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" "«< doubt nothave of " effects of that...
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TIME WORKS W ONDERS, <?
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THE NOETHEEN STAR SATURDAY, JULY 19,1845.
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THB LATE GEJ3ERAL JACKSON. Weannonncedln...
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THE COMMERCIAL EXCITEMENT OF 1825,1830,1...
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LORD STANLEY'S IRISH LAND BILL. As soon ...
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1 — ¦¦¦¦¦» 11 1 Co fteairer* & Com^ottUent^
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TnE Plundemno Miliocbats.—In continuatio...
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YORKSHIRE.
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West-Ridixs Delegate Meetixg.—This mcetj...
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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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" "«< Doubt Nothave Of " Effects Of That...
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Time Works W Onders, ≪?
TIME WORKS W ONDERS ,
Ad00411
InMusicas jn « - m _*» . _, just published , a new vr tri , _^ talea MnSIG WITHOUT A MASTER ! _WrltieP . byHumnhrey Scott : in Ruts , One Shilling each , being a « imylete _instrttcUon for the Kunoforte , Staging , Violin , Hate , and Music in general . - - _"' . _«? This work forms a new era in the science of music in England , and is the _beslhouk that has ever appeared for the practical use of the great milUon . _raKished in rarts , and each sent , post free , for sixteen postage stamps , by IL WHITE , 350 , _OxfonUtriet , Xondoa .
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_EDWAKD WALTER'S Fourth letter to the Bishop of Worcester . —Just published , price Sd ., hy post six postage stamps , " What is blasphemy 5 " " Has man a free will V " _Is there an intelligent first cause V and , Who takes care of the souls of the clergy ! " Questions asked in a letter to the Right Rev . Father in God the "Bishop of Worcester , by Edward Walter , of Worcester . — « He alone can discover truth who dares to investigate all things . " " He _done can be free who has truth for a guide . " Worcester : Baker , bookseller , Jlealckeapenstreet;—London : Hetherington , Holywell-street , Strand ; Watson , Faul ' s-alley , Paternoster-row-andall booksellers . The following also by Edward Walter : — s . d .
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NOW FTJBLISmFG , In Weekly Numbers , price Id ., and in Parts , price Gd ., THB HISTORY OF THE CONSULATE AND EMPIRE OF FRANCE , under Napoleon , by M . Thieb ? , Author of the "History ofthe French Revolution , '' late President of the Council , and Member of the Chamber of Vepaties . Cosimoss . —The wort Trill be _neatly printed In -two columns , rojal octavo , from a nerrand beautiful type , and on fine paper .
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Also uniform with the above , in Weekly Numbers , price 2 i , and in Monthly Parts , price 8 « ., "THE _PEOPLE'S 2 DITION OF THIERS' HISTORY OF THE FRENCH BEVOLUTIOS , " forming together four handsome volumes .
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ENLARGED TO THE SIZE OF PUNCH ! JOE MILLER THE YOCXGER , price Three-halfpence . —No . 3 contains a splendid comic picture of Parliamentary Haberdashery ; or , Sessional Selling Off , by Joe Miller ' s Own Academician . Also a laughable picture of the Ovens of the House of Lords ; or The learned Bakers . Tales of Tame Animals ; or , Stories of _Social Life , illustrating the sins and . sorrows of subserviency . No . I ., The Lawyer's Clerk . The Workhouse , a poem—National Charity—Joe Miller's Clown—¦" Breaking up for the _Holidays—Kecoarses of Kich Villany —Butcheries of Ambition—Joe Miller ' s Cntlc—Drama—Poet—and Learned Pig . With all the fun of the w eek . Price Three-halfpence . Stamped , to go free by post , T wopencc-hahpenny . Hay be had of all booksellers and newsmen . Office . 159 , Fleet-street .
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A BOOK FOR THE MILLION ! How publishing , to te completed in sixty numbers , at One Penny , A NEW AND ELEGANT PERIODICAL , ¦ Consisting of sixteen closely-printed pages , double-crown , and embellished with several superb Engravings by Landells and others , entitled TALES OF SHIPWRECKS , AND ADVENTURES AT SEA , containing talented sketches of the sea and seamen , and truthful narratives of shipwrecks , fires , mutinies , famines , and every danger of this life of peril , rendering it the handsomest , largest , and best _pennyworth ever offered to the public . Parts 1 and % now ready , containing upwards of thirty fine engravings , and one hundred aud forty pages of letter-press , price _axpenc * each . The People ' s Edition of the complete works of M . Eugene Sue . Parts 1 to 7 now ready , price sixpence
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NOVEL EXCURSION TO _BRIGHTON AND BACK IN ONE DAY , FOR FOUR SHILLINGS ! THE MEMBERS and FRIENDS of tiie CHARTIST ASSOCIATION and CHARTIST CO-OPERATIVE LAND SOCIETY , respectfully announce to the Public that they have engaged Special Trains for a PLEASURE TRIP to the beautiful and salubrious town of BRIGHTON , on StwMT , _AcecsT 3 rd , 1845 . The Committee have made every arrangement with the Brighton friends to render the excursion a truly pleasant one . Children under fifteen years half price . The Trains will start from the terminus at London Bridge at a quarter past 8 o ' clock precisely , returning from Brighton at Seven in the evening , thus allowing upwards of eight hours to visit the Pavilion , Chain Pier , Devil ' s Dyke , Kemp Town , and the num rous other attractions of this pleasant town . The train will arrive at New Cross at half-past eight o ' clock precisely , and stay a few minutes for the friends in that neighbourhood .
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AMERICAN EMIGRATION OFFICE , 9 G , Waterloo-road , Liverpool . THE Subscribers continue to despatch first-class Packets to NEW YOR _^ BOSTON , QUEBEC , MOSTRIAL _, PHILADELPHIA , SEW ORW 3 ASS , and ST , JOHN'S , N . B . They are also Agents for the New Line of New York Packets , comprising the following magnificent ships : — Toss . To Sail . Qceen of the West 1250 6 th July . B . ocht . stek ... 1000 6 th August . Hottingcex 1150 ...... Cth September . _Lmarooi _. 1150 6 th October .
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THE CAUSESofEXPLOSIONSinSTEAM-BOILERS , and the prevention of those arising from incrustation , are now lectured upon by Dr . Ryan daily at half-past Three , and on the Evenings of Monday , Wednesday , and Friday at Nine , at the ROYAL POLYTECHNIC INSTITUTION . Professor Bacbhofiner lectures daily at Ten o'clock , and on Tuesday and Thursday Evenings at Nine , on the ATMOSPHERIC RAILWAY , a Working Model of which , carrying visitor * , is exhibited daily and in the Evenings . A curious MECHANICAL HAND ; new and beautiful Objects in thc CHROMATROPE PHYSIOSCOPE , PROTEOSCOPE , and DISSOLVING VIEWS . Working Models described . EXPERIMENTS by the DIVER and DIVING-BELL , & c Ac— Admission One Shilling : Schools , half price .
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ASSOCIATION OF UNITED TRADES FOB THB PROTECTION OF INDUSTRY . NOTICE . —A Conference of Trades Delegates , to consider and determine on the two plans of organisation for a " General Union of Trades , " and for the " Employment of Surplus Labour in Agriculture and Manu factures , '' drawn up by the Provisional Central Committee appointed for that purpose by the General Conference of Trades Delegates held in London on the 24 th of March last , will be held at the Literary and Scientific Institution , John-street , Fiteroy-square , London , on Monday ,
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In the Press , and speedily will be published , in one volume , post 8 vo , neat cloth , lettered , price 7 s . 6 d ., THE PURGATORY Of SUICIDES A Prison-Rhyme : in Ten Books : BT THOMAS COOPER THE CHARTIST . Orders ( for the present ) tobe addressed either to Mr . O'Connor , 5 * , Great Marlborough-street ; or to Mr . Cooper , IS * , Blackfriars-road , London .
The Noetheen Star Saturday, July 19,1845.
THE _NOETHEEN STAR SATURDAY , JULY 19 , 1845 .
Thb Late Gej3eral Jackson. Weannonncedln...
THB LATE _GEJ 3 _ERAL JACKSON . _Weannonncedlnourlast the death of this celebrated man , the pride of his country and the benefactor of his species . Such a man should not pass away from amongst ns without the rising generation being informed as to what manner of man he was , so that , knowing his principles and acts , they may devote themselves to the furtherance of those principles , and seek—however humbly—to imitate those acts . A knowledge of Akdbew Jackson ' s career will also enable the young men of England to contrast the character of this hero and legislator , sprung from the
ranks ofthe people , with the generals and field-marshals , and the hereditary and clas _« lected lawgivers of their own country . The contrast . will- " we guess , " be quite sufficient to convince the most obtuse , ofthe superiority of that system which invests the people with the national sovereignty ( as in America ) , o er that system w hich _nominally invests the sovereignty in King , Lords , and Commons , but really in a few hundred land-robbers , and a few thousand profitmongers , with the addition of a gilded , powerless , puppet , dubbed Qubks ! Impressed , therefore , with the desirableness of placing upon record in our columns the leading facts of General _Jacksoh's public life , we
had intended to have prepared a sketch of his career , when , casting our eyes upon our contemporary , the Tyne Mercury ( of Wednesday last ) , we found that the Editor of that paper had anticipated us , in the me moir given below . The writer of that memoir Tnoias DouBLEnAT , Esq ., —we cannot mistake the authorship of the _artiele , —as a pupil of _Wiuiam Cobbett and an uncompromising advocate of th princiflesofthe Jacksos * policy , was well fitted to do justice to the great American soldier and states man ; if we regrtt anything , it is , that Mr . Doubledat has not more folly _discharged a duty for which he is so eminently qualified . With these remarlH we introduce to our readers the following
ketch of the life of
GENERAL JACKSON . "Thc world has lost its best and greatest man . General Jackso _** . * has expired , full of years and
Thb Late Gej3eral Jackson. Weannonncedln...
honours , and with the calmness of a hero , a philosopher , and a Christian , at his farm at Hermitage , having not lived quite long enough to be assured from the lips of his friend , General Houbtos , that his plan for the prompt ' annexation of Texas' was now sure ofsuccess . " Akdbew Jacksox waa born on the 15 th March , in the year 1767 , at Waxsaw , in South Carolina , and was consequently seventy-eight years of age at the time of his decease . He was the son of poor Irish parents , who , tired of the misery of their wretched country , luckily for mankind , and , no doubt ,
conducted by an all-seeing Providence , left it two years before the birth of their son _AsnREff , and settled in Carolina on a small farm . Their son earlyshowed " what spirit he was of . " He , at the outset of life , studied and practised the law ; but _eventssoonled him to prove to the world that in the lawyer were hidden the commander and the statesman , and that his knowledge of law would only enable him more effectually to serve his country in the latter capacity . When tho Revolutionary war of 1115 broke out , Jackson was a boy . , His eldest brother , Hugh , however , took the side of his country , and lost his
life in the earlier period of the contest . Nothing daunted at this , _Asdrew Jackson , at the early age oi fourteen , in company with his brother Robeet , joined the army under Washington ; and , after distinguishing themselves , were taken prisoners by the British , when the future General and President nearly lost his Ufe by the cut of a sabre from an English ruffian , given in cold blood after his being made prisoner . On tho end of the war in 1783 , Anorew , now the sole survivor of the three brothers , _studied law , and , after a few years' practice , settled himself with his wife ( for . he now
married ) on an estate on Cumberland , _Riyer _,, near Nashville , where he lived for a few years in the quiet and happy seclusion of an American farmer , until elected one of the representatives of Congress for Tenesse . In 1813 , England , flushed with the coming triumph over _Bosafabie , resolved , if possible , to breakup the American union ; ami at last provoked that war with tbe States which proved so disastrous both by sea and land . This event again called forth the soldier-like qualities of Jackson . He had been accustomed , as a Colonel of Militia , to warfare with the savage tribes on the Mississippi ; and these tribes were now excited to attack the States as a diversion
in favour of the English troops which were to operate further north . Jackson , now a General of the United States , was ordered to defend the States that aii connected with the great river Mississippi from the fury of these savages , whose cruelties were terrible . In this duty , after a most arduous forest campaign , he completely succeeded : and he had entirely dispersed the Indian tribes , when he was -suddenly called on to defend the city of New Orleans , which was menaced by a fleet and an army of from nine to . ten thousand picked British troops , under Generals Sir _Edwaud Pakenham , Gibbs , Keake , and
_Laih » ebt . The events of that defence , and of the memorable battle fought on January 8 th , 1815 , before New Orleans , are known to all the world . The English were driven to their ships , leaving dead upon the field Paxexham and Gibbs , with near three thousand of the bravest of their troops ! This great -victory concluded the war , and Jackson retired to his fcrm at Nashville , without expecting from his country those rewards for his performance of a mere duty , which the mercenary " heroes" of _otner countries deem it no shame to wring from the very bones of their starving countrymen .
" This great man was now to enter upon a new career . He was now a senator ofthe United _Sfatte . The vile English landed and monied aristocrats , baffled in their attempts to enslave America bytvar , . were now endeavouring to do it by the agency of papermoney . They had corrupted and bought the leaders of that villanons faction that in America are called 'Whigs . ' They had bribed Clay , the speech-maker ; Quinct Adams , the senator ; _Wbbstjbb , the flimsy lawyer ; and Cbawfobd , a politician by trade ; Tliey had , through the agency of these men , got Congress to allow a huge bank to be set up , called . 'The
United-States-Bank ; ' a . thing : created solely by the purses , and for the treacherous purposes of the English Jews ; and by the briberies through this bank , they hoped to gain a control oyer the whole American Legislature ! Jackson , and all the wellinformed men of the States , saw ' through this infaraouB but . " deep scheme . He denounced it to lus fellow-citizens . The young farmers and working men , who , in America , understand that ' currency question' and its workings , which seem to puzzle us so much here , formed associations to stand by the
General till he should strangle this monster . In 182 i , accordingly , Jackson was a candidate for the Presidency of the States . He wasdpposec . by the three traitors ,. Clay , Adams , and Ckawfobd ; and not having an absolute majority over the whole three , was foiled ; the second election by States choosing Quinct Adams . In 1828 , however , _Ciav and Cbaw-* ob » being cowed by the spirit of the people , the contest was between Jackson and Adams alone ; and Jackson was elected by two to . one , and in 1829 , was inaugurated , in a happy hour , President of the United States of America .
" Now came his struggle with the monster of corruption , the bank and its vilIanous ; directors , of whom one Biddle was the chief . He . denounced the bank and its briberies in a message to Congress . In Congress the Whigs still had a majority . Their answer was ' a bill , ' which passed both houses , to renew the Bank Charter . Clay brought in that bill , and Webskb supported it . In 1832 , the re-election of Jackson came on ; and in 1832 , to destroy him , i f possible , Clay and his majority gave him this bill to sign . The President threw himself on his country . He told them * he would cut his right hand off before
he would sign such a bill , as , President . ' The farmers and the _working men stood by their President . The infamous bank spent millions in bribery . All was in vain . Jackson was re-elected ; and , at the same time , a Congress , in > hich there , was an immense majority ofhis supporters . He removed the deposits of Government from the clutches of the infamous bank . Its charter expired _; its paper-money was annihilated ; and , by the President ' s wise measures , a currency of gold awl silver established ,
in the doing of which the coffers of the Bank of England were so drained , that , in' 1839 , she would , had it not been for a loan from the Bank of France , have stopped payment . This was the greatest act of the life of this great man .. Van , Buren succeeded him , and his policy is now being earned out by President Pom , who may be styled a pupil of Jacksos . It is believed that with General Jackson originated the grand idea of annexing Texas , Oregon , and the Californias , to the United States . That idea will inevitably be earriedinto effect . "„
The Commercial Excitement Of 1825,1830,1...
THE COMMERCIAL EXCITEMENT OF 1825 , 1830 , 1845 . We are glad that this subject is exciting considerable attention . It is one of paramount importance ; and the more it is discussed , and the more that correct notions ofthe causes ofthe periodical" flushes " of" prosperity , " and their bitter after-consequences , are acquired by the . trading and operative classes , the better able will all parties be to meet the next reveree when it comes . As might be expected , there are different notions _afloatastothee'Went ofthe " reaction "that all seem
certain is coming , though but few are preparing to meet it . Thatit will come , hone seem to ' doubt . They seem to have made up their minds on tliat point they only disagree as to ihe hue and extent of the " panic . " In relation to one view of the subject—that taken by those who believe that the next " panic " will not be so severe as our former ones—there is an artiele in the Liverpool Times of Tuesday , which we shall extract in full , that the readers of the Star may see the Jest that can be said in opposition to the views wehave , on former occasions , expressed . His rea soning is by far the strongest on his side of the question that we have yet seen ; and the " points "he
The Commercial Excitement Of 1825,1830,1...
puts are deserving of attention and consideration . After we hare given his _Reasonings , we shall endeavour to consider them . He says , then : — Many persons are of opinion that the excitement of the present year will end like the exciteme » ts of 1823 and of 1836 , in a great convulsion , and judging merely hy tho number of new schemes which are launched every week , and the reckless eagerness with which they are taken up . this seems only too probable . Still the
circumstances ofthe country at the _prssent time differ so widely from those which existed at either of the two periods mentioned above , and that in points of importance , that it is riot possible to reason from one to the other with any degree of confidence . What may be safely inferred from the experience of the past is , that speculations like those _' of 1823 and 1836 , will end in the same way ; but this only ' applies to a certain class of share jobbing , and certainly not to the commerce and staple manufactures of the country , " or the condition of trade generally , at tbe
present time . The chief points of difference between the condition of this country now and in the years 1825 and 1836 are the following : — First , we have now a sound currency and a safe banking system ; then we had neither . During the " excitement of 1825 / ihe whole country was deluged with one-pound notes , issued by private banks so miserably feeble that nearly a hundred of tliem suspended payment when called upon to fulfil their engagements ; and though there were no one-pound notes in 1830 , yet the joint-stock banks were then to a great extent under the management of rash _, confident , and inexperienced men , bent above all things
on doing a large business , and willing to take any risks for that end . It was at this time that the Northern and Central Bank fell , and that the ruin of other banks equally ill managed was prepared . The events of that disastrous period have never since been forgotten by the bankiDg interest , which is at present in as sound a state as it has evei heen at any period of our national or commercial history . This appears to us to be the grand distinctioa between the commercial activity of the present and of the preceding time ? . They were preceded and occasioned by great monetary excitement and derangement , whilst the present excitement has sprung up under a sound currency and as prudent a system of banking as the country has ever known .
. Another great difference between the excitement ofthe present time and of the two periods which we have mentioned is , that now the raw materials of manufactures are cheap , whilst then they were extravagantly dear . The speculation of 1825 was chiefly In cotton , and other prime materials , and thatof 183 G was so likewise , though not to the same extent , whilst this year cotton al least is cheaper than it was ever known to be , and all raw materials at a moderate price . So little is the public disposed to encourage speculation of this kind , that we have seen within the last few months , a rise in the price of iron suddenly checked , even in the midst of the railway fever ,
and the price of that great material of railway construe tion again brought within very moderate limits . As a general rule , this is the case with all raw materials at the present time , and this is not only a great contrast with the state of things which existed iti 1825 and 1836 , but is also a great security ' against the manufacturers of staple articles being left with heavy depreciated stocks on their hands . As far , indeed , as it is possible to judge , there are scarcely any stocks of the principal manufactures to be depreciated-, for , rapid as production has been for some time , it has done- nothing more than keep pace with consumption . This is another point in which the present excitement differs from the excitements of former
year- ? ,, . " . . _¦' . Another point of difference is the increase in the number of oar foreign markets . The foreign trade of the country is no longer confined to the United States ( always a fluctuating , though often a valuable market ) and to two or three markets more , but extends to every country on tbe face of the earth , and runs in too many and too independent channels to be in danger of any general stoppage . The trade of China may be said to have sprung up from a mere nothing since 1836 , and that with India , Australia , the . Cape , Turkey , Greece , Egypt , and many other countries , has wonderfully increased . . It would be difficult to point out a country which has not either direct or indirect commercial relations with England , and the universal diffusion of English commerce is the best security that the country , could have against those violent shocks to which it was subject when the foreign commerce " of the country was confined to some half dozen countries .
The great danger of the present excitement arises from the immense number of new schemes , _chiafly railway schemes , which are now before the public , and of which there seems to be absolutely no end , the production or them being still as rapid as ever . No oue can doubt that , sooner or later , there will he a great crash amongst these projects , in which numbers of persons who now flatter themselves that they will be able to sell out , with a profit , from , the . various projects with which they are now so
rashly connecting themselves , will find themselves grievously mistaken . Still this railway excitement is far from being an unmixed evil , for it will be the means of establishing railway communication in many parts of the empire : ( Ireland especially ) where it might not otherwise have been introduced for many years . Whether the members of many of these railways ; will obtain a decent dividend is . quite another affair ; but that is a matter about . which those who take care of their own money have no great reason to trouble themselves .
Our contemporary contends that there are several essential points of difference in the _^ mcni . condition of the country and that of the years 1825 and 1836 ; and that these differences will operate to prevent the " revei _* se " --sure to come sooner or later—from being sosevere as those of the two . respective periods named . These points of difference are three : — " a sound currency and safe banking system ; " " cheapness of the raw materials of manufactures ; " and " the increased number of our foreign markets . " : First , asto the currency and banking system . His assertion that we have a " sound" currency , and " safe" banking system will " sound" very strangely in the ears of those who know that some £ 30 , 000 , 000 of mere " promises-to-pay" are circulating as money depending on the "absence of suspicion" only for their existence : liable at any hour to a demand for
"conversion into gold , " which demand , if made , would blow the whole system of "sound" currency and " safe" banking to the devil . —very " sound " and " safe" that system which depends entirely on confidence—liable at any moment to be shocked and upset ! But if our contemporary uses the terms in a relative and not in an absolute sense , ' we freely accord him so much . Compared with 1825 ,, the currency is " sound , " and the Banking system " safe . " At tliat period , there were < £ 41 , _049 _* , 298 " Promises-to-pay" in circulation : and , worst of all , £ 21 , 000 , 000 of that amount was protected by law from all demand of payment ! As . far , therefore , as the difference between the amount of DEBT- " _jion _* Bir" in 1825 , and the amount of the same species of " money" in 1845 goes—being the difference between £ 41 , 000 , 000 and £ 30 , 000 , 000 ; and , as far as there is a difference between the issuers of
this " fictitious money" being protected by law from the payment of the sums they have " promised , " and the being liable to be made to pay as / or as they are able : as far as these things go , the present currency and banking system are " sound" and " safe " compared with those of 1825 . But compared with 1836 , the " difference '' is not so great , and consequently not so essential . At that period the amount of " _Pronuses-tp-nai / " in circulation was £ 29 , 152 , 000 now it is £ 30 , 064 , 893 . So there is little advantage _mbrb ! On the contrary , the amount is against our present condition . And then , as to the "prudence " of the Bankers , as compared with their " rashness " and "inexperience" in-1830 , we really fear that our contemporary has " reckoned without his host . " Has he looked over "THE LIST" of those who
have " subscribed" £ 2 , 000 and upwards to Railway schemes ? Has he seen Bankers there , "down , "responsible , —for ¦ 'their three quarters ofa million each ? Does he call _tAa « ' ! _7 prudeht ?" ' Does not this look tike as if they were . _' bent , above all things , on doing a large business , and willing to take any ris _' . s for that end" ? Besides , is it not notorious that" discountingis _cosp "—and " money plentiful ? " Is not the " age of speculation" invariably the " age of advances ? " Will the Bankers , who have the means in their own bands , of making " promises-to-pay "
" as good _| as monoy , " : neglect their harvest ? Are they to have no " share" in the' GENERAL PROSPERITY ? Have % had nothing to do with the millbuilding , the machine-making , and the immense manufacturing of cotton , -woollen , and linen yarns and fabrics lately going on ? Hare they had nothing to do with the dealers in . " shares ? " Have not heavy "advances" iii aid of each and ' all of these modes of money-making been made ? It would be contrary to nature that this should not be the case It Will , we know , require th reverse to make it all manifest , At present matters go
" As merry as a marriage bell , " and the " rashness , " " inexperience , " and "illmanagement" are well covered up . Let the "panic " but once overtake us , and we shall soon find out how he difference between £ 26 , 630 , 244 _,-the amount of the notes of the Bank of England and other banks of issue in England and Wales , in circulation in 1 S _10 , and £ 30 , 064 , 893 , tlie amount of sncli notes in _cu'C HliUion at i ) _i'esonfc ,-lias been employed . Wc shall
The Commercial Excitement Of 1825,1830,1...
then , we doubt not , have some exposures of " prudence " , and " good management . " Meantime let us content ourselves with the following . It is pretty significant of its kind . We have not had far to fetch it either . Thearticle inthe Liverpool Tims ** appeared on Tuesday : on Wednesday , the very day after , the Court of Bankruptcy , in Basinghall-street , was occupied with the foUowing instance of " prudence . " - THE BOKFOEn . BANK . —JOHNSON ANO COHPANX ' S . .. ii . „ . i i „„ ,. _... A .., img _* f II _muil
BANKROriCT . 7 The bankrupt appeared before the Court on application for his certificate . He was supported by Mr . Cooke , the barrister , and opposed bj Mr . Wilkinson , for the assignees . Mr . Lawrence attended to watch the proceedings on behalf of several creditors . The business commenced by the official assignee ( Mr . follett ) reading the subjoined report on the condition and affairs of the bankruptcy : — The balance sheet of the Romford bank , as filed by Thomas Johnson , sen ., presents the following facts . _*—That Mr . Thomas Johnson admits having withdrawn from tho bank , in thirteen years , the Mowing sums , viz : — In Mils ... ... £ 13 , 380 Money ... ... ... ¦¦• 12 , 735
Total * 26 , H 5 Thatthe bank was carried on the whole period of its existence ( eighteen years ) not only without profit but at a loss : — The expenses being stated at ... * E 1 G , 7 G 7 Profits ... ... ... 11 , 511 Showing a loss upon the trading of 5 , 256 In addition to bad debts of 2 , 754 >
Total _«• * 8 , 010 As quarterly balances were struck during the whole period of eighteen years , it must be assumed that Mr . Johnson was aware ofthe position of the bank affairs . The balance sheet of Thomas Johnson's private estate . The private _balanne-shect of Thomas Johnson admits the receipt in thirteen years of—The previously named ... ... £ 26 , 115 Receipt from the Aldgate concern ... 18 , 709 Profit , rents ... ... ... " _-i 973
££ 50 , 801 which is accounted for by Loss on white lead concern , £ 8 , 60 * 0 _Interest and discount ... 13 , 71 * ( _j _£ 46 _, 68 l > Personal and domestic expenses 18 , 300 ) further proving that the bills and monies withdrawn from the Itomford bank were applied to purposes distinct from that concern . It is almost unnecessary to say , that the certificate ofthe bankrupt was refused . Had it been otherwise , it would have been a most scandalous shame . The commissioner , in his judgment on the case , observed , that the bankrupt : —
" Was abanker carrying on business , aud who , nowfailing , was found for years to have been miserably insolvent . A banker was supposed to be above the ordinary grade of men ; he was looked upon as a man who possessed standing , not only in respect to wealth , but also with regard to intellect and strict business habits . But had Alderman Johnson in the present case showed these qualities , or had thc course of his business proved him to have been the man fit for this branch of trade ? Quite the contrary ; for without he had shut his eyes , without he had been willfully blind to the state of his affairs , he must have known from the quarterly balance taken that tho bank was a losing affair from year to year , without profit in one
single instance . Nothing that could be urged would in his ( tho Commissioner's ) opinion palliate the conduct of the bankrupt . While in a state of hopeless insolvency he had received the monies ofhis customers , andiustead of rendering them iu due payment had applied them to his own speculations and uses . After much consideration , it was his opinion tbat the failure of the bankrupt , in this case , could not be regarded as the ' rcsult of misfortune , or of circumstances orer which he had no control , but rather as arising from years of misconduct as a trader in a branch of business which of all others required the greatest care and vigilance ; and , therefore , the judgment of the court was that tlie certificate must be refused .
That little specimen of the " prudence" ofour bankers ; and of the "* ouncfncss" of the banking system , will surely suffice for the present . Whether it was much exceeded by the " management" ofthe Northern and Central Bank we do not take on ourselves to determine : but we know that it does not make much forthe first " point" of essential difference between present and former times that our contemporary seeks lo establish . The amount of Paper" money" in circulation now as compared with 1836 is decidedly against his views , when judged by his own rules : and we think we arc fairly entitled to say that on his first" point" he has failed in shewing the " difference" he contends for . If the " difference " not there , or if it be not so great as he would represent , thein / _et-CHce he has attempted to draw from it ia baseless also .
The second "point" relied on by the Liverpool Times , as holding out hope that the next reverse will not affect trade and commerce so severely as those of * 1825 and 1830 , is , the present comparative cheapness of raw materials of manufactures . But is it true that they are " cheap ? " Nominally , they may be so : but to ascertain whether they are really so , it will require that we take more things into account than the respective prices of the respective periods . Iu 182 o , the amount of " notes in circulation" was £ 41 , 000 , 000 ; in 1843 , it was £ 30 , 000 , 000 . This of itself , would cause . a vast difference in nomina prices . The question is , are present pric es of raw
materials " cheaper , " in reference to the amount of " money , "than they were in 1825 and 1836 . But there is even another element tobe yet taken into the calculation . What relation does the prices of raw materials bear to theprices of tho manufactured articles at the respective periods ? Are present prices ' * cheap" when so tested ? In 1825 the official value of British manu factures exported was £ 16 , 408 , 282 ; the real value £ 38 , 083 ,-773 . In 1836 the official value of the ex ports was £ 85 , 229 , 837 : the . real value £ 53 , 368 , 572 In 1844 Uie official value of the exports was £ 131 , 564 ; 503 : the real value £ 58 , 584 , 2 i ) 2 . The raw materials , therefore , in 1845 had need be
"cheap , " if they are to bear any proportion to the immense depreciation in price of manufactured articles ! Look at the difference ! In . 1844 three times the quantity brings but one-and-two-thirds the price of 1825 ! If the price of raw materials in 1845 were anything nearly as "dear" as at thc former period , pray what would our manufactures and commerce be worth ? The fact is , that when thus tested ; when all tilings are taken into the calculation ; when the question is fairly examined in all its bearings , the prices of the raw materials at the present time are not'low—axe not " cheap : " they are " dear : " and the inference the Liverpool Times has drawn from his second fact is baseless , for his fact is no fact at all .
Wo now coma to tho third " point" of differcne set forth by our contemporary , between the present and former times : " the increase in the number of our foreign markets . " Here we give him , without hesitation , Mc fact . Our markets have increased . China has been opened to us ; and India , Australia , Turkey , Greece , Egypt , and other places take more of our goods than they did . What of that ? Have we not boforetinio been quite as unlikely to glut our foreign markets as we now seem to be ? Has it not winy times seemed as if there was to be no end or
Sir ; to our progress in the markets of the world ? And have we not found ourselves laid prostrate * Has not ' ' glut" Mowed on "high prosperity ?" Have we a guarantee thatit shall not be so again ? Would a deficient harvest not interfere with the present " roaring trade ? " Is a deficient harvest an unlikely occurrence ? What will the chances be , should thepresent weather continue but a fortnightlonger ? It _raaynol affect China ; but it will affect us at homeand if a deficiency of food here causes it to be " dear , " what will" Prosperity" be worth .
We readily grant that the best symptom in our condition is the absence of Stocks in the hands of tho merchants . It is beyond dispute that the consumption or demand for our manufactured goods has been astoundingly immense . It i _» also true that the demand continues ; that little appearance of « ' glut " presents itself _^ s yet . StiU that "difference" in condition between these and former _timts will not save trade and commerce from the shock , when the _"pakic" comes ! Our whole THING hangs together . Touch it in one part , and you affect it in another . A good harvest sets thc manufacturers to work : a bad one stops them again . "Ease" in the _muneymarket makes both branches of industry " prosper ous " : confusion there brings all things to a dead stop . Tho " CRASH" which all expect ; whieh the _Liverpool Times speaks of as certain to coino sooner or later , will play "Old Ilfiiry" on _'Cltauac : and thc
The Commercial Excitement Of 1825,1830,1...
effects of that " crash" will-inevitabl y he fclt every manufacturer , agriculturalist , and trade * the land . How canit possibly be otherwise ? ' « •/] , _' !} LIST" we gave a selection from last week , gn that £ 94 , 812 , 813 have been " subscribed" far sch _^ laid before Parliament for sanction ; and the // 0 / , ' states that at least £ 90 , 000 , 000 more h ave _^ " subscribed" for gchemes not yet even mentioned ! Parliament ! Can all this take place without I ' * rupiion to every interest in _| tke state ? _Imposs'i _/ _Nine-tentlts of the schemes will fail through ,-, - ,., ) . . ' —of their own account : but all the " deposits' _^ !!\' all the " premiums" win be iosi ! This of ' it » ] f _wiJl cause insolvency without end . See some _liu [ _t of the effect in the following : —¦ _aB _^ _Ii , aF ihat " r . nkSn" will innv _' toM- i ~ "
Tbe Baenslet _JuNcnou Railway . —The refusal f the committee to sanction this railway has produccti t ) , utmost consternation . Shares were held to a cons ' idcr _/ ble extent in Leeds . One gentleman is said to hold l ( _m shares , and the difference in the prices of Thursday ' aild Friday ( on which latter day the unfavourable i Mo % . _„ _" arrived ) would make a difference of no less thau S . _^ in his property . This was only the case with one " gentleman" in one scheme , in the height of the Railway mania . _^ but the "CRASH" coitfe , and where will thousands
of sueh " gentlemen" be ? And how much _to _^ will tliose be that hold " shares" in schemes that happen to succeed in Parliament ? When the " calls " are made , how many of them will be able to obey them ? Will the hunihieds of _thousaxds set down in " THE LIST" be then forthcoming ? WmUj ( will then have to " wish he may get it ! " Tliose that have not the means , but who have now purchased " shares" at a high premium to get rich all at onco by a gamble , will thev have to sell . The hurrying of the shares on the market will tumble down the price
The "decline" will alarm others . Each will be anxious to sell before the price gets lower . More and more will they hurry on tothe market ; lowcrand lower will they tumble , till all the premium is gone and a heavy discount submitted to . Ruin will thus be spread far and wide . Thc money market will bo deranged . Each branch of trade and commerce must feel the effects ; and dismay > nd consternation will be seen on every hand . And this is what is before us ! As sure as fate , it is coming . It cannot be avoided . As tho Ledt Mercury well says : —
"The present speculation , however * _asttve , ' is the reverse of being ' sound . ' It proves the existence of fever and mania , which must end in a fearful reaction . No one can say how many months the excitement may lie Kept up : but all experience must convince every sober minded man that the speculative fever is _dangerously high , and must do extensive mischief . If we should have a bad harvest , —if the foreign exchanges should turn against us , —or if from any cause money should
become scarce , the price of railway shares will go down with a vengeance . The defeat of many of the projects in Parliament will cause extensive loss ; and the calls made on those which succeed will sadly inconvenience many speculators , and withdraw capital from its ordinary channels , to the pinching of trade and commerce . At present , whilst speculation is on tho advance , all seems very alluring but we warn our waders to * look out for squalls . '"
Lord Stanley's Irish Land Bill. As Soon ...
LORD STANLEY'S IRISH LAND BILL . As soon as Lord _Stanxet's Irish Land Bill was submitted to the consideration of the House of Lords , we ventured the Mowing opinion as to the manner in which an Irish landlord wouW evade its provisions should it Become law : — Lord Stanley dispenses with law as a means of arriving at the question of compensation ; hut he does not dispense with the present expensive system , by which a landlord of straw is at all times able to break a tenant of steel . Now .
to deal with a case precisely sueh as Lord Stanley ' s bill proposes to meet , let us see the mode by which an Irish landlord could drive a coach and she through the proposed Act with as much ease as his Lordship says thc farmers can drive a cart on the top of an Irish fence . What more easy in a ease where a tenant contracts to take a farm without offices , with a full share of the proscribed mounds , and requiring drainage ! than for the landlord to insert a condition in the lease , setting forth that the performance of any of the three acts protected by law shall amount to a forfeiture of the lease ?
In confirmation ofour opinion we find that his Lordship ' s Bill has been withdrawn " ron the present , " —ah ominous Parliamentary period : and we learn that the following alteration made by the select com * mittee , has been the cause of the bantling ' s sadden death : — " The bill is not to extend , "' 1 . To casesin which any lease , or contract , or agreement made , OR TO BE MADE , may contain any matter or condition to a contrary effect . '"
What a pity that Lord _Stasley did not consult ut on IriBli practice , before he ventured upon the absm > dity of checking Irish plunder by English law . If he had done so he might have avoided the exhibition of impotency he has just made both of himself and his colleagues , in attempting to deal with a festering and gangrenous social evil . Irish "landlordism " and Irish "tenant-rights" must be regulated in afar different manner than Lord Stanley proposed .
1 — ¦¦¦¦¦» 11 1 Co Fteairer* & Com^Ottuent^
1 — _¦¦¦¦¦» 11 1 Co _fteairer _* & _Com _^ ottUent _^
Tne Plundemno Miliocbats.—In Continuatio...
TnE Plundemno _Miliocbats . —In continuation of the disclosures contained iii a letter from Mr . _Ricuab p Mausden , which appeared in the Sttr ot July Stli , Mr . M . sends us the following - . —I heard of a young man , a spinner at Chorlcy , paving a rental of _half-a-crown a week for six months , without ever knowing where the house stood which he rented : and had every reason to _> believe that the millowner had no house unoccupied , _, though a Key had been given him . The young man i submitted te the imposition on the advice of his father ,, being unable , nt that time , to get employment else * * where in the immediate neighbourhood . It may bee possible for many to listen with an incredulous car to o the recital of such doings ; but the variety of modes s resorted to to filch from the workman his earnings it il would be impossible to describe . I once had occasion n to go to a mill one Monday morning , and was there -c
before the mill engine was in motion . At the exactct moment of commencing work the heavy doors were re closed by tlie gate-keeper , though he could see at icastist twenty of the hands coming up the narrow passage to to the gates , and within a few yards therefrom . These _lia-lao to pas 3 through the _watchhouse , to have their _nuinbcrssrs taken , and be fined a penny , each , and whilst I stoodod there not less than sixty passed the same way . It is i _= such acts as these whieh must ever lead in the end tft tc reductions in wages , and the consequent _deterioratioitor in the condition of the working men , if there were n _* . a other cause ; and till they are viewed as equally _odiouiou with every other kind of theft , and alike punishable ,-: , - Hot by fines , but in the same way as the poor thief if i punished , by the 6 ilent system—the coarse jacket , anan the gaol diet , — -these shameless exactions will ever con-on tinue to be made . Will our aristocratic and commcmci cial law-makers ever do this ? I fear the hope wilwi ever have to be considered preposterous .
Me . Stead , IIuDDEiiSHEUvwill see in Mr . _O'Coimor ' ic letter an answer to his request . That gentleman conci templates a tour through the West of Yorkshire am a tlie North of Lancaslure , at his earliest convenience * - .. ! Of course , due announcement will be made , and tim ti given for proper arrangements , Mb . _Paim ; , _Stratfobd-on-Avon . —We have not yet _rea _; r the " letter of an Emigrant" he has sent . C . J . M . Thobfe , Lambeth . —It-has been noticed in \\ Star over and over again , that room could not * M spare _i for " addresses" of a merely local nature . . \ Collins must take the same answer Tub _Newsvendehs and others in Martlebose , •••¦ , ' complain that they cannot get the Northern Star rci r _>
larly , are informed that Mr . A . Packer , of No , 78 , Ha * , U row-road , will undertake to supply their wants . Mb . _IViuiam _Beesiev , who is at present working ing Blackburn , requests us to insert the following notice . ' - . ice " Persons who wish to see Mr . Beesley are desired _n-ed to wait upon him at the workshop . Those who « o > v to see Mr . B . must call upon him at his lodgings , _Iigs , tween twelve and one o ' clock at noon , or after sev sc -o ' clock in the evening , at Mr . Newton ' s , Tenrpcraiiicra Hotel , King-street , Blackburn . . It is impossible for Hfor Beesley to answer James Ward ' s communication unl < i un he is furnished with his address ; the letter bears ' . ars Preston post-mark , but there is no date or place _mfcon lioned in it .
Yorkshire.
YORKSHIRE .
West-Ridixs Delegate Meetixg.—This Mcetj...
_West-Ridixs Delegate Meetixg . —This mcetjneet was held , according to notice , on Sunday last , in _<; , in Working Man ' s Hall , Halifax , Mr . It . SutdiffCclii T _* the chair . After the preliminary business had _tyid l * gone through , the following sums for the Excciiti-ccul were paid in - —Bradford , Is . ; a gift from thc Cii _« e Ch ists ' cf Little Uorton , Is . lOid . ; Halifax , 2 s . _l' 2 s . 1 Warley , Is . 3 d . ; Mountain , Mr . Quceshciul _, bad , The following , among other resolutions , A , ' adopted : — " That wo call the attention of each each _cahtyin the West-Riding to tie propriety and' and ecs 3 ity of establishing a Chartist Tract Society , _lety _. appointing tract distributors in every locality . . "lit )' , . most powerful auxiliary in promoting the _princ'Erincof the People ' s Charter . " " That tliis _mceti- _' _!* ' _Uinjl jouvn to tne second Sund . _iv in August , when it is i it Is _uicstcd that each locality ' will send at least imiU oue legale to thai lni . _' _ctin'' . " "
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Citation
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Northern Star (1837-1852), July 19, 1845, page 4, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/ns/issues/ns4_19071845/page/4/
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