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MR. HOARE'S LETTER.

To the Governor, Deputy Governor and
Court of Directors of the Bank of Eng-

land.

the country, and they exercise the power of limiting or extending the issue of paper according to their discretion; I say if that epoch should ever arrive,. it may be considered as the signature to the death-warrant of the Bank of England.-The generality of writers upon the subject of finance, may be classed under two distinct heads. -The one contending that the paper con.

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15. THAT the only certain and adequate security to be provided, against an Excess of Paper Currency, and for main-stituting the existing circulating medium taining the relative Value of the Circulat- of the country has no influence, nor in ing Medium of the Realm, is the legal any manner operates upon the foreign exConvertibility, upon demand, of all Paper changes, the price, plenty, or scarcity of Currency into lawful Coin of the Realm. bullion. The other that the extension of 16.-THAT in order to revert gradually our paper circulation is the sole occasion to this Security, and to enforce meanwhile of the unfavourable state of the exchange, a due Limitation of the Paper of the Bank encreased price, and scarcity of gold and of England as well as of all the other silver, and that a reduction of the paper Bank Paper of the Country, it is expedi- alone will remedy the evil.-Upon an acent to amend the Act, which suspends the curate investigation of the subject, I susCash Payments of the Bank, by altering pect that both these opinions are erroneous, the time, till which the Suspension shall and that the truth will be found (as is continue, from Six Months after the Ra- generally the case) to lay between the two tification of a Definitive Treaty of Peace, extremes, each of them having some operato that of Two Years from the present tion in producing the evils complained of, though by no means equal in their relative importance. The enormous encrease which has taken place in our foreign expenditure, the immense sums which have been paid for neutral freights, combined with a large importation of goods from abroad, have in my estimate exceeded by GENTLEMEN. The interest which I have many millions the amount, profits, and always taken in the general good conduct advantages of our exports; and as I know and management of the Bank, renders it of no means which can be devised to disimpossible for me to view, without consi- charge this balance, but by the exportaderable anxiety, the numerous and en- tion of bullion, to this cause may fairly be creasing difficulties which now assail the attributed the general scarcity of money; establishment. There never was a period when a large profit attends the exportation which demanded the exercise of more ta- of a commodity which may be confined lent, firmness, and discretion, in order to within so small a bulk, there are no avert the impending dangers of our situa- restrictive laws, however severe, that will tion. It does not require much sagacity secure its continuance in the country.— or foresight to perceive, that a severe and Although there is great difficulty in asceralarming blow is aimed at the indepen-taining the manner in which paper operates dence of the corporation, by those who are neither competent to appreciate its value to ourselves, or justly estimate its importance to the general interests and welfare of the community at large. To persons intimately acquainted with the true principles of finance, it is unnecessary to explain, that the confidence of the public cannot be maintained, in the solidity of the present circulating medium, without a total exclusion of every act of power and authority from the direction and management of the Bank, and that whenever the period arrives, that the Corporation becomes identified with the government of

upon the exchanges, and the most able writers do not give a satisfactory explanation of the subject, there appears strong presumptive evidence in favour of the fact, and one circumstance seems perfectly plain and indisputable, that if bullion is an article of commerce and merchandize, a considerable encrease in the circulating medium, which is acknowledged to have the effect of enhancing the price of all purchasable commodities, must have some influence upon this: admitting the statement to be correct, a decrease of paper will diminish the price of bullion.-The new principle adopted by the Court of

Directors, that no other limits should be presribed to the issue of their paper, but demand, and that all good bills which are presented to them may be discounted, without creating excess, appears to me not only liable to material exception, but if acted upon to the extreme, would be attended with very serious evils; the Bank paper in that case, instead of being confined within about twenty millions, would soon double the amount; and the idea which the Court of Directors have adopted, that the paper will return to them, if extended beyond proper limits, appears to me very theoretical-there are so many speculators, adventurers, and projectors, both in commerce, canals, and the public funds, &c. who can probably furnish the Bank with very unexceptionable security, and would employ any sums of money they could borrow at 5 per cent. with the expectation of realizing a profit of 10 per cent. Under such circumstances, there is too much reason to fear that an excess, which even the Directors themselves would deem improper, must unavoidably take place, before the paper reverted to them. The natural consequences resulting from the measure would be an important depreciation in the value of money, and an encreased price in all the necessaries of life. Although I know it to be impracticable for the Bank to resume their payments at the time proposed by the Report of the Bullion Committee, unless a total stop is put to our imports and foreign expenditure, yet it is extremely desirable that the Court of Directors should be guided themselves by those limitations, and that discretion in the issue of their paper, which are absolutely necessary as a preliminary measure, and will not only have the effect of giving additional confidence to the public in its solidity, and decrease the prevalent spirit of hoarding, but approximate the value of their paper to the current coin of the realm; until this event takes place, the country cannot be considered in a state of perfect health and security. I remain, with all due respect, your sincere friend, SAMUEL HOARE.-Lombard-street, April 22,

1811.

OFFICIAL PAPERS. PORTUGAL-Proclamation against the French, 30th March, 1811. Portuguese!-The day of our glory is at last arrived: the troops of the enemy,

in disgraceful flight, and routed on all points, rapidly disappear from the Portuguese territory, which they have infected with their presence. The Governors of Portugal rejoice with you on this happy event; and after humbling themselves in the presence of the Almighty, the first and sovereign Author of all good, they render due thanks to his Royal Highness the Prince Regent our Lord, whose wisdom established the bases of our defence; to his British Majesty, to his enlightened. Ministry, and to the whole British nation, in whom we have found powerful and liberal allies, the most constant co-operation in repelling the common enemy, and that honour, probity, and steadiness of principle which particularly characterise that great nation; to the illustrious Wellington, whose sagacity and consummate military knowledge enabled him to penetrate the plans of the enemy, to take the most effectual precautions for frustrating them, and compelled them at last to fly with the remains of their numerous army, diminished by famine, by the most severe privations, and by the incessant pursuit of the allied forces; to the zealous and indefatigable Beresford, the restorer of discipline and organization to the Portuguese troops; to the brave and skilful Generals and Officers of both nations; to their brave comrades in arms, who, with generous emulation, never fought that they did not triumph; and, in fine, to the whole Portuguese people, whose loyalty, patriotism, constancy, and humanity, have been so gloriously distinguished amidst the tribulations which have afflicted us.--A nation possessed of such qualities can never be subdued; and the calamities of war, instead of disheartening, serve only to augment its enthusiasm, and to make it feel all the horror of the slavery with which it was threatened.-But, Portuguese, the lamentable effects of the invasion of those barbarians; the yet sinoking remains of the humble cottage of the poor, of the palace of the man of opulence, of the cell of the religious, of the hospital which af forded shelter and relief to the poor and infirm, of the temples dedicated to the worship of the Most High; the innocent blood of so many peaceful citizens of both sexes, and of all ages, with which those heaps of ruins are still tinged; the insults of every kind heaped upon those whom the Vandals did not deprive of life-insults many times more cruel than death itself; the universal "devastation of the

fields, of plantations, of cattle, and of the | to which they have fled they were reinstruments of agriculture; the robbery ceived with open arms; the inhabitants and destruction of every thing that the eagerly pressed to afford them all that sucunhappy inhabitants of the invaded districts cour which they could individually bepossessed this atrocious scene, which stow; they filled their houses with emimakes humanity shudder, affords a terri- grants; and many times have we perble lesson, which you ought deeply to en- ceived with tears of joy the generous grave in your memory, in order fully to emulation of those who disputed with one know that degenerate nation, who retain another who should afford the rights of only the figure of men, and who in every hospitality to those unknown families who respect are worse than wild beasts, and arrived in this capital without shelter or more blood-thirsty than tygers or lions. the means of subsistence.-It is the duty Wretched are they who trust in their de- of the Government to take immediate ceitful promises! Victims of a foolish cre- measures for the relief of these necessitous dulity a thousand times will they repent, persons; but the want of public funds, but without avail, of the levity with which which are not even sufficient to provide they have trusted to the promises of a for our defence, must make these measures nation without faith and without law; of less effectual, unless individuals liberally men who acknowledge neither the rights concur in a proceeding as much recomof humanity, not respect the sacred tie of mended by humanity as by patriotism.an oath. Opposed to such an enemy, the Under the inspection of an illustrious trionly alternatives which remained to us bunal which has advanced part of these were resistance, or retreat; the former succours, by the wise and economical depended on a competent armed force, measures of a member of that tribunal, the latter is a law which the duty of executed by zealous and intelligent offipreserving life and property imposes cers, the wretched fugitives have been fed, on all peaceful citizens. These, evacu- and numberless unfortunate persons have ating the towns where they dwell, trans- been rescued from the jaws of death. This porting the effects which they can carry great expence has been supported, not off, destroying those which they are only by the resources which were at the obliged to abandon, and which might serve disposal of Government, but, still more, for the subsistence of the enemy, escape by voluntary donations presented by nathe horrors of the most infamous slavery, tives, and foreigners; among whom we throw themselves into the arms of their ought to mention with particular distincfellow countrymen, who receive them as tion the subjects of his Britannic Majesty, brothers, assist the military operations, both those who are employed in the army, depriving the invaders of the means of those who are attached to the legation, maintaining themselves in the territory and those who are comprehended in the which they occupied; and in this way class of merchants. Those acts of pathey are so far useful to themselves, be-triotism and of Christian charity were not cause the enemy, not being able to sup- confined to the capital and its vicinity. port himself for a long time in positions In all the districts of the kingdom, whither where he is in want of subsistence, will the fugitives resorted, they met the same soon be obliged to evacuate them; and reception, and experienced the same kindthe inhabitants returning immediately to ness and liberal aid, as far as the ability their homes, neither suffer the inconveni- of the inhabitants enabled them to extend encies of a lengthened absence, nor find it.The Governors of the Kingdom, in their houses and fields in that state of total the name of the Prince Regent, return devastation, in which the enemy's army thanks to all for such distinguished serwould have left them, had he remained vices, by which the lives of so many of for a longer period. Such, Portuguese, his subjects have been saved, and those are the lessons of experience which we calamities softened which were caused by ought never to forget. But amidst such the scourge of a destructive war. great disasters, Providence is pleased to Royal Highness will rejoice in being the give us sources of consolation which will sovereign of a people so loyal, patriotic, make them less sensibly felt.-The unfor- generous, and Christian.-It now only retunate people who fled from the fury of mains to complete the work, to promote their cruel oppressors have experienced the restoration of the fugitives to their the greatest kindness in the humanity of homes, to render habitable the towns their fellow citizens. In all the districts which the barbarism of these spoilers has

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new disasters. Words are unequal to convey an idea of the humanity, zeal, and intrepidity with which many boats and feluccas (particularly the English) put out and saved a number of unfortunate people, who must otherwise have perish

left covered with filth, and unburied carcasses; to relieve with medicine and food the sick who are perishing for want of such assistance; to give life to agriculture, by supplying the husbandman with seed-corn, as well as a little bread for his consumption for some time, and facilitated, as did many who could not be reliev ing his means of purchasing cattle, and ed.-The inhabitants of Cadiz averted acquiring the instruments of agriculture. their eyes from these objects, to turn them, -Such have been and are the constant full of indignation, on the cause of such cares of the Governors of the Kingdom. evils. "It is not," they exclaimed, Portuguese! tribulations are the crucible the east wind which has sacrificed so many in which the merit of men is purified. victims, which has ruined so many faYou have passed through this ordeal, and milies whose property is buried in the the result has been glorious. You are be- sea ;-it is they who, from unpardonable. come a great nation,-a nation worthy of ignorance, criminal indolence, or, to those heroic progenitors who illustrated speak at once (since there are Tortosas and the cradle of the Monarchy. Preserve Badajos), from infamous wickedness, did unalterable these sentiments; confide in not reap the fruits of the memorable battle your Government, as your Government of Chiclana. The whole coast cleared confides in you; draw every day more of the enemy, (as it ought to have been), closely the bonds of union among your-many ships would have been anchored selves, with other nations and with our generous Allies, who are our true brothers, Let one soul, one will, direct our common efforts; and if any one attempt to sow discord, let us tear from our bosom the venomous viper, and let us seal with his blood the ratification of our indissoluble alliance. Practise these maxims with the same constancy with which you have hitherto followed them, and you will be invincible. — Palace of the Government, March 30, 1811.-The Bishop Cardinal Elect; P. Souza; Charles Stuart; Marquis Monteiro Mor; Conde de Redondo; Ric. Raimundo Nogueira.

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On the evening of the 27th it began to blow a strong gale from the east, which encreased every moment, and in the course of the night and next morning rose to a pitch of violence greater than any within our recollection. The consequences have been most destructive and deplorable. The inhabitants, filled with a well founded apprehension of the damage which such a terrible night was likely to cause in the bay, crowded in the morning to the seawall, where they witnessed the dreadful spectacle of a considerable number of ships wrecked, and others in danger of the same fate making signals for assistance. During the whole day the gale continued equally violent, and caused

between Puntales and the Trocadero; and consequently sheltered from the violence of the storm. They would have had more sea-room, and would not have run foul of each other; and even if driven on shore, the exertions for saving their crews might have been more effectual.-The nation demands vengeance, and demands it justly. August Congress! if ignorance or treason are the causes of our not having reaped the fruits of that glorious day, arm yourselves with the avenging sword of justice, and let the guilty perish,From the Conciso it appears, that very warm discussions have taken place in Cadiz, with respect to the conduct of the Spanish General Lapena in the battle of Barrosa, and it does not seem to have given more satisfaction there than it has done in this country.-The Conciso of the 22d of March contains a letter from an English officer, on the subject, to which there is afterwards a reply from a Spanish officer. We shall give some extracts from each.-The ENGLISH OFFICER begins thus :-Having heard nothing but false accounts touching the battle of Barrosa, and being persuaded that the public cannot obtain a proper knowledge of it from the dispatch of General Lapena alone, I should be wanting to my duty as an English officer, if I failed to lay before the Spanish public certain facts which fixed my attention.-I shall not detail any of the circumstances which occurred before our arrival at Vejar, suffice it to say, that the allied troops underwent much labour and fatigue; but as the ut

most harmony prevailed, it was cheerfully borne by the soldiers of both nations. On the night of the 3d we halted in a wood near Vejar; and at six in the evening of the 4th we all marched, with the understanding that we were to halt and take refreshment at Conil, for the purpose of being prepared to fight the enemy next day. The Spanish General, however, changed the plan, and on the morning of the 5th, after a march of sixteen hours, we found ourselves on the heights of Barrosa. -The van-guard, under the command of Brigadier Lardizabal, received orders to enter the pine-wood, and make every effort to keep open the communication with Santi Petri; and this operation was very respectably executed by his division.-At this moment General Lapena ordered General Graham to march towards the wood with the British troops, in the direction of Santi Petri, which he did; but he had not advanced far into the wood, when he received advices, that the enemy was marching rapidly by the plain towards the position which we occupied three quarters of an hour before. He immediately countermarched his division; and upon issuing from the wood, observed a strong column of the enemy advancing on our left; and we were surprised to see another consider able corps in possession of the heights, where we had left part of the Spanish army. I know not what happened on the heights after our troops left them. I have beard that the Spanish and German cavalry charged the enemy; I have heard that two Spanish regiments of the division of Begines opened a brisk fire on the enemy; I have heard, in short, that they all received positive orders from the General in Chief to retire; but as I was not with them, I do not take upon me to decide upon any of these circumstances: what I shall say is, that when we cleared the pine-wood, no Spanish troops were in sight-Retreat would have been most hazardous; and to attack a height occupied by fresh and superior forces, wanted little of being an enterprise of equal difficulty. I understand that General Graham was aware of the importance of the position of Barrosa; and confident of the valour of his troops, determined on risking an attack. The heights on our right were

taken after an obstinate resistance, and the enemy's column on our left was put to the rout. The enemy being already forced on all points, a squadron of German cavalry charged him, and the line made a halt, the General thinking that his troops had worked hard enough.-Four thousand men, so exhausted by the want of refreshment and a painful march, and who, notwithstanding, drove back a very superior force possessing the advantages of position and circumstances, require no eulogy.-During the time when the combatants were hotly engaged, two battalions (Walloons and Ciudad Real) incorporated with our division during the march, and which were directed towards another point when he ordered us to enter the pine-wood, were seen making all possible exertions to join and succour their friends; but they could not reach our line till the whole was concluded: I believe, however, that Brigadier Cruz and these battalions are sharers in the glories of that day, from the zeal and anxiety which they displayed to join our troops.-The enthusiasm which animated these battalions does not suffer me to doubt that the same spirit prevailed in the whole Spanish army; but these good dispositions, and all the firmness and noble sentiments of the Spanish nation, were sacrificed to the want of activity of General Lapena, of his advisers, and the officers of his staff.-Had the smallest movement been executed; had the Spanish General himself, or any individual of his staff, been present to give him an account of the state of the action, he would, by consequence, have been able to co-operate ***; and the result would doubtless have been attended with as favourable consequences to the Spanish cause as any other event which has occurred since the commencement of the oppression and tyranny exercised upon Spain; and I believe it is not too much to say, that it would have ac complished the deliverance of Andalusia. -I declare on my word of honour, that all that I have related took place under my own eye; and I am persuaded that there is not an officer in the British army, nor in the Spanish battalions above-mentioned, who will fail to confirm every word of it. C. P. AN officer in the british army. Isla, March 10, 1811.

(To be continued.)

Published by R. BAGSHAW, Brydges-Street, Covent Garden :-Sold also by J. BUDD, Pall-Mall,

LONDON: Printed by T: C. Hansard, Peterborough-Court, Fleet-Street,

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