The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-14 00:00:00

1: PRESENT FINANCIAL CRISIS,

not entirely concur in ell the opinions stated in

ring article, which we extract from an Evening
It at this critical period oar readers, we dare aay,
aims to gather infiwmatioo from every intelligent
,nd we therefore submit it to their considers-

ries into the causes of the existing pressure are of
st utility—to abate or correct alarm—to ascertain
lien of the evil—and to suggest tit remedies. It is
,nosed to offer some observations on the prevailing
upon the subject, In order to endeavour to rectify

onions.
igin of the present distress is most commonly
) overtrading in the early part of the year. We
:n in this opinion • the excesses then occurring
qe worked themselves out months back. The

of that speculative time was short—not longer
, December to March last—it was wholly local,
'fleeted with distant shipments or adventures ' • it
in a rapid and extravagant r;se of prices, which
declined. Since March, all merchandises have

eignation, anti prices for the last six months
ipon a level with those prevailing for several years

geek of goods is not excessive, compared with seve-
, put. The weight of cotton on hand is hardly
in last year, and less than the year before at the
pries]. Wool is rather in excels ; but silk exists in
tl quantity. The stock of sugar is small. Iron and
burly equal to the demand, and in price supported
hi, Agricultural produce is of no kind in re-
, supply. The great branches of manufacture do
a.,, heavy stock compared with the vent, which re-
, regular and extensive. Further, the failures which
warred ascribable to overtrading, have been few and
recent.
raw of the distress is alleged to be the nume-
whew, and prqiects which were set on foot. How.
'bard the generality of these were, we cannot but
•-• effect has long passed, and was more in name
ty ; the bulk of them has been months since
ty, and the whole, including about a dozen which
the market, cannot be reckoned to have actually
ih payments exceeding some three millions; a
lv embarked in schemes of some prospect, and
mot be deemed of great weight in a national

ill be the more readily allowed, when it is recut-
foreign loans hare been this year brought for-
unusually small extent. In an estimate in a
work Just published, the actual payments on foreign
re calculated
Ite2 to have been .

. 117,046,606
11,748.000
14.770.0 W
6,627,000

whole of there loans not, probably, above fifteen
remain in this country, the chief portion baying
lually bought up on the Continent. At present
ones are in the market, and the instalments of the
been paid up. Thus it may be safely said that
ity of foreign stock in the market is actually leas
iy time during the last three years.
neither overtrading, nor schemes, nor foreign
sufficiently account for the existing and extraor-
pressure, *hence, it will be asked, does it originate ?
wee, in the quarter where it exists—in the currency
tntrv. The suffering is, at this moment, mostly
bankers in the country.
), when the metallic basis of our currency was
the novelty and uncertainty of the experiment
great caution amongst the bankers u to their
wices fell, the exchanges became favourable for
d gold flowed in beyond expectation. The re-
of our monetary syttem was fully successful.
evidence given before the Bullion Committee, in
was declared by Mr. Alexander Baring (whose
on the occasion are marked by great comprehen-
wisdom), that a fund of 20 to 30 millions of gold
'requisite for the complete establishment of our
The event has proved the truth of this, for how-
iallcr portion may suffice, when no foreign drain
t necessity has been proved of a general diffusion
iroughout the country, when a period of adverse
or difficulty crises.
.119, the prices of agricultural produce sunk from
ipply, and with a view to remedy this, Ministers
',all the circulation in every direction, and passed
allow country bankers to issue small notes till
1833. The bankers, experiencing successive years
progressive prosperity, extended gradually their
the utmost capacity of their several districts. We
Ihis in a spirit of animadversion ; we think that
ices warranted them, so long as they received
convertible securities. The necessary consequence
the gold coin, which had, during 1820 and 1831,
orderable circulation throughout the country, be-
laced.

hese circumstances, the Bank of England then
le great d.poeitar of the specie of the nation ;
.ad fund of that kind cannot be kept up beyond
to extent u ith any regard to the interests of the
lent, the quantity would not be likely to be al-
grow in its hoards. An adverse balance of pay-
wring, the stock of specie is thus rendered too
Id Early curtailments of paper become necessary
Ili nee have sprung the difficulties of the pre-
nt, and the superaddition of the want of conn-

mcdy, this being the nature of the evil, is oh-
increase of the circulation, if possible, in gold,
.mcdistely in that which may best supply its place
Aof the Bank of England. At such a period of
larger quantity than usual is requisite, and to
emergency the conduct of the Bank has been
real, in every respect consistent with its security.
;(ing rate of the foreign exchanges gives earnest
iate return of the exported gold.
te duration of the pressure must be temporary, is
inkinarh as the rates of 10 or 7, or even 4 per
annum, for Government Securities, cannot long
in a time of settled tranquillity. Every particle
lift' of the country must be directed to conver-
rdcr to participate it such increased rates, and the
mpetiti.m rill gradually work their reduction. It
•of Government to afford every relief practica-
1, in the production of which it has been mainly
tal, by placing the currency on the footing on
rands. Subsequently, it will be incumbent en
it to devise measures to give to the country the
C a more general circulation of specir, and espc7
lee on a more stable basis the system of banking. '
frureler.

ANC IN THE BAIIAMAS.—A gentleman well
Hull, but now resident in one of the Bahama
rots to his friends, under the date 7th October,
;awing Vrras:—" Lit Sunday week, we expe-
totna,'o. Luckily for me, it passed about 100
is cast of me. I saw it conic over the hill, but
Mrs too strong for it. It, however, destroyed
❑re buildings, in part ; and many wooden ones
t did not appear from the line of ruins to have

- 100 yard.; wide. It came on with a great noise
which latter sec had had for three days, with a
I ran out instantly it had liappen•A, and
t the walls had principally fallen outwards, and
;l1 it came from the south, the north front of two
une buildings were the only parts erected. It
I the street to the sea and became a large water
sly three persons were seriously hurt. No one
• 1 had four trees blown down. Trees here
as well as ever by putting them up again, and I
very fine oranges from one of them which,
loud), has been twice blown down. They have
except horizontally by twisting themselves
to rocks."

IVTLI.LIGENGE.—Copper Ores sold at Red-
cenlyr S, 1825-1,389 tons. Average Produce,
nty of tine Copper, 120 tons, 19 cwt. Amount
Os. 6d. Average standard, 1371. 7s. Od.
wsrd•ns should take care that a printed copy or
"'ion 137. Act 6 Geo. IV, chap. SO, be hung up
lot! places in parish workhouse's, in default of
I a is incurred.