The Sun. — London, England, 1832-08-24 00:00:00

4 / t HORSE BAZAAR, RING -STREET, AND BAKER-STREET, PORTMAN SQUARE HORSE DEPARTMENT. UNEQUALLED ADVANTAGES for the SALE and PURCHASE of HORSES present themselves to the Nobility and Gentry at the above im inense establishment, which forms A MARKET UNRI VALLED in EXTENT and ATTRACTION. The Premises cover upwards of Two Acres of Ground, and contain First-rate well ventilated STABLING for POUR HUNDRED HORSES, Loose Boxes for STUDS, Ample Grounds for trial and exercise, and every advan tage and convenience within the walls. SALES BY AUCTION EVERY SATURDAY, AND ON COMMISSION DAILY. Horses are examined upon admission, and are subse- quently kept in the best possible condition, the greatest ev e and attention being paid to their grooming, feeding, and exercise. t The Proprietor, Mr. C. ALLEN, pledges himself to Protect impartially the interests of those who honour him With their confidence, acting solely as Agent, by not dealing himself or allowing any person connected with the Establishment to deal, receive any fee, or misrepresent. The advantages to the Pubic, from his strict adherence to this system, must he obvious, and will, he feels assured, obtain for the HORSE BAZAAR universal supuqrt. STEAM. HIS Majesty's Postmaster-General having made arrangements for the conveyance of the Mails from London to Rotterdam, and also to Hamburg!), by Steam Packets, the Public are hereby informed that no Passengers, Parcels, or Goods of any description whatso ever can he received after the M ills are on board the re• spective Steam Packets. The BATAVIER will sail for ROTTERDAM, &c. on SUNDAY NEXT, August 26, at 10 o'Clock in the Morning, from off Union Stairs, an. every succeeding Sunday during the season. F. F. GIBBS, Agent, 19, Water-lane, Tower-street. KINGSTON-UPON-HULL. VITTORIA HOTEL, AND COMMERCIAL INN. WILLIAM BOYES respectfully begs to • IF call the attention of Families, Commercial Gentle men, and the Public in general, to the above Establish ment, which, having recently taken and entered upon, he has fitted up iu the most comfortable manner, affording, from extensive alterations and improvements, accommoda tions in every respect of a superior character. As an Hotel, for the temporary residence of families, from the beauty and convenience of its situation, com manding an extensive view of the river Humber, with its shipping, and being in the immediate vicinity of the steam beat landings, this Inn will be found to possess advantages not enjoyed by any other concern in the town of Hull ; With which is combined extensive accommodation in re gard to Stabling, Coach-house., Post Chaises, &c. &c. A separate room appropriated exclusively to Commer cial Gentlemen. W. 8., in conclusion, begs to inform his numerous friends, and the public in general, to whom he looks with co nfidence for support, from the superior character of the advantages offered by the above Establishment, that it is his determination, on all occasions, to combine them with Moderate charges, and a strict attention to the comfort and c onvenience of all classes who may favour him with their patronage. *** The WELLINGTON and EXPRESS Coaches, for Scarbro', Bridlington, &c. leave the above Inn, one every Monday, Wednesday, and Friday, at Seven o'Clock M th e Morning, and the other on alternate Days, at Two O'Clock in the Afternoon, and arrive at Hull, respectively, at Three and Half-past Nine. hIINERAL SUCCEDANEUM FOR FILLING DE CAYED TEETH, without Heat or Pressure, and IN CORRODIBLE ARTIFICIAL TEETH, without Wires or other Ligatures. MONSIEUR MALLAN and SONS, Sur geon-Dentists, No. 32, GREAT RUSSELL STREET, BLOOMSBURY, and 9, HALF-MOON STREET, PICCADILLY, grateful for the high and extensive patronage which has so eminently distinguished t heir professional exertions since their arrival in the British Metropolis, respectfully announce to their Friends and the Public in general, that they still continue to restore DE CAYED TEETH, with their celebrated MINERAL SIJCCEDANEUM, so universally recommended by the Faculty of London and Paris. The operation of Filling Teeth is performed in a few seconds, without the slightest pain, heat, or pressure. They also FASTEN LOOSE TEETH, in a manner singularly efficacious, and SUPPLY W HOLE or PARTIAL SETS of TEETH formed of the , above INCORRODIBLE MINERAL, or of Natural Sub stances, without WIRE or other LlGATURES—guaren_ teed to answer every purpose for Articulating and Masti "ting•—Charges as in Paris. The Faculty are respectfully invited to witness the suc cessful result of the Mineral Succedaneum. N.B. One of the above firm may b e con s ulted for a ",„"ort period on Mondays and Thursdays , at No. 89, Ne w - street, Birmingham, and the intermed i ate days , at N ' 0. 11, Bath street, Leamington Spa. HANTS.—ESTATE AND MANOR. TO BE SOLD BY AUCTION, By Messrs. CRAWTER. At Garraway's Coffee-house, 'Change-alley, Cornhill, on TUESDAY, September 11, at Twelve, in Lots, in conse quence of the death of the late Mrs. Brockholes, THE Valuable FREEHOLD ESTATE of HALL PLACE FARM, with the thriving Wood lands, containing FIVE HUNDRED AND FORTY ACRES of desirable Arable, Meadow, Pasture, and Woodland ; to gether with the Manors of BENTWORTH AND BENTWORTH HALL, With the fines, quit rents, and heriots attached thereto; the w hole situate at Bentworth, near ALTON AND BASINGSTOKE, in the county of Hants. N.H. Part of the purchase money may remain on mortgage, if required. May be viewed by applying to Mr. Cowdery, of Hall Place Farm; and particulars had at the Swan, Alton and Alresford; George, Winchester ; Coach and Horses, Southampton ; Angel, Basingstok e; Bush, Farnham ; of Messrs. Pilkington, solicitors, Preston, Lancashire ; Messrs. Blakelock and Fiddey, Serjeant's Inn, Fleet-street ; Mr. James Molyneux Taylor, solicitor, No. 12, Furnival's Inn ; Mr. Taylor, No. 20, York- place, City-road ;at Garraway's ; and of Messrs. Crawter, Cobham, Sot -ley, and Southampton-buildings, Chancery-lane. SURREY.—ESTATE AND MANOR. TO BE SOLD BY AUCTION, By Messrs. CRAWTER, At Garraway's Coffee House, 'Change Alley, Cornbill, on TUESDAY, Sept. 11, at Twelve, in Lots, in conse sequence of the death of the late Mrs. 13rockholei, I I HE Excellent FREEHOLD ESTATE ; comprising the Upper and Lower Farms, Banks's and Lee Woods, sundry cottages, and detached lands, con taining upwards of EIGHT HUNDRED AND FORTY ACRES of Valuable Arable, Meadow, Pasture, and Wood Land ; together with the MANOR OF EFFINGHAM, *ith the quit rents, fines, and heriots, and extensive c0rn .44,0 rights, the whole beautifully situate in the most pic turesque part of the cout.ty of Surrey, and intersected by the turnpike road from LEATHERHEAD TO GiJILDFORD: Well timbered, and abounding with game, in a sporting Part of the county. N.B.—Part of the Purchase Moray may remain on Mortgage if required. May be viewed by applying to the tenants, and particu lars had at the Spread Eagle, Epsom ; Swan, Leather head; Red Lion, Dorking ; White Hart, Guildford ; Ki ngs Arms, Godalming ; Griffin, Kingston ; at Messrs. l!ilkingtou, solicitors, Preston, Lancashire ; Messrs. Blake- T ek a n d Fidd ey, so li c i tors , S er j ean t' s Inn, Fleet-street; l ir . James Molvßeux Taylor, solicitor, No. 12 , Furniva l 's " ; Mr. Ta icrr No. 20, York-place, City - road ;at Grar ' raw aY ; and of Messrs. Crawter, Cobham, Surrey, s_4'l Southampton Buildings, Chancery-lane. IMPORTANT INVESTMENT. lIIGH - STREET, SHOREDITCH ; OLD-STREET ROAD, and the CURTAIN-ROAD. TO BE SOLD BY AUCTION, By Me s s rs . CRAWTER, At Garraway's Coffee House, Change Alley, Cnrnbill, on WEDNESDAY, Sept em b er 12, and b following Day, at Twelve, in Lots, in consequence of the death of the late Mrs. Bi ockholes, FOUR HUNDRED HOUSES ; com prising part of the HIGH-STREET, SHORE bITCH, OLD STREET-ROAD, both sides the CUR TAIN -ROAD, the whole of WILLIAM STREET, C HARLO'T'TE-STREET, BATEMAN'S ROW, and ad- Joining Premises, containing many first-rate situations for Business of any kind ; many very desirable Private Resi dences, with convenient back premises. There are now on the Estate several very thriving establishments, consisting of 4 n extensive timber yard, carrying on a lucrative trade, first rate liquor shops and public-houses, a Birmingham and Sheflield warehouse, a large wadding manufactory, exten 64'e cabinet warehouse, carcass butcher's, potatoe ware houses, a convenient brewery in full trade ; roomy stabling , a4 d yard, occupied by a carm an ; a rope walk of consi uetable extent, carpenters' yards and shops, and various Other businesses. The whole situate in a populous and thriving neighbourhood. May he viewed by permission of the tenants, and par ticulars had of Messrs. Pilkington, Solicitors, Preston, L ancashire; Messrs. Blakelock and Fiddey, Solicitors, t rjeant's Inn, Fleet-street ; Mr. James Molyneux Taylor, No. 12, Furnival's Inn ; Mr. Taylor, No. 20, City. Road ; at Garraway's ; and of Messrs. pt r awter, Cobham, Surrey, and Southampton-buildings, sqancery-lane. COMMITTEE ON THE BANK CHARTER AND THE CURRENCY. (From the Times.) QUESTIONS WHICH IT WAS INTENDED TO PUT TO MR. RICHARD PAGE, WITH THE ANSWERS WHICH WOULD HAVE BEEN GIVEN. Question I.—Do you consider it expedient to renew the charter of the Bank of England ? Certainly not. The Bank of England is the greatest public nuisance that ever existed in this or any other country : and indeed our whole scheme of currency would disgrace an idiot. Our metallic currency is founded on absurd and contradictory principles : our paper currency is fraud and illusion. In short, if all the bad systems of currency which have ever existed were gathered together, and a lottery made of them, and that it should be one of the conditions of this lottery, that the worst system should be considered as the- highest prize, our's would undoubtedly be the highest prize. For though, from time to time, and in various parts of the earth, the people have been plundered by specious schemes of, currency, yet no where have such ravages been committed as in this country. Question 2.—Can you adduce facts in support of the opinion you have given ? Many. Though bad from the first foundation, yet the system, as it now stands, may be said to have commenced with the restriction in 1797, and from that time till 1826 it has brought losses on tile community, great beyond all imagination. And though it has been the fashion to say that the war with France could not have been carried on with out the assistance of the Bank of England, yet I am quite sure that this is without foundation. There is no connexion between the question of war and the question of currency. Let a war be as expen sive as it wiil, its only effect is to transfer annually a certain quantity of productions from the com• munity at large to the Government ; and this may be done with much greater steadiness and unifor mity, and quite as effectually, by means of a metallic as a paper currency. By whatever country it is carried on, war is always war ; and while we were at war with the French, they were also at war with us; and yet during a great part of the period the precious metals flowed largely from this country into France. This fact therefore clearly establishe s the difference between a sound and a rotten system of currency, and it also shows us that there is no con nexion between the question of war and the question of currency; for then should the French also have been obliged to have recourse to a paper currency; for their expense in materiel (which is the only thing to be considered) was enormous, and perhaps equal to our own. And then we have this to take into the account,—that the coasting trade of France being entirely destroyed by our naval superiority, all the productions of France had to be transported from one end of the kingdom to the other at an enormous expense, by means of land carriage ; and from the same cause, all foreign productions were at excessive prices. Further : at the period of the restr coon, in 1797, the active disposable capital of the Batik of England was very trifling, and there fore, from the very nature of things, the Bank could render no assistance to the Government. Real as- ' k , ~ • . , i ,m. ; ,, t,` ' 1 .., . Ai , li -, `l,- - -is .e , .7 • / CY - ) ' : ' ~.----_----, ~.....-.,, . . . . . , . . . si.- ' ' . ' V- • - - --'q' --''!, " --- -..-- - '"'" , iii . .4 - •;'' ',!; /0 8. , ..., 1 4 ,*/*-' , -4. - ‘,i, ---.) nn ......, .:: ~..: ..,....„......., f..,,A„,....„ . . . 4. _. c ----,,,.1. . ~ , „ .. ,-. 3 ,...., ,„.• .... ~i „„ . ~16-1, N- No. 12,466.) RINGWORM AND SCALLED HEAD. A PRACTICAL ESSAY on RING WORM and SCALLED HEAD, in which tb, pathology of these diseases is fully explained, and successful methods of treatment copiously detailed. By SAM. PLUMBE, sen. _ _ Surgeon to tl•e Royal Metropolitan Infirmary for Children. Renshaw and RuTh, 356, Strand, Publishers of the MEDICAL and SURGICAL JOUR NAL, price 641 Of whom may be bad, by the same author, A TREATISE on DISEASES of the SKIN. W. Plumhe is removed to '7, Bedford-place. TO PUBLIC SPEAKERS—MEMBERS OF THE BAR, &c. MR. A. JONES, Surgeon Dentist to their Royal Highnesses the Princess Augusta, the Duchess of Gloucester, his Majesty Louis-Philippe the First, and Royal Family of France, and her Serene Highness the Princess Esterhazy, having in several recent cases been highly successful in rectifying De• fective Articulation, by the substitution of his im proved TERRO-METALLIC TEETH for those which had been decayed, or been subjected to removal, re spectfully invites the particular attention of gentlemen engsged in Parliamentary, Clerical, and other duties connected with Public Speaking, to the importance and utility of the above-named unrivalled remedy. The TERRO METALLIC TEETH (which may be had from one to a complete set) will be guaranteed to restore to the wearer all the advantages of the genuine ones, in mastica tion as well as articulation, and cannot in any way be dis tinguished from the originals. Carious and tender Teeth wholly preserved from the progress of decay, and rendered useful, by Mr. A. Jones's unequalled ANODYNE CE MENT. The personal attention of Members of the Faculty to those much approved inventions, and their modes of application by Mr. A. J., is respectfully re quested and wou'•d be greatly esteemed. N. B.—Cleaning and every other operation pertaining to dental surgery. At home from Ten till Five. 64, Lower Grosvenor-street, Bond-street. CABINET MAKERS' SOCIETY, 71, LEADEN- HALL-STREET. MR. THURN EL L respectfully solicits the Nobility and Gentry to inspect the largest and best-selected Stock of Cabinet and Upholstery Goods in England, at the CABINET-MAKERS' SOCIETY, 71, Leadenhall-street, City, which Society is enrolled agree ably to Act of Parliament, and founded for the support and encouragement of industrious Mechanics, who all com bine to produce only the very best Articles, provide for its Members in sickness, old age, and burial, and for survivors at death. By order of the Trustees, THOS. HASLER, Secretary, 71, Leadenhall-street, City. Full size mahogany four- Servants' chest of post bedstead £3 15 0. drawers £2 2 0 Ditto tent bedstead 1 60' Mahogany Pembroke Ditto with furniture 3 15 0, table 1 16 0 Bordered straw mattress Mahogany dining table 3 3 0 to fit Hair mattress to fit Featherbead, free from ICellaret sideboard .. ..... 610 0 dust 3 10 0 Pedestal ditto 10 10 0 Three feet six featherbed 2 12 0 Set of tour feet mahogany Four feet six hair mattress 210 0 dining tables, 11 feet.. Four feet six best ditto, 6 loci' 14 10 0 in tick Four feet six flock bed I Music stool, n morocco... 1 5 0 and bolster 1 10 o,Bandwich ti•ar 1 8 0 Six japanned chairs in oil, 'Butler's ditto any colour 1 6 (Butler's Trafalgar chairs...lo 10 0 Best japanned dressing Dittodrawing-room, each 0 18 0 table 0 16 01 Drawing room couch .... 5 5 0 Ditto wash hand ditto Common ditto 0 8 0 Common ditto 0 4 6 Ditto dress•ng table Three feet sliest maim- i card, and sofa 19 0 0 gany drawers 2 19 0, Ditto ditto 2l 10 0 Three feet six ditto 316 o:Elegant drawing-room Mahogany box glass, two I curtains 6 6 0 drawers 0 15 0 Rosewood caddies, of I Mahogany night conve fancy wood, from 18s. to 1 8 mence 1 4 0 Imitation ditto, Canter_ Ditto with three steps Ditto bidet and pan Ditto ditto Bed.room sofa bedstead, I fonier mattress to tit, with top 3 8 0i Ditto ditto Prench bedstead, ja- !Lady's work table, ma panned Bamboo tent bedstead.... 1 12 0 Ditto, silk and fringed 3 3 0 bive feet mahogany four- Large winged wardrobes post and furniture, Japanned book shelves 0 6 0 French draperies and Rosewood ditto silk fringe 14 14 e Loo tables... (upwards)... 6 0 0 All featherbeds warranted free from dust and smell. *,„ S Old Furniture taken in exchange LONDON, FRIDAY EVENING, AUGUST 24, 1832. sistance can only be afforded by means of real capital. What the Government wanted was pro visions and clothing, naval and military stores, and of these the Bank had nothing; nor could the Bank furnish the Government with gold and silver where with to purchase these or any other commodities it might require; because all the gold and silver in the coffers of the Bank was the property of the holders of its notes. The Bank, therefore, having neither money nor money's worth, it is impossible that it could render the least assistance to the Government. Having, therefore, nothing real to lend, it lent a fiction—paper. But to create and lend paper which is to act as money, is but to lend the power to dis turb the natural relation between money and corn todities, and so to do a deal of mischief, and work strange confusion in the affairs of the community. Arid this we saw verified ; far in proportion as the Bank increased its advances to the Government, did the prices of commodities rise; and the great expenditure of the Government during the war being in commodities, it is plain that the more the Go vernment borrowed of the Bank, the more it acted to its own prejudice; the real produce of the Go vernment taxes was diminished, and every new loan from the Bank was but a fresh embarrassment. To ire short, the system of borrowing paper from the Bank, producing naturally a rise in the prices of commodities, and the war expenditure of the Go vernment being in commodities, the more the Go vernment borrowed of the Bank, the more it was obliged to borrow of the public, and then the whole system stood thus :—By disturbing the natural re lation between money and commodities, the affairs of the community were thrown into confusion, and ,o general mischief was produced; and next there was mischief to the Government i►self, because every rise in the prices of commodities rendered all its money receipts, whether by means of taxes or public loans, of less value, and then farther public l oans became necessary. The system, therefore, being every way unprofit able, the next question is, whether it was of neces sity and unavoidable, and this may be determined without having recourse to argument, and merely by stating the facts. At the breaking out of the war and on the 25th of February, 1793, the advances of the Bank to the Government amounted to £10,529,828 The highest point which these advances reached during the war was in the year 1813, when they amounted to 25,817,589 But at the conclusion of the war these ad 'trances bad been somewhat reduced, and on the 25th of February, 1814, they amounted to .. 24,484,039 It therefore appears that the war added 13,954,211/. to the debt due from the Government to the Bank of England. And from these premises it follows, that if from the commencement of the war in 1793 till its ter mination in 1814, the sum of 634,282/. had been annually borrowed from the public, the debt due from the Government to the Bank would have stood exactly as at the beginniag of the war—the currency would not have been disterbed—the war, through out the whole period, would have been carried on at infinitely less expense, and all the mighty mischiefs that have ensued would have been prevented. And now to determine whether it was impossible to raise this money, we must look at the fact. From 1793 to 1811, the sum of 390,800,0001. in money was raised by loan from the public (this is exclusive of the amount raised by exchequer bills and other unfunded securities); this gives an annual average of 17,763,636/., and therefore to suppose that a people who, during 22 years, are capable of supply ing a gross sum of 390,800,0001., are not able during the same period to supply a farther sum of about 14,000,000/. is altogether impossible. Again, to suppose that a people, who during 22 years are capable of supplying about 180,000,000/. per an num, and riot able during the same period to supply an additional SUM of about 600,0001. per annum, is altogether impossible. Farther, while large sums were annually raised by loan, still larger sums were raised by taxation ; and of the money so raised, a large sum was annually paid to the Bank as interest for the use of its trumpery ware ; and therefore to suppose that the public could not annually supply the paltry sum of 600,000/. by loan, when the effect of this loan would be to relieve them from an annual tax to nearly the same amount, is altogether ridi culous; and here take this observation. During the war the Government paid the Bank 5 per cent. interest, arid the money raised by public loan was borrowed at an average rate of interest of 5/.ls. 11d. per cent.; and, therefore, the same interest was paid for the use of paper as for the use of real capital.— New kind of folly ! and the greatest of all follies, because if even the paper had been borrowed free of all interest whatever, it would still have been pro ductive of infinite mischief. There is yet a feature in the case. The notes of the Bank of England constitute a debt; on this debt the Bank made inte rest, and as if this in itself and alone was not suffi ciently opposed to all honesty, and reason, and com mon sense, there was a farther stipulation that the Bank should not be called upon to pay this debt till six months after a definitive treaty of peace. Was there ever a more bare-faced robbery ? Could the vilest rascal or the veriest dizzard that ever existed on the face of the earth have invented a more absurd, and contradictory, and destructive system ? Thus stood the facts during the war, and from these f acts i t i s c l ear as t h e sun, t h at t h e B an k , so tar from supporting or rendering the least assistance to the Government, was, on the contrary, a clog on all its operations, and a constant source of embar rassment, and the public were robbed for the mere sake of the thing, and solely that mischief might be produced. In one sense, however, the Bank may be said to have supported the Government, and that is in the sense that a halter supports a man that i s banged ; it keeps him indeed from falling, but then it strangles him. I will now, with leave of the committee, turn to a leading operation since the peace, the results of which were greatly disastrous. The 4 per Cents. were reduced in July, 1824. In the early part of 1824 the Bank of England, contrary to all sound principles of banking, and in deviation from its farmer practice, agreed to lend money to individuals on the security of funded property; and it was very soon able to lend in this way about 2,000,000/. We must nett add the advances on the dead-weight an nuity, which in July, 1824, amounted to 4,596,4591., and so that by this means an artificial capital of about 7,000,0001. was created, and thereby the market rate of interest was reduced, with every prospect of a farther reduction; because by the bargaim between the Bank and the Govern ment relative to the dead-weight regular payments were to be made by the Batik on this account till July, 1828. It was in these circumstances that the reduction of the 4 per Cents, was accomplished. Farther, the dissentients in the reduction of the 4 per Cents. were paid off by means of a loan from the Bank to the Government; and then it follows, that towards the latter end of the year 1824, the Bank, by its operations with the Government and with individuals, had created about 13,000,001. of fictitious capital. Nor did it even stop here; and between July, 1824, and the same month of the following year, additional payments to the amount of 2,293,240/. were made on account of the dead weight; the deficiency bills had also increased upwards of 1,200,000/., and so that by the middle of 1825, the Bank had created upwards of 16,000,0001. of false ca pital. This coining of counterfeit money on the part of the Bank of England led to a similar coinage by the country bankers, who, during the years 1824 and 1825, manufactured about 6,000,0001. of base coun terfeit money ; and so that by the middle of 1825 the creation of spurious capital amounted altogether to upwards of 22,000,0001.,—a thing unheard of in the history of any currency in the world, at least since Law's famous Mississippi scheme. Are we then to wonder that this state of things gave rise to joint stork companies, foreign loans, desperate spe culations in every kind of merchandize, and all the nefarious schemes of 1824 and 1825 ? But the bad drove out the good, and while we were getting so wonderfully rich in paper, we got mortal poor in gold, which during 1824 and 1825 was ex ported in large quantities. And this alarmed the Bank directors; and accordingly, after the middle of 1825, they took measures to contract the cur rency, and this they accomplished in four ways.- 1. By calling in their advances on stock, and re fusing to make farther advances. 2. By raising the the rate of discount to 5 per cent. 3. By lessening their discounts, and in many cases refusing to dis count altogether, however unexceptionable the secu rity. 4. By selling exchequer-bills. These mea sures of the Bank, added to the large quantity of gold which had been exported, made money scarce : then came a run on the Bank of England and the country bankers, and then came the panic, and down fell the whole building with a tremendous crash; and the upshot and final issue of things was this, that from the month of Nov., 1825, to the end of Dec., 1826, there were 4,000 bankruptcies, 8,000 persons took the benefit of the Insolvent Act—there were from 8,000 to 10,000 private compositions with cre ditors, and altogether the community lost at least 30,000,0001. of capital. Show me any thing at all comparable to this in the history of the currency of any country on the face of the whole earth. And now take one single fact which will set the system in full sunshine. In the latter end of the year 1824, when the Bank directors were in high spirits, and every thing wore the appearance of prosperity, Mr. Rothschild, Mr. Baring, and others, entered into a contract with the French Government for the re duction of the French 5 per Cents., but luckily for these gentlemen, the law for this reduction was re jected in the French Chamber of Peers ; had it passed, they would all have been ruined and sent into the Gazette. What a monstrous system then must that be, which renders it necessary that men of capital should be ruined, and all manner of injus tice committed, in order that certain dealers in moonshine, trading under the firm of the Governor and Company of the Bank of England, should be able to right themselves, and •,cape the conse quences of their own abominable conduct. But this is the way of the Bank of England—to serve its own private ends it first creates large masses of paper, and this necessarily reduces the rate of inte rest. In this state of things, and after a period more or less considerable, men of capital are en couraged to embark in operations with foreign coun tries; this causes a decline in the exchanges, and an exportation of gold ; and then the Bank, to protect itself, and to prevent a stoppage of payment, con tracts the currency, and all these men are ruined. And so the Bank deals with men of capital as the butcher does with the pig,—he coaxes him, and scratches his poll, and then cuts his throat. Can a nation prosper under so iniquitous a system ? The result of what I have said respecting the operations of the Bank of England and the country bankers during the period of 1824-25, is contained in the following account, which I beg leave to de liver in to the committee : CREATION OF CURRENCY. By dead-weight up to July, 1824 - C4,596,459 Ditto between July, 1821, and July, 1825 2,293,240 Dissentients to the 4 per Cents. paid off in 1824 6,149,245 Advanced by the Bank to individuals on the secu rity of stock, about £15,038,944 Increase in the notes of the country bankers 6,000,000 £21,038,9.14 Increase in the deficiency bills between April, 1823, and July, 1825 1,265,926 Total creation between April, 18%23, and July, 1825£22,301,870 DESTRUCTION OF CURRENCY. By gold exported in 1824 and 1825, according to official return £9,35 4 -78 Paper called in by the Bank of England after the middle of 1825, about Paper destroyed by the failures of country bankers, and a lessening of the issues of those that remained solvent, about 10,000,000 Total destruction £21,3&1,868 REMARKS. All the heads and items of this account which relate to the creation of currency are taken from official documents, and in these therefore there can be no mistake ; and yet if we take merely into con sideration the notes of the Bank of England in actual circulation during this period, the account I have delivered in will appear to be greatly over charged, for the accounts of the circulation of the Bank of England do not show an increase, between April, 1823, and April, 1825, of more than 3,400,0001. But in all questions regarding the cur rency, it is the whole quantity of money that is to be taken into consideration, and this includes as well the deposits,--that is, the money at rest, and capable at any moment of being called into action, as the money in actual circulation. Money at rest, and waiting for employment, reduces the rate of in terest, and gives birth to bubble schemes and foreign loans; money in circulation applies to commodities; the higher the prices of commodities, the greater the quantity of money which is required for their circulation, and the lower the prices of commodi ties, the less the quantity of money which is required for their circulation ; and therefore, with any given quantity of money and commodities the higher the prices, the less money will be at rest, and the higher the rate of interest ; and the lower the prices, the more money will be at rest, and the lower also will be the rate of interest. IR short, that a true judg ment may be made of the state and amount of the currency, and its various fluctuations during the period of 1824-25, we ought to be made acquainted not only with the amount of Bank notes in circula tion, but with the stock of bullion in the coffers of the Bank from month to month throughout the whole period, and a monthly statement of the depo sits;--that is, of the claims for balances belonging to individuals also throughout the whole period. All this may be proved by one single example. The Bank agreed to pay the dissentients in the reduc tion of the 4 per Cents. in 1824, and the amount to be paid was 6,149,245/. Here, then, was a certain number of men who had balances lying in the Bank to the amount of upwards of 6,000,0001., for which they might call when they pleased, and without a mo rn ant's notice or warning; let all of them call at once, or some at one time and some at another, and take their balances in gold and send it to the Con tinent, and it is clear that there will be a reduction in the quantity of money to the extent of 6,000,0001., and yet the Bank notes in circulation will be the same as before. Now what these men might have done, every other man had the power to do who had a balance at the Bank of England ; and then while circulation remained unaffected, the quantity of money would be reduced. Having treated in a general way of the mischiefs produced, arid the enormous losses which the public have sustained, by our fraudulent and illusory scheme of currency, I now crave permis•ion to deliver in to the committee a statement of that part of the loss which is subject to calculation. A, large mass of destruction, which has been produced by those frequent changes and alterations in the value of all property to which the system gave rise, I have beers obliged to leave untouched, it not being possible to (PRICE 7D.) devise it into shape, or bring it under any known rule of computation. Statement of the lotus which the public have sustained by the operations of the Bank of England, during the period from 1797 to 1826, inclusive—that is, from the Re- striction Act to the bursting of the bubble schemes. During a part of this period our currency con sisted entirely of paper; but from 1797 to 1800, and perhaps a little longer, and again from 1819 to 1826, it was partly paper and partly metallic: and therefore, if things are soberly and carefully laid together, it will I believe be found, that the average amount of paper money in this country, from 1797 to 1826, was much under 40,000,000/. I will however take it at this amount; and then paper being represented as a cheap currency, we must en deavour to search out and determine what was the cost to the country of 40,000,000/. of paper cur rency during a period of 30 years; and then all things duly weighed and considered, I believe the following to be a true and faithful account 1. The first item of costs arises from a large addition to the national debt in the pe r iod from 1797 to 1814, and here the matter stands in this way. The average price of gold from 1797 to 1814, in clusive, was 87.6545. per ounce, and therefore the average value of the Bank note during the same pe riod was 179. ; and the money raised during this period by loan-being 331,800,0001, it is clear that the system of borrowing paper from the Bank, instead of capital from the public (which was the sole cause of the depreciation of the currency), added 37,327,8001. to the national debt in money. And the average rate of money at which interest was raised during the war being .5/. Is. I Id, per cent., and this being equal to a price of .58/. ss. 5d for a 3 per cent. stock, it follows that the system we acted upon created an additional debt of 63,476,5371. in 3 per cent. Consols, and Reduced : and as no stock, without the consent of the owner, is redeemable but at par, I might put down the price of this stock at 100/.; but I have no wish to exact to the full, and therefore I shall put down the price at 84/., and this gives a loss of 53,320,291/. 2. The second item relates to the loan of 36,000,0001. in 1815. This money was borrowed at a rate of interest of 5/. 12s. 4d. per cent., being equal to a price of 531. Bs. 7.1. in a 3 per cent, stock ; and the average price of gold throughout the year 1815 being 92.7975. per ounce, this gave a loss of 5,788,894/. in money, which, at 531. Bs. 7d. per cent., is equal to a capital of 10,834,708/. in Con sols or Reduced, and at 81 per cent. gives a loss of 9,101,1541. 3. The third item arises from this circumstance. The money borrowed in the early part of the war, and previ ous to the restriction, and when the currency was in a sound state, was raised at an average rate of interest of 41. 13s. sd. per cent. ; but the money borrowed after the restriction, that is from 1797 to 1815, both inclusive, was raised at an average rate of interest of Si. 4s. 3d. per cent.: the difference therefore is 10s. 101. per cent., which is equal to a capital of 18/. Is. Id. in a 3 per cent stork ; and the sum borrowed during the period from 1797 to 1815 being 367,200,000/. i❑ money, it follows that the additional interest paid after the depreciation of the cur rency caused an additional capital of 66,294,900/. 3 per cent. stock to be created ; and which at the price of 84 gives a loss of 55,687,716/. And now, in regard to the three preceding item's, the case stands thus :—ln consequence of the de preciation of the currency, more money was bor rowed than would have been required if the cur rency had remained in a sound state; and from the same cause this money was borrowed at an increased rate of interest, and, therefore, and in the first place, more stock was created because more money was borrowed, and next, more stock was created because the money was borrowed at an increased rate of interest. 4. The fourth item arises from an increase during the war of 14,000,000/. in the debt due from the Govern ment to the Bank. We borrow in bad money, and agree to pay in good ; and ao, in plain terms, it stand thus : We borrow 14,000,000/. at 17s. 9J. in the pound, and pay it back at 20e. in the pound, and this gives a loss of 1,575,000/. 5. The fifth item relies upon the fact, that at the period of the restriction there was at least 30,000,0001. and per haps 40,000,0001. of gold in this country, of which part got immediately locked up ; and finally, towards the end of the war, it was exported, being driven out by the enor mous issues of the Bank of England and the country bankers. The lowest estimated amount of gold, therefore, being 30,000,000/., and the highest 40,000,000/, this gives a mean quantity of 35,000,000/. : and part being driven out of circulation at one time, and the remainder at another, it is being moderate to take an average of 20,000,0001. for the whole period ; and therefore I say, that from 1797 to 1815, the public paid the Bank of England and the country bankers interest for the use of bad money, while they had 20,000,000/. of good money which remained unemployed ; and the interest on 20,000,000/, during 18 years, at 5 per cent., is 18,000,000/. 6. The sixth item results from the failures of country bankers, and this loss I set down at 30,000,0001. 7. The seventh item proceeds from the bubble compa nies and foreign loans, and will speculation, of 1824 and 1825, and the least we can put down for the loss on this account is 30,000,000/. 8. The last item derives from the loss to the nation in its foreign trade by our fraudulent, vacillating paper system. Sometimes it gives undue encouragement to im portation, and this produces a glut of foreign commodities in the home market; at other times it gives undue encou ragement to exportation, and this produces a glut of English commodities in the foreign market. Now the losses on this account during the period under consideration, though they cannot be computed with accuracy, must have been enormous, and to estimate them at 1,000,000/. per annum, is to keep greatly within the mark ; and therefore I put down 30,000,000/. And now, by casting up the different items, I find that paper is so cheap a currency, that this nation was supplied with 40,000,0001. of it during a period of 30 years, for the very moderate sum total of 227,684,161/. And then I say nothing of those feequent changes and alternations in the value of all property of which the system was the . well-spring, and which must necessarily h ave b een destructive of our best and dearest interests, depraving the mo rals of the public, leading men astray from the tried sober paths of industry and frugality, and converting all trade into gambling. And now we have to calculate the expense of 40,000,0001. of metallic currency. Taking the two metals together, the expense of coining gold and silver is about a quarter per cent.; and, from various experiments made in 1802, by the officers of the French Mint, it results, that the loss of gold and silver money, by wear and tear,—that is, by circulation or friction,—amounts to about 81 per cent. in a century; and this is confirmed by se veral curious experiments made by Mr. Hatchett and Mr. Cavendish of the Royal Society (see Phi losophical Transactions, 1803), at the request of the Earl of Liverpool, and the result of which is, that the waste of the precious metals by friction is very trifling. And therefore it appears that the waste of a me tallic currency by circulation may be repaired six times in a century; that is, in order to keep the currency in its original purity and integrity, there may be six recoinages ; and yet the expense of coin ing, and the loss by wear and tear, will not amount to more than 10 per cent, in a century, or 1-10th per cent. per annum : and then we have the follow ing results :- 1. That the expense of 40,000,0001. of metallic cur rency during 30 years would be, first, 40,000,0001. for the cost of the material, and next 1,200,0001. to defray the expense of coining and recoining, and the loss by wear and tear; and then the currency would be as sound as at the beginning. Now, the first outlay of 40,000,0001. would be no loss whatever, because we should have ac quired a real value, and whatever we had given for iL might always be had in return. Whereas, on the other hand, it appears that during the same period of time, we have expendtd 2t7,684,161/. ou paper, and have not the least value to show for our money. 50 - 04s 7 thetrat,14p : the one hand, being 1,200,000/., and the 10i5704 227,654,161!., it follows from the very fact, arid our, orri34° proper experience, that a paper currency is 190 timedC dearer than a metallic currency. 2. That the sum of 227,684,161!. which we expended in the course of 30 years for 40,000,000/. of paper currency, would have sufficed to defray the expense of 40,000,0001. of metallic currency during a period of about 5,700 years. Now I do not believe that one particle of tl.is statement can be contradicted; and, therefore, with all these facts before us, it is quite impossible to contend in favour of a paper currency; because, though a man might be able to use many arguments, all tending to prove a priori, that paper is the best and cheapest of all currencies; yet if the fact be against him, all his arguments go for nothing, be cause that can never be true in theory which is false in fact; and it is the same as if a man were to show by many plausible arguments, which peradventure another might not be able to contradict, that on a particular day, which he should name, a certain thing would happen, yet if, when the day came, the thing were not to happen, all his arguments would be of no avail. But the theory itself is false, and it never can be shown even a priori, that paper is a cheap currency. To say that paper is cheaper than gold, is simply to state a fact with which all are ac quainted ; but from this fact, it will not follow that paper money is cheaper than gold money, and for this reason —money is not a sign, but an equivalent, and therefore paper money is no money at all, it is not an equivalent,—but merely the promise of an equivalent ; --it is not money, but the promise of money; and it is by taking the promise for the per formance—the shadow for the substance—that we get cheated. And that paper money, so far from being the cheapest, turns out de facto to be the dearest money in the world—a complete and perfect instrument of fraud and deception, and to this all history bears witness. I have said that no item in the preceding state ment can be contradicted; there are, however, one or two things which require a little explanation. The fifth item relies in some degree upon the fact, that at the period of the restriction there was 30,000,0001., and perhaps 40,000,000/. of gold in this country ; and this fact I make out after the fol lowing manner : At the period of the accession of George 111., in 1760, there was comparatively but little paper in circulation, either of the Bank of England or the country bankers; the circulation being therefore principally metallic, there could not have been less than 2.5,000,000/. of gold. From 1760 to 1797, the value of the gold coined at the Mint was .57,274,6721.; during the year 1797, the gold coined at the M:nt was of the value of 2,000,2971.; and during the year 1798 it was of the value of 2,967,504/. Add now to all this the quantity in the country in 1760, and you will have a total quantity of 87,292,4731.; and with all this before us, it is difficult to imagine that there was not at least 40,000,0001. of gold remaining in 1797. And if it be asked why I include the coinings of 1797 and 1798, this is done for a very obvious rea son. During a great part of 1797, the price of gold was below the Mint price; during the remainder of the year, and throughout the whole of 1798, it did not exceed the Mint price; and therefore whatever was coined during the years 1797 and 1798, must be considered as so much to be added to the stock existing in the beginning of 1797. Now take another fact. Notwithstanding the high price of guineas, and the encouragement to their sale and exportation during the war, there were still a great number of gui neas l e f t i n the country, not only after the war, but even after the resumption of cash payments ; for it appears that between 1821 and 1829 the guineas paid into the Bank, to be ex changed for sovereigns, amounted in value to .5,132,6061., and as no guineas were coined at the Mint after 1813, it is plain that these guineas paid in to the Bank were part of the gold coinage of the country which had been formerly driven out of cir culation by the paper of the Bank of England and the country bankers, and had remained unemployed during the war. Upon every ground, then, I am warranted in con cluding that there was 40,000,000/. of gold in this country at the period of the restriction : part of this was driven out of circulation at one time and part at another, and towards the end of the war an immense amount, w hich had been lying unemployed, was ex ported ; and this 1 know of my own knowledge, for being at Paris in the year 1812,1 then learned front the best authority, that up to the year 1809-the quantity of guineas received front England had not been very considerable; but that after this period, and particularly during the years 1810, 1811, and the early part of .1812, the quantity was enormous. And now take this remark small matter of six pence or a shilling in the value of a guinea above paper will drive it out of circulation, and cause it to be locked up; but this difference would not suffice dur ing the war to cause it to be exported, when the charges of transport were great, and when there were also heavy penalties attached to the exporta tion of the coin of the realm. From all that has been said, it is therefore ma nifest that during a considerable period of time the people of this country paid the Bank of England and the country bankers for the use of bad money, while they had good money of their own which re mained unemployed. Arid now take a case. The quantity of specie existing in Europe is probably of the value of 300,000,0004; and now if all the people of Europe were to be as precisely mad as we were during the war, and agree to lock up this specie, and circulate their commodities by means of paper, it is evident that there would be 300,000,000/. of specie which would remain unemployed; and then supposing the paper to be issued as ours was, at 5 per cent, interest, it is equally plain that the owners of these 300,000,0004, that is, the European pub lic, would have to pay 15,000,000/. per annum for the use of bad money, while they had good money which remained idle. A new way to get rich. Another point requires explanation : I have stated (and the thing is past all doubt) that at least 30,000,000/, have been lost by the failures of country bankers, and yet I have ascribed all losses, of what nature and description soever, solely to the Bank of England; and for this I have ground and occasion. Every evil, before it can be cured, must be traced to its source, and in all sound reasoning, we must travel onwards from cause to cause, till we arrive at the first cause; arid here the first cause is the Bank of England, it being impossible that the country bankers could have inundated the country with paper, if it had not been for the great increase in the circulation of the Bank of England. Look at the fact. In the year 1797 the average circulation of the Bank of England was 10,329,16.51.; it went on tiradually increasing, and so that in the year 1811 the average circulation of the Bank of England was 26,901,0001.; and therefore it was that between 1797 and 1814, the number of country bankers had increased from 230 to 878, and that the country cir culation in 1811 stood at 22,709,0001. Who but the Bank of England occasioned all this ? (TO BE CONTINUED.) TRANSPORTATION OF FEMALE CON VICT4. —lt is intended to send a great number of female convicts to Van Diemen's Land, where there is a great dearth of 'he fair sex. Several large ships have been taken up for this purpose, and to-morrow or Sunday next the Frances Charlotte East Indianian, Captain A. SMITH, comman der, now lying off the Royal Arsenal at Woolwich, will leave the river Thames for Hobart-town, with 100 female convicts on board, and 80 convict children, principally girls, who have been found guilty of various offences against the laws. Exclusive of these, there are 50 free young English women, who are going out in the same ship to seek husbands in Van Diemen's Land, but who will have no communication with the convicts, and be kept :eparate from them, as far as is practicable. Several have the expense of their passage paid by various parishes to which they are chargeable, and who are adopting this plan to relieve themselves of the burden of supporting them. A surgeon and two experienced matrons will ecompany the passengers. Three other vessels will shortly follow the Frar ces Charlotte with similar freights,