Star. — London, England, 1813-07-10 00:00:00

THE MEDITARRANLAN. " GIBRALTAR, JUNE . 0, ill% AP The ernvoy from Malta for England arrived *Pre yestn-day. Tl•e7 are all under strict quarantine, LA every precaution 11, taken to prevent the introduc tion of the pligue into this place. The season has been rather unhealthy here, and bilinus fevers have b en very prevalent s amongst others wh , , have been carried off by them, we have to regret the loss of Lieutenant Latimer, the Garri son Qnarter-Master, who is much lamented by the Why l Gartisiin." The Gibraltar Chrmatle of the 19th ult. contains the faloviNy Gt neral Orders, issued by General,Copons, on the 18th of May, in consequence of the defeat of the French at La))ishal: " C. verals Mathier, Expert, and Devau, with 4000 foot, 31‘0 hnr.e. I howitzer, and 4 mountain pieces, composed the enemy% force., attacked, us; and we rove them back, d touted them, with scarcely 3000 foot and 30 horse. The ft hi tit bent.e wa4 strewed with *lead bodies and military spoils, arta a n obsinate action, which lasted from half-past seven till half past :weive• in the morning. The enemy have withdrawn upwau's of 400 wainded, exclusive of a good many whom they abardesned on the Villa-franca road, by which they precipitately ellivtea their r:t , .at A number of muskets and other effects fume tallest into our bawls and also a pretty considerable num ber of prisoners, most of them w °unfit tl." A Gibraltar Paper of the 20th ultimo mentions, that one s-f the Spanish Papers having inserted a sup posed lib , 1 upon Lord WELLitstirot:, the same was referred to 14 e Provinci;sl Board of Censure by the Regency. The following answer was given thereon: " Cadiz, May 14, 1813. S. Most Excellent Sir—The Board of Censure of this ?rovince recei‘ed in due time your Excellency's official commtnication of • if • the nth ins.aitt, w•th a copy of the Second Number of the News ' pat er called d I,pogvel Like, which, by tl e Regency's order, your Fie , lie, cy ee , t tt ern, to I ave their opinion thereon ; and, have g etc d that I riper with the serious attention required by 11, oltbracy ii e subject, and hearing in mind, that by the st, 4 :1, and 1 t h Ankles of tie Law relative to the Liberty of P , ass " hates at.d I r va'r individuals, of whatever Con • i and they t e are ar lull liberty to ea rite, print, and j 1•411, to elr p•it it al ideas"—only eractit g, " that the punish• ! nt awarded 1 y t',e law shall he infl ct d upon the authors of d ~n.at,:iy libels.. r rioines caannotoi,s, subversive of the fun clamp al 1.. w. 0! monar , hy, licentious and contrary to public d• ctruit an , : r ant s re, or such as contain personal abuse"—nune of so. 1 lel , fault• can be impeded to :he Paper refereed to them— ;' they deem it the it duty, as Protectors of the Liberty of the Press, to cecl.ri as tht ydo declare, the same free front legal censure, jugice so require g. May Cott," lie. (Signed) • " JObr. I.IOE Osoitio, President. 4 ' Joss MARIA YANGUAS If tORIA, Sec. i " To bis Excellency Don Pedro Labrador." 41ALERICA. MONTREAL, MAY 9. We understand that the ship Sir George Prevost was launched at Kingston on the 29th tilt. She is said t• he a temirkably fine vessel, and of equal force to a frigate or 28 gulls. The fol t,witig is a correct list of the American n:.:vy (11 the l•kes, exclusive of three or four small cl at t which serve as store-ships, hut are not named : It p I‘l,.disots, 28 guns ; leig Oneido, 18 ; schooner lientoton, 9 ; Covet nor 'Pt rupkins, 6 ; Conquest 3 ; Growl r. 5 ; Pt rt. 3 ; Fair American, 4 ; Julia, 2 ; Ovm, , 1 ; Scourge, 8 ; Elizabeth, 2 ; and Lady of the Lake, 3 1 I i.—We are informed that the first division of 11,e sc,nitn arrived at the Coteau du Lac yester day n otteng, and the remain er left Lachine about the s; me t me. They mid probably all be at Kings- ton on hutsday next, just six weeks from their de parti:re ;torn England—the expedition with which they have been wafted to our assistar,ce, is in our opiniun the happy prelude to their successful efforts in our defence. Co!Niel Halket, of the 104th regiment, arrived here yeste:jay irc,m Kingston. We are informed that Major-General She,4ffe, with the troops he had re ated with front York, had arrived here. His Excdlency and Suite, and S:r J AMPs Lucas Ye.', left this city for Lite Upper Frovince, at half-past t.eso k 1.1 is afternoon. MAY-15.—We understand' Capt. Barclay, of the N ivy, has ordered 8 or 10 gun-boats, Lf 60 feet keel, to be immediately built in Kingston ; these will be fil,ished in a very few weeks. HALIFAX, MAY 18. It is with no small pleasure that we announce the arrival of his Majesty's ship cf war Cygnet, with a number of transports, containing the 19:h light dra go:ins, the 2d battalion of the 41st regiment of foot, and recruitr, as well for the different regiments in the country, as for Watteville's, Meuron's, the 13th and 89th regiments, not yet arrived. On Friday, set off from this garrison, for Upper Canada, 50 of the aaillery : on Sunday, six companies of the 103 d regiment ; and yesterday the greater part of the 24 battalion of the 41st regiment, with recruits for the different regiments above. HALIFAX, JUNE 9. The respect due to a brave enemy was yesterday shewn to the remains of Captain Lawreace. The cot pse was landed from the Chesapeake under a dis char%e of minute guns, and at two o'clock reached tie king's wharf—the American ensign was spread as a pall over the coffin, on which was placed the swot d of the deceased—six Captains of the Navy of ficiated as pall-bearers—six companies of the Glib regiment, commanded by Sir John Wardlay% pre ceded the corpse—the Officers of the Chesapeake fol lowed it as mourners—the Officers of the Navy gene rally at tended—Sir Thi mas Saumarez, the Staff, and the Ofiictrs of the garrison, and the prccession was cl sed t.y a nuu b.r of respectable inhabitants. The funeral service was p. rimmed t y the Rev. Rector of St. l'atirs a and three volleysdischarged by the troops Over the gi Ave. 1 he (Qom ing Order was issued the day previous to the funeral; ' Halifax, 7th June, 7813. eAniticov " A Funeral Party will be furnished to-morrow, by the 64th iteg men , consist it.k, of :ion ra. k and fil., with a pr. per propor tion of Ofl;ci r 4, a• d to be supplied with three 'intuits of Llaiik cart r ege. e ch a an ; to inter the remains of Captain Lawrence late of he Atiterik ;in frigate Chesapeake, from the King's Wharf , at halt-paat our, l',M. + 6 11. e bawd of tbat corps will attend, and the party will be cornmat.deil by lit u 'Colonel Sir .1. Vi'ardlaw. "The Officers of th Cart'son will be plowed to attend the ci.nntrulaot the re at a gunner before two, to niatzh in pmts. Moo, wearing a pi ce of black crape rottnd their kft arm. ( 'r a m e) 'l . ilOhl AS, 114.4ur of brigade." On! r• equally indicative of respect for the de. Vast d, were also gireu by die Senior Officer of the IgAvy, PARLIAMBNTAItr PAOCZEDINGS. HOUSE OF LORDS, JULY S. In the Writ of Error " Rubiehon v. Humble," Ms. Ctirwood was heard in reply. Judgment deferred. In a Writ of Error from the Conn of Exchequer in Scotland, " Walker v. his Majeay's Advocate General," Mr. Adans was beard for the Plaintiff in error, and the Solicitor-General and Mr. Mackenzie for the . Defend ant in error. Judgment deferred. In an Appeal from the Court of Seuion in Scotland, " Scott and another v. Oinks and others," Mr. Adam and 11fIr. Thom _ son were heard for the Appellants, and Sir Samuel Romilly partly for the Respondents. Further bearing deferred. The Inland Coals Bill, the Land Tax Acts Bill, Earl Nelson's Estate Bill, the Marquis of Wellington's Estate Bill, the Stores Embezzlement Bill, and the Vote of Credit Bill, passed through 'Committees (the Earl of Moitzo ta in the Chair) and were re. ported. . . . The Trish Insolvent Debtors' Bill was reported, and the Amend ments agreed to. On the Report of the Parish Register Bill, Lord RLDa6 DA L z moved to postpone its, consideration for three months, on the ground of the difficulty of making the requisite Amendments during the . remainder of the present Session, which motion was agreed to. The Country Bankers' Bill, the Irish Six Clerks Bill. the Irish Spirit Duties' Bill, and the Irish Grand Canal Bill, were read a second time and committed for to•morrow. FINANCECURIMECY• The Earl of LAUDERDALE said his chief ob ject in proposihg the Resolutions which he intended to move, was to keep alive the attention of the House and the Public to the present state of the Currency of the Country, upon which subject he had intended to originate a more detailed discussion in the early part of the Session, had he not been prevented by unfortunate events. He should not therefore now take up much of the time of their Lordships, but confine himself to a few of the most prominent points of this highly important subject. Upon former occa sions, when our currency had been deteriorated, it was easy to state the actual value of it as it then existed, but in the present depreciated state of our paper currency, there existed not the man that could undertake to state its value for three months to come. And however Parliament might have decided that our paper currency was not depreciated, or however it migh , be maintained in the two Houses that there was no depreciation, but that the present state of our currency arose from a rise in the value of the pri ci. ous metals, he was satisfied that no man could be found out of Joors who would assent to that opinion. It was impossible, indeed, that the precious metals, froth their nature, could rise in value, and the cause, therefore, of the present state of our paper currency must be sought in the true reason, namely, that it was depreciated in that proportion in which it was pretended that gold had risen in %relit?, or at the rate of 35 per cent. The remedy for this evil was the returning to the ancient standard and the resumption of cash payments at the Bank. As to the mode of applying the remedy, however, much difference of opinion prevailed. The Bullion Committee were of opinion that cash payments might be resumed in two years—he saw no reason why it might not be done in two days. The Act of Parliament directed that cash payments should be resumed six months after the conclusion of a definitive treaty of peace. It was, however, a point not hitherto touched upon, as to the effect to be produced by retuning, after a long lapse of time, to the ancient standard, not only upon contracts as affecting individuals, but in the contracts to a still greater amount on the part of Government. Suppose the case of a farmer renting lands at £lOOO per annum. It was generally understood that a far , o'er, if he did nct make three rents of his land had made a bad bargain ; be must therefore, in this case, from the produce of his land, make £lOOO per an num to pay his rent, £lOOO per antrum for the ex pences of keeping up machinery, &c. and £lOOO per annum as a return for his capital ; or, adding five per cent. on the whole, £3150. What would be the effect in case of resumption of cash payments ? j Taking bank notes at their present depreciated rate, the farmer only paid, instead of £lOOO, £750 per annum ; but if he had to pay in coin he must - pay' at the rate of £1050; which, as the resumption of , cash payments must necessarily cause a fall in the ' price of every article, the value of the produce of his land would be proportionably diminished. Would it r.ot then have a most injurious effect upon the con tracts between individuals, if they were to be called upon to pay what they never in fact engaged to pay ? In a still greater degree would this apply to the con tracts entered into by Government. In the course of the present year £50,000,000 had been added to the Public Debt. The money borrowed was at the rate of £5. 10s. W. per cent. a higher rate of interest than had been given for any loan hither to contracted for during the war. But how did the matter really stand ? The £lOO in Bank notes had been estimated by the Bank themselves, in their coinage of tokens, at £7B. Thus at the highest estimate, Government, for every A: 00 it had nominally received, had only received JE7B ; and in the event of returning to the ancient standard, when they would have to pay back coin to the whole nominal amount of the Bank notes received, the public would have to pay for the money thus borrowed at the rate of 47.55. per cent.— Were not these important considerations, with a view to what might be the effect of returning to the an cient standard, and to the question, as to what ought to be done, and done speedily, to get rid of this de- ' preciated state of currency which was every year in creasing ? What, however, did the Government do ? They gave a premium upon the issue of Bank notes by receiving them for Exchequer Bills, and paying interest upon the nominal amount. The issue of Ex chequer Bills had thus increased from £7,000,000 in 1797, to £4-3,000,000 in the present year, and the interest from £350,000 in 1797, to one million eight ' hundred thousand pounds in the present year. The Directors of the Bank, when called upon to state the value of their notes, asserted, that they were always ' issued upon securities. that in the case of Biils of Ex change they had the security of the Merchant, and with respect to Exchequer Bills, that they had the security of Government, thus evidently proving that the Exchequer Bill was a better security than the ' Bank Note. Yet what was the fact number of pieces of paper, printed by order of the Treasury, and signed by the proper officers, were exchanged for a number of places of paper printed 'by order of the Bank, and signed by their officers, and for this the public were charged ►nterest to the amount of 5e1,801,000. By this system the Bank Proprietors had become enriched- by increased dividends and bo. nuses, until they la:.d pocketed £18,000,000 of the public money, and the country bankers had increased from 20Q in 1797 to 8(X) in the preseat year. It we were to have a paper currency, *by did not the Go vernment at once issue it, and save the public the enormous charge for interest urin.Exchequer. Bills He was not advocating the policy of such a system, but If we must have a paper currency, it was surely better that it should at once be issued upon the secu rity of Government, and thus a saving be made the public of the large sums paid merely for the ex- , change of the paper of GOverament for the paper of the Bank. It was quite impossible we could go on upon the present system, the evil arising from the depreciated state of our paper currency had been in creasing from year to year, and must produce still worse consequences. They had seen the ruinous effect; of a paper currency in every country where it had been tried, and it was only by taking timely measures that they could avert the evil. His Lord ship concluded by moving the following Resolutions, mentioning, that in the next Session he intended to discuss the subjoct at greater length : " Resolved, That the charge for Interest on Exchequer Bills, in the year ending sth of January, 1798, amounted to the sum of three hundred and seventy-five thousand four hundred and fifty-six pounds. " Resolved, That the Interest on Exchequer Bills, in the year ending sth of January, I i 13, amounted to the sum ime million eight hundred and thirty-five thousand three hundred and sixry nine pounds; and that the estimated charge for Interest on Ex chequer Bills, in the year ending sth of January, 1814, is one million eight hundred and seventy thousand pounds. " Resolved, That this great, 'and increasing sum, annually paid for the purpose of obtaining Bank paper in exchange for Government paper, appears to this House to be an improvident expenditure of the public money." The Earl of LIVEkPOOL contended, that there was no proof whatever of a depreciation of our paper currency. There never had been in this country a paper price and a bold price, and however some per sons might pay a premium foil gold for the sake of convenience, there was no indication whatever, in the ordinary transactions of business, of any depreciation of our paper currency. The same thing happened with respect to silver, previous to the_ Bank suspend. ing payments in cash, as many must recollect, a pre mium being frequently given for silver, on account of its scarcity. The Noble Earl had contended that it was impossible for the precious metals to rise in value, but if be maintained this, he must be prepared to contend that they could not fall in value. Now, it vas a fact, well known, that the discovery of the mines in South America had caused a most material variation in the value of the metals in Europe; and was any one prepared to maintain, that a diminution in the import frcni South America (owing to the circumstances of that country, arising from the Spa nish Revolution)—was any one prepated to contend that the diminution of that import, for some years past, from flO or 5€10,000,000 (at which it had been tegulariy kept up) to 7 orreB,ooo,ooo, must not also have the effect of causing another material variation in the value of those metals in Europe ? There could be no doubt also that a matetial effect was produced by the enormous rate of expenditure at which the war was carried on. The policy of continuinz that expenditure—which he considered right, but which other Noble Lords might consider erroneous—was at present out of the question. There could be no doubt however, that it had a great effect, added to the ex traordinary circumstances in which our commerce had been placed. Wherever the balance of payments was against a country, and consequently the course of exchange, the circulation must necessarily be af fected. This, in time of Peace, soon led, by its own operation, to the cure of the evil ; but, in the present War, from our necessarily large expenditure, parti cularly in the Peninsula, combined w.th the didicul. ties in which our commerce had been placed, a ma terial effect had necessarily been produced. It was to these causes, he was convinced, was to be attri buted that state of our currency which the Noble Lord alledged was owing to the depreciation of our paper, but which there was no data whatever to esta blish. The Noble Earl, however, hatl urged the extraordinary proposition, that a paper currency should be issued by Government. Upon this point all experience was against the Noble Earl, as in every country where that had been tried, it had uniformly produced the most ruinous effects... The great mistake continually made upon the Conti. nent was, that such a paper currency having produ ced those ruinous consequences in every country where it had been tried, it was therefore expected that a paper currency must produce the same conse quences here. The great security of our paper cur rency and that which constituted the important dif ference between it and the paper currency of other countries, was, that it was issued by an individual Banking Company, or by individuals, for the sake of their own interest. The Bank of England would, no doubt, be ready to accommodate the public ser vice ; but they could refuse to issue their notes, and whenever they acted upon any other ground than their own interest, it would be the first step to their ruin. This formed the great security of our paper currency, and placed it upon a basis different from that of all other countries. He was as anxious as any one to return to a metallic currency, with a sub sidiary circulation of paper; and he coulil foresee no difficulty in returning to ti.e ancient standard in a short period after the conclusion of a definitive treaty of peace, though the period of six months might, un der some circumstances, be found too short. With respect to the issue of Exchequer Bills, it was not true that the issue of Bank Notes was necessarily thereby increased, as it would be found, by inspect ing the papers upon the table, that the amount of Bank Notes had sometimes decreased with an increa sed issue of Exchequer Bills, and had, on the con trary, sometimes increased without any increased issue of Exchequer Bills. The fact also was, with regard to Exchequer Bills, that they bore a pre mium of a quarter per cent. which rendered the interest upon them not more than five per cent.—a clear proof that the market was not overloaded. He though! it unnecessary to enter more at length into the subject, as it was to be more fully discussed at a future period • but of this he was thoroughly cos vinced, that the only wise system of paper currency was that which at present subsisted in this country. —His Lordship concluded by moving the previous question. - Lord HOLLAND, without pretending to much knowledge ot this subject, could not help observing the inconsistency of some of the Noble Lord's obser vations with the facts, and with each other. He had always understood that the exportation of the metals from America had been much greater ot late years than before. The Continental Sygan was, as to this purpose, at an end. The Baltic and the Per.iri. sula were open. Granting that the produce of the mines was less than in former years, the effect must have been felt in other parts of Europe as well as here. If the supply was diminished, the metals would •be scarce, and the prices of commodities must fall; but the very reverse was the fact. At no period tee had this country more exclusively the means of sue plying itself with precious metals. As to the ea penses of the war, he could not conceive, unless pt. per was depreciated, (and it was tle argument of the Noble Lord that it was not,) how these expenses could be more easily applied in paper than in gold. The only way in which lie could conceive it to be more easy to pay in paper than in gold, was, by cheating the public czeditur. This at least was nc very honourable way of providing for the expenses of the, war. He remembered to have herd it said 14 one whom in his early life he had called his frierA, ' (he would not name him) in 1792, that they (tla_ ruling party of France) would . In ;ng an army tato the field by means of assign.ifs. In answer to some questions put by hint,the person to whom he alluded observed, that the ascignets would gradually depre ciate ; and he made nse of an English expression, not a very elegant one, g‘ the devil take the hiOdmost the last in a n would be ruined; but the assignats would in the mean time enable them to defend the country. The Noble Lord appeared—nOt with the same view of the subject, but—in effect performing a similar operation with his er. Lord ROSS said, that the advantage of the paper was, that it was completely station .ry. It had rot fallen, but gold had risen ; and the public creditor, on the resumption of casai payments, would get mere han his due. Earl STANHOPE said lie would qno:e a great authotity, to which, if al! who I:eard him did not bow, the Noble Earl (I.audetdale) at least wculd. He meant a laboured book, piloted by the Noble Earl himself. This Light the Noble Lord hid said, that it was impossible gold should ever rise in value; but the Noble Author, in p. 28 of his book on the Depreciation of the Paper Currency of Great Britain said, 64 the moment gold begins to be exported, the value of that which remains must increase. To-day, however, the Noble Earl told them that gold never rose in value. The Noble Earl then proceeded to account for the high price of gold, by the balance or payments being against us, and the other causes sta ted by another Noble Earl (Liverpool). He con cluded by reprobating the abuses of country bank. ing, against which be thought the attack of the No. ble Earl (Lauderdale) ought properly to have been directed. The Earls of LAUDIADADB and Ross severally elt‘ plained. After some further discussion between Lord Hot. LAND, Lord LIVERPOOL, and Lord LAUDERDALE, lIOD previous cinestion was put, and carried. Adjourned till to-morrow (this day). • HOUSE OF COMMONS. There being only 38 Members present at four o'cicick, tits SPIAKILa adjourned the House till ro•morrow. BAST-INDIA 110 USE. Yesterday a General Court was held, for the fur ther consideration of the Bill pending in Parlianenr. The Chairman (Mr. R. nfouNrcas) gave an cxposi. tion of such proceedings as had occurred since the last meeting of the Court. Mr. RANDLE JacKsoy then desired to know the na ture of the communications which had taken pl..ce ia the int , wval, between Government and t to Directors. The Chairman replied, that the Court had n it been put in possession of a correct copy of the clauses, acd were unwilling to submit a garbled statement. A Proprietor then proposed an adjournment, upon the principle, that it would be premature to enter into further discussion, until an authenticated copy was laid before the Court. The Chairman stated, that it was expected the Re• port of the Bill would be made that evening in the House of Commons ; and that a conference was to be held in the course of the day between the Ministers of the Crown and the liirectors. • Mr. LOWNDZS opposed the adjournment ; and called upon the Court to express some decided opinion upon the Bill, before they separated. Mr. R. JACKSON strongly censured the rapid man ner in which Ministers were carrying the Bill through Parliament; and remarked, that if they continued co act wit the same high hand they had hitherto done,. the Proprietors could not acquire an adequate know ledge of the character of the Bill. la their last meet. ing, the Court had declared, that the Bin, in its pre sent shape, would ultimately lead to the bankruptcy of the Company. He theretore trusted, if ms modi fication, favourable to their interests, should be intro. duced, that the Court of Directors might be em.. powered to reject it ; the trade of India would be, otherwise, exposed to the mercy of adventurers ; and he strongly deprecated the powers to be vested an the Board of Controul, for granting licenses to trade iu the Eastern Seas. By the abuie that must result from such power, he predicted the loss of the l'ea Trade to the Company. He was, nevertheless, will. ing to agree to any proposition which would scLuie the company short of destruction. The reasonableness of their being guaranteed against loss was admit.ed by every one, with the exception of M s.— Let their capital of 412,000,000, and their interest of 10 per cent. be guaranteed, and Government should have a counter-guarantee to the extent of their assess. It Ministers, however, from a sentiment of mock-dig nity, should persevere in their present tine of condua, he would, in that case move, that the Company should not accept the Charter in its intended iorin, but con tent themselves w itl►the commercial privi,eges gi :mud to them in the 10th W. 111. Mr. 13osasiaLer thought, thlt the ecriduct of Mi nisters, in giving the Company only the right of pe remptory refusal or eccrptanct, could not b.. justi&J. They ought, at certain stages of the Bid, to have con sulted the teelings and interests of that great bud). and substituted conformable inodificauone. But ix considered the motion betore the Court premature, and must, upon that ground, oppose U. Mr. KINNAIKD SMIII4 observed, that no notice 114! been taken in toe Bill of tae Captains and o;i.er 1.1;• ricers in tile maritime set vice of the Compa..y. f•it hoped some provision would be made to that rftec. particularly As SO much care esda U.K. II 0' secure L interests of persons employed in the iand-servi.e. He . concluded by recommeachog the subject to the R ' a t ,