The British Press; or, Morning Literary Advertiser. — London, England, 1826-05-27 00:00:00

ant e d in P.At beir , ted tip I ' , hid) For that n arrt ag , 'rid t h e sled in irty wee ree mm had tic , cou ntries might admit the application of the same principles; but Lord Liverpool seemed to blow hot on one side and cold on th e m ber. The Report (which was fairly drawn up, and to which he ho no objection) was nothing else than a manitesto of paper against r ad. All who read it would disagree with Mhiistera ; and it befoee nest Session, produce more pamphlets than he ever I viihed would again. (Laughter.) The temper and opinion of the " t atty be changed by that Report ; and while Ministers vet rating far gold, they were preparing return to paper. ( Hear.) Ile knew that many wise and temperate men disagreed with him reve ling his preference of gold. lie did not pretend to touch reeding on this subject. Ile had resisted many new financial pro. frets; but he recollected that the country had Nourished with a paper circulation exchangeable into gold ; hut he believed at the same that, that coin. and paper representing coin, could not exist medic?. It was by such a piper circulation *hit they had auc ceeded in Scotland, in driving away gold altogether ; the natural realingotmonied men and speculators in favour of high prices, and the certainty that they would be raised by a paper circulation, would lead to the removal of the metallic currency. Such difficulties would arise in the next two years as would cause, not the animila. tion of Scotland to England, but of England to Scotland. The English bankers might my, why did you vote to bring my bank lam shame, and to Injure me and my family, when you were not actuated by any principles, at is evident by the exclusion of Scotland front the operation of those measures ? If an event were to take plate, (which he deprecated) he meant a war, would it not be a sad refection that the best years because the last of the peace, had been spent, not in putting the currency on a sound footing, hut in Increasing" its derangement. We exposed ourselves to the contempt of foreigners; for he had no doubt that foreigners were better acquainted with the principles of finstice than we. France had a circulation of gold coin ; there was nothing doubtful or in. secure in such a medium; and the accounts of the Hank of Franks were every quarter submitted to the country. The system by which Altniaters were regulated he could not comprehend. The period I would come, when, unless they found gold enough to fill the place of the paper withdrawn front circulation, they would come into the fallowing difficultly.% all at once t—They must either let the law en;rire inlet, and thus reduce the currency, or they must enlarge the time, or they must retrace their steps, and teseetablish the I le had an other circulation; greater difficulties than those had never occurred. o ther reason for wishing to call the attention of the !louse I to that rettots; because It was the lest act of' measure projected a ith s t i.z view ot setting the currener on • solid footin b us iness Liver pol, he was sorry to soy, had engaged in a which its did not understand, nor was his ignorance so excusable as it might be in other individuate. Illitilsten had the opportunity of sending far the best au Montle*, and consulting them. It Will mated b y 11.4fil GiTerpot#,ln his communications with the Bank,that branch banks from the Bank of England were approved of by Government. From that 'day lb this, however, Government and the Bank had never come to an understanding; the time was passed in squabbling, and he knew that angry words had passed. Lord Liverpool ought to have entity understood his plan, and to have fi..rnly persisted in it. He liked a, Minister of that desorption. (Hear.) Bet the end of all was, that the'Rebk agreed to establish one branch bank at Gloucester. With teepect to the enlargement of the number of partners, there were hut few banks in England to which an addition of new per:ners would prove advaniagenus. Joint-stock coin. p a nics were proposed, in order to put this country on the same footing as Scotland ; but the (louse would hardly believe that, by that Bill, it was impossible to establish a joint-stock company. By that Bill it was not allowed to draw on London for any RUT less than 6W. The letter of the Bill utterly precluded the piosihi lhe of carrying on the banking business. But the Bill. it might be said, was one which could be evaded, and the beat commentary on it would be to thole how to evade it. The only end, then, of the grand system of putting the currency on a sure footing. wax, that Small notes were to be put down in England in the year itrzi: in Scotland they were to be left; and in Ireland neither one nor the other coarse was to be adopted. He heard that it was recommended, with retreet to Ireland, to abolish Immediately those notes called tractional—that is. notes for 23e. or 355., and to suppress afterward* the other small notes, so that In a few years Ireland might return to a wholesome metallic currency. Why was not Scotland also to return to a wholesome metallic currency'? This was the state in which the question of currency was left at the end of the Session. He begged leave to justify himself for giving his assistance to the original' measure; he felt that he was wrong. Ministers had been convinced with respect to Scotland, and had altered their course; they ought to have been convinced before; there would not, in that ease, have been the Report, which was calculated to do mischief; but they went into a Committee like a kind of sucking innocent% (laughter), in orde• to obtain information. He could have brought to the inquiry many English bankers, quite as respectable as those from Scotland ; but the demerits of tit: English bankers were most unjustifiably as sumed. It was impossible to make any motion, but he took that opportunity of lamenting that they should make AO miserable an appearance at the end of the Session. Ile erott!el conclude, there fore, with remarking, that although he wished as ninth good to lord Liverpool as to any man. from his private worth, he could not help wishing, for the country's sake, that he had either better nerves or less raslinese. 31r. Pr. El. observed, that It was a most extrtortlitiery proceed gto comment on a Report which was not yet known. The Com. mote, had laboured till a very late period, and had formed their judgment on the maturest consideration • and lie trusted the !louse would suspend their judgments until th ey had an opportunity of examining the evidence. Ile never saw a Committee more deter mined to do their duty. The lion. Member said that Government acted in opposition to their declarations, but he denied that: wheu did Government declare that it was essential to their meat. sure to extend it to Scotland 2 The effect of this measure would be to restore things to the very situation in which they stood previous to 171$—.the flourishing period to which the lion. Gentleman had alluded. From 1777 to 1797 this country had a metallic air. culation and during the sante period, indeed from the be ginning of the 18th century, Scotland had a paper circula. t din, concurrently whit a metallic circulation in thin country. It had been calculated by Dr. Adam Smith, that there might be a gold currency of 600,0001. in that country hut that had since disappeared. A Committee, of which :11r. Horner wits member, had been appointed in 1815, to consider the sate of the currency. which Committee advised the resumption of cash payments. Another Committee was appointed in 1810 for a similar purpose; but neither of these Committees, in their reports, reenin. mended the extension of a metallic currency to Scotland, although that country had not escaped the attention of those Committees. With respect to the expressions used by Lord Liverpool. in his cottespondenee with the Bank, he (Mr. Peel) would draw from them an inference opposite to that drawn by the Honourable (len tierran. Lord Liverpool said, •• We have a further proof of the troth of what has been advanced in the experience of Scotland. which has escaped all the convulsions which have occurred in the money market of England for the last 35 years ; though Scotland, during the whole of the time, had a circulation of one pound notes. The issue of small note., though it be an aggravation, cannot there fore be the sole er even the main cause of the evil in England." There was nothing in these expressions indicating that it was an essential object to extend the metallic circulation to Scotland. As far back as the year 1818 hod I,iverpool had stated that there was something unfound in the cyst • af the country banks. an .1 51r. Vansittart (tbe then Chancellor of the Exchequer) proposed a dis tinct measure, for the purpose of applying a remedy to the evil. , When Lord Liverpool first projected that measure, the Right Ho nourable Gentleman turned round upon him, and said that not even Mr. Pitt, when in the zmith of his p , wer, would have propcsrd such a measure without first instituting an inquiry. If he wanted arguments to justify the course which had. in the present instance, been adopted by alinieters, he would have found them in the speech of the Right Hon. Gentleman upon the occasion to which he had alluded; and yet WOW, when Lord Liverpool proposed an inquiry of his own nerved, the Right Honourable Gentleman exclaimed that he ought to have at once produced a measure at the table of the House. Wheeze.) He (31 - r. Peel) would con tend, that in proposing a metallic circulation there was nothing in consistent with the practice of the country during the past century, not was there any thing in such a proposition inconsistent with the declarations made by his Majesty's Government at the commence ment of the Session. He would ask the House whether the teams. fnendations contained in the Report were not warranted by the eel- deuce? The Right lion. Gentleman said that that evidence should not have been published; but he (Mr. Peel) could not help the opinions of these geode:nen who had been examined : the Re. eon bad been fairly drawn up, and, in his opinion, in a committee ete.atituted as they were, greater inconvenience would have resulted Imo expunging any portion of the evidence then could arise from Presenting it complete upon the table of the House. It was the tiro time Chet the circulation of Scotland was submitted to a corn. thittee fairly constituted, and for his own part he went into that committee firmly persuaded or the necessity of assimilating the currency of both countries ; and as a matter of general reasoning' t!.t re could be no question of the solidity of thpt opinion. It had been represented to hint %kat the Committee was not fairly census rated; that Scotland was not therein sufficiently represented. Ile agreed to the reasonableness of the objection. and when the propel tom was made by the .Member for Malunbury (Mr. Forbes), the lepbcr fur Aberdeen was added to the Commiree. In that Commit- ire he so far changed Ilia opinion, that he felt, as stated in the Re port. that under existing circumstances it would not be prudent to recommend a change in the law as related to the currency of Scotland. 1 The Repot. however said , that the Committee deemed it right to state that their judgment was formed from the past cirenmatances of the circulation of that coir.try, and that it was possible that upon new titeumstanen arising they might be imlue.:d to alter that opinion. Tilst they were justified in coating to such • conclusion he was Pretowed to contend ; for than wait in Scotland an almost universal tiding favourable to the continuance of the wesent system. lie mold easily conceive that it might be advantageous to Scotland, 4 r4Paraleularly to the banken of that country, to keep up a paper eurtency ; but he was not influenced by the prevalence of any particular opinion w hi c h m i g h t re i gn I n t h at countr y. lie be -I:,•ved that the [louse of Commons was better able to form an col ;non than people out of doors, and therefore if he deemed the impression, howtver t eneral it might be, erroneous. he was pre- Pa' to (Woo it. (Herr, law, bear.) Ile regretted that the t" Ownmittee had not hart sufficient lime to extend their examinations ; but still eleven gentlemtn from Scotland, who had been examined, wets decidedly favourable to tine present system, which had been one hundred yin's in open; am anterior to the year 17'4. Scotland naturally asked, why disturb a system which we have never complained of, and which does not interfere with your own ?" In England the individuals concerned in country hanks were gene rally highly respectable, but it was necessary to remove the detects of the system. in order that the whole body might not be impli. cased in the delinquencies of a few persons. As a class they were, in instances, highly serviceable to t he eountr y, and as re ap:eat many as any other portion of the community; but it was in rain to disgui-e the fact that the system was ro,ofully imperket— the conduct (K . some individuals had rendered that fact but too glaring. By the returns of Scotch bankruptcies since the corn mencetnent of the year HIM, it appeared that in that country there had been but one instance of an application for a sequestration against a banker ; while in England it appeared that, during the same period, no less than 158 commissions against bankers had been issued. (Hear, hear.) The Right lion. Gentleman might say that that was the system to which the people of Scotland might well reply, " and this is our system." (Cheers.) " In our system, in the coarse of one hundred years. there are only two instances of bankruptcy, and therefore we ask that you will not disturb it, be cause your own system is bad." (Cheers.) Scotland tells the Par liament of the kingdom to look to 11113 experience of those years ' prior to 1797, when there was a paper currency in Scotland and a ' metallic currency In England, and yet neither deranged the other ; and• then calls upon it, to judge by farts, and not by , general principles which cannot easily be applied. It had been said, that although paper might do for fair weather, still, upon the occur renee of a panic, it would prove ruinous. To this Scotland re. Plied, that such an occurrence never took place, even in titres of distress, difficulty, and even of rebellion. (Cheers.) The chief system upon which Scotland relied was cash credit. The bankers established branch banks in various paths of the Highlands, with the hope that. although they might not pay at first, yet that, by the encouragement which they would give to the agriculture of the district, they would ultimately answer the purpose of those who established them, and at the sante time prove highly beneficial to the country. All those gentlemen who had been examined enter. tamed the strongest impression that, if notes under 51. were pm hibited, those branch banks could no longer be maintained. (Hear.) He had attempted to ascertain the amount of the circulation in Scotland, and he confessed that the returns made presented facts totally knew to him. In England, in the year 1319, the total amount of circulation, as nearly as it could be aaeertained, was forty millions, and of that twenty-four millions was country bank paper. To this was to he added the gold in circulation. The amount of notes in circulation below 5/. was calculated at four millions ; but he rather imagined that six or seven millions might be an estimate more nearly approschitig to the reality. If this was to he compared to the small note circulation of Scotland, the House might easily infer that the assimilation of the currency in both countries, upon the principle about to he enforced in England, might lead to conse quences not easy to foresee. In Scotland the amount of the circus lotion was 3,390,000/., of which amount no less than two millions were in notes, in value below 51. Thus. two-thirds of the whole currency was in small notes, and Ile much feared that the utmost d roger might attend any sudden alteration, and that nothing but imperious necessity could justify the enactment of a law, at once to do away with so large a portion of the circulation of that country. If it could be proved that the two systems were incompatible,then in deed a change would be indispensable; but be b lieved that at present, at least, such prdof could not be easily elicited. In conclu sion, he would observe, that he was not so enamoured of the Scotch system as to be resolved to listen to no proposition which might tend to its improvement ; but he was not prepared to pass a law to assi. mutate the currency of both countries under existing circumstances. Ile had now discharged his duty. (Cheers.) He was sorry that the Report did not meet the wishes of the Right lion. Gentleman ; but he could solemnly declare, that never had lie, whether as a Minister of the Crown, or as a chairman of the Committee of that Muse, presented a Report, in the formation of which he was so well satisfied with the part he had taken. The Right lion. Gen tleman then sat down amidst loud cheers. Mr. A BERCROM BY contended that it would be unjust to have one law for England and another for Scotland. The general principles contained in the Report were correct, but he objected to the recommendation with which it concluded, and which was not warrantei by those principles. In fact, the Report stated that the Committee did not think that the proposed alteration could affect credit in Scotland to the extent supposed by the persona who hail been examined. They were, in his opinion, compelled to Minnie the measure upon Scotland in mere justice to England, unless some stronger and firmer statement was made than that contained in the Report. The Right lion. Gentleman alluded to the number of bankruptcy commissions issued against bankers in both coon. tries : but he had, is doing so, admitted to state the inequality of the laws which led to the enormous disproportion. In England the Bank Charter Bill had been in operation., which prevented more titan six persona from becoming partners in a banking establish. ment. The Right Hon. Gentleman argued as if no distress had existed in Scotland, whereas an over:inane had prodereil distress more than once in that country. Indeed such banks as those in Scotland ought to be required to give security more than any other, because in proportion to the confidence which would be entertained of their stability, in such proportion would exist at all times a temptation to an over.issue. It was a fallacy to say that the only evil which a poor man could sustain would be the loss of his one. pound not , in the event of a bank failure. The fact was, that an over-issue produced a penalty equally severe, and of much longer endurance. It was idle to say that Scotland hail suffered no distress ; she was approaching England more closely mil , day in all that was bad as well as in all that was good. The Report also recommended that steps should be taken to prevent the Scotch bank notes from finding their way to England, and that a penalty should be imposed upon their circulation at this side of the Border. Now a law to that effect he would characterize as vicious, odious, and de. testable—iinimaing a penalty upon thosy notes cronsing an itnaginary line, which he had often crossed without even knowing it. It would be legislating against that in which there was no pill, and in which no feeling of morality was violated. That Report had left a breach in the system through which the enemy could inevitably enter; the law should be made, in Itis view, equally applicable to England and Scotland, And without that he could not anpport it. He thought the course adopted by Government truly prejudicial, and the two systems which they re sorted to incompatible the one with the other. He could not sup. port the won), which he was confident was calculated to produce serious injury. Mr. J. P. GRANT said he did not think it at all necessary that the systems of the Scotch and English currency should be assimi lated. Front every information which had been given oft the sub ject, it appeared that no injury could accrue from the plan pro posed. They had it from three Directors of the Bank of England that the paper circulation of Scotland could not interfere with that of England, and could not have any injurious in fl uence on the affairs of the B a nk o f t hi s country. The whole loss sustained in England In a century, from any Connexion which she had had with Scotland, did not exceed MAO/. Con/tittering the present situa. tion of Scotland, he thought a very strong ease ought to be made out to warrant any interference with her currency. 11'Itatever ad. vantages were enjoyed by the banks in Scotland by the banking system which prevailed in that country, were participated in by the entire nation. By the evidence which had been adduced before the Committee,it appeared that the banking system of Scotland had been advantageous, by stimulating the industry of the country, and giv. ir.g circulation to capital. If the monopoly of the Bank of Eng land was broken down, it might be advisable to assimilate the cur rency of both countries ; but without that, he could not approve of any alteration in the banking system of Scotland. Mr. WILLIAM GORDON said, he thought It quite fair that Scotland should retain that banking system under which she had prospered. No failures had taken place there tinder the severe pressure of distress which was so extensively disseminated. The system in this country was quite different ; it had a metallic cur. rency until the year 171 M, when cash payments were suspended ; but the system in Scotland bad been invariably the same. He was not unfavourable to the paper currency, and had been one of the small minority of seven who voted in favour of the Small Note Bill. Sir M. W. RIDLEY said he did not wish to interfere In the question, and he would state his reasons for that reluctance. As a country banker he had an interest in the measure, and did not think he ought to interfere in treasurcs which were proposed to protect the people from him as a country banker. He thought the country bankers had been very unfairly dealt with, and lie was most anxious that an inquiry should be instituted into the present state of those banks. Ile knew no reason why the country bankers should shrink from inquiry ; for his part he was anxious for it; and on the part of the country bankers he challenged Liquify. He considered that the only mean, of refitting the foul aspersions which had been thrown upon them from high quarters, and which had tended more to injure them than any thing else which had been done. Ile would not say that the Right Ho nourable Gentleman who had thrown out those imputations in tended them to produce those evil consequences, but such had been the Cast. It had been said that the system of the country banks was so gross that it should be altered ; but there was nothing In the circulation or in the exchanges of the Scotch banks, which could not be found in those of England ; the same syste,n of con. ducting business was spread through all the English banks. He did not think it fair that the English country bankers should be told they were unworthy to he trusted, while those of Scotland and Ireland were considered worthy of confidence. It was thought that capital would go over to Scotland. in consequence of the superior facilities which the banking system of that country afforded. Ile could assure the House he (lid not grudge Scotland any advantages she might derive from her banking system, but, he complained of any partial measures of Legislation. He should, in the course of the night, move that an inquiry should take place early in the next Session, into the effects of the system on both countries. He thought they should either assimilate the currency of Scotland to that of England, or return to the old system. In the year 1707 there were from 1k) to 70.0001. Scotch bink notes in circulation in England. It was said that the circulation of Scotch notes was to be put down by a penal law; but he thought no penal law Could prevent a man front receiving bank notes. In fact, by denying the English country bankers from exchanging Scotia, bank notes, they placed them in a very unpleasant and oolong Si tuation ; he was sure that any gentleman applying to him at New castle m exchange Scotch notes, to enable hint to pursue his jour. hey to London, being refused that fa' our, would consider him. self cell unkindly treated. If he had the honour of a seat in the next Parliament, he should certainly bring forward the Resolution which be had already adverted to. Mr. H. GURNEY said he was not a panegyrist of the Scotch system. Ile thought, though cash accounts had a %valency to cause over-inane*, the exchange with London corrected it. He thought an Inquiry should be instigated into the system of the cur. rency. They were at present purchasing gold nt so high a rate that ft cost England one-half more thin its nominal value. The (hatred and stagnation of commerce which occurred in the year lilIU, which was produced by excessive circulation sad over.speculation, front which they had not yet recovered. Ile thought that some means should be devised to mitigate the distress of the country, either by introducing silver into the standard coin of the country, or a pri• vdeeed paper currency similar to that of the Bank of England. Ali. ROBERTSON said, a currency on a metallic basis was the only security for the country. Mr. 'l'. ‘V I I.SON said he was averse to any restrictions being pl a ced on England while Scotland was exempted, convinced that such a line of conduct would be injurious. Mr. Alderman HEYCIATaI said ranch injustice might have been avoided by an earlier toqutry. If security had been required THE BRITISH PRESS. from the country bankers, it would have placed the banking sys tem here on as good a footing as that of Scotland. The report of the Committee he considered a sound and wise report, toe it held that a gold currency was not absolutely necessary. Mr. ELLICE could not call the report a wise one. It appeared to him to be diametrically opposite to the conclusion which on the evidence the Committee ought to have come to. He could not comprehend ally the currency of Scotland should be different from that of England. It would be just as reaomahle to have one cur rency for one country, and another for any different one ' • they might. on the Plante principle, have one Corn Bill fur England and another for Ireland. The Chancellor of the Exchequer had given him a pledge across the table, before a Committee was thought of, that the aystem would he extended to Scotland. The Rt. Hun. Gent. said on that occasion that it might be a work of time, but it was impos sible to conceive how the currency of Scotland could continue on a ditferent footing from that of England. There was one point which the Committee seemed to have overlooked, which was, that a check might be devised to restrain the over-issue of paper in Scotland: they might be allowed to issue a certain amount of paper, in proportion to the amount of cash in their bands. At Massachusetts, which possessed the moat perfect system in the world, one third of the issue was allowed to be paper, while the rest was silver, this being the issue of the State. In 1824 and 1825, when our issue of paper was immense, a great quantity of gold was thrown on the foreign markets. SouthAmenca and theCootinent then became our beat cus tomers for our manufactures, and hence ensued that great prospe. rity so much vaunted about. In 1825 and 1826 our paper credit I failed, and we were obliged to pursue such measures as drew into' the country from the rest of the world eight, nine, or ten millions of specie. As the foreign markets were thus rendered unable to consume our manufactures, they were now lying rotting in our I warehouses. Such vacillation in our currency would be the cause of frequent distress; if it continued, it would bring every interest In the country to utter ruin. When he voted for the measure lie said he was fully aware of what would be the result. Corn could not, under the change of currency, be much above the price of corn in France. He knew those measures would affect the law ; and he did got think, when the landholders found corn imported at 455., 9inisters would be able to persuade them that cash payments were the most advantageous, But Ministers seemed to be reform. ing one day and giving up their position the next. Before he sat down, he could not help asking the Chancellor of the Exchequer to make some amends for the hard words he had addressed to Malachi Malagrowtlicr. (A laugh.) Mr. CBI PPS said, the Bank of England had had great difficulty in its endeavours to establish branch banks, but he did not doubt that they would be established before Ithe commencement of the next session. Alr. J. L IKWELI, thought it Itnpossible for the country to snpport the national burdens with a metallic currency. If any motion were made for the reduction of taxes, he should support it. notwithstanding the violation of public faith and credit which they heard PO much about. The Report isms then laid on the table, and ordered to be printed. Sir M. W. RIDLEY then moved that the House thought it ad. visable, early in the next Session to take into consideration how tar it might be beneficial to assimilate the currency of England and Scotland, and to considet what means might be necessary to sup port the general interests of both. The motion was put by the SPEAKER, and nekatived without a division. Dlr. HUSK ISSON then rose, but he was for some minutes in. audible. The corrections which the Lords had made to a part of the Bill could not be considered r breach of the usage. as the amendment wasmerrly in furtherance of the object which this House intended to effect. The SPEAKER said that the Lonla had agreed in every mode by which the measure contemplated by the Bill were to be rendered effectual. The only exception ennsiated in a rectification of an omission regarding the introduction of the bonded corn into the market, and the result of that eorrection only tended to facilitate, not to counteract the purpose for which the Bill was framed. The amendment was then agreed to. The amendment made by the Lord. to the Church Rates (Ire land) Bill were also agreed to. HALF-PAY AND PENSIONS. ..... ... Mr. HUME was sorry that it was so late bcfdre he had an op portunity of bringing forward the motion of which he gave notice. fle would be inclined to postpone it; but the Session, eat approach. lug so nearly toe close that he did not expect to find a more fit occasion than the present. It was Important to have got some returns, waiting for which had caused the delay. The Hon. Mem ber then proceeded to detail the delusion of the bargain between Government and the national Bank, which was known by the name of the "dead weight." During the last four years there was no reduction effected, nor would there be fora hundred years any relief to the country f rom the taxation to which the grievances of that de partment subjected the nation. In the case a privates the increase had been 50 per cent., and there was an excess of 500,0001. at the present time over the year 1819. In fact, in all the accounts there was an ittcrease, though the Finance Committee of 1817 stated that a reduction of from 5 to 7 per cent. should be expected every year. But retrenchment did not seem to be contemplated; and a strong proof was furnished by the tact that there were two hundred officers now to he provided for more than in the year 1821. There was an older issued by the Commander in Chief, permitting the sale of comm i,RiOfl4 by officers under till years of age, the effect of which practically was to introduce younger officers instead of old ones, by which substitution the public was defrauded of the difference which the naturally quicker lapse of life In the aged would furnish. Another cause of great detriment to die public was in the appointment of officers to veteran battllions. from which they, almost immediately after being appointed, told out, thereby subjecting the public to the difference between their half-pay and the full pay so obtained. The system of new rates also caused considerable loss to the people. It was extraordinary that more Colonels should be made than the number of regiments required. The number of promotions since the war was unusually great. A, many officers were promoted during the present year as in the tour years preceding. Since the year 1817, as many had been promoted as there were officers in the army, so that It may be said the whole army was renewed. In these promotions the public Interest was not consulted, which was demonstrated by the paucity of promo. Gans in other branches of the service. In the marines very few promotions had taken place. In the navy, however, which was a source of patronage like the army, the number of promotions was very great. in the last year 294 promotions had taken place in the navy. In fact, no reduction had taken place ; we were going on promoting just as in the time of the war. hooking at the mode in which promotion had gone on, our expenses, instead of diminish ing, had increased : instead of being relieved we were exactly in the same stater as in 11121. The lion. Member concluded by mov ing, That an address be presented to his Majesty, praying that he would be pleased to employ in his army, when vacancies shall occur those who are now on hull-pay, as well to diminish the bur dens of the country as to reward those who had served during the last wur. Lord PALMERSTON said the total amount of the half-pay was diminished. In one year the charge of the army had actually diminished 100,0001. In the year 1822 the army cost 750,0001., and in the year 1320 the charge was only 715,0001., making ■ dimi. notion of 43,0001., instead of an increase as stated by the lion. Gentleman. The Hon. Member was also mistaken when he said that the number of officers had increased. In 11122 the number of officers was 8342, and in 1820 the number was only 7606. His Royal Highness (the Duke of Vora) was most anxious to promote the interests of the service, and had no object in Promoting any per sons for the saLe of patronage, as had been insinuated by the Honourable Gen , lenian. It was matter of great importance that persona connected with those families who had the greatest interest in the country should hold commissions in the army, but this principle had never been acted upon to the preju dice of old officers. A young officer was newer allowed to purchase over his stiperior, until the senior officer refused to pur chase. If the motion of the Hon. Gentleman were to pass, it would disgust every officer who was on full pay, and prevent in. ferior officers from trying to get on full pay : besides that, it would bring others into active service, who would be totally unfit for the appointment, either by age or other infirmities. There would, for instance, be ensigns of 40 or 50 years of age, with their wives and ten or twelve children, following a marching regiment. lie would leave it to the House to judge what sure of an army that would appear. Mr. HUME replied. The motion was then put and negatived without a division. Mr. W. HORTON brought up the Report of the Select Com mittee on emigration.—Ordered to be laid on the table. The other Orders of the Day were then disposed of, and the House adjourned at HALF-PAST ONE o'clock to Wednesday next. PRICES OF BRITISH Bank Stnck 3 per Cent. Red. 781 I a II per Cent. Cons. 791 afa Hato Aect. 714 It a 3a per Cent. 11} per Cent. Red. 84j di New 4 per Cent. 931 I I 4 per Cent. (INC 93i STOCKS YESTERDAY. Long Ann. IS 13-16 Indi• Stuck ZYS 34t Ditto Bond. 7 el pin Ex. Bills 10081. S 9 pm Ditto SOW. S ii pin Ditto Small b 10 pm Lottery Tickets 211. 1:1a. PRICES OP FOREIGN Brazilian Bonds 57 Colombian Bonds Ditto Bonds (1524) 4B 21 8 21 1 1 Ditto l Acct. 43 21 3 21 tie 21 1 1 1)41.1.11 pond. (Irgi) 654 k Ditto Acct. 1,31 Ai Greek Bond (1525) Ditto Acct. 151 Alexkon Bonds COURSE OF EXCH. Amsterdam C.F. 19 7 Ditto at fight Rotterdam 9 U. 12 Antwerp If amhurgh............21 U. 87 7 Alton& 2t U. 37 3 Part*, g days' sight 2l 6O Ditto 2 U. 25 PO Bordeaux Berlin Frankfort on Maine Ex. 11 . 133 i Peter*burgit, rbie 9 ra. b. Vienna, etreetive 0 2 11. 10 22 Trle.te ....do lO 22 ►(rdrld . ......... Cadis Bllbon Barcelona Sevilla Gibraltar ...... . STOCKS YESTERDAY. Ditto Bonds 1325) 68 23 8 2/ I)Itto Acct. 631 21 31 a 21 Preuvian Bonds 31 303 IHtto Acct. 31 Prussian Bonds 90 Ditto Bondi t 1822, P2* Russian Bonds (1322) ld a IS Ditto Acct. 783 q 9 a e Spanish Bungs 7.! Ditto Bonds t1n73)53 5 / iNGE YESTERDAY. Leghorn 47k Genoa 414 Venice . Naha Naples Pzierazo .... • . per 01 114 Llanin Oporto Rio Janeiro Nelda .. . .. A Hoenoa ;nes . .. . . . ... 2l days' sight Cork ....... - 1 e su we*. nni, es, a. d. Portugal Gold. In rake 9O 0 Foreign Gold, In bars. $ 17 New IMubloons New Dollars ..... 0 0 0 Lllver, In Ban. standard 0 0 0 tr t e Brittfilt Vreoo. DRURY-LANE THEATRE. This Evening, SATURDAY, May 27, will be performed the Musical Drama of GUY MANNERINO. Henry Bertram, Mr. Sinclair; Colonel Mannerine, Mr. Penley ; Do mink sampoun, Mr. Harley ; Dandle Dinmont, Mr. Tayleure. Lucy Bertram, Miss Stephens; Meg Menthes, Mrs. Bunn ; Julia Mannering, Miss Posey. After which, DER FREISCHuTZ. Adolph, Mr. T. Cooke ; Casper, Mr. Horn ; Bernhard, Mr. Bedford; Kilian, Mr. Fitzwilliarn ; Zamiel, Mr. O. Smith. Linda, Miss Gragdon ; Ruse, Mies Puvey. COVENT-GARDEN THEATRE. This Evening, SATURDAY, May 27, will be performed the Romantic and Fairy Open of OBERON ; or, THE ELF-RING'S OATH. The principal Characters by Meyer,. Braham, Cooper, Dunne,. C. Bland, J. !saucy, and Baker; Mi 4.111 Paton, H. Cawset Madame Veil trio, Mrs. Vining, and Mrs. Davenport. After which the Farce of A ROLAND FOR AN OLIVER. Sir Mark Chase. Mr. Fawcett; Alfred Highdyer, Mr. Joni s Fixture, Mr. Rayner. Marta Darlington, Madsvne Vestrls. i e ' '-',-.: 1 ? . 1 It s l / 4 111 " V i 4 . r. :.:;45:::::::: ,..g,-;,..7.•,...„:..,,,,,,.7,--,1/4..ci„:7-_.,,,.._-,..--,..,,...„:..,,,,,...., . ... 4, ENGLISH OPERA-HOUSE. The Public are most requeeted to take notice, that the LAST THREE NIGHTS of MK. MATHE*S' INVITATIONS are positively axed for this Evening, SATUIWAY, May 27 ; MONDAY, May 29; and THURSDAY, June 1. An early application at the Hoz.odice will he requisite tnr the parties who Intend to honour Mr. 11 athews with a visit. •aa All Lotteries end be ever with this Drawing. SI: Prizes 10.00 0 1. all in One Day. The Pries of 'fieketa and Shares will rise after this Day. The BRITISH PRESS commenced pubh,hing yesterday morn ing at five o'clock. LONDON, SATURDAY, MAY 27, ISM lVe gave yesterday exclusively the official accounts of the operations before Bhurtpore, up to the 30th Decem ber, together with the only accounts which have yet ap peared of the circumstances immediately preceding the con clusion of the treaty with the King of Ara,. Since the arrival of this important intelligence by sea, an overland de spatch has been received at the India House, transmitted from Bombay by way of Persia, by Mr. WILLOCK, the English Resident. From these we learn that Sir CHARLES METCALF had informed the Governor of Bombay of the assault and. capture of the town of Bhurtpore. on the morn ing of the 18th January, and of the unconditional surrender of the citadel on the evening of the same day. The usurper and his son were made prisoners. The British loss amounted to 500 men and 18 officers killed and wounded. The King of AVA has ratified the peace. Duplicates of these de spatches were sent by the Lonach, Captain Datscou, from Bombay. The French Papers contain nothing of importance, ex cept the accounts from Turkey. The discussions on the Budget, on the 23d inst., gave rise to a variety of accusa tions against the French ministry, but the topics have already been repeatedly before the public. We subjoin a few extracts : I From the Courricr Francais of Wednesday, May 24.1 PARIS, MAY 23. A letter which we received from Marseilles of 16th May, says:— " Yesterday the Truite, from Alexandria, which it left the 13th of April, commanded by Lieut. llohillard, arrived in this port with 55 passengers, 51 of whom are Turks, Egyptians, or Arabs. These passengers have been landed at the Lazaretto. The Etoile, dated Thursday 25th of May (besides the accounts from Constantinople dated 6th May, and received by express), has letters from Constantinople, of 25th and 29th April. stating the pacific intentions of the Porte. anti mentioning the arrival of Count Wimpfen with despatches from Vienna, on the Nth April, in con sequence of which the Austrian Internuncio, Baron Ottenfels, had had a long conference with Saida Effendi. Accounts from Odessa of tith May, say that the news of the taking of Missolonihi had been brought to Constantinople on the Ist of May br Id Tartars. FRENCH FUNUS.—PARIS, MAY 24.—Five per Cents. SOlf. 92c.; Three per Cents. 65f. 40c. ; Bank Stock, 20251.; Rentes de Naples, 741.25 c.; Hayden Loan, 720 f. Exchange on London— One Month, 25f. 50c.; Three Months, 201. &le.—Coors Au th:Jetigue. The success of the Russian ultimatum is now almos t certain; and the event has most completely justified our anticipations. The Porte, on receiving the concurring re presentations of all the European Powers, and being made sensible that force, if necessary, would be employed, found itself under the necessity of unwillingly complying with the terms ; and the entirely Russian part of the question being thus disposed of (to use the phraseology of the French Minister, it, speaking of the war in Spain) no thing now remains but to settle the entirely European and the entirely English part. We allude to the state of Greece, and the equally important question of French in fluence and commercial tyranny in Egypt. It will be re collected that the ultimatum was said to have contained a proviso, that a Congress should be assembled to arrange the affairs of Greece, and such a meeting will no doubt take place. Some of our contemporaries, in their anxiety to find something new, had prophesied a war between Russia and Austria; and others not aware themselves of any means of surmounting the difficulties which pre sented themselves to their minds, had concluded that these difficulties were insurmountable, and spoke of a war between Russia and Turkey as inevitable. The result of the nego tiations adds one honour more to the fame of our Foreign Minister. But that fame would be incomplete, if it could for a moment be supposed that ulterior measures, favour able alike to the feelings and the interests of Englishmen, had not been stipulated as the price of otir co-operation with Russia. The remonstrances of England in favour of the Greeks have been disregarded by the Porte and by laasnist ; and national honour forbids our [permitting the English Ambassador at Constantinople to remonstrate e sel memorialise month after month, without any per ceptible result. If the Porte will net listen to the friendly representations of her old and still faithful ally, that ally must assume a tone, however reluctantly, which will give the Porte to understand that there is a possibi lity of her becoming an enemy. We do not say that a war in this Case will take place any more than in the other; but we do say, that our readiness to undertake such a war ought to be duly impressed upon the Turks and the Egyp tians. The question of French influence in Egypt is one to which the East India Company is bound to pay the most scrupulous attention. It is not very long since the French journalists were urging their Government to secure that country in their interest, by telling them that it was a country to which France had many claims, and for whieb she had made many sacrifices. They seemed even to flatter themselves that some degree of actual sup( riority might be obtained over it; and it is much to be regretted that the French have already acquired a very great in fluence in Egypt, both by the number of Frenchmen in the country, anal the facilities permitted by the Govern ment, on account of its vicinity, to fit out vessels for the service of the Paella in the southern ports of France. In stating this, we do not mean to imply that the French Go vernment had formed any dangerous projects ; but by showing whit it might do, we would endeavour to trace the line of argument which must have weighed with the English Minister in taking his measures about Egypt, in concert with our allies ; and we would thus endeavour to prove, at the same time, that it is necessary to make such demonstrations of oar power, to injure the Paella of Ec Y er, as may be required to make him fully sensible of its reality and its magnitude. These demonstrations are absolutely in ' dispenaible at the present moment, to secure the commercial interests of our East India Company, which would be most seriously compromised if our influence in Egypt did not outweigh that of France, or if it were to continue so small as the conduct of the niche, with regard to Greece, shows it to have been on recent occasions. The possibility of some atteinpt being made by the French Ministry to erect Egypt into an independent state, and to wenn gOlll-• mercial advantages in consequence to their count*. suggested in the French Chamber of Deputies on TJe•- day. To prevent this, England has no other course bit to endeavour to secure her influence more firmly, by reek ing Turkey and Egypt tensible of their true interests lis the present conjuncture. It will be seen by this, that we consider the question of Egypt as entirely East Indian. Lor,l Jour; Russet r. moved two •Ikeolutions last night in the House of Commons, the (Neel of which was for the further prevention of bribery and corruption tot elections. His Lordship carried his motion by the SPEAKER'S casting vote, there being an equal number of Members in favour of and opposed to it, the nitrnbers be ing 62 and 62. Mr. TIERNEY afterwards, on the bringing up of the Report of the Committee on the Scotch and Irish Currency, complained of the timidity and vacillition of Ministers, in not extending the application of their.prin ciplcs, respecting the currency, to Scotland. He prefficted, also the necessity of returning to the old system. Mr. ttertriry's chief ground of argument was, that before the present theories were put in operation—that is, prea vious to the yea r 1196-the country flourished ; an d Mr, PEEL, in his very able reply to the P'ght Hon. Gentle man, observed, that the object of Ministers was to bring the country hack to the stale it was in previous to 1796, the period at which it flourished, according to Mr.Ties rrty s own showing. CITY, F■tnA! EtztriSo. The news relative to the pacific views of Burma being now con sidered as confirmed, a great effect has, in consequence of it, been produced on the Funds. The speculators for a Aware fast gaining confidence, and at present there is every appearance of an improve. meat. Consols closed this afternoon at 791 t. Some eminent brokers were large purchasers, and es cry operation Indicated firm. netts in the price of Consols. The news from India, that wested exclusively in the British Press this morning, had no sweet od India Stock; it coritinueil at 15 O. Thent was Bet little Tana. lion in the other English Set-whim In the Foreign Market, Russian Stock advanced !rt Itte, In coo.) nertence of the intelligence wt have above alluded to. Colombian Bonds were also higher. 43. as were slexican Six per cants.. 63. (ine!! Bonds were 154. The Bonds of Peru have declined to 31 3)4. • tiVi• 1. 01. ^ 4-- - - VV` • - 4 _ PARTIES. The Duke of Grafton had a dinner party yesterday, at his house st Chtrges-st feet. The Earl and Coonteis of PemSroke entertained a distinguished party all dinner yestertlap,at their house in rrivy.gardens. The Countew of Arran's card, party, on Thursday evening, was elegant:y attended. Lard Bexley had a large party at dinner yesterday, at his house In Great George-44res t„ Westoun,ter. The I... Lowing distluguiThed personages had dinner parties yesvrday The Earl of Aberdeen, Lord Gifford, Lord Methourn, the Rey. J. Peel,Sll C. 3lonck, R. H. Cocks, Esq., Lord dherborne, and Mrs. Hlachliffe. MOVEMENTS. Earl Spencer arrived yesterday at his house In St. Jsmees.placa, from his seal, Althorpe, Northamptonshire. The Earl of Brechnock leFt town yesterday, for Baits,. The Bkhop of Chichester !eft CUXIIII*4 Hotel, Blount-street, yesterday. fur !he Palace, Chichester. . _ Captain Crippa arrived in town yesterday, from his seat in Gloucester - shire. T. T. Barney, Esq. left Ibbeteon's Hotel yesterday, fur his seat, om.. Norwich. C. H. Tracey, Esq. arrived yesterday at Die house In Dover street, from his sest in %t urceatershire. Lord and Lady Hoilnnd and family iri etperled in toren in a few days, from Paris. Lord and Lady Ring left town yesterday, for their seat, Gelatin). Surrey. Captain G. Schreiber. A.Y. arrived yetterds• nt renton't New Hoer', St. Jantesit-atreet, from hit teat In SANIk. Cotulle' Auritin has left ditto. for hit seat tp Hint. T. T. Drake, Lot. IS.P. left the London Hotel, Albemarle-street, yes fr in Oafordthlre. Wiley, for his . vest In Oxfordshire. Artirni- , at lilivart's Hotel, Lower Brook-street.—Field Marshal the Earl of liore.furd. from Herta , lie. and Mrs. Mrtyware, inset Laneashire , -- Birch, Esq. from Lancashire; Mi. and Mrs. Nightingale and family. from Hants. ARGYLL ROOMY. Last evening, Carl Maria Von Weber toOk hit benefit at these Rooms, upon which occasion a new MS. Cantata was prosinced, entitled " The Festival of Peace," the poetry written expressly for this Occasion by Hamp.len Napier: thc music of course by the Baron. I is impossible to withhold the highest praise to this production, corn. bin,ng, as it doss, the wild, the pathstici end the sublime. The ado and harmonized parts were most ably executed by Ala:. Carattort, Milk 11. Cattle, Mr. Realism, and Mr. Phillips, and the Orientates were very powerfully sustained. The first act closed with a beau. tiful fantasia on the violin by Mr. Kiesewetter. The second act commenced with the Overture to Oberon, which was very ably done. Miss Paton sang a Seems ed Aria from Weber's •• Atalia," in very fine style, and was deservedly applaud. eel. The company had then a rich treat In an extemporaneous peeorinance on the pianoforte by Mr. Moschelles. This was toilowed by a manuscript Air t for the brat time, by Miss Stephens, ?rid composed expressly Far her by Weber, the poetry tram Lalla " From Chindora's warbling fount I come," which was admirable for its simplicity. 3lr. Furatensu played a very beautiful and indeed novel Air and Varistions upon the flute, which excited considerable applause. 31r. Brabant gave the Scena from Dee Freischtat„ (), I can bear my fate no longer:" and the performance closed with the admirable overture to Euryolitla. The first act was led inimitably by Mr. F. Cramer. and the second by Mr. Mori. The band, which combined the principal talent of the country, was assisted by the services of some of the principal students of the Royal Academy of Music. Ace regret to state that there was a very thin attendance of the Baron's friends on this occasion, the room not being much mere than half tilled ; and our regret is increased by seeing the very bad state of health nnder which this eminent composer at present la. boars. At the conclusion of the performance lie threw himself on a Mfg, in the last stage of exhaustion. We much fear that this talented man is in a very precarious state. At the same time we shall feel the greatest pleasure in finding our fears unfounded, as well as in announcing his recovery. Thursday evening the Duchess of Kent honoured Covent Garden Theatre with her presence. Yesterday Mr. Secretary Canning had an audience of his Majesty. Mr. Secretary Canning had a select party at dinner, on Thrusday, at his residence in Downing-street. Yesterday the Portuguese Ambassador transacted business at the Foreign Office. On Thursday Mr. Tylecote, the King's Messenger, sr• rived at the Foreign O ffi ce with despatches from Lord Vis count Granville, the British Ambassador at Paris, supposed to contain the particulars relative to the negociations be tween Russia and the Sublime Porte. We have received the Convention of Commerce and Navigation between his Majesty and the King of Sweden, hut our limits prevent U 3 giving insertion to it this morning►. The thaversal o r Augsburg, of May 19, which has reached us, contains a long article on the discussions which have taken place between Belgium and the other Powers, respecting the navigation of the Rhine. In maintaining the right to levy tolls, or otherwise obstruct the transit of vessels from the Rhine to the sea, Belgium stands alone—all the other Powers contending that, by the Treaty of Paris, the freedom of that river was definitively smiled. The Austrian Minister, Von Mier., presented, on the 14th February last, a note, of ahich the Universal Gazette gives an abstract. The most important, and what seems the irresistible argument in the note is, that by the very act by which the sove reignty of Holland, with a large accession of territory, was given to the House of Orange, it was declared that the navigation of the Rhine, front the point where it is navigable to the sea Vrosgu'a hi vier), anti vice l'erM, shall be free, so that none can be hindered from making use of it. We have received, this morning, files of the Bogota Conslit 'atonal, and of the Gacela de Colombia, the former • to the 16th March, and the latter to the 19th. On the 14th of that month all the 31embere of the - Senate and the Chamber of Representatives met in the Church of Santa Domingo, when they closed the SCN. tiny of the re:urns for the election of President and Vice• President r.f the Republic. The Liberator, Simon %Hear, having obtained 583 of the 60,1 votes of persona composing the Electoral Assemblies, he was unanimously declared President. The epsilon of Vice-Pres indent then took place. The candidates were, Generale F. P. San. tander and P. ftrieeno Mendez, and Sen. Jose Maria Castillo. The first scrutiny having terminated, it appeared that the number of votes in favour of General Santander amounted to 70, and he was consequently declared, unanimously, Vice-President of the Republic. San Castillo had 22 votes, and General Brieeno Men der, 6. On the evening of the 6th March, dui Honourable Chair bet of Representatives resolved, by a majority of 41 votes age 16, to impeach General J. A. Pees before the Senate. Th , E Dl. Cenabal was, nearly unanimously, chosen by the ' conduct the impeachment. "We understand," says the t chino& " that it has been brough t forward in consequence acts of an arbitrary nature wic the General is alleged to h nutted in the city of Camas. in carrying into effect the the enlistment of the Militia." On the following dry the of Repreeentatatives rejected, by 4i votes 'warm I:t. the at brought by Meting. Baily and Goldsmith against the agents, loan of 11322. 70, end he lent of the iceno Alen- tlge Chain- :nee against The lion. to House to . 4? e Constiti- te of some hate som. Ft decree tor e Chamber seellgatioit mullet tam . 4 is • M 4014 nam e ,. ould p r ltdeted. to be rnittee otland I not nerd and ) the n, be nd.— ;land grrat that tnd; con- rom arnh that teat. rid. but ght