The Sun. — London, England, 1828-06-06 00:00:00

th 4 Be wag liens; to ac xntity imatc were hangc Si, an in thr :spied af the goods before he could touch one pasticle of Hie may a silk curr ency . H e b a d a l so i nqu i re d l u t e t h e state 7 f oci l a a ,"' I matters i n th e l arge manu f actur i ng towns , an d h e xi e ff i c: that am ong t h eet an i mmense quant i ty o f copper was e pai both genuine and spurious, and the retail at r was so anxious to g e t rid o f th a t co pp er , w hich h e ‘ 2 3 obliged to take in payment for his articles, that he ; i n n id diepoee of it for bills at 75 days after date, in order evil roeure money for the purpos es o f hi s busine s s. Another " of the pat prent state of the currency was, that in those • ee eve ; t5 tva sorereigne oat of every hundred were of light %ht. In voting as he should do for the Committee, he o certain there were many objects, into which it could ; e gnite,that wer e w e ll w or thy th e serious attention of the al "uses There were nearly points on which he thought both ° to Hou se and the country were wholly un i n f orme d, an d which a great deal of information might be procured, I Prially with regard to the debasement of the circulation, n " after Se speech of the Hon. Member for Carlisle upon *a I "at bject, and th e observations he had truly made, with i) ral to its importance, it really was wonder 7 ul how any )ee tkaa could be made to the motion. e, J. GRAHAM explained. He had not proposed the Ineni on of the debasement of the coin as one of the sub .. .7 tut investigation • the C • The in Committee. House - Ge l d , K ic k observe, by the very terms of his amendment, that ntn " an investigation as that of the cause of the debase °f a:ne currency was actually precluded. " WARD looked upon th e ques ti ma aof the currency .e p e culi a r prero ga ti ve o f t h e C rown Th e B an k h a d right granted to th em i n an espec i a l manner to i ss ue taper; but they were bound to make that paper convertible I nto gold, so long as it was the pleasure of his Majesty that laid should be the standard currency of the country. The fi ght Hon. G e ntl e man had sp o k en of the amount of metal lii circulation in the country, and his statement had been .' ti PPofmed to he in some degree overcharged. On that sub be would give the House as much information as he -I nd heemt able to obtain from the facilities afforded him as a rusk ?Di rec t or , an d h e truste d that i n f o rmation would not Wholly unacceptable.—(Hear, hear.)--The Bank had tl a , 1 t same right as o th er b e dies to t ransa ct th e ir affairs in y h 7 11 ' own way ; but his knowledge of their affairs enabled I n 3 to give the Home some information, of which having Pat them in poeseesion, he should leave them to say how it 1" to be applied. Thai information related principally to sum issued in the shape of specie, and tended show that the Right Honourable Gentleman's Moment had beets very little, if any, overcharged. From I nary, 1831, to Jule, 1824, both inclusive, 17,373,000/. been issued in gold. Of that amount, 2,550,0001. ,7n been exchanged for guineas, the old standard currency ‘" . the country. Daring that period the exchange had been lfavotir of this country, and gold had been largely ins r'r ted ; and from that circumstance, he believed that there t lh little reason to fear that all the gold would go cut of country. From August 1824, to December 1825, ' - ‘ 44 ineuSive, 8,660,000/. had been issued in gold ; and of that 556,000/. had been exchanged for guineas. 'jog that period the exchanges had been against this a i 3 Ontey, a n d gold was largely exported. A sum of 0 %000/. ought to be deducted from the amount of the a l ", on account of the money advanced during that time al :aakers to cover the amount of n o t e s withd rawn during at e existence of the panic. That deduction left 6,000,000/. t he amount of the exports, in addition to the bar and t ‘ c oined gold sold by the Bank. From January, 1826, "April, 1828, inclusive, which brought the account to the latest possible period, a suns of 2,372,0001. been issued in gold ; and of that amount, 1 ' 3 ,000/. had been exchanged f or g uin e as ; and e OO ,OOO/. must be deducted for the advances to Country The total amount of the issues was 28,405,000/. . ° l nt which rather more than 6,000,0001. must be de ttea far the exports, during the time the Exchanges unfavourable to this country, which left a sum of 15' ,008 L as the quantity remaining in circulation in ; 48 . Under these circumstances, he believed that the h ... . lt eastemt of the Chancellor of the Exchequer was not l. e e :ggerated ; but if he were to assume that statement as 1 which c ontained the maxisefon of the demand f or a t h . 'nolating me dium, and the maximum of the supply to t a t demand, he should feel the most perfect confidence in t il t :Present state of things.—(Hear, bear.)—lf, therefore, Souse determined to go on with their plans regarding o h ge currency, h e did no t thi n k th e y would feel any difficulty (4 th e want of a sufficiency of metal for the circulating e;thttan. With regard to that circumstance, he was per he*S' satisfied. He would not say what difficulties they aa - "ght meet with from other circumstances. Ile must ,„1 1( bowledge that he, in common with many others who like himself, rather of the old school, should, if such eirenlaing medium could be safely adopted, feel a pre lirence for paper over coin ; and if the question was now \ i 'llether Parliament should, for the first time, enact those tnow in existence, he should certainly entertain strong 0,% upon the subject ; but that was not now the ques fee: They were called on at present to say whether th e having been enacted, the country having accom tCnted itself to the circumstances of difficulties attending + t rat operation of those laws, the House should now re all that it had done, and at this particular moment stop short, after the country had, in a great measure e ee.. ' ll4O , overcome the inconveniences of the change. He ae e 'td the House he did not uadervalue those inconve o 'Ps , . Since the peace they had been frequently se htl;l4l3' felt. In 1816, in 1820, and in the present year, phad been brought into this country, and that state of e _ II IN had been accompanied with distress and with low t 7. Some Gentlemen seemed to think, that if that liaT, of things was altered in one respect, there would be Prices-..that tho change of one would follow the 'i 'Be of another. He thought that opinion was founded t:tor, • In such cases there never was a medium point. 144 rushed from one extreme to the other, and that was (a e l'il which all wise legislators would wish to avoid.— k•)—There was another question connected with this tm and that was the introduction of a silver standard. INt point was a dverted to by an Hon. Member, a s one at l it w as very d es irable to obtain, and a doubl e stand ad been recommended. He confessed he did not it what a double standard meant.—(Hear, hear.)— aak"lned, too, that it had escaped the notice of those a ° , indulged in the idea of the advantages of .a 11 . e standard, that the price of silver had varied ;th ee th an even that of gold. During the years of pence, ka.:t bad varied from 4s. 11d. to ss. 7d. an ounce, while or had o n ly v a ri e d f r om 3/. 17s. 6d. to 41.35. ; a fact lis l cb blam e d that gold had fluctuated in price in a much l ise s Proportion than silver, and was consequently much it 4r as a standard of value--(hear, hear !). He thought al 5 : 113 time for the Legislatnre to act with caution on these itai'ets of gold and silver. They ought to recollect the Imt,"%oe which the changes of the circul a ti ng me di um vueed the relations of debtor and creditor. The would alway s pay his debt t t rta if h e h a d th e o ption, cheap es t p oss ibl e manner; amid if there were, as it Proposed, two standards for metallic circulation, as the must be cheaper than the other, the debtor .a 1. 1 ,114 take th a t f or th e purpose of discharging his d e b ts . 'a t 4 t a choice ought not to be offered to him. There was 1. 4 1116 re point on which he wished to say a few words, ~kithat with reference to the country bankers. They, others who acted upon the same principle, had done that militated against a sound currency. They ('`.'d to imagine that a /ow rate of interest for money was N o tt 'of .that there was a sufficiency of the circulating larn. That opinion was not true. The fact was, that were two circumstances that might p ro d uc e a low rate ise t treet without affecting the quantity of the circulating a t : 4 ot When the interest fell from 3 to 4 per cent. hankers I ttad that there was a redundancy of the circulating kt l u m, and diminished the amount of their issues ; but if s u ent to marl*, they would often find that at the to tulle the farmer was much pressed for ready money, :Zould hardly procure it in payment of his corn. That t i e had sometimes led to the most detrimental cense. N ti aaea in thi s coun t r y, a nd th e necessaryquantity of eir_ As aa l t medium had often been withheld when most e'• He was afraid many gentlemen had thought it I ra' to support any measur e what e ver that appeared to r 4 s object the increase of the circulating medium. 'tre e n ufaht they did em under a mistake. If they ad to the state of the Foreign Exchanges, they would tia those exchanges had always been in accordance with l im‘ lt re of t h e c i rcu l a ti n g mediu m , w h atever t h at m i g ht athai i f 4 large quantity of money was issued, theexchanges .11 a ue against this country, and money would go away. peculiarly be the case at the present moment. a 1 nl, l only now add, that he was perfectly indiff e r e nt 1, ; 4 th0 4 e . Course the House might think proper to take a te n ld be willing and anxious as a Bank Directo r t o . 4,, . 5 , a e qt LY thing to ca rry their wiahes into effect, and i n ti mes me a in those which hail passed, lie could have no t hat thaOt that of preserving for the country the best circa f A t , e ;lt human ingenuity could invent. anti). pa ". PARNELL -thought the Ministers had not fnos e ' le t the question, and had, in fact, acted in great I l aa t a t of the true principles which regarded it. He i t :tog al i t difficult to have too great an amount of circus ) .°t 2 6 : he thought time principles of the Bill of tae ll ' l t olemmus, and he had only voted for them because aam e g ,t aorne change of the Banking System necessary. nut s) . ° Condant reason in the system of banking in the ,I'Venel eal l 'Y the general principle he a.drocated ought to be e Din f • On this account he had voted, in 1826, for ; r eaar e ,l ° ,.., t Slippreesing Small Notes in 1829. Ile was Nitre p . l 'uppert the measure of the Right Hon. Gsn• ' ) oaa * l i`•; eee °t heo than any measure for again issiesing one- Linda the present system of banking. But if' I AIL IPlif the system of banking were better regulatexl, he would vote for again allowing small bank notes to be issued.— The Government did not look the whole question full in the face. We had one gigantic bank in the metropolis, and several weak banks in the country. The law pro hibiting more than six partners in a banking house was a prohibition against a sound system of banking.— The system was what he wished to see altered. There had been no less than 382 commissions of bankruptcy issued against country bankers since 1793. He knew that the Bank Charter was an impediment to a better system, but why not negotiate with the Bank to do away with the Charter? Other means might be adopted to in fluence the Bank of England ; and if the Government were to say to the Bank—lf you do not consent to an alte ration of your Charter, we will select other persons to do our business—be was sure the Bank would consent, and a sound system of banking might be speedily introduced. But even if this could not be done, he thought it would be better for the country to purchase the privileges of the Bank of England than go on as at present. They caused such fluctuations in the currency, and such general mischief, that we should be benefitted by buying them. He stated these views because they were seldom stated in that House. The whole mischief arose from legislation. If there were no laws regulating banking, we should have a sound system. Jo Scotland the trade of banking was free, and it had been carried oa advantageously and safely. The practical opera tion was such that no bank of doubtful character could stand in that country. A weak bank was crushed by the combination of the strong ones. Only two banks had failed in Scotland for many years; and only 32,000/. lost in debts. He wished to see a sound paper currency esta blished. Though he did not agree with many of the ob servations of the Hon. Member for Carlisle, nor with many of the observations by which other Hon. Members had supported that motion, if it were to be confined to an in quiry into our system of banking, he would support it. As to the Bill of the Right Hon. Gentleman, it was the most uncalled for piece of legislation that was ever intro duced into that House. The Bill would commence by doing harm, and he would not vote for it. Mr. Secretary PEEL cordially concurred with one observation made by the Mon. Gentleman who spoke last, that it did not become them in that House to be very con fident in matters of that description. The facts were so numerous, they were spread over so wide a surface, the in terests likely to be affected were so important, and the ele ments to be taken into consideration were so many, that it was impossible for the Members to use too much caution in making up their minds on such a subject. The Hon. Member had appealed to former Resolutions of that House, and to its subsequent acts, to justify his assertion, that they ought not to be confident. He concurred also with the justice of that observation, that practically no greater in convenience could arise, no greater detriment could ensue to the interests of the country, than those which were oc casioned by a currency continually changing. If at that period, in the month of June, when the law was to come into operation is April next, they were to set about re tracing their steps ; if they were then not to make up their minds to continue in the course they had already entered, the inevitable consequence would be, that the country would not know what to do, and could never place any confidence in the continuance of their laws. The House ought not, however, to be determined not to alter the laws by any regard to their own consistency; they ought to take higher ground than their own consistency, and resist any further change on the ground of expediency. If the Bill to bring back the currency to a sound state—if 1819 settled that the small notes were to he suppressed in 18.24—if in the vear 1622 the House consented to allow the small notes to be continued in circulation till 1633 if in 1826 it waa again resolved that they should expire in 1829—if it were now asked to continue them for some time longer, let the House refuse, unless it were dearly shewn to be necessary—unless the expediency of continuing them were dearly demonstrated, let it not be granted ; but if it were demonstrated, then he should say let them not consider their own consistency so much as the force of the demonstration. Pi would not argue the question as to the consistency of the House, but in that impartial calm manner which such an important question reqaired ; and be hoped he should show the House, that whatever incon sistency there might be in retracing their steps, that more confusion would result than good, and that it would he more expedient even than inconsistent. The first argu ment to which he would advert had been urged on a former evening by the Hon. Member for CaUington, in presenting a petition. That Hon. Member had stated that the country was reduced to much a state of distress, that she could not maintain her dignity in relation to foreign countries ; that her resources were impaired, her produc tive energies suspended, that she looked as if she were only a ruin, or was in a state of dissolution, and that her fu- • ture restoration to prosperity must be despaired of. There wag nothing more unpleasant, more unwise, than to in dulge in such gloomy descriptions of the prosperity of the country. He admitted, however, that gentlemen ought to be cautious bow they prophecied in future wealth and prosperity ; aud be remembered that on former occasions some persons, sitting where he was then sitting, has' been blamed for having indulged in too dazzling descriptions of our prosperity ; but the other extreme was also to be care fully avoided, and the state of the country was not to be described under the influence of hypochondriacal feelings. He admitted that there might be some local distress, some dist-ie., in which trade was not. flourishing—but he hoped to convince the lion. Member and the House that the country was not in that destitute and desperate condition he had represented. He could not admit that the industry of the country was paralyzed by the withdrawal of the one pound notes from circulation, and he could not ad mit this, because he saw no signs of it ia our manufac tures or in the revenue. He thought, if necessity were to arise for war, that the House might not despair of the se curity of the country, or that they should not be able to maintain that high character it had long enjoyed.—(Hear, hear.)—He would decide the question by facts, but by general facts, for he would not deny that there were no districts in which the demand for labour were not less than in others, and in which distress might be felt. But by a reference to general facts, if there were that general distress and general impaired energies, there would be a falling off in consumption, a reduction of work, and a general diminution in the quantities of those articles which supplied the wants of the people. Since the Ist of February, 1826, not one single country bank note had been stamped at the Stamping Office. Since 18516, then, they had been gradually reduced; and if the ultimate re duction of them were to produce such evils as had been predicted by the Hon. Member, it was only reasonable to suppose that the partial reduction which had already taken should be attend e d w i t h a di m i nut i on o f production since etion 2 a l n B dc s Onsumption. A part of those evils pointed out by the Hon. Member ought now to be felt. But what was the fact ? Had this diminution been felt in the Revenue ? He would not refer to that, however, because Members might say that its amount was only a proof of the great pressure the country war labouring 'leder. He would refer them to articles of general consumption; and he should he able, by them, to shew that no diminution whatever had taken place, and that nothing like what the Honourable Member had stated would be found justified by public documents. lie would compare the year end ing on the sth of April, 1625, with the year ending on the sth of April, 1827. This was favourable to his view ; for half of the year 1825 was a time of excitement, when the country was in a state of what the Hon. Member would, probably call great prosperity. He proposed to take for the illustration such articles as strong ',ter, table beer, tal low candles, wax candles, cyder, perry, malt, paper, glass, British spirits, and tea. He meant to compare the ac count of these articles consumed in t'ne year ending April, 1625, with the amount of the same articles consumed in the year ending April, 1827 ; and the result would show the House that they were not justified in taking that gloomy view in which the Hon. Gentleman had—he ged, fer it could not be indulg ence t o him, but not liti B nl inl taking that gloomy view the lion. Gentleman thought himself justified in taking. In the year ending April 5, 1825, the quantity of strong beer consumed was 653,000 barrels ; in the year. ending April 5, 1827, the qauntity consumed was 65 4,000 barrels. The table beer consumed in the former Year was 1,480,000 barrels; in the latter year it was 1,539,000 barrels. The amount of tallow candles consumed in the former year wxa 104,900,000 pounds ; in the latter 1 10,718,000 pomade. Of wax candles, the amount consumed in 1825 was 959,000 pounds ; in 1827 it was 9 23,000 pounds. Here there was a small diminution, but in the intermediate year the diminution had been greater. In the former year the quantity of cyder and perry consumed w as 22 ,000 hogsheads; in the latter year it was 51,000, being more than doubled.--(Hea r. ) —The consumption of paper i n the former year was 51,452 ; in the latter it was 5 t,000. 24,000,0001 b. of tea had seen consumed in the first year, and 26,000,0001 b. in the second year. The Right Hon. Gentleman also enumerated some other articles, and among them printed goods ; and lie observed, that in all these there had been between the two periods, a considerable in crease in consumption, with the single exception of wax candles. He found in this no proof of a decreased production ; and he could not conceive, with this increased consumption, th at t h ere h a d b een an y decrease in the de mand for labour. Th e t hi ngs mus t h a ve been produced. The same fact was illustrated by the number of ships en tered inwards. In the year ending the sth of January, 1826, the amount of tonnage entered inwards, was 2,600,000 tons; in the year ending Jan. 5, ISees the ~- amount teas '2,650,000 tons. On the sth of Jac. 18tie the number of seamen was 16 - 2,000 ; and on the sth of Jan. 1828, the number was 165,000, being an increase of 3,000. The tonnage of the ships entered outwards in 1826, was 2,633,000 ; in the year ending sth January, 1826, the number was 2,828,000. In the former year, the numb er of me n on board th e s e s hi ps was 151,000 ; in the latter it was 170,000. The official value of the im ports in 1828, was 1,200,000 greater than the official value of the imports in 1926. In th e ex p or t s a similarin crease of the official value had taken place. Looking then at all these general facts, be came to the conclusion that there had been no falling off in British industry, and there was no reason for those gloomy anticipations of the Hon. Member for Callington. He came then to the questions involved in the motion, or rather in the amendment, of the Hon. Baronet. Was it desirable, or was it necessary at this time to lower the standard of value. As he understood the Hon. Baronet, his speech consisted of two distinct proposi tions : the first was, either the landed interest cannot go on, unless the standard of value is lowered, because it was not possible to pay in a currency regulated on a me tallic standard a debt contracted in a paper currency. The second proposition of the Hon. Baronet was, that it was possible to maintain a paper currency, converti ble into gold, when there was no gold as the basis of the currency. The first proposition was to lower the stand ard ; the second was not to lower the standard, but to maintain a paper currency in circulation when there was no gold, and both these propositions he should contest. If the things were now in the state they were in 1819, it might be a question of depreciating the standard of valise; but after the Act of 1819 had been ten years in existence, —he might say twelve years in operation, for a return to a ecund state of currency had taken place in 1817,—the enestion became a very different one. Whatever opinions he might have been disposed to entertain in 1819, he could not, for one moment, suppose, after the present standard had been so long established, that it was now ad visable to have recourse to t h e H on. B aronet ' s proposition for lowering the standard of value. He had heard com plaints against the proceedings of the Committee of 1819 ; its Report bad been stigmatised with great severity, and he as the author of it, had been charged with having done more mischief than any ten Ministers that ever sat in Parliament. Adopting the slander to the extent that distress hail been occasioned, and sincerely deploring that degree of suffering-, he still thought that such enormous difficulties would have been found in lowering the standard, that the alternative would, at last, have been the resumption of a paper system, or a return to a circulation of gold. We are told (continued Mr. Peel) that we have a debt of 800 millions contracted in inconvertible paper, and that therefore it ought not to be repaid in gold. That is a very easy way to settle the matter ; but we are to recollect, that whatever were the case with some of the original lenders, the whole debt was not con tracted in inconvertible paper ; comparatively speaking, only a small portion of the debt was contracted when paper was inconvertible into gold, and the original creditors of the State having parted with it, it has, at subsequent periods, been transferred to hands who have given for it the full value. What satisfaction would it be to the landholder, who on the depreciation of land, had converted his property into stock, to say " You are a public creditor ; but you re ceived too much when you obtained 50,0001. for your land, and we are about to act on a new standard, ac cording to which we shall pay you off at a lower rate than that at which you made the exchange." The State ought to have taken that into consideration at the time it created the original obligation ; at that time the return to cash payments was only suspended, and it was determined that they should be resumed. From 1815 cash payments were only suspended ; and all par ties making contracts were aware that the country was about to make a great exertion, and the State ought at least to have said to its creditors—" We reserve to ourselves the power of repaying you in a currency net nominally the same in amount, but which shall be regulated by the exist ing depreciation." If the State did not reserve to itself that power, I believe that the departure from national faith would, in future times, have involved this country in great difficulties ; and that if the time should ever hereafter ar rive when the public necessities might require something more than the supplies of the year, and the example had been set of repaying the public creditor in a depreciated cur rency, the character of the country would have received a taint which would have greatly increased the difficulty of raising money on temporary emergencies. I never dis guised front myself the pressure that would be occasioned by repaying the amount of a debt contracted while money was depreciated in an improved currency ; and if we re fused to restore the original standard, we should find great difficulty in adopting any other, upon any principal either just or satisfactory. The general assumption is, that for a Long period antecedent to 1819, there had been an immense depreciation of the paper currency : that is not the fact. It is, I admit, very difficult to determine what be the principle by which the amount of depreciation shall be ascertained. Suppose I take the test of the Honourable Baronet (Sir J. Graham)—the difference between the market and the Mint price of gold. That was the tmt which he selected ; for in comparing the amount of taxation in 1813 and 1827, he urged that taxation in 1827 was heavier than in 1813, although in the first instance the taxation was nominally 81 mil lions', and in the last instance only 52 millions. He said, that a deduction ought to be made from the pressure of taxation to the extent of 36 per cent. I will therefbre take his test, and I find that from 1803 to 1810 the mar ket price of gold was 4/. per oz., and the depression was only 21. 13s. 2d. per cent. From 1810 to 1816 there was a great depression, and it amounted in 1814 to 25 per cent.; but in 1817 and 1818—two years before the Com mittee of 1819—gold was only 41. per oz. All this was laid upon the Committee of 1819 ; but in consequence of the terrible revulsions to which the paper system was sub ject two years preceding, paper had righted itself by a vio lent struggle, and the currency was again practically re stored to within 24- per cent. of its original value. In 1819 we decided to revert to the ancient currency, and it is not fair to lay upon the Committee of 1819, but upon the paper system itself, a great part of the pressure which has since resulted from the attempt to restore the standard. But all this is beside the present question. The ques tion now before ns is, whether having acted for ten years upon the ancient standard, you are now prepared to unsettle all the various transactions •in that improved currency, and to apply to the liquidation of every debt some new standard ? To that I never can consent; great as the suffering has been, I have doubts whether any other system could have been safely followed but that which was adopted ; but of this I am quite certain, that if you attempt to unsettle the system now, the confu sion and uncertainty in all 'Tierney transactions will be such as to compel you hereafter heartily to repent your rashness. The Hon. Baronet has disclaimed the charge that this is one of the eight important subjects to be devolved upon the Committee, and I shall not farther advert to the point; but too much was due to the argument itself, and to the ability with which it was supported, for me to neglect it. I now approach that which has a more immediate bearing on the question—whether it is safe to maintain throughout the whole of the United Kingdoms a paper circula tion, with power to issue notes below five pounds with out having any gold currency vs the basis of that paper currency? Notwithstanding all I hive heard, I still entertain doubts whether the system can be safely adopt ed. And here let me tell the Hon. Baronet (Sir H. Parnell) that hie proposal of an improved mode of bank ing is quite distinct from this point. Perhaps it might be materially improved if the Charter of the Bank of England did rut stand in the way of that improvement. I am not prepared to say that an arrangement might be made with the consent of the Bank previous to its expiration, but that is a consideration with which I will not now encumber myself. Sill, with this improvement, I entertain seriou s doubtesvhether it would be safe in this country to introduce a general paper circulation to the exclusion of agold currency. In this argument, I think it ought to be conceded to me, that a limited paper circulation below five pounds cannot co-exist with a gold currency. The experience of all countries---of Scotland, of Ireland, and of the United States, shows that notes for tp. and 2s. 6d. exclude silver currency : in Ireland, the existence of fractional notes for I.s. and 255. has had the seine tendency, and the same effect will be produced upon gold, if notes below the value of hi. are in circulation. The argument of the Honourable Baronet is, that a paper circulation, if it be convertible into gold, is sufficient for every purpose, and I will examine some of the illustrations by which he supported it. First, he mainly relies on the example of Scotland: he says, you find there a paper circulation which has excluded gold, but by which the affairs of that country are prudently and securely conducted, with few failures, and panics of rare occurrence." My answer is, that nothing is more fallacious than to draw inferences from the case of Scotland. What I believe is, that the security of Scotland in this respect depends upon the metallic circu lation of England—that you maintain the value of the paper circulation of Scotland by means of the exchange, and that the.alteration of the system here is the safety of the Scotch circulation. The Hon. Baronet tells us, that there is some inconsistency in the Report of 1819, and in rue as having drawn it, in permitting Scotland to have a paper circulation ; and that the same advantage ought not to be refused in England. But the Hon. Baronet upon this occasion made a quotation which presents an jumper fest view of the meaning of the writer, and there is no thing against which we ought in argument more scrupu lously to guard than inferences from partial quotations,— , (Mr. Peel hers repeated the passage from the Repent of 1619, which had been previously read by the Hon. Bart., and then proceeded.) The Hon. Baronet omitted to state that the opinion there mentioned was given as the opinion of the witnesses from Scotland, and not as the decision of the Committee ; and the quotation he made is introduced by the words—" the grounds relied upon by the witnesses from Scotland are these." My opinion follows, where it is said that, although it is recommended that the system of currency in Scotland should not be disturbed, yet the Committee regretted that they could not themselves express a clear, decisive, and unqualified opinion on the subject. But, said the Right 11on. Gentleman, I am ready to admit that I am not perfectly satisfied that the circulation of Scotland has not a tendency to add to our insecurity. I certainly think that the paper circulation of Scotland relies on the Bank of England. Though I think the case of Scotland different from that of England, yet I must say that I believe uniformity of system would be greatly pre ferable to the maintenance of a paper circulation. Let the Hon. Baronet advert to this fact, that in 1626, we had de termined that within three years we would make a vigorous and decided effort to restore a metallic currency, and it might be very desirable to restore it by gradual and secure steps. If we had determined at once to restore a metallic currency in England and in Scotland which never had a metallie currency, the effect must have been much more violent ; and we might have greatly aggravated the distress of Scotland, had she been called upon to join in the exertion at the time when England threw 22 millions of gold into circulation. The time May, nevertheless arrive when uni formity may be adopted. The Hon. Baronet (Sir J. Gra ham) contends that the Bill of my Right Hon. Friend is wholly unnecessary, because the Report shows that the paper circulation of Scotland co-existed with the metallic circulation of England ; bnt a very few sentences afterwards the Hoe. Baronet offered his own contradiction of his po sition ; because he said that on his own estates in Cumber land the rents for 70 years had been paid in Scotch notes. This, therefore, is a complete proof that the e'notch notes have for many years circulated across the border; and nnlees son p u t a stop to it you will do manifest injustice to the Eng lish Banker, by giving a privilege to the Scotch Banker, ot: which he is deprived. I believe that very recently a Branch Bank from Scotland has been established at Carlisle, and it may be a question, whether this is consistent with the law, as it now stands; but if we permit the Scotch Banker to issue notes without controul, they will soon fend their way beyond the border into the interior of the coun try. Hence it is evident that, in justice to the English Banker, we have no alternative hot to prohibit the ionic of Scotch notes ; an d if by thi s Bill you cannot prevent it, I apprehend we must resort to the other course by introducing a gold currency into Scotland. But what runty he true and safe with regard to Scotland, may be neither safe nor true with regard to the rest of the United Kingdom. Such are my reasons for thinking that it is impossible to trust to a paper circulation without a foundation of gold ; paper may be convertible into gold rominaliy, and while people have confidence in it, well and. good ; but there will be a manifest tendency in every banker to do two things—to issue an much paper, and to deposit as little gold, as he can—and the whole supply of gold on which we can de pend is, that which is retained to meet the demand ; all beyond that will be so much loss; the whole country will be saturated with small notes, and bankers will become dependent upon each other. It will then be impossible to take an adequate security against an excessive issue of paper —one failure will create a panic, and that panic, arising from a comparatively trifling cause, may be destructive to the whole, for we are to recollect that the small notes will be in the hands of the mass of the population, upon whom panic will have the greatest effect, and argument the least force. If the parties themselves are not to retain gold as a deposit, the whole mass of the circulation will depend upon the Bank of England, without the smallest controul on its part over distant establishments. There seems to me to be an inevitable tendency to an over issue of paper, without a constant sentinel keeping watch upon it, and that sen tinel is the sovereign in constant circulation. If it be true of this ccantry it is true of every country. The Honourable Baronet supported his position by reference to authorities of the highest rank. I trust that my inquiries upon this sub ject have made me familiar with their writings, and if he really could support his proposition, as to lowering the standard, and introducing a paper currency, not convert ible into gold, by such great authorities as Locke, Hume, and Adam Smith, I should, of course, be led to attach far more weight to his arguments. But, if there were three names I should have quoted for a directly opposite purpose, they would have been precisely those upon which the Hon. Baronet relied. Far a gentleman arguing in favour of lowering the standard to refer to such a man as Locke, as an authority in his favour, I own did, indeed, surprise me. I was well acquainted with Locke's most beautiful Essay, in answer to Mr. Lowndes, the Secretary for the Trea sury, in which he contended, against every argument (and Mr. Lowndes did not fail to use them all) for reducing the standard, and I beg the House to observe what was the proposal of Mr. Lewndee, and the reply of Mr. Locke. Mr. Lowndes propoecd that money should be raised one-fifth, or iu other words, that it should have one-fifth lee.; silver in it. That, be it observed, is exactly the present proposal with regard to gold. What was Locke's answer—the answer of that writer who is now quoted as an advocate for altering the standard ? " Alter ing the standard by raising the value of money will weaken if not totally destroy, public faith, when all who trusted the public, and assisted our present necessities, under Acts of Parliament, the Million Lottery, the Bank Act, and other loans, will be defrauded of twenty per cent." The quota tion made by the Hon. Baronet I well recollect. It was from a singular paper, directed with great force of argu ment against the Usury Laws ; for the Landed Interest at that time wished to limit the interest of money to four per cent. Locke never referred to an increase of money such as the Hon.Baroziet contemplates, and Locke's opinion seems to be an erroneous one, however highly I may think of his Essay ; at that time there was a great balance of trade against this country, and gold was sent out in great quan tities, and Locke goes on to state the consequences of dis tressing the Landed Interest. But what was Locke's remedy ? Was it a depression of the currency on an issue of paper? He never thought of a paper circulation, nor of depreciating the standard of money. The authority of Hume is even still less in favour of the lion. Baronet ; he cannot think more highly than I do of the philosophic writings of that great man ; his acuteness, sagacity, and anticipations of the future. seem at times almost miraculous ; and I apprehend that he deserves at least as high a reputation for his Essays as for his His tory. The Hon. Baronet referred to Hume, to show that the only wise course for a country is to have a constantly increasing circulation ; and, no doubt, if the wit of man could devise a constantly increasing circulation which never could come to a stand, it would, no doubt, much increase the active industry of the country ; but the force of every stimulant roust cease at some period, and be followed by a propeetionate depression. Mr. Hume is speaking of the circulation of specie, and nut of paper money. So far from thinking with the Hon. Baronet, that it is wise to increase the circulation of paper, Hume says in one of his Notes—" We observed in Discourse 111. that money, when , increasing, give@ encouragement to industry during the interval betwixt the increase of money and rise of prices. A good effect of this nature may follow, too, from paper credit ; but it is dangerous to precipitate matters at the risk of losing all by the failing of that credit, as must happen upon any violent shock on public affairs." In the text be tells in--. 'Tis only in our negotiations and trans actions with foreigners that a greater stock of money is advantageous; and as our paper then is absolutely insigni ficant, we feel by its means all the ill effects arising from a great abundance of money, without reaping any of the ad vantages." Hume 's argument relates to the effects upon in dustry by the increase of the precious metals; but it is quite different from the position of the Non. Baronet, who quoted him in favour of an increase of paper circulation. Then, „ to Dr. Adam Smith, I well recollect the beautiful and most happily illustrative metaphor applied by him to the subject : he tells us, that gold and silver may be compared to roads, which are productive of no profit, but circulate all the products of industry; the roads not being cultiva ted, are sources of positive loses, but they are the means by w hi c h all property is transferred; and with respect to paper circulation, he says it is like a waggon-road, if he might use so violent a figure, in the air, which enabled the owner of the soil to cultivate and convert into a source of profit even the otherwise barren roads. It is clear, how ever, that he was well aware of the evils of a paper cur rency ; for he makes use, in one place, on—" It o f thi s apposite ex pression--" were better, perhaps, that no bank notes should be issued, in any part of the kingdom, of a smaller amount than 5/. ;" and he goes on with a train of reason ing to show the dangers of a paper currency. In short, it is utterly impossibl e to quote Adam Smith as an authority for an unlimited issue of paper without u basis and founda tion of gold. I have thus shown, I think, that the main supports of the Hon. B ar t., as far as regards the opinions of the illustrious men I have named, fail under him; and if it were possible for them to go into this Committee with me, lam sure I should have their votes for resisting the proposition they are supposed by the Hon. Baronet to ad vocate, and would refuse their sanction to the system he tnaintains. I must say, therefore, that neither on the score of experience, nor of authority, do I think the Ho nourable Member for Callington (Mr. Baring), nor the Hon. Baronet, have established such a case as ought to induce the House to recede from the position it took in 1826. lentreat the House to consider what we were told at that period, that if that Aet Wert passed (and it Oen passed by a majority, I think, of ten to one, for only eight ultimately divided against it ; , the mischief resulting from it would he immediate—that tie Country Banks would reduce their circulation, and that the evil would not be de ferred to 1829. Then, let me ask, after we have under gone that suffering, which was inevitable, from the attempt to restore a metallic circulation—alter having, since 1822, issued from the Bank 28 millions of gold, of which it is calculated 22 millions remain, with eight millions of silver --after having reduced the circulation of Country Bank Notes to two millions and a-half, is it wise to retrace our steps, and, by the commencement of this new inquiry, im ply a doubt as to the soundness df our policy ? If we do retrace our steps, do not let us suppose that the injury will be confined to two millions and a-half of Bank Notes; you will never have an opportunity of considering the question under time same advantages at at present, and no con fidence will hereafter be placed in comb decisions, if von now attempt to unsettle a question which has been eo long concluded. The Right Hon. Gentleman proceeded to observe, that the country was now within sight of the goal which, in 1820, it was so anxious to reach —a littl e firamees, and another spring, would enable it to retch it; and he believed that it could be attained in the present state of the kingdom, without any material addition to the existing pressuro. Having agreed to reduce the circulation of time smaller paper currency, they were bound to provide that it should take place at the stated period next year. He maintained that they were bound to do this, without enter ing upon the eight points of inquiry proposed by one Hon. Baronet, and the seven points of inquiry proposed by another Hon. Baronet. The House might depend upon it that the commercial and trading interests of the country would, instead of being injured, be benefited by this sys tem, and that the general settlement of the currency would be such as to insure the confidence and security of the publie.--(Hear, hear; 's Sir J. GRAHAM, in explanation, said h e feared he had net expressed himself with sufficient clearness in speak ! ing upon the Scotch banking system. He must, however, observe, that they had before thefts high afithnrity with re spect to the Scotch banking system, and that authority the Right Hen. Gentleman had been unable to controvert. Mr. ATTWOOD felt it sufficient to look at the preterit state of the country, and would ask the Right Hon. Gen tlemen whether the revenue was thriving—whether the farmer was content, and whether the agricultural or ma nufacturing labourer was in a state to go on without priva tion and distress ? Let the House look at the calamity brought upon the country by the measure of 1819 ; let them see what had since been passing, and they would find that that calamity had never ceased to exist—that the whole country still laboured under it, and that it could only be relieved by a circulation of 1/. notes. The Right Hon. Member had told them that the country was now in a most flourishing state—that it was as capable of holding as high a sway, as commanding a position, with reference to Foreign Powers, as at any previous period. This argn ment might have held good previously to the Act of 1819, but subsequently to that period he denied that such was the case.--[The Hon. Member proceeded to address the Howie at considerable length, but he was assailed with cries of " Question, question !" and other symptoms of impatience which rendered him for thy greater pint inaudible in the gallery.]---If 1/. notes were allowed to be circulated in Scotland, why not at least go into the inquiry as to the propriety of continuing them in England also ? The Hon. Member then proceeded to contend that the House was guilty of gross inconsistency in declaring that the paper circulation of Scotland was to be continued, while it prohibited the extension of the paper circulation of Eng land, and concluded amidst loud calls of " Question," by imploring the House to grant an inquiry. Sir F. BURDE FT begged merely to give utterance to the expression of his sentiments, in favour of the Hon. Baronet's amendment, without going into any examina tion of the details which the vast importance of the sub ject might invite. Ile congratulated the House, indeed, upon the opportunity which had been afforded it of hearing the views of the Hon. Baronet, and the speech of the Hon. Member for Callington (Mr. Attwood). The observa tions of the Right Hon. Gentleman (Mr. Peel) HD this occasion might be regarded as peculiarly infelicitous and unfortunate. That Right lion. Gentleman was nnfortu nate in his observations, but he was more unfortunate in having his name so closely connected with a measure which bad been, as it was truly said by an Honourahle Member that night, productive of more misery to the country than any other which was ever devised—a measure which had weakened all the sources of our wealth, and dried op all the springs of our industry, and which had been only mitigated in its destruc tive effect upon the country, because the Bill which was intended to enforce it had never been wholly carried into operation. The facts of the Hon. Baronet had not been touched upon at all by the Right Hon. Gentleman, and his reasonings had received no answer which would be consi dered in any degree satisfactory. Since the time of Adam Smith the public mind had greatly advanced in knowledge upon these subjects. The acuteness of Hutne had, as it were, thrown forth the first spark which enlightened us upon these difficult awl delicate subjects. The Right Hon. Gentleman had, however, quoted Locke upon this question and expressed his wonder that the Hon. Baronet could so much misapprehend the meaning of that author in the quotation introduced into his speech to support the inquiry. Now it appeared to him that the Hon. Baronet's quotation of Locke was strictly in point, and the quotation of the Right Hon. Gentleman calculated to support the very ' op posite side of the question which he wished to maintain. The Right Hon. Gentleman had observed that Mr. Locke was contending against Mr. Lowndes upon the injustice of altering the standard of value, because the debt was con tracted in a legal and proper standard. Mr. Locke, like an honest man, maintained that it would be unjust to contract the debt in one standard, and pay it in a lower ; but he would ask was that at all applicable to our case. —(Hear.) Were we not paying a debt contracted in a debased cur rency ? a debt which no man could give any sufficient reason for the country being thus depressed to pay up, and in pay ing which in the present currency we were net only doing a lasting injury to the country, but at the same time com mitting an act of injustice to three-fourths of the nation. The Right lion. Member for Liverpool (Mr. Huskisson) was so inconsistent with himself upon this subject, that his opinions were scarcely to be guessed at. When, how ever, he maintained the doctrine of high prices, he had taken the sound and rational view of the question. It was impossible, however, that the interests of all those whose capital was fluctuating could, under this state of things, be reconciled with the interests of annuitants, whose property was fixed and nominsl. It was un doubtedly hard upon them ; but when it was understood how small a portion they formed of the nation, and when it was considered how much all the agricultural classes, and the trading classes and shopkeepers, and every other class, had suffered from the change of a depreciated cur rency to a higher, and when it was recollected in hew short a time that change had taken place, he believed that if Honourable Gentleman had understood as much when they consented to that change as they do now, and bad it to do over again, they would no mere have consented to it than to the wildest project whieh the imagination of man can conceive. The Right Hon. Gentleman had also found fault with the Hon. Baronet's quotation from Hume, and in that he was equally infelici tous, because, according to the Right Hon. Gentleman, Hume advocated a constantly increasing circulating me dium. Mr. Hume in that point fell into an error, and the Right Hon. Gentleman closes in with the error, and adopts it for the support of his argument. It was now, however, he believed, well understood, that nothing could possibly be more injurious to a country than a currency either increas ing or decreasing, although the Right Hon. Gentleman did not seem to understand anything about it. The policy of a Government was to guard against these alterations. Their object was, if possible, to keep prices always the same ; and by that means only could they hope to do jus tice between man, and man. The Hon. Baronet then pro ceeded to'argue that the Chancellor of the Exchequer had proceeded upon loose and insufficient data in his calcula tions with respect to the number of Bank Notes in circa lation, which he believed to be nearer six millions than two, as the Right Hon. Gentleman asserted. The data of the calculations were so loose, that they ought not to legislate upon them, and that was another reason why there ought to he an inquiry. _(Hear, hear.) After ob serving upon the great injury inflicted upon the country by the withdrawal of any part of the circulating me dium—an injury which had caused a loss to the country of late years to an amount almost equal to the whole National Debt —the Hon. Baronet declared that the land owners were not opposed to the interests of the public cre ditor; on the contrary, he had heard many of them de clare they were willing to make any sacrifice to mtisfy the just claims of the national creditor. Government were in n no o gw t , that a perhaps, bott t oßdai eght nH o oe f n t. could h Gentleman e e c n o t n ine s consequen ces however,n c f e s el t ofw ma l ieva avoid misgivings in were cgt e upon the subject, and that he regretted the course he had taken avote ups of o t n he th H i o s u ub sej,*ect. set fee mustquestion feel that e a trt.olit, and cannot,tba that it will press upon him again and again till he grants au in quiry. It was an easy thing to talk of decision, and to re commend it; but decision was not at all times commend able. It was well calculated to win campaigns and to win Cabinets,—(Loud cries of hear, hear,)—but in su c h a matter as that now under discussion, caution, deliberation, and inquiry, were more requisite and desirable qualities. A mere vote of that Honac would nut satisfy th? room' t it would not allay alarm ; the re wo uld be more wis dom in delay and deliberation than in rash and sum mary proceedings. He thought that the currency of the country.--in England, Scotland, and Ireland— should be uniform. It might be said, that small noti' circulation might be suited to Ireland and Scotland, but not to England. Ireland, on account of her negligence ; and Scotland, for the the opposite reason, on account of her prudence; might be permitted to have these notes, though they were declared to be unfit for Englund. But he would say a, Voltaire was stated to have said to a physician, respecting a regimen—he requested him "to wait until he had more strength." So h e would say to the political physician of the State—do net establish a system of currency which will place this coun try in a disadvantageous situation with respect to Scotland or Ireland, or if you ate determined to impose it, " wait until she has more strength to bear it than at preoent."— (Hear, bear, bear.) The Honourable Baronet concluded by expressing his determination to support the Amend ment. Mr. HUSKISSON rose to explain. He could not now (as the present stage of the debate deprived him of the op portunity of doing so) enter into a refutation of all the in- Fonsistencica in the speech of the Hon. Baronet who had just oat down, or of the lion. Member far Callington (Mr. Attwood) who preceded him in the discussion. lie would only explain so far as to vindicate himself from the charge of inconsistency on this question. What he said was borne out by far liieer authorities than himself. He had said that it was a proof o f the happy state of the country , when there was a gradual an,: z steady tendency towards high prices, from sound, natur a l, c47leistent and perma nent causes, but that high p r i ces p r oceedirg from desul tory and artificial causes--from rash and dangerous rue ciliation, or from any other temporary unsatisfac tory source, so far from being a p roo f ° ,,f" niti ;;lnal prom verity, was the revenue.---(Hear, hear.) That was what he had said, and that by which he abided ; he wistet., therefore, with whatever other inconsistencies he might be charged, that his opinions upon this subject might be emir sidered amongst them. He would not, at that late hour, further remark Upon the doctrines advanced in the speech of the lion. Member for Callington (Mr. A.), doctrines which were shameless and unprincipled, and calculated to promote fraud and lead to national bankruptcy.__(Hear.) Mr. ATTSA OOD called upon the Right lion. Gentle man f 6 explain what be meant by imputing to him the promulgation of doctrines ehamelee and unprincipled. Mr. HUSKISSON 'said, he would repeat what he had already said—that the doctrines advocated h-,; the Hon. Member (Mr. Attwood) were calculated to promote fraud, and lead to rtatiutial bankruptcy. Mr. ATTWOOD re that the Right Hon. Geode man was the advocate of doctrines far mere calculated to promote fraud, and lead to bankructry, than any doctrines which he supported. The Gallery was then cleared fur a division— For the Amendment of Sir J. Graham Against it 154 Majority against it lO9 Mr. G. DAWSON brought in - the Annual Appropria tion Bill. Tie other Orders of the Day were then dis poeed of, and the House adjourned at a Quarter to Tian o'clock. THE MARKETS. COUNTRY conN DIAnKETS DURING THE WEEK. i ßrans. Per Quarter. '1 6 ‘ . ‘h W e le t ., „. .. Filandford •," 7 7 8 24 33 34 Brigg.---- 50 55 25 ul ' 36 Cambridge—.— 57 so 4,1 4$ o to atl 23 . Chard 56 66 ne 3 8 4 ,4 ig Huntingdon 53 56 23 26 22 , 4 27 a , Long Sutton— 48 57 16 40 44 Louth 5O 54 25 %I 16 70 NA, 40 Lynn,. 44 58 1 30 16 94 5. 4.6 Newark --... 48 59 29 35 90 30 44 Nottingham ....—. 58 62 35 43 SO 40 41 Peterborough 40 60 26 30 18 25 Plymouth 55 31 25 53 Sleaford Uppingh2un 52 56 t‘i 32 20 28 10 44 isbech 46 56.95 27 16 23 38 40 CHELTENHAM MARKET.—June Per BusheL 5. d. to e. d. Per lb. d. to e. I Wheat CHELTENHAM Per BusheL 5. d. to e. d. Wheat Barley 03t$ 4 9 6 6 IL; Mb:: 5 0 8 0 Pork Hay 31. Os. to 41. ( .—June • lb. d. to!. . 8 S n ?i& (3 8 9^ • et r. pet ton. Beans Prisfre LEWES DIA RKET.--June White Wheat (per quarter) .£3 0 0 to £3 Red ditto Barley . ........ ..... Oats, New 1 0 0 1 1 0 Pease 0 0 0 0 0 0 Oil Cake, New l2 10 0 pet thou:lift& HULL 34ARKET.--Junca, This Market continues to be met with a very linsitsd supply of Wheat from the farmere, and we have a fair de mand for the best runs at fully as good prices as last Week, and in some instances a trifle more has been obtained. 'tie. secondary qualities and Foreign may be toted without al teration, but the demand limited. Oats support late prices, and although we hare not much business passing, yet there is a more general enquiry for this article. Good dry !str eets of Beans are in demand at our quotations. We harp no malting Barley offering to-day. In Rapeseed and Lin_ sued no alteration. Wheat, Old 523. 31s. --s Kew --s. 486. li-A4. --- Foreign . ..... ... --€. 54. 546. Oats, Poland --s. 203. 245. ...... Old ..... .... —e. 268. 1.;•. small or Feed —a. lt. 16s. Foreign —. 21s. 225. . .. ,, ,a, .--1... --6. Barley, Norf.& Sul ... —e. 3.-. 3:.b. Line. & Wold —s. 286. Y.V. -- Foreign —a. —e. —c. Beans 3Ss. Vis. 425. Foreign ...... ... —6. —a. •4a. Pease, 'White —s. —s. —6. Grey --s. 326. 34a. Tares —a. 366. 40s. Foreign —a. 30s. 34.=, Rapeseed, in bond per last none. Free --1. 221. Zst, LEEDS CORN MARKET.—June 3. We had agood supply of Wheat, but notmtich of (Abet' Grain. Fine fresh Wheats supported last week's prices, but the demand was only limited, and middling samples were entirely neglected. The little Barley offering brought last Tuesday's rates In Oats, Shelling, and Beane, there was Pc:steely any thing doing, and prices nominally the sante Wheat, Norfolk and Sul%lk, 60th. York. and Lincoln. 601 b. .523. to fsss. e .., Barley, Norfolk and Suttblk -- Yorkshire and Lincolnshire -- Grind ing Beans Oats, Potatoe . ilia. to 28s. : 1 - ---bleating, Foreign ltd. to ltd.... English lid. to 12}0. per et. Shelling 27s. to 28s. per toad. Rapeseed, English, 20/. to 231. Foreign, --/. to —/. per last. MANCHESTER SMITHFIELD.--June 4. At per lb. Finking the °Md. 2,VJI dd. to '7O. 13 I. to '; 46 , 3 Cattle - 4 611152 Pigs 5 6, 2,220 at 61d. to Bd. MANCHESTER POTAI'OE MARKET.—)Iay 31. Potatoes, 3s. Od., 3s. dd., and ss. Ql.per load of 12 score and 121bs. ; New ditto, Os. Od., Os. (M., and 0. . p e r ditt o ; T urnips. Os. Od., Os. Od. and Os. Od. per load of 16 pecks; Onions, —.J. —a. Od., and —.s. per 12 score. MANCHESTER YAI No. d. d. throb - tic Twiet, 20..101 to II 12i 13 40 151 r 7 Mule copTivist/ ..11 .1 12 for 4.0 —l4 13 30..17f 20 60 -.20 fa TO —23 26 SO 2"; 30 N MARK, 71 . .--June 5. 30 14 to 114 40 ....- 11 j 1 J 2 14 P 60 - IF 2rl SO 22 ioo 24 31 120 -- 54 Ai 10-- 7 H 14.....-. Se 9 18 9 24 ---. 10 )04` Mule Cop Weft..' Wefttrom waste MARKETS.—Jurre o atmea l, per ft. is. rd. to2s. Ri Pemomwl 2 u a 4 Pot Barley, cwt 1:: A t 7 0 Peed clitto 20 8 f ;. k.t 0 G r ey Peue -12 0 0 0 White ditto ly 0 14 Blue ditto. l3 0 14 RKETSY GLASGOW RETAIL Beef per lb. Os. M. to Os. EkL Mutton 0 6 0 S Veal 0 6 0 Hams 0 0 7 Lamb per qr. 0 0 0 0 210artern Lout.., 0 9 0 0 Flour, per stone 2 0 2 9 Rye I 6 1 DUMFRIES MA.. s.d. s.d. Barley 4 Eggs, ac'zQn .......... 5 0 Wheat, Imp. Bush 2 6 :t0 2 7 Ni p:t u t: firer , 5 00 d 84 . t0 5 00 el Oats Flour, I " 0 0 3 4 5 Oatmeal . . ... ...... 1 0 Potatoes, cwt 0 0 Quatteni Loaf 0 7 0 S CATTLE mAnKET.—The muds this week exhibited the most numerous show of cattle that we have seen this three-olds ; 461 two season ; their respective numbers were as follows ;-154, 347 highlanders ; 813 stirks; 107 queys; 45 cows, and eight bulls—total 1,345. The drove cattle, with the exception of one lot or eo, were by no means a superior show, and dealing was much the earns as it has been for some weeks past, that is, rather slow, and prices considered low ; the best lot in the ra&et had been exposed at Crocketford the previous day, and did not find a purchaser there, but was disposed of here three at about 121. per head; the other lota sold at from 91. to 71. per head. We are happy, however, in being able to speak in different terms of the dealing in grazing or emtll cattle ; the show embraces beasts of every description, and we have seldom or never before seen such a number of per sons anxions to buy at one market. Business commenced briskly in the forenoon, and continued eo till neatly the whole was disposed of. The priers of two-years.olds rated !corn 71. to four guineas per head; and sticks from 5/. to 2/. 10s. We have seldom seen a better market for small beasts, and it was computed that an advance of 58. per head had been effected. The highlanders were a good show, but could not be said to go off so well as the Gallo: ways ; a fair proportion, however were sold ; the picks for two-years olds rated from 5/. to 2/. 10s. A tiotaer of (*Ws were disposed of, at from (3/. t. 1L per h ea d. Yeari.:l7 ............ 0 „ f