The Sun. — London, England, 1816-04-18 00:00:00

-- NATIONAL CURRENCY. LErrtit I. ?sIAIOI TORRENS TO TIM EARL OF LAUDERDALE. MY Loki,-•.-}'or addressing a piddle men, on a public quest ion, no apology is necessary. I shall lo.oceed, without further prefate, to submit to your Lordship some observations ()tithe theory of motley, anti on the expediency of continuing the , restriction of cash payments, and of rendering silver t!ie standard of 'our currency. Money is any commodity which general cor= sent estaolishes as the measure of value., and me diom of exchaoue. Now money, being n 0,11101; than a commodity employed in performing cer tain functions, most, like every other commodity, be subject to the laws of supply and demand. On this nrinciple, therefore, I will proceed to illus trate thnse variations in the value of money and of currzney, which the fluctuations of foreign trail , tiol the balance of foreign payment occa sionally produce. Let us suppose that the rate of exchange be.. tw!.!ti England and the Continent is at par ; that, after the demand fol. each others co:nmodities is inriiiially - supplied, the debts are exactly balanced by t ii edits. Now this being the previous state ot things, we-will suppose farther, that a had hareet (seems in England, and compels her to import front the Continent a large supply of corn. As all commerce is an exchange of equivalents, something must be sent abroad to pay for this foreign graill. The first question, therefore, to be considered in this case; is, what commodity •will he sent out to pay/or it ? The ordinary con tinental demand for British goods, is, by the sup position, already supplied what articles .there fore will form the basis of that extraordinaty ex tant .11 c, .t c must take place ? Self interest is tire. .spring of every commercial transaction; and the merchants who have Mem red foreign debts by an extraordinary importa tion of corn, will export in return such articles as may enable them tp discharge those debts at the cheapest rate. The„basis of the extraordinary exportation, thereforeovill not be taken in equal vroportions frorri the general 'mass of cumin° cast . ies ; but will consist of those particular articles which mite be sent abroad at. least expeilCe, and which are least likely to glut the foreign market. For example, if, after the .two countries mutually supplied each others ordinary' wants,. . Et:gland were obliged to import corn frinn Fratteee to the moonlit of a million sterling, she would not pay this debt hy sending is France an increased 7 qoantity of cords, 01' oPeasf:iron, upon which she would incur an enorolotts expellee for carriage. Neither would England attempt to liquidate b e e , extraordinary debt to . France; by an extraordinary . expoitAtion of steel %vatcle.springs ; because theSe articles, though possessing great value in propor- . Oen to , their hulk, are yet of such limited demand, that they would speedily overstock the foreign market, and consetincntly be sold at considerable . .loss. Those particular articles, therefore, which can lie conveyed at the cheapest rate, and which arc least liable to glut the foreign market, will rayS form the basis of that extraordinary ex p cation which is resorted to for the purpose of paying foreign debts. Whatever may be the commodity which, from, the cheapness of its carriage;and the universality' ,of its-den - mod, merchants may select for the tow liose cif litpaidating extraordinary foreign debts,. ..that.courrnodity, its supply diminishes in the home toNrket and increases •in the foreign, Will necessarily have its value Tithed in the former and' :lowered in the latter.. Here, therefore, the itn portaut queStioti presents . itself, namely, when the. *commodity Which the merchaot has selected for , the purpose of liquidating extraordinary foreign, debt has beets rendered duller in the home, than . in the fOreign. market,' will it continue to be. es. :ported? if We.cao arrive •at a right decision upon, this question, we shall obtain a clue to - stime of the toast intricate recesses of the theory of money and exchange. Let` es sop Pose that a deficient harvest in Eng land has raised the price of corn so high , that the merchant who ,i'mports a supply of grain from France, can, on this first part of his transaction, obtain a profit of thirty per cent. Now,' if fine cottons are the commodity which be exports in ig pment, and n these will sell its France at a price which exactly covets the expence of sending them thither, then it is evident that the Merchant, in balancing his account by the exportation of cot tons, can sustain no loss ; and that when the. whole of his-transaction is completed, he will still obtain a profit'of thirty per cent. Nit if cottons continue to be , sent 'out of England, not for the purpose of supplying the ordioary commercial de mand of France, lint in order to balance an unfit- Vottrable account incurred by an extraordinary importation of corn, 'it is evident that the supply will diminish lir the former; and increase in the latter country; anti consequently, that these gonds,:when measured by every other commodity eteepicorn, %yin acquire a higher value in Eng.; :land titan in France. Let, therefore, the value of cottons rise in England and fall in France, to such a degree, that the merchant, by sending them from the former to the latter conntry,ln orderto balance WS account, sustainilt loss of ten per Cent. Bit in importing the corn, ire paying tar Which - tie ` e — mast incur this lops, he bad acquired thirty per cent. His, profit, therefore,,upoo , the wholeirausiction wilikse twenty'per cent.; and in order to secure this, he will, unless some other goods can he sent abroad at a cheaper rate,,con. thole to export cottons; though they - shoeld be ° denier in the hotne ( than ) in the foreign market. The question tiler fore at lses,,cannot souse other. I toodsheseirt abroad at a cheaper rate?- By the sup s position,allionnunditiA,except corn and cottons, are, both in Euglatni-and in France, at their Ordi nary Midlevel value anti we ha 6 now, to in quire, whether 4amt of titcse commodities, on which 110 loss could he sustained, except than will+ arose from the expence of carriage, might not he s ubstfotted for the cottons, on which a lost of tell per cent, must be sustoinctl ? This can he Ilttermitied only by comparittg:the toss-arising thom - the carriage of other commuditioti with the oss sitstaioe ci b iy sent i~ +~ e~ C COCEOIIS 11-4111 dearer to the cheaper market. Cottons cou'4l have been selected as the back of, the extraordi nary export, only because .they furnished the means,of liquidating, at the cheapest rate,. the debt incurred for the foreign corn ; and it the loss Mow' si,:ilainet by their becoming dearer In the home than the foreign Market, be less than thelo4s sustained niton the currio,v of the next ell iy,le. article for export, then: it is eviaent•tioat they will still furnish the cheapest means of dis charging the exti - Aortlinary foreign debt ; and that they will contiutte, to be sent abroad, though dearer in the linif,tl than in the foreign market. Lei, for example, woollens he the next eligible articles of exportation•; let thetivbe o equal Nit- Inc in England and in France ; and, let the, ex pence of sending; them from the former to the fatter country, be fifteen per cent. In this case, one half of the profit '.oht9ined by importing the corn woold be lost by Italancing the "account with woollens, But the loss sustained by balancing the account with 'cottons Mould be only ten per' cent, or one-third of the'Prok obtained upon the corn. It is evident, therefore, that tire merchant would not begin to purchase corn with woollens, until cottons had become so _dear it the home market, that he could not dispoie of them :Abroad without sustaining, on that part of trausac tion, loss of 15 per cent. Hence, when a eon, siderahle profit tan . be made by an ex.iraordinary importation of any commodity, articles on 'which the expellee of carriage is small, and which are little likable to glataity particular market, will be employed . to balance the account, until their tit-. utinkhing'slipply raises their value in the home, so far above their. value in: the foreign market, that the loss upon sending them abroad equals the loss attending the transmission ofthenext yligi ble article of export. Having thus shown that a commodity may con- . Chute to be exported, though its_ value in the borne should exceed its value in the foreign in,ar ket, I proceed to apply this principle to tine bul lion market,' and to the expounding of the them y of money and exchange. The precious metals possess, in an eminent de gree, the yialities which render corninodities eli gible as the basis pf that extraordinary exPorta-' tion which a great foreign expenditure, or an unusual imp o rtation of ,corn, may occasion.— Possessing great value in small bulk, they.ean be transmitted at Fide expence ; and E?eing: Cm- : played as'the measure of valne, and as the uni versal equivalent, they rapidly pasi 'oiT in ex change for any thing which may be More in de- , mand than thenntelves, and thereiore are of all commodities the least likely to glut any particular nutiket. ,tkence, whenever . any foreign debts, beyoitd what tee ordinary transaction's 'of coin- Met cc can liqu date, are incurred, the tat eions 'metals reilL in ti'ie first instance, be sent abroad to pay them; and hence, in a#l such instances, g,;014 and silver W ( ill become scat cer . antl more va loahle in the home, than in the , foreign market. A rise in the value of metals is, inneed, the sante thing as a reduction in the price of all other coin . Modiiies'; and this reduction must necessarily en courage export, 'laud check import, anti thus, without any farther transnrissiim 'Of gold and silver, tend' to balance the account. It is telf.evi.- dent, however, that this 'three(' exportation of ether commodities is the consequence of the di minished supply and increased value of the ate tats and that instead of being a proof' that they every where preser%e a level, is the certain indi cation that they have acquired an extraordinary elevation iii tthe home market. After gold and 'silver have 4cquired an eX . traor. (Hilary elevation in the home marker, those': fo reign debts Which the usual operations of Com meree'cannot balance; May be liquidated by other commodities ; and the ex pence of Itansmitting these will 'mist tnte the lunit, beyond which the value of the 'metals in the home, cannot exceed their value in the foreign 'market. For exiniiple,, if an extraordinary foreign debt caused bullion to be'snidracted, until its value in the borne mar 'ket 'became so high that the loss upon sending it' abroad amounted to ten per cent. ; and if the loss 'upon transMitting sug4t and coffee (the prticles in the nextdegree eligible as the basis of extraor elinary exportation) lionld be ten per cent.; •then the farther, subtraction of bullion 'would be _prevented; because, should its siipply in thehonie market Ire any farther diminished, its value would i~isc'until,the loss opthi 'stiting it abroad would be More than ten per cent.; that is, more than the loss sustained by balancing the - account with sugar and coffee. But merchants always seek to balance their accounts in the cheapest manner ; and therefore, while sugar and coffee - cotild he transmitted at ten per cent., the :exportation - of bullion would cease before thetost of sending it abroad began CO exceed that rate. But should the forced exportation of sugar and coffee (race !ion a glut of those articles in the foreign market, and raise the loss upon sending them - abroad fifteen :per - cent.,, then; indeed, the exportation of bullion would be resumed, and its value in the home, would be elesated so far above its value in the foreign market, 'that dole loss upon 'sending it abroad would be also fifteen per cent. This would form a new limit to the farther diminutiOn, in the supply and rise in the value of bullion. 'ln every instance, arid ia every stage of the progress, the degree Of loss sustained:upon exporting die' last' article with which the merchant may most cheaply bajanee'those foreign debts which the ordinary operations of commerce cannot liquid Ate, will regulate the degree in which the value of bullion may rise in the finale', 'above its value in the fo reign market. From the principles which have already been unfolded it necessarily follows, ;hat when an un favourable balance of payments raises the value of bullion, the builitin of different metals will he raised is different proportions. As the commodity which, can be triinsmitted at the least expence, or, in other words, which contains the greatest value in the ,smallest bulk, will always be the first article /selected as the , basia of extraordi.! nary exportation,whenever a foreign debt, :beyond what the ordinary operations - of commerce can liquidate,: is incurred, gold will begin to digap pear before silver ; and will, to the full any -mot of the difference in the expellee of Carriage, acquire atill a higher Vaille - . For example, it gait t , , Paris for two per cent, and if silvercannot 1:c tranimitted to the same . place, tinder a cost of seven per cent., then, on an utifavotirable balance of payments occurring with Paris, gold would be preferred as the basis of the extraordinary expoila tion, until its ditninishing supply in the home market, elevated its value live per cent, above that of silver that is, until the loss sustained by the increased valtte of golo, balanced the ativantage of its cheaper carriage, and tendered it indifferent to the merchant which of the metals he reinitied. I ani your Lordship's obedient and buinbte ser vant., ROBERT TO:MEM. PA LI AME'NTAIPir PAPERS. (To he ernstinned reg-ularly.) 'l'llE ELGIN MARBLES'. . • ttErOiT FROM TOE SELECT coMMiTTOE ON THE EARL: or Et,GlN's COLLECTION' or sCULPrURED MARIILEs, &C. (Concluded from onr Paper of yesterday.) Wilder, who travelled with Sport, and pub lished his work at London (four years later) in 082, says, " Bin my companions made me ob serve the next two figures sitting in the corner to be of the Emperor:Hadrian and his Empress Sabina, tchom I cagily knew - ,be so, by the many :medals and statues I have seen of them." And again, " limit the Emperor. Hadrian most Probably repaired it, tend adorned it with those figure: at each front. Lor the whiteness of the nimble, and his own statue joined with them, up. I. !myelitis , show thrtir to he of it lot-er. age than the first, and done by that Emperor's • command. — Within the portiFo on high, and on the outside of the cella of the temple itsell,:•is. another bor der of basso relievo poiltid about it ; or at least on the nortliattul south sides, which, without doubt, is us ancient as the temple, and of admirable work, but' not, so .high a relievo us the other. Thereon are represented sacrifices, possessions, other_ eetemonies of the. heathens •worship ; most of them Were designated by the. M. de Noiotel, who . employ 4.1 a - painter to do it two months together, and showed them to us ', when we Waited Op him at Constantinople." Another French author, who published three years 'earlier thin Spot], •a Work called *,‘,./Ithenes tinvienne et Nouvelle, par le- Sr.' de . lu Guilletierre, a Paris," 1675, says•--" Pericles employed- upon the Partheman the celebrated architects Callierates a nd Ictitius. The last, had more revfatioo (hot the former, wrote a ,description of it iu a book*, which' he composed on purpose, end 11:45. been to=t ; and we should probably. not ::11% , hare the opportunity. of tidiniring the bnildie',; it self, 'lithe Emperor Hadrian had Jaot . preserv: , . it to ns, by the repairs which' he CanSeil 'to he (.oe. It it to his eAt'e that we owe:the ffWrentain-.; of anriquity,which.are still entire at Atbens." In the antiquities of Athens, by Stuart, p.. 4, it is said, " ,Pattsattias gives bat a transn account of this temple, nor does he say whytia-, - Hadrian repaired it, though his statue, and that ',- his .Empress Sabina in' the we c i tern pediment, eceesioned a doubt whether tilt:Sculptures in bota, were not put up by hint,. Wilder and Spun were of this opinion, and saydhey were whiter than th,e rest of betiding. The statue of Amnions, now remaining at Ronie, may be thought a proof that there were artists in his time cnpable of executing them, but this whiteness it no proof that they . were more' modern than the temple, for they might be made of a whiter marble ; and the beads of Ha drien and Sabina might be put on two of the an dent 4;tires, which was no uncommon practice among the itoMans ; end it we may give credit to Plutarch, the buildings or Pericles were not in the least impaired by age in his time ; therefore . this temple could not waet any material repairs to the reign of Hadrion." • NVith regard to the works of Hadrian at Athens, Spartian says, "'that he did much for the lithe nians•;"-t and alittle after, on.his - second visit to Athena, " going to the.Eftst, he 'made his ney through Athens, and dedicated the works which he: had begun there ) and -particularly a temple to' •Olyupian Jupiter, and an *altar to hiauelf." . Thu AccOnnt given by Dion Cassius, is nearly to the same effect, adding, thatlie had placed his own statue Within- the temple of. OlyMpian Jupi, ter, which he erected:t He called sonie other cities after his own nathe, and directed a part of Athens to he styled. drianopolis ; § but no mention is made by any an-1 rierrt author, of his touching or 'repairing the Parthenon. -,Patisaniae, who wrote in his reign', sayS; that " the. temples which Hadrian 'either erected from the fouwdation, or ;darned With de dicated gifts 'end decorations, or whatever dona tions he .made to the cities of the Greeks, and of the Barbarians also, who made applicatiott to him, were all recorded at Athens in the temple common to all the gods." 11 It is not unlikely, that a confused recollection of the 'statue which Hadrian actually placed at Adieus, may have led one of the earliest travellers into a mistiake, which has been repeated, and countenanced by subsequent writers ; bat Mr. Fantle!, who will be quoted presently, speaks ea from bitf. own examination' and iihservetion, when he mentions the two statues in question ; which, •, it is to be obsersed, still remain (without tZteir heads) opou the pediment of the entrance, and have not been removed hy 'Ltird Elgin. An exact copy of these drawings; by the Mar , quis de NOintel't painter, is given in M. Barry's works ; which are rendered inure valuable on ac count of the destruction of - a considerable part of urkish war by f t V h e e n t e e e rn ia P h le b i t t i l m t b h ! . ‘ l B 0 t f t:m o : l6. el p i a l : i f:t ia ! G r fi3i o r t e t a ( e i, year in which thex were male; Which, hoWever,' the date s works, 3 t i L t o t o t s i tf s :: t t: i t,n h iep a l ria e ;oBe h t 0( 9si e t y o f l i t iii‘ r a t i o rrr t . . y F t , a tiveh a painter and anti= quarinn, Who moulded and took casts from' the * Ictinus and Carpion were Jointly concerned in this work, for which we have 1. - he authority of Vitruvit“, illa, 7. Feat. I- Polio edit. Paris 1140, p. 6. IL up, c. 16. Spaitkio, p. 10. 11 Vato.Att. p. 5. gth X7l. wick Baas.. ••• • ss., teen years at Athens, arc given with the t. Inv of these drawings, in which it is said, with re gArd to these pediments, , `.' , These figures were adorned with hronie, at least if we may judge by the head of Sabina, which is one of the two that , remain S and which, having fallen , an d being much mutilated, 'was brought to Mr. F 11 The traces are visible of. the little cramps which r balsly fixed the crown to the head. The heiviof the Emperor Eiadrian stilt - exists. sProbably this group has been inserted to do honour to that Er peror, for it is of a workmanship different frog the rest of this sculpture." .raci Your Committee cannot dismiss this interesting subject, withotit submittiug to the attentive iv fleet ion of the [louse, how highly the caltiratioa - of the Fine Arts has contributed to the repatatioa, character, and dignity of every Go,erameat %vide!, they have been encouraged, and how ifld' tnately they are connected with the advancettot of every thing valuable in science, philosophy. In contemplating the importance and splendour to which so small a rcpt_b lic et Athens rose, by the genius and -energy of het tizens, exerted in the path of such studies, it impossible to overlook how transient the memory and fame of extended empires, and of M ighty c °11 ; ott i erors, are, in comparison frith thoie tendered inconsiderable states eminent, and I . , mortaNzed their own names by tlio.e pursuits, But it it be true, as we learn from history experience , that free -Governments dor , ' ' 9 , Si) most suitable to the production of native tinc"l' to the manuring of the powers of die bli c tu f: mind, and to the growth of every species 0, adapted nsyuui to than te o s ten :cellence, bropeititig to merit the prospect di r e ; I ward and' distinction, no country can be pellet monuments t t n ( e ) Phidias, and of the' adminiStration of Per iele j s , i , where, secure frOnt' further de g C tion, they may receive that admiration and hotqs to which they are entitled, and serve rett''' ) , 4 ` l models and examples to those who; by lin a , sv ' ll e how to revere and appreciate them, tuaY Je 3l first to imitate, anti ultimately to rival 01CW. March 05, 1816. . natsfroortil atinielionoura ( Yesterday morning J. Fancutt and T. rar."th for house-breaking, and I'. Cooper, forschoul with intent-t„ kill, a woman with whom he hited, were executed in front of NeWg"t e ', ,4 hardened did the former app-ar, that lie deel' ll di to the Judge, " Then since I am.to be laing e t4 let the . Sheriff beware ; for if I swing one ffii r li r li bi f . byond my tithe, I will have him indicted." violence, however, was shot thy s ucceeded by P . , t • niteace ; and from thv'period of t he death coming down, stronger devotion, al' firrn er !lotion, was never ahem] by anY cyj iniu " i. ttif per, a mere youth, has also evinced, sine' a , conviction, icln'l'era also became alike litltnhled and devt'ut, ;, hedging „the justice of his' fate, and" d e " t "• iattet honri to fervent Piety. After tkcir had taken leave ortliem on Tuesday evenbil'' tell were placed, at their own request, in onc" no .. ' where they spent,the night in praye r and ;14.8,`rr tiOn. They ware attended alterna tel y h y to Mr.Cutton, Rev. Mr. ltudge, and some Dis s `1(1;;e0 (21ergrmen. Culler; the young ma n, who 11 , t - his respitcd, also passed the night with thou' 00, own desire, and joined most fervent l y in dev" „to Upon the arrival of the Sheriffs, R fie hit before eight o'clock, Faneutt was lea f ruig oe ss cell Me evinced the roost unshaken while his irons were taking Off: Cooper 01111 i tA her displayed - less boldness, bu t appeared sic ,t, resigned. The former being sionewha t sita Yell:el:id an orange, which he carried do to the place of execution. ,At the rctpieb"l.4 t o ad cutt, each of them, ad they . were tied rbd l r stio rt "" arms, retired into 'the cell, and had 001 prayer:" At eight o'clock precisely,. til e e i procession moved along the dreary e 5 : 14 4 01 . ' the scaffold, the Rev. Mr. CoorroN reoli"b too Lion of the Burial Service. After the uni.ti roe men had ascended th e platform, and the 14 0 ,0 1 partitions had been gone through, fe w i tu Tarai r , were devoted to prayer. Fanclilt oeari!", prayed loudly and devoutly. Cnoll er Sa ti lesS resigned '; but he also prayed feqe'll),:r Ills expressed much 'confidence in the Creator through,t he Redeemer. Tile .-n )j culprits having shaken hands tiff ectionat i e • the fatal signal being given, they wer e 3 0 .01 0 into eteriiity.- - --The crowd assembled to the awful ceretuon was immense. . .00118E11Y . Yesterday Morning, at n C e loor hour, one of the stalls at Greenwich fair , co terel ' lug to a. tour. man, named•Redway, o'" 1 fps drowsy proprietor of it by some 'villains, who cut their waY t br t a it t irst .ll l canvass walls of the building, and ‘'' t ), e aro' of Morpheus, contrived to carry off to Ys' c 4, g.iugerbread, and other parts of Ihe 6 "' 11 ter shop, to the value of 101., besides dank sn'ootoir caddy, containing seven :pounds in and some - silver. 1101 0 1111011. s „h - On the 18th inst. al Thulhass-hill, the wife' was fast locked in 100, of twin daughters. EXECUTION. MARRIED. e t he Irish,ol On Monday last H o ughton. bgl* he e i Chellier^oiliee, to , bliss William Bourne, ui in t" Stafford. :b to 6 Royal blarines. Ott .. t i l . i .t e h. 9 ci tl: i y nst. at Chitittaf.rini: Major 'Pfau af el rY 14° ' Csr °lll'' On the istb inst. at Plastol, iii Kent, Elizabeth t r ish, wife of the Iter..lobtv4Villiains, M.A. Citrate of tl! 8 : ciitiO S V a ii e ti d d 7 e 9 t ; ! i l l ; : '. 1 , , 4 4 1 41 141 : 2t 0 a; t 1 ') l ea , I tt s h i i.l l : ; : 4r i j i -e 'di s ' °e t y rti ; s' s sll ; h l 'f i 1rii.:.7:34..;tr17:1':16:7,1 3 % ; i s. . ; r:' Oct Sunday seinnight. very suddenly, at atfaal,, ', „ b ilstdi l i: the pulpit al fialzs Church, near liung.ay, Sutfo'''.' o4 . ol. '°- ' charging Ms pastoral 'dirty, Valentine LiunlY 0111,„ctos. Rector of StocktOn, and Author of several saereit ~,,a d NOP Oa Thursday last, the iter. Cbristopherl:4l_lori i l ' oto o f OS !V of the King's School, and,zinit of the Six Pro 4; t,atbedral Church or Canterbury. in his 7 6 th Year,care Sliri,,l:. On the I eth inst. in York:stret, Portgran'',4., $;00C the. wife of the Res. Williitti Foster Pigott, DP. a' lege. - Crave - Ltir:N PE"nted. bi . 1 , 11. CAR-id:A[o, No. 7, —otent' at 'di' ; and published ny W. A. SOO NP.fi, of P .at io , the SI , N-rlr rms. N.). ttc,', strand ; 01"le 86 suents Order 1...tt t to t iadareol4 3 e 1101..1313 C. 115