JUBILEE DOLLARS. — -What effect the proclamation of the Bank, by which this precious commodity was raised to 58. 6d. have had upon the conduct of men, in regard to the circulation of coin, the following facts will serve to prove.-The first is copied from the MORNING CHRONICLE of the 19th instant, and is in the shape of a letter to the Editor :"An acceptance of mine became due yes"terday, for 42l. 18s. 3d. and I sent 431. "in Bank-notes to the Banker's where it lay, to pay it; but because I did not send "188. 3d. in Cash, and they would not "give the odd I's. 9d. in change, they sent "the notes back-and when I came to "town this morning, I found the bill had "been noted. This is a circumstance, I "think, should be made public, as a cau"tion to those who are in the habit of "giving their acceptances, not to accept "for other than even sums, lest they suffer "the disgrace of their bills being noted, "from the want of small change." see the enemy driving in the defenders of who, therefore, are coming up upon us, their out-works. or, rather, against us, with a pack of remedies, wishing at the same time to evade the tax upon Hawkers and Pedlars.In this little paragraph we have a complete view of the minds (if minds they have) of the men whose interest it is to support the paper system. And, do they believe, that the people are to be made believe this? Let them believe it. It is well. The time will come when if they have not a just estimate of their own capacity and worth, other people will.The next paragraph I take from the same news-paper of the 23rd instant, and a very curious one it is:- "A prisoner con"fined for debt in the Marshalsea prison, applied to the Court for his discharge on Friday last, on the ground of his creditor having failed to pay him his sixpences in a legal manner. It appeared that "the creditor had tendered him three shillings and a piece of silver resembling "what now passes for sixpence; the latter, «however, upon closer inspection, ap"peared to be a foreign coin. The "Learned Judge being of opinion this "was not a legal tender, according to the "act which directs that allowance to "debtors should be paid in the lawful coin "of the realm, ordered the debtor to be dis This, there is no doubt, was put in by some one who had an interest in preventing the Silver from being forced away from the Banker's. No Banker would have noted an acceptance under such circumstances;" charged."--Sharp's the word! How and, therefore, we must regard this as an many trials; how much litigation; what indirect mode of persuading people not to uncertainty, will this state of the currency draw bills for uneven sums, in order that give rise to! We have seen the beginning the Bankers might be saved the expence of of it; but, who is wise enough to guess at change silver.The following is taken the end? --The two following passages, from the samé news-paper; but, it is ma- the first from the Morning Chronicle and nifestly a circular, it having appeared in the other from the Times, both of the all the daily London papers :-" For some same date as the last, should go together; days past a number of persons, who have they should stand side by side; but, Í "been hoarding dollars, have called on shall place them directly after one another, "Bankers, Merchants, and others, offering and beg the reader's attention to them. "to provide them with change on giving them --The first treats of buying silver coin, " a certain profit. This the Bankers have and the second of buying gold coin.-"very wisely rejected, and it is with pleasure We recommended some time ago to the "we can announce, that in the course of a "public-offices to set the necessary ex"few days, the Bank will make a fresh issue" ample of transacting business with as " of dollars, and we trust at five shillings each, "little silver as possible; and very little "ample and sufficient to supply the pre- "indeed would suffice, if the four great "sent scarcity of change. Bankers, mer- "revenue departments of Customs, Excise, "chants, and shopkeepers, have only to Stamps and Post-office would accommodate "determine to resist, for the present week, "those who have to pay parts of a pound. "the speculations which have aggravated" But we lament to hear, that it is the cus"the present artificial scarcity of silver," tom in some of the offices, not only to "and in A VERY FEW DAYS THE EVIL WILL "refuse to give change, however small the "BE REMOVED.” - Bravo! This beats the Scotch Reviewers, who, in their eager hunger for place, cannot endure the idea of an end to jobbing and corruption, and "fraction may be, but that certain clerks "are DEALERS IN THE ARTICLE, AND SUPPLY THE BANKERS WITH SILVER AT 34, PER CENT."--Now, " reader, when you have well considered gives 25s. 6d. His profit cannot be supthis, look at the next paragraph.posed to be less than 1s. 6d. and this Yesterday a person, who lately acted as brings the guinea to 27s. Indeed, the guard to one of the mail-coaches, was Dollar passes, in some places, for 6s. apprehended, and carried before the Lord and, in that case, the guinea is worth Mayor, on a charge of being a common 283. all but a trifling fraction. —— As "buyer of guineas, at a price above the legal to this Dealer, his case is exactly the value. He acknowledged in the course same as that of De Yonge, who, though "of his examination, that he had pur- found guilty, has not yet been brought up "chased several guineas, which were for judgment. Indeed he demanded a "found on his person, at the price of one new trial, which was only deferred, because "pound five shillings and sixpence each.”. the question was to be argued before the We are not told what was done with this Jadges. So that, what the venal man of Gentleman. We are not told how the Lord the Morning Post has been publishing Mayor decided upon his case, which is a against this gentleman only serves to show, second DE YONGE's case, except that DE that stupidity and venality are still, in YONGE bought puper, and this man sold the case of that paper, inseparable compaper; for, it was the paper and not the panions.For a long time I was ancoin that was, or that could be, the object of swered by muddy-headed pamphleteers, purchase or sale.--In my Number of who, like SIR JOHN SINCLAIR, said, that a the 27th of March (see page 737), I shew-pound note and a shilling would buy as much ed, that, if gold was worth what it was then said to be, namely, 5£. an ounce, the guinea of full weight was worth 27s. I explained this very clearly in that page. This dealer, it seems, gave only 25s. od. but, then, he had his profit to make. If the dollar be worth only 5s. 6d. then the guinea is worth no more than 25s. 6d.-The real sterling value of the Spanish Dollar is 4s. 6d. and, at that rate, the real value of the English Guinea is 21s. but, if you put the Dollar at 5s. 6d. you must, of course, raise the guinea in the same proportion.It is a plain question in the Rule of Three, or Golden Rule, and is stated thus: bread as a guinea. Will they do it now, SIR 22 April 1811. RESOLUTIONS PROPOSED. 1. THAT the only Money which can be legally tendered in Great Britain, for any sum above twelve pence in the whole, is made either of Gold or Silver; and that the weight, standard, and denomination, at which any such Money is authorized to pass current, is fixed, under his Majesty's prerogative, according to law. 2.-THAT since the 43d year of the reign of Queen Elizabeth, the Indentures of his Majesty's Mint have uniformly directed that all Silver used for Coin should consist of 11 oz. 2 dwts of fine Silver, and 18dwts. of Alloy in each pound Troy, and that the said pound Troy should be divided APRIL 24, 1811.-Coin, into 62 Shillings, or into other Coins in 3. THAT since the 15th year of the 4.-THAT by a Proclamation of the 5.-THAT by, a Statute of the 14th year of the reign of his present Majesty, subsequently revived and made perpetual by a Statute of the 39th year of his reign, it is enacted, That no tender in payment of Money made in the Silver Coin of this Realm, of any sum exceeding the sum of £. 25. at any one time, shall be reputed in law, or allowed to be legal tender, within Great Britain or Ireland, for more than according to its value by weight, after the rate of 5s. 2d. for each Ounce of Silver. 6.—THAT by a Proclamation of the 16th year of the reign of his present Majesty, confirmed by several subsequent Proclamations, it was ordered and directed, that if the weight of any Guinea shall be less than 5 dwts. 8 grs. such Guinea shall cease to be a legal tender for the payment of any Money within Great Britain or Ireland; and so in the same proportion for any other Gold Coin. 7.-THAT under these laws (which constitute the established policy of this Realm, in regard to Money), no contract or undertaking for the payment of Money, stipulated to be paid in Pounds Sterling, or in good and lawful Money of Great Britain, can be legally satisfied and discharged, in Gold Coin, unless the Coin tendered shall weigh in the proportion of 20 [1014 2 parts of 5 dwts. 8 ers of Standard Gold said contract; nor in Silver Coin, for for each Pound Sterling, specified in the shall weigh in the proportion of 22 of a a sum exceeding £. 25. unless such Coin Pound Troy of Standard Silver for each Pound Sterling specified in the contract. Bank of England are stipulations to pay, 8.-THAT the Promissory Notes of the respectively specified in each of the said on demand, the Sum in Pounds Sterling, Notes. authority of Parliament, that the Pay9.-THAT when it was enacted by the Bank of England in Cash should for a ment of the Promissory Notes of the time be suspended, it was not the intention of Parliament that any alteration whatsoever should take place in the Value of such Promissory Notes. Value of the Promissory Notes of the 11. THAT the Fall which has thus changes with Foreign Parts have, for a 13.-THAT, although the adverse cir- lion, with a view to regulate the amount of their issues. MR. HOARE'S LETTER. 14.-THAT during the continuance of the country, and they exercise the power the suspension of Cash Payments, it is the of limiting or extending the issue of paper duty of the Directors of the Bank of Eng. according to their discretion; I say if that land to advert to the state of the Foreign epoch should ever arrive, it may be conExchanges, as well as to the price of Bul-sidered as the signature to the death-warrant of the Bank of England.-The generality of writers upon the subject of finance, 15-THAT the only certain and ade- may be classed under two distinct heads. quate security to be provided, against au-The one contending that the paper con 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, Time. 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 per-fact, and one circumstance seems perfectly sons 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 land. 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 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 neces saries 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 neces sary 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 ge nerous 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 smoking 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 |