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7 m " 0 nfL) vf Reader A . POIITICAL AJD LITEEARY REVIEW.
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Mtms nf tire Week.
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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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7 M " 0 Nfl) Vf Reader A . Poiitical Ajd Liteeary Review.
7 m " 0 nfL ) vf Reader A . POIITICAL AJD LITEEARY REVIEW .
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VOIi . VI . No . 291 . ] SATURDAY , OCTOBER 20 , 1855 . PRICe J ^^ V / Sggic *"
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TJ ^ HE raising of the Ban k discount , and tin -I gloom that comes over the countenance of tin commercial world , are signs of accumulated difficulties , springing from other causes as well as the war , at a time when the reports from the East do not inspire us with courage by any great announcements . It is true that Geneal Williams , after being left so long unsupported at Kars , hns succeeded in beating off the Russians , and inflicting upon them a tremendous loss before he could be relieved by Omar Pacua ; and the public feels a strong sympathy with a commander -who has maintained his position under so many difficulties , and whom the force of circumstances might have prevented from reaping a victory with his own hand . It is to be hoped that Wim-iams . may have the honours accorded to him ; although we are not aware that the name of Williams is in the aristocratic roll of the country . As for the rest , we have Goutsciiakoff uneasily watching the restless Allies , who teaze him now on his left flank and now on his right at Kupatoriii ; we have a bombardment going on at Odessa ; and a little variety is thrown in by a gunboat expedition up the esttiary into which the Bug and the Dnieper pour their waters . The Allies in the East appear to be engaged in poking the Groat Bear , bo as to prevent his repose , and perhaps to increase the exhaustion that he cannot conceal . The exhaustion is not only shown in the passive and retiring attitude that Russia has taken on the shores of the Black Sea , but sLill more is it apparent in the ellbrts that bhe continues to mukc for procuring supplies of money , manifestly with small success . No new evidence on that point has come out ; but the drain of gold has continued on the Continent down to the present week , unchecked by the endeavours both of the French and English financial administrators ; and there is no mode of accounting for the degree or direction of tho drain , except the hypothesis , now rendered almost certain by a concurrent testimony , that Russia is using enormous oxertions to obtain supplies at any cost . A man with bankruptcy s taring him in tho face will give any price for accommodation ; and if the extent of the property at stake bo large , ho may oiler such terms and secure such supplies as will ineonvenfoncQ more legitimate competitors in tho tminc ¦
market . Such seems to be the case with regan to the great powers in the European rnonej markets . Nor is Russia alone ; the Austrian Government 5 since her comparative severance from the Westerr - Powers , has been resorting to successive schemes foi the purpose of raisihapioney , and with little effect . » The very retrenchments of her forces , which procured for her the just reproaches of the Western ¦ Powers , were dictated to her by want of means . She tried to raise money upon her North Italian railways , and could not . She endeavoured to raise more money upon her Bohemian and Hungarian railways , already mortgaged , in vain . She accepted overtures of assistance from the great Credit society of Paris , but drew back upon the terms which that society inquired ; and now , it is understood , Baroa Bruck , who has been put to every sort of service which an underling could undertake , has consented to apply his ingenious mind to the design of a society resembling those established in France by M . Pkreibe , — a Mortgage Bank , which shall lend the Austrian Government money on security , with power to borrow money in the European market . Thus Baron Brick becomes the instrument by which Austria hopes to collect means in the market of Europe , as- it were , through a fence . In France the symptoms of uneasiness increase , and are calculated to stimulate apprehensions elsewhere . We have no very decisive event , but the Government is meddling all round . It is regulating the price of moat by an oflicial tariff fortnightly , the provisions of which are to be stated in every butcher ' s bill of parcels . At the same time the Government is forbidding tin export of wheat from Algeria . It is telling tho Societe de Credit Mobilier how far to speculate ; but the drain of bullion continues while that gigantic company is still pushing its speculations in all ijnarters of the globe . The hint story is , that it is negotiating the buying up of all tho London omnibuses ; so that it intends to teach us us how to live in our public vehicles . Notwithstanding tho fact that the raising of the Hank discount was anticipated , it Una created Honiething like a panic , which is partly founded on reasonable apprehensions and partly imronsonable . They continue to repeat the assurance that this country is perfectly sound : We are importing : u » d exporting with our greatest customers — the United States , the American colonies , tho West Indies , Australia , Holland , France , tlio Levant ,
I &c . —thus effecting an exchange of commodities jr with a decided profit to all concerned . But the demand for money on the Continent is ob-, structing our means of exchange , by calling i off the floating capital ; and commercial men want the instrument for carrying out their operations . The character of the pressure is well shown in the distinction between the two rates of discount . The great exchanges of goods in commerce are perfectly sound transactions , but the supply of money is short . If all could be carried on in barter , all would go well ; but the purse is exhausted at every turn , and money is wanted for each particular day . Thus time becomes a great element : and hence the distinction of the enhanced discount of six per cent , for bills having sixty days to run , and seven per cent , for bills having ninetyfive days . The difference shows how niuch greater the pressure is for ready cash , than for means to meet engagements in tlie long run . i One of the first effects is panic ; and men so 1 readily anticipate some excessive reaction in the i commercial world , that they abstain from buying j the very things that are most certain to be wanted . | For instance , there is no trade in the country of which the consumption is ruore certain than the J wool trade . ^ The market of our woollen manufactures has been restricted by deficiencies in the supp ! ies ever since the gold mania contracted Australian produce . 15 ut the wool soles commenced on Thursday , the day of the vj '« once men began to hesitate " ' . t . 1 . commodity which they ¦ ^ ot off . " their hands as if it wct < Jlence a present loss resulting frou . * ... »» . decline in the value of wool , but from = . r . _ alarm . It is an example of the difficulty which commercial men always make for themselves on such occasions , and which they are going to make now in abundance . They are also frightened ; at mere shadows . A number of people thought fit to got up a demonstration in the Park against " doar bread , " nnd a baker who was rash enough to set out on the honest mission of reasoning witli them was severely handled . Ilex-e we luivo " < i bread riot" in October , and wise men in the . City will turn palo , refuse perhaps another tea bales of wool , nnd ^^~' v "" y- or expect some more discount / For such tpjgj&rfr jy ^ > ^ causes does the heart of tho City boat . » * J j ^ %$£ i ?" Sap tT " Commerce is in gaol , in tho persons of S ™ # W . i » M | 5 / Paui-, and Baths ; and society , roprose ^^^ T ^ V- ^ J / - tho Governor of the prison , lias boon P ^ ' ?|^; rAi ^ SS i > r **'< . * . - : « . i ' .:. W' \ : « / . ~ -
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NEWS OF THE WEEK— ^ o " Tho War Ss « The Crimean Banquet at Glasgow 1000 Public Meetings 1000 Another Sunday Meeting 1001 Xxniid Blanc ' s Reply to the- " Triumvirate" 1001 The Red Republicans and the Queen 1002 Tho Italian Nightmares 1002
Continental Notes 1003 | The Crimea as a Penal Settle-I Voluntary Torture at 1 ' arkhurst ^ ment v ; : 1008 Prison . 1003 The Ordnance Examinations ... 1009 Our riviiisaVion" ! . ' . ' . ' . ' . ' . " ] .. . ' 1003 I Political England 1009 Miscellaneous 1 005 The Sardinian States 1010 Postscript 1006 | j LITERATUREPUBLIC AFFAIRS- I Summar < y 1012 The Red Manifesto 1007 ' Herbert Spencer ' s Psychology ... 1012 The Conservative Capitulation 1007 The Tribes of the Caucasus 1013
Translations and Translators ... 1014 i A Batch of Books 1015 ! THE ARTSI Paintings at CHeffden House ... 1016 { The Theatres 1016 j Births , Marriages , and Deaths .. 1017 ! COMMERCIAL AFFAIRSI City Intelligence , Markets , Ad-! verfcisetnents . &c 1017-1080
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"The one Idea which History exhibits as evermore developing itself into greater distinctness is the Idea of Humanity—the noble endeavour to throw down all the barriers erected between men byprejudice and one-sided views ; and by setting aside ttxe distinctions of Religion , Country , and Colour , to tTeatthe whole Human race as one broth . erb . ood , having one great object—the free development of our spiritual nature . "—Hwnboldt's Cosmos .
Contents.
Contents .
Mtms Nf Tire Week.
Mtms nf tire Week .
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Citation
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Leader (1850-1860), Oct. 20, 1855, page unpag., in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2111/page/1/
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