The Sun. — London, England, 1816-04-30 00:00:00

NATIONAL CURRENCY. MAJOR TORRENS TO tt-TE EARL OF LAUDERDALE. LETTER VI. TSTv Lortm—The evil resetting. from a sudden rise in the value of currency., will firnbahly be come more obvious, if we trace the effects of such a rise noon a particular branch of industry. For this purpose we select agriculture. In tke year 1792, the price of the produce of land was lower Chap it is at present. _What, therefore, can be the cause, that in .the former period. the farmer WaS in prosperous circumstances, and that now he is in a state of bankruptcy ? The only ra tional answer to this important ques ti on i s , that in 1792, a continuance of comparatively steady prices had kept the farmer's Stieulated money rent in conformity with the value of the net produce; while at present the money rent, and its portions, tithes and taxes, which Were laid on during the excessive prices of the war, not only exceed the value of the net surplus, bet swallow up that portion of the gross surplus tshich should assume., the form of profit, and even trench upon the efts , . pital which should be employed in reproduction. Now as it is impossible to keep, in any farticular country, the price of agricultural produce consi derably and steadily above the level of free in tercourse, we cannot, raise the value of the net supplies to an equality with the amount of stipulated charges. The only remedy, therefore, to the present agricultural distresi is, by the slow, reluctant, and.painful process of bringing down the amount of stipulated charges to the va lue of the net surplus. This process, which has already been commenced upon a large and ex-, tended scale, a return to cash payments would counteract. The repeal of the tenants' property tax, the removal of the war malt duty, and the tax upon horses employed in. Itnabaudry, mea sures which, if the value of currency remains un altded, are calculated to give such important fa cilities for bringing down the fixed charges to thp level of the net surplus, and forrestorieg*the far. mer to bis former floorishing condition, will prove unavailing, if the currency is raised in value. If we raise the value of the pound.ster fing, reductions still more considerable must be made in reels, tithes, and taxes. As landhwds and rectors have stipulated engagements to make good, and as GOVCIIIMent has fixed salaries to pay, the increased value of ,the currency would prove an inadequate compensation for the diminished sums received. A. general stagnation would return, and confidencefand production would receive a eheck, rendered more serious and inveterate by the repeated failnre of the measures front which relief had been anticipated. If the Bank were to resume the.payment of its notes-in guineas, the value of the paper currency Might freqeently be raised considerably more than 18 per cent, above the standard of the silver eoin. We have sheivp, front general principles, the local fluetuations to which A oki is liable ; and it is a fdit opon record, that this metal has risen I 8 per cent. above- its customary proportion to silver: That which has happened one!e, may oc cur again, Should the Bank, reline to gold pays meets, the paper currency, which 15 now in co-O fortuity with the standard of the silver coia, might he raised 18 per cent. above its present velue.— The excessive embarrassment which so great a rise in th e value of currency would produce; it is unnecessary to attempt to describe. If we would nut increase to a frightful extent the stagnation and loss. of confidence. which have arisen from a sodden depreciation of, agricultural produce, we must guard against a rise in the value of currency, by continuing, for two or three years longer, the suspension nf!cish payments.. It will not he aitificieut to continue the Bank restriction for a single year. unless the period shall be prolonged, the Directors will begin im mediately, to regulate - their issues, not by the wants of commerce, but by the priee of bullion. Hence, as we hase already seen, the elastic power of the currency will be impaired, and an impoiss tent facility for the re-establishing of confidence destroyed ; whileltist as our agriculture is begin ning to feel the beneficial effects-of the reductions in rents and taxes, the diminished supply end in- creased value of currency, will again cause the fixed charges upon the soil to exceed the value of the et surplus, and thus renew the disasters of the fernier.' uring the present crisis, every measure that can have the effect of railing the value of thecurrency, should be carefully avoided. Whatever periOd the Legislature shall fire fur the resumption of cash payments, it is highly cx pedieet that, et the same time. silver ,should be rendered the only standard of our money. This Metal, as we hatre already shewn, both from.ge neralprinciples, end'froin recorded lasts, is much less liable to vary in value than gold. It is Arne, indeed, that for twenty years previous to the suspension .of, cash payments, the market price of silver va l i d much more that) the market price of gold. But the price of the metals . is very different from their value. The barrenness, or the fertility of the mines mayat any time oeca. situ) an excessive elevation, or depression in their value, whiie,their price is liable only to those very moderate ilitetuatioos which, as we have seen in the prsccding pages, ariae front the domestic coin beieg less eligible, a a foreign,remittanee, titan bullion. A diminution in the supply otgirld may, at any time, raise itS'vaine a hundred per cent. ; but its price, aSeX pressed' in .gold coin, cannot .he raised 'above fottrOr fire per cent. lichee, while gold nas the standard to which our currency..waa referred and conformed, the price of -this metal nlight appear nearly.stationary, While its value was subject to great and frequent fluctuat ions.-- Thiss,was the case for many years previous to the iuspensiotfa cash payiaeLlUs Multi having sunk below its relative value to silver, 'became cheapest medium of paying, any given sum ; and was therefore used as the standard of value and currency. The pound sterling became a. deno mination standing for a given ,quantity of gold; and thy price of gold, being expressed in gold.,..was nearly stationary, while the pric - e of silver as ne cessarily varied with the varying value of the gold coin in which it was also expressed. The case was reversed, when the suspension of cash pay ments caused the price of the metals to be no longer expresSed in gold. 119th gold and silver were now measut ed in the genii note ; and, as general principles would lravc led us prevional-pro conclude, the price of gold fluctuated ft equently anti considerably, while the price of silier, though also subject to variations, was comparatively steady. Thus-both general-principles and expe rience concur to demonstrate, that the. value of silver is more uniform than that of gold ; and that therefore it should, whenever cash payments are resumed, be rendered the only standard of our currency. No person who will investjgate principles, or who will examine,' faCts, can hesitate to admit, that for.all domestic purposes, silver is a better standard for currency titan gold. With refereoce jo foreign exchanges, it will also be found to be a far preferable standard. Silver is. the standard adopted by rrll the commercial nations except Englatol ;, and in consequence of our deviating in this respect from the general custom, consider able confusion and oncertainty occurs itecirculat ing the par of our foreign exchanges.- As 24 hetes from vile Freneh mint, contain - the 'same quantity of silver as twenty shillings front the English mint, 21 is, with reference to (*sr silver coinage, the par of exchange with France. But it gold is to be the standard of our currency, and the pound sterling is not to be equivalent to ttventy shillings io silver, but to 20-21st parts of a guinea, then the par of 'exchange must partake its all the ilnetuationsto which the value of gold is Tweoty-foor livres in }'ranee will pur chase a bill for a pound sterling iorEngland, when the .pound sterling is eqeivaleotto the same Two,. City of silver which is contained in the twenty ,four limit. And if the quantity of gild pressed by - the pound sterling rose in value so as to be equivalent tb the quantity of silver contain -ed in thirty livres, then it would require thirty dims in France, to purchase it bill upon Eatiland 'for a Fiend sterling ; and the par of exehange between the two commit:4 would become 30, in stead of 24. Hence we see that if geld'is made the standard in England, while silver continues to he the standard in other countries, the par of ex change with those countries cannotfor any.length of tiine_he ASCertriinedi but must fluct ua t e e i t i t veto y alteration which takes place its the relative value of gold tool J Aver. Thus we see, that•whether with a view to noi formity in the valet: of our domestic catrreuey, or to steadiness in thu par 'of oer,foreign eXel t aoges, it is o`eeessary that we'should adopt silver for v•ktr standard. But it is not merely inexpedieet, it is, under existing circumstances, absolutely imps sible that the Bank should pay in gold. Silver ie at, present 5 per cent. belOw its relative valueavith respect to gold. If the Mint were re-opened to the coinage of both metals, then, as silver coin is by weight a legal teroler for any sum, the per son who purchased silver bullion, nod carried it to he coined, would, after allowing one per cent. for trouble and delay, be enabled to liquidate a Jebt cheaper by four per cent. than if be paid in gold. Hence the resumption of cash payments anti " the opening of the Mint 'to the coinage of 'both metals, would have the effect.of throwing upon the market a vast additional mass of -silver currency. This addition would cause the Joy ply of currency to be iu excess with respect to the supply of bullion, Currency would there fore tall in value ; and it would become the interest of individuals to_welt the colt,. Now, 'as gold exceeds' the relative proportion to silver, defaeingthc gold coin, would yield the greatest profit. Hence a run 'would be made opo'n the Bank for gold. Every note which it issued would be returned upon it in exchange for guitseas. These would be immediately melted, and-'sold at their bullion value ; while the Bank would be compelled to purchase gold at the encreesed mar ket price, and to pay it away at the mint priee.— This ruinous process wottld not only swallow ti its profits, but trench upon its capital; and would speedily e4tpel the 'Directors to apply for a re newal of The restriction, or for a law' rendering silver the dilly standard of currency. If the present high relative value of gold con tinues, the Pediment must, sooner or later, alter the laws which regulate " the Mint, anti determine our ,legal tender. If gold be made the only stentire'rd, the value of Our do ! . mestic currency, rind the per of our foreign ex changes, will be liable to considerable and frequent fiactuations ; if silver be made the only standard, the former will be comparatively steady, and the Which of these standards the Legis lature may adopt, it is impossible to predict ; `but withoot incurring the hazard of contradiction we may assert, that while things continue. as they are, while gold remains above its relative proportion to Sayer% ) and both gold anti silver may be employed as legal tender, it is absolutely_impossible that the Bank should, for any lengtk of time, resume gold payments._ . . . If the difficulties which 'under the actual rela tive value of the metals, and our existi ng laws press upon the Bank, had been a little.more attend ed to, weshould have had less of its extraordinary profits and u n divided treasure. Were these pro fits and this treasure double what they are by some persons represented to be, they would be inadequate to cover the loss which, under existing circum etalieeS, a returu_to gold_ payments would occa sion. Until the present crisis is past, and the Le g id ature h a s had time to revise the reguiutions of the Mint, and the laws which determine Our legal tender,, it will be the highest wisdom in the Bank Directors to rctains large dispoiable fund, for the ,purpose of meeting the emergencies which may Occur. In concluding these pages; t may not be impro per again to'represent_the imperious necessity of aVoiding„ during the present period of difficulty, every measure which nay have the effect ofra4- ing the value of our circulating medium. Even . if oar currency were depreciated below the standard of silver (which it is not), this would not he the time to attempt to restore it to a healthy state. — To the person who had lived on artificial stimu lants, a sudden return to a natural .. and simple re gimen might be immediate death. In a country where the contracts between man and man bad .beenentered into upon the high prices of a re dundant currency, the immediate withdrawing of theAutstomary accommodation might induce uni versnl stagnation, and palsy all the nerves of in dustry. Whether with respect to physical, or to political health, a too sudden transition even from a bad to a gong system, is attended with pain. .and danger. When deviations from the established course of things become necessary, " Slow should the change arrive, and stage by stage, Slow as tise shadow o'er the dial moves', Slow as the stealing progress‘of the year." And now briefly to restate the practical con clusions deducible front the preceding pages. During our present embarrassments,. and until things re-adjust themselves after the transition from war to peace, it is desirable that the restric tion upon the B a nk s h ou ld h e contimned ; so that our currency may he kept steady to the customary and level value of the metals, and prevented from, participating in their occasional _local elevations. Before the resume ion at cash payments it is essential that , the regulations of the mint should be. mised ; and that, in order to give 'greater steadiness to the valne of. our domestic currency, as well as to-,the par of, our foreign'exchanges; silver should be rendered the standard of our • • money. I am your Loniiiiiip's obedient and bumble seri/ma, ROBERTfORRENS. GERMAN FRANKFORT; APRIL 10.—The fair begins to be very lively, but however is among the n u mber of those which are something better th:an The Eugliith white goods retain the advantage oil Recount of their cheapness and goodness, but in printed goodi there is more demand 4or Swiss Ma nufactures, especially on account 'of the newer taste of the patterns.. The Saxon goods of this last deScription, will also not he'put" out of the marliet_ by the English, at lefist not this pan &rate ex pect that cotton will Vise much. NVREMBIIIIO, APRIL 19...-" The Correspondent of Ocrinany contains to-day tlie Wowing article from Russia :--- " The important and tine provinckof Finland was of great consequence, in 4 finanCial and eco,- notiical point of view, to Sweden, which 'is so pnoi in internal resources ; for the colossal Rns 'sjan Empire it has more interest in a political light., In former tinkes Finland furnished 'a con siderablepart of Sweden, and particularly the ca pita), with some of the first necessaries, wood, butter, salt, 'unthread corn.. If the Finianderswe t e at first . dissatisfied at the change' . of their overn mew, became they feared the Russian 'despot ism, they now 4ove Emperor Alexander and their Constitution to such a degree, that very few in deed desire to return to their former condition. " 'The ancient Finland Nobility, which are nu-- merotts-, and now live chiefly.at St,Petersburgh, at Court, are treated by the emperor with parti elar regard; he loads them, and the persons in public (takes in Finland, who have mostly retained the places they held under the Swedish Govern ment, with titles ,and orders, and relieves :the people from taxes when they.are too oppressive ; i n short, he abets so evident a prepossession in favour or this.pro‘ince, that the,gussiens toe e een jealous - of the Finianders. A great, part of the a imoat revenues of • the country, which, accord hig to most exact accounts, are estimated at 4,000,000 Swedish Batik are expended in tlie country itself; new roads and canals are made ; the internal communication aequires'daily 'more life ; the fortresses are greatly strengthen. ed ; Sweaborg, the Gibraltar of the North, has cost Sweden twenty millions Of Swedish Bank dollars, and a period of 20 years, to 'complete it : all the works are hewn out of the solid rock, and are defended by 400 pieces, of cannon. Of late years this fortress has fallen i alittle into' (lacer; but workinen.arawnow employed in repairing and enlarging it. 'the mild liberal: Government has tha happiest influence on the population, and Fin land bas now nearly a million of inh a bi tan t s . M ay the treatment of Finland be a proof to the Poles; that they. els° will, speedily advance in civilisation and ,national .wealth, under the sovereignty of Russia.". When the Principality of Iscnburg was taken possession of in July last for the &mperor of Aus tria, all the financial resources were left to the country, and up to this hour no •revenues, not even the unavoidable expences of the Administra tion, have been levied by, the august Sovereign. Notwithstanding this, the battalion of isenhorg, which has been taken info the Anstrian service, has lately received from the Imperial Treasury its proportion of the considerable douceur given to the whole Imperial army. VRON THE Lowee ELue, APHIL 3.--The re port of the death of the King of Sweden is.not confirmed. Another report, that has been some time in circolation in Stockholm, pretends, that at embassy will shortly be dispatchecc frot- , Swe den to the Continent, to apply to a great Court ,for the baud all Princess for the Duke of m i li t ia (Oscar, son of the Crown Prince). LAW INTELLIOE!sICS. ARCHES-COURT, APRIL 29. ELLCKMORR AND THORPE, V. BRIDORt This was a criminal proceeding, promoted by the Church-wardens of Hastings, in Sussex, by reason of an incestuous marriage, It appeared that W. Brinier, after the death of his wife, mit. , ried Mary Walton, her daughter by a former husm band,; there was no appearance'given on the part of the dekudant, and Sir JOHN NICHOLL was of opinion that the charge was clearly established, and pronounced the marriage to be null and void r condemned the defendant- in the casts of the suit, and ordered him to do the usual penance in suet/ cases. A similar proceeding was then ;heal(' against the wife, and the same decree pronounced. POLICE INTELLIGENCE. QUEEN-SQUARE. Muatm.--1-Yesterday Wm. Dodd and Andrew Burton were examined on a charge of attempted murder in Newton -court, Chandos-street. prisoner, Andrew Burton, who has eluded the search or the Police for a month, w/o takent into custody in a house in Old -street, Goswell-street. a. His father, an old man near 80 years of age, 'as in the office when he was . brought up for examin; atiou, and uncommonly affected at his son's awful situation. He was remanded 'till Monday next. • HATTON-GARDEN.—Yesterday a young Grade' man, whose father is in a high official situat k " in one of the Eire and Life losurance-Officei, wai examined at this Office, charged by a gold awl silversmith with obtaining three gold wateh chains from him, u n d er f a l se pieteuc i s . mantled for further examination. One day about a week ago, the ba4in of iti° lll trose presented a novel and beautiful spectacle, as less than eighteen swans being seen majesticallf Balling along the bOsom of the water ; and, about a fortnight previous to this, three birds of the same kind were shot in the basin, by the gamekeeirt of Dun, one of which measured nine feet betwlsi . the wings, and weighed 32 pounds. On- Friday afternoon a most destructive 14.0 broke out at the malt-kiln of Mr. N:ish, of Aland! den, near Bishop's. Storiford, w i t h 0* whole of his'premises, and, outbuildings of Mr. Pat mote, contiguous thereto, including stacks ok corn, tray, and straw,. were consumed. Th. -damage is estimated at 15,000/. Oh ,Setturday night a thrashing-machine, be longing to Mr. JOHN FENTON., of Whelnetharn, was set fire to on the premises of Mr. StARJBANTf of Cock field, and entirely consumed. An fnquest was held at Wherwell, on the bod? `of Chariot Golding, Clerk of the Parish, who... arierbeihe absent horn his tromp all night * .WaS found the'next morning suspended froM one of the,g bell-ropes in th'e church ; when so many instances.. of mental derangement were adduced before thgt• Jury, the without the least hesitation pronouneek. their verdict- - Lyn acy. In Holbeach, Lincolnshire, Jonathan Watson, Esq. on the 17th instant, aftit' some previous at-1 tempts at self-destrucCon, cut. bi,th his arm* across with his knife, so as to cause hi s d e a t h ia a few minutes. The Coroner's verdict wasfe.i o de se, and his remains were interred in the cress roads. Mr. John Beckley, butcher., of Southampton,_ on his way to Swindon-m ar k e t, was k noc k e d off his horse by two villains, and robbed of 58l.; nes content with which, they diabolically attempted to poison him, by forcing a liquid down his_ throat from a phial, the neck of which -, he very fortu timely happened to break in his struggles, but not before be had swallowed some of the preparell }'. Y ~~ Y 0 A melancholy occurrence took place on 'Friday . oo board the Mont Blanc in Plymouth harbour. Mr. PATT-ERSOW, the gunner, attempted to put an cn4 to his existence by discharging a ship's . pistol through (:is head,. which is so SiAOCkiilgar shattered that little hopes are eutertaitied.of ti recovery. METEOROLOGICAL JOURNAL. 1 - 'riviriliornster. Weather. . k.: „; ti • • •-; • 44 . Aril 0 • - • •,'- 0 Ilicilei a 419 40 45 35 29.20 Fair Cloudy 9 42 41 45- .40 .29 Rain Itatin 14 15 46 50 40 .27 Cloudy Cloudy 11 42 40 'AS SS - .64 Rain Do. 12 43 41 47 34 .75 Do, Do. 1.3 37 31i 40 23 .4: I Snow Fuir 14 33 35 38 30 .G 1 Do. Cloudy aro,. BIRTHS. Yeiterday, of a son, the lady of George Watson Taylor, Esq. Yeiterday, at his house On Friday Monday, I Ken, K. N. , of a son, iu Sacillr ~vst Hudl in Mancial ()fa sou. star. , the laciy oi t-row. ley, the. lad lestcr-street ly of Captain Kater, of a son. t, Oa lady of Captain rI. IL• MARRIED. On the lath instant, at the House of the British Ambassa dor, Brussels, the Hon. George Thicknesse Tuchet, to Janes eldest daughteX Emu Admiral Donnelly. On the 19th, at St. Luke, Chelsea, Lieut. T. H. Edwards!" to Georgiana Xleadcws. On the t6th, Charles Ballinger, Esq. of Chalfont, Glow* . terthire, to Sarah, daughter of E. Jones, EK. of PoolsPonls' II erefords hi re. Ou the 24d, Patrick Gorman ' of ?derrien-square, flublitts Esq. to Marian Louisa, se c on d daughter of the late Samoa Joseph, of Bedfunt-square, Esq. DIED. At Greta Hall, Keswick, 'o n the 10th i ns t. H e rbert, the only sun of Robert Southey, Esq. poet-latereat, aged Hi" Sears ; a buy of uncommon promise, bating (at that earl! age) obtained, in a real degree, a-pro fi ciency in the foll o r mg languages, viz. English, Latin, Greek, French, Spots" , and German! On the 20th inst. at Etton, near Beverley, the , Ret , k-sThh is ' Fox, M. A. in his 74t h year, Rector of that place, and Siet9": in the county of Ynrk, and Chaplain to the First lief o n " of Foot Guards. At Presteigne, 426th instant, in bb 72d year, George Hat ding , Estqo the.ir Q t ue du: n. tice of site Brecon Circuit, and Attort le r General LONDON: Prinreti try J. B. CARFiTAIRS, No. 7 Coy , " buildings; and pal)tished by W. A. SCRIPPS, of 15 r I J‘' t ''''' at the St l : 4 -3Friet, No. Sttand; where Adver;il 100;34, Orden, Lutturs (IA stilitid),Bo.must kg 04(9i 341 * •