Star. — London, England, 1810-08-15 00:00:00

NAVAL INTELLICIATEs TMLBAIt, AUGLidr Sailed the LORD CoCRRANE armed-brig, and GAm- BIER cutter, on a cruize.—Wind West& PLYMOUTH, AUGUST It L'Arate frigate-, w hi ch sailed froth hence last week, i s gone to cruize off Madeira, and not the French coas t, as then stated. Put back the HAWK sloop of war, which sailed yesterday. Sailed the GLEANER ketch, to relieve the BRITANNIA, cruizing in the Sound. Wind N. N. W. blows very hard: PORTSMOUTH, AUGUST 14. Arrived his Majesty's ship DEFIANCE, from Ply. youth; APUNDANCE store•ship, from Rio Janeiro, w i t h several transports, &c. under convoy ; one of her convoy, the Speculation, PEACH, has arrived at Spit head, three others have passedtior the River. DEAL, AUGUST 14. Arrived and sailed for the River the Camden, T Y LER, 44 days from Jamaica ; and the Duke of Portland, SaNCERI from the South Seas, who brings an account of the Mary, SIMMONS, foundering off New Zealand.—Wind MILFORD HAVEN, AUGUST 11. Three days ago an order came down here from the Navy board to discharge the workmen on the new Dock-yard walls and other buildings, which has spread a general gloom over this place, lest its risingprospe-: rity should be checked by so unexpected a measure. Val was surmises are naturally formed, some thinking it probable that the Dock-yard will be removed from hence to the opposite side of the Haven t others, that it will be abandoned altogether, in consequence of the new project of a naval arsenal at Northfleet. We are all naturally anxious for more satisfactory informa tion, We have had a heavy gale from the westward for the last seven days, which continues unabating. FROM LLOYD'S LIST. o, AIM END, Aucuir 14.—Arrived seven sail of the Leeward lsls :d iPet. Sailed the Jane, Cochrane, for Madeira. The Brig Effort, THOMAS master, drove on shore nn Is.! ,, nday morning on Portland Beach—crew and niaterials saved. The hull of the ship,a total loss. The Hope, BUTLER, and the Icarro , SMITH, have been retaken, and carried into Malta. When the Leeward Island fleet left the West Indies ' it tnnsisted of 65 sail. They have all arrived at their cliferent destinations; except the following ships : T:ie Betaey, Weoge, for London, foundered at sea ; and the Scarch, fur Brigtol, wrecked at sea, in the Bristol Chan nel; Freedom, Beigrie, and Star, Goodbie, from Grenada ; Sur rey, Gardner, and Cato, Napier, from St. Vincent's; Thomas, Owen, from Guadaloupe; and Eagle, Charter+, from St. Croix, stU for London ; George and Thomas, Simpson, from Antigua for Liverpool New Active, Whiteside', frint liarbadoes for I'hitehmti ; Hercules, Rogers, tram St.Vioce nes s • ; • msannali , Nichol, from Grenada ; Mountaineer, Pollock, from Guatialmpe far the Clyde ; Columbine ' —; Hero, Beck ; and Britannia, Smpsoo, from Antigua ; Nancy, Harca+ll.!, from Barbadoe+ ; Union, Willy, from St,.Croix, all for Dublin ; Hebe packet, Fo rest, from tarbadoes for Newry; City of Cork, Quin on, from Barbadoes for Cork, are not known to have yet arrived at any'port. DISTRIBUTION OF PRIZE MONEY. The Orpheus, for the Zeebrught and Zeeluist, captured Octo. fret 23, 1199, will be paid the 17th instant, at No. 23, Norfolk stein, Strand, and there recalled, on Tuesdays and Fridays, for three years. The Sybille, fur the Spanish Lady, recaptured June 1, 1010, l►as paid on board, at Plymouth, and will be recalled at No. 11, Cecil-street. he Bruiser, for cl Courier, Jonge Catharine, and a Blanke nese boat, (in company with the Briseis and Basilisk,) captured Nay 20, 1809, was paid this day, at No. 9, New Broad-street, and will be there recalled, on Wednesdays and Thursdays, for three months. The Albion, for the Coureren, captured September 3, 1809, was paid on board, this day, at Leith, and will be recalled, on Wednesdays and Thursdays, at No. 9, New Broad -street, Lon don, for three months. The sante, for a Danish schooner, No. 9, captured July 25, 3609, was paid and will be recalled as above. The same, for the Fortuna, captured September 3, 1809, was raid, and will be recalled as above. The Wrangler, for the lon Caol, captured October 3, 1809, Will be paid on board, en arrival at Yarmouth, and recalled at No. 23, Norfolk-street, Strand,• en Tuesdays and Fridays, for three months. The Adrian, for la Julie, captured March G. 1810, will he paid en Friday next, at No. 18, George street, Plymouth, and there recalled, on Mondays and Thursdays, for three months. The Snipe, for the Hubet, captured April 15, the Christian Borg, Haabet Anker, and Johanna Margaritha, captured April 23 and 24, 1909, will be paid on arrival at Yarmouth, and m ulled at No, 12, Clement's Inn, London. 'The Diligence, for the Sophia Eleuora, taken November 15, 18 89, will be paid on arrival, and recalled at No. 12, Arundel street. The Clio, for the Providentia, taken September 7, and for the Speculation, taken September 14, 1809, will be paid on beard, on Erin! at Leith, and tecalled as above. Ihe Pheasant, for the Compte de Hunebourg, captured Feb ruary 3, 1810, will be paid on arrival, and recalled as above. 1 he Chamicleer for the Emperor, captured July 27, 181111, will be paid and recalled as above. The Goliah, for le Torride, cut out from under the Fort of Aboukir by the boats of the said ship, August 25, 1798. will be Paid on the 28th inst. at Mr. Tyson's, Middle-street, Gosport, and there recalled, on Tuesdays and Thursdays, for three years to come. The Niohe, for the Haabet, detained August 81, 1807, wilt be pald on hoard at Portsmouth, on Saturday next, and recalled at No. 11 , Cecil -street, Loadon. Yesterday morning, about one o'clock, a pleasure I boat lel.-riging to Mr. W. CARTER, of Poole, was taken from her moorings in that harbour, and also a Yawl which lay alongside the quay. Two strangers, fr , reigners, now supposed to be Frenchmen, came to the London Tavern on Monday, and are supposed to be the runaways. They settled their bill in the evening and went to their bed-room, and it is sup ' posed they shortly after left the house. It is rather extraordinary they should have found their way down the River. The boat is open, and from five to six tons burthen ; it has blown very hard since they sailed, With a heavy sea in the Channel, anal it is considered that they must have been exposed to much peril in attempting to reach the French coast. Monday se'nnight, the cutter belonging to Colonel FULESTON, of Emral, in Flintshire, struck upon a rock, at the entrance into the Swilley, in the river Menai, and almost immediately sunk. Through the exertions of the Bangor Ferty-boatmen, Col. P. and his suite were reli-ved from their perilous situation. Saturday the boat belonging to the LATONA frigate With an officer, 7 seamen, and one woman, on board, upset, about a quarter of a mile from Deal: how.!ver, they were all saved by the timely aid of the boatmen from the south-ead of that place. • itiMAßidadi • BOSTON, JULY 14. tittict from the National Intellgeneer :--gg' While. we were struggling for our existence, our condition naturally excited the sympathy of foreign nations.— The moments however, we firmly established our rights, and assumed the attributes of sovereignty, we became in our turn the objects of jealousy and envy to those who had recently to henourablf aided as with their arm. They soon beheld, or fancied they beheld, in the expansive force of our political institution, the germ of a new era, destructive of the old order of things ; and the apprehension was surely natural, that if we should succeed in the firm establishment of a de mocratic Republic,, the contagion might rapidly sub vert the best established monarchies of Europe. This alarm of the Governments was strongly corroborated by the feelings and interests of their subjects." The President of the United States has granted leave to the British sloop of war Avon to land the money she brought from the Havanna!' for the Che valier Onis. This vessel came with money and dis patches. A few violent demociats in Philadelphia and Washington, have laboured hard to produce irritation on the subject, but they have been completely foiled. The following letter has been sent to PHILIP SANSOM, Esq. Chairman to the Committee of American Mer chants " Council Office, Whitehall, August 8, 1810. Stu—The Lords of his Majesty's most honourable Ptivy Council having issued an Order for entirely suspending, until fur• ther order, the provisions of Sect. 42 of the General Quarantine Order of the sth of April, 1805, and directing that a!1 vessels ar riving from any of the ports of Europe without the Streights of Gibraltar, or froni the Continent of America, or the islands ad. jacent thereto, or from the Western Islands, ssith any of the ar ticles enumerated in the first class, including cotton wool, goats' skins, rags; feathers, or hair of any sort, should be admitted to report and enter without being subject to quarantine , under the terms and conditions therein mentioned; lam direct e d to trans mit to you a duplicate of the said Order, for the information of the Merchants concerned In the trade to and from the Continent of America.-1 am, Sir, your most obedient humble Servant, " Philip Sansom, Esq. STIPMEN FIRE.—A most dreadful fire broke out on Saturday morning, in the premises of Messrs. Pyer and Co. in Redcliff-street, Bristol. Mrs. Pyer having lain in only five weeks, fire was lighted to air a small room, used both as a parlour and counting-house, which was divided from the shop by the only flight of stairs that led to the upper pat t of the dwelling-house. An adjoining court, kitchen, and warehouse, extending to Redcliff back, form the rest of the premises. In the above-mentioned room, at a quarter past seven, Mr. Pyer had seated himself upon a stool to read a pre scription just received, and, in the act of quitting it to go into the shop, the stool fell against either a six gallon bottle of spirits of turpentine, or one with three gallons of spirits of wine (filled to order on Saturday night, and placed under the desk for greater safety), which broke, and the contents communicating %it!) the fire-place, the whole room was instantly in a blaze. Mr. Pyer ran up stairs, followed by the flames, and got his wife from bed into the front room on the first floor, and proceeded to seek for the rest of his family —but the flames had spread so rapidly as to fill the staircase and landing-places to the skylight, , which blew up, and all communication between the front and hack-rooms was thus cut off. The situation of all the wretched inhabitants now became truly despe rate. A child of four years old was thrown by a maid -servant, who jumped after it, from the first storey window into the street. The child's fall was broken, it is hoped, so as to prevent any serious in jury ; but the servant was much bruised, and con veyed to the Infirmary. Mr. Moon (shopman), after hanging by his hands from the second storey.window several minutes, was taken down by a ladder, which also, with his assistance, rescued Mr. and Mrs. Pyer. Every possible exertion was made to extricate a nurse and two children from the upper back-room, but, alas! without success—for when in about two hours the flames were sufficiently mastered, the remains of the poor woman were found, with those of the newly born infant on her bosom, and ate other, of two years old, lying beside her, on the wreck of their bed, in a state too shocking for decription ! Her name was Reed, and age about 53 years. The stock and furni. ture were insured; the house (the property of Mr. Frost, baker) was not. The principal part of the account-hooks, and upwards of sti'27o in cash-notes (provided for a remittance by Sunday's post to London), shared the destruction ; which, principally through the exertions of Mr. Fri ,st, jun. bookseller, who conducted a fire-engine through the warehouse, did nit, providentially tor the neighbourhood, reach any part of a considerably greater store of combus tible matter. MARK-LANE.-Of Wheat to-day there are consi derable further arrivals of Foreign, chiefly from the Baltic ; fine much in request, and last prices fully supported—Barley and Malt fluctuate but little— New White Peas likewise—Beans of the two kinds rather dearer—There are short supplies of Oats, and last prices are maintained—New Rape Seed a falling article—Flour without alteration. GENERAL CtiltaiNCT As ONDIR. Wheat, 85s. 100 s. 1225. Beans, 535. 595. Fine tltto n 1265. 130 s. - Tick ditto, 465. 521. Rye, 425. 48s. Oats, 235. 50s. 345. Barley, 331. 445. Poland ditto, 375. 40s. Malt, 725. 80s. Potatoe ditto, 425. White Peas (boilers) 84s. 701. Rape Seed, aCSO. €54. Fine Fleur, 9Ss. to 100s.-Seeonds, 90s. to 9So. CANTERBURY, AUGUST 11. B. Wheat 1301 Od to 1161 Od Tares (bush.) lOs Od to 11104 New ditto 00s Od to 00s Od Brown Malt 96s Od to Os od White ditto 90s Od to 126 s od Amber Malt 97s Od to Os Od Fine ditto 00s Od to 130 s Od Pale ditto 981 Od to Os 04 New ditto 00s Od to 00$ Od Fine Flour 96s Od to As Od Rye _ 54s Od to 58s Od S e c on d di tto 9i s O d to Os O d Barley 42s Od to 48. Od Third ditto 80, Od to 86s Od Oats 271 Od to 565 cd Rough Meal 60s Od to Os Od New 00s Od to 00s rd Hops (bags) 31 105 to 41 lOs Seed ditto 00, od to 00s Od N. (bags) 01 Os to 01 0$ Beans 40s Od to 49s Cd Fine do. 01 Os to 01 Os New 00s Od ti 00. Cd N. Pockets 41 Os to 51 5s Tick 52s Od to 56s Cd Hay (tons) 41 Ss to 51 Os New 00s Od to 00$ rd Sainfois 41 15s to 51 5s Hog Peas 48s Od to 50s Od Clover 41 Ss to 41 10s Boiling ditto 60s Od to 65s Otl Straw 31 Os to 01 Cs At St. James's Fair, Rozburghsbire ' on Monday se'nnight, th a skew of cattle was n ot so great as usua l; there was much demand for those in good Condition, which sold at high prices. There was but a middling supply of horses, but prices good; those for the saddle very few, and high priced. 'l'he quantity of linen cloth was not great; the prices were high, particularly for fine cloth. The following are the prices of grain at the fair :-Wheat (fine) from 78s. t 0 87s. 6d.-Ditto (inferior) 50s. to 605.-Pease (good) from 495. to 525. 6d.-Ditto, mixed with Beans, from 465. to 495. Barley (very good) front 495. to 515.64.-Common Oats, from SOL to Us. 6 d.--Potatoe ditto, from Us. to 341. 64. lilLtibic • • -..1.1.a ItPOlt i f OF THE COMMITTEE OR 1 4 I41! 14IGil PRICE OP GOLD BULLION. 18 It is important, at the lame time, to observe, I that under the former systeni, when the Bank was bound td aunt/et its notes in specie upon demand, the] state Of the foreign exchanges and the pl ice. of gold ledid most materially influence its conduct in the issue 1 of those notes, though it was not the practice of the Directors systematically to watch either the one or the other. So long as gold was demandable for their paper, they were speedily apprized of a depression of the Exchange, and a rise in the price of gold, by a run Upon them for that article. If at any time they incautiously exceeded the proper limit of their ad vances and issues, the paper was quickly brought back to them, by those who were tempted to r . fit by the market price of gold, or by the rate of Ex change. In this manner the evil soon cured itself.— The Directors of the Bank having their apprehensions excited by the reduction of their stock of gold, and being able to replace their loss only by reiterated purchases of Bullion at a very losing price, naturally contracted their issues of paper, and thus gave to the remaining paper, as well as to the coin for which it was interclvngeable, an increased value, while the clandestine expintition either of the coin, or the gold produced o from if combined in improving the state of the Exchange, and in producing a corresponding diminution of e di ff erence between the market price and Mint r ice of Gold, cr of paper convertible tii into Gold. " Your Committee do not mean to represent that the manner, in which this effect resulted from the con. duct which they have described, was distincly per ceived by the Bank Directors. The fact of limiting their paper often as they experienced any great drain of gp,l4, is, however, unquestionable. It was a necessary consequence of the suspension of cash payments, to exempt the Bank from that drain of which, in former times, was sure to re. suit from adionfavourable Exchange and a high price of Bullion. And the Directors, released from all fears of such a drain, and no longer feeling any in. convenience from such a state of things, have not been prompted to restore the Exchanges and the price of gold to their proper level, by a reduction of their advances and issues. The Directors, in former times, did not perhaps perceive and acknowledge the principle more distinctly than those of the present day, but they felt the inconvenience, and obeyed its impulse ; which practically established a check and limitation to the issue of paper. In the present times, the inconvenience is not felt ; and the check, accor; dingly, is no longer in force. But your Committee beg leave to report it to the House as their most clear opinion, that so long as the suspension of cash pay ments is permitted to subsist, the price of gold bul lion and the general course of Exchange with foreign countries, taken for any considerable period of time, form the best general criterion from which any infe rence can be drawn, as to the sufficiency or excess of paper currency in circulation ; and that the Bank of England cannot safely regulate the amount of its issues, without having reference to the criterion pre sented by these two circumstances. And upon a re view of all the facts and reasonings which have already been stated, your Committee are further of opinion, that, although the commercial state of this country, and the political state of the Continent,'may have had some influence on the high price of gold bullion and the unfavourable course of Exchange with foreign countries, this price, and this depreciation, are also to be ascribed to the want of a permanent check, and a sufficient limitation of the Paper Currency in this Country." Upon some of the consequences arising from an excessive issue of paper, and thereby dirnipi , hing the relative value of the circulating medium, the fulluwing remarks are made : " Your Committee cannot help again calling the at tention of the House to the view which this evidence presents, of the consequences which have resulted . from the peculiar situation in which the Bank of 'England was placed by the suspension of cash pay- ' ments. So long as the paper of the Bank was con vertible into specie at the will of the holder, it was enough, both for the safety of the Bank and for the public interest in what regarded its circulating me. dium, that the Directors attended only to the cha- 1 ratter and quality of the bills discounted, as real onesl and payable at fixed and short periods. They could I not much exceed the proper bounds in respecr; of the quantity and amount of bills discounted, so as ! thereby t 2 pr-duce an excess of their paper in circu lation, wif;Alt quickly finding that the surplus re turned urn themselves in demand for specie. The private interest of the Bank to guard themselves against a continued demand of that nature, was a sufficient protection for the public against any such excess of Bank paper, as would occasion a material fall in the relative value of the circulating medium. ' The restriction of cash payments, as has already been shewn, having rendered the same preventive policy no longer nece j uary to the Bank, has removed that check upon it isles which was the public security against an excess. When the Bank Directors were no longAllkexoW to the inconvenience of a drain upon theta fo r ' they naturally felt that they had no such Atew.venience to guard against by a mere re strained system of discounts and advances ' • and it was very natural for them to pursue as before (but without that sort of guard and limitation which was now become unnecessary to their own security) the same liberal and prudent system of commercial ad vances from which the prosperity of their own esta blishment had resulted, as well as in a great degree the commercial prosperity of the whole country. It was natural for the Bank Directors to believe, that nothing but benefit could accrue to the public at large, while they saw the growth of Bank profits go hand in hand with the accommodations granted to the Merchants. It was hardly to be expected of the Directors of the Bank, that they should be fully aware of the consequences that might result from their pur suing, after the suspension of cash payments, the same system which they had found a safe one before. To watch the operation of so new a law, and to pro vide against the injury which might result from it to the public interests, was the province, not so much of the Bank as of the Legislature : And, iu the opinion of your Committee, there is room to regret that this House has not taken earlier notice of all the conse quences of that law. ay . by some of their expressions. That this doctrine lb a very fallacious one, your Committee cannot enter' tain a doubt. The fallacy upon which it is founded, lies in not distinguishing between an advance of ca pital to Merchants, and all addition of supply of cur rency to the general mass of circulating medium. If the advance of capital only is considered, as mode to those who are ready to erhploy it in judiciou. and . productive undertakings, it is evident there need be no other limit to the total amount of advances than what the means of the lender, and his prudence in the selection of borrowers, mey impose. 8.,t, in the present situation of the Bank, entrusted as it is with the function of supplying the public with that paper currency which forms die basis of our ci ciliation, and at the same time not subjected oi tope liebility of con verting the paper into specie, every advance which it makes of capital to the Merchants in the shape of dile count, becomes an addition also to the mass of eircu leting medium. In the first instance, when the ad: vance is made by notes paid in disceunt of a bill, it is undoubtedly so much capital, so much power of making purchases, placed in the hands of the Merchant who receives the notes; and if those hands are safe, the operation is so fa, and in this its first step, useful and productive to the public. But as soon as the pot: don of circulating medium, in which the advance was thus made, performs in the.liends of him to whom it was advanced this its first operatiOn is capital, as soon as the notes are exchanged by him for some other ar: title which is capital, they fall into the channel of circulation as so much circulating medium, and fort) an addition to the mass of currency. The necessary effect of every such addition to the mass, is to dimi. nish the relative.value of any given portion of that mass in exchange for commodities. If the addition were made by notes convertible into specie, this diminu tion of the relative value of any given p'ottion of the whole mass would speedily bring back upon theta*, which issued the notes, as much as was excessive.. But if by law they are •not so convertible, 'of coarse this excess will not be brought back, but will remain in the channel of circulation, until Oki in again to the Bank itself in diScharge orthebills which wete originally discounted. During the whole time they remain out, they perform all the functions of circulate ing medium ; and before they come to be paid in dis charge of those bills, they have already been follow ed by a new issue of notes in a similar operation of discounting. Each successive advance repeats the same process. If the whole sum of discounts conti nues outstanding at a given amount, there will re main permanently out in circulation a corresponding amount of paper ; and if the amount of discount( is progressively uterus*, the amount of paper, which remains out in circuletion over and above what is otherwise wanted for the occasions of the public, will progressively increase also, and the money prices of commodities will progreisively rise. This progress may be as indefinite, as the range of speculation and 'adventure in a great commercial country. 46 The suspension of cash payments hes had the effect of committing into the hands of the Directors - of the Bank of England, to be exercised_ by their sole discretion, the important charge of supply ing the country with that quantity of circulating medium which is exactly proportioned to the wants and eere. sons of the Public. In the judgment of the Commit• tee, that is a trust, which it is unreasonable to expect that the Directors of the Bank of England should ever be able to discharge. The most detailed knowledge oldie actual trade of the country, combined with the profound science in all the principles of money and ' circulation, would not enable any man or set of men to adjust, and keep always adjusted, the right pro portion of circulating medium in a country to the• wants of trade. When the currency consists entirely of the precious metals, or of paper convertible at will into the precious metals, the natural process of com merce, by establishing exchanges among all the dif ferent countries of the world, adjusts, in every par. titular country, the proportion of circulating medium to its actual occasions, according to that supply of the precious metals which the mines furnish to the general market of the world. The p:oportion, w hick is thus adjusted and maintained by the naural ope. ration of commerce, cannot be adjusted by any hue man wisdom or skill. If the natural system of cur rency and circulation be abandoned, and a discretio. nary issue of paper money substituted in its stead, it is vain to think that any rules can be devised for the exact exercise of such a discretion ; though some cautions may be pointed out to check and contmol its consequences, such as are indicated by the effect of an excessive issue upon exchanges and the price of gold. The Directors of the Bank of England, in the judgment of your Committee, have exercised the new and extraordinary discretion reposed in them since 1797, with an integrity and a regard to the public interest, according to their conceptions of it, and indeed a degree of forbearance in turning it less to the profit of the Bank than it would easily have admitted of, that merit the continuance of that confi dence which the public has so long and so justly felt in the integrity with which its affairs ate directed, as well as in the unshaken stability and ample funds of that great establishment. That- their recent policy involves great practical errors, which it is of the ut most public importance to correct, your Committee arc fully convinced ; but those errors are lets to be imputed to the Bank Directors, than to be stated as the effect of a new system, of which however it ori ginated, or was rendered necessary as a temporary expedient, it might have been well if Parliament had .sooner taken into view all the consequences. When your Committee consider that this disc: etionary power of supplying the kingdom with circulating medium, his been exercised under an opinion that the paper could not be issued to excess it advanced in di:coon:lt to Merchants in good bills payable at stated periods, and likewise under an opinion that neither the price of bullion nor the course of exchanges need be advert ed to, as affording any indication with the sufficiency or excess of such paper, your canner hesitate to say, that these opinions must be regarded as in a great measure cause of the coatinuane: of present • . f By to titelio* - • is, that *hile the odd -1. exists as a check td ad aver issdHlf. • Directorshare not perceived of 16 check tendered it possible tlt • be issued by the discount of perfeedk So from perceiving this, your Committed hive Arita that they maintain the contrary doctrine with the utmost confidence, however it may be qualified occasionally 1 respect to the ;our C.ommittaa lions of the Bulk Lire the operative gate of things.'! a