The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-21 00:00:00

THE BRITISH PRESS.

sought of the deplorable impolicy of it as it regards the
interests of the :Lori:men. If these workmen—Pe hundred
thousand in number—are to be thrown, with their destitute
and helpless families,on the public for maintmance, who, hut
for that law, would ha:•e subsisted in comfort by the earn-
ings of their own labour, and have brought up their children
in habits as industrious as their own, there can he no doubt
that the change is mischievous as to them. With all this
before it, is Government not called upon to re-consider the
policy of a law thus regnant with disaster? Is it not
clear to demonstration, that there must be either some
grievous error in the principle, or some fundamental de-
fect in the reasoning which led to its enactment?
The Silk Mataifacturersi instead of providing—as at this
period they ought to be—for the supply of the spring
market, will meet that season with empty warehouses.
The loss here is irreparable, and every passing day aggra-
vates the evil. This will, no doubt, be highly advanta-
geous to the foreigner, who will come fully prepared to
supply the demand to any extent. It is well known that
the greatest preparations are at this moment making in the
the silk-manufactories of France and Switzerland, and

that their looms are in full activity from the contemplated
opening of the trade with this country on the Ist of July :
while here the expectation of that event has pro:Weed the
most depressing stagnation. Thus while our own manu-
facturers abstain from working up any more goods in the
face of this denunciation, foreigners are exulting in the
expected abundance of the hasrvest they shall reap from
the operation of it. The increased price of silks on
the Continent has arisen from the orders already received
from England, and the provect of indefinite extent to
which they will be multiplied. It is this very cause which
has produced the riJeof price in the silk market of the Con-
tinent, and that has occasioned the fall of price in our own
market, owing to the dulness of sales which necessarily
attends the dreaded approach of an overwhelming foreign
importation.

If, in consequence of the English manufacturer being
thus deterred from preparing a Itock for the supply of the
spring consumption, the Frenchman once gets his foot
firmly into our market, no legislative enactment, which the
consequences may call for, will again dislodge him. For
it is most important here to remark, that the French im-
porter will have three strings to his bow, while oars is
broken asunder. He will reap with three sickles, while
our sithe is hung upon a hook. His outs notrA,l is
secured to him by the prohibitory system of his own Go-
verntnent. Ile has the foreign market always open to
him from the English silk factor being unable to compete
with him; and in additidn to this he is ushered into the
English. market by the new law, where he finds the manu-
facture abandoned—the *orkmen starving—anti the looms
at rest ! He can afford to sell at a very small profit, be-
cause the profits of his home-trade will indemnify him.
He has, moreover, this home market always to retreat upon,
and what he cannot sell here he will get rid of there ; he
can, therefore, at any time remedy a too plentiful supply.
Thus the French silk-manufacturers, hedged round with
all these advantages, will set the English manufacturers,
with all their skill, and industry, and capital, at utter
defiance, anti will tread them down at their pleasure; and
while the French weavers will be fed and fattened, the
English weavers will he pining in poor-houses, or rotting
in gaols. _ _ _

This state of things, too, let it be remembered, will be at
its height, in all likelihood, in the midst of a General
Election ! Can we look forward without alarm at such a
juncture to the dispersion of half a million of distressed
and beggared workmen, stripped of their all, and stripped
of it, as they will conceive,—however erroneously it mat-
ters not, the effect will be the same—by a law enacted by
their representatives in Parliament, in the teeth of the
misery that it was foreseen and foretold would flow from
it, and which will actually have brought them to wretched-
ness and rags ? This is a picture—appalling as it may be
—that a few short months, will place before us, if this law
takes effect. The weavers are an orderly, honest, and loyal
class of our manufacturing population. But these good
proper ties, in a crisis of distress and discontent, are not to
be depended on. A loyalist upon a full stomach is a
radical with an empty belly. This is a most serious truth,
and we are anxious to awaken those whom it most concerns
to a timely consideration of it.

CITY, TUISDAT EVENING.

This was a day dering which little business has been
transacted, and remarkable for the absence of all agitation.
It was one of those profound calms, which, in the moral
in the natural world, are the certain and necessary con-
sequences of previous storms. The panic has entirely disap-
peared ! The intelligence from the country is highly
satisfactory, and public credit is tranquilly recovering
itself as confidence becomes more assured. Money is
by no means so scarce as it was. Under these circum-
stances the prices of Stocks have been steadily advancing.
The improvement in Consols was full 1 per cent. They
opened at 79L., and rose gradually to 84 at which they
closed. Reduced advanced from 76 to 781; 31 per Cent.
from 83 to S. The Commissioners of the Sinking Fund
purchased at 76 and 84. The improvement on Exchequer
Bills was equally great ; they began at 85 dis., but at the
close of the market were at 40.

A communication was made this morning from the East
India-house, that after the 19th inst. their Bonds will
hear four per cent. instead of three. This notice operated
very favourably. India Bonds, which were previously at
95 dis., rose instantly to 55, and we understand they were
subsequently transferred on much better terms.
The Foreign Market was very dull in point of business,
though prices were on the increase. Russian Five per
Cents., which we re much deputised in consequence of the
death of the EMPEROR, have recovered nearly four per
cent. The South American Securities are sti❑ inactive,
but improved in value. Colouabian Bonds are 57; Mexi-
can Bonds 59 60.
Nothing was doing in Shares.

There is untruth in the itatement of a Morning Paper,
that the stock of sovereigns at the Bank was exhausted on
Saturday last, and that the cashiers were compelled to pay
in guineas. Mr. Rothschild yesterday paid into the Bank
150,000 soverigns, and it is understood that he will pay in
upwards of 500,000 (luting the week. Large remittances
in gold have also been received from the North of England.
It ic a fact that, notwithstanding the demand for coined
gold at the Bank of England, bullion still remains at a
comparatively low price, and is less in demand than has
been known fur some time pant.
Great efforts were made last week to relieve Norwich,
where the late failute of one bank recently brought on a
run upon the others, in:l it is estimated that one house in
Lombard-street remitted to the amount of nearly 500,000/.
for that purpose.
. _

By the letters from Cornwall it appears that great dis-
tress for specie existed ; so much so, that change of any
description was with difficulty obtained; but no failures
have occurred in that quarter.
ERRATUM.—In our leading article of Monday, on the
silk trade, it was stated, by an error of the press, that the
average cnst of raw silk per pound is hurteen shillings.
The statement intended to have been made was seventeen
shillings. This correctiod will render intelligible the cal-
culation respecting the total value of the raw silk annually
consumed in this country, which being in weight 750,000
pounds, arnousilsoos-the average of seventeen shillings per
pound; to the sum we stated, viz. 063,000/.