The British Press; or, Morning Literary Advertiser.
London, England, 1822-12-17 00:00:00

COTANT G4RbEN THEATRE

Pry T's play of Venice Preserved was perforthed
lair night at this Theatre, Mr. MACRZADY most pro-
petty resuming the character of Pierre; but, with re-
.f.rt'l it must be observed, not bestowing upon its re-
nresentation the same pains which he has heretofore
1,,,v wont to lend, and consequently rendering the
untie a much less finished style than he bad formerly
ley, His performance was very uneven ; at tines
bordering on carelessness, but in some of the scenes
bursting forth with a splendour worthy of himself and
ei.his well-earned fame. Such were his scene with
the conspirators after Jafer's departure—his indig-
avu'reproaching of the Council of Tea—and the exe-
cution scene. Mr. C. KEMBLE surpassed his former
efforts in Ja.ffier ; and MiSS LACY added considerably,
by the increased case and finish of her performance, to
ter already established reputation in the character of,
nelvidera.

The Melo-drame of the Blind Boy followed, in which
e were happy to see Mrs. Cuarrentze recovered
from her indisposition, once more resuming her pro-
fessional labours in the part of Edmond, which she
played with her wonted delicacy, grace, and feeling.

!.

,

LANDOWNERS AND FUNDHOLDERS.
We give, In another Part of our Paper, Mr. Attwood's Esti-
mate of the extent to whiCh Mr. Peel's Bill has raised the
value of the currency, and benefited the monied, at the ex-
pense of the landed, interest. Every thing seems to indicate
that, upon the meeting of Parliament, an attempt will be made
to lighten the pressure upon agriculture, by lowering the in-
terest of the public debt. Of all the advocates for reducing
the interest of the public debt, Mr. Attwood may be COll4-
dered as the most original,consisteat, and able. Upon the funda-
mental principles of value, however, he has assumed incor-
rect data, and hence, at every step in his argument, he ad-
vances further into the labyrinth of error. A few words will
suffice to prove that his premises are false, and that, therefore,
his conclusions, however ingenious and logical, are unworthy
of regard.

Mr. Attwood's doctrines may be very briefly stated. Wheat
is the standard of value ; the rise in the price of wheat, dar-
ing the war, was the measure of the depreciation of the cur-
rency ; and the subsequent fall in the price of wl'eat is the
measure of the rise in the value of the currency effected by.
Mr. Peel's Bill. Upon the average of the last five years of
the war, wheat was 14s. 4d. a bushel ; it is DOW only 4s. 9d. a
bushel; consequently the value of currency has been raised
900 per cent. and the fundholder, and every other creditor, in
receiving 1001. in our present money, gets that which is equi-
valent to 3001. in the depreciated money of the latter years of
the war.

To overthrow the principles of Mr. Attwood, and to blow
his conclusions into air, it is only necessary to show that
wheat is not a correct standard of value. Dr. Adam Smith
has most justly observed, that for short periods corn is the
most incorrect standard of value which can by possibility be
assumed. This is a point, however, which may be deter-
mined without appealing to the abstruse theories of Political
Economists. There is not an intelligent merchant in this
great city, who does not know from experience that two or
three successively abundant harvests, by increasing the quan-
tity of corn in the market, will effect a great reduction in its
price ; while, on the other hand, two or three successively dea-
-1
rent years will cause an extraordinary elevation in its price.—
In manufactures and commerce, prudence on the part of the pro-
ducer may prevent the glutting of the market, and keep prices
at their level. In agriculture this is not the ease. The irregu-
larity of the seasons baffles the calculations of the farmer ;
and, as favourable or =favourable seasons prevail, the
supply of farm produce will exceed, or will fall short of
the demand. Hence, of all the commodities which are brought
to market, corn is more liable to fluctuate in value from year to
year. It is scarcely possible to conceive a more monstrous
li
absurdity, than that which is committed by those who take
the price of corn as the measure of the value of money. Yet
it Is upon this monstrous absurdity that Mr. Attwood and his
followers proceed. Perfectly ignorant of theory, and totally
regardless of fact, they consider every fall or rise in the price
of corn, as a rise or fall in the value of currency ; and would
render money contracts for time as unfixed as the weather,
and as uncertain as the seasons.

While we hold up the absurdities of Mr. Attwood to the
derision which they merit, we are not insensible to the evils
resulting from Mr. Pitt's pernicious tampering with the cur-
rency. By the suspension of cash payments, there ceased to
be • demand for all that quantity of gold which had pre-
tiously circulated in the United Kingdom, and consequently
the value of gold became loss than it otherwise would have
been. By the resaniption of cash payments a great and *udders
demand for gold was created, and the value of currency rose,
not only to the extent of the then existing difference of 4 per
cent. between paper and gold, but also to the extent of the in-
creased value which the great and sudden augmentation of de-
mand conferred upon gold Itself. But this double rise in the
value of currency Is no confirmation of the extravagant
doctrines of Mr. Attwood and his followers. The extent
of the rise in the value of currency is measured, not by
the fall In the price of core, but by the fall in the price
of commodities in general. To ascertain the precise extent of
the fall in the price of commodities, would be a work of much
taboos and difficulty. Such a work, from the hand of an expe-
rienced and scientific merchant, would, at the present crisis, be
of Incalculable utility ; and we trust it will not long remain a
desideratum.

We have just stated, that the resumption of cash payments
occasioned a twofold rise in the value of money, a rise equal
to four per cent. the difference between paper and gold, and •
further rise equivalent to the heightened value which the in-
creased demand fur gold imparted to gold itself. Now, this
latter rise in the value of the currency Is not to be attributed to
Mr. Peel's Bill. That Bill was originally framed in conformity
with Mr. Ricardo's admirable "Proposal for establishing a se-
cure and economical currency." Had the principles of that propo-
sal been adhered to ; had hank-notes been made payable, not
in coin, bet in bars of gold—then the return to the metallic
standard would have occasioned no rise in the value of the
currency, beyond the then existing difference of four per cent.
between paper and gold. No gold would have been required
for internal circulation, and no increased demand for that metal
could have been created. its value, therefore, could not have
been enhanced, and the return to the ancient metallic standard,
in bringing paper to an equivalency with gold, could not, by
possibility, have raised the value of the currency beyond the
existing difference.

We will take frequent opportunities of recurring to this
very important subject. At present, we have only to express
our regret that a person in Mr. Attwood's station should sofas
forget himself as to descend to blackgstartlisne. His coarse
allusions to Jews and jobbers cannot subserve his argument.
We would just blot, that while scurrility does not prove that a
man merits•tbe title of Philosopher, it may disprove that he
merits that of Gentleman.