The Statesman. — London, England, 1812-09-08 00:00:00

t.• r t• r r N , • 1. i I 1 .... GOLD 4111 3 ,sarat .1..be.,a. rokE4vs. ~ -.....- We have been faroured..with the. falliswinx cerre spondeuce on the subject of Cestalteci and i - L citii Toscana, which we beg leave , to ley. beot? . our Readers : ~ i i ;. 4 Dunbar itouw, Dunbar, Vi e` it it Sta,—ln taking the liberty to traustnit tb;jlo ' he following Queries, which I have sent to ill tills suers of Local Tokens in 'hill Majesty's,doefilitbils, whose address I have been • able JO lelarn, I feel confident, that you will attrihute.to Me 'tole. proper curiosity, or wish to,pr i t intiVthit:isaftre . of; an undertaking,,iii which I am titoroqhlPieprineetis that nothing but the necessity or 'the ease, •a" sle:' sire to promote the convinience of the public, wouls r• - :. .*: hate led you to ernlxiik. '. . .... In the last Session of Parliament, I opposed' the Bill, intituled " An Act to preieutihe usilitiiind circulating of piecei of gold mud *liver, or other . metal, usually, called Tokeus. l iv4t such as are la 4 sued by the Banks of England and Ireland respec,: s tively. - "—Much as 1 could wish for the credit and welfare of the country that a-general revision should., take place of the principles . upon which our circula tion is now conducted, 1 was then, and .am new per fectly convinced, that the measure of annihilating all Local Tokens in the month of March next, unless it should . be attended with further arrangements, must . i prove highly injurious. I arn,.indeed, of opinion, that there is just rea son to believe, that if this Act is not repealed im mediately on the meeting of Parliament, the com merce of this country will sustain a most severe shock. For, in my view of tts subject, it will deprive the master manufaetureT of the power of paying the wages of his workmen, and leave the poorer consumer without the means of dealing with the retail trader ; whilst it will prove a source of infinite inconvenience to the community at large. That there exists in this country no standard sil ver coin of weight and quality, such as can legally circulate, is a thing universally admitted. In the 1 , Cirrular Letter which the present Earl of Liverpool, when Secretary of State for the Home Department, addressed to all the Lord Lieutenants of Counties; in December, 1804, the rapid deterioration of our Shillings and Sixpences was admitted, though even as ear'y as the year-1795 we learn, both from the late 1-:.irl of Liverpool and from Mr. Darien, that the silver coin was in a most &graded state. By Lord Liverpool, in his Treatise on the Coius of ti,- , realm, the Shillings are said to have been, in ' 1798, deficient to the amount of upwards of twenty four per Cell:. and the Sixpences to the amount of more than tilirty-eight per cent. when compared with' the standard coins of the same denomination : whilst by Mr. l)orien they are described, in his pamphlet, idite!. d Thoughts on a new Coinage of Silver, as still more impaired in value; for he represents the i ! Shillings in circulation to be worth only Ei4htpence Halfpenny, and the sixpences to be reduced to the value ef Twopence Ilalfpenny. . We know also from the witnesses examined by the Irish Exchaege Committee, in 1804, that at that time Twe.ity-one Shillings of the best silver circulating in Ireland, was net iu value equal to more than Nine Shillings of the standard coin of these malls. To issue silver coin from the Mint in this state of our silver currency, and'under the circumstance of the relative value which our Bank Notes bear to Sil ver Bullion, could, therefore, only put the public to great cspeuce, without affording any remedy for the evils that will necessarily result from the defi ciency of small money, which the annihilation of Local Tokens must occasion. Because, unless the nature of mankind should • be so far changed as to produce a universal negligence of their own interest, all the coin issued would be withdrawn from circula tion the moment it appeared. Neither can the issuing of paper, commonly called Silver Notes, be regarded as a possible means, un. der the law as it now stands, of supplying the place of Tokens; for the isuing of paper, promising to pay any sum in value below Twenty Shillings, is provided against by the 48th of the King, cap. 3& under very high penalties. There appears therefore, to be no mode, in the pre.' sent state of our circulation, of protecting the public from the effects of the want of that species of currency used in small payments, which the prohibition of Lo cal Tokens must produce • for neither the Bank of England nor that of Irela nd, have been able to sup ply a sufficiency of Tokens to answer the necessary demands of the country ; and those in circulation are issued at a rate that they must be immediately com mitted to the melting pot bye trifling fall in the value of paper, or, as it would he described by many, by a further small rise in the value of silver. In this state of things it cannot have escaped your &isolation., who have practically considered the sub- i ject, that the abolition of the Local To ens, which I have been generally issued of a value greater in pro- portion to their denomination, than. that of our coin i in circulation, must operate as, a direct encourage ment to those numerous coitiers of false money, who, I notwithstaittling the prohibitions of. tbe 15th and 16th of the King, have long carried on a criminal but a highly profitable trada*,—nhilst it must produce a degree of pressure upon the retail trader, and of hardship upon the poorer classes of the community, I perfectly unparalleled. 1 It is a conviction of the great iiicOevenience and in . .. jury which the nation.at large must sustain, should this measure be carried into execution in the month of March next, end a strong impression of the im possibility of conducting the business of the country without Local Tokens, until the Legi;;litture has ef fected a general reformatiou in the state of our cur-1 rency, that has induced me to draw up the Queries I now submit to y,ou, in hopes that by the general inform., ation which the answers will furnish, .• I may. be . 90- abled to make such a case as Will; prove to Perlis meat the necessity of interferipg, to prevent the 'for. snidable evil with which the public is threatened : 7 - awl, I have only to add, that after: ,receiving this ox- planation of my motives, I trust that you can have no difficulty in commu nic.ati what appears to be so in. eessary for the t9ccess 91 ,e cat's% ... I haveihe ; ottonrto lie s srp Your most...elatolieOe bra,mdle 11Priallis, LAUDERDALE. • !tee the statement of the extras ti which this trade has hems env ;led by Mr. CuirtitbOuU, in ha Treatise 08 1W MCI Of tie Motropelot. • - QUERIES. I. What is the denomination of the Tokens you be issued ? 2. What is the average weight of each species ? 13. By how many dwts. in every twelve ounces, is t 4 metal of which they are comp osed inferior to . ndard Silver ? 4. What is the average int rinsic value of each species ? • ' :5. Are there any Local Tokens circulated in your 4mediate vicinity, besides those you have issued, and by whom ? r ma !0. What doyen compute to be the total value of I fe imlll Tokens circulating within the district in you reside? ' ! 7. What proportion do the Local Tokens bear to; Half-Crowns, Shillings, and Sixpences, that are in Circulation near you ? 'll - .: Whist do you toneeive to be the average in. tvinorc.iralue of these Half-Crowus,Shillingsland Six- Pene, l4 ? tl.' A re there many Tokens of the Bank of Eng ' land circulated in your 'vicinity ? 10. ifas it been common .to refuse change - for a Bank Note, unless a large proportion of Copper is 1 taken ? I 11. Have you known a premium given to get silver I for a Twenty Shillings Bank Note ? 12. Has there been any attempt to issue paper Notes or Tickets under the value of Twelve Shil. / lii ? ings. 13. Have you not known Master-Manufacturers pay their workmen's wages with paper tickets, un der the circumstance of a shop being established in the neighbourhood where the workmen were fur nished with goods in exchange for those tickets? 14. Where this has occurred, has it not been cus tomary for the retail trader to settle his accounts monthly or quarterly with the Manufacturer, by whom the tickets were issued? 15. Is there a disposition to petition the two Houses of Parliament at their next meeting, for the repeal of the Act which has recently passed, prohi biting the circulation of Local Tokens ? To J. B. Monck, Esq. Reading. Sept. 1, 1819. My Lonn,—lt is with peculiar pleasure, that, in obedience to your Lordship's wishes, I hasten to address myself to you on the subject of your very polite and condescending letter. Connected as the matter of currcucy is both with the honour and safety of the country, I have thought it my duty to pay as much attention to it as I am able, however dry and distasteful it may be. In this pursuit my princi. pal guides have been Locke, Adam Smith, the late Lord Liverpool, the Report of the Bullion Commit tee, and, I may add, my Lord, your own writings, which are inferior to none of the preceding. The ,'great lesson inculcated by all is the necessity of ad. hering faithfully to the national standard, under all I temptations and extremities, and a warning against 'the fatal delusion of substituting in the room of the coin of the realm a compulsory paper currency.— ' There is a►► eud of all security in property and con. tracts, if the national standard may be debased at the will of the Bank of England, and if the subject be compelled to take in payment, under paiu of fine ! and imprisonment, their nominal money at par with the King's real money. The preservation of the Sinking Fund, however commendable, is not half I so necessary to Public Credit, nor is so solemn and sacred a trust, as the preservation of our standard. The situation of the Stockholder is now perfectly precarious, and every day growing worse and worse, as the Bank paper, in which alone he is paid, keeps falling in cledit, and in value. This gradual dete rioration must go on, until the Bank are compelled to fulfil their engagements, and to pay again in spe. cie. The Bank at the same time might be permitted to extend their Capital to the amonnt of six or eight millions, and the subscriptions to this New Capital should be received in their own notes, by which means six or eight millions of their superfluous notes would be taken out of circulation. The whole evil of depreciation might thus be redressed, as on a former occasion, without any convulsion, and the loss would fall only, where it ought to do, on the Company of the Bank of England, who have made an enormous profit by the enormous issue of their paper. The steady and contemptible expedient of paying the Public Creditor in debased money, has been the common policy of weak Princes, and weak Minis ters, who think they have thus cured the disease, when they have only transferred the seat of it., The bad money, which is issued from the Exchequer to pay the public creditor, is sure to be paid back into it again in the shape of taxes. We must go to the root of the disorder, we must invigorate the whole I frame and constitution, if we hope to cure our ric. ketty finances ; otherwise we no sooner set the neck strait, than the back or shoulders give way and get awry. It is high time that this system of delusion , and ruin were abandoned, that our difficulties, which are undoubtedly very great, were fairly stated, and duly weighed, and met with a steady counte- I nonce, and suitable exertions. In the room of our present system, a system of finance should be este- ! blished, having good faith, and the sterling standard for its basis, where increased economy should go hand in hand with increased taxation, a system solid, I prospective, permanent, and equal to the emergencies of the present crisis. fear, that the present Mini sters are incapable of executing such a vigorous sys tem, not only for want of disposition, but for want' of that confidence of the people in them, which is necessary to the complete success of every national I esferprise. Te your activity, my Lord, and to your 1 intelligence, and. to the splendid virtues of that poli tical party, with whom your Lordship's name is often associated, the country would gladly be indebted for the restoration of our standard, for the revival of our drooping credit, and for the triumph of expe rience and philosophy over the clamour of the inte rested, or 'the ignorant. Having disburdened my mind in these general ob servations, which grow out of the subject of your letter, and which, therefore, I hope you will par don, I will trespass no longer on your valuable time, but confine myself to the answer of your Que ries, one by one, in the order proposed, and to the best of my ability and present information. s. 1. I hate issued Forty-shilling Gold Tokeus ) LEW , crown s and eighteen-peauy Silver Tokens. THE STATESMAN - 2. I have expressed on the reverse of all my Tokens both the weight and fineness of the Gold and Silver: My Gold Tokens weigh 6 darts. Mgrs. my half-crown Tokens 6dwts. my eighteen-penny Tokens 4dwts. 3. My Gold is Standard Gold; my Silver is Spa- wish Dollar Silver. 4'. Estimating Standard Gold at 51. an oz. my 401. 1 Gold Tokens are worth intrinsically 345. Estimat ing Dollar Silver at 6s. 4d. an oz. my Half-crown Tokens are worth intrinsically, Is. 11d. my Eighteen. penny Tokens, Is. 340. In this estimate are left out of consideration all charges of dies, workman ship, carriage, and insurance. 5. I do not know of any other person, who has circulated Tokens in this neighbourhood. 6. I have coined into Tokens, 70 oz. of Standard Gold, and 5000 oz. of Spanish Miler Silver. Not withstanding the quantity issued, I bevelled within 1 these few weeks large demands on me for Silver ITokens, which I have not been able to supply. 7. I cannot answer with any certainty this Query. I But I should guess, that in this Borottgh my Tokens may amount to one-fourth of the Silver in circula- ', 1 tion. In some villages, lam told, there is nothing Ito be seen bat my Tokens. Shillings and Sixpences . may form one-third of the Silver in circulation. Half-crowns are now seldom visible. 1 8. Of twelve Shillings, a fair sample, I find, that the lightest weighs ldwt. 18grs. the heaviest 2dwts. 114grs. The mean of the extremes is therefore 2dwts. 4grs. The twelve together weigh 28dwts. 12grs. making the mean for each 2dwts. 9grs. Of twelve Sixpences, I find, that the lightest weighs 13grs. the heaviest ldwt. 9grs. The mean, therefore, of the extremes, is 23grs. The twelve together weigh 12dwts. 12grs. making the mean for etch ldwt. 1 gr. Taking the highest mean, as the average, 7s. 6d. in Shillings weighs 17dwts. lOgrs. in Sixpences, 1 idwts. 15grs. in my Half-crowns, 18dwts. in my Eighteen-penny Tokens, 20dwts. 9. I cannot answer this accurately. But I should Louess, that about one-third of the Silver in circula n consists of Bank of England Tokens.-Bank Bars begin to disappear. 10. This year, whenever I have applied to per sons, whose ocznpations give them a command of Inver, I have always cemented to take a portion of kopper in change for notes. Last year, before I be gan to issue Tokens, I could obtain no change in tiny quantity but copper. After my issue of Tokens silver became abundant. 11. I have never given a premium myself, nor do I know of any person here who has. Last year, I desired, that an application might be made to the Bank of England for change, and the answer givea l by them was, that they would part with their Tokens for gold only, but not for paper. The difficulty, or rather the impossibility, of obtaining by any legal de mand silver for Notes, suggested to me the propriety' of making myself independent of the Bank of Eng land, by the coinage of Local Tokens. 12. I know of no attempt to do this in this neigh bourhood. 13. I do not know of such a practice in this place. But a most respectable Gentleman, and a Magis trate in the County of Bucks, informed me, that he was forced last year to adopt the plan mentioned in this Query for the payment of his labourers. To obviate the trouble of issuing Tickets, he took from me a small supply of my Silver Tokens, and stands Godfather to them in the Hamlet, where he resides. 14. It was the custom with the Gentleman above mentioned to have his Tickets sent in, when they amounted to one pound. I have not heard of any such custom being adopted as yet in this place, or county. 15. I am not aware of any disposition to petition Parliament, and I have certainly no intention of in terposing at all in this matter myself. The mass of . I the people, you well know, my Lord, are very in -1 adequate judges of depreciation in currency, and 'therefore it is more the duty of Government to pro- ltect them, and not to impose on their simple and confiding nature. With the bulk of mankind, a pound is a pound, and they estimate money by its external denomination, and not by its intrinsic weight and fineness. The poor, who are destined to suffer most by too extended an issue of paper, and: by the want of small money, are the last who fore , see the impending evil, and do not think of it till I they feel it. I have done one man's part to check the inundation of Notes, and to furnish this District with Silver for chan g e . I have, likewise, no doubt . of the mistaken policy of prohibiting the circulation lof Local Tokens, in the present circumstances of our currency ; but, I believe, that nothing will con t vince Ministers of their error, but dear-bought ex ! perience. For this reason, I shall henceforth follow the tide, rather than uselessly oppose it. Like many I others, I may soon probably mould myself to the I rat* of the times, and add my mite to that load of paper money, which alone it seems the disposition i of Ministers to foster and encourage.-If, however, II do issue Notes, I will make them. iu a new way, , and so as the holders of them. shall have at least au . equal profit with myself. i I have now, my Lord, aswercd your Queries„ as. far as my imperfect means of information will al- . low me. . ~ ..'": ! I have taken the liberty of publishing, in the Reading Mercury, both your Lordship's circular and my answer, that your Lordship's sentiments may be the more disseminated, and that, where my • isformatiou is defective, it may, perhaps, be sup ! plied by others. If any parson shall think it worth while to favour me with any information. relative to I your Queries, within his own experience or know-,' ledge, I will not fail to lay it before you. I am, with the greatest respect, My Lord, I, Your Lordship's most obedient • And humble servant, ' . 1 JOHN BERKELEY MONCK. Coley Park, Reading. Whereas by an Act of Parllment passed in the last Sessions , it is declared lawful to circulate Gold and Silver fecal Tokens until the 25th day Of March, 1813, and no longer, I think it my duty to call the attention of the Public to this Act, and to declare my readiness to redeem my Wilies t expressed on ' my-Token at all thief. 1 But for the particular convenience . of the holders of my Toketvii 'in the town and neighbourhood; I hereby give notice, that on the first :taturday in I.c. [Hoary nest, .and every succeeding Saturday ; I shoi attend at the Hear Inn, Reading, - between the h.: is of 11 iu the forenoon and two, in order to exchonee my Tokens for Bank-notes, until they are ail ex. changed. I have to thank the Public for the confidence re. hosed in me, and hope, that by the time Local To. kens are witlidmwn, Govorunient will be prepared to provide the Country with a coinage of standard money, the undoubted right of the subject, and will not leave the country, as it now is, a prey to a co:n pulsorr paper currency, at open discount in O E . Stuck. Market with the King's coin, and not conver tible by any legal process into pounds, shaiit ig ,, pence, or Bank Tokens, or into any specie, or change whatever: • JOHN BERKELEY MONCE. Culey Park, Readieg, Aux. 8, MI The Spirit and alacrity manifested by the Pont Guards in extending their services to the Peninsula. is almost unprecedented. The volunteering may, in fact, be said to comprehend every effective man in the three regiments. The candidates are so numerous, that the only difficulty is choice. The number uho have been allowed to volunteer from the Ist batta'iou, of the Ist regiment is 1,400 men.—Supernumerary from the Ist regiment to complete the 3d battalion which recently proceeded from Cadiz to join the hp'a army, 100 from the Coldstream, 150 from the 31 1.. giment ; office - nand non-commissioned officers may ' be about 300—Total 2 , 100. The indigo manufiteured at Sierra Leone by oie of the black settlers,. is found to be quite as cool in its quality as that which was first brought from the East Indies, when its culture commenced there. On being carefully compared with some East India indi go, which was sold at 4s. Bd. per pound, it proved to be about half the value. This inferiority, honever, arises not from the deficiency in the plant pro ducing the dye, but for the want of skill in its ma.. nufacture. Theinan who felt into' the area at the Admiralty on Saturday night last, died on Sunday at Middle• sex Hospital. !Le proved to be an inhabitant of Westminster, and has left a wife and - six children to lament his loss. We are authorised, from information derived from the Steward of St. Bartholomew's Hospital, to • contradict the distressing statement in a Morning Paper of yesterday, of accidents received into that Hospital on Saturday evening, from Bartholomew Fair; only one occurred, and that of a nature to require temporary aid alone. The whole account, indeed, appears a fabrieation imposed on the Editor. - A young man named John Thomson, who had been charged on Saturday, at Guildhall, with having been detected by one of the constables with his baud in the constable's pocket, and who had been remand ed in order that he might haveittit opportunity of ,a tisfying the Magistrate that the account he gave of himself, namely, that he .wasa groom in the servica of the Duke of Norfolk, was correct, was again brought up yesterday ; and the Steward of his Grace appearing in his favour, and giving him a good cha racter, lie was discharged. PTDESTRIANIsM.— Yesterday, a journeyman lint maker, twenty-two years of age, of the name of Stanton, undertook, for a wager of 51. to go on toot from IVhitechapel Church to the Bald Face Stag, Epping Forest, and back again, in the space of two hours and a half, after stopping twice on the Malt to bait; he arrived at the Bald Face Stag Inn ten mi nutes after seven o'clock, stopped and took some re freshment for about ten minutes, when he started afresh, on his return, and completed the whole iiii two hours and twenty-six minutes, winning by four minutes, the whole distance being twenty miles ; but was so much fatigued and exhausted, as to be imme diately put to bed. A great sum of money was de pending upon the issue, and odds were three to two against him at starting. GUILDR ALL—Yesterday Matthew Sintmonds was charged by Rachel lsockyer, a widow, who keeps a bontb at Bartholomew Fair, with enteringberpremises, about two in the morning, and taking improper liberties with her while asleep. She soon awoke, and loudly called for help; when threecoustables, coin ing to her as s istance, they . secured tllg fellow, and found on him a variety of trinkets, in which the poor woman dealt. On,s of those articles, a tea-caddy, she was able to' identity, h.' some of her hills being found in it. The Prisoner, in his de fence, said, that lie was beastly drunk ; that he had a vi if, and three children, and begged to be alloWed to go on board lie tender, to whitii the Magistratecnusented. lixtort-Ilam.„—)Cesterday Thomas Evatism . aa charged he Mr. Howard, a cheesemoitger, on suspicion of having put oft Co him a forged bill of exchange. The Pris,,ner, who was di essed a/ 4 mode, had, it appeared. occasionally purchased articles at the Prosecutor's shop, who, however, did not know his , min e. A few days qg ti be came to the shop for some trilling article, and, entering into coureraitien on the hardnesi of the times, and the scarcity of money, observed, be !red that m orning been to a person in expectation of receiving 101. instead of which he had of a bill at two months, which he requested the Prosecntor io got a bill at twi, months, which li requested the prnsecuti,r i.' discounrfhrhim ; this Mr. Howard declined, saving, be tell not so nitwit cash in the hew, when the Prisoner jaid he oniild erg! agitiOn . an hour or two. On his second cairn', however, bI t.lft ward Su it declined diseminting the hilt 'when ate PrOoner merited be would advance bim 51. and take it as a securit • This Mr. 11. consented to do, and he gate him .he bill , which IV:ri . drawn at Iwo months by John Spooner, No. 50, Mark-lone, aim j accepted by Thomas Evans, Spread Eagle-enact. Cornhill. Mr. H. asked him if his name was Spooner, and lie replier!, " YeS that hi my name," pointing to the signriire of the drawer , I and he ai the same time described hibrelf as a dealer in i bottled porter iw Mark-lane. The next day, a note signed J. Spooner, was delivered to Mr. Howard by a little boy, 5 110 .said lie came from Mark-lane, requesting that he would a ivaine him 31. more, abet saying, that it he would send hirn the 14N hack again he would return bim the 71. he bad airacced on .ii" following day, Sir. Howard, beginning to eutertain suspicion.. said, he would send the money, iiisa•ad of doing winch he tl ei ; to make miqairies. and soon rtiscovemd that the Prisoner 01:011.t*. was Evans, and that he was the acceptor, and not t heilciaers . the note. The Prisoner denied having re pre,ent:• , l hisn•elf- 1%. drawer of the bill, or haviug said that tits mum. It ai Sec , ;,•% i Whew he was asked his name ho whited to the acceptor, a... 1 n 4 the drawer's name. The drawer was a gentleman employed m the Customs, and *as now at Gibraltar; the bill, however. e .. 'its good, be said. :it a Hank of England nate, and would •tniva been taken up wilco die. He was fully committed for trial, SIARRITD. „OnWeelneklay th e 2d inst. Mr. Thomas Lark, to M, • rt42. 41— wad isitibter of Chat'les Swan, Eq. of remiwrelt-str., • DIED. O n S a turday last, Mr2Taylor, of Newiarto uan-grecn. I AA_ On Saturday morning, inlb.:tree, Berkeley- s4 r, wife of Y. T. Pigea. Esq. On Friday last, in Wimpole - street, in his 981 year, ft. Esq. of Codicote, Hertfordshire. On Sunday last, in his trid year, Ale:wider, fourth son of 1 Barclay. Esq. of Bury-hill, Surrey. On the 27th ult. at Bray, near Dublin, the Right Hon. Lord de litaquicre, K. B. and a Baronet. On Wcdntsdav sennight, Mr. T. Cutter, of Chester, printer and proprietor of the Chester Herald, aged 40. 1*() DON: Printed- and Published by I). Levis& It th- ST 41 Mil AN OFFIr R. 57. FleelAdliet. / . • 11.