have done our dut y . Enough for us that we foresaw " THE END " from the beginning , and warned the country of tlie danger to which it was subject . Enough for us that wehave been true to our professions ; that we spoke without fear or without favour . Enough for us that we did noUcfcr our warnings to the interest of anvbody that we did not pander to the prevailing prejudice . UuU , Qiu- ' . fnends" might geft-ich at somebody ' s else
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expcr . ee . Enough for us that wo saw danger , and gave instant utterance to our fears . But then what is to be the end of all this ? Is the gambling market to be depressed for a time ; then to regain its buoyancy ; then again enable the shm-pm to fleece the guils ; and then another depression and danger of national bankruptcy ? Arc we to go this eternal round of rascality and ruin ? Are the good and legitimate projects for railways to suffer and decline because a score of bad ones are ushered helterskelter into the market to " compote" with every good one , and to enable the hosts of Directors , Provisional Committee men , Shareholders , and other gamblers , to appropriate to themselves heaps Of
money for which they give no equivalent ? Is this to be the continual course ? It is not fitting that it should . Railway communication , when judiciously laid out , and economically formed , is calculated to be 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 todevelope the incipient resources of a district , and improve those which are had in avail , whenever it affords better facilities for the 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 means will allow , consistently with the other national engagements . We have to hit on a tlan by which this good can- be effected , without the
evils of which we have to complain , and fiom 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 Englishmen it was necessary that the plan of individual or conjoint private enterprise should have its full swing , to prepare them for a higher principle of action , which , while it prevented individual accumulation , will secure the 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 does 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 titties now opening on us , we shall have the mode by which this can be rciliscd , publicly discussed , and very generally
supported-Space now prevents vs from entering more particularly into this branch of the question . We must defer it to another opportunity . Meantime , we commend the following extract from the Hankerf Circular to general attention . The remarks on the present speculation in Railways are temperate ; and preceded as they are by a descriptive sketch of tho " great crisis" of 1 S 2-1-5 and that of 1835-0 , for the purpose of contrast with the present , they arc calculated to be of general benefit : — We now proceed to bestow a few observations for the purpose of distinguishing this extraordinary speculation from some of those which have preceded it , equally murking in their day an excited and diseased state of the public mind when stimulated by the designs and interests of brokers , the association of numbers , and the eagerness
of gain . The speculation of 1 S 24-5 took all directionscolonial produce , all raw jmiterials of manufacture , public companies for all imaginable purposes from steam-washing and cow-keeping to malting Ireland a silk-producing country , and covering the sea with ocean steamers—bad and good schemes of all sorts . But its boldest and most conspicuous flight was over the Atlantic , to invest money in the mines of South and Central America . It is impossible to state how large was the whole capital which was sent in this direction ; Jfr . Iluslcisson made it the theme of a discourse , in which he represented the clear loss at from three to four millions sterling . 15 ut the peculiar character mid manifestation ofthtit speculation are the important and instructive circumstances that we have now to consider , for the purpose of showing their bearing by force of contrast on the mania now prevailing .
The 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 1824-5 was wide spread , and it fastened on many objects ; but its most striking feature was the mining enterprises , wllitih also involved the greatest amount of ultimate loss . During the highest state of the fever the premiums on the shares of some of 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 place in railway shares , in none of which hue the premiums amounted to the nominal value of the shares , when this iift ' air was in the state of projection . The reason is this , —supposing the spirit to hare the same
strength and intensity , ' and to be supported by tUe same amount of power in 1321-S as ill 1 SJ 4-5 , at the former period no one object presented itself on -which alone ihu speculation coulii live and prosper . Gold and silver mines are limited in number ; their situations are remote from the centre of power ; the people of England were not familiar with such enterprises , and 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 Uievravings of the spirit ; mid so it fastened on many absurd schemes which men of lower grade and inferiortmtliorities 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 betn willing to lend their names , influence , and authority to the formation at a . score of companies sit once , as tney do now in the case of railways , the speculation of 1821-5 would have been confined as exclusively to mining enterprises as the speculations of 18 H-5 is confined to railway enterprises . Ingenious man observe the cravings of the monster , and they find no difticulty in creating a thousand railways for the purpose of satisfying it . In 1824-D there was no such prolific field of creation ; aud consequently the shares in the few mining companies brought out rose in some cases to more than a thousand-fold of the amount of capital proposed to \) C laid out .
The next succeeding period of speculative prosperity , 133 D-6 . more nearly resembled in its characteristics that of 1825 than does 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 forinvestmentswere of sounder foundation than four out of five of the railway projects that have been brought out for public patronage in the year 1815 * ; and we firmly believe that the shareholders in canal and railway property and ill loans to municipalities iu the United States , and on the other hand , in the new railways of England , will admit the ralidity of this conclusion when they compare accounts in the year 1855 . The range of enterprise for British
capitalists in 1835 . G was extensive , for it had the whole of tho united stntea for its theatre . It was then , as now , conc-ncd mainly to one field abroad , but in England it took the direction of forming joint-stock banks , opening largestreels and constructing new ones , building public edifices , laying out parks with villas , as at Clapham and near Manchester , and generally it created a spirit of speculation in mills , mines , manufactures , and the rawmaterials of manufacture . On attempting to draw a parallel between the two periods of excitement , 1824-5 and 1835-0 , we find the great feature of the iirst was that the principal stream of speculation was directed to South and Central America , and that of the 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 what relates to joint-stock >> anlss , which , in 1825 , the state of the law precluded from being formed . We now come to the speculation of the present time , to make the examination move intelligible . The object of the current speculation is principally , almost exclusively , confined to railways here and abvoad . Its range , however » S as great as ill the tWO formes cases , probably far more extensive , but it is in great part limited to home , and the money it calls out is spent ingreat part on ourselves . We rejoice that it is so ; it must be productive of public benefit by drawing out hoarded , and , as it lay , useless treasure and giving employment to labourers . But , we are considering the matter as a speculation , and endeavouring to trace out
some of its probable consequences . As such , in what respect does a railway differ from a mill that is built in times of stimulation , » nd is sold for one-fifth of its cost in times of distress , because the owner cannot pay the expense of working it ? The mill is better properly than a railway , because the latter can be applied to one only purpose . In both cases , the architects , dealers in materials , and labourers of the structures were benefited whilst they were in course of being constructed- but after that , so long as the structures will not pay for work ing them , the capital expended is almost wholly pure waste . Of what use to the public or the proprietors is the capital expended in the Junction Railway ? We believe that is the name of one 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-lane , and which was partly constructed . The ground has been
forfeited to the original owners of it long since , according to the terms of the act . Of what use will be some of the five railways projected to be formed between London and York ? Not one additional railway can be formed without injuring the revenue of that which is in operation Some of them must be closed for the want of power to pay the working of them ; for , to render them all productive of profit , the wealth and portion of the country mnsthl at once quintupled . If , iu a smaU count like u lay outfifty millions of money in railways , the outlay may be judicious pay the proprietors well , and benefit tue public ; but if you lay out one hundred and fifty ortwo hundred millions , one half of that sum ma / be pure waste because the railways that represent it cannot he worked miconseguence of the current expense of wort mg them being greater than the gross current eirnimrq and they can be put to no other ufe ! B '
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THE MINISTER AND THE CORN LAWS . WHAT SORT OF BARGAIN SHOULD THE TAllMEUS MAKE ? There arc indications on the political horizon that Pkel is prepared to " go the whole hog" with the Com Laws , and complete the degradation of his agricultural majority by dragging them up to vote for the total repeal of those regulations which they have held out as necessary to the very existence of the landed interest . Last session all the defence that could be offered , by tlie "fanner ' s friends" in tho Ministry was a " Inching" reproof from Mr . Sydxet IIkubkrt , the new Secretary to the Treasury , to tlie fanners " for coining whining to the legislature for
relict" from the distress and ruin worked for them hy legislative measures ; and Sir James Graham at once announced that the Ministry were fuliy prepared to admit the Free-trade principle to its full extent , —tlie 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 their object tlie 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 these significant " signs" we have Lord Asih . p . v addressing his constituents of the county of Dorset , telling them tliab " the destiny of the Corn Laws is fixed ; " that" the loading men of both the great parties in the legislature are by no means disinclined to their eventual abolition ; " and " that the difference hctwecn these same ' great parties' is less a matter of principle than * a question of time . " Add to all this the fact that tlio Sunday organ of the Ministers announces
that " the Government are sedulously procuring information from all parts of the country , as to tho most vital of all questions—tlie food of the people ;" and that a variety 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 tho funds and Railway shares . Add all these things together : and it-would appear pretty evident that Peel is preparing to give the finishing stroke to that " proud aud haughty aristocracy" of ivhich he is not a member , ml complete the ministerial structure of free trade for which he laid the foundation in his Tariff of 1811 .
Our opinions as to the effect of suck repeal , \ mac-COmpanied by the other fiscal and monetary alterations which we have pointed out , hare undergone wo change whatever . "We still believe such a step to be fraught with destruction to the real farming interest , and to carry in its train « i host of awful consequences to the producers of all classes . The experience we have had of the free trade measures of Sir Robeim : Peel has not weakened these opinions in the slightest —but , on the contrary , strengthened them in every particular . Tell us not that the " roaring trade " and " oLoitious prosperity" of the last two years have resulted from Sir Robert's abolition of import duties ; for with the free trade Chronicle we hold that
Sir Robmit Peel is perfectl y well aware that the apparent success of what he calls" his policy" has , in reality , as little as possible to do with his policy—that the p lenty , cheapness , and general prosperity , the high wages and diminished pauperism of the last two years , are as little attributable to his Corn-law , as they are to his Incometax—that they are the fruits of a succession of abundant harvests , which have virtually and pro tempore , repealed his Cosn-lsws . Sir Robert Peel knows this—and what is more , lie knows that the country knows this . Tell us not , therefore , that Sir Robert is to he ere-Uted with the prosperitt that has abounded , unless you also admit that the infatuated gambling in the
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October 25 , 1845 . TIT T ?' TOT C \ Tt < O TT T ? . TJ N STAR . ™~»~ -- — - ~— ¦ ^ == 2 ======= = s == ^ ====== ^ S ^
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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/vm2-ncseproduct1338/page/4/
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