The Sun. — London, England, 1828-06-04 00:00:00

our treaanre, wasted by extravagant expellees and a nits 'nallaged trade, which the land always is the first to feel." , 11 thould have stopped here, did I not remember the ad vice • gd:en to m y Noble Friend on the occasion of the Bul namittee. Had that adVice been followed, many of th e • Ifi ha ve 4 . l cultits into which we have since followed would • been avoided. He said on that occasion— s` lhe reduction of paper would produce all those effects arise from the reduction in the amount of money in A 4T. E Y ebtantry—an effect which, I think, is well described in T. • ifotne's Eseay on Money.' The consequences of the contraction or expansion of the B • l nNat of money in a country seem more felt during the P rn t•eesa of such contraction and expansion than from any Positiv e amountoof money at any one given period. It • Let, elan ; ne oemy opifgri p, of great importance what . amount of i t Y may exixt in any country, but the question, whether en p. on the increase or decrease, is one of great importance Zere branch of industry." what is the cipluon' . of Mr. Huai, to which he e refir e ? If I show the effects of a contraction of the ~ elop e _ neer to be what I have stated, and further show that th c 7 e measure of the one pound noted will contract the 'gently, I prove my case. If Ido make out from past .;, nerience that the measure which I oppose will be in :. 34 rinus ' although we cannot repair the mischief that has fo erl already done, let us prevent the recurrence of it for the ‘nlee. Mr. Hume says - 4 le The good policy of the Magistrates consists only in ..7tpin g money, it possible, still increasing; because, .by toot means, he keeps alive a spirit of industry in the 4444 4 and increases the stock of labour, in which con- • ' 4 ' l all • real power and rachese "A nation whose money decreases is actually' weaker more miserable than another nation which possesses no ; lin re money, but is on the increasing hand. The altera - 4) tla in the quantity of money are not immediatel • attend- Wit} • • in • t. 44' 1 proportionable alterations the price of conuno ;• '• there is always an interval before matters be ad o... e e "eit to their new situation; and this interval is as per '''''"oue'to industry when money is diminishing, as it is ad- . ti !nteteous when it is increasing. The workman has not 175,:a thern e employment from the manufacturer, though he same price for every thing in the market. The %Mier cannot dispose of hie corn and•eattlee though he lev et pay the same rent to his landlord. 'the poverty, * ggery,' and sloth, which must ensue, are easily foreseen." CONTRAST. ! • In every kingdom into which money flows with great er abundance than formerly, every thing takes a new e . the merchant becomes more enterprising, the ma ' 4 "facturer more diligent and skilful, and even the farmer ' , flow s the plough with more alacrity and attention." The facts .I have brought forward prove, and the audio- Nee I have adduced confirm me, when I assert that a de e. e „. 43 e in the quantity of money, if not actual gain, is at are, -7 rate the good to it for any country where the experi nt is tried. I fortify myself in my argument by the att iscrepe't It ' . t itity of the Right Hon. Secretary for the Home Depart the co e• 4 : 4 t,. who, in answer to:die:observation of the Hon. %- With 1111 0 1 e gee, the Member for Kent, who was speaking the other expre' vt ning upon the effect of the suppression of the 1/. notes tee(' ( I ,' ( l) l ,: e n t the . scale of . protection, said that it would have the they - of increasing the value of money, ;lad, therefore, of errors stl';: I ,mq:easing the protection to the agriculturists. At any before ,:‘?, then, it is the deliberate intention of the Government reirtelrease the . value of money by this measure. If, there .arer 4 rest the case here, so far as the argumenium art ho f the fr ern goes, it would be impossible for the Right Hon. ;eel ; i , entleman to contend that any thing else was in view.— ;11 kr..."0;; ~1 . 4 that the withdrawing of the small notes from circula rossible ji ' 4l , even if the amount be replaced by larger ones, con r• l'' „ rt y I t tle, e ta the circulation, I think is almost self-evident.— 't r r pe „ smaller notes it is known circulate with much now c' l A/ I '''Nter rapidity than the large ones—and . increased velo is e4 Y in the- roof ` g ig circulation is equal to increase of quantity. If, woir r , it e the refore, te. _ the country bankers should issue as much in 1, 7 1. nt ix five-pound notes as they did in one-pound notes, able to g l) or e ious to their euppreesion,the currency would not,in point rinnittel' or effect, be the less contracted. The suppression before , of the bat. et , one-pound notes would, besides, operate most t:r naively in another point of view. The 51. notes utlie w oe ! e t: l. l "n more quickly in the bankers' hands, and therefore "' Ea d them less profit than the smaller notes, which re t.:Med longer in circulation. With the larger profits they . the .e, 13 .4 ; b 0 ; tl t enabled to pay larger interest to those who deposit money tra.el their hands, and also to accommodate their customers ore liberally. And this accommodation, as it is called, is the war'', tethin g more than an increase of the circulating medium? down '0 stop this accommodation is then a contraction of the it o h n a ti d l ! t . I will now, Sir, call the attention of p the amine house to the reasons which are assigned for the sup res. ~en of the 11. notes. There are two principal arguments aced val° t 7eed by those who supoert that measure. They are, that tune aJ small notes lead to over issues, and tend to produce panics. ly conw i Alt the authorities worth quoting on this subject, tip to the lepreciat e ' l thus ounfe of 1826, of Mr. Hall—the evidence trken before the ele 'n Committee—the opinion of the first merchant ot• the tin - thread' araerd e I}t "Whose name could not be alluded to but with honour, tof Dr. Adam Smith—all conclude that convertibility of pitalitl e degradel 4 ,..per into gold, under a good system of banking, w as an eat emit 4 .. 1 11 y sufficient check upon over issue.' (Cheers.) That, Sir, ne rece aie i or may not be a well founded opinion, but this House 1 . 04 ho e 4111i nnt sanctioned any other doctrine, nor was it ever an te need upon any authority that the Government ever enter ,,,ednefseLtrb"el t ,'Oodany other doctrine except in the letter of Lord Liver s sew to the Bank of England.—(Hear, hear. Do I, then, m a.6t gi a triss' t ta t° o much, when .I call for inquiry into eo important eresult sot eh nom a subject before we act upon different prin o_ceeee 1 . '7 from what we have hitherto? With aspect to the seen t ee d argument, of the panics to which the small notee are ,e ie _ lo ot e i. 'Y to give rise, I beg the Right Hon. Gentleman to th e cow me to turn his attention to Scotland. Such a thing Z bet e ee e 4 , panic is unknown there. I appeal to any Scotch l. '?aber in the House to say whether he has ever heard of CDlllolodi' mit, suga r, .a thing as a run upon a Scotch Bank. The just le ea pula' te,'Plea upon which they have been conducted have tbin gi tto oed, them the confidence of the public, and notwithstand , ,! te , I‘„ e 9 l eir issue of small notes, they have never been em -7000,p• k a l •l , lfisett:in the manner we have in England. Yet, in re. e,g l ineCtliey are to be put down as the cause of the panic. 1" t e e • ~,e most formidable panic ever known in this neuntry, not : .. an eed oo , an d tt. ll , excepting that of 1525, was in 1793, when, he, y d u ? t,4hered, we had a metallic currency.—(Hear, hear.).-- i the ,:nressor Playfair has given a very full areount of the cir eienttl; • l ostances•of that panic, and of the causes which, in his Ie t : 0 1 0 p 14 < nion, led 'to it. I will read it the House. He says— 'ekit'.One great evil to which the Bank has constantly been ntr is oi reted, arises from the gold coin being of too much in during t: ; the °se gestic. value. It has frequently haPpened, owing to the 4 ' l Cons that take place' between the proportional prices e P r '' fou r gad' d ' 1 i a fifty ' se,_ an serer,. gu nea Las been of more value where it might pass of "` se tt tetelt e J dolmen.. carried abroad, ~.4 1 tA bullion pr . ICe,ilatin here in England, wher e the va l ue era•, never alter. at sve_ cr t On such occasions a demand fur guineas has been made ri ° o ll vi pl ot ;;°O .• the B an k, w h ere a t one they could be procur e d . i n an y re this ca lllr dainty ; such a demand for guineas has nothing t o d o 141.4 soil the credit of the Bank or of the country, it is a mere hen 1 kteul at i on t -(Cher th e gain the difference between old coined g and sohUifi•tive , ingot. folloW . k 1, 4 Buttkough those runs on the Bank had no connection ill , t' , 6 1 4 itsiredit in the first instance, and did not arise from t'sii!vant of confidence, 'yet the effect was in appearance t a r tui p ° ne e , ein reality the same. Iseqo'months - of March, April, and May, a ec tly Or f 4 41a mm in 171)3, in the nd f o r guineas arose in this manner :—They bad been old is 111113°' e oW 4 4 411 27 livres in silver, or 22e. 6d. at Paris. The Bank, Imat k tl r ned at this demand, which would have drained all th e Ho with eneas away, diminished the circulation of its notes. This eO . t t 11 speedy remedy for the company, but a terrible one to bei# lee' I t tee' co m m erc e of the country. When the Bank of boa , Oand diminished its.discounts, all the B a nki ne olionses °leer I London, on which the Country Bankers d raw , sen t M 'ai' f o r Olee orders hea t e not to go to the usual a mount ; the p an i c he , w ev e, V - k ee t ' general, and as a true or false alarm of fire are the e ot in effect for the first inetant, this country, in which " 4 , 7 100 ,1 .! e ,'' .4l th had a few months befere been more abundant than I;ee, ° 't he without any real misfortune, without any real 7, hee tbe i tle t 't'o of its real property, waO involved in the deepeet lab orer 1 1,,,, r !" 19 . Above 70 private "tankers stopped, and the total _ t o e so. ICoer of Bankruptcies in the year amounted to 1,300. c o ow ` o h: s er e evil was going on with rapid strides, when Ministers farture r.. Wisely stepped forward, by creating 5,000, 000 /. ' a pt 0 , li o Otoltequer Bills, the Bank was enabled to lend money to ore ' " merchants and m a nufacturers as had sufficient secu °D eilly to give. The good effects of this measure were so soon r) . ee me, ; _that only 3,500,000/. of the money was ever de can - o a t in the 'p et Some that was demanded was not w an t e d, an d "le li4 t of what was obtained was returned in a few weeks. and t i e s RO e llovel and soccessful experiment, which necesst suge ett . o 5 10 . 1 ;/ saved many thousand people in trade, restored „ no el! 'ne t and Government was repaid the whole with some ' th y ,: (st ee l profit." e e co' ti ne e re then is a panic occurring with a metallic circula -694 4/ ' Vehi Pitt remedied • i n en elr. t he b o de leet „ tr ease of the circulating medium. There is another ni ere w i oich I do not mean to rely upon as an argument, but enied r 101); fai wg g; Po e , J mention as a singular coincidence. It is that one while tb, h e 4 " 1 . 1 0i.egii 4;T to be put down as the cause of panic, ant thrive' media have been twice, even in 1793 and 1825, used cal. hi , 11o: 1 4 t o , e _thesi for panics, and that when all others had failed. ' t o e, ' th e i r < t o . the coffers of the Batik were nearly exhausted of 4 n entne e ti sep too e _tsure, when, after five days, recoerse was had to a to LOP ( .0 f o ° l one-pound notes. The effect is.as magical; af the ob o e t (cri , Ze S cl , iately . began to mend, for the panic was - checked. ,takeo , o o koe 0 t , .•)-1 will go further, and say, that the suppres ito o f to er „, fleae notes will produce.a panic. I will endeavour e1 g 94 , 3 )t a t ed r : 11 : 111 to the House luiw that would be . effeeied: I have 'n (miniver to an argument of the Chancellor of the foratef , , 11 1 4' that, tional 1 1 '; we sl' s ' 1810,"' )italt els of that , n moa t t : [on011111: Exchequer, that although the rush for specie on the part of the Bank customers, may not be contemporaneous, yet that it must be before the sth April, 1829. Now, to pre cure the specie, either Exchequer Bills or Stock must be sold. If Exehequer Bills he sold to a large amount, and for a large amount it must he, a state of affairs would very probably he produced, such as the Alinister of Finance in 1825 found to he very alarming. If it be by the sate of Stock the Country Bankers will go to the Bank of England with their notes, and demand specie. This cannot fail to take place to a great extent. It is of course well known to the House that each banker must hare a reserve of at least five thoUsand to meet the demand for his notes. Thus seven millions of specie is kept in constant requisition; and the undoubted conse quence of the laws, as they at present stand, is, to confer . upon the four-and-twenty gentlemen who sit in the Bank Chamber the power of doing almost as they please with the currency of the country. It makes them completely arbiters of the commercial and financial interests of the country, for it rests with them, either by the purchase of Exchequer Bills, or by the re-issue of notes, to expand or contract the currency to the extent of 700,0Q0/. Then there is in the law, as at present subsisting, no provision for contingencies—a defect which the Legislature, at the present time of day, is bound 'to find a remedy for. Suppose a bad harvest ensues—suppose the grain of this country, at all time.{ a short supply, prove insuf ficient for the necessities of the population, how can that deficiency be made good, without importation, and importation depends upon exportation—and that again upon the state of the currency ? The effects of the preaent system were most satisfactorily proved in the panic which took place in 1825, and a return upon the scents of that period would necessarily lead to substituting a' domestic demand for gold, instead of that which ought, and which does exist, namely, a foreign demand. In addition to the question relating to one pound notes, there would come under the consideration of a Committee, if the House should agree to the motion with which I intend to conclude, several other questions, perhaps to the number of seven or eight. But let it not be supposed, that we are to go into this inquiry blind—that we proceed to it prejudiced, or with our minds made up. No; if such a Committee be ap pointed, as I sincerely trust it will, we should, I . anticipate, enter into a fair discussion and inquiry—into a candid in vestigation of all the circumstances connected with this great subject. First, it would be our object to ascertain upon clear evidence what might be the expense of effecting the object which I propose we should hold i❑ view. We should ascertain the amount of the present pressure which an enhanced currency creates, and possibly the expediency of limiting by public authority the extent of the issues. The Committee, if appointed, might also take into its consideration the expediency of there being adopted in this country a measure analogous to that which prevails in Hamburgh and Amsterdam, namely, making issues upon deposits of precious metals. The next question which might, I think, be the probable benefit that might accrue from a paper currency being issued by an establishment conducted by the officers of Government ; then also, whe ther some contract on the subject might not be formed With the Bank of England ? Likewise, whether a seignorage might not be charged? In short, there were seven or eight great heads, any one or all of which might with perfect propriety, and as I think with great advantage, rotor un der the consideration of such a Committee. I- have heard something said about the present period of the Sessimbeing unsuited to bringing forward a proposition of this nitirve ; this I consider any thing but a valid objection. I have ventured to make these observations in vindication of the opinions which I have expressed. I am aware that it has been, or probably that it will he, objected to the principles which I Lave been recommending with reference to a paper currency, that it frequently requires regulation. Surely it would be foolish to dash away a watch merely because it requires regulation. A paper currency I look upon as one of the greatest of modern discoveries. Gold is the most expensive, paper the cheapest, currency, which, under any circumstances that lam aware of, cas be resorted to. Our debt has been contracted in paper, and in paper it ought to be paid. Mr. Fox said on this subject, that the man who talked of a positive abstract remedy for a difficulty , such as this—who talked of going to the root without acknowledging any admixture of evil— talked irrationally, and professed to cure a mortal disease, without having recourse to those painful reme dies of which the most skilful are rarely independent. I am the last Klan in the country who would hold to Parlia ment the language of menace—but I think it my duty to remind the House of the causes which led to the French Revolution—it was the amount of their debt contracted in one currency and ultimately paid in another. Necker was most anxious to remedy the evil—he saw the difficulties with which the country had to contend, but he was unable to carry the remedy into effect. Mirabeau offered to the propositions of that Minister even• possible resistance - , and the ultimate consequences were, that the King was brought to the block, and the gentry and the nobility in a great measure massacred, and altogether beggared. He turned the screw arid he lifted the flood-gates—the land was de luged with blood, and the property of the country changed hands. But when Mirtheau himself came into power he adopted the very course which he had done all that he could to prevent the Minister of the Crown from pursuing —h e paid the whole debt with amignats--lie paid that in one currency which had been contracted in another. Mr. Hume, who was on this subject but too true a prophet, says— " Our popular Government, perhaps, will render it dif ficult or dangerous for a Minister to venture on so desp v _ rate an expedient as that of a voluntary bankruptcy; and though the House of Lords be altogether composed of pro prietors of land, and the House of Commons chiefly, and consequently neither of them can be supposed to have great property is the funds, yet the connections of the Members may be 83 great with the proprietors as to render them more tenacious of public faith than prudence, policy or even justice, strictly speaking, requires. And perhaps, too, our foreign enemies may be so politic as to discover that our safety lies in despair, and may uot, therefore, show the danger open and barefaced till it be inevitable. The balance of power in Europe our forefathers and we have deemed too unequal to be preserved without our attention and as sistance ; but our children, weary of the struggle and fettered by incumbrances, may sit down secure and see their neighbours oppressed and conquered, thl at last they them selves and their creditors lie both at the mercy of some foreign conqueror." I hope this is too highly coloured ; but of this I feel perfectly assured, that nothing can b e mor e unjust than to expect that, as I have already said, what has been contracted in paper should be paid in gold. I shall now move that a Select Committee be appointed to inquire into the circulation of promissory notes below the value of flee pounds, and to report their observations and opi nions to the ]louse with reference to the same, and also to consider and report with reference to the expediency of effecting any alteration in the laws affecting them. Mr. LIDDELL said, that after the very able speech of the Hon. Baronet, it would be necessary for him to trouble the House only for a short time. The lion. Baronet had, indeed, treated most fully upon every point of the important question, and had elucidated all that he treated of, "Nullum hit genus : quod non tetigit, nullum tetiget quod non ornavit.!' Although he (Mr. L.) was aware that the ge neral question of the currency now brought before the House was one of most complicated and extensive bear ings, requiring great practical experience fully to under stand, togeth er with intimate knowledge of detail—to neither of which be had any pretensions—yet he had en deavoured to profit by the arguments and writings of men so distinguished for acuteness and ability, that he should rest securely upon their authority, were it not that he saw arrayed against them others of at least equal ability and authority.—" Who shall decide when Doctors disagree?" Where arguments are balanced we must appeal to practice and experience—and h e t h oug h t th a t i t was impossible to loo k w ith attention at the present state of this coun try—to reflect upon the general depression of prices which wei g h e d d a wn all our In o , t , important interests in the mar kets, f or every article of productive industry—without com ing to the conclusion, that it was not advisable or safe still furthe r to contract the currency of the country, or to de derive f rom t h e existing b p e r n is e 'e fit i ,; ts' w rr i s e t h i t n h d e u v s n tr o io iv us and pop u l ous di s t r i c t s o f the circula tion of small Bank paper. He objected then to the mea sure proposed by the Right Hon. Gentleman as a partial measure,founded upon an e rroneous vie w o f a great ques tien.n opposition to the opinion of the Hon. Baronet, he admitted, that if Government was right in their prin • ciple, that the proposed measure was obviously necessary ; far if notes manufactured in Scotland were not restricted from passing the borders, we should have our banking establishments in the neighbourhood of Scotland transferred to the Other side of the Tweed, from whence their notes might be issued with equal facility as they are from New castle ; but if Government were wrong in their principle the proposed measure must share in their error. He (Mr. L.) 'had folloWed the Right Hon. Gentleman with the greatest attention throughout the whole of his speech, and certainly there were some parts which he heard with com fort and satisfaction; those parts, namely, where he showed that the amount of the currency was not likely to undergo any contraction from the meditated change, and that no difficulty would be felt in supplying the vacuum created by the notes withdrawing with a metallic circula tion. This he heard with pleasure, but still the House was aware hoW much apprehension was felt in the country upon the subject. Petitions had been poured in from al- ~ , r ~. ...°` 'Y4~ most all the manufacturing districts, praying for a repeal of the Act which was now to he enforced, and he wished to express his conviction that it was not merely from the change in the course of next year that he apprehended diffi culty, but that the very expectation of the measure had al ready produced evil, had pressed like a dead weight upon the currency, and had a most injurious effect upon prices, as well as impeded all these transactions in commerce which contribute so materially to - the benefit of civilized society. Much had been said in the course of the evening upon the subject of taxation--and it is pretty generally. admitted, that high taxation cannot be consistent with low prices—that we are unable to support the taxa tion of the paper standard with the prices of the metallic standard. The Non. Member for Colchester, at an earlier period of the evening, called upon Government to reduce taxation by an effectual economy in our expenditure; but the nation has unhappily contracted a debt of eight hundred millions, of which the interest must be paid by taxation ; and if our fleets and armies were reduced to their state .before the war—if pensions and sinecures were abolished —and if his Majesty's Ministers sat upon that bench and served their country for nothing, we should still be burthened with a heavy taxation, and the more prices were lowered the more oppressive would that taxaticn be ex perienced. Therefore, from his own argument, he (Mr. L.), hoped for the vote of that Hon. Member. He (Mr. L.) had said, that it would not be necessary for him to trouble the House at any great length—but as be repre sented a county which would be most exposed to in convenience, and which, joining to Scotland, would most feel the privations and anomalies of this proposed measure, by witnessing its near neighbours in the en joyment of those advantages which were denied to that country—he came forward upon a principle of public duty to second the amendment, though with reluctance to oppose his Majesty's Government. He wished to go into a Committee, in order that the question might be fully considered ; for before this change is made, it ought to be satisfactorily proved imprac ticable that a paper currency can exist under such regu lations as shall give the public all the convenience of such currency with the security of a metallic currency. In this impracticability he did not believe—he did believe that re gulation might be adopted to this effect ; and he therefore hoped the House would accede to the proposition of the Hen. Baronet. 'He again begged to disclaim any unne cessary opposition to his Majesty's Government ; and, as he did not. think it becoming in him to enter into great details upon such a subject as the present, in the presence of those whose long experience and great abilities entitled them so much more to the consideration of the House, he should conclude by seconding the amendment of the Hon. Baronet. Mr. S. O'BRIEN considered that a paper currency was not only the cheapest. but in many points of view the best, that a country could have. Mr. F. LEWIS thought the Hon. Baronet ought at once to have avowed that he desired the country should be laid under the evils of a depieciated currency. That was the only conclusion derivable from his speech, and yet it would be rather extraordinary, after the frequent delibera tions and decisions of Parliament on the subject, to come forward now with a proposition suddenly to undo all that which, with so much distress and difficulty, had been effected. Over and over again the House had decided that it was a proposition which ought not for a moment to be admitted. The country was at length approaching to the state=-after suffering severely for that advantage to the State, in which it was antecedently to the ever-to-be lamented Bank Restriction Act of 1797. How could the House forget—what the Hon. Baronet had omitted to state—the sufferings which the country then underwent, and the commercial intoxication rimier which it suf fered from 1797 till ISIS. lle never could admit that it was expedient to change the currency according to the re commendation of the Hon. Baronet, when he recollected the frequent pledges given by the House, that in six months after the termination of the war a metallic currency should be restored, and afterwards preserved. It would be one of the grossest breaches of faith into which, tinder any cir cumstances, the eountry could ever be betrayed. He had listened to the Hon. Baronet with much pleasure, though he was far from assenting to the doctrines which it was his object to establish, for his settled conviction was, that at this time of day it would be most dangerous to tamper with an advanced s t an d ar d o f currency. The Hon. Bart, had quoted several high tiethorities—Hume, Locke, and others—to whom no one would be disposed to deny every possible respect—but, in hi 3 apprehension, they did not speak in the sense in which the Right Hon. Baronet con ceived. The House should bear in mind that the Act for withdrawing small notes from circulation in England was passed in the painful remembrance of the crisis of 1925. That pressure was occasioned by an over circulation of paper beyond the wants of the country. The natural re- medy against the occurrence of a similar misfortune consisted in a judicious limitation of the power of circulating small notes. It was wisdom to attempt to go back to the point in which we stood previous to the Bank restriction in 1797, and to limit the amount of the one pound note circula tion. He did not speak this with a view to diminish the confidence to be reposed in the stability of the country bankers, but it would be recollected that 19 out of 100 of the country hanks stopped payment in the late panic. The panic spread most rapidly among the poorer and more igno rant clasees, who were generally the holders of the one pound notes. The fact was, the country bankers would be themselves safer with a circulation of five pound notes, which, of course came into the hands of persons less likely .to be under the influence of an unfounded panic. By per severing in the measure now complained of the House at once diminished the danger, and increased the security. What, he asked, would have been the situation of the Bank of England, if in 1825 it had had a one pound note circulation of its own? When the puffin took place, it re , issued its one pound notes to a certain extent—a measure attended with the most favourable results. The panic had not spread to the Bank of England, which he might be allowed to say, conducted itself nobly on the occasion in question. Was there any less danger to be apprehended from carrying into effect the Small Notes Act? lie main tained that there was no ground for any apprehension of this kind. The Bank of England undertook voluntarily to withdraw its 11. notes from circulation, and it did so to an amount much greater than that of all the small notes of the Country Bankers. In fact, the Bank withdrew above 7,000,000 of I/. notes from circulation. Did this do eny harm or create any alarm, or excite any complaint in the Metropolis ? He answered, no. The Hon. Baronet had exaggerated the supposed danger attendant upon the withdrawal of the small note circulation. Be (Mr. F. Lewis) asked what reasons was there for any one to suspect that the withdrawing of 1/. notes was likely to create too great a vacuum in the currency. If it could be proved that 4,000,000 of 1/. notes being withdrawn from circu lation, 4,000,000 of sovereigns would not be put in circu lation in their place, the individual proving this fact might be said to make an impression on the present question. But be (Mr. F. Lewis) contended that the withdrawal of small notes would be so followed wi::1 a substitutions of a metallic - currency—in a word, that the withdrawal of four millions of I/. notes would be followed by the issue of four millions of sovereigns from the coffers of the Bank. It mat tered not whether these four millions were in the coffers of the Bank, or in those of the Country Bankers. Besides, he had no doubt, that in proportion as the Country Bankers diminished their 1/., they would increase their Si. circu lation. It was supposed that the Act provided that no more small notes should be circulated after the sth of April, 1829 ; but thie was not so. The Act merely prohibited the re-issuing of 1/. notes after that period. Thus no shock or sudden convulsion could ensue from carrying the measure into effect. Was there ever, he asked, a moment when such a Bill could be more conveniently carried into effect than now? When consist four millions be better spared from the circulation (supposing it to be entirely withdrawn, and not replaced) than at present? Let no maxi be deluded by the supposed advantages to be derived from a depreciation of the currency—a depreciation which, if once begun, we know not where it would stop. The greatest disturbances had been invariably occasioned in this country by 'tampering with the currency. The Hon. Member 'concluded by expressing his opinion, that if the House were disposed to act wisely, it would persevere steadily and steadfastly - in carrying into effect a measure to which only it could look with confidence for permanent security. Mr. MABERI.Y considered there had been no case to justify the Committee in intethring with the circulating medium of Scotland, the adjoining counties to which had felt the benefit of that circulating medium to a great ex tent, aid had materially benefited by the system. If, there- I fore, a Bill were brought in to restrains the circulating one ' dium of Scotland, it would be a Bill to distress the neigh ' booting counties, and he contended that if such Bill passed into a law, it would be highly objectionable, and injurious to that part of England which bordered on Scotland ; he con sidered there was no kind of reason for such legislation. It was unnecessary for bins to offer any defence of the Banking system of England, the nature of which had been ably stated by the Hon. Baronet. He concurred in every word the Hon. Baronet had uttered, and would therefore support his amendment. Mr. BARING said, that already many discussions had b e en had on this very extensive and important question of the currency generally. It was in their recollection, that the charter of the Bank of England would in the course of a very few years expire. In the interim it became the duty of every Member of Parliament to deliberate and sharpen his intellect to diic9ver if there Ivere any better system, - and recommend it to the Legislature. After all that had been so plainly and dogmatically laid down on the subject of the currency, it was clear now that there were no great questions on which most persons, both within and without those walls were so completely, as it were, learning their lessons, as upon the circulation and the banking system. Indeed, he felt it necessary himself to speak with diffidence on the subject, when it appeared that as yet hardly any principle had been established, notwithstanding the opi nions given to the world under the sanction of some ' men of great name—Mr. Horner, for instance, and the Right Honourable Gentleman opposite, who was certainly nq ordinary authority. Indeed, when it was recollected that it had been settled by a vote of that House during a period when they were experiencing all the pressure of a long war, that within a few months, and that too, when there were not perhaps more than 12,000 guineas in gold in the kingdom, the public should return to a me tallic currency, and cash payments( should be resumed in a country so extensively engaged in trade the present gene ration could hardly be too modest in expressing its senti ments, after what had been openly avowed and advocated by many on that remarkable occasion. After the opinions which the House had listened to from the late Vice Presi dent of the Board of Trade, and the Hen. Member for Car lisle, the House would, perhaps, be inclined to consider jointly with himself the question was one of no small diffi culty. The proposition of the latter was not merely whether the circulation of the I/. notes should be permitted in this district, but involved a much wider question. The deliberate depreciation of the currency by any public act must always have the effect of startling most persons. It had been said by some, that it might be a question whether it might not be wise to let matters rest, rather than run the risk of disturbing them. His Hon. Friend impressed with a sense of the dangerous tendency of a measure of that bind, had described depreciation of the currency as the worst act if the worst of tyrants; yet the House would recollect this was precisely the act of the House of Commons. There was as much injustice in increasing the value of money by an act of that House, as in decreasing the quan tity of money in the market. In this instance, he felt the Hon. Member for Carlisle had not overstated his objec tion ; and perhaps if that question were to be decided over again, the House might not come to exactly the same con. elusion. Whatever were the difficulties of that period, we are now out of that situation. He could not therefore consent, to vote in favour of the committee proposed by his Hon. Friend, if it were even limited in its inquiry to the subject matter of the present Bill, much less if it were intended to embrace the subject of the actual depreciation of the currency generally within its inquiry. To such a course he felt a decided reluctance. He should now apply himself te the Bill before the House. The Legislature had passed a law to put an end to the circulation of one-pound notes in England finally next year ; and now the Right Hon. Gentleman opposite applied for leave to bring in a Bill te prevent the Scotch bankers' small notes from having a concurrent circulation with Bank of England paper in the northern counties of England. This evening came the motion of the lion. Member for Carlisle, which brought forward the whole question. Whether the Legislature had been right or wrong in stopping the circulation and putting an end to the system of (mall notes, he would not stop to inquire, further than to observe that if they, in doing so, had (lone wrong, this, perhaps, was the best opportunity they had, or could have, to retrieve their error. If they continued that restriction, it was clear that something must be done to render it opera tive, for already these Scotch notes had entered Carlisle by storm, and would be soon found on the Trent. Indeed, so profitable was the trade in them to the bankers, that they were sure to keep creeping southward from the northern district, and might, in time, perhaps, reach London itself. If we were determined to permit this to continue, as a ne cessary departure from our established principle, then it would be the height of injustice to prevent English bankers to circulate their small notes in those districts. Tae Hon. 'Wernher for Carlisle said, " Wait till that inconvenience arises." Now, in point of fact, that Hon. Baronet's speech admitted that an invasion of Scotch small notes had already taken place. His lion. Friend committed a mistake in imagining that excluding these Scotch notes from circula tion would be an injury to Carlisle; in point of fact, their -resumption would only inconvenience Scotch bankers, who would have to takethemnp, as a consequence of their ceas ing to pass in the districts from wh e n ce it was i nten d e d to dispossess them. (Hear.) On them, and not on the English country bankers, would the inconvenience fall. The estimate of that expellee and inconvenience he thought had been much exaggerated by the Hon. Baronet. Sup posing there were 2,000,0001. sterling of Scotch notes in circulation in these districts, and 100,0001. worth were reserved in those banks for the purposes of exchange or re deeming them as oecasion might require, their number would he in proportion so many less. His own opi nion, however, was, that the Hon. Baronet's estimate was short by perhaps a million or a million and half if small notes. That, however, was a matter of mere conjecture. The operation of reducing these notes into specie or withdrawing them from circulation would be likely to be attended with considerable local distress. How ever, it was far different from a country bank withdraw ing its issue, where, if only to the amount of 10,000/. it was so much withdrawn altogether front the capital and I trade of the place, and which could not be recruited speedily or replaced. But the legislature had previded against the evils to be apprehended ; and the bankers had all been, as well as others, preparing for the event. The rush of par ties for the advance of Exchequer Bill's pending the com mercial embarrassments was not so very formidable as might have been expected amidst a class of persons, who, it was well known, would have been glad of ten times that amount to relieve them from the inconveniences they expe rienced. The next question that arose was, whether this sum, or rather the notes to the amount of—say 10,000/. in, a particular district—were wanted ; for if not, it was cer tainly a waste of capital. Taking the whole issue of these banks at 6,000,000/. or 8,000,0001., they had better be withdrawn from circulation. He placed a decidedly higher value on the circulation of country banks' paper than a si milar and equal circulation of branch bank of England paper. (Hear.) The former accemmodated and assisted, from its local knowledge, those small traders and capitalists who were deserving of such assistance, whilst the branch banks of England continually kept sending up deposits of property to the great depot in the metropolis. Although it accommodated those parties, it certainly (lid not accom modate them in the same way, or so effectually. lie would confess, he was for getting back to the safe state of currency. Much injury had already been occasioned, through the insecurity of banking establishments, to both debtors and creditors. Their duty was to endeavour to cheapen money, and keep out the paper currency; and above all, they should never be tempted to depart from the safe practice so often recommended, but from which they had departed in 1825. With all tbis there was to be ob served great caution lest they should by legislative enact ments cramp the currency too much for trade. Under all circumstances, if security could be had against an over issue, he considered that country bank paper was the safest to be continued in circulation. The next important object to be secured was the certainty of the convertibility of this paper circulation into specie; he did not mean a legal con vertibility, but the ability readily to turn it into cash whenever necessary or desirable. No person could exactly say what bullion or specie was necessarily required to carry on our monied transactions in a country of such varied ap plication of capital. As times altered the quantity would also alter. When saturated with a metallic circulation, it could always supply sufficient to maintain, in specie, its engagements in foreign commerce out (4 , the surplus. They should never, in any instance, adopfties expedient of banishing gold from circulation, and Wan k paper. Th e cases of Scotland and Ireland, alludes, es, were most fallacious ; what would be, perhaps, found a safe pr.tctice in one country would not be found so in the other. Much of the evil now felt had arisen out of the suspension of cash payments in England subsequently to 1797. As far as credit wa s ooncerned, these banks in Scotland were like our own, only they were considered, and with justice, more secure, not involving frequently as our country banks, the labouring and lower classes in ruin, who were so very ill-able to it.bearperrnisit:n to spin WS ought i n n ot m t o o n a ey llo a w nd an se y n p d er i s t on fo s the state the to the public. Such a practice would be ruinous and monstrous. It was to a certain extent permitted in paper is s ues in the smaller towns as a convenience to trade now: but whenever the renewal of the Bank Charter was under consideration, they would do well to take care and Ile the banking system of the country on a permanently solid foundation, as far as was attainable by human sreacity and prudence. Some allusion had been made to hail as if lie bad been an advocate for depreciating the currency by the introduction of a silver currency. Mr. F. LEWIS had only intended his observations should apply to the necessity of establishing a gold and silver standard together. Mr. BARING resumed.—Before 1778, it wa.s allowed any person to carry gold or silver to the Mint, and have it coined there. Insensibly our coin became by these means depreciated. The consequence was, the silver coin became very abundant, and the Mint being closed, gold became the standard of the currency and of value. The debtor paid in silver as the cheapest and most profitable mode; and an Act of Farlitnent was passed to alter the I practice. The necessity of it was shown by an able pam phlet, published at that day by the present Lord Liverpool's father. The pound weight of silver could be procured now at 59e. 6d., whilst it could be coined into shillings tko and sixpences to the amount cf 625. in 1779. In the same proportion, therefore, bail nor standard advanced in this respect. If it remailien .•:.ar , no injury might be found to result from thi- ; but this was not likely. There had been so great and so complete a derangement of the currency, through the introduction of different sorts of paper in the. circulation, that it would perhaps be impracticable, possibly needless, to tie the Bank of England down to the old system. In order to form a just standard, the silver currency should be applied in a just proportion. A- considerable relaxation would ti.ke place by adopting the standard in both metals. Lord HOWICK would vote for the amendment, L.?. cause this was an time for placing any unnecess..i y burdens on the country. Mr. HUDSON GURNEY could not vote for the ap pointment, especially after the miserable blunders of the Committee of 1810, and the still more miserable blunders of the Committee of 1819, to which most of the evils under which the country had suffered might fairly be attributed. Sir M. W. RIDLEY agreed with the Chancellor of the Exchequer in thinking the profit on 11. notes not of any consequence to the country bankers. But they had heard from the Vice-President of the Board of Trade, that the great pressure felt in 1825 was chiefly caused by the country bankers On the contrary, the country bank ers had interposed to check the consequences of the panic, and had acted a most beneficial part when the pressure coma on the Bank of England. The evil consequences of their failures were, in truth, greatly exaggerated, as a little examination would be sufficient to prove. For how did the matter stand ? There were, in all, 770 country banks at that period in existence. Out of that 770 balks, 63 had stopped payment, 23 of which had since paid in full, and 31 were now making arrangements. It was well known that the country bankers who had failed in 1826, had paid on an average 17s. 6d. in the pound. That being the case, it was, he thought too hard to throw upon them the blame of all the failures which had taken place at the time. He should feel it his duty to vote for the Committee. Mr. lIUSKISSON would detain the House but a short while at that late hour. It had been long his lot to address them on all the general subjects which the Hon. Baronet had touched upon with a rapid and lucid view; but he would not go into discussion on the present occasion, either upon the depreciation of the currency, or upon the eonduct of the country banks, or upon the doctrines and blunders, as the Hon. Baronet had described them,of the Committees of 1810 and 1819. He regretted that he had not had the advantage that night of hearing the speech of the Chancellor of the Exchequer. It was, therefore that he wished very shortly to state the grounds on which he should vote for the pro position of his Right Hon. Friend, and most decidedly against the amendment. He agreed with the Noble Lord in the general truth, that provided no risk or inconveni ence atteided the proceeding, it was desirable to go into Committee on such subjects ; for the more they were in quired into, the more should we increase the stock of our practical experience, the want of which had led to almost all the errors we had committed, to the great detriment of the national prosperity. But he would ask, was there no risk in unsettling the mind of the public as to what was to be the future state of the currency?—(Hear, hear.) He had no hesitation in saying, that many questions must be brought under the consideration of such a Committee, if it should be appointed, the discussion of which could not fail to alarm the country.—(Hear, hear.)—They would have to inquire into the subject of the restriction. The Hon. Baronet seemed anxious to avoid a panic, and had stated the evils that arose from great fluctuations; but with all his well Jimmied aversion to these calamities, he was going the direct road to another panic and to other fluctuations, if his suggestions were adopted by the House. The first consequence of undertaking such an inquiry would be, the awakening of a general ex pectation that they were about to restrain cash pay ments again; the next, that they were about to al low an unlimited issue of one pound notes. Then I would come the speculations and fluctuations which would naturally arise from such fruitful sources of ex travagance and uncertainty ; and thus would return the whole mass of those alarming evils which every one concurred in deprecating. If they consented to repeal the Bill •f 1826, now that it was so near being carried into complete effect, they would invite back the whole host of afflictions under which the country had suffered before.— It was absurd to talk of a paper currency convertible into gold ; for the moment they introduced paper they would banish coin, except such coin as was of lower denomination than the paper. It wasimpossible to retain either the present or any other amount of gold, except upon that condition ; for if we returned to the issue of 1/. notes, we could not keep any coin in circulation which was not less in value than the pound sterling. The Noble Lord had asked whether, in the present circumstances of the country; it would not be a great object to save the annual expense upon 22 millions of gold currency. In the first place, the expense was comparatively of no importance; awl in the next place, the provision which the Noble Lord had recom mended of a paper circulation, convertible into gold, was a fallacy, &she had already shown ; for when the paper was let in, the gold would disappear, and in this way they would soon be saved the whole expense of a gold circulation. They might vote the money, they might coin it, but how could they retain it in the country? The lion. Member for Car lisle had talked of fluctuations as the greatest evils strider which the country had suffered ; but this, instead of being an argument for going into Committee, was the greatest oh. jection to such a proceeding. If they allowed the country banks to go on increasing their own issues, and encouraging speculation, which would be the consequence, the Bank of England would again be placed in the same situa tion as in 1825, and would then, perhaps, realise, in its fullest extent, the ruin which it had expe rienced but partially on the former occasion. He would say that it was impossible, consistently with the interest of the country, to allow the country banks a power of adding to its circulation as they pleased. Supposing a rise of price to take place in consequence of a deficient harvest, the value of money would then be lowered. The high price of commodities would encourage speculators to deal in those articles, under an expeetation that the advance would continue; but then would come a glut, and then a NI, and then the fluctuations which precede a panic, and finally the panic itself. But, •in the midst of all these changes, there was one 'commodity that would not rise, and that was the money deposited in the Bank of England ; so that unless they took some strong measures, the effect of which was panic, they would not be able to cheek the spirit of specula tion which the issue of the country notes bad encouraged. It was the want of a proper metallic currency that led to the difficulties of 1825 ; and therefore, as a measure of precaution, he would support the measure of 1826, instead of again unsettling the whole of the arrangements which extended to all the country banks in England. He believed, that if the fact were ascertained, it would be found that most of the country bankers would rather see the system carried into complete effect, than abandoned on the very eve of its completion. When they knew, as he hoped they would by the decision of that night, that the arrangements would he completed, not disturbed, they would adopt a more settled principle of accommodation and credit, and pursue that course which was most consistent with the interests of the country, instead of wandering into those vague chimeras which must result from a vacillating spirit in the policy which professed to regulate their proceedings. (Hear.) Mr. BRIGHT said a few words in a low tone of voice, when (as we understood the lion. Member) he suggested that the question should be adjourned to a future day, The CHANCELLOR of the EXCHEQUER observed that Friday was an inconvenient day, and named Thursday. This was objected to, and the House divided on the question whether Thursday should be the day, when there appeared for the motion 82, against it 17 ; ma j or i ty 65. The question was accordingly postponed to Thursday uext. The other orders were then disposed of, and the House adjourned at Half-past One o'Clock. SPORTING INTELLIGENCE. ASCOT HEATH RACES—JUNE S. The Oatlands Staki . : of 30 sous. each, 20 ft., for horses, &c. of all ages. Two miles and a half. Mr. Payne's Belzoni, 5 vrs, Sat. 311'. Mr. D. Badehire's Mari;, 4 yrs, Esst. (the King's) 5 yrs, Sst. tilb. (the King's) 3 Mr. Bacon's Dandelion, 4. yrs, 7st. Gib 4 Sweepstakes of 200 sous. each, h. ft. far fillies, Sst. bib. The New mile; 6 subs. Lord Jersey's Trampoline, by Tramp 1 Lord Verulam's Manille, by Orville Duke of Grafton's Grisette, by Merlin 3 The Cuirassier Stakes of 10 cove. each, for horses be longing to Officers of the Household Bt%ade. Captain l3ulkeley's ro. g. Popinjay, 6 yrs Mr. Cosby's Logic, aged .... . .... :. . Mr. G. Bulkeley's ch. g. Roger, 3 yrs 3 His Majesty's Plate of 100 gs. ; 4 yrs, lOst. 71h. ; 5 yrs, list. 71b. ; 6 yrs, llst. 121 b. ; and aged, 12st. Four miles. Mr. Wyndham's Chateau Margaux, 6 yrs 1 Mr. Mills Brownlock, 6 yrs Mr. Define Radcliffe's Dervise, 5 yrs Lord Tavistoek's Leeway, 5 yrs dr LFURTiIig PARTICULAII3 '10.1161IROP•3 WATER AT LON VON ksti.IDOE To—moitßOw. Morning...:;; minutes after 7.1 Evening.... 7 minutes after S. *ttll ir-t r z LONDON, WEDNESDAY EVENING, JUNE 4, NB. " I do not contemplate that there will be any " change in our policy, fbreign or domestic." Such was the pledge given by Mr. PEEL, not indeed in his speech, but in his explanation, on the night of Monday; and the annunciation was received with cheering by many of the Memiders attached to what are called liberal principles. If the meaning of the promise be, that the foreign and domestic measures oft he new Government will not substantially deviate from that path of firm, moderate, and enlightened policy,for the maintenance of which the continuance in office of the friends of Mr. CANNING. was considered as a GUARANTEE,—and if that pro mise shall I:)e FULFILLED.,—the new Government w ill as surely conciliate to itself the favour of the good and wise and considerate throughout Europe as it will disgust and outrage all of all nation,: who HATE POLITICAL LIGHT BECAUSE THEIR DEERS DESIGNS ARE EVIL. . For ourselves,—if \VC may advert to sr) Inimble a subject,—our principles are well known to all those to whom the knowledge can be of the slightest value. They are exactly accordant, as we believe, with the principles to which Mr. CANNING doubly gave immortality, by embalming them in his do quenee, and embodying them in his acts ; and, who ever be the Minister that sincerely adopts those principles, and faithfully follows them out into prac tice, shall receive, whatever the boon he worth, our cordial and zealous support. In the same spirit we add, that we accept the pledge of the Home-Secretary,--though it is far less full and at the same time far less specific than might have been wished,—with every disposition to be grateful. But we should speak untruly if \‘'. pretended that, with this feeling of gratitude, the:: %vas not mingled a considerable infusion of distrust and jealousy. Mr. PREL spoke not for himself, hut for his Government; and, giving the Home Se cretary, as we do give him, the utmost credit for sincerity, we must confess that we cannot repose iti his pledge, because we cannot confide in his col leagues. First, what sort of - proof does a ?Minister atfosd of his attachment to any given principles of policy, when with the very same breath with which he asserts that attachment, lie dismisses from his side those public men who an known as the avowed champions of the principles in question, and who are precisely the fittest agent, for carrying them into effectual accomplishment ?-4 - it not true that the country is in difficult eireum - stances 1 ) —Is it not true, according to the lancuace Of Mr. lICSKISSON, that busy and powerful in fluences are at work both at home and abroad, counteract the practical developernent of the Fie eiples to which we refer ?—Nay, is it not true, according to the language of the Hulse of WilstaNt.- TON himself, that, as the Minister of this country, ht. has " an arduous task" to perform ?—And in such times, and under such circumstances, can such a task he executed without fit instruments ?—Or does it make no difference, whether the responsible posts of Government charged with England's interests and glory, arc filled by men who are able, who are expe rienced, nay, who are known,—or whether these are discarded for substitutes, who, whatever their powers, have every thing to learn, and who, what ever their deserts, have all their credit to gain ? In the next place, we cannot hide it from rw selves that doles latet in generalibvs. To say that there shall be no change in our policy, means of course that there shall he no material change in it ; and this of course must have refer enre to what, in the mind of the speaker, are those parts of our policy which must he considered as ma terial. In one word, the terms mush be defined, before the proposition ca' be understood. To Mr. PEN, himself we should content edly trust such defini tion;—not so to some of his brave colleagues. They might all perhaps join lustily in professing attach ment to that radiant abstraction,—Mr. PEER himself seemed to consider it as an abstraction,—the policy of Mr. CANNING. They might loudly proclaim, in general terms, its excellence. One Ivor-cry sounds nearly as well as another. But reduce t hem to specification ;—call on them to em body the bright object of their admiration in a set of dry, practical particulars ;—and we very much fear that the policy which they vaunt would recede into thin air, like that gifted spirit which gave it being,— extemplo petit, mane esilsves, More aninue." Does the reader wish for an instance in point Ile may perhaps have heard of certain principles railed Pitt-principles, and of a club called the Pitt-club, and of a dinner called the Pitt dinner. And he may know that, among the professed votaries of those principles, and among the most zealous member; of that club, and (by all Ultra accounts) among the most highly gratified participators of shat dinner, lately appeared some of the leading orna ments of our Ministerial Chivalry.—Alas, alas, are the pledges of Mr. PEEL respecting our foreign and domestic policy, to be redeemed with the same good faith which animates the orgies of the Pitt Club towards the principles of Mr. PITT ?—lf so, the assurances of Mr.,PCEI, speak for them se Ives.—We may talk sweetly in our sleep about PITT and CAN NING; but we shall quickly woke in the arms of LORD ELDON and PRINCE METTERNICH. The Allgemeine Zeitung of the 28th ult. contain, " a detailed and authentic account " of the peroecn don of the Armenian Catholics, but for which we cannot spare room to-day. The German Paper, contain no news from the seat of war. Madras Papers to the 9th February last muntior► that accounts had been received from Canton, that the rebels, who have so often been annihilated, had given the Imperial army a total and most disastrous defeat. We have only room left to refer our readers to our last page, where they will find the cheering progres made by the Constitutionalists in Portugal. -Do„ MIGUEL is on hi, last legs—if he now have a leg to stand on. The news from Lisbon comes down to th f . 28th, and from Oporto to the 25th, the garriions of Coimbra, Vizen, Leyria, and ot her 'dares had declared in favour of the Provisional Junta established by the brave army at Oporto. The spirit of independence seems to spread rapidly throughout the Kingdom— more than half the army having already declared agaiHst the Usurper MIGUEL. THE FUNDS-(THIS DAY). CITY, Twars o'CLocr. The English market has been rather heavy all the morning. a nd a good supply of money stock being brought 'forward h., ca used a depression in C onsols, added to which, in the City, then i s a dislike to the Small Note Bill, which will, if carried into °Pe ration, reduce the circulation considerably. The first pr i c e was 96% a 4 for account ; h ave since been sellers at 806, and done at % ; and are now 86i,', for account, and 5y per cent. lower (or money. Th ere i s not the slightest variation in the premium on Exchequer Bills or India Bonds, the former being 61 2, th latter 117 9. In the Foreign Funds,:Portuguese Bonds opened firm ?..t. il/34 60, but have since receded to .',S% 9, the dealers considering the price sufficiently high for the present situation of that unfortu nate country. Brazilian are 60q /4, Buenas Ayres 40% Danish &14 %, and Russian 90}¢ 1. Nexican 6 per Cent, May be quoted 8, and Greek 17 V.a. In Shares a further decline may be stated in Imperial Mines, • t rom 61 2 pm. to h 5 6; this is stated to arise from a considerable falling otf in the daily workings. Tlalpuxahua Shares have had a demand, and the inquiry still continues; the report is, that the great Mine is cleared, and appearances raise a hope that the vein of silver from which the late proprietor got a Bonanza has beeo Inutui, the next arrival is therefore anxiously looked fo r; t h e purchasers' have hes. pe rsons connected with M ex i co, and are supposed to have received intelligence via Bordeaux. Three per Cent. Consols , Ditto, for the A ccount, July 22, fki% % India Stock, 21d ; ; India Bond s , 979 pm. ; Bank Stock, !NA ; Exchequer Bills, 612 pm. Two .1. 1 . ( x-K.—Consols &isy ; Exchequer Bills, 69 I:qn_ THREE 0 CLocx.—Consols for Accoug 86i A . FOUR O'CLOCK.-.-CLOSING PRICES. Consols, 861 I—Ditto for Account, 86g. , 7