The Sun. — London, England, 1819-05-29 00:00:00

LITERARY REVl l✓ti'~'. An ADDRESS to the PUBLIC on the ULAN proposed by the SECRET COMMITTEE of the HOUSE of COMMONS, for rxmnining the AFFAIRS of the BANK.-13y EDWARD COOKE, Esq. • (Concluded from TnE St of Yesterday,) " It will become the Legislature most seriously to examine the state of tire present cririeney, be tote it concurs in any measure for rrducing its ',mount. At present, the national curiency (ex clusive of private notes, which are trot applicable to the payment of ,taxes) amooots only to 25 millions. Five millions of aris stint aye always ill deposit (to answer the calls of private and as our resenne is payable quarterly, and amounts to upwards of 50 the espence of collecting included, 12,500.0001. are allotted quartet!) , to the payment of taxes, and only 7,500 0001. remain for (he other transactions of the e ki •",tiont. The Committee noW• propose to {aloe gr - adually out Iri rirerrlation 10 millions, by )4•;, ,elog tni. Li:x(ll , l , ler the In what a sittlatiot) OIL') ino•t try bel)l.o.ett, tl , vressetl as it is at present tor cir ri:ill:l..lm,, Irriless tire amount of the ,utits t" ,, •vn from the marl.e;„ by ',paying Eschetpier Bills he forchwirh replaced, atrd unless rile tre pelmitte,i to make their' purchases or by ri 'dir tonal emis•ion'of Ij o h Notes. 1 reroil Roil) expatiating npoit the baleful ,p , srat ion which this great Innovation must have upon the amount of taxes. They produced last yea, neatly 5h inilltons. and y att,rd a stir pHs abwo gOOl. i.et (he redtirtiwt of the circidaion be redured 5 per cent. and the same real produce continue. though IC: thiced nominal ainotiot, their will be no sur plus pit all, 41,d e :lOW bid adieu to any hope of istablishing'a leal -inking fund for ever. There is au observation made by the Com tnittee re,pteting the very slight vaiiation in eX ettanges and the 'prices , 0 gold, which bas taken piste In France, in con,equence of their eootribu. tions, whhb see most witxrecteds and imaceountaitl:', witen we consider the ground for the Cornmitier's first Report and the second lie rti ilet. What was the wound of this Mea sure hit a statement - , that within the,last year, 7 millions of our Gold Coin had disappear; d, and that pr , :bshly the whole was gone to the Paris Illint, s. c,t-re was satisfactory proof that a great part had acru.tly done so ? Is it then a matter of *Sir se that the export of money from France tor coal ribs' i ins should not have t o , ere d th e ex changes and raised the price of gold, when they 'Nvcre enabled to replace the sums they exported, by the treasures of the Hank of England at Mint ptice ? Anti surely it was becoming the Commit• tee to have noticed this obvious - and notorious I.ct, and not to have conv,rted a circumstance, v,llich is decisive against their measure, into an ar k nment in support of it ? %Vhat does U WIN fact . . prove, but 1131 our Gohl Coin is at the mercy of the Paris mi., Ana if we should now or two }'cars hvocc, without a total cliange in Our do mestic situation, open thy doors of our treasure house agnin, whilst gold is dearer in France in respect to all comiroulities than in England, in , • . Coiiscgoeilce of wiadr.iple taxltion, the Sallie CVCIlis raise phee, and a similar exportation of ()or or our Coin will follow. " Upt, c,e whole, %but ale to be the results of tllii Itiouration ? " We are to 4 !ef'rand the mercantile holy of the greater part of the tree currency to which they have altn,}st a ti;.4i)t. •1f ‘Ve gre to sohjeCt the whole commercial concerhs of the Fount' y to the tootioptly of the Batik. Itre are to enjoin the Wink to topsider the purchase the price of gold its their primary object, and the vv,ints of commerce as subordinate. " We are injuriously to reduce the circulating medium, " We are to alter the standard of value of the realm to the fluctuating Alice of a cou n itodity, and to keep that weathercock fixed by variations in the amount of Currency. • " o , ll* Cut renCy is to be always the same no tuina!iy, in reality to he perpetually fluctuat ing in value. " We are to have, it is said, less trade, hut of a better " ['vs; manufacture probably, but I suppose of greater value. " Less currency, but of greater value: " liue we ale to pay the same taxes, but of grew er value. - " We are to pay the same interest on the debt, but it is to be of greater value. " And we arc to have the same capital of debt, but it k to be of greater value. !` I entertain the highest respect for the Com mittee, anti kohl in the highest estimation their personal sincerity ; but I think the country will universally exclaim, as soon as they, nderstand the Repoi t, - Tant i Non est, ut placenta tibi, perire. • '' In closing this short Address, I be;; the pub lie to consider, that the main drift of my argu ment was, first, to fxrove that Excess of Issues, which was for many yeats alleged to be the sole cause of the high price of Gold, was at no titn , a cause at ad ; and this allegation 13 now aban doned by the Committee, as utterly unfounded sod nntellable. Secondly, to spew that the cause of the high price of Bullion arises from our augmented taxation, which has increased and doubled the prices of almost every article un che3pened by machinery—a point which the Com mittee abstain from discussing. Thirdly, that Gold Bullion, like every other commodity, has a tendency towards that market where the greatest quantity of commodities can be procured for it— nuother point which the Committee are pleased to avoid. Fourthly, that as our taxes and cur rency are equal in amount ; in proportion as the reduction of currency tends to lower prices, the consfquent increased value of taxes truth to raise hrtn—enffilier point which the Committee do not think t+urth inquiring into. Fifthly, that it by a tot ced-reduction of currency, we attempt to raise Bank Notes to the market price, such an attempt will probably fail from the counteracting. procure or Our grt°o soever the internal distress of our trade, how great soever the ditninutiou of our revenue—another point which the Committee wholly disregard. Awl laitiy. that it by forced measures eht ing Gold into the country, and open the door to its ex p or i a timi, i t will immediately quit our market for the French or othermatkets, where it cAn command a greater quantity of value. commodities--anothei• point which it is deemed wise, to pass over , it, silence. " These -1-4ninents have not been touched tip on, either hecaotie they are irrelotable or con tclup.ible :—if coofemp;ible, let them he e xposed acid exploded : it iirettitahle, surely they are too nearly allied, too intimately United with the kob ject of tliscoion, not to deserve a consilera tion of 114,..,r weigA and a fair appreciation of their value. It tto weigh , is to be given to these argil mews, wha t w e i g ht, I a•k. is to be given to the argunictit of the Committee respecting the effiet of the quantity of our rot rotcy upol its value ? " The whole sv,tem is built npou this sole ptiocipit•, that b . ,/ contrauting the issue of flank N and giving complete control.' of them to the 13attli far that purpose, the I 3 ink will be en alde to raise the value of their Notes to the mar ket price of gold, and by vigilant regard to their quaninv in future, to keep them at that !nice tot rVel'. i! not, therefore, more than extraordi oary, that the Committee should terminate tie it lah.turs with a conclusion diametrically opposite to the ety rinciple which they, make the basis of their plait s Let me lay betote you their own 'peroration : " Your Committee have forltortte front enter " ing into ally re.:stoting op .11 1 , f2 etilet& pioduc• " ecf upon the value of (It currency by the va " tiat ton, io the twilit:Heal amounts of the Notes " issued by the I;atili of Ef!!..!/ ,1 1)(1. So hilly tin " contstaores contribli:e to dReCt that VAllle, such, " io.tairce, aa the vatyiog sure of ,commercial " credit and confidence—the fluctuations in the .6 „inannt of country bank l'apet—t diff:relit degtees of rapidity with which the s.itne amount " of currency circulates at different periods-- , hat " yoni• Co mill iitee are of opinion that no sati:,- " factory conclusions can he drawn (runt a mere " refetence to the Itomericiti amounts of the " .11 of England outstanding at any given " " Thug, after the faest revie , v, and the MOs: elaborate investigation into the state of outstand ing Notes at diffetent periods, the perpetual the tuation of their quantity, and the eff,ct .of that fluctuation upon value; and after tire most de cided declaration that no satisfactory conclusion can be drawn from any , inquiry of compatist , u ; they make this very numerical fluctuation of Notts the real standard. of value, and the sole index of the price of their golden weatheicork ; and they boast of bring able to fix it by the variations of the 1111111e1 ie.al gttant it y of Paper, which mune' ical quantity, at any given period, they arc sit the 54trie 'tune pleased LO assure us, cart satisfactorily decide nothing upon the subject. They lay down pit:noses %vivid) they admit to be so c•intraoictory as to prove nuthin at all and then advise Parltlincht to erect upon this sandy and shifting foundation, a solid and immutable system." We have now reached the end of our critique, which has rather been effected by extracts than by analysis. \Ve fear ;hat the author will say that we have not extracted enough, but that we has: * e garbled his sent intents ; while, on the other hand, we shall not be surprised if his publisher c'omplain that our selections have been unjusti fiably copious. To the first, we shall plead our circumscribed limits ; the latter we shall s a tisfy by observieg4 that we have confined ourselves entirely to what the author terms his " Address," not having toiletted in the least ott either his " teal cause," or on his comprehensive views, which occupy the Appendix, either of which will amply repay the inquisitive reader's pet usal. On the'snhject of the disappearance of Bullion, we think the increased demands for it as a commo dity in general use should not be wholly disregard ed. [low much is now consumed daily in watches, trinkets, and articles of massive plate, beyond what was the case formerly !'anti what increase of supply have we had to meet this extraordinary, continued, and increasing consumption \Ve fully coincide with Mr. Secretary COOKE, that the best line for the Country to pursue is to follow the course of the Mat ket, and, under wise ' regulations, to enable the Bank of England to discharge their Notes, at all times, in Gold, at the Market price. \Ve would further recommend, by way of repairing the shock which credit has sustained, that a Meeting, similar to that of 1797, take place dorthwith at the Royal Exchange, to support the Bank and the Government. It was the co-operation of the Batik with the Govern ment, supported by the Natiou at large, which enabled us to ride triumphantly and securely through the greatest political storm which is re corded in the annals of the world. Should we. then gratify ourselves by' pulling down the key stone of the bridge we have but just passed over in. safety I—Forbid it justice ! forbid it genero sity ! forbid it prodCnce \Ve cannot compliment the CHANCELLOR of the Exc EGLI) RR on the policy by which he permitted these discussions to precede whatever Loan might find it -necessary to make, and for which oversight we much fear the Country will have to pay from I 5 to 20 per cent. or neatly one-fifth of t h e whole amount. We shall be very happy ulti mately to floc!, which we much doubt,. that the final result of the enquiries of the Secret Commit tees will compensate for the injot lel which those investigations base already'produced to the whole Cowl-loony. THE SU T IN • SOLENI QUI% mcruE FALSUM AUDEAT ? LONDON, SATURDAY, MAY 2,9, 1819. We received this morning the Paris Papers of Wednesday last. In the Chamber of Peers on Tuesday, the Marquess (1e LALLY 'f 04LENDAL re ported from the Committee ou the projet respect ing the Journals, in favour of it. The discussion was postponed. The projet for the abolition of the .Droit d'Aubaine was shortly discussed, and agreed to by a majority of 84. to 33. The projet respecting the Transit - through sace was unanimously adopted, and the Chamber ad journed till yesterday. In the Chamber of De puties, after deciding respecting a notober of pe . - iitions, the discussion was opened on the projet relative to the estimates for the service of 1819 ; and after hearing several speakers, it was adjourn ed till Wednesday. The following are extracts : " Pius, MAY 26.—The King yesterthy receiv ed a Deputatic of the Chamber of Peers, who delivered to his Majesty the second projet respect ing the Press. The King afterwards transacted business with the Marquess Dessolles. " The Duke d'Angotileme has cornmericed his tour of inTection of the. Public Establishments hf Paris, ~ceanipanid Ly ;be 4 Aiiuhter of clic dor and the Prefect of the Seine. " Monsieur went yesterday to visit Princg Leopold of Saxe-Coburg. " Accounts from Smyrna state, that the Ex' aetietal Savory (Duke of Rovigo) had been e%' pelted flout that factory by the French Collodi who only gave him three days to depart. Tbil measure was adopted in cOvsequeoce of Savarl haviog violently assaulted M. Deslottes, a young Naval' Officer, with whom be had a politics' dispute. " Prince Dolgoruchi, attached to the Russian Embassy here, set out on Monday crt Courier for Petersburg!. The Countess Nesselrode, who hal resided for some months at Paris, has also takes her departure fur the saute destination. FIVE PER CENTS. Tuesday 66 f. 95 c. I/EFER RED STOCK. Of the 22d March, 1817, BG f. 30c. 241 Sept. 1817. . —B4l. 30c. • March, 1818, f. 30c. 22d Sept. 181, .90 f. 30 c. '22(1 NlittehilBl9, 7O. 20 c. tP PETEMBURCII, APRIL 30.—A very a ctive exchange of Couriers is kept up between - our LAS hinet and the Court of Stockholm, but no on g knows to what it relates, all that the forcig 4 Journals have stated with regard to this subject rei:s upon nothing but vague suppositions." This morning American Papers arrived, hu t not of a later date than the, last ; Jamaica'Paper s to the 13th March, and Halifax to the 22d April. ' Copy of a Leticr front Margaritta, March 4. By a mail trot» Muturin we learn, that a blow!! engagement took place at Guyabal, between' Or Army and the Royalists under MORALES, il l ‘4.ltich we were victorious, having set fire to all the Spanish vessel's constructed there.—ln th e Province of Cutnana, Domingo, MosTEs mal 4s frequent incursions to the vet y environs of Ib e City . ; our nurnsers in Cumanaco are considera h l increasing, 'and will amount to 3000 men. AU well here. We have no scruple in repeating our firm re 4 plignance to the B;l1 recently brought in by Ear GREY, for the annulment of oaths, tending to ex' chide the PAPI,TS Irom all Political Power. Thei Al who wish to remove such restraints, cannot be (painted with the trne character of PopauY•" . The ROMAN CATHOLICS ought to be fled with a Lull toleration of their religiod 4 faith, but they want to become LEGIsLaToo s. and then th;.y would lay trains for 01. total demolition of the Protestant Church• following passage in this Bill, is particularll alarming, as it seems to contain iA Inviting am, if" sidions Mischief, which in our opinion, contatpi' Flares the whole measure : " And whereas the Declarations prescribed by the 0 0 . Acts of the c.tsth mid aah Years of the Reign of his M..jes t i Charles the See.end, contain only a renunciation of certaici opinions entertained by Roman Catholics, which are nter el l speculative and dogmatical, a.id ate unconnected gianceor Civil Duty; and the said Declarations contain 111 ' Expression whatever of the Allegiance the Person tali 4. the S'lll4e to his Majesty, or of his attachment to the id' vs . and Constitution of this Realm, and maw therefore wi tti safety, and without any inconvenience or incongruity, 66 dispensed with ; and it is therefore proper and expedient to repeal the same." We' conceive that this passage is apparently 1(1 liberal and harmless as to be calculated to Pt lg Protestants off their guard; but in our opinion it is, as we have said, of so insidious and danger oo4 a tendency, that it may well excise alarm a mo/ 1 4. all =the friends of our Establishment in ClotrO and State. We therefore earnestly recommend 0 6 . Bill altogether to the consideration of the whol 6 of the P/lOTESTANT COMMUNITY, anti we . 64 'earnestly hope that Petitions frOm all parts c'f the Empire will pour in to our Legislative Bodief to prevent, if possible, a measure so specious iri tot m, but pregnant with so much danger, frog s/ ever passing into a Law. We yesterday drew the attention of our Reade r° o the ensuing celebration of that thy, in,bono ur of the immortal Memory of Mr. PITT, on o ' 6 Atiniyers,ity of his Birth. We had the pleasord of being resent at the Meetiii L T, an d w e cel l assure the Public at.large, that at no former re' riod was there a stronger testitnonY of regard I° C his ch 'racier and attachment to his prine i ' pies. puke of 'WELLINGTON, and 0 1 his Majesty's Ministets, were reCeived on thei r entrance with the warmest marks of univertet appt.baiion, and so was every alinsion to theft' either by toasts or incidental ohservations'fr oal any of the `pesters. The venerab . e Chatted °. never es;pres,ed his feelings and his sentimellts with more energy and CollipiCi Ilt'S3 OM) on I biS occasion, and his brief and - manly elogoen ce powerfully impressed the company. The sail s may be justly said of the Lid of Ltvsapool', who, with a firm and energetic divity, i'" homage to the high character and importaoc. services of the departed Stateswan, and avoo;4 lia :qe tic en be WE en Qi Ca %)I AA an 4 111 l It t T ci hi `;• 1 LONDON' .101111 NA Lg. FROM TIIE MORNING PAPERS OF THIS DAY. [Morning Chronic•le.] Extract of Letter from Ghent, May IS Se veral French Exiles are preparing to return to their homes, in consequence of intelligence which they hive'reiteived from Paris. A number of fo leigners art ice here from all quarters fat the Con tinent, for the pnrpose of seeking the means of embarking, in order to aid the cause of the lode . pendents of South America." GENEttAL SAVARY.—'The Augsbourg Gazette of the 15th instant, has 3 lepott of a transaction, which, however, without gtuiranteving the truth of it, it states to have occurred at Smyrna. The French Con3ul invited all his countrymen there to a party, which lie gave in honour of Madame de la Ferte, the mother of . the Marquess de Riviere, the French Ambassador at Constantinople. Ge neral Savary, who was among the guests, felt hurt at sonic remarks made upon his old master by a young Matine Officer, to whom he in conse quence sent a challenge. The Of firer accepted the nPfssage, and gave Savary his choice of arms —a inivilege which he exercised in an extraordi nary way. for lie then declared that he would tint fight so young a 111311 that he thou g . ! i t it would he better to chastise him, and accordingly he caned the Officer vet y soundly. Th e result is not stated.—(lbid..) [:lloriiing Post] ALARMING STATE OF THE FRENCH IC (NG —We %vete last night inhumed that tile expre,, , trow Peak had reached the city late in the afternoon, with the advice of the King of France heitig so dmgerously ill that little or no hopes of his re covet y were entertained: We give this statement merely as we received it, without pt•etending to vouch for its perfect accuracy. ‘Ve certainly' know, as well from our ptivate,lettrrs as from the Path Papers, that the I.C..ng was too ill to hear Mass on Monday last. This fact, we regret to observe, affords no slight degtee of sanction to the teport of his Majesty's approaching dissola tion—an event which, whenever it takes place, is 1 kdy to be productive (though perhaos not int aediately) of consequences important in the highest degret, not only to France, but to all Europe: [Morning herald We understand tha: strung p e titions ag mi n at the 13111 tor preventing the enlistment of British subjects in the service of Foreign S ate, without the pet mission of their Own Government, are now preparing by commercial. bodies in several of . the rut towns, as being likely to affect trade to a CHOUS [The Times.] The exchanges,•both on Paris and on Ham burg'', continue to rise in favour of this cou n try the effect has been sensthly left in the market for which depends so mattrially on the state of the exchanges, dim, in the expvetarion of a tort her litetay no salts could be made. The funds seem to be mote steady, and the late itgi tation begins to subside. T ti.EATiticAL REGISTER. Performed Last Night. TFAEATar ROYAL, DRILIRY-LANP..—The Carib Chief : Oni reah, Nil - . Kean; Clandina, Alt, Vcst. Alter which, The Review. TiIKATRE IZOVAL. COVENT-GARDEN.—lsabella : Biron, ME. ; Isnhrila, Miss O'Neill. After which, Cozening. To which wa.s added, A Roland for au Oliver. TO CO 12 lIMPON Kyrs: The I.lNls from BEPPO, WILFORD, and HENRY, shall he in serted as soon ;is Opportunity will admit, as «•ell as many other Common cations. The Paris Letter reached us too late for insertion this day, but shall appear on Monday. KING CHARLES 11. ItEsforiED.—lluliday at all the Public Offices. MAILS. ALIKICEI--3 Dublin, 1 Waterford, 1 Guerwey and Jerse,y, 1 France. DUE—I Waterford, I Lisbon. HICII WATER AT LONDON BRIDGE TO-MORROW. Morning, 40 minutes after t;. Evening, 5 minutes atter 7.