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of the financial illumination of the spirit. ¡ Queen Ann; and also during part of the I am, Sir, &c. W. F. S.-Lincoln's Inn, seven years war, and of the American April 27, 1811.

war; and during the war and scarcity of

grain in 1795 and 1796, when the diffi. PROPOSITIONS RESPECTING Morey, Bul- the 25th of February 1797, the Bank of

colty increased to such a degree, that on LION AND EXCHANGES.—26th April 1811.

England was restrained from making payI. That the right of establisbing and re- ments in cash by his Majesty's Order in gulating the legal Money of this King. Council, confirmed and continued to the dom baih at all times been a royal prero- present time by divers Acts of Parliament; gative, vested in the sovereigns thereof, and the Exchanges became afterwards who have from time to time exercised the still more unfavourable, and the price of same as they have seen fit, in changing Bullion higher, during the scarcity which such legal Money, or altering and varying prevailed for two years previous to the the value, and enforcing or restraining the Peace of Amiens. circulation thereof, by Proclamation, or in VI.-That during the period of 75 concurrence with the Estates of the Realm years, ending with the 1st of January by Act of Parliament: and that such le- 1796, and previous to the aforesaid restricgal Money cannot lawfully be defaced, tion whereof, with the exception of some melted down or exported.

small intervals, accounts are before the II. That the Promissory Notes of the House, the price of Standard Gold in bars Governor and Company of the Bank of has been at or under the Mint price 34 England are engagements to pay certain years and 5 months; and above the said sums of Money in the legal Coin of this Mint price 39 years and 7 months; and Kingdom; and that for more than a cen- that the price of foreign Gold Coin bas tury past, the said Governor and Com- been at or under 31. 185. per oz. 31 years pany were at all times ready to discharge and 2 months, and above the said price such Promissory Notes in legal Coin of the 42 years and 10 months. And that during Realm, until restrained from so doing on the same period of 75 years, the price of the 25th of February 1797,Wy his Majes standard Silver appears to have been at or ty's Order in Council, confirmed by Act under the Mint price, 3 years and 2 months of Parliament.

only. III.—That the Promissory Notes of the VII.-That the unfavourable state of the said Company bare hitherto been, and are Exchanges, and the high price of Bullion, at this time, held to be equivalent to the do not, in any of the instances above relegal Coin of the Realm, in all pecuniary , terred to, appear to have been produced transactions to which such Coin is legally by the restriction upon Cash payments at applicable.

the Bank of England, or by any excess in iv.-That at various periods, as well the issue of Bank Notes; inasmuch as all before as since the said 'Restriction, the the said instances, except the last, occurred exchanges between Great Britain and se- previously to any restriction on such Cash veral other countries have been unfavour payments; and because, so far as appears able to Great Britain : and that during by such information as has been procured, such periods, the prices of Gold and Silver the price of Bullion has frequently been Bullion, especially of such Gold Bullion highest, and the exchanges most unfavouras could be legally exported, have fre-able, at periods, when the issues of Bank quently risen above the Mint price; and Notes have been considerably diminished, the coinage of Money at the Mint has and to have been afterwards restored to been either wholly suspended or greatly their ordinary rates, although those issues diminished in amount: and that such cir. have been increased. cumstances have usually occurred, when VIII.—That during the latter part and expensive naval and military operations for sometime after the close of the Amerihave been carried on abroad, and in times can war, during the years 1781, 1752 and of public danger or alarm, or when large 1783, the exchange with Hamburgh fell importations of Grain from foreign parts from 34. I to 31.5, being about 8 per have taken place.

cent.; and the price of foreign gold rose V.-That such unfavourable Exchanges, from 31. 178. 6d. to 4l. 2s. 3d. per oz. and and rise in the price of Bullion, occurred the price of Dollars from 58. 4 d. per oz. 20 a greater or less degree during the wars to 55. 114d. and that the Bank Notes in carried on by King William the 3rd and circulation were reduced between March

1782 and December 1782, from 9,160,0001. | referred to, previous to the commence. to 5,995,0001. being a diminution of above ment of the war with France in 1793, the one third, and continued (with occasional principal States of Europe preserved their variations) at such reduced rate until De- independance, and the trade and correscember 1784: and that the exchange pondence thereof were carried on conwith Hamburgh rose to 34. 6, and the formably to the accustomed law of naprice of gold fell to 31. 178. 6d. and Dol- tions; and that although from the time of lars to 5s. i{d. per oz. before the 25th the invasion of Holland by the French in February 1787, the amount of Bank Notes 1795, the trade of Great Britain with the being then increased to 8,688,0001. Continent was in part circumscribed and

IX.That the amount of Bank Notes in interrupted, it was carried on freely with February 1787 was 8,688,0001. and in several of the most considerable ports, and February 1791 11,699,000l.; and that commercial correspondence was maintainduring the same period, the sum of ed at all times previous to the summer of 10,704,000l. was coined in Gold; and 1807. that the exchange with Hamburgh rose XIII.-That since the month of Noabout 3 per cent.

vember 1806, and especially since the X.-That between the 25th of Febru summer of 1807, a system of exclusion ary 1795, and the 25th of February 1797, has been established against the British the amount of Bank Notes was reduced trade on the Continent of Europe, under from 13,539,0001. to 8,640,0001. during the influence and terror of the French which time the exchange with Hamburgh power, and enforced with a degree of viofell from 36 to 35, being about 3 per cent., lence and rigor never before attempted; and the said amount was increased to whereby all trade and correspondence be11,855,0001. exclusive of 1,542,000l. in tween Britain and the continent of Europe Notes of ll. and 21. each on the 1st of has (with some occasional excepions, February 1798, during which time the chiefly in Sweden and in certain parts of exchange rose to 38. 2, being about 9 per Spain and Portugal) been hazardous, precent.

carious and expensive, the trade being XI.- That the average price of Wheat loaded with excessive freights to foreign per quarter in England, in the year 1798 shipping, and other unusual charges : and was 50s. 3d.; in 1799, 67s. 5d. ; in 1800, that the trade of Britain with the United 113s. 7d. ; in 1901, 1185. 3d.; and in States of America has also been uncertain 1802, 67s. 5d.

and interrupted ; and that in addition to The amount of Bank Notes, of 5l. and upo affected the course of payments between

these circumstances, which have greatly wards in 1798, about 2.11,527,000

this country and other nations, the Naval under £.5 ...

and Military Expenditure of the United 1,810,000 13,337,000

Kingdom in foreign parts, bas for three in 1799, about 12,408,500

years past, been very great ; and the under £.5

price of Grain, owing to a deficiency in the 1,653,800 14,062,300

crops, higher than at any time, whereof

the in 1800, about 13,421,900

accounts appear before Parliament,

except during the scarcity of 1800 and under £.5 1,831,800

1801 ; and that large quantities thereof in 1801, about 13,454,300

XIV.-That the amount of Currency under £.5 2,715,100

16,169,400

necessary for carrying on the transactions in 1802, about 13,917,900

of the Country, must bear a proportion to

the extent of its Trade and its public under £.5 ..3,136,400

Revenue and Expenditure ; and that the 17,054,300

annual amount of the Exports and Imports That the exchange with Hamburgh of Great Britain, on an average of three was, in January 1798, 38. 2; January years, ending 5th of January 1797, was 1799, 37.7; January 1800, 32. ; January 51,199,1411. official value ; the average 1801, 29.8; being in the whole a fall of amount of Revenue paid into the Excheabove 22 per cent.-In January 1802, quer, including the Profit on the Lottery, 32. 2; and December 1802, 34.; being a 19,495,9+5l. ; and the average amount rise of about 13 per cent.

of the Total Expenditure of Great Britain, XII.-That during all the periods above 42,855,111l.; and that the average amount

15,253,700 have been imported.

of Bank Notes in circulation (all of which 3. Gold and silver are among civilized were for 51. or upwards) was about nations the common medium or homoge11,262,000l. ; and that 57,274,6171. had neous representative of commodities, on been coined in gold during his Majesty's account of their beauty, their durability, reign, of which a large sum was then in their susceptibility of being coined, and circulation.

their intrinsic and absolute worth, arising That the annual amount of the Exports from the labour expended in procuring and Imports of Great Britain, on an ave-them at the mines. rage of three years, ending 5th January 4. Paper, or arbitrary currency, as the 1810, was 70,554,7191. ; the average result of local or national convention, and amount of Duties paid into the Exchequer as the creature of the will of man, is sub59,960,525l.; and the average amount of ject to the fluctuations of public confi. the Total Expenditure of Great Britain, dence, and liable to the errors and mis77,802,6741. ; and that the amount of calculations which attend all human comBank Notes, above 5l. on an average of binations and arrangements. the years 1808 and 1809, was 13,763,0001.; 5. The circulation of the precious metals, and of Notes under 51. about 4,500,0001. ; effected by exchanging them for commoand that the amount of Gold Coin in cir- dities, is natural and regular, while the culation was greatly diminished.. circulation of artificial currency is neces

XV.--That the situation of this King- sarily forced, unnatural, and irregular. dom, in respect of its political and com- The one is in its origin the representative mercial relations with foreign countries, of labour, and can only be obtained for as above stated, is sufficient, without property; while a paper, or arbitrary any change in the internal value of its currency, is generally but the representacurrency, to account for the unfavourable live of credit, and may be obtained by arstate of the foreign Exchanges, and for tifice or intrigue. the high price of Bullion.

6. Capital is the basis of trade and social XVI. --That it is highly important that intercourse, when the currency consists of the restriction on the payments in Cash the precious metals; but credit, address, of the Bank of England, should be and intrigue, stand in the place of capital, removed, whenever the political and when the national currency can be commercial relations of the Country created, extended, and issued at pleasure. shall render it compatible with the pub 7. The nominal and relative value of lic interest.

all property will be in proportion to the XVII.—That under the circumstances amount of the currency employed in the affecting the political and commercial circulation of that property; and this can relations of this Kingdom with foreign only find its true level when the currency Countries, it would be highly inexpedient itself, in all the stages of its circulation, is and dangerous, now to fix a definite pe- the special representative of transferred riod for the removal of the restriction of property.

ncrease the amount of the Cash Payments at the Bank of England, currency, and all commodities will rise in prior to the conclusion of a definitive nominal value; or make it bear untreaty of peace.

equally on particular kinds of property, and these will attain a factitious or unna.

tural price.

RELATIVE TO PUBLIC CURRENCY AND CREDIT.

APHORISMS,

8. The novel mode of putting artificial

currency into circulation, by discounting By Sir Richard Phillips.

bills or promissory notes, is objectionable

and pernicious, because such bills and 1. Currency is the medium by which notes essentially represent nothing but the the interchange of commodities is effected, credit of the parties, may be created at and, being intended to pass as the repre- pleasure, and are often likely to represent sentative of property, it ought to be of no real transaction of which commodities intrinsic value, and always worth the are the basis. property which it represents.

9. Such novel mode of issuing the na. 2. The stability and intrinsic worth of tional currency in exchange for notes and çurrency is the foundation of the commer- bills, affords an undue and dangerous incial system, and the basis of public con- fluence to speculators, middle-men, and fidence in all transactions and considera- monopolists, who, to enhance their gains, tions relative to property.

will not hesitate to increase their accep:

tances and indorsements, as the means of 15. The power of Jews and moneyraising an indefinite capital, and thereby dealers to speculate in the specie, and afof indefinitely extending their speculations. fect its value, will always be in the inverse

10. The security of the public against ratio of the quantity in circulation; and speculators being the natural limits of their controul would cease, if the grounds their capital, it is evident that if, under a of the hoarding system were removed, and system of paper currency, they are the Bank paid their notes in specie, when enabled to raise unbounded capitals by the amount of the specie in circulation creating and discounting bills and notes, would of course exceed the compass of they will be enabled to accumulate inde- their capitals. finite stocks; and being under no obliga-: 16. The Bank of England being the tion to sell for want of currency, the prices fulcrum on which are balanced the fortunes of such property can have no limit be- of the country, it appears to be expedient, sides the conscience and the prudence of at this crisis, to place it under the vigilant the speculators.

controul of a Committee of Parliament; 11. The hydra of monopoly will there and the private property of the Directors fore have as many heads as there are ma- and of the Bank Company, or the pledge nufactories, or fountains, of paper cur- of Parliament, ought to be committed to rency; a colossal head, representing the the public as a security for the notes of metropolitan manufactory, and five hun- the Company now in circulation. dred other heads, generated by the small 17. In like manner, country bankers, manufactories which spread over all parts who issue paper currency, ought to be of the empire, serve as the convenient and called upon to give landed security for the necessary engines of monopolists and spe- amount of their issues; and these comculators.

panies, as well as the company of the Bank 12. As long as the paper currency is of England, ought to pay a half rate of insimply and solely the representative of terest to the revenue, for the sums which, specie, and can therefore be exchanged by the issue of paper currepcy, they now for specie at pleasure, no preference will borrow of the public without interest. exist in the public mind in favour of 18. The alternative to prevent greater, specie ; but, as soon as the re-conversion perhaps irremediable evils, is to dissolve becomes matter of difficulty, a preference the existing spell by paying specie on dewill be universally felt; and, as an affair mand for Bank notes. The consequent of self-security, every one will hoard restoration of public confidence would specie, to guard his family against the occasion specie to re-appear in quantities possible contingencies of a vague paper too great to be affected by the tnachinacurrency

tions of speculators. Paper and specie 13. From this feeling arises the present would be again at par. The motive to scarcity of specie ; the usual quantity hav hoard would be destroyed; alarms would ing been about twenty-five millions, and bedissipated; and public prosperity would the number of families, or inhabited houses, stand once more on a solid and permanent in the United Kingdom, being about three basis. millions, a hoard of eight pounds to a Chelsea, April 12, 1811. house will account for its total disappearance, without referring to the tempta

OFFICIAL PAPERS. tions afforded to foreign traders, to speculating exporters, to subsidies to foreign Spain.-BATTLE OF BARROSA.-Notes of the powers, and to numerous mal-practices of

Moniteur on Lord Liverpool's Letter to the Jews and money dealers.

Lord Mayor of London.-April 4, 1811. 14. As long as the cause exists which

(Concluded from page 1056.) Jed to the preference of specie over paper,

Letter" The British, with the Spaand to the system of hoarding, specie will niards attached to them, amounted to continue scarce, and will be likely to rise 5,000.” in nominal value, relatively to Bank notes Moniteur-" There were 7,000 English, and paper currency: but as soon as paper 8 or 9,000 Spaniards, and 1,000 Portu, can be converted on demand into specie, guese, which makes a total of between the preference in favour of specie will sixteen and eighteen thousand men. cease, the hoards will be opened, and the return of wounded officers, you men. specie will become as plentiful as hereto- tioned 11 English regiments, viz. 3 regi. fore.

ments of Guards; the 9th, 28th, 47ih,

67th, 820, 87th, and 95th of the line, and could not know the intention of the enemy the 2d Hussars, to which is added the 20th 1 with respect to this place : but in case he Portuguese ; in all twelve different corps, should endeavour to maintain it, I promaking fifteen English battalions, which posed to post myself between him and at 500 each, gives a total of 7,500 men, Badajoz, and thus cut him off from the and (including the 20th Portuguese, of latter.-We discovered the enemy's ad1,000) of 8,500 men in your pay, who vanced cavalry on the heights of Lopo de were actually engaged.”

Matto about a league distant; but perLetter—" Lieut. General Graham, with ceiving that we were maneuvring on their the troops under his command, had crossed flank, they retreated, and some skirmishSt. Peter's river, and re-entered the Isle of ing took place at the foot of the walls of Leon.”

the town, with the advanced cavalry. Monileur" General Graham, you em. When I reached the heights of the place, barked at Cadiz on the 25th of February, I discovered the enemy's force on the outand, on the 28th you disembarked at Al. side of the town. I did not, however, gesiras, with your division, and the know whether or not he was master of the Spaniards. Tell us, then, why you under-place. There were four regiments of took this military promenade, and incurred cavalry, the regiment of infantry No. 100, so large an expence. You intended to of three battalions, with some horse artilturn the line of the Duke of Belluno-have lery.-I ordered Brigadier General Long, you done it Your design was to raise the with the cavalry, to endeavour to turn the siege of Cadiz; have you done it? If you car- enemy's right, keeping out of the reach ried every thing before you, why did you of the place. My object was to detain stop half way? It was not in the Isle of Leon, the force of the enemy till some infantry but at Chiclana, which is but a very short could arrive. The Brigadier made a wider distance from it, that the field of battle was, circuit than was intended, so that he more where you expected to take up your quarters effectually flanked the enemy, and obliged on the night of the 5th. You would have him to retreat hastily, and indeed with taken 100 pieces of cannon, 60 gun-boats, extraordinary rapidity. The cavalry adand immense magazines, baggage, hos- vanced upon his right flank, and Brigadier pitals, &c. &c. This was the object of General Long, seeing a favourable opporyour expedition-have you attained it? tunity, ordered Colonel Head, with two You were beaten—you lost half your squadrons of the 13th Light Dragoons, to troops—and you were very near being charge the cavalry of the enemy, which taken.--Your numbers, and the steadiness obliged the infantry to fall back to support of your troops, saved you from entire it. This charge, followed by Col. Otway, ruin. Was it, then, merely for the pur. with two squadrons of the 7th Portuguese, pose of returning to Cadiz that you left and supported by General Long with the it ten days before ? Would it not have remainder of that regiment, the I st Portu. been better that you had remained there ? guese and the brigade of Colonel De Grey, You would have bad under your com was made with the most determined cou. mand 4,000 more English or Spaniards.” rage, and the French were entirely routed,

and pursued into the town of Badajoz, two PORTUGAL.-Dispatch from Marshal Beres. ) leagues distant, in which flight the greater ford to Lord Talavera, dated Campo conductors and artillerymen of 16 pieces

part of them were sabred, as were the Mayor, March 26, 1811.

of cannon, which were taken on the road, My Lord ;-) bad communicated to but afterwards abandoned. This success, your Excellency my arrival at Arronches though it occasioned a great loss to the with all my forces, except the division of enemy, was in some manner unfortunate, Brigadier General Cole, to which, in con- because, not knowing what had been done sequence of the continued marches it had by the cavalry that had made the charge, made, it was judged necessary to give a and continuing to pursue the infantry with day's rest at Portalegre.- On the 24th I the remaining cavalry and two pieces of caused the troops to move from Arronches artillery for the space of a league, to supfor Quinta de Reguenga, a little more than port the detached body wbich had adhalf way to this place, and the division of vanced, and not having received any noGeneral Cole for Arronches; and having tice from it, nor knowing what new force joined yesterday at ten in the morning, 1 the enemy might send from Badajoz, pruput the whole in motion for this town, Idence obliged me to halt with my cavalry

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