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THE NORTHERN STAR. OctobeB 25, ^
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THE KOKTHERN /¦' STAR. ' SATUllDAY, OCTOBEK-55, 1815.
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"THE BEGlSMNG OF THE END." THE "UAKK-S-C...
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TIIE MINISTER AND TIIE CORN LAWS. WHAT S...
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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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The Northern Star. Octobeb 25, ^
THE _NORTHERN STAR . OctobeB 25 , _^
Ad00405
¦ *"" _"" _^ LOSSEUM _..,,.-_« a . _ult _^ d l . T her Most Gracious _FSSSr 3 « n * S » Highness Prince AWT _OFEX DAILY from Tea till Six . _Pro-Tdbv the _Tresf , _»»« -. confirmed by every visitor _SUTi _^ S p _^ t triumph of Art in it , various Inthe * both bv Dav and _JSight , that has ever been _rSfetd _fiiual to Ax exhibitions . The Glyptotheca , containing works ot the first artists ; Mont Blanc _ind Mountain Torrents , Superb Conservatories , Gothic _Atlary , CUsfic Bums and Fountains , Panorama of London , re-painted by Mr . _ParrU , ic . Admittance , it . Children , half-price . The Stalactite Caverns , the _sioit -magnificent of all tlie tenyilcs which nature has _fc-iflt for herself in the regions of night , 1 * . extra .
Ad00406
TO TAILOllS . Just published , _LOSDOS anil PARIS FASHIONS for the Autumn and Winter , 1 S 43 , by T . GOOD , C , Conduit-street , Begeat-street , London . The mostsupeih plate ever puh-Jlished—19 figures , representing the most fashionable _garjnantt _, particularly the new style paletot over-coats , both ingleaod double-breasted , six patterusof garments—viz ., two sizes of paletot , two dress coats , the Parisiau style -rest with skirts , and shooting vest ; full and particular . report , 4 c , ic Price 10 s . 6 d . for the one season , or _iO =. for one year , including an intermediate report , summer and winter , with every necessary information throughout * heyear .
Ad00407
TO TAILORS . 3 y _ap-irobatioa of Her Alost Excellent Majesty Queen Victoria and His Koyal Highness Prince Albert . THE 1 AVSDOS aud PARIS FASII 10 XS for Autumn and Winter , 1815 and 1 S 1 C , ready early In October , "by BEAD and Co ., 12 , Kart-strcet , Blooin 3 tury-Rquare , liondon ; Burger , Holywell-street . Strand , London , and maybe had of all Booksellers wheresoever residing ; a -rery superb Print , representing the most splendid exhibition in Europe , an Interior View of the Colosseum , _Segent's-park , Loud « u . This exquisitely executed and beautifully coloured Print will be accompanied with _fullsixeDress , Frock _. and Riding Coat Patterni ;; also , Patterns ofthe Sew Fashionable Polka Frock , aud Locomotive
Ad00408
_INDEPENDENT ORDER OF UNITED BROTHERS ( LEICESTER UNITY ) . IMPORTANT TO WORKING _J 5 _IEN \ SELF-INTEREST being the first law of nature ( and through life we find this the one grand ruling principle—neither is it wrong , if not carried out to an improper extent ) , iu these days of incertitude it behoves erery man to have a thought for tlie future—to make some provision for the time of sickness , want of employment ; aud such like contingencies to which man is liable . The Tarious societi . s formed lor this purpose are amongst the foremost , established by the philanthropist of our day ; the greatest good bas accrued from them ; hut the most prominent stands the various Secret Orders ; the _principle on which they are bound gives them a superiority
Ad00409
GBEAT BRITAIN MUTUAL LIFE ASSURANCE SOCIETY , 14 , _W-ATEM . OO-FI . ACE _, LoSDOS . riftfiCTOBs . The ChUholm , Chairman . William Morier , Esq ., Deputy Chairman . Henry S . Barber , Esq . * James John Kinloch , Esq . John Brigbttnan , Esq . Henry Lawson , Esq . Francis _Ilrodyau , Esq . Henry Penny , Esq . dames Wm . Deacon , Esq . Robert Power , Esq ., MD . Alexander It . Irvine , Esq . The Rev . F . W . Johnson JohnlDglisJerdein , Esq . Trickery , A . M .
Ad00410
TO ALL WHO 'CAN'T PAY I IMMEDIATE Protection , aud a prompt aud safe final discharge , without the intervention of a _Tri ' son or an Attorney . A discharge to Debtors is now imperative , because Imprisonment _forJJebt is now penal , not feme . _djaL—Debtors of all grades-will ho benefitted by applying forthwith to John 3 . _Benstead , 22 , _Uasinghall-street near the Court of Banbruplev , London .
Ad00412
TU THE EMBAItRASSED . —IMPORTANT . THERE aro thousands of persons who have _struggled lonjf against the fureo of misfortune , but few are aware that b y a very recent Act all small traders owing debts not exceeding £ 300 , farmers , and all others owing to any amount , can be entirely raised from their difficulties at a sm _.-ill expense , aud witliout imprisonment or bankruptcy . All sueh Mr . Weston begs will apply to him at Moira-ehamlers , 17 , Iroiimongcr-lauc , Cheapside , 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 .
Ad00413
TEETH . MASTICATION and Articulation Improved and Cuarauteed . —Messrs . DAVIS , Surgeon-Dentists , Via , Pall-mall , opposite ihe Udymarket , aud 1 , Kew _liridgc-street , comer of _FltfOt-strnet , continue to supply teeth , guaranteed never to discolour , break , or decay , anil fixed without springs or wires , without extracting the old stumps , or giving any _paia . A single , tooth , 5 s , ; a set , £ 5 . Loose teeth fastened . Scurvy in the gums effectually cured . Stopping decayed teeth . Price 4 s ., Davis ' s Hermastican : all persons _« an use it themselves , as full directions are enclosed , aud can be sent per post .
Ad00411
COALS . PROVIDE FOR WINTER . PROVIDENT FAMILIES , _subscribing U . per week to tlie Metropolitan Coal Company . - . Shilling Club , can obtain four half tona annuall y , without further charge , fines , ic . The Company ' s price current is , Best Screened Wallsend , 25 s . per full ton ; Seconds , 21 s ., 22 s ., and 33 s ; Coke , 17 s . 6 d . Office , 270 , High Holborn .
Ad00414
PANKLIBANON IRON WORKS . THE LARGEST STOCK IN EUROPE . —FURNISHIXG IKO . _N'MOiYGEItr , Stoves , Grates , Kitchen Ranges , Fenders , Fire-irons , hest Sheflield'P . ate , ornamental Iron and Wire Work , Garden Engines , Rollers _, ic , Japan Tea Trays . Eaths , « fcc . —PASKL 1 BAXON 1 OX WORKS , adjoining Madame Tussaud's , 58 , Bakerstreet , Portinan-square . N . B . —Every article Is marked in plain figures at the Oivest cash prices .
Ad00415
THIRTY-TWO PAGES FOR ONE PENNY . THE LOXDON ENTERTAINING MAGAZINE ; or , LIBRARY OP ROMANCE , published weekly , containing novels and romances , with _gravities and gaieties , unexampled iu interest and price . No . 52 will he published ou Saturday , October 23 , price One Penny , and will commence with
Ad00416
MINERS' ALMANACK , FOR ISiG . By Mr . Wiiiiak _Damells . In the Press , and shortly will be published , TIIE MIXERS' ALMANACK , for 1816 , _containiiif Twenty-Four Pages , over and above the Advertisement Covers ,
Ad00418
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 fouud tlie evidence and experiments of Dr . Murray , Dr . Pereira , Mr . John Roberts , and others , as given before the Parliamentary Committee . To be had atthe Miners' Advocate Office , Side ; Mr . T . norn , Music Seller , Grey-street ; Messrs . P . France and Co ., Uo . 8 , Side , Newcastle ; Mr . lt . McColl , Bookseller , South Shields ; Mr . James Williams , Bookseller , Sunderland ; and Mr . Cleave , Shoe-lane , Fleet-street , London .
Ad00417
COMMERCIAL BUILDINGS , LEEDS . OS Monday evening , Oct 27 , and every evening during the week , Mr . M'Millan has the honour to announce that he will give his celebrated entertainments on Ven . _trilocjuism , Vocal Imitations , and Original Anecdotes . _JDoors open at seven , to begin at eight o ' clock . Reserved Seats 2 s „ Second Seat ? Is ., Back Seats Cd .
Ad00419
CITY CnAItTIST HALL , 1 , Turnagain-lane , Skinner-street , Snow-hill . THE Chartists ofthe Metropolis , and the Public generally , are respectfully informed a scries of
Ad00420
JUST PUBLISHED , In one -volume , foolscap Svo ., neat cloth , price 7 s . Cd ., THE PURGATORY OF SUICIDES A Prison Rhyme : in Ten Books : BY THOMAS COOPER , TIIE CHARTIST . J . How , Publisher , 132 , Fleet-street . £ " *" - _*• Orders ftom the Country to be sent through the Booksellers .
The Kokthern /¦' Star. ' Satullday, Octobek-55, 1815.
THE KOKTHERN /¦' STAR . ' SATUllDAY , OCTOBEK-55 , 1815 .
"The Beglsmng Of The End." The "Uakk-S-C...
"THE BEGlSMNG OF THE END . " THE "UAKK-S-CREWVPUT OS . "It is a long Jane , " the _oliladage says , " which never lias a turn : _' * and it would liave been marvellous indeed if thc 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 haTC been adctideratum , nor-the" secret" of transmuting the baser metals into gold—for the discovery of which tho alchymists _expended so much
research and wealth—a matter to be coveted . If it had been possiblk for all who-e-ngaged in Railwayshare speculation to continually gain witliout 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 mosey" by tlw " thousands" without outlay and labour and profitable return on labour , * had this but been _tossiblk , it would have been a discovery for the fortune-hunters worth worlds ! Nay , it would have been of universal advantage . It would have
repealed Till * curse whieh we are toid was inflicted on the race through Adam ' s transgression ; for it would have been unnecessary for any to expect " the sweat ofthe brow" in order "to eat bread . " They would but liave had to obtain a " share" in the out-pourings ofthis wonderful new " cruise of oil , " which " the more it is emptied TIIE FULLER it ic , " to set them up for life . The "teles of the Magi , " and the romances of the " Arabian nights" would have been far eclipsed . " Alladin ' s wonderful lamp" would not have been ¦ worth a sou ; and the power of fairies and good genii not worth an hour ' s purchase . * ¦ The ¦ veallh-cre . iti / iff benefits ofthe " old lamp '" were confined to those who might possess it for the time being ; and the power of the" spirits of air" was
reserved for a few special favourites : but if this new " royal road" to fortune had been what many of the speculators _persuaded themselves it was , ALL could have travelled on it , and none been left behind in the mire aud slough of despondency . " Pay 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 there is no " royal road to wealth ; " but that , even in the long lane of Railwayshare "Prosperity , " there is a turning which leads to RUIN , —along which turning they are 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 tq _; the lot of those who followed next' 7 It is true that a few quags and quicksands have had tobe passed over but the planks of RISING confidence having been used , the parties first rngulphed 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 fatuus that is to make them rich without labour , These find precious little wealth scattered by thc way , —that having been cleaned by those who have gone before : but still , having the hope ofa golden prize at the end of their journey , they press on , and hurry both _tl'cmselvcs and those that would now turn back—down the awkward turning whicli has thc pit of "RUIN for its
termination . Banks and bank-notes will but serve to a certain and defined extent . They can " expand" with a rising " prosperity" 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 use of thc safety-valve , or you arc liable to an explosion which will carry destructio to alt 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 thatlimit
is full it must so " operate" as to bring hack a considerable portion of that it lias sent out , or it falls is with thc pressure of compression , like to a fragile vessel exhausted of air . This is _thepx-esent position of thc " great money-corporation . " It is obliged to put on the screw ; ancl TIIE KESULT will soon ho apparent in thc share-market , where tho " property in premiums" is vanishing like smoke ! On Friday last the Times had the following announcement : — The following notice , issued by the Directors . of the Bank of England , shows that the long-anticipated movement has taken place : — " Bank of England , October 1 G , " At a Court of Directors held this day ,
resolved" That the minimum rate of interest in London fov bills and notes discounted at the Bank of England he £ 3 per cent ., such bills and notes not having more than ' ninety _, _fiva days to run . " Itis supposedby many that the rise in THE INTEREST or MONEf win . sot stop at Tins foist , on the ground that the Bank hitely limited their period of accommodation to one month , and that this month has not yet expired . " The railway share-market was not buoyant . __ The ardour of the speculators was daxnped in a certain degree by the advance established in the value of money .
This is " turn thc 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 , and millions upon millions have been already abstracted from manufacturing and other industrial operations , to be " invested" in Railway stock , and to pay up " deposits" and " calls" in new schemes and unformed lines ; thc parties who have thus used their money relying on tlieir credit to be able to carry on their man ufactories and other businesses . These must have
money at cither one price or another ; and the 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 act in , it was common for the country Bunkers 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 tlie firm of the _Becketts , the celebrated country bankers , gave evidence before the House of Commons that this was the case iu their " house . " But now all these
deposits are withdrawn—and all thccapital thc bankers had of tlieir own has been called into requisition . Hitherto the pressure has not been hardly felt , because the bankers have had thc Railway deposits in tlieir hands to supply the place of the other deposits ; but the time is fast approaching when these , to the extent of £ 30 , 000 , 000 or £ 40 , 000 , 000 , must be paid into the hands of the Accountant-General , to enable the promoters of the many lines now before thc 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 ; " and in their need they must apply to the " Old Lady of Threadnecdlc-strect . " 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 " negoeiatcd" in London cither through the London Banking-houses or with the - " Old Lady " herself direct . In any case the " Old Beldame" will
be called on for advances ; atul as money thits _beeomeg scarce she must put on tlic screw again , and again _., to make it hear . Each turn of that screw will , hc
"The Beglsmng Of The End." The "Uakk-S-C...
attended with disastrous consequences to tliose who need money , and to those who have money locked up in thc schemes or projects liable to be affected and altered in value by these monetary operations . Thc premiums on projects will first disappear . Away will go £ - * 0 , oOi >) 000 or £ 30 . 000 , 000 ' aworth oi " property " that has been bought and sold . ! It will dissipate like mist before the wind . The sellers who ; havc pocketed the premiums will ba " all right "—having " made , " as it is termed , that £ 20 , 000 , 000 or £ 30 , 000 , 000 ; but tho " _uowiers" will be "all wrong "—the LOSS of the entire amount being theirs ' . In fact the whole process of this gambling in moonshine is but to empty the pockets ef the gulls into those of the sharpers . After the premiums on
projects will go tlie premiums on existing lines . All of them have , by the spirit of gambling hitherto so rife , been forced up to a fancy price . With the blow to confidence will come their depreciation even below their real value ; and these the . capitalist—he that can afford lo hold—will step in and purchase for holding at the depressed price . When 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 _Ac will " realise" abundantly on them : but all this will be at thc expense of those who are _noxufox-ced to sell . And thus they go Oil—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 effects of the " turning of the screw . " They are already manifesting themselves . As soen as the " order" above given was promulgated , it had an unfavourable _cifect 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 184 i , were " down" at OVi i and Exchequer Bills were at-19 s . premium only . "On Saturday , " says the _rii'i _c * ;—The depression in the Consol-market was _pavtiatty relieved by some timely purchases hy a leading stockbroker made in the _Threu-aiul-a-Ituuvtei' p « Cwts ., which had fallen more in proportion than Consols . The same party ulso bought _EM-. _l'ttqWY-bills . _Notwithstanding tliis interference the closing prices wore—Consols for money 07 _J sellers , and Consols for the account D 7 _t ; Exchequer-hills , atHs . to 48 s . premium ;
On Monday : — At the opening ofthe Stock Exchange , the appearance of things was more remarkable tlian has occurred for a very long period . Hone of thc brokers atempted to do btisitiess _eitlter as buyers or sellers , and , for a time , no _quotations -were named even in the English stock market . Foil _SlUllCS , TUEUE \ Y \ 3 HYEIliI « _N' 0 _VSlCa JlSEB . 'i'Ws state of _iincertiiiiity _liu-ted full .-in hour after the usual commencement of business . Even up to one o ' clock , the more steady brokers were averse from furnishing auy lists- , and throughout the day the business dune in all tho securities ( stocks or shares ) was somewhat limited in extent . Itailway shares were flat up to the dose of business . The brokers continued to dvul , but prices constantly fluctuated throughout ilie day _. On this "consternation" the " City correspondent" of the Times remarks : —
The wise proceeding of the Hank of England in raising the _nu'limt' _- ' i rate of discount to 3 per cent ., small its the difference is from tli . 'it which before prevailed , has brought lhe railway speculations to at least a temporary stop . Little has heen heard on all sides to-day but discussions on the tendency of this measure , and among the jobbers and gamblers in railway shares the _convictiou is general that it ought not to place thorn in a worse position , because to men who are already pajingat the rate of 20 or 30 per cent , to put oft' the evil day ofpa . _viiient , a difference of one-half per cent , iu the current value of money Seems a _trille unworthy of the smallest consideration . Still they hesitate about engaging in any new operations , andthe disposition is far greater to sell than to buy , onlv
THAT _llU-CERS AUS NOT TO BE _VOC . VD AT THE STANDING quotations , the dealers , who stand between the companies and thepublic , keeping aloof until they see which way the tide is likely to turn . In every instance the attempt to furce sales would at present be attended with a large sacrifice . Thu true barometer with most of the prudent operators is held to be the st ; ite of the Consol and Exchcinicr-bill market , and these have manifested a degree of weakness whicli , if it is in any degree ( o be traced to the Dank notice of Thursday , ought lo make those tremble who are holders of three-fourths of thc railway paper now afloat . Tho " avalanche , " as the great accumulation of railway schemes has beeu termed in the city , adds daily in millions to its unwieldy Weight , and among
sound practical men . the question is oshX USE OF TIME , IIOW SOO . V IT MAV COME _DOWtf ; some assigning six , _someivfomontfts , and otiiebs speaking of the fall A 3 STILL moke imminent . The mere advance iu the rate of interest by the Bunk is not , perhaps , SO material ill itself as when coupled with one of the assigned causes of tliat step , far if the directors , as rumour states , reckon xtpon the abstraction , before the end of the year , of three or four millions oftheir slock of gold to meet the instalment upon foreign railways , tliey cannot stop here , but must . _vuu . tueb . _i-k . _< jtect THEMSELVES BV DltAWlNG THE C'Oltn STILL -IIGHTElt . Too much force seems to have been 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 this last measure was uncalled for ; hut it is the quality of the advance , and not the mere power of advance , which must always govern this great corporation , whicli cannot prosper or be safe unhss in so employing its surplus means as to retain tlte power of calling them buck in thc shape of bullion if tliey require it . Thc directors must not therefore hesitate at tiny step whieh is necessary to phice tliis part of tlieir responsibilities beyond the reach of hazard . There is nothing left for the railway speculators consequently but to take in sailas quickly _impossible : TIIE STOJIM IS AT HAND .
On Tuesday the same writer thus returned to the subject *—There is a notion prevalent among thc speculators in railways , that to tliem a rise in the value of money is a matter of secondary importance , since they must ultimately , as ill the instances of the Liverpool and Manchester , Grand Junction , London and _Birmingham , and some others , obtain cent , per cent , upon their outlay ; and whether throe , four , or five 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 , tlte Bank of England , thc 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-bQX crammed _loif / _i railway scrip and shares , exhibit it to any prudent banker or merchant as security for an advance of money to the extent Of ONt-HALP only of its nominal value ; _hexaillnot , in most cases , get any advance at all ; or , if he does , it will depend more upon his general credit and stability than on the value of the article tendered as security . Ills character in tliose respects will ever be damaged hy the plain avowal of the fact , that he has made a large venture in railway shares—an investment , in some instances , per . fectly good in itself , but so completely overdone and overtraded in at the present time , as to threaten for a period to involve good and bad projects in one
coinmou ruin . With such persons , therefore , let money be as cheap as it may for tho prudent trader in the general market , accommodation is always difficult ; let any rise in its value take place , accommodation becomes impossible . 7 a this way luive 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—been constantly brought to a stand . Tliere are no men , professionally , sa acute and sagacious as thc dealers in money . They seek information ou all sides , and compare notes with each other respecting tho operations in which tho leading merchants
or the public are engaged ; and a hint that A or B has accepted too many bills on any one commodity , beyond what the ordinary transactions of his business will justify , damages his credit , and either brings his speculations to a close , or , by forcing him to suspend payments , leaves perhaps a better dividend for his creditors . Both lenders and borrowers , by the timely interference of the discount houses , are thus often saved from ruin , 11 ut tke speculators in railway shares , according to thc present indiscriminate practice , are far below even the xeorsl clasj of speculators in an article of _commerce or consumption . Tiie latter is ALWAYS WOKTII SOMETHING , BUT THESE To AN IMMENSE
AMOUNT MOST BECOME UTTERLY WORTHLESS . TllUS WO have the spectacle in this and other great towns of the kingdom , which have all established marts for gambling , of n countless mass of dealers and traffickers in a commodity Of the valueof which they How nothing , and on xchich no money can be raised . Men mav _nirrcn as to the time and manneh in which lliisheap of combustibles will explode ' , but that it ccm end without some serious _conutiljioii no one ventures to hope . Are not u > e entitled to ask , " who were the " croakers , " when we lind those who were silent when we first sounded the note of alarm sow using our very words in describing the evils coining upon
ns , and wliich cannot now ho prevented ? Should we not be justified in strongly contrasting our opinions so frankly and explicitly given , with those then held forth by those who now speak as above ? Bnt to triumph in such a manner is not our inclination . Enough for us that wc have done onr duty . Enough for us that wc foresaw "THE END" from the beg inning , and warned the country of the danger to whieh it was subject _. Enough for , tliat wc have been ti ; uc to our professions ; that wo spoke without fear or without favour . _Enough lor us that wc did not defer mn- ¦ warnings to the interest of anybody ; that we did not pander to the pruvnilit _* _.- ; prejudice , i . ; . at onr " J ' ricB & r _' _aajglitgeti'icJi at _swut-hoilyVclso
"The Beglsmng Of The End." The "Uakk-S-C...
cxpence . 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 sharpers to fleece the gulls ; and then another depression and danger of national bankruptcy ? Are 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 " compete" with every good one , and to enable the hosts of Directors , Provisional Committee men . Shareholders , and other _gamblers , to appropriate to themselves heaps or
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 to develope the incipient resources of a district , and improve those wliich are had ill avail , whenever it affords better facilities tor 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 thc national means will allow , consistently with the other national engagements . _^ _YE have to hit o . v a tlas by which this good cent , be effected , without the
evils of which we have to complain , and from which we have to suffer . The mode of doing this will present itself , when the present system has worked up toa certain point . With Englishmen it wa * necessary that the plan of individual or conjoint private enterprise should have its full swing , to prepare thein 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 witliout the gambling . Already does lhe public mind indicate the growth of ail opinion in favour of this course . Already is the public press hinting at the possibility of tllis being accomplished ; and before we have passed through the stormy times now opening on us , we shallll . _tve the mode by which this can be re % lised , publicly discussed , and very generally
supported-Space now prevents us from entering more particularly into this branch of the question . Wc must defer it to another opportunity . Meantime , we commend the following extract from the Bankers ' Circular to general attention . The remarks on the present speculation in Railways are temperate and preceded as they are by a descriptive sketch of the " great crisis" of 1821-5 and . that of 1835-G , 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 wliich have preceded it , equally marking in their day an excited and diseased State of the public mind _"Jien stimulated by thc designs find interests of brokers , the association of numbers , and the eagerness
of gain . The speculation of 1824-5 took all directionscolonial produce , all _riiv materials of manufacture , public _coiupauicR for all imaginable purposes from steam-washing and cow-keeping to making Ireland a silk-producing country , and covering the sea with ocean steamers—bad and good schemes ofall sorts . JBut 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 huge was the whole capital which was sent in this direction ; ifr . _Iluskisson . made H the theme of a discourse , in which he represented the clear loss at from three to four millions sterling . But thc peculiar character and manifestation of that speculation arc the important and instructive circumstances that _«* e have now to consider , for the purpose of showing their bearing by force of contrast on tho mania now prevailing .
The source of all tliese speculations is a . refltax of money to thc centre , after a period of commercial and manufacturing distress , and low prices . That of lS' _-M- _!) was wide spread , and it fastened on many objects ; but its most striking feature was the mining enterprises , which also involve . ! thegreatest amount of ultimatcloss . During the highest state of the fever t ]| 0 premiums Oil tlic fillill'l'S Of someoftlie South American mining companies rose to move than a thousand times the nominal value oftlie shares . In this there is a striking contrast to that which has taken p ace in railway shares , in nono of which has the premiums amounted to thc nominal value of the shares , when the affair was in the state of projection . The reason is this , —supposing the spirit to have the same
strength and intensity , and to be supported by the same amount of power in 182-1 . 5 as in 1844-5 , at the former period no one object presented itself on ivhich alone the _s-jecul-. _uwu cowlvl live and prosper , Gold and silver mines are limited in number ; their situations arc 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 Jed , but the leaders could not create objects fast enough to satisfy th * cravings of the spirit ; nnd so it fastened ou many absurd schemes which meu of lower grade and infevior authorities brought forward for it to feed on . If mines had been like
railways , equally familiar to the public observation and Approbation , —if mines could lmve heen presented in unlimited number , and some leading men hnd been willing to lend their names , influence , and authority to the formation of a score of companies at once , as they do now inthe case of railways , the speculation of 1824-5 would have been confined as exclusively to mining emterprises as the speculations of 181-1 . 5 is confined to railway enter _, prises . Ingenious men observe the craviugs of the monster , and they find no difficulty in creating a thousand railways for the purpose of satisfying it . In 1821-5 there was no such prolific field of creation ; and consequently the shares in the few mining companies brought out rose in some cases to more than a thousand-fold of the amount of cipital proposed to be laid out .
The next succeeding period of speculative prosperity , _1835-C 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 tills case the tempting bait . Substantially , the objects theu presented fov investments were of sounder foundation than four out of five ofthe railway projects that have been brought out for public patronage in the year 1815 ; and we firmly believe that the shareholders in canal and railway property and in loans to municipalities in the United States , and on the otlier hand , in the new railways of England , Will admit the validity of this conclusion when tliey compare accounts in the year 1805 . The range of enterprise for British
capitalists in 1835-G was extensive , for it had the whole of the United States for its theatre . It was then , as now , confined mainl y to one field abroad , but in England it took thc direction of forming joint-stock banks , opening large streets 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 raw materials of manufacture . On attempting to draw a parallel between the two periods of excitement , 1824-5 and 1835-C , we find the great feature of the first was that the principal stream of speculation was directed to South and Central America , and that ofthe latter , was that the great stream was directed to North America . In other
respects there was no striking characteristic of difference inthctwo , except whatrclatestojoint-stockbanks , which , in 1825 , the statu of the law precluded from k'illg fortnt'd . no now come to the speculation ofthe present time , to make the examination more intelli gible . The object of the current speculation is principally , almost exclusively , confined to railways here nnd abroad . Its range , however , is as great as in the two former cases , probably far more extensive , but it is in great part limited to home , and the money it calls out is spent in great part on ourselves . We rejoice that it is so ; it must be productive of publicbenefit 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 traout
ce some of its probable consequences . As such , io what respect does a railway differ from a mill that is built in tunes of stimulation , and 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 property than a railway , because the latter can be applied to one only purpose . In both cases , tlie architects , dealers in materials , and labourers ofthe structures were benefited whilst tbey were in course of being constructed ; but alter that , so long as the structures will not pay for working 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 thatis thc name of ono for which an act Wal obtaincd ten years ago , to bring the traffic ofthe _cxistina railways to a point somewhere about Gray ' s-inn-lane ind r . _ST ' _S " t , J , . _« n ? lructcd - _* - " - _eronnd has been forfeited to the
original owners of it long si „ ce , acconHng to tho terms of the act . Of what use will be sonic of the five railways projected to be formed between Loud ™ , „ j To *! Not one additional railway cm . _S m _^ Cft injuring the revenue of that which is in _oneviihl « of them must be closed for the wm , ? Z 0 pci , U > on ' homa working of them . for . J _lender cm T \ T *? " ? _^ Profit , the _wcali ,, ; _,,,,, _popa _, _;^ * _£ _^ «« nro _«< _atoncoipiinlliplcd . If i „ a _,,.. „„ _™ " _*•? _»* tbe lay out _lifiy , „ lillon . « f n _££ _?^ J " % ' _*• _^ _*» be judicious , pay the _proprLtoi s : ' , u _T " _" ' public ; but if you lay „ "' , cl _*•* - *• _^ " _^ the hundred ... illio ,, , o _\ , e n _/ _° o T _? '" ** * ° VtW 0 waste , because the ra ? wJvi n . f B , im ma ,, P ivork . _HUHjeon . e _, ice ; tl e e _^ _'T _^ ea "" 0 t be l « g themlH . _ingge _, " , „ _n Ctt , ront _^ P « " » of work-
"The Beglsmng Of The End." The "Uakk-S-C...
Wasteful expenditure , _wheilior it be made in wltr like'instruments , useless canals , or useless raii _* _v-, ! _*}' _- the same malign bearing on the welfare of * , e u l : ' whatever may have been its object . In t hc t . " . wasteful expenditure in war , the stute provides il , ' - ' ' capitalist who advances money as it is Wanted sir n " _eeive his stipulated usance for it by taxes levied ' " whole , community ; in the ease of a wasteful wi ( t „ , _' - in useless railways—say of fifty or a hundred w in ; " which cannot be worked _bceautB of the expense of « "' j * ing being more than the income—there is n u st ; ,. . ' power to guarantee the annual usance to those u ) . ' u " . ply the capital ; consequently , although the public b _''' _' den must be less than that for expenditure ran . i _f "
war . or nothimr at all . the _iudlvldtmi ink ........ ' * ' "J war , or nothing at all , the individual misery ellU 4 l . , . abortive railway schemes with their outlays " must ' *! - " great as to battle all power of description . " A _" ti | i _, ' * _""* there wanting evidences eren in this , the infancy » f _T system , to prove that th-ceor four out of every « ' . . the new projects—especially _thoye for the east , * 0 lf and south-west of England , remote from the Sou ,.,. ' , mineral wealth—must fail . To say nothing of _^ r wrecks passing under the titles of the Peak a _* _, d _« Moreton-in-the-Marsh Hallways , there exists Die iri , " and Pickering Railway ( a _single line , with slid ,,,.. " . twenty-four miles ) as a warning . There is . _iit _* . ra 1 j ' . that runs over such a proportionate length of waste . _" _' worthless land ; there is no railroad more _ui _* . * . \ , i - _ll ,
_tOIm-. . ..... _ ..... , - .... . _, Whitby is a populous and wealthy town , _sitfinfiui ; deep and remote cul de * w , - tUe nearest market t " ' being twenty miles distant , and the _intm-eni-i .- 1 " ( " every direction being moorland . Two beautif _* - * ,. j * " approximating near to midway between WbilllV ' " * _dickering present thc most favourable _bai-is ft * | _| , ' " struction ofa railway . The one now workcdwi _'' * constructed—badly constructed we admit—anil iti , _, . ' tion many years , The owners never , we believe , _rcci-J" _? one farthing in the shape of dividend or lnterosi fur j ) , _^ capital , andthe expellee of working the i ; ,, « _-.,,- u , difficulty defrayed—the operations were fi _' eipiemiv '
the point of being stopped for this reason . _II-.. r ( . _, ' _- _,. Wi . s no competing Hue , no competing _citrr . iing , * worth alluding to , except that provided by the sea - ; il J we repeat , no circumstances can be imagined uwTe _, * ' vourable for n railway enterprise , except dense _popul-, " tion and mineral treasures . Not one in five of t | l ( l , 7 " projects is to be compared with it , all _circumstsnci _.-, Coi | sidercd . Mr . Hudson's keen practical eye lias _pcrcciv-., ! this , and he ha « bought the Whitby and Picker ! ,,,. - _( . _^ way , which , as an adjunct to the York and Sesrlioi , „ LJ and the York and North Midland , now all one , win iiiuvb in his hands nn important feeder ; for competition ;„ of the question in such a locality _.
We have adverted to tliese _iUustrati'Mis furnished hv brief experience in working a novel system , f „ r • „ , . l | ir pose of suggesting the improbability of more iil ; m 0 llj ill four of the new projects paying any interest iu t | 1 ( . adventurer !* . It would be useless to multiply e . iaiimieior they might be adduced from the slight ami iiiisui „ b ) c dividends exhibited by somo of thc southern _raiiir-iw working , without competition . Then what win ho " the effect of all this speculation on the monetary p „ , . - , _- _, ' only remaining section of the matter on which we shall at present offer any observation . We said h f ' nniiii'lit since that the thing as a speculation must break down within six months , or subside , leaving shoals of hiIvmi
turers helpless on shore when the tide ebbs , l ' mi-hcis with a panicle of foresight and discretion , will take nil ample margin when prophecying ; and a third pail of six months may be sufficient to realize this prophecy _. Whenever that time comes there wiil be a rush to obtain the possession of money to keep the speculation afloat . A few only of the speculators will succeed in tins )' ur there never was a speculation In which the Ih ' recturs « f the Bank of England generally , and those who influmre and control monetary operations in the city of London 6 tood more aloof than they do in this railway speculation ! The Bank will not be controlled by railway magnates as it wns controlled by thc great _nicrclmnls ami uiercii _.-intbanUeis at the two former crises of 18 'J 5 and I 8 ; _ii ;
This leuds to the inference that the manufacturing and mercantile operations of the country wilt Ut less i _« t terfered with at the next convulsion than at any prccetling one ; mid tliis appears to us a just inference . Still there will be a very large sum of money abstracted from its mercantile and ordinary use , whicli will make the market for supplying it to those uses scarce and " tight . " \ Ye can perceive no difference between _locking upmontv in a useless railway iii Pennsylvania ami locking up the _' _same sum in eight useless out of ten projected for Southampton . America being always the debtor country on the balance , it would be rather less disadvantageous to our manufac
tunng interests to waste English money there than for such purposes at home ; at home it would cause less to be spent in English manufactures than in the I ' _mltt / Slates , and more to be spent in such imports as tea , _cuft ' ee , tobacco , sugar , wine , rice , and food—especially in the period of projection and laying out of schemes . A secondary clerk to an _eni'inecr has , we know , been paid seven guineat a day for his services ; and this fact marks the objects on which an increased expenditure for rail _, nays in this stage oftheir progress is likely to ho squandered . The great question for consideration is , what w _* : u hc tho effect of all this speculation combined wilh augmented imports ou thc Hank ol England ?
On this last question we know far too little to justify us in saying more than we have said at present . We understand that the directors count ou the probability of losing two or three millions of their treasure . Sneh a drain , wc believe , would not stop at the assumed point , but even that small sum would be quite sufficient to sink three out of four uf all the new railway projects , to produce greater _Gtringene-- in the a-lm ' mistTation of money , and very guarded conduct on tho part of all hankers .
Tiie Minister And Tiie Corn Laws. What S...
TIIE MINISTER AND TIIE CORN LAWS . WHAT SORT OF BARGAIN SHOULD THE FARMERS MAKE ! There arc indications on tlic political liorixon that Peel is prepared to " go the whole hog" with the Corn Laws , and complete tlic degradation of his agricultural majority by dragging them up to vote for the total repeal of thoso regulations which they liave held out as necessary to the very existence of the landed interest . Last session ajl the defence that could be offered by the " fanner ' s fiiends" in the Ministry was a " ' kicking" reproof from Mr . _Smxnr IlEitBHRr , tlie new Secretary to the Treasury , to the farmers "forcoming whining to the legislature for relief" from thc distress and run *' worked tor them
by legislative measures ; and Sir Jambs _Gii-wmm at once announced that the Ministry were fully picpared to admit the Free-trade principle to its full extent , *—the application of it being only a question of time and Ministerial convenience , Since then the Times has been preparing the public for a new course of policy in relation to the importation of food—ite articles having for their object the inculcation of the idea , of a total repeal of tlie Com _Iaw-j rather than the substitution of the " fixed duty " which the jfi ' iiies in former times , and not very long since , advocated . The recent jeopardy we were in , in relation to the whole harvest , snd the partial failure of the corn and potatoe crops , have afforded occasion for those preparatives for the coming event . In _additioii to these significant
signs we have Lord _AsutEr addressing his constituents of thc county of Dorset , telling them that " tlie destiny of the Corn Laws is fixed ; " that " the leading men of both the e , tea . t _pavU-is wi "the legislature are by no means disinclined to their eventual abolition ; " and " that the difference between tliese same ' great parties' is less a matter of principle than a question of time . " Add to all this the fact that the Sunday organ of the Ministers announces that " tUe Government are sedulously procuring information from all parts of the country , as to ihv >
most vital of all questions—tlie food of the _peopla : " and that a _varieiy of rumours were circulated " on , Change" on Monday , in relation to a change of ministerial policy on the subject of the Coin Laws , and had some cfi _' ect in depressing the funds and Itailway Shares . Add all these things together : ami it would appear pretty evident that Peel is preparing to give the finishingstrohetothat " proudand haughty aristocracy" of _inhich he is not a member , and complete the ministerial structure of free trade for which ho laid the foundation in his Tariff of 1 S 41 .
Our opinions as to the effect ot such repeal , unaccompanied b y the other fiscal and monetary alterations which we have pointed out , have undergone w > change whatever . Wc still believe such a step to be fraught with destruction to the real farming interest , and to carry in its train a host of awful consequences to the producers of all classes . The experience we have had of the free trade measures of Sir _Robkrt Peel lias not weakened these opinions in _theslightcsfc but on the contrary , strengthened them in every particular . Tell us not that the " roaring trade " and " _cLoniot-s _raosPEHin" of the last two year * have resulted from Sir Robeui ' _s abolition of import duties ; for with the free trade Chronicle we liold that
Sir RonnnT _ruEt is perfectly well aware that thc apparent success of what he calls " his policy" has , in reality , as little as possible to ( lo With his policy—that the plenty , cheapness , and general prosperity , the high wages and _diniiiiishcd pauperism of the last two years , are as little attributable to his _Coni-law , as they are to his Incometax—thnt they are thc fruits of a succession of abundant _««™» ts . whieh havo virtuall y and pro tempore , repealed is Corn-laws . Sir Ro , iK , tT p _^ offB t 4 _ 'J wUat ib more , he knows that the country knows this . I ell us not , therefore , that Sir _Eoueut is to be eret . Jcd wiih the MIOSPEHIT-c that has abounded , unless you also admit that the _infaimded gambling in th e
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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) ncse2.kdl.kcl.ac.uk/periodicals/ns/issues/ns4_25101845/page/4/
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