The enquirer — Richmond, Va., 1810-10-16 00:00:00, page 1

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Vol. 7.J RICHMOND, TUESDAY, OCTOBER 16, iblO. [Nu. -io
IM r ,, — rl,T * f' j- _n_ .... ... . .I in ii in i if i
C(XT Published by Thomas Ritchie, nearly op
posite the Globr T ivern, Richmond, Virginia.
XT CONDITIONSFive dollars a year, to
6b paid annually in advance. Those who wish to
Reconsidered as annual subscribers, mutt hereafter
designate it at the time of subscribing, otherwise
their papers will be discontinued at the expiration
•f the first year.
RICHMOND PRICES CUR WEN T.
D. C.
TOBACCO, 4 to 7
1TLOUR—SUPERFINE, 9 00
BO. FINE, 3 50
Horn, fbr barrel, 4 00
•wheat, 1 42
bacon, £'er lb. 15 to 20
Whiskey, per gallon, 0 67
bar iron, per ton, 100 00
HEMP, PEW TON, 250 500
MERINO SHEEP ! !!-The public sale
of ONE HUNDRED
MERINO SHEEP,
Which was advertised to take place at Fairfield,
•n the 3d instant, is POSTPONED to a future
day,of which due notice will be given.
Interim, those who are disposed to purchase at
'PRIVATE SALE, will please apply to
M. & D. MYERS,
OR TO
SAMUEL MYERS,
October 2. tf
UBLIC SALE, OF MERINO SHEEP.
On Friday, the 19t. day of October next,
being the third day of New-Market Races, at 8
o’clock in the morning, Will be exposed to Public
•iSale,
TWRNTY SEVEN FULL BLOODED
MERfNO SHEEP, Vi* :
SIX RAMS & TWENTY-ONE EWES.,
They were lately imported in the ship Powha
tan, capt.' Poythress, from Lisbon, and will be
■warranted to be of the genuine breed The sale
will take place at the Vepdue.Office of Messrs
W. and H. Haxall, and the Sheep can be seen
at Roslin, by intending purchasers, at any time
previous to the day of sal*. . ,
Term*—Approved endorsed paper at four and
-•ix months.
The Ewes are nil believed to be with lamb by
..a full blooded Merino Knm.
JAMES Cr JOHN DUNLOP.
Fete-sburg, Sept. 25. 7t
*,* We are,authorised to say, that the Meri
tjo Shee?, advertised for sale at Petersburg,
ou the 19lh instant, are in remarkably fine health,
and that although they have been imported near
ly two months, not one death has taken place a
mongst them
October 16.
S& J. J ACOBS are just receiving a fresh
• supply of FALL GOODS, amongst which
“i*c— „ , ... .
Superfine Cloths and
Kerseymeres of the
beat quality
Second do do
Coatings St Lion Skins
60 pieces red Flannel
60 do white and yellow
do.
1 bale Welsh Plains
40 pieces striped Ulan
kets
40 do. point do
UllOpair Hose do.
50 ps. Corduroy cords
and velvets
Toilinet Waistcoting
Swan down do.
50 pieces black Cam
brick 4 4 and 6 4
300 do. white do.
■Wild Pores and Uotn
bazetts
Black Sarsanetts
Cold Lustrings
Silk and Cotton Clum
brays
Seeded Muslins
And a niimht-r ot other articles too tedious to
enumerate, all of which will be sold at reduced
prices lor cash or pood paper.
Sent. 28.Bt
NOTICE’—Notwithstanding the death ol Mr
Andrew Nicolson, the firm of Nicolson
Heth ft Co will continue (agreeably to their at
tides of co-partp^ry) until the first of January (
next, when it will expire : In the mean time, the
business will be carried on as usual, by the sur
viving partners, at their office, in this place.
Al?those indebted to that firm, or to Nicolson
nnd Ileth, are desired to come forward and set
tle their accounts on or before the first day of No
vember next : Otherwise, suits will be institu
ted, without discrimination, against all those who
fail to secure their respective ballances Those
who have claims against the said concerns will
©all for payment. Timely notice will be given of
♦ be firm under, which the new year will eotn
mence, who will contimi" to supply their custo
mers with the choicest coal; their prospect for the
ensuing year, being more than usually flattering.
HARRY HETH,
BEVExLY RANDOLPH^
EDWARD D. DIGGES.
Manchester, Sept. 7 IlNov
NOTICE—On Wednesday the 17lh inst at
the late dwelling house of 1’e ier Tins
lay, deceased, will be sold by Auction, the
HOUSE-HOLD AND KITCHEN FURNI
TURE—snd other personal property belonging
•o his estate, amongst which area Coachee ana
ft pair of Horses, and many other valuable ar
ticles.
Approved end-rsed negotiable notes pt 90
days wifi be required for all rsitis above $$ 50
—under that sum, Cash.
At same time and place will be hired a num
ber of Si. AVES—- Among whom are a Carpen
♦er, some valuable house se-vants, and several
laborers accustomed to plantation work——The
terms will be proclaimed on day of sale.
AND—On Saturday the 20th inst. at t’’e
plantation of the decedent in Hanover, called |
MAYFIEI.D, about 7 mdea from Richmond,
wifi be sold, all the personal property tl*ereon, I
consisting of HORSES, MULES, CA i'TJ.E,
JjHEEF, HOLS, PLANTATION UI EN
JjtLS and the Cron of Corn now standing —
Tvtelve months credit will be given on all sums
above 20 dollars—the purchasers g»v‘-r*g bond
with approved security—*Thc plantation will
also be rented out for the ensuing year.
JAMES BROWN, Jr. Adm'r.
October 9 _ ____
S A Ml*SO> ’S sPEEC 11,
YU eti) fo+ tile, <tt thi* 0/fLr.
Figured do.
Calicoes and Chintz
Ginghams
Irish Linens from 18d
• to 51d sterling
, Brittanrtia# »
Shirting Cottons
Silk and Cotton Ban
dauno Handkerchief#
Madraas do
Silk and cotton Shawls
Camels’ Hair do.
Mens’ black Worsted
Hose
Other cold do.
Ladies’ superfine Silk
and Cotton do.
D> Silk and Cotton
Gloves
Knives and Forks, as
sorted
i Table Spoons .
Artificial Flowers
Nuns Thread
Cotton Balls, Fins-,
Conibs.
Twenty dollars reward. Elop
ed from Mr Jamea Smith, about the mid
die of May last, a slave, named SAM, who lia
been employed for several years past in that gen
tleman’s Bake-House.
SAM is about twenty four or five years of age,
low of stature, and not very bulky ; of youthful
appearance, a dark complexion, a countenance
with an incessant smile, approaching to a grin,
and thereby discovers a fine set of teeth, which j
he is not a little fond of shewing He is slow of I
speech, and when spoken to suddenly or quick i
ly, stammers and hesitates exceedingly.— His
clothes not recollected.
Some time in August last, a note wi * given
him by the Subscriber, (who then wished to dis.
pose of him,) to look-out for a purchase r-It
merely purported the terms “ to any person re
siding in Richmond, or it’s neighbourhood —
And as he has thr note still in possession, he
will probably, under pretence of seeking a mas
ter, endeavor thereby to effect hts escape out of
the State.
All masters of vessels and others are, there
fore, forbid, at their peril, harboring or carrying
him off.
The above reward will he given, and All rea
sonable charges allowed, if brought back in safe
ty to
JOHN KING.
. Richmond, July 10. > tf
BDENN IS having commenced tus Semtna
ry heretofore spoken of near the Swan Ta
vern, respectfully solicits the patronage of his
friends and tlie public He teaches writing and
Arithmetic, tlie English language grammatically.
Astronomy, Natural and Moral Philosophy* ^Gr
ography, Surveying and book keeping, for 25 g
per annum, and promises to pay the most unre
mitting attention to the moral as well os intel
lectual improvement of such pupils as may be
confided,to, his care. • >, .... -
N. B Having established a regular boarding
house he will continue to receive boarders at 150
g per annum, allowing breakfast, dinner, supper
and lodging, or 4 8 per week.
October S. tf
"VTOTICE.—The subscriber has settled in tlie
Borough of Norfolk, and resumed the prac
tice of the Law. He practises in the Federal &
State courts,-holden in the Borough of Norfolk ;
and in the Inferior and Superior courts of the
counties of Norfolk, Princess Ann and Nanse
mond- His office is but a few steps from the Ex
change Coffee House
MERIT M ROBINSON.
Sept 21 8t
POLLOK & TKEDWAY, have, by the' hue
arrivals from London and Liverpool, receiv
ed a part of their supply of FALL GOODS, &
expect by the first vessels, such an addition there
to, as will render their assortment of British
Manufactures well worthy the attention of inten- I
ding purchasers, and for prompt pay, or on a ere- i
dit to punctual people, they will sell on very mo
derate terms.
A few pieces of extra Superfine CLOTHS h
KE RSEYMEREb, just opened.
Manchester, October 12. 6t
Those still indebted to the laie firm of Fotlok,
Tredviay & Co are earnestly requested to come
forward and settle, as after the unusual indul
gence already granted, much longer need not be
expected
I HAVE just received, and will keep a constant
supply of CLOCKS AND WATCHES of
a superior quality. Watches ano Clocks, of
every description, repaired and s/arranted to per
form well
IVm McCABE, Main-Sreet—Richmond
October 12. 3t
BY virtue of a decree of the county court of
Middlesex, whetein Christopher Harwood
is plaintiff and Thomas and Elliot Muse, surviving
partners of Hudson *1usi and sons, defendants,
pionounced in July last : We shall sell, at pub
lie auction, for ready money, on the 22d day of
the present month, at the Washington Tavern
toe following SLAVES, viz Molly and her three
children, to satisfy certain sums of money, in said
decree mentioned.
Wm MANN, }
' Wm. NEALE, 5 Comm,3S
October 12. tdc
BY virtue of a deed of trust made us by Mat
thew Keenard, bearing date the 3d day o'
August, 1809, and of record in the county cour1
of Amelia, to secure tlie payment of a debt clue
to Wily St Hill : Will be exposed t» sale, for cash,
at Painsville, on tlie first Friday in November
next, fifty acres of LAND, part of the Tract
whereon thp said Bernard now lives, or so muen
thereof as will be sufficient to satisfy the debt in
the deed mentioned, with interest and the costs
attending the sale.
Wm. POWELL, > ^
. PINK D BOOKER, $ Trttiten
October 12. , 2i^J
OTICE— Will be told at the reaidence of
the late Henry L. Biscoe, in the Town of
Manchester, on Saturday the 20th inst all the
Household and Kitchen FURNITURE belong,
ing to the estate of the said Biscoe—also 1500
Boxes of SEGARS, 70 Kegga of Manufactured
Tobacco, several Pipes of best Madeira wink,
a chest of TEA and a variety of othei articles,
too tedious to mention—For all sums under fifty
dollars cash will be required, and for all sums
of fifty dollars and upwards, 60 days credit w ill
lie given for Notes negotiable and payable at tfie
Bank of Virginia with approved endorsers.
A Do, will be sold at the plantation of the said
Henry L. Biscoe, in the County of Powhatan,
on Monday the 5th day of November ne.\t, all
the personal estate of the said Biscoe, consisting
of forty or fifty likely NEGROES, among which
there are some excellent Carpenters and Black
smiths—the stock of Horses, Cattle, Sheep and
Hogs, supposed to be as valuable as any in Vir
ginia. the crop of Com, Wheat, 8tc. and planta
tion utensils ; the terms will be made known on
the day of sale.
PETER F. SMITH, Adm'r.
of Henry L. Biscoe
October 12. 3t
Ip ALL GOODS-RUSSELL O WAL
LACE, have just received by the Dispatch
from Liverpool, 18 bales Woolens, consisting of
Cloths, twilled Coatings and Blankets, and Flan
nels, to be sold only by the bale.
Likewise by the Levant
24 Boxes Window Glass, 12 by 15 Sv 15 by 18
1 Cask Scythe Blades assorted
18 do*. Spades and Sliof'ili.
Likewise by the John and Adam from London :
40 Pieces best twilled Sackirg
1 Case Manchester stuffs, assorted colours
2000 Lb Seine Twine
1 Trunk Threads, assorted colors, from No.
It. to No. 16
The above GOODS will be sol 1 reasonable,
for cash or a- centanc^s in town, 90 days
Likewise two ton GERMAN S'l'EEL
October l?r 12 m
DUKE OF ORLEANS.
The following Documents have been pnh_
lished, relative to the invitation to 'he
Duke of Orleans to take the command
of a Spanish army ;
Letter from the supreme council of regen_
ey of Sfiain and the Indies, to hi? serene
highness the Puke of Orleans.
“Most Serene Lord.
“ Fhe Spanish nation has raised
its voice agsmst the unjust aggression id
Bayonne, and has unanimously sworn tnpre
serve its independence, or to die fon its !e .
gitimate sovereign Ferdinand VII Neither
the reverses ol its arms, nor the fortur c >.f
the tyrant can weaken its constancy. The
love of country, of religion, and the momir..
chy, actuates all hearts, and will not cca^e
to actuate them, whilst any sentiments of
honor or loyalty remaiu in this land of he
roes.
“ Your highness is desirous of defending
the cause of your august House, and of coml
bating in the Spanish armies.
“'('here was a time when circumstances
would have frustrated this generous desire,
but now the obstacles which would then have
presented themselves, have vani.hed. The
Supreme Council of Regency invites your'
highness to take the command of an army in
Catalon-a.
" Fhe enthusiasm of the illnstrions and
brave inhabitants of that province, will be
exalted to the highest pitch when they see
a prince, a relative of our good king, share
with them the fatigues of »he war, & lead
them (with the aid of providence) to inrim or
tal victories Your imgoanimous ances'ors
have gained triumphs in Catalonia, of which
the remembrance s’iU exists; i’ belongs to
your highness to preserve the freshness of
so many laurels. The eo orpri« ' is gr»-,t
the contrst arduous, the enem' obstina'e ;
but the Spaniards have an ardent love for
their lawful sovereign, a gre:«» hatred to.
wards the usurper, and an energetic incli
nation for independence,
“ This people will constantly ernn'mt with
your highness, and prove to \oi that no
;pri-ice ever had to support r more just or
noble caijir, with soldh rs more d c trinrd
to defend it. (i< d grant that at the summit
of the Pyienees, nnd at 'he head of our vie
lorious army, ymr highness may one d
raise your toice. promising »», restore liV- .
! ty to oppressed France, to re t s* ddish the
[throne ot vour ancestor*, to r store order ir.
Europe, and npnn -he tww o' tyranny to
fr proclaim the triumph of virtue.
TRIPLETT T. ESTES, Returns his tliank'
to the public in general, for the liberal pat
ronage already bestowed on him, in his line of ou
siness, and further informs them that he has just
purchased and removed to that commodious-T*
vern, in Charlottesville, known bv the name of the
STONE HOUSE:
And pledges himself that no attention shall be
wanting to render agreeable, tke situation of all
those who may call on him.
October 12. 5,^J
ROBERT POLl.OK, is now receiving, by
the Averick Cr D'tfnleh, a part of his Fall
Supply of British Manufactures, and expects by
the Rut Li, such an addition thereto, as will rett
der his assortment well worthy the attention of
intending purchasers; hi■» terms of sale will be
moderate.
He offers for Freight or Charter, the excellent
fast sailing SHIP, George Ls Stuan, capt \V«od,
burthen 290 tons, daily expected to arrive at City
Point, from Liverpool.
Those still indebted to the late firm of Auchan
an & Fallot, arc requested to come forward »ml
settle, as longer indulgence oi^jhl not to be ex
pected.
Petersburg, October 12 -, 6i
A TEACHER WANTED— A l.beial com
pcnsation will !»♦» given for an Assistant
Teacher, who is qualified to instruct the higher
classes in the Latin and Greek Languages, ami to
give, occasionally, lassuns in Arithmetic, Geog
raphy and History. Should he uml- -s'and tin*
French language, it will be ati additional re* om
mendition. The situation is an aj^ecablt one. in
a small town near Norfolk A single man and «
clergytnan will be prefi rred. For further infor
mation, apply at this office
October 12. , tf
'I THIRTY DOLLARS REAIM. KD,—Uin •
1 away from the subscriber, about 9 nontln
ago, ELIZA, a mulatto woman about thirty
years of age, of the common stature, none of her
clothing recollected—her husband liv.-s in Rich
mond—I expect she is cither lurking in thai place
or in the neighborhood of Wdliim-burg-she
was purchased of Doctor Tazewell about three
or four years ago, and I am told >s narbored in the
neighborhood of the latier place The above
reward wilt be paid :o any person who will deli
ver her to me in Manchester
JAMES W WINFREE
October 12
jpocetcrm
Further Extracts from London Pa fieri’
Liverpool, Aug 25. At the dn; e,-, at
the pavillinn, at Br'ignton, on M inday a -*n -
night, the duke of York proposed the health
of the princess Charlotte of Wan s, which
was drank with enthusiasm, and in the true
English style, with three imes tluee We
understand the prince, in returning; thank.*'
for this murk of respect to the object of his
pride and tenderness, said, in a short, but
most eloquent address, that he had tn tie it
his first care to instil into the mind and ncart
[of his daughter the knowledge and love of
< the true principles of the British coi situ
tion ; and he had pointed out to her youi g
understanding, as a tnodel for hcr.s.udy, the
political conduct of nis mo>r. revered and
lamented friend, Mr. F x, who had asser. !
ted and maintained, wim such a ransom
dant force the just principles upon which
the government under this excellent consti
tution ought to be administered, for the true
and solid dignity oi the crown, and the re.il
security, fteednm, and happiness of the peo
pie. He had the most hearfelt enjoyment
in knowing, that even in her present early
years, his daughter had a just conception ot i
the value of the precepts which had l>e.*n i
implanted in her breast ; and he could say, \
with confidence, that she would fmfii all i.ie
duties she might be called upon to discharge, !
when his bones were laid in tbe grave. !
FllOM A LON DON PA PER .
BULLION. , .
REPORT OF THE COMMITTER uN THE.
HIGH PuICii oF GOLD BULLION.
An k. ciesti.ig report from a committee
°* ‘i,c if 'U>e ot Commons lias been publish
ic<l* "" b.gli price of Bullion, and the
piemen- s'ale of the current coin in this
i kingdom——we subjoin an abstract there
ol.
It appears, that at the latter end of 1808,
Mie standard price of gold and even ot sil
Ver too, rose to about 15 per cent higher
than ihe mmt price ; or, in other words, that
in an exchange1 between bank paper and
gold, one hundred pounds of the former,
would only purchase eighty five of the lat
ter.
I. This high price of gold is ascribed by
most of the witnesses to a scarcity .if the ar
ode. arising from the unusual demand for
it on toe continent ; hut upon this the coin..
mittee observe:
lh.it both at Hamburgh and Amster
dam, where the measure of value is not
gold, as in this country, bat silver, an imusu
al demand for gold would affect its money
price, that is, its price m silver; and that
as it does hot appear that therz has been n_
tty considerable rise in the price of gold, as
valued in silver, at those places in the last
year, the inference is, that there was not a
ny cortsidera./ie increase in the demand for!
gold,”
aiiu ruruier, < .
Your committee hare still further to re
mark upon this point, that the evidence laid <
>etore them, has led them to enter tain much
drill M of the alledged fact, tli*.t a scarcity of
gold bullion has been teccntly experboe
cd in this country. That guineas have dis
Appeared from the circulation, there can
be no question ; but that docs not prove n
scarcity of bullion, any mot e than the high
pi'ic*' proves tint scarcity.”
*’For all these reasons, your committee
wou'd be inclined to think, that tho<e who
ascribe the high price of gold to an unun.al
' CiUiiiul for that article, aofi h consequent
sea.city, tfssume facts as cerium, of which
there is no evidence. Hut even if these ns
sumptions were proved, to ascribe the high
pr>r.e of gold in this country to its scarcity,
cents to your committee to involve a mis,
conception
1 lie real cause of this high price com.,
plained of is thus hinted bv tne committee
in the conclusion of this head:
” A g: neral tise of all pric*«, a rise in th**
inarke. price of gold, and fill „f the fo
reign exchanges, will be the effect ot an
excessive quantity of citcuUting medium in
a country which has adopted a Currency,
n >t exportable toother countries,or not ran
vertible at will, into a co n which is export
able, , 1
II. 1 he next head of enquiry is the course
of exchange.-I’he conclusion upon this
unt IS, Ilia groit iligrre, ftitnib- to that
uoi the preceding oi.o ; and is thun n
ve i; °*
*’ Fr0TT1 lh« foregoing reasonings relative
Mo the state of the rxclimg >; thov nr
' ** I he generous efforts of the Spaniards
in favor of their lawful king mun please the
magnanimous heart of your majesty. The
Usurper of the throne of your majesty would
usurp also the throne of his august nephew.
It is nme that Europe should rise from the
degradation into which she has been plunge
ed by the spirit of factions ; and that nati
ons, grateful to their legitimate sovereign,
should turn their arms against the impostors
who would tyrannize over them; Spain could
not support the y.,ke-she could not bear
insult But, sire, this loyal nation, this le
ligious and noble nation, is not ycf satisfied
with her perseverance ; she wishes to shew
to the tyrant, by fresn proofs, that she isirre
concilaUle to his domination-that she will
abide by the oath sue has taken, to perish
rather titan be the victim of his monstrous
ambi'ion. Government which commands
this vast monarchy in the name of FerdL
naocl VII. desires that a prince of the au
gust house of your majesty should piece
himselt at the head of a Spanish army, in
order to excite revolt in the interior of
Franee, and to snatch the bloodv diadem
from the head ot the chief that oppresses
he> The prince most calculated to fulfil
our desires is his serene highness the duke
of Orleans, a prince illustrious by his mili
tary actions, and the husband of imo Of your
Majesty’s daughters. We offer him the
command of an army in Catalonia, and in
! other provinces,' where his presence may
, serve to attain the »-xalted end to which we
| aspire. May this offer meet your majesty’s
: august approbation——it proceeds from our
pad to ism, ur fidelity, to our king, and our
respect to your m je^.y.’s august house. If
providence should ciown the enterprise of
vour majesty’s august son, wc shall have the
immense pleasuie of having’con ribnted to
th.- safety ot unnappy Europe, and of hav
ing ‘fF.rd d v our majesty a proof of pur vene
ration Gad preset ve your majesty ra*|iy
und happy years.
(Signed)
•'CASTANOS, President.
“ And the othei Members of the
Regency.’’
Hoy at late of J^con 7
March II 1810 5
“ At all events, your highness will fuifi
the duties attached to your august birth —•
Princes are the natural defenders of the
rights of nations.' We congratulate our
reives in having this opportunity of raani
fesi ing to your highness our attachment jto
your person, andour admiration of your hc_
roic qualities.
“God pieserve the life of your serene,
highness for many happy years
Koyal Isle of Leon. March 4, 1810.
“ X/.VIKR DJE CASTANOS,
President.
" FnANCISCO de Saavedra.
M Antonio de Escako .
" MlGUEJ. DE LtAUDIZABUI..
“ Y. Uribe. ”
The Supreme Council of the Regency of
Spain and the Indies, to the king of the
Two Sicilies.
“Sire.
i he remedy' for nil »he evils sustain*
ert, or apprehended f m the present high
price^>f Bullion, ii thus ..iven ;
“ UP°» a review of all the facts and nea
somng., winch have been submitted to the
consulenition of o u* committee in the
course of their enquiry, they nave formed an
opinion which they Submit the house :
I iiat there is at pres- nt an excess in the
paper circulation ot this c uutry, of which
the most unequivocal ymptom is tnc va ry
higii price of Billion nnd next to that, the
low state of the continent d - x- hanges ; that
this excess is to be n: cr b- d to he want of a
sufficient check and contr -I in ihe issues of"
paper from the bank of England ; and, orb
ginally, to the suspension of cash pay,„eats
wiiii.h r- moved the natin al anil tru contrd.
r or up n a general view of the subject, your
committee are of opinion, that no sate, cer
tain and constantly adequate provisions
gun, an excess of papei currency, either
orcasfotud or permuimt, can be found - x
tepl in the convertibility of all such , oper
into specie. V ur committee canno , 'he e*
fore, but see reason to regret that the sus
pensi'in of cash payments, which in »lie most
• avorable light in which it can b viewed,
was only a temporary measure, has been
continued s * long; end particularly, , mt
>y the manner in which the prese.it c n .li
ning get is framed, the chamote -h .id 1
have been given to it of a perm .neat wap
measure."
‘•\otir enmmVee h'V i understood (bat
remediesor palliative, of adifF reo* nature
h ive Ut eri prijecte I ; such as, a compulsory
limitation oftlie amount of bulk advneef
nml discounts during the cotainuunre of the
suspension ; or a t-. mpnlsoty limit .lion dnr.
ajj the same period, of the rate of bank pro
fit, and dividend,, l*y carrying t ie surplus
prof,., Hi* ve ihat rate to the p.i »l cacc-u it*
lh:t, in th-;ut’;m-ntofyc»arc^:tin|Jitte«.
picMing k to ue tneir opinion, after a very
deliberate consideration of this pari of the
subject, tiiat it is a practical error to
supp St* that 'he exchanges with fort iere
countries, and the pt tee of bullion, are not
liable to be affected by the am..tint of a pa
per currency, which is issued with u’ he
condition of payment in ^»*fcie a’ the wilL
of the holder. That the exchanges wut lift
lowered, and the price of bullion raised, by
an issue o! such paper to excess, is not ,nly'
established as a principle bv tlie mo t emi
nent authorities upon commerce anti fin nee,
but its practical truth has been illustrated,
by the history of almost every state in in «U
ei n times which Ins used a paper curren
cy: and in all ilio-c countries, this princi
ple has finally been tesorted to by their
statesmen. ;ts the best criterion, to judge by,
whether such currency was or was not ex
cessive.”
I'his suhjeqt is thus concluded:_
“The suspension of cash payments has
had the cfl c? of committing into the hands
of the directors of the bank of England, to
be rxercised by their sole direction, the im*'
portant charge of supplying the country with.,
that quantity of circulating medium which.,
is exactly proportioned to the wants and oc
casions of the public. In the judgment of*
ir*ecommittee, that is a trust which it is un
reasonable to expect that the directors ot*
the oank of England should ever be able tt>*
discharge. The direc ors of the bank of
England, in ‘lie judgment of your committee*,
have exeyctsed the new and > x . am dinary :
discretion repo-,ed in them since 1797 with'
an imegriiy and a regard to the public in
terest, according to their coureptimis of it^
and indeed a degree of forbearance m turn_
lwZ !j,ess 10 ll,e pnTi. ot In* bank than it
would easily have admitted of, that merits
the continuance of that confidence which -Iik
S,!,b"c has s« long and so justly felt in h&
integrity wuh which its affii, s are <lh c ed„
as well as the unshaken s<ability and a pit
lands of that g-eat establishment Ilia*
then recent policy involves great practical*
;ert iis, wh.cn it is ofi|*.e utmost public im
! purtance to correct, your committee are ful«*
ly convinced ; but those errors are less to
he impu ed to tlic bank directors, than ttV"
be s i.ed ;ts the effect of a new system of*
which, however it originated, or was ren
dered necessary as a temporary expedient*
it might have been well if parliament had)
sooner taken into view all the consequen
“When your committee consider that this
discretionary power of supplying the king
dom with circulating medium, has been ex-’
erased under an opinion that the paper
j C)'JU 1 not be ls8ue(l to . xcess if advanced in
discounts to merchants in g,v,<l bills payable,
at s an d periods, and likewise under an o
pinion that neither the price of bullion nor
trie course of exchanges need be adverted to.
as affording any indication with respect to
tbe sufficiency or excess of such paper, y ur
committee cannot hesitate to sav, that these*
opinion, ot the bank must be reeaided
as in a great me sure the operative c.ustf
ot the continuance of the present state of
things,
IV This head relates to the •• progressive*
increase and present amount of the paper
circulation.” I hat of country banks is not
easily ascertainable, The increase of b.tnk
ot England circulation in the last ten years,
may be laid at about six millions, amount
ing now, in the whole »o twenty one milli
ons two hundred and foity nine thousand
pounds
considered apart, yout c-mumtet tmd it
difficult to resist an inference, that a porti
on,. at least, of the great f.,U which the ex
changes lately suffered, must have resulted,
not from the state of trade, hut from a changte
in too t elatn e value of our domestic curren
cy. Put when this deduction is joined, with
| that which your committee have stated, reS*.
peeling the change in the market price of
gold, that inference appears to be demon
stra> ul.”
111. rite committee next enquire, whether
the bank has regulated its issues of paper
by the course of exchange : and •• part Leu
larly, whether, in the course of the last
year, the gieat depression of the exchanges,
and lie great rise in ttic price of gold, had
s,,Kf>eslcd to the directors any suspicion of
the currency of the country being excessive
The evidence upon this head h» given, and
turns out to he in the negative Upon this-,
however, the committee remarks;
1 lie committee cannot retrain from ex