The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-05 00:00:00

Genoa.
[From the Etoik, dated Saturday. Dee. 31

PARIS, Dsc. 2.
A failure for four milliot•.s, one of the roultabi the liquidation
of November, gave grounds for fearing tbekihe decline would.
continue. It has been otherwise; the foods eitirs kept up, and
there even wss a tendency :n rise.
Faestci FETXDS.—PARIS, Dkc. 2.—Fin per cents. opened at
96f ; closed Nat 95f. ; Three per Cents. opened ct 64f. 25c..;
closed at 63f1 26e. ; Bank Stock, 2615 f. ; Neapolitan Rentes, 78f.
50e.; Royal Spanish Loan, 48f. Excha-ge on London—One
Month, 44f. 95c. ; Three Months. 24f. 75c.—Coop, .434/antique

The true principles of trade have been so fully illus-
trated of late years by the writings of the political Econo-
mist:, and the great questions of commercial philosophy
have been so ably discussed, that the doily Press, if it
contributes nothing to forward the progress of their labours,
ought to he, at least, careful not to impede or counteract
them. It is this which has made us the more ;solicitous to
prevent, through this medium, the circulation of opinions
tending to undo what they have done, and to pull dcwn
what they have been at so much pains to build. Mill tit's
view we have been induced from time: to time to bring
under review the doctrines propagated by the Times, in
order to prevent the erroneous conclusions to which they
lead from being too hastily imbibed.
We continue our remarks from the British Press of
Saturdcy.—" How far the Haien," says that Journal,
" may have lent its aid to encourage and stimulate the
previous rage for speculation, which now recoils upon the
whole paper world, it may nut be easy to decide."— No
mode of attack on this great public Body can be more illi-
beral, or more unjust, than to charge it with having ma-
terially contributed to cause the pecuniary distress which
has convulsed the mercantile world, and then to evade all
proof of the fact under the pretence that the extent to
which they have been thus accessary, is a point that " it
may not be very easy to decide."
Before this serious imputation was made, it ought first to
have been shown that the Bank had abetted " the previous
rage for speculation." It would no doubt have afforded strong
prervmptke evidence, bad this accusing journalist shown
the benefit which the Bank world have derived from encou-
raging all those chimerical projects, the failure of which
has been attended with so much embarrassment. Can
any ore undertaking be pointed out among the whole of
them to which the Bank has given the aid of its funds?
Not one. Whr.t ground is there then for thus seriously
charging this great public Company with " having lent its
aid to stimulate and encourage the previous rage for specu-
lation?" What confidence could the public at large repose
in the wisdom or the integrity of the Directors, if they
could be believed to have lent themselves to all those vi-
sionary speculations with a view to their own personal pro-
fit? Such a charge ought not to be lightly sent forth by
any public journal, muck less by a journal which spreads
the aspersion so widely. It is manifest to every man of
reflection, that the BANK or ErrsL►ND, so far from hav-
ing an interest in encouraging that pernicious rage fur spe-
culation, which has ended so unhappily, had an interest—
could it have interfered at all—in suppressing it. Can we
for a moment suppose that, in common life, any man of
property would furnish his prosnisseny note: to encourage
the wild schemes of projectors who he previonsly leer
were not able to fidfil their engagements? And yet this
insanity is imputed to the Bank, and this, too, when then
notes so issued were liable every day to come in upon them
to be exchanged for gold and silver ! A charge so prepos-
terous carries with it its own refutation. •

The Times proceeds thus :—" It seems obvious enough,
that where a paper currency is convertible at the will of
the holder into gold, an excess of papa cannot long con-
tinue to circulate through the country ; but ever since the
Bill which authorised country banks to issue one-pound
notes, there has existed much practical difficulty in obtain-
ing, at a great distance from London, any other description
of money."
Now we aver, without hesitation, that no nick practical
dyNculty Furs existed. We will say a word or two on the
subject of paper credit, • subject at all times. intricate to
persona whose attention hat not been much turned to it.
Paper is so much more convenient than gold or silver for
all common purposes, that it will alwaylt he preferred, so
long as the solvency of the firm eon:posing the banking
establishment from which it issues is undoubted. That
the Bill which enabled country bankers to issue one-pound
notes would not at all increase the difficulty of obtaining
" any other dtseriptior of money," may be readily tittron-

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