The Sun. — London, England, 1824-12-21 00:00:00

1 i . - - 1 4. • `' N'''• ' ' ":„...,,..„.:1 '''..- , '','. i - ~,, , • /.....1 . r., 0-,-,.,?.. • \ 1,,,10. '',,,; 7 ,4 --,., , A '' ; ..„ . 14ity;:: , f _ ox aprttc. - 4 4 - . • I. l '''r o ----, 0 4 . i , .. t . . 1. '• . ;,,e44 , " . „ ... . / 7 ,... J 4 i / 1 7 44 ✓ i,i/1 ,4--- a „ t.ii , . . . 1 TUESDAY EVENING, DECEMBER 21,.1824. PRICE StiVEtiPERCti NUMBER 10,070. EAST INDIA HOUSE, Oct. 47► 1824. _ LONDON NORTHERN RAIL ROAD COMPANY, to connect BIRMINGHAM, DERBY, NOTTINGHAM, HULL, and MANCHESTER with each other, with the parts adjacent, apd with the METROPOLIS. ON THE AFFAIRS AND CONDUCT OF TIIE BANK OF ENGLAND. and therefore 1 might take the mean, and estimate it at twenty» tour millions, but 1 will take it at twenty-two *millions-4 will even take it at twenty millions i and nit quite impos: Bible, I believe, with the legit regard to truth, to rate it be low this amount. To this must be added the 'gold end wifiver currency and all this together will furnish us with the fellow ! : ing statement I Bank4.notes in circulation . Total amount of gold currency, about Ditto of silver currency, about THE COURT OF DIRECTORS of the UNITED COMPANY of MERCHANTS of ENG LAND TRADING to the' EAST INDIES, do hereby give Nbtioei Th a t a QUARTERLY GENERAL•COURT 'of the said Company will he held at their House in Leadenhail-street, on WEDNESDAY, the 22d December next, at Eleven O'OOA in the Forenoon, for the purpose of declaring a DI VIDEND from MIDSUMMER last to CHRISTMAS next. JOSEPH DART, Secretary. CHAIRMAN. ,GEORGE HIBBERT, Esq. DEPUTY CHAIRMEN. - Pasco Grenfell, Esq. M.P. I John Smith, Esq. M.P. Lewis Loyd, Esq. Edward Wakefield, Esq. £20,000,00 14,000,000 6,000,000 DIRECTORS. James Evan Baillie, Esq. George W. Norman, Esq. Francis Baring Esq. I Frederick Pigou, Esq. Lyndon Evelyn,-Esq.lll.P. Thomas Richardson, Esq. Sir Robert Farquhar, Bart. I James Wane, Esq. Charles Daiid Gordon, Esq. I William Williams, Esq.lll.P. John Irving, Esq. M.P. . Total - £46,000,0011 Deduct the amount of geld currency in the Cof fers of the Bank 6,000,000 )BAST INDIA HOUSE, Oct. 27, ISM THE COURT of DIRECTORS of the UNITED COMPANY of MERCHANTS of ENG LAND TRADING to thei EAST INDIES, do hereby girt Notice, That the TRANSFER BOORS of the sal.) COMPANY'S STOCK will be SHUT on THURSDAY the td of December neat, at Three o'Cloch, and OPENED again on THURS DAY, the 18th January, 1845. And that the DIVIDEND WARRANTS on the said Stock, due on . the sth January, 1925, will be ready to be delivered on THURSDAY, the Cth of the same month. JOSEPH. DART. Secretary. EAST INDIA HOUSE, DEC. 1, 1824. THE COURT of DIRECTORS of the UNITED COMPANY of MERCHANTS of ENG LAND trading to the EAST INDIES do hereby give Notice' that they have received a Letter, copy of which is as follows : " To the Chairman of the Ilonourable Court of Directors of the East India Company, " Sir—We, the undersigned Proprietors of India Stock, duly qualified; do hereby request, that the NEXT QUAR TERLY GENERAL COURT of PROPRIETORS, to he held on the 22d December next, may be made SPECIA 1., for the purpose of taking into considpration the proprietra before the Court Copies of all Correspondence, :NI inutes, and other Documents connected with, and explanatory of, the Sup pression of the late Calcutta Journal, and the subsequent ob ' Jectiens made to the renewal of its license; and also Copies',OT al Documents, explanatory of the Banishment from, Ilia of Alr. Sandford Arnot, an Assistant in the office of that Taper " We remain, Sir, kell''''vour obedient humble Servants, , 1 , f ' -" V, .. , ‘,, JOSEPM HUIIIE. t . • 1 " DOUGLAS KINNAIRP." .tv,,ie • ,714 .... `` Dated .Bryanstone-square, ;•: i . 4.!. Npr. 27, P 24. .; , . , • • , ~ : The General Court appointed to be held at ibis-house on the 2 2 instant is therefore made special acc9rditiOy. "JOSEPit DART, Secretary. , ENGListi AND OtiftsTot, CHANNELS SHIP ... .. 011N.i 14., . . ' .. •' . A p n'A;11;11?;r1 NU of ?COMMITTEE:heId .e.".. on the 18th day tit cciniboy, 1412 4, DAVID PO IJI.OOK, Esq.. in the Chair, Resolved unanimously, That all applications for Shares be in future made y Leter (post aid), addressed to the Com- Mittee at 'Messrs:b King t and becki p ns, N 0.5, Oray's.lnn-square, London. LONDON REPOSITORY for the CABINET MAKERS' SOCIETY, the every Description or CABINET FURNI TURE, FEATIIER BED and MATTRESS FACTORY, No., .No.. 71, Corner of LEA DENHAM.- STREET, London, opposite Aldgate Pump.--,Ready Money Only. Ttlr Society of Cabinet-Makers respectfully inform the Public that they still continue the above Establishment, for the Benefit of Industrious Mechanics who have large Fluidics, by °tiering them Manufactured Articles In the Cabinet Line, of dieted Workmanship, and Cheaper than any House can do in London by twenty-five per cent., there being no other profit required on the Goods but the bare house expences ; at the same time will be sufficiently satisfied with having constant Employment for themselves and families. This Society was Established in June, 1821, consisting of 20 Mechanics adding the number of the ir W ives and Fami lies, aniounte (l to 66; in June, 1819, five more were added to the Society; in June, 1820, 10; and. in June 1821, 8. The total Number now receiving Support through the Means of this Establishment is 191. The Society and their Families beg leave to return their sinc ere th a nks to those Ladies and Gentlemen who have hitherto honoured them with their Orders and Reconunenda tions, and shall always feel happy in their endeavours to give future satisfaction ; at the same „frit solicit a Continuance of their Benevolence, whereby they st*.tbe enabled to increase the Number of the Society. The following Articles are inserted as a Specime:.: of the very bow Prices, all warranted. -Ready Money only. Full size 'Mahogany four-post Bedstead, lath bottom 31 15s. -Full size tent Bedstead 11. lis.-Bordered hair Mattress to fit 11. ls.-Mahogany Drawer, solid ends 31.35.-Feather Bed 21. 108,-Ditto, tree from dust and smell, full size 31. 10s.- Six japanned Chairs of any deicription in oil 11. 65.-Best do. Wash-hand-stand 165.-Ditto, Dressing Table 165.-Hearth Rugs 148.-3 ft. 6 inches Chest of Drawers 41.4x.-Three-foot mahogany Pembroke Table 11. 18s.-Three-foot ditto on pil lars and claws 31. 155.-51aliogany Dressing. Table 11.-Ditto Bidett, best 11.45.--Ditto Bedsteps Bs.-Ditto ditto 11. 12s. •--Ditto ditto 21.25.--Ditto Box Glass, 2 drawers, best British Plate 155.-Ditto ditto Is. Os.-Ditto ditto 11. 18s.-Ditto Swing Glass, large size, commode 35.-I)itto ditto 55.-Ditto ditto Bs.-Ditto ditto 125.-Sea Bed and Pillow ss. 6d -Ditto ditto 65.-Ditto ditto 75.-Tray Stand 7s.- Long Mahogany Tray bis.--Japanned Book Shelf 75.-Tea Caddy 10s.-Porta ble Desk 215.-Desk covers in number 14s._ Music Chairs- Any pattern Bs. 6d.-Eight Mahogany Chairs, covered with horse hair, brass nailed 61. 65.-tittlitto ditto 61. 151.-8 ditto ditto 71. 75.-8 Trafalgar ditto 91 95.-Mahogany Sofa tom:itch 7 .106.-Ditto Couch '7l. 10s.-Ditto ditto 81 . 108 . - Ditt o, with Bedstead 71. 10s.-Set of Mahogany Card and Sofa Tables, on turned legs, banded in rose-wood 81. 155.-Set of Mahogany A:ables, two Card and Sofa, on pillars and claws 121. Ditto, the best that can be made-to order or pattern 161. lOs. 7-Handsome 7 foot 6 pedestal, Sideboard, with carved pack,. 171.-Ditto 7 toot 161.-Ditto 6 foot six IM.-Set of r,!Eling Tables, of the last pattern, 4 foot by 10 foot 61 111.- 11, 4 0.-4 foot 2 by 11 foot 6, 151.-Ditto 4 foot 6 by 12 foot 6, 168.-If Spanish, an advance of 31.105.-Straw Palliasse ga• le.-Tent Bedstead and furniture 31.15-Bamboo Bed stead :and French elyptic top, with drapery and frin g e, 81. id,. "Five-toot mahogany four-post Bedstead and f urni t u re, with French draperies, lined all through , complete , 151 . 10 s. - , ive-foot ditto, ditto 16s. 10s.-Ditto ditto, with cornice, of a Super - for make 181. 10s.-Ditto ditto , with gold cornice , ele gant drapery 201.-Drawing-room Curtains, of the best Mo rule and Chintz, fitted for window, 61. lid.-Ditto ditto 71. 7s. , - ;Ditto, of a superior and elegant style of work, 101. 10s.- tfrawin . g-room rose-wood-Dravving-room Trafalgar Chairs vitto, inlaid with bal. 201.-Table, 2 Coven, and Sofa, 181. •-Ditto 11. ie.-Drawing-room Sofa 61 . 65.-Ditto, 71. 7s. Gino 81. Bs.-Horse-hair Cushions, each s s. 6 d. - C overed ditto 41. W. TH U KNELL, Agent. • conaisny DEALERS SUPPLIED. all packed free of expense, except the materials, and sent to , F 4l parts of Great Britain, and to the East and West In. reft.-Captains fitted out, and merchants supplied with Ca binet Goods for Exportation. a • Ti_• , Apartments Furnished at a few hours' notice , and eauuses two or four days. AUDITORS. Rich. Hart Davis, Esq. M.P. Joseph Fry, Esq. I Simon M‘Gillivray, Esq. Edward Goldsmul, - Esq. At a MEETING held at the London Tavern on the 13th instant, Present, WILLIAM WILLIAMS, Esq. M.P. in the Chair, and many other_Gentlemen, it was resolved, - " That a communication by Railway connecting . London with Manchester and Birmingham, and also Hull-with Man- , cheater and London, would be an object of great public ntliity. That a Company be formed, with a Capital consisting of Two Millions Five Hundred Thousand Pounds, for that pur pose." These Resolutions having passed, the Meeting then adjourn ed to Monday the 20th instant, when the above-named Gentle men were appointed as the . London Direction, and the following - Resolution was passed unanimously : - " That the Directors now appointed have power to select Se . ven Directors to be added to their number, from the District through which the proposed Rail Road will pass." The capital of 2,500,0001. is to be divided into 25,000 Shares, of 1001. each, of which a liberal proportion will be reserved for those persons resident in the neighbourhood of the line of the proposed Rail-Road. O. Applications:for Shares may be made previously to the Ist of January, by . Letter, poit _paid, addressed-to the Chairman, to be left at the Old London Tavern, Bishops gate-street. (Signed) GEO. 11 IBBERT, Chairman. HAMPSHIRE GENERAL BENEFIT Souttair. A GENERAL MEETING of this NsTi i TUTION is appointed to Ow plate at the GRAND JURY CHAMBER, m WINCHESTER , on TUESDAY the 21st day of. December, at Twelve o'Cloek, for the purpose of receiving the Reports of the Local Committees, and consider ing the necessary arrangements previous to opening the Offices of the Institution. JOHN FLEM ING, Esq. President. GENERAL IN FIRMARY AT Api,AN for tho establishment of a GENE RAL INFIRMARY at CHICHESTER, for the re. ception of the diseased Poor of the Western part of Sussex, and South-Eastern part of Hampshire, having been submitted to us, and having.. tnet with our entire approbation, we earnestiy request the Nobility, Gentry, Clergy, and other principal in habitants of those districts, to meet at the Council Chamber, Chichester, on .Wednesday, the 29th of December,. at half-past Twelve o'Clock, to take the above-mentioned plan into consi der.ttion, and to consult on the best nit..ans of carrying it into effect. ' (Signed) 4 Norfolk, G. Daysh, J. Sargent, SekeY , .! G. Staunton, .J.• Peaehey, R. J. Chichester, •E. S. Dickinsi :1. . R. Spene r,. • F. Dns, C. Baker,.... NV .S. 1 , ' Rich mond, S. Twyford, • '1 Arran, M. Toghill,, R. Su)) G. Lennox, H. Conmer, S.IC. J ise ' W. Huskisson W. Smyth. • • E. Ifni 'r. 13. Pechell, • • .ALL ONE DAB'. ( - 1 A Itit'OLL the Contractor, respect 'kJ foinnt• the Public., VW t Agile of 4110 A) "1"f V. Will hti • douideil on dm Imst of Thiit•ltt,tiotti . (DC. , cinb , ) , which Day "TWO PRIZES OF £30,000, Anti qil the other Capitals, must be drawn. There are NO BLANKS in the Scheme, as every Ticket is sure of getting:XL, at least. A g reat variety of Nunibers. are on Sale at' CA II WILL'S fortunate Offices, No. 19, CORNIIILL; 26, OXFORD:. STREET ; and 7, CHARING.CROSS.• • COUNTY FI - ItE OFFAL; AND PROVIDENT LIFE OFFICE, • REGENT - STREET, LONDON. PRESIDENT AND TRUSTEES. The DUKE of RUTLAND The MARQUESS of NORTHAMPTON EARL GREY LORD•BRAYBROOKE LORD KING, Ltc. &c. &c. DIRECTORS: J. T. Barber Beaumont, Esq. William Praetl, Esq. Francis Const,'Eq. ' Lieut. Col. Saniwyll Sir Julio Doyle, Batt. Jams Sedgwick, Sir George Docket, Burt. Hon. W. Shirley Sir .John• Harrington, Bart. Walter Strickland, !Sir S. B. Morland, Bart. M.P. sir W. E. Welly. flirt. lion. Thus. Packer Sir Robert Wilt•on, Wl'. Zee. &.e. Ste. CAPITALS. A MILLION STERLING and upwards. The PROFITS are divided amongst those who now insure, ns well as the original Nlembers, res p ec tive Payments. its just proportion to their In the FIRE - OFFICE , RE T URNS , during the last ten years, to the amount of ‘42,000. have been paid to all Per sons who have continued insured Seven Yeats, upon Annual as well as Septenuial Policies, and whether they have been Sufferers or otherwise. In the LIFE OFFICE, BONUSES of .Cl 3 Bs. and £r6 14s. per cent. have been ijivided during the last Fourteen Years ; apd other very peculiar Advantages are atforded. LitiRED BY a new Method the above troublesome Complaint is entirely eradicated, (without the use of Bougie or Caustic), whether of ling or shut standing, ex cept constitutional, as well as all weaknesses generally ae. companying it, and in a short time the whole system is re. established, tieing one of the greatest discoveries ever wade. By JOHN LYNCH, 44, Duke•street, AilLettrrs must be post-paid. A perfect Cure fur Bilious 'Affections and Obstructions it' the Bowels. • (The price of the Medicine is Four Poutulta rated. TO TIIE EDITOR OF THE TIRES. " Money is neither Whig nor Tory.'"—Swift. SlR—The good peooe of these realms are destined to acquire great experience in all mat ters relating to currency ; and deservedly, for none are more willing to pay for it, or possess to a greater degree the most invaluable cast of mind which constantly disposes men to reward those by whom they are cheated. But experience (says the old proverb) is a dear school; though fools will learn in no other ; and therefore, as we con fessedly have still more to learn, so will it natu rally follow that we have much to pay for ; apres le, fait, Breton. More than five years have now elapsed since I addressed some letters to you on the subject of our Mint regulations and the Bank restriction ; the former remain a monument 01: human folly and absurdity ; but of this, as a strictly scientific (and therefore dry and uninteresting) subject, shall say nothing at present. My present business is with the Bank of Eng laud. The Restriction Act was ,repeaied in 1819 ; the Raul has since resumed cash pay ments; every thing has appeared to go on smoothly and comfortably ; and I little thought that I should again have to trouble you on this point : when, lo and behold'. fresh matter arises ;• the Bonk rosin's - headlong into a vast variety of engagements and undertakings, smite o immense . , magnitude, others of less, but all of them at va riance with every sound principle. It is, 'there fore, very fur from impossible, that ‘vlile others warble a " Bertha We" chat RIPEStqI is the Bank pirector”), you and I may have to chaunt the " tuiserere" of another restriction. But I will explain myself. The, first operation its which we find the Bank engaged, since the r esumption of cash payments, is the purchase from Government of a ;tart of the annuity created for t he defraying of the naval and military pensions. The part so purchased be the Bank was 555,7 14, :and ,ftr wide!' it' agreed to pay in the following inatiner:—.. • WO—April - 865,710 113t?5,--.llnly ; • A:1;130.370 July - 1.225,990 11129—;Januftey: • -1.097,070 October - • 37,870 July • 1,087.870 1924—January 1,175, 0 (A) 1;)27---lanuatf 1 1', 03 7 ,8 7 0 April - 07. 8 70 July ; ;,.V‘• 992;870 • joy 1,175.000' )! '90,073 October - *27,370 July , 1L0i'7.,500 1 8 2 5 —January - 1,1:15,000 ~u• 1. - Oral—to 4 , April .. • 27,370 • ''xIEtkOW4AI9 vug • /. • Wow, in conaequenceof this transnctiimi, a tiei',4 l 44o4ble addition ,hat< alsinly been made. tiy the piper money of Me cpuntry; from the same cause it is - re't.odarly . ncreasing, and by the time the transrietion comPlett(l,4le lealition will be enormoita.• • . Now I. say nothing on the-measure itxrlf,4lA perli ctlifttaefess;. tbrir rr ‘ „ * „.. n i t t c oory'tt.t. why not bOrrow from the Sinking Fond, Mr.l construct it'ireW Sinking Fund out of the naval and militarl pensions as they fell in and became extinct ? The e x oti c a. was simple, the country taught equally have been relieved from taxes, it would not have had the annuity to pay durin g years, and still a sinking fund of this description' (t aking the rate of interest at 4 per cent.) would have amount il at the expiration of the 45 years, to upwards of 2411,0011',000/. But, leaving all tlik ont of the question, why sell this an• nuity to the Bank. and i rt to the public? B ecause the public, though partial to the perp.tual annuities, is averse to the pur chase of annuities for a term of years. But the nature of things will not be changed', and, 'whether in a terminable or a perpetual annuity, to borrow is still to borrow ;. the two modes stand in a certain defined, fixed relation to each other. To compare the value of an annuity for a term of years with a per petual annuity is easy ; and therefore, •if the public objected to lend money on annuities for a term of years, why not borrow in perpetual annuities? But let us proceed,. The next operation in which we find the Bank engaged is the making advances on the security of landed property : what these advances may amount to I do not know, but they are supposed to be about 2,000,000/. The next expedient hit upon in order to increase the issues of Bank paper, is to make advances upon funded property, nouveau genre de fulie ! The extent of these advances .1 am at a loss to determine: it may be two, but it certainly does not fall short) of .one million ; hut be it what it will, it is an addi. tion to the general 'mass of paper. I might go on, but where so many points remain to be dia• cussed,' we must be short on each ; add then, to all I have stated, the advances made by the Bank to the dissentients i n the operation of reducing the 4 per cents. and its regular ad. vances to Government on Exchequer_ hills, and you will find a mass of paper fur exceeding what would have circulated in the natural course of things, and which must therefore necessarily interfere with the usual and ordinary transactions of the com munity. There is.also one observation which is applicable to all these transactions—viz. that they are completely at variance with the original purposes for which the Bank was established, and with every.sound principle of banking_ To this it is said that the trade oldie Bank in discounts fulls of, and that therefore It has recourse to these exptdi-enis in artier to increase its issues. But w o h t t . is t e h f u nu s l y t .s3 is st s e n‘ t i l ie d ifi s et ? ileir a n n tin, d ga w rer h ae o ; when money may be had in the l 'tl. „ lll t y l e e e .t t o irr p t r l e esen t n e e l Y lank fur discounts, streets? wwill p ly t system is the very a g n ula i r re. s q ta u t en e llt o ol t f li( a lt th p tfil i t :n: i i s gs!w e ie sn n t a t e l n ive ! ri n i conecquences: lilt we first create money, and then, instead of waiting flue solid oniise,uarnesdtilente,etsvilto;- bvuetryoutrutrerem customers and a regular demand, we attempt by every poss ible a r n ev d er ti s l e s o s t oo ' species of quackery to force it into circulation. At leoetb we succeed, and then we iintnediately cry out that the market with discount diminish ; that-is, we first overstock' the market with money, and then, in pure simplicity or sou l, w e wonder t h at people do not ask for more. Then again it is contended, that the' Bank has a large ea.pi -1,1 an d great resources, and that, keepin g within li eert ailt ts, it has a right to employ this capital as it pleases . Nov all this very easily said, and perhaps not quite so easily an swered. Involved in the gloom of —ysterantsintricate sys tem, the Batik studiously withholds all knowledge of its affatra from the public; but , here and thew,. thneigli chinks and crannies, light breaks ; a few leading facts, which can be neither misrepresented :1102 controverted, jut out as promon toriet to direct-us in our course ; and Alteretore. though we can., not speak with the utmost accuracy an d prec i s ion, yet I believe it will be found that we know quite enough of the affairs of the Bank for all the purposes of illustration. The original capital of the Bank, end enbettluent additions to this capital, amounting altogether to 14,610 01 ' , is lent to Government at 3 per cent. ; here, the Bank'• stands In the simple relation of a fundholder, and this is nit property .of which the Bank stands possessed, but property that it has Parted with, and in lieu of which it receives an annuity; it is not available for any of its present operaticins, nor is it indeed available for any purpose whatever, because the money has been long since spent and gone; and before it can be returned by Government to the Bank, it must be raised by loan, or taxes on the public ; and therefore though this capital so lent by the Bank to Government may be a good security for the ultimata solvency of the Bank, yet it is no security whatever against a suspension of cash payments ;it was not so in r. Pitt's time, and at the period of the last suspension, nor will it be in any other. Come we then to the active disposable capital of the Mink to that capital, in short, which alone is applicable to its pre sent transactions. When the affairs of the Bank were investigated in the year 1819, the Bank Directors delivered in a statement, dated the 31st of March, HIM and by which it appeared that the then capital of the Bank was 5,231,1901. Since that time the Bank has made profits, and on the other hand has paid dividends to its proprietors ; but by the consider able reduction in the rate.of interest in general, and particu larly on all Government securities, the profits of the Bank must have materially diminished ; and, including the remune ration for the payment of the dividends, and the interest it re ceives on its capital lent to Governpient, I do not believe tits own expellees deducted) that the manual average net profits of the Bank since 1810 have exceeded 900,000/., and certainly . not 1.200,0091. Take them, however, at the latter sum, and then the amount will stand Ants The active capital ()film Bank, according to the state. ment dated the 31st of March, 1819, was .1:5,231,190 Add profits made from April, 1819, till Octobet, 1824, at the rate of 1,200,0004 per annum 6,800,000 Deduct 4 yearly dividends of 10 per cent. on 14,686,800/ • - - .C 5,071,720 Deduct 2 yearly dividends of 8 per cent. on the same sum - 1:11,831,190 :2,349,888 8,224,608 Remains . 173,608,583 It would therefore appear that the active capital of the Bank is at present only about 3i millions. Now I believe that nothing I have here said can be mate rially or substantially contradicted. The item of 5,01,1901. is tiumded on the Bank's own statement; and that.its profits since 1819 must have materially diminished, not only from the re sumption of cash payments, but also from the great decline in the rate of interest on all Government securities, is,. I believe, past all, question. And, indeed, if this were net • the case, where was the necessity to reduce the annual dividend from 10 to Gper cent. ? But I have no wish to exaggerate.; the profits of the Bank may have been greater than I have stated; I am, willing to be in error, and to allow (what I do not believe) that the profits of the Bank have been such as to admit of the divi. demi% it has made since 11319 without the least diminution of its then active capital ; and then I will'leave it to the determina tion of any prudent, considerate, sober-minded man, whether, upon the fountlation ( . 0 so limited a capital as live millions, the Bank of England is warranted in - entering into such stupendous engagements and operations. But then there is a great deal of gold in the country. This isnot (Mite so certain. On the contrary, I ant full)' persuaded that all the. gold in the country does not exceed fourteen, and certainly not sixteen, millions. How this is divided between the Bank and .the public is not very easily'determined perhaps 'about five'or.six millions may be deposited in the ceirers of the :Bank, and the remainder in circulation, - and in the hands - of the public. But at the period of the suspension in 1797, upwards of thirty millions of gold currency existed in the country, find yet Mr..ritt, merely by borrowing about ten millitins front the Bank, caused it to stop payment. Then„ ,again, we are told that some or all of the nets mining associationS are to introduce large quantities'Of gold from .Mexico.., Very likely ; but this gold is not yet concocted, it is gold infidurn, and as far as the fact stands at present, the whole idea is ridiculous;. because at this present moment of tr g .„-4 1 , 0 7iaorj o i areott . —Weed, these Me:deans and Colombians are most cm:AMR customers to the people of this country, for not only are they content to take our goods'. but they arc •willing to take our money into the - bargain. What a pity it is that they arc not also willing to take the notes of the Governor and Company of the Bank of England I But somehow or other this is a com modity which foreigners do not rate quite so highly as ourselves. Thus, if I go to Paris with 100 sovereigns, I am Sure to re ceive from 2,Mii to 2,1120 francs ; but if I take a 1091. Bank note, I shall only get about .9090 francs ; and therefore, in the estimation of a Frenchnian at least, Bank-notes are at a discount. . lint, get gold from Mexico, or the moon, or where you like, and where is the utility ? You will only receive it in transits, and it will immediately be exported to other countries. It is a maxim in currency, that the money which is worthless or of interior value will drive out that which its good. flow, then, is gold to remain in the country when the currency is already redundant ? And as to export the paper would be of no utility (because nothing could be haul in return for it), it is evident that the gold must be sent out. During the restriction irm. mense quantities of gold and silver were imported, and yet the whole disappeared, and along with it all the gold currency of the country. Now, let us view the matter in another light : let us con trast the state of things produced by these operations of the Bank, with that state which exists when things are left to them selves, and in their natural order. Them, if the money borrowed by Government of the Bank for defraying the naval and military pensions had been bor rowed of the public, the latter would have advanced a real capi tal, anti the amount of currency . would have remained the same ; hut when the same transaction is entered into with the Bank of England, the case is altered immediately, because the Bank, having no capital to lend; does, anti can, in reality, only fur nish the Government with a certain amount of paper : and then, as a result of the operation, an immediate addition is made to the paper currency of the country, and which but for this would not have existed ; and which clearly is not necessary, because the quantity of commodities still remains the same; the opera tion itself neither tends to increase nor diminish them ; that they should circulate at their fair natural value, no additional quantity of cnrrency was therefbre necessary ; and therefore, the quantity of commodities remain the same while the quan tity and amount ofeurreney is increased, it is quite evident that the natural tendency of that operation which borrows paper from the Brink instead of capital from the public, is necessarily to raise the money value of commodities and this is the natural tendency of every jobbine; transaction which takes place between Government and the Bank of England. So, again, when the '4 per cents. were reduced, - the Bank by paying the dissentients, in realitradvanced nothing : butthere was merely a certain quantity and amount of Bank paper added to that which already existed : whereas, if the money to pay the dissentients had been borrowed from the public, the cur.. • rency would not have been affected. And why this was not done I am at a loss to imagine; for. u pon what grounds and on what pretence do we reduce the 4 per cents. ? Simply be cdatileiseett the e (I, ., fi t it ,; it o er f es i t n_te n re o s t t i i n s r r a e p tlu , c li ed nt . in ß r t e i a rr li o t w y ; tl b w o n rro a w t a fn re m; the public . i ra ii t e that has something to lend, and not from the Bank t hat hal nothi ng. again : when money is advanced by individuals on mort „„`.' this money is lent in a currency which already exists, passes front hand to hand, and is applicable to this anti every other purpose of the community : but let the same ad vances be made by the • Bank, anti immediately the quantity of money in circulation is augmented, because the advance is made in paper created expressly for the occa s i o n , and which but for this would never have existed. Finally, let advances on funded property 1w made by indivi. duals, and the mount of -currency will remain unaltered ; but let the same advances be made by the Bank, and immediately the amount of currency will be augmented. Now let -- us endeavour to ascertain the present amount of i nt t aTi v e e ° , :: : l l ttso b i elieve) (luring the legal• currency Of the country, and compare it with the am aware that to do this exactly is impossible, because the and concealment, ob. ystiateornneyofin mystery y tion during the war. I the last session of NMI. meat, to withhold alt knowledge of its issues from the public.; purposes of illustration; but here again we know enough for the anti if I err, it shall not be willfully, or to favour my own hypothesis. last nine months, may, . 1 'lie average amount of Bank-notes in circulation during the g t l a i r i m e t ri t a i e k t ; t i t think, at the highest, be estimated at twenty-six millions, and at the lowest at twenty-two millions ; Remains - - .£34,000,00 And therefore the total amount of the legal currency of the country in circulation amounts, I believe, at the lowe't to 34,000,0001. . . Now let us look at the state of our currency during the wet and the late restriction, The Period during the late war at which our Paper currenes stood the highest was In 'the year 1813, anti there was also, dial ing that year, raised by lijan for the Public service the enormoull sum of 27,000,000/. NoW the average amount of Bank:notes in circulation diming the year 1813 was 23,612,3901.; there' was not a particle af - gold coin in circulation. The average price of gold during the. year was 51. 6s. per ounce, and therefore the Bank-note watt worth only 14s. - Bd. - ; and therefore the real value of the 23,012,3001, , when reduced. into gold, or into paper on a par with gold, was only 17,315,686/, 13s. 4d. Add now to thii about.tive millions (at the very utmost) in Batik tokens and a depreciated silver currency, anti you will have a total amount of legal currency for the year 1813 of about 22,000,0001., and, then the conclusion is irresistible; and if during a period of war, of guar Government expenditure, heuty loans, excessive taxation, and • difficult communication with other parts of the world, a currency of 22,000,0001. was sttificient for all the pure poses of the community, it is quite certain that during a pe riod of profiaindpenee, reduc d taxes, and a prompt and easy' communication with till parts of the world, a currency of 34,000,1100/. must be redundant. But we want no calculations, we are under no necessity to prove, or even to inquire into the actual amount of our cur; rency ; for the Met being that the real (not the nominal) ex change has for this some time past been below par, and that. gold has been regularly exported to France and other parts of the continent; this alone is conclusive evidence that the cur.: Tenet( is redundant. Now, leave the public out of the question, and view the; matter in se,. and with . relation to the Bank alone. The Bank was instituted for the purpose of discounting tneN • chants' acceptances, and against these it issued its notes ; does it discount merchants' acceptances now ?—Certainly. To a large extent ?—Very trifling; and indeed so trilling, that nine. tenths, and perhaps nineteen twentieths of the Bank circulation is founded not on merchants' acceptances, but on laud anti on Government . securities. Out does it consist with any sound principle •of banking, that nineteen-twentieths, or even nine tenths of the issues of an establishment which prides itself 013 its solidity end good conduct, should be founded on securities which before they . can become assets must first be sold in the market'? Now look at the extreme ridicule of the thing. Is it in the nature of things that land should circulate and flout up and down the country io the shape of Batik-notes ? Or doe:: it consist with right reason that Government securities should be come the currency of the country through the instrumentality of Bank paper ? But it will be said that this was the case during the war and the late restriction. No doubt ;• but the war is at an end, and the Act of 1819 repealed the restrictions and all the state doctors assured us that we should recover our senses. But I see how matters stand, and as the dog returns to his vomit, so is it intended that we should again he brought to take up with this vile trash of a paper currency. - But how is this a public question, or how does it •concern the public that the Bank should make advances oit land, and on property in the tam& ? Not at all, provided these advances be made in real capital ; but by advancing mete paper, which costs nothing, but which the law acknowledges as money, anti 1 1 7 1 1:; i ; 4 1. ' 15 i';: w . iiit ' lnd sz an id ee c , ° l l :e i e u r l ine t ; cheaper, anti commodities become dearer; while all this time io one real thing, not one single particle of wealth. is added to the public stock, and there is merely a certain profit made by the Bunk, which, somehow or other, must come out of the pockets of the people. • • Now, mark the progress of the operation ; first, by means of a mortgage of land, or advances me Government securities, a certain quantity Of money is thrown into the market which otherwise would not have existed ; and then, as the instrument is ready to the hand, anti that this money must be employed, we immediately begin to think of speculating in commodities, or to form some new company, and so the public is deluded ; and therefore this is directly and essentially a public, question, and one in which every plain, honest, induatnous man in the kingdom is interested. " It cannot, anti it will not come to good." But I will neither break my heart nor hold my tongue ; bitt as long es this frail body draws breath, and in utter disregard of all con aequences, I will continue to deprecate a system which tends to raise the price of the poor man's loaf of bread, and to abridge his comforts. And now upon the whole matter. 'We have seen what the Bank has undertaken, the truly slender means at its disposal to enable it to carry such gigantic operations into effect 4 we have ascertained that our currency is redundant : and we have also seen the way in which a most unnatural influx of currency must necessarily influence the transactions of the community. And are we, then, so unskilled in the signs of the times, that we must yet wait for a sign from Heaven ? Do we wonder that coat has risen—that land has risen-- that the exchange for this some time past has been declining, and is now below .par ? that gold is regularly exported—that new companies spring up one after the other like mushrooms—and that the abundance pf paper, and the consequent facility with which it tnay be ob tained, is the signal anti sanction for every wild and desperate species of• adventure ? Where, then, shall we be, if (in addi tion to all I have stated) this country should next year require an importation of foreign corn ? And what is there then to prevent the Bank from suspending cash payment*? But is this system to be continued ? I believe so. Hitherto, at least, there is not the slightest indication of a efuinge. Aak the Bank for money on mortgage : it is granted. Ask for an advance on consols: you have it immediately, In nicking ad veneer; upon stock, there is, however, one part of the conduct of the bank which is highly deserving of approbation there is no exception of' persena; but you are greeted with a " Walk in, gentlemen t the cash Is ready : first come, first merved, whether it be a lord or a chimney-sweeper. But is there no remedy ? A very simple one. The Bank must reed a part of its issues ; and the sooner it does this the nester : but if the present course be persisted in, then that im pulse which has elready been given to things, and which now creeps as a canker, will become too powerful to be checked, and we shall have a catastrophe, and this very. shortly, if the country should require an importation of foreign corn ; but something later, though with equal certainty, if this importa don should not be necessary. The eyes of the public will then be opened, and the monopoly of the Bank of England Will be put down as a public nuisance. • • There is therefOre no alternative, anti no means exist to avert the impending evil, end to restore the equilibrium of things, but to reduce the Bunk issues. -The same cause, generelly speaking, will produce the ewe effect; and if AIL Pitt, merely by borrowing ahem 10,000,000/. from the Bank in 1797, canoed it to Atop payment, the same and other jobbing transactions of the - like nature, but to a still greater extent, will • inevitably now lead to the sante result. Every reliance, I know, May he placed on the honour and integrity of the Bank Directors, but this is not sufficient ; new maxims prevail, and this is an.-era of speculation and experi ment. Uncertain, therefotate as to the count.: they will a d apt, let us be prenatal for a denouement ; anti as we shall in that case have to travel again over the same ground, it will not be amiss that we consider the nature and effects of our paper cur rency during the hoe restriction : and this I will do, if I have time, and you will allow me apace in your columns. In the mean time, what sha we do with he large eiablis ment on Towevhill (the Mint)? ll Shall we t shut it up t a onc b o in order to save expence? or shall we convert it into it paper manufactory ? Talk, indeed, of coining money, and of a par . feet mathematical system of currency I Talk of Tags, and egg shells, and eel-skins, and leave the currency of the country (where it luxe been before) in the hands . of the Governor and Company of the Bank of Englandral o " will be care of " plentiful supply nelue-ad nauseam. • - .DANIEI4 •I I A It ()CASTLE, Just published, price tis. By R. ACKEItMANN, Strand, and to he had of all Book sellers in the United Kingdom, THE FORGET. ME NOT, n PILESENT for CHRISTMAS and the NEW YEAR 1525, coutoin lug about Four Hundred Pages of Letter-loess. and Thir teen Engravings; with Literary Contributions front Montgo mery, Barton, %%I&it, Neele, flowing, Cobb.*ld, the Au- , t hor of the Improvisat rice and of Dohlado's Let let s, and other popular Writers. To prevent the recurrence of the numerous disappointment experienced last year after the Work was out of print, on early application is recommended. There are about Fifty Articles, several of great, suave of very considerable, merit. It is a fit awl elegant Present, and will delight the 'Receiver, while it dues credit to the Donor."—(Literary Gazette.) PICTURESQUE TOUR OF THE GANGES AND JUMNA. '!Tula Day was published. by It. ACKERNIANN, Strand, in Elephant 4to. yriee 41. 45., A PICTURESQUE TOUR. of the RIVERS GANGES and JUNINA, in India: containing highly finished and coloured Engravings of the most remaihable Objects and magnificent Scenery on those Rivers, front Di awings taken on the spot; with Illustrations Historical and Descriptive, by Lieutenant- Colonel FORREST: comprising 24 Views, with sever al Vig nettes awl it Map; and forms a Companion to-Achermann's Tours of the Rivets Rhine and Seine. 1%1 E N-1011tS of PAINTING, by W. BUCHANAN, E.g. solo:lining a Chronological History of the Importation o f Pictures by the Great Masters into Cheat Britain since the period of the •French Revolution; with Critical item:tag thereon. and Sketches of Character of the leading Masters of the various Schools of Painting. 2 vols. Svo. 2fls. • Published by It. Acker mann. 101, Strand, and to be had of all Booksellers•in Town and Country. ..••••