The British Press; or, Morning Literary Advertiser. — London, England, 1810-08-14 00:00:00

guineas, of which the full weight when flesh from the Mint is 5 dots. a.kph s 9-yllis grains, shall not bee legal tender if woos below 5 dwts. 8 grs.; the depreciation thus allowed being at the utmost 1. 11. per cent. A still more tasteful cause of &pre: , *ion is the difficulty uuder which the holder. of coin have been placed when they wished to con vert it Imo bullion: the law of thiecountry forbids any other gold ruin then that which has become light to be put into the inching pot ; wish, witii a very questionable policy, toe expo' tation of our gold cum, and of soy gold, tiniest' an oa , h is taken that it has not be, u produced from the coin of this realm. It appears by the cei.lelice, that the dill-refire lielween the value of Gold Bulliou which may tie seism off for exporiaiiiso, and that of the Gold produced or supposed to be produced from our own coin, which by law is convertible only to domestic purposes, amounts st present to between 3s. and 4-. pia ounce. The two circuinstainces which have now been mentioned have uoquestionaltiy constituted, in the ), idginent of your Committee, the whole caisse of ;;at depression of the value of the gold coin of this *Autry in exchange for commodilies, below the value of bullion us exchauge for commodities, which has occasionally arisen sir could arise at those limes when the Bonk paid is saccie. and gold was eonsepieutly obtailiable in the quantity that was desired; and the li.uit fixed, by those two circum stances enujnicied, to this excess of the market price of gold above the Mint price, was therefore a limit of about 51 per cent. 'file chief part of this de pression is to he itscribetl to that ancient but doubt ful policy of this country, which, by attempting to confiiie the coin within the kingdom, has served, in the mine manner as pe.r.nancnt restrictions on the export of other auicles, to place it under a dis udvautage, and to give to it a less value in the ,market than the ramie article would have if subject to no such prohibition. The truth of these observations on the Causes sod limit. of the ordniary difference between the market and Mint price of gold, may be illustrated by a reference to the explained in the evi dence, of securing a bevel atandaid of value for the greet commercial lemmeuts of Humburgh. The payrneats to the ordinary transactions of life ate made in a currency moonset' or the coins of the several oueroutoltsig Sotteg ; but silver is tie stand ard there resorted to in the great commercial pay ments, se Rol.l is in England. No difference area. logous to that which occurs in this country. be tween the Mint sad mmtket pike of gold, Cali eta wise. at Hamhurgh with legard to silver, because provision is ismde that none of the three causes •bove specified (Om exp-nse of (wont', the de preciation by wear, Of the ebstruction to expedite non) shall have any operation. The large pay ments of Hassiburgh are effected in Bank money, which consists of actual silver of a given fineness, lodged iu the Hstn't.nigh Bank by the Inert-hail!, of the place, who thcieopon have a propoitionate credit in the Bank book.. *kelt they ItAllsf.., se curding to their necasinus. The Ulna beiog es sayed and weighed with secretly any less of time, the first-inent iiiiii d miner of fluctuation in die rela tive value of the currrot medium compared with bullion, is avoided. Certain roasetai of it heiog thee certified (without any stamp being affixed tin the metal) to be of a given quantity and tioeuess. the value is sturisferred from isolivide.il to indivi dual by the medium merely of the Gault book*, and thus the statist i c of the coin being prevented, one cause of depreciation is removed. A free right is also g,v,ei to wirntirst*, melt. aid export it; and the. in. ether marl principal isomer of the occa simial Taft of tisv value of the current medium of payment, below Viet of the bullion winch it is in tended to represent, Is also s4fretualJ,p precluded. In this manner at Hamburg's, silver is not only tin assure of alt exchangeable valor. but it is rendered an luvarialtle measure, except in so far as the relative value of silver itself vance with the varyisig supply of that precious metal from the mines. In the same mauler the usage. and at last the law, which nsade Gold Coin the usual, and at last the only legal tend. r in large payments here, rendered that metal our measure of value : and from the period of the reformation of the Gold Coin down to the raspension of the Bank payments to specie in 1797, Gold Coin was not a very variable measure of salon; bring subject only to that varia tion in the relative value of Gold Bullion which dopeods upon its supply' from the mines, together with that hunted variattoit, which, as above describ ed. might take place between the market mud the Mint Gold Coin. The highest amount of the depression of the Coio *MO coo take plane when the Bank pays in Gold, has jest been stated to be altout Si pet cent.; and accordingly it will be Mond, that in all the periods precedink 17 9 7, the difference between what is call ed the Mon price awl 'Basket price id' Gold never exceeded that limit. Since the suspension of Cs.h pavmetts in 1797, however, it is certain. that even if Gold is stilt our measure of trios and standard of prices, it hits been expesvd to a tame cause of variation, from the pos sible excess of that pia..ere which is mot consertible iuto Gold at will ; mail the limit of this new yin-M -inos is as Miletinite as the excess to which that paper may be issued. it may indeed be doubted, whether, sluice the new system of flank of lEnglaird payments has been fully established, Gold has iii truth con tiaued to be our measure of value; and whether we bare any oilier standard ,of prices than that circu lating median', issued primarily by the Bas k of Eligisod and in • secondary teautierby the Coua!ry Ilaiiks, the variations of • With in relative valise stint• be as indefinite as the pouible excess of that cir culating medium. But whether our present mea sure' of value and standard of prices, be this paper currency tau% variable in its relative value, or youth nun still to be Gold, but Gold rendered snore sari- Able thou it was before in consequence of being in tercluingable fora paper currency which is not et will convertible into Gold, it is in either came Illoi•I desirable fur the public that our circulating medium should again be conformed. as speedily its •tstiaues will waanit,eto its real and legal stetts.lard, Gold Bullion. Ii the (;Old Coin of the eousitry were at any time to become v- re much worn and lesseuet in vas igiit, or if it stioubi suffer a debasement of its standard. it 1. eVi.lci.l 1100 there would be a proporionelle Pose of the market price of Gold Bullion above its Mint price; for the \taut price is the nom its coin, which Is equivalent in intrinsic cal to to it given quantity (au 00,11 . e. for eventide) of the metal its ; and if the: intrinsic value of that sum of cool tie lessened, it is egnit elem. to atrial quantity of Bullion than be ore. sicoe rise Of the .earket puce of goldubove its Mod price will take place, if the local currency of tins particular coun try, being nu longer convertible into gold, should ut any time be issued to excess. That excess can not he exported to other countries, and, not being convertible into specie, it is act iiecc,miaily returned 'ipso those who issued it ; it reassiirs in the (Ani ntl of circulation, and is grainiest's , sileenhed by increasiug the prices of all cuairnoiiities. crease in the quantity of the local iiirscney of u particular country, will raise prices to that country exactly io the sante manner as en increase an the general supply of precious metals raises prices all Aver the world. By means of the increase of quantity, the value of a given portion of that cir culatingusedium, in exchange for other commo dittes, is' lowered ; in other words, the money prices of all other commodities are raised, and that of Million with the rest. Its this manner, en excess of the local currency of a ' , articular country will occasion a rise of the in irket price of gold above its Mint price. It is 110 lets evident, that, in the event of the prices of 40.mm:tidies being raised in one country by an augmentation of its circulating medittin, while no similar onginentation in the circulating medium of a neightion.ieg country has led to a similar rise of prices, the wirrencies of those two countries will no longer continue to bear the same relative value to each other as before. The intrinsic value of a given portion of the one cur rency being lessened, while that of the other re mains wialtered, the exchange will be computed . between those two countries, to the datudvantege of the former. la this manner, • general rise of all prices, • rise in the market !nice of gold, amid a fall of the foreign exchanges, wi I be the effect clan excessive quan tity of circulating medium in a country which has adopted a curreecy, not exportable to other coun tries, or not coavertible at will iuto a coin which is is exportable. Your Committee are thus lea t the next head of their inquiry—the present state of the Exchanges between this country and the. Continent. And here, as under the tor.ner toad, your Committee will first state the opioiotts which they have received from practical men, respecting the causes of the present state of the exchange. Mr. Greffolo., a general merchant, trading chiefly to the Continent, aecrilwil the fall of ex change between London anti illambiirgh, near 1$ per cent. below par, in the year " altogether to the commercial situation of this country with the Continent; to the circumstance of the imports, and payments of subsidies, iSce. having very usu.-is ex-, ceeded the exports." 11, stilted. however, that he formed his judgment of the baance of trade in le great measlier from the 'tide of the exchange itself, though it was corroborated he whet fell under his observation, Ile insisted particularly eta the' large imports from the Baltic, and the wines and brandies brought from Frailty, in return fur which no mer chandise had liren exported Irma this country.— He observed, on the other baud. that the export of colonial product' to the Continent lied iocreased its the last year compered with former years ; and nest during the I .et year there was to excess, to a cuts sideeaide a mount, of Ilse exports of colonial pro duce and British inanufactinCs to 11,,Iland &drove the impor s from thence. but tint wooly equal, lie thought, to the excess of irn:ioris lions other parts of the world. julteserg from the state of the ex r change, as well as from what fell generally under his observation. He afterwards explaieed, that it `was not strictly the balance of trade. 'but the !stance of pigments, being unievrittralile to this country, which he assigned as the principal cause of the sate of exclionge; observing also, that the balance of payineist. foe the year may be againsims, while the genet d exports exceed the imports. He gave it as his opinion, that the cause of the present state of exchange was entirely commercial, ,with the addition of the foreign rail...obtuse of Gown meat ; and that an excess of imports above exports would account for the rates of exchange continuing so high as lti per cent. against this country, tin' a permaneut period of time. it wit, lie lonisd to the evidence. that several oil'. r witnesses agree in substance with Mr. Cref folio., in this 111 l of the unfavourable state of the exchange; particularly Mr. Chambers and Mr. Cotaingliam. Sir Francis Baring stated to the Conimittee. that he ~shirred the two great circumstances which affect the exchange its its present uisfavour able state, to be the restrictions upon trade with the Contimot, lied the increased circulation of this country in paper es productive of the scarcity of hulliun. Au.! Le meta:,.: a, as examples of a contrary state of things, the Seven Years' war, and the American war, its oloich there were the 5 . 1111 e re mittances to make to the Continent for naval end military expenditure, yet no worst of bullion was ever felt. The Committee likewise exatit'ned a very emi. Dent CattlintOtal Wei chant, • loai, evidence will be found to contain a v.,riel v of raltraide informat - . That Gentleman stale,.. thst the Ex...hang.- taltilOt fall in any cotmtry in Enrep- t!n• resent time. if computed in coin tit a definitive val me, or in something ceilvertihte into. such coin, lower than the extent of the chat ge of triusporting it, together stilt au adeluate profit in proinntion to the rook at tending Stich transmission. He conceives. that such fall of our Excli4tige as has exceeded that ex tent in Ow lief onnith., must certainly he referred to the circiini,ustice of our roper currency not tiling v °avertible into /lit le ; and .hat if that paper had been so convertible, and guineas had been in genital vie / id:l6on, unfaeouneble ba lance of trade could hardly have caused in great • fall in the P1C113 . ...:.e as to lit* extent of five Of six per cent. Ha ex:Joins hi omition onion the sub ject more specifically in the following answers, which are extracted front different parts of his evi dent.... es To %oh*t rinses do you a.ciihe the prevent on fsvaurable row., of goohoo g o -: live first great depreciation to-lt place when far French got pos. seuron of the Noah of Germany, and passed severe penal de"re.s against * Couuniiiii,:ation with this conntey; wt ilo...totor time roar a scquestrattoott laid upon till EngieS iino4s and property, whild • the payine..ts for E . gitsit account were s1;11 to be J. mud_', and the rennburseniento to he taken - sip' this counter ; malty 'more hills were in cons : ques t tole sold than could be taken by p-rsons regalia . ** to make pay:news in Hoglund. Tue craininott.ca t.oo by letiers being also very itifficuit and uncer tain, middle men were not to be found. as in usual lilies, to purchase and 'cod such bids to E•.gland for returns; whilst no stut at lave could be insti tuted In the Co•itts of Justice there any stetson who chose to res et payment of a returned 1).11, or to dispute the charges of re-es c..atige. Vt . itilst those csnses Jepressed the exchut ge, pay tnento due to Eoglatid only came round at st.t periods: the excflato4e or.ce lowered by . unistancrs, and bullion bring withbeld to make up those occasiotial differences, the opr ni• tiens between this country and the Coatineut hare continued at iilow rate, as it is only matter of opi nion what rate a pound sterling is Ihere to he va lued at, not bring able to obtain what it is meant • to npresent." " The exchange against Englar.d fluotuating oin 15 to •20 per ceitt. how much of that loss rosy lie ate:tilted to the ellect of the measures taken by the enemy in the North of Germany, and the in terruption of intercourse which has been the resale, and how hind paper not heiug convertible tutu (lull, to which you have Aserilwd a part iir 0,41 dew. cia tion ?—I ascribe l e whole of the . I .l....ciatiost to have taken place originally in con,equeoce of the tumours of the enemy and its not having reco vered, to the circumstance of the paper of England not being exchutigeoitle for cash." " Since the conduct of the enemy which you have described, what ether causes hive continued to operate on the Continent to lower the cows, of exchange ?—Very considerable ahipnatatts from the Baltic, which were drawn for, and the bill. hego tiated immediately on the shipments taking place, without conoul.itig the interest of the propriet.os in this country much, by deferring such a negotia tion till it demand shoilld take place fur such bll:s : the coutiuued delfinulty and unc. dainty in carry ing On the correspondence between this country and the Continent : the curtailed number of hosiers to be found on the Continent willing to undertake such operations, either by acceptiug bills for Eng lish account drawn float the vicious pad, where shipments take place, or by accepting bills drawn from this country, either ogaiust property shipped, or on a speculative isles that the exchange either ought sir is likely to rise : the length of time that is required before goods can be converted into cash, from the circuitous routes they are obliged to take : the very large sums of money paid to foreign ship owners, which is some instances, such us on the ert.cle of hemp, his amounted to 'nook its rime cost in Russia: the want of middle men, woo, at forinerl), used to employ gr. at capitals m exchange operations. who, from the Ulf reared difficulties aril dangers to which such operations are now subject. are at prewat mark to be met with. to rilakt cow buried exchange op. 'Aims, with tend to anbais pate prat able ultimate results." _ . . The preceding answers, and the rest of this ge:itlemin's evidence. all involve this print 7 iPl,, expressed more or less doitinctly—thst fs the mot retolator of the ip.lue or u cur rency, aud of the rate of foreign exchanges ; ist.d abet the free colivertilai!itv of paper . corevi:cv into the precious meoils, end the tree exportation of those metals, place a limit to the fall of exchange, and not only check the exchahges .frouv faking below that limit. but recover them by restoring the balance. . Your Committee rived not particularly point out in what respects these opinions, recei% e , l from Per sons of practice( detail, are vague and unsatisfac tory, and in almt respects they are contradictory ' of one stooh.er; considers:le issaistunce. however, may be (I,4Perl from the information Which tl.e evidence of there person affords, in explaining the true (MO'S of the present rude or the ex, hinges. Yon , Committee conceive that there is so point of trade, considered politically, which is better set tled than the subject of toleign exchanges. The p r of exchange between two Countries is that sum of the currency of either of the two, which, in point of intrinsic visitor, i. precisely equal •er a given sum of the currency of the other; that is, contains pre• cisely ao equal weight of gold or silver of the seine fineness. If Y 5 livres of France contained precisely an equal quantity of pure silver with twenty shil lings sterling, '23 would be said to be the pie of exchange between London mid Paris. If one (Inan ity uses gold for its principall measure of value, and another u,. s silver, the par between those couutrie. cannot be estimated for any particular period, 'without takinx jute. account the relative %aloe of gold and silver at that particular perod ; at d as the relative valne'uf the two preCious metals is sub ject to fluctuation, the par of rschan.:e between two such countries is not strictly • fixed point, but fluctwates within certain limits. An illustration of this will be found in the evidence, in the calculation of the par between Loudon and Hamburg!), which is estimerod to be 341. 31 Flemish for a 'pound alerting. That ride of exchange. which is proctor-el at any piirticolar .period by • bal met of trade or payroenli between the two countries, and by • consequeut disproportion between the supply and the demand of hills thaws by the one upon the other. is a departme on one side or the oilier from VIP reel ■tot fixed par. Botthis real per will b altered if oily change takes place in the currency of vil.e of the two commie*, whether that change consists in the wear or deloweinent of a metallic currency below its siandatil, or in the discredit of a forcrel paper cur rency, ..r in the excess of • paper currency not convertible Into specie ; a fall having taken place in the intrinsic value of a given portion of one currency, that portion will so longer be eonsl to the Some portion, as before, of the other currency. But though the real par of tit.. currencies is thus altered, the dialers, having little ur a•. uccas•ou to refer to the par, continue to reckon their cours. of exchauges froze► the former denomination of the par ; and in this state of things ■ di- ion is or ee,yary to h e mode I.rt•.rew the real end cennpuled course of each lige. Tile computed canny ut ex change, as . xprei.sed it, the tables used by the trier chains, will then include, not only the real differ ence of exchatige aristug lion the state of trade, but likewise the flarrence bet ire? i the ori A iiird par and the new par. 'Place too snit• filly happen to be added together in the cal. ula'ioa , ur they may ;.; , .2—" , "ruPsimin. ha -pen tto mtt. Otis; not other. If the 4 w i te s e ..c t s, rein} lia N . keen depreciated hi co: shritegrit wilt the other, be .. 11 the balance o f t r : t it k e k iire i ng t it, the crummiest rat- of exchange sal appear to 64 still Inure etnfaveniratile than the m i t difference of exchange will he Mud to b e ; oh' if that time cuuatry has the hal.inee of tr o d, is ib favour, thricOrtiputed of esclismge will to lie inuet'a less favonraliie than the real diff er , :xt of each urge will ire found to he. Befo re the to 7 iminage of o:tr silver in King William's time, th e exchange between Elglend and I-1 Ilstul, cols. puts.' in the usual manner *mottling to the stag. darn of their respictive mints, was 25 per cent. Itgatill.l England; hut the r due of the curreit coin of Eng'inid was inure 11. 2.3 per ePut. helot, the stiiiitigni value ; ao !hat if Mist of Relhial car ut its foil standard, the real exchatige w as , hi fart, in favour of England. I. may happen in the wan insiontr, did. the two puris of the tvoculat;.,;, No; i„ opposi.le and equal, the real etch m ete ,. favour of the country by vale being equal to the nominal vicintinge it by the stare of its cm, acy ; in that case, the cointoitei es hang, .1:1 be at per, while the reni .!ti•jeie;.,t. Is tit fart in favour at that cuuutry. Ag.nu, the curienci, of both tl.e countries which trade together may have undergone all alteration, lend that tither in as equal. degree, or unequally : in such • case, the question of the real of t'..e .A. , 1 1111 , 4 e hem becomes It li 11 , a:ore enaii•ii••.i.ed, but he resolved ex way upon the A.I t c I): i:1;.1 0 !e. out going nut of the bound, of the in , serit this may be well illustret4..l i.v the Hr.-sent awe a the exchange of London with l'oitu.ml, as •Iy the tables for the 18th of Nlay !ns . l' iir change of Lmtlon on Li/lion eip!wars to hr 6%; 67;d. aterlmg for it mil rev is the old eolith:wad IMF of exchange between the two ermaue,„ and 67' 1 accordingly is still said in be the par. hint by the evidence of 1 . 11 :r. Lytle, it appoirs, that, in Por tugal, all payments isle now, by law, made miesbalf in hard money, Bad otie.lialf iw Gust fitment pawl; and that this piper is der. cia•ed to al &WOW t 'l7 per cent. 1,..tp0n all Irvine/As to ii Retugal„ therefore, there is a di-vaunt cr loss of 13; pr cent. and the exchange at (41, thmi e li it p e r, j 4 is truth 1.11 per evil , . against tut, roman.. If the exchange were really at par, stru!,l he quoted at 56 63-100ths. ur apparently 1.11 per enit , iu fasoir of London, so compared lea„ old per which was fixed before the depreeiat, r the Portuguese medium of payments. VI tot r this 131 per cent. w hich stands against this roman. by the present x.!hatige on Listens i s a is.,l ference of exchange, oseasioned by the coureeef trade and by the reinittanges to Portugal ow sa count of Government, or a nominal and wont eschange occustmie I by sonwhing in the stet of our own currency, Of ig partly real and ',arty nominal, may peritispe be determined by what !ssr Comm i ttee hive yet to state. THEATR, .[To be reatimeed.] (A 4 MAY-IVARKET THIS EVENING, :IRJESISAY, Argon 14, will be per- Swank • Play, cal!rd THE AFRICANS; or, WAR, LOS F., AND DUTY. Mathison, Mr. Junes; S. Mr. C. Seinkli.; Meats Angustes Mug, Mr. Liston. De;:ssa, Mit. Gibbs, DatiaN Mrs. Brereton; Sults, Mrs. Liston. Atter uhich(sixth lime) a BarluipieTregic Opera, in tor Act, railed BOMBAST ES {TRIOS()! Artasesinous (King of Utopia), Mr. Mathews , ; Fake (Minister of !Mate), Mr. Tay tar ; Gcuetal Boridiniitv, St. Liston. Distalhos, Miss H Kelly. To which will he added, a Popular Farce, called KII.LING NO :MURDER. Buskin, Mr. Mathews; Mr. Apollo Enbi Mr. Litet. ois Nancy, )Ira. Mathews; Fanny, Miss H. On Thursday, Hlgis Life in the City, Bointsastes Feriae, and Raising the Wood. A New I)rainstiePsete, in three acts, with sew knot, Dresses, &c is io rahearsal, and sill be produced early is the ensuing week. S. cued Night of the New cried Jlock•Herwc Serio Come Ballet. LYCEUM THEATRE. -ENG L OPERA. Tills EY F.NING, TUESDAY, Augeat 14, will he SII` formed (ooth time: en entirely New Comic Opera, culk TRICKS t•PIoN TRAVELLERS. The Principal Characters by Mr. Frown, Mr. Phii.ppr, Mr. Hum, Mr. Knight, Mr. Smith, Mr. J. Smith, Mr berry, and Mr IYewitier. Miss Poole, Mrs. Urger, Miss Kelly, and Mrs. Henley. After which (fur the alt time) a New Grand Mock.Heran Strio-Comic Ballet of Action, called JACK THE GIANT-KILLER With elected Musw, New Scenes, Dresses, and Decoration. (The Balkt wider the direction of Mr. Beadbury.) Gaudio, King of the Sitter Mises, Mr. Fisher; attle's, Knight of the Order of the Green Dr: goo, Mr. Bounlia; Jack the Giant-Killer, Master leer ;his gd aptintrow e '; Terriblio, the Giant, Mr. Robert 3 limed icit c, the Pri. , t,l l r. • Madducks Spcaraktiumhicklapaswordahue. IJ hr. Beadbury (his td appearance at this Theatre). lomat. Prime's of the Silver Mine., Miss Luppino !be Guardian Genie', Slim E. Bolton. The Nam Grand Mock-Heroic Serio-Comic Ballet of.letra milled Jack the Giant Killer, was ri:ei lied with anitersal plume, and will be repeated every camas': till farther non To-morrow, Oh this Love ! or, The Masyser.idem. * The Public is respectfully informed, that Mr. Wallas engaged toe tin aiglite at this Theatre, sad will proms k the Arm time on Thursday 11C111. The Barletta of Midas, and the Operatic Dram" of TM Will of Two Haehesobt, will be speedily produced. A New Meks-Dramatic Opera, in three arts, is its rehmesE THE BRITISH PRESS LONDON, TUESDAY. Aueusr 14. I An account from Malaga, 'retired at Gibra'sr on the 23d July, states, in po s itive term, that o .c French had begun to evacuate that place, hen g called by a sudden and pressing order to the nelq;l• bourhood of Seville, where it is understood that the enemy is much weakened and exposed. From Gibraltar we learn, that the little (Plle 'CI San Louis, garrisoned by 200 Spaniard., had Ir a attacked by a large body of the enemy's tre.l l, who made repeated attempts to carry the poet IT assault; but the gallant Andalusian, who defenl.l it, being supported by the Are of Ilia Ma.isast ship loti;hteas , and souse small craft, haLl liar eessfully repelled every attack with great piatighter. the enemy l. s ug of at least 600 alien. We ilk, lea's that a Sp4tiish corps. under the com mand of 13.^ LASMOS, bad ',castrated along the rear of A 1:" 11 111 1 1 , e tip "er