The Sun. — London, England, 1822-03-27 00:00:00

and when we; consider the facility of all paper interchange between man and man, we almost wonder that the necessity or even superior advan tage of metallic currency should ever have been brought into question. To place the matter in a still more lucid point of view, let us suppose that no Bank of England or private Banks were in existence, no yaper of any description issued, what would Terrain to meet 60 millions raised annually on the subject to meet the contini;encies of the State in the payment of its creditors, and the necessary establishment of the country ? The plain answer is, nothing but the precious metals ex isting in it, not amounting to 1-3rd of the demands of a single year. Now although that supposition stands founded on an extreme case, yet the prin ciple once established, as founded on strict practi cal truth, does it not extend in a greater or lesser degree to all the circumstances of the country ? Do away your paper credit, and the whole ma chine of Government instantly stands still : do it away in part, and every portion of the commu nity feels the instant consequences of it, in the depression of prices and all the mischiefs natu rally dependant on that depression. High taxes and low prices are wholly incompatible, nor can , the one be long paid whilst the other remain as they are. True it is, that the manufacturer en joying higher wageS, or -what is precisely the same thing, able to purchase commodities at lower prices, may be enabled for a time to expend more in exciseable commodities, and thus for a certain period raise the revenues of the State, as has been found the case. But how can this pro portional expenditure be obtained, when his home market is destroyed by the ruin of his best customers, the cultivators of the soil ? Can the proprietor with diminished rents, can the tenant with diminished returns for his produce, expend what they formerly did with the shopkeeper, or he with the manufacturer? and what then his dependence but solely on the foreign markets, which cannot take one moiety, or a third, or even a lesser proportion of the articles of his manufac ture ? Nations now are led to manufacture for themselves, to our exclusion ; and it is under stood that already are the foreign markets, European, American, and Indian, filled with our unpurchased articles, which are sold and selling at prices below those which, they cost the original manufacturer. The maintenance of such trade can never be beneficial to the country at large ; and it would be preferable in a commercial point of view wholly to desist from prosecuting it to so evident a disadvantage. A pamphlet was written some years ago by a Mr. SPENCE, which ran through six editions, and met with almost uni versal approbation. It demonstrated most clearly the insignificance of foreign commerce, compared with the advantages of an exclusive home mar ket, and the perfect cultivation of the soil. The author shews to demonstration that a country may be in the highest state of opulence without any foreign commerce at all, but at the same time he holds up the advantage of encouraging manu factures principally to form a market for the commodities of the cultivator, who cannot consume the whole of his produce, but must have customers to take all superfluous products out of his hands. He instances the two greatest and most flourish ing nations in ancient or modern times, China and Japan, neither of, `which are at all dependent' on commerce, but place it under all possible re strictions ; the former most evidently wishing, if possible, to rid itself of your limited trade to Canton, where the Mandarins on the spot and a privileged company of merchants are the sole gainers by it, without any substantial benefit to the State, but are restrained by what they have seen of your power in the neighbouring provinces of India. In the other all trade, all intercourse with foreigners is strictly prohibited, with excep tion only to one Dutch vessel, permitted to trade under restrictions and privations of the severest and most humiliating description. This does not appear to have been advanced with a view to depreciate the manufacturing system, but simply to shew that it ought to be rendered subordinate to the more permanent and substan- tial agricultural one, and not permitted to super sede it, under the impression that the riches or happiness of a state depended more on manufac tures and external commerce than on the home market and perfect cultivation of the soil. The economists, as they are termed, of France, car ried their ideas on these subjects much further, even to absolute absurdity. But . I‘lr. SPENCE goes no farther with them than has been above stated, and appears to the writer of this per fectly justified in the far greater part of his rea sonings, supported by strictly logical arguments, decuced from self-evident propositions, requiring no farther demonstration. Although the system now adopted has been already carried into effect, and the governing powers of the State naturally feel great reluctance to confess themselves in error, retread their steps, and revert to the for mer state of currency, it is hoped, when they see almost every proprietor and every cultivator of land in the country loudly exclaiming against the immediate pressures, some humbly soliciting, and others peremptorily demanding relief, that they will not shew themselves insensible to their distresses, but immediately relieve them by every means in their power. None, the writer thinks, perhaps too presumingly, stand under that predicament but those he has pointed out; but though it would appear by the event of almost every county meeting, that one man attributes the distresses which he but too sen sibly feels to one cause, a second to another, and so on through all the multiplicity of causes to which such deleterious effects can possibly be ascribed : Yet as the better informed Ministers must see that what is speciously termed a Reform of Parliament is impracticable, or if otherwise eminently destructive, and the reduction of taxes, to any great and beneficial amount, equally so ; what remains for their consideration but the state of the currency of the country, in fact productive of all those immediate evils complained of ? To these he believes they can find no remedy but in a return to the former system, encouraging an enlargement of Bank and Bankers issues, raising prices proportionably, and in the end producing that reciprocity of' interests between the cultivator • and manufacturer, the agricultural and monied interests, that ought to subsist in all well regu- fated states, and without which the whole system of Government is at once broken.down, and every factious, unprincipled, and chattering demagogue set up as the saviour of the,State. Should, however, the governing Powers of the State still continue to see things in their former point of view, and having St) far embarked them selves in the present system as to render a return to the former one difficult, if not impracticable, the writer begs permission to offer what he thinks might in some measure palliate, if not wholly re medy, the mischiefs complained of, and once more place the agricultural system on a beneficial and permanent foundation. His ideas on the subject, in a few words, are these. It has . been thrown out by the CHANCELLOR of the EXCHEQUER that he could manage to issue four Millions for the relief of the landed interest, to be lent to the different districts for the support of their poor. How this could be rendered either practically applicable or generally acceptable, the writer, in common with many others who have cast their minds on the subject, is at a loss to see. But an issue to that amount being, by the Minister's own con fession, practicable without injury to the revenue, it only remains to be determined how that appli cation can be rendered most beneficial to the State. Amongst the multiplicity of plans that would be submitted for that purpose, the writer humbly begs permission to offer his own as ap parently best calculated for every useful pur pose. In a few words, then, let two of the four millions' be applied to the purchase of grain at the most considerable markets of the country, and let this be warehoused and resold to the public, as it might very shortly be, at an advance of price equal to that of prime cost and all inci dental charges ; this would give an immediate stimulus to the corn-market, and disburthen the farmers' granaries of all their unsold produce, whilst the whole capital advanced would be very shortly returned to the coffers'of the State. This would of course instantly raise prices, and not improbably to an extent, that might open the ports, and cause a prejudicial influx of fo reign corn into our markets. Against this, however, the greatest evil that could befal the cultivator, immediate precautions must be taken by the shutting of the ports, with the sole reservation of the power of opening them at any time by the King in Council, upon any unforeseen emergency, such as the prospect of dearth, or the too excessive rise of grain in the home markets. This measure must there fore indispensably attend the other, or an im- ' port duty be laid on all foreign corn, tending to equalize prices, and at least perrAit the' cultivators of our own soil to compete with those of other countries : 40s. per quarter on wheat, and other grain in proportion, has been considered as that equalizing price, beloW which no such com petition can be maintained. But it may be said, will not the importers of that grain, which has been for a considerable time past stored in your warehouses, and whose importation has been en couraged by acts of your Legislature, have 1 just cause of complaint, if either subjected to' these new duties, or prevented by other means from bringing their stores into the market ? —To obviate such very just occasion of com plaint, let them be permitted to bring their grain to market. When prices rise to 70 shil lings per quarter, which if once the ports were closed would very shortly prove the case, that would pay them amply for their importation and their warehousing, and leave them without any just cause of complaint. As to the remaining two millions, let them be advanced to agricul turists generally, whether proprietors or occu pants, under good and sufficient securities for a certain period, say two or three years, at the end of which they should be replaced with inte rest, without any loss, or at least any material one, to the State. Let Commissioners be appoint ed narrowly to watch the validity of such secu rities, as was done 'some years ago in the ad vances to the West India interests, which were thereby effectually relieved without the loss of a single guinea to the community at large. An immediate adoption of these mea sures, and a firm adherence to them, might remedy all the immediate pressures on the agri cultural interests, and restore that equilibrium between those and the monied ones, the present inequality of which produces so much substantial injustice, and such dreadful depression of prices as can no longer be sustained. The writer begs leave, with all humility, to submit these his opi nions on the most interesting subject that ever engaged the notice of the public to their consideration, as, without the adoption -. of one or other of his plans, lie really sees no prospect of any thing short of total ruin to the best interests of the country. The writer per fectly understands that the Bank has increased its issues for these last two years, but in a very li mited degree, and the calling in of the pound notes has more than counterbalanced that difference. But the fact is that the issues from that respect able body were at one time 30 millions and up wards, and are now reduced to 18, and -of course subject to further reduction, at the option of the Bank Directors. So that it lies in their power to reduce the credit of the Kingdom to nothing, and thereby deprive it of all resources what ! ever; for, as has been before repeatedly urged, the precious metals in the country would not meet one moiety, perhaps not a third, of one single year's revenue ; whereas, permit the Bank to have an option of taking up their notes in money or paper, all their difficulties and those of the nation are done away ; whereas whilst they are compellable to take up their bills in gold, great caution must be used on their part to limit their dis counts to what of that precious metal they have in their coffers, or subject themselves to risks of the most dangerous description. All appre hension of their issuing more paper than the fair circulation of the kingdom demands, may be, and is, limited by Parliament, which calls yearly for an account of issues,'and, when found exces sive, can at any time controul them. I. S. P.S. The writer has just seen a paper in the Farmer's Journal, subscribed RICHARD HixmAN, which appeals to state the mat ter of currency, and also the mode of appropriating the 4 millions held Out by the CiIAN'CELLOROf the EXCHE QUER, very , correct ly, or at least in almost perfect conformity will`. your CorreSpond ent's ideas. Mr. H. maywrite in no very polished style, but his view of things is correct, and well merits the attention of Government, and of every good and well intentioned subject in the kingdom. THE LONDON JOURNALS. EXTRACTS FROM THE DAILY MORNING PAPERS, March 27 7 1822. [BRITISH PRESS.] An interesting discussion arose in the House of Lords upon Lord King's motion for an Address to the King, praying for a reduction in that part of the expenditure of the Civil List which is spe cified in the Act of the 56th of the late King as the third class. The remarks of the Noble Lord with which he prefaced his motion, referred prin cipally to the vast increase which had of late years taken place in the salaries annexed to di plomatic appointments. The question therefore to be discussed was the necessity or expediency of maintaining the ; former embassies upon their present scale of expenditure ; and for our own parts we are decidedly of opinion, that if it be proper to have Ambassadors in Foreign Courts, it is fitting that they should be enabled to maintain their own personal respectability, and to repre sent their Sovereign in a manner suitable to his dignity. There are few appointments under the Crown of a ministerial nature of more serious in terest to the safety and honour of a nation engaged in relations, commercial or otherwise, with Fo reign Powers, than those of the Ambassadors, and it used frequently to be observed that in this essential particular -England was remarkably de ficient. If the amount of pecuniary emolument annexed to the office were to exercise uny power in determining its elevation or importance in the scale of ministerial dignityy and of thereby in fluencing men of distinguished talents to accept of such appointments, the increase of salary might be judiciously made the means of essentially pro moting the public good. [MORNING POST.] In the House of Lords, last night, Lord King moved an Address to his Majesty, to order cer tain reductions in those branches of the Civil List not connected with his personal expellees. In the performance of this task, his Lordship was obliged to acknowledge at the outset, the magni ficent sacrifice which the King had lately made to the distresses of the Country. lie con fessed that it was altogether a spontaneous royal boon to the people, inasmuch as Parliament, having settled this part of the Civil List for his Majesty's life, could not have asked or expected such a surrender. We imagine, however, that this admission on the part of his Lordship was only for the sake of effect, as he instantly launched into a tirade against Ministers for not following the example of their Sovereign, and reducing the public expenditure, in proportion to the reduction of his Majesty's private income. He also observed, that the above sacrifice should have been communicated by a Royal Message, and an Address of Thanks be returned in the usual manner ; but we can well conceive that the different course adopted emanated, as well as the noble gift itself, from his Majesty's own ex alted mind, which shrunk from any thing which might indicate a consciousness of his own gene rosity. [MORNING CHRONICLE.] It has been so often stated, that all differences were settled, and that there would be nq war, that a fresh positive declaration to the same effect is ❑ot calculated to give the greatest pos sible assurance. We have constantly asserted that nothing was decided with respect to these differences ; and, in fact, the complexion of af fairs has hitherto been altogether of a warlike nature. But great efforts have certainly been lately made, both by England and Austria, to pre vent Russia from availing herself of the present fa vourable conjuncture for carrying the designs of Catharine into complete execution; and though nothing can be more hazardous than, in a case like this, where national feeling, national policy, and strong interests, are in question, to predicate of such a Personage as the Emperor Alexander, what course he will follow, we think it incum bent on us to say that there is at least some ground for believing the negociations now carry ing on at Vienna may end in a peaceable arrange ment. We wish, at the same time, to have it understood, in order that no one may be misled by us on so important a subject, that we give no opinion. All we can say is, that the high Parties appear now more disposed to reconciliation than they have appeared at any former time. [MORNING HERALD.] Somebody has said that true benevolence could net be made to appear ridiculous by any effort of wit or malice. We should he sorry to subject the benevolent purpose of making " the native Irish" acquainted with the Bible through the me dium of an Irish translation to this criterion. For, without employing upon this project either malice or wit, it is impossible to contemplate it without a smile. In the first place, how utterly igno rant must those projectors be of the real state of If eland ! There are but two provinces in which the barbarous, discordant jargon, called Irish, is exclusively spoken by any proportion of the people, viz. Connaught and Munster: and, of the population of even these provinces, at least four-fifths are more or less acquainted with the use of the English language. It is true that, among themselves, they speak Irish, and that, on Circuit, nitnesses frequently pretend igno rance of English, merely " to puzzle the Coun sellor ;" but English is not the less universally known. But, even supposing it were not so, still English should be made the sole vehicle of instruction. The n'ative jargon, if we may so call it, at the present day, is so associ ated with ignorance and barbarism, that every effort should rather be made to get rid of it. Even in the manuscripts that remain in this dia lect, there is scarcely any thing beyond the mere play-things of antiquarian curiosity—some few ballads, already translated—some giant tales in the manner of, or nearly identical with, the noted bombast called Ossian's Poems. There is nothing by which history, or art, or science may profit, in the chief collection in the LYisiversity of Dublin. [NEW TIMES.] The Times, quoting the authority of another Radical print, informs its readers " that Mr. Bootle Wilbraham will become a Candidate for Liverpool, on the approaching resignation of Mr. Canning "—and further, that as the former Gentleman will encounter a vigorous opposition, he has decided upon contributing 50001. towards the expences of the contest. It is quite suffi cient to point out the authority on which this idle rumour rests. The event alluded to, with respect to Mr. Canning, is, indeed, far from improbable ; but that Mr. Bootle Wil ' l braharn means to avail himself of it, in the man ner above indicated, is quite the reverse.— It has long been known that the Marquis of Hastings has irrevocably determined to return to Europe, on account of his health, and other personal reasons. It is equally well known that the Directors of the East India Company enter tain the highest possible opinion of Mr.Canniog's powerful talents, and accurate knowledge of In dian affairs. The appointment of Governor Ge neral is in their nomination, the Crown possessing no more than a veto on it, except in the case of a lapse. Public opinion has therefore' most natu rally surmised that the Court of Directors would be anxious to place at the head of their Indian Empire an individual who has for five years devoted the powers of his mighty mind to an intimate ac quaintance with all the complicated interests of that empire and its commerce. Speaking from our own feelings, we should say, that the with drawing of the Right Hon. Gentleman's talents , from the scene of their long and brilliant display in Parliament, would be a national loss; but if there be any other sphere in which they can be exercised, as honourably to their possessor, and as beneficially to his country and the world, it must no doubt be the Chief Government of India. To consolidate a power raised by the victories of Cornwallis, Wellesley, and Hastings, requires a reach of thought, an energy of character, a steady habit of business, and a practical acquaintance with Indian interests, which few Statesmen can boast, but which are all united in Mr. Canning. [THE TIMP,S.] We have said that the money lavished upon Ambassadors was spent abroad ; but the com pany of Lord Stewart, who receives 12,0001. a year, is very generally dispensed with at Vienna ; and Lord Burghersh, who receives 3,9001. a year, as resident at Florence, is now, and has long been, resident in England.—But the most disgusting job of the whole is the Swiss Charge d'Affaires. That person in 1791 received 2501. a sum quite large enough for the agent in a coun try where there is no Court, if indeed any thing was paid : for what has Switzerland to do with us, but to transmit our idle travel lers across its surface to Italy ? To Mr. Strat ford Canning, the salary was raised from that modest sum of 250 pounds to above a thousand ; and it now stands on the list (for Charge d'Affaires and Secretary of Lecrai7.., one thousand five hundred and ninety-five pounds. Why, if the Secretary of Legation and Charge d'Affaires (supposing there to ;..e two of them) were clever fellows, they might hire troops, and carry on endless war against the Cantons, for less money. There is also a statement, that the Wynn who is going out 'is to receive a yet higher salary, in consideration of the disinterested services of the party. But the publicity which the affair has now acquired, will, we hope, blow up the whole transaction.—Lord King spoke in terms of praise of his Majesty's relinquishment of 30,0001. a year out of his income, during the pre sent distresses of the nation. Surely the 58,0001. a year, which have (upon what principle but that of a gratuitous desire to throw away the public money, we know not),—but surely the 58,0001. a year which have been added to the salaries of the Ambassadors will be forthwith deducted. It is to be remarked, also, that most of our other ex pences had enlarged with the war; an increase of business, or the augmented price of provisions, being pleaded in excuse : but when all the world was against us, we had of course no residents at the Courts of our enemies. It was therefore only when the peace broke out, that all those diplomatic vessels were sent forth, as it were, with letters of mark and reprisals, to cruize against the finances of their native country : Vi enna twelve thousand strong ; Paris twelve thou sand ; Holland thirteen thousand, and the Com modore continually shifting his pendant for the sake of prize-money ; Switzerland, a small brig, but armed at a great expense to cruize in a fish pond ; Tuscany double-shotted, but the Captain ashore fiddling. Such are some of the " cankers of a calm world and a " long peace." AGRICULTURAL DISTRESS. FOR THE SUN. Enra.Oß—The writer of • certain articles in your papers of the 26th of last month and the 'Ash and' 21st of this, on the Currency, begs leave to .add to what he has - already said with regard to the late prernatore a change of it, to which he attributes the greater part of our pre sent miseries, his willing testimony to the con duat of that respectable body the Bank of England, hich has been irreproachable throughout, and Ftnnds entitled to the approbation of the country. The directors have, with unparalielled modera tion and good humour, accommodated themselves to ail the plans and all the wishes of Government. Although the pernicious measure lately adopted aaa not but have rnct with their decided disapproba tien,aaindeed may be gathered frotnw hat they have occasionally dropt on that . subject, yet have they declared themselves ready to submit their own opinions to those of the rulers of the State, and shape their issues accordingly. With a due cau tion to their own interests and those of the par ties whose monies they hold and whose bills.they discount, they have narrowed those to the united resources of the metallic deposits in their trea sury from 25 and even 30 millions sterling to 18, and likewise called in their one pound notes, - which has principally occasioned the present de predation of prices ; and should they find occa sion to diminish those discounts in a still greater ratio, things, instead of coming round as is con fidently talked of, will become more desperate daily, and the national ruin, or at least that of the most valuable portion of it, the agricultural interests, become immedinte and irremediable. It may he, and has been, urged with a smile of contempt, you have well proved a country to be 1 , plunged into distress because every article of life is cheapened, and the manufacturer enabled to live better than he did before on the same wages. He can now work and export his produce at a cheaper rate, and thereby reinstate himself in all the markets of Europe, and this you term ruin and destruction to the State. But may not this con temptuous and contemptible sneerer be answered ; if you purchase your provision at a cheaper rate than the agriculturist is enabled to raise it, you destroy your best customer in the home market, greatly more valuable than• all the foreign mar kets within your reach, and immediately throw out of cultivation one moiety at least of all the productive lands of the country ; you become at once a mere nation, as BUONAPARTE termed you, of shopkeepers, dependent even for subsistence on other countries, at the expellee of all the better feelings and more valuable interests of your own. Take the plough and the spade . out of the hands of your hardy cultivators of the soil and substitute the loom, the shuttle, the spinning jenny, and all the ingenious machinery introduced for the perfection of your manufactures, fill all the warehouses of the world with your commo dities, you are after all but a wretched set of de pendent shopkeepers, without the energies of a self-subsisting independent country, and can never become substantially either truly rich or truly reputable. The premature change of currency has this immediate tendency, and itr the short space of a few months, should the, present system be persevered in, the writer fears his prophecies will be but too fully verified. Besides this, what resource is left for the poor reduced mortgager, whose lands were mortgaged under one currency, whilst now his payments in discharge of those incumbrances are to be paid under another ? Will not the monied mortgagee, seeing his immediate advantages, be induced to call in his monies, and in default of payment foreclose his securities ? And where is tl:e mortgager to find wherewithall to redeem his lands, and must he not sell them at whatever di minished price he can obtain ? May not, nay, ivill not, should those measures be persevered in, a very large portion of the lands of the kingdom almost immediately change hands, and The ancient proprietors be deprived of all resource whatever ? Whereas, increase the circulation by resorting to the former system of paper currency, and in addi tion take off the stamp duties on all bills issuable by private Bankers, and the whole mischief is at once remedied, the cultivator will find his usual re sources, prices will of necessity rise, and the landed proprietor be replaced in the condition in which he has existed with some degree of credit and advan tage for more than these last 20 years. The taking off those duties would indeed considerably me liorate his condition ; but that is only asked in case the revenue can spare it, which, if there be an overplus of five .millions beyond the necessi ties of the state and the demands of public cre ditors, may very well be the case. Indeed, had it been substituted for the reduction of ls. on'the malt duties, which appears to satisfy nobody, the writer conceives it would have proved eminently beneficial, and met every useful purpose at once, without any defalcation of revenue. To evince the practical utility of an extended paper cur rency, in the instance of Scotland, the writer thinks himself justified in saying, that in no por tion of our extended dominions have- such sub stantial and rapid improvements been made as within this last half century in that country. Extensive .canals and roads have been formed, thousands and tens of thousands of acres, before • barren and unproductive, brought into scientific cultivation, or covered with flourishing plantations, and, in short, a barren waste converted into a corn parative Elysium ; yet have all theseimprovements been made almost solely by paper, constituting at least 19-twentieths of the whole currency of the country. When • the writer was some years ago in that country, it was not without some dif ficulty that he could 'procure change for a single guinea -in metallic currency, when the dirtiest notes that ever passed through the shopkeeper's and peasant's hands, on which scarcely the words or figures were legible, 'found immediate and ready acceptance. One was understood as a fair 'representation of the value for which it • passed, whilst tile guinea was liable to dispute and subjected to doubt,both as to authenticity and weight : in effect, one was the indisputable cur rency of the country, which the other was not, and upon that currency were all the great im provements of that country carried on. What was efficient in one country may be so in another ; COURSE OF EXCHANGE, Nlarch 26. Amsterdam Ditto, at Sight l2 2 Rotterdam l2 t; --- Antwerp l2 I Haniburgh Altona Paris, 3 Day's sight 2* eo 0 Us. Ditto Mourdcaux, ditto Frankforton the Main Madrid Cadiz Bilboa 361 Effective Barcelona Seville 2 - Gibraltar Leghorn Go ma , 44 -Venice, Itai. Lis. 97 60 , Malta 45 -Naples 4O Palermo Lisbon OpOrto Rio Janeiro Dublin .... 9.1 Coils 91 ref Cent. BULLION. l'ortu;al Gold, in Coin 1.0 0 0 rr Oz. Foreign Gold, in Bars 3 1 7 104. New Doubloons New Dollars 0 4 10 Silver in Bars, Standard 0 4 1 BIRTHS. On the Bth inst. at Geneva, the Lzdy of Lord Tullamore, only son of the Earl of Charleville, of a son and heir. On Sunday last, at Wahner, the Lady of Captain 31u1eas ter, R.N., C.B. of a son. DIED. On Thursday last, at Epping Vicarage, the 11,2 v. Edward Conyers, Vicar of Epping and of Walthainstow, in the Count/ of Essex. On Wednesday last, the 20th inst. Mary, the wife of Mr• Henry Harding, Artist, of 114, New Bond-street, a few days after giving birth to a daughter. _ _ Printed and Published, for the PROPRIETORS, at the Su OFFICE, 112, Strand, by J. B. CARSTAIII.S. ,p J 'V Va 41 A ; p c • A; .14 AI! A A; At at