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Leader (1850-1860), 2nd April 1859, Edition 1 of 2, Page 442, Untitled Article

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      Untitled Article

      give the franchise cannot now be obtained for 101 ., and the process is not enfranchisiiigT but disfranchising . If more persons than gave the 101 . in 1 S 32 can now give the 13 ? ., this . is due to those wonderful inventions which -have reduced the cost of all human productions , and to the free trade forced on a reluctaiit Legislature , which has permitted labour to increase to a vast extent the means of subsistence and the enjoyments of all . The increase of gold is merely one compensatory part of the great system . Instead of the rise in rent admitting a lower class to the enjoyment of the franchise , it has

      tended to disfranchise v those who did enjoy it . Had the rise in rent not been accompanied by a considerable reduction in the cost of all the necessaries and comforts of ' life , the enfranchisement in boroughs would have been very great . Whether the Scotsman or The Lieadeb however , be right in the effects of the gold discoveries on price , .-whether the admitted rise in rent have tended to increase or diminish the number of electors , — -the deduction is equally plain , that it is unpardonable in the Legislature to make the rights of the bulk of the communityv involving its peace , depend on a

      fluctuating circumstance ^ like the rise or fall in the rent of houses . We are not about * however , in . this part of our journal , to discuss the true principles of representation ; we only wished to show that the theoretical conclusion adopted by some writers , of a great fall in the -value of gold , has been adopted for a practical and injurious purpose , ^—that of opposing the extension of the franchise . Those who . maintain it are in error ; and are not justified in inferring a progressive enlargement of the franchise from such a cause , and in resisting the admission of a greater proportion of the lower classes to a share in the representation .

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      Friday Evening . The only perceptible effect of the defeat of the Ministers last night was a slight rise in the public securities . Consols closed generally at 951 , and to-day they were at 95 J , or . & better ; bat before the close of the market the rise was lost . The business done was very little , arid the telegrams from Paris , bringing a further decline of the Three per Cents , there of 10 c , our funds also declined . At the close of

      business the market was very heavy , the communications from the Continent , particularly those from Paris arid Turin , being the reverse of assuring . One of the worst features of . tie times , in fact , is the incredulity of the public . They seem to have lost all faith in statesmen ; arid the more they profess , while their acts are closely scanned , the less they are believed . JFor them the condition is extremelyunfortunate , for their power depends on the opinion

      of the public . The last week ' s Bank returns having heen , fa . vourable , showing , for the period of the quarter ; only a small demand on the Banlk ; , money is now easy ; and the approaching payment of the dividends will make it easier for some time , What effect on it the demands for India and for-Russia may have cannot at present Tbe foreseen , but it is rather expected that the ease will not he of long duration . It is noticed as one favorable symptom that the Government doposits are large , and that the deficiency bills it will ho obliged to issue for the payments of the dividends , will be only of a small afcnount . The Bank returns this week are also favourable .

      The Revenue returns , published this morning , showing an increase in the Customs , stamps , taxes and Post-office , and a . decrease in the Excise and in the Property-tax , in the quarter just ended as compared to tho corresponding quarter of 1858 , are regarded as extremely satisfactory . They justify Mr . X > Jsraeli ' s confidence in tho growing resources of the countrv . and confirm tho deductions of science ,.

      that jn the Excise as in tho Customs , 2 and a is not equal to 4 . The decline in the Excise in tho faco of additional duties on spirits , shows that tho smuggler htis intervened , oncl turned tho inorea , so into his poekot . Wo know , at least , that stills are now found whore stills were not hitherto known . Financiers , like other statesmen , seem slow to learn , and fancy there is no limit to taxation but their ¦ will . They continually find themselves mistaken .

      The loss oh the income-tax , caused by the reduction of the rate , is a subject of rejoicing , not cf regret . One noticeable feature in the share market , in the month now- come to an end , is the little variation in Consols ; they having stood at 95 J to f at the beginning of March , and 95 § to f at the close , while the bulk of the railway shares are 1 , 2 , or 3 percent , higher at the close than at the beginning . The public securities , therefore , have been more affected by the war rumours and the prospects of loans than the shares of private companies . t

      The bulk of the gold imported in the week , or is equivalent , has been taken for the Continent , whence we are gathering silver , at a considerable expense , to send to India . Our present Mint regulations , therefore , compel the nation to bring gold from Australia , and with it buy silver on the Continent , in order to send it to India , when , if there were no such absurd and contradictory Mint regulations or enactments , the gold would naturally and necessarily flow from Australia direct to India . The State is now repeating , as to the precious metals , the very same error it formerly committed as to timber and coffee , and is forcing them to take two long sea voyages in order to reach the consumer , when one short sea voyage only is required . * The railway calls for April amount to £ 2 , 274 , 768 .

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      BANK OF E 5 TG 1 . AND . An Account , pursuant to the Act 7 th and 8 th Victoria * cap . 32 , for the week ending On Wednesday , the 30 th day of March , 1859 : — IS SUB DEPARTMENT . Notes issued . £ 33 , 404 , 950 Government Debt £ 11 , 015 , 100 Other Securities .. 3 , 459 , 900 Gold Coin &Bullion 18 . 929 , 950 Silver Bullion .... £ 33 , 404 , 950 £ 33 , 404 , 950 ¦ BANKING DEPARTMENT . Proprietors' Capi- ( Government Secutal ....... ' . £ 14 , 553 , 000 rities ( including Rest . 3 , 658 , 339 Dead . Weight _ Public Deposits ( in Annuity ) ........ £ 11 , 708 * eluding Exche- Other Securities .. 17 , 357 , 488 quer , Savings * Notes ............ 12 , 416 , 730 Banks , Commis- Gold and Silver sipnera of Na- Coin ..... ... . 700 , 520 tional Debt , and Dividend . Ac- . ' counts ) , ; .. 9 , 346 , 914 Other Deposits 13 , 879 , 985 Seven Day' and other Bills ...... 744 , 853 £ 42 , 183 , 091 £ 42 , 183 , 091 M . MARSHALL , Chief Cashier . Dated MTarch 31 ; 1859 .

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      GENERAL TRADE REPORT . London , Friday Evening . The market reports from Liverpool in the course of the week , which announced tho shipment of wheat to America , confirmed tho statement wo made last ITriday of this extraordinary feature of trade . It entitles us to remind the reader , that this happening after tho repeal of the corn-laws , helps to demonstrate that tho blessings of that repeal are not oven now half-known . But for a froo importation hero , there could have boon no exportation . In euoh a case , too ,

      the one shilling duty which is yet paid on importscorn not being bonded for duties—will interpose an obstacle to export , and be felt as an impediment to trade . Every day , then , brings to light more and more the advantages of freedom , and entitles its advocates to say , in all other cases as well as corn let us have freedom—perfect freedom—and be assured that the issue—though we do not know beforehand what it will be—cannot be otherwise than beneficial . Partly in consequence of the condition of the foreign markets , and partly in consequence of the weather at home , the corn market was firm to day .

      The Mincing IJane Markets , too , for coffee , sugar and tea , were all firm ; and there needs but continued peace to make all nations prosperous . In the city as Mr . Disraeli said , the people are much more for * peaice than politics ; and they are confirmed in their scepticism in the latter , and their faith in the former , by noticing how little is the effect which political changes—short of war and the apprehensions of war— -have on the prosperity of nations . There is evidently a' strong disposition on the part of manufacturers and shippers to do more trade but they , are deterred by the unsettled aspect of affairs abroad * and the political uncertainties at home . It is known that large continental orders are held back , because exporters and continental

      houses are afraid of the possibility of a rupture of the general peace . Should any thing very favourable to a continuance of peace turn up in the course of the week , we may expect to have a busy time of it in our centres of manufacturing activity . Liverpool . —The cotton trade has been moderately brisk . In consequence of the advices from America an advance of about £ d . per lb . on the rates of Friday has been effected .

      Manchester . — The main feature lias been the slackness in the demand for India , and the apprehension that the market has been over supplied . The advices we have recently received do not confirm this feeling—though they indicate that quite as many goods have been poured into the markets as they can bear . If this is so then the uncompleted orders which are yet to be sent forward may cause some disturbance , but nothing , it is hoped , likely to prove either of a lasting or serious nature . markets there is much

      In goods for the Eastern now slackness of demand , but for cloths—such as printers ' and long cloths , fit for tlie home and continental markets—rather more demand is felt . Prices have to some extent given way , and shippers have come forward with orders . The yarn market has been tolerably busy ; this arises from continental orders which have been coming in ever since the intimation pf a Congress transpired . Prices are getting firmer , the rise in raw cotton tending to strengthen

      the position of the spinners . . Leeds . —The amount of business for the veefc has been rather below the average . The attendance of buyers was moderate , " and the dqmanci nas slackened even for " light" and Paramatta mixtures . The general prospects of the trade ate good , notwithstanding the temporary inactivity that lias shown itself . . . , . , mu Nottingham . — The laco trade is not brisje . xno hosiery trade is fairly employed . , Leicester . — Hosiery , trade good m town ana country districts . . . m , „ ; ,, „„ BwtwmanAM .-Trade pretty fair . Tho on making districts are well employed on railway '" coai Trade , —The trade is in a sound , but not very active condition . . _ m o t Since our last remarks on tho growng < evil o strikes , there have been one or two adM ' *} , " putes between employed and employers . ftu \» can venture to suggest is , that temper «* nd ffJJJ sense will be allowed to have their < Uix- wcigbt , a » a then we shall not fear a satisfactory solution ot uw difllcxities .

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      HOME , COLONIAL , ANI > F OREIGN PRODUCE MARKETS .

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      MONET MARKET & STOCK EXCHANGE

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      FROM THE LONPOJST GAZETTE . Tuesday , March 29 . BANKRXIPTS . James Thessam Burke , Frederick ' s-place , Old , Kent-road , hat manufacturer . Willtamc Cave , Ferry-road , Millwall , Middlesex , builder . ' . ' '_ Thomas Andrews , Barton-under-Needwooa , Staffordshire , builder . Joseph Steitton , Ecclesfield , Yorkshire , corn dealer . Joseph Fauxkner , Liverpool , baker . John Fearson , Maryport , Cumberland , grocer . Friday , April 3 . Jonhathan Mort Hasl , am , Portwood , Stockport , cotton doubler . Thomas Pruce , Weymouth-street , Portland-place , butcher . John Frampton , Ppole , butcher . Marmaduke Foster , Bradford , bill broker . James Camp , Chesterfield , boot and shoe maker . Wiixxam Barnes , Uldale , Cumberlandshirej miller . Rioha its Hawkins , Carmarthen , cattle dealer . John Morgan , Cardiff , cattle derjer . Thomas Haywqqd , Hpmerton , grocer . John Shepherd , King ' s Lynn , Norfolk , tile manufacturer . George Frederick Rchl , Crutched Friars , merchant . Thomas Wood , Granville place , Bagnigge-wells-road , cowkeeper . . Benjamin Longridge Barnett , Graceohurchstreet , shipowner . Robert Fokd , High-street , Marylobono , ffrocer . WiixiAm Axshbn , Hnnley Castle , near Upton-upon-Sovern , Worcestershire , bnkor . Herbert Redgate and John Redgate , Tfottingham , lace manufacturers .

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      REVIEW OF THE W ™ & Symitt 8 i Wn lmvo had a quiet week in all descriptionsi of produce . No material variation Jn prices iw occurred . Tho mavkofcs , however , appear to _ offccitodby tho uncertain state of affairs at 101 and abroad . Altogether , however , trade is w sound condition .

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      442 THE I / EiDIB . [ No , 471 , April 2 , IB 5 g , _

  • Citation
    • Leader (1850-1860), April 2, 1859, page 442, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2288/page/26/