The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-15 00:00:00

DRURY-LANE THEA7'RE.

To-morrow, THURSDAY, Feb. lA. will be performed the new
National Ballad Opera of
NAI.VINA.
The principal Characters by Mecwr.Wallark, Sinclair, Horn, Pedt.rd,
Harley, and Fltzwilllam t Waft Stephen., Furey, and

To conclude with the Pantomime of
HARLEQUIN, JACK OF ALI. TRADES.
Harlequin, Mr. Howell; Pantaloon, Mr. T. Blanchard' Clown, Mr
Hill; Columbine. MIAs Bartlett.
Saturday, Ma'u'na; and the Pantomime.

COVENT-GARDEN THEATRE.
Tomorrow, THURSDAY, Feb. 16, will be perfonned the Dew
Play oft
THE FRENCH LIBERTINE.
The principal Characters by Messrs. C. Kemple, %Verde. Power, and
Cooper; Mesdames Simnel], Cbatterley, arid Glover.
To cone:ode with the Opera of
THE MARRIAGE. OF FIGARO.
Count Almevica, Mr. Jou:s; Eigaro, Mr. Durmet; Antonia, Mr.
Flu rett; Cherubim, Mrs. Chattelley. Countess Aimeelra, bliss
Paton; Susanna. Madame %cowls.

COPENT-GARDENTiIEATRE.

GRAND PERFORMANCE OF ANCIENT AND MODERN MUSIC,

111101111 Tllll MANACIIIIRNT Or SIR 0. SMART.
This Evening. WEDNESDAY,. February 15,
A GRAND SELECTION.
PART t.—A Selestion from the Works of Handel. Haydn, Attwood,
and Marcella
PART 11.—A Selection from "The Seasons," by Haydn t from
"Jephtha," by Handel; &e. rec.
PART II 1.—.1 Grand Miseelluneous Aet; Including a Seen' from
"The Redemption," by Handel. ;
Principal Vocal Performers—Messrs. Brsharn, Pearman, Tinney
Horricastle, Robinson, Phillips, blasters Harker and Lou ghurst
Misses Stephens, Love, Gowand, H. CAWS*, Paton, and Farrar.

KING'S THEATIth, OP RA CONCERT-ROOM,
H4YMARKET.
Mr. WALKER respietfully announces his ASTRONOMICAL LEC-
TURES on the original EIDoURANION. or Grand Transparent
ORRERY, to eornmenee this present wEDNEsnAy EVENING, and
eentinue every Wednesday during Lent. at Half-past Seven.
Boxes 3e., Pit Vs., Gallery Is.
is not the large Orrery Mr. W. has read upon the last
four yea., but the original Maehhie which he has reetted. =4 from
which so many Imitations exist at the present moment.

ENGLISHOPERAWOE'S E, STRAND,
Opposite Waterloo Bridge.
Thls Evening. WEDNESDAY, Feb. 15,
LECTURE ON ASTRONOMY, AND THE PHCENOMENA OF THE
HEAVENS AND OF THE EARTH,
Te lee delivered by Mr. BARTLEY on the WEDNESDAYS and FRI-
DAYS daring Lent.
Begins at Seven—concludes at Tan.

.
TO CORRESPONDENTS.
The communication of "An Attorney of the Court" shall appear
on the first vacant day.

The DILATION Pa mmenced publishing3vaterday mottling
at a quarts before eight o'clock.

LONDON, WEDNESDAY, FWUAIY 13, 1924.

The French Papers of Sunday are almost exclusively
devoted to the speech of the Minister of Finance in the
Chamber of Deputies on the Budgets of 1821, 1825, and
1826. His remarks will be read with interest, as they
show that our neighbours have as yet but partially felt the
effects of the crisis which has been so alarming on this side
of the Channel. They seem to congratulate themselves in
conscious security, and to look with a sort of contemptuous
pity on those dangers to which they consider themselves as
in no degree exposed. The Minister states that there has
been an excess of no less than 42,557,10'2 francs in the re-
ceipts above the estimates ; that part of this has been ab-
sorbed by the extraordinary expenses of the troops in Spain ;
that 10,800,000 francs have been disbursed on the account
of the Spanish Government; but that, after all these ex-
traordinary expenses, 18 millions are supposed to be the
disposable surplus of revenue above the expenditure. In
consequence of this a further reduction in the direct taxes,
to the amount of 19,451,759 francs, is proposed, which
with the former reductions, will make a decrease of
above a million stilling. The difficulty which the French
Government encountered in transfering the Benin from
one species of Stock into another, is ascribed to the
financial and commercial crisis which was then on
the point of breaking out in this country, and which
is said to have arisen entirely from hazardous speculation.
In proof of this the Minister enters into various details
respecting the comparative diminution in value whit►
has taken place in the funds of different countries; from
which it appears that the French Five per Cents. have
suffered very little alteration. The bankers of Paris con-
tinue to discount at four per cent., while those of
London and Amsterdam demand .5 per cent. Payments
of no less than 100,000,000 francs have been made into
the Bank of France since June, with very little effect on
the funds. The expenses for the next year are estimated
at 676,932,921 francs, the Sinking Fund at 238,840,121,
and the receipts are expected to amount to 916,608,734.
After the statement of the Minister of Finance, a debate
arose on a priilet de loi presented by the same Minister
on the indemnity to be paid by the Government of Ilayti
to the former colonists.

The Et/4/e of Monday has an:article dated Bucharest,
20th January, in which it is staLLl that an English cou-

THE BRITISH PRESS.

tier who left Constantinople on the 13th, brought private
letters, containing the satisfactory intelligence of the
Greeks having gained further advantages over the Turks.
These papers notice the arrival of the Duke of WEI,
T.INGTON and his suit at Calais, on their Journey to St.
Petersburgh.
(From the Etoite dated Monday. Feb. 13.)
littettartEsT, JAN. 20.
The English courier who left Constantinople the 13th brings
private letters from that capital which speak of advantages obtained
by the Greeks,
The loss caused by the Isst lire at Galata is estimated at twenty.
five millions of piastres. Since that event two thousand vagabonds
have been sent to Asia.

PARIS, FED. 12.
The Onvernment is having the expost of the motives and the
tables relative to the laws on the finances printed, and they will be
distributed on IVerinesday. The Chamber on the other hand will
print the projects of law relative to the planters of St. Domingo and
to the customs. The preparatory discussion of these projects will
commence in the bureaux forty-eight hours after the distribution.
When there is to be a nubile sitting, the Deputies will receive no-
tice at their own houses. It is probable that the next public sitting
will take piece this day week, the 111th February, for a report of the
Committee and petitions. •
The Duke of Wellington, Ambassador Extraordinary from his
Britannic Allalesty to the Court of Russia, landed at Calais tNe day
before yesterday, 10th February, at two o'clock in the afternoon.
His Grace was accompanied by Lords Douglas, Fi'zroy Somer-
set, and Cathcart, and Mr. gutsy. The Ambassador and his suite
immediately set out in six carriages for the Netherlands.
The body of his Excellency Al. de Narischkin, High Chamber-
lain of the Emperor of Russia, and Chancellor of all the Orders of
the Empire, lay in state yesterday.
Several private houses, belonging to persons of distinction at
Zurich, were marked with blood in the night of the 26th January ;
a reward of lOU francs is offered to whoever shall discover the per-
petrator.
The Court of Justice at Rouen, at the instance of the Attorney.
General, has just interdicted, from the exercise of civil rights, an
insane person, who was at first pointed out as a state criminal. It
is the individual named Perim, who, first at the liavannali and
afterwards in the United States of America, proclaimed himself
Charles X. son of Louis XVI.
The Attorney of the King of Havre received orders from the
Minister of the Interior to prosecute this individual, which the
Court pronounced to be valid. Persat's Counsel alleged that there
was no ground to admit the application of the King's Attorney, be-
cause his madness had none of the characteristics of violent insanity,
and he had near relations, who alone were entitled to make such an
application. The Court, however, coinciding with the Advocate.
General, supported the interdiction.

From the Jemrtml de Paris of Sunday.l
Our Vienna Corre•pundent writes to us on the Ist The
Turks, who appeared to have been reinforced by some thousand
men in Wallachia and bloldavia, have recommenced their whole
system of oppression towards the inhabitants. It is in vain that
the Consuls of the Christian Powers at Jassy and Bucharest have
remonstrated with the commanders of the Ottoman troops, who
behave as if they were in a conquered country. They even dis.
regard the authonty of the flospodar,
" News has been received at .lassy of some movements that have
been retherked In the corps of General Sabanieff. A report was in.
circulation at the court of the Hospodar, tnat these troops were
taking up more concentrated positions on the extreme frontier of
Bessarabia, and that important orders from St. Petersburgh were
expected at the head.quartera at Kiscbeneff."
The Moniker of the 12th contains no Royal Ordinance, or any
other official document.

Lisbon Papers to the sth instant have strived. It is
mentioned in them that all the difficulties being now re-
moved which prevented The distribution of the prizes made
(luring the Peninsular war, his MAJESTY has been pleased
to appoint a Commission, composed of live officers, to pro-
ceed immediately to the allotment of the said prize money.
Many British claimants are interested in this decision.
There is no other intelligence of public interest contained
in these papers.

The debate at the Catholic Adjourned Association, an
account of which will be found in another part of our
paper, manifested very little of that approach to una-
nimity of sentiment which is so essential, as well to the
respectability of its members as to the success of their
cause. The leading orators displayed, as usual, a tolerable
show of fire, and a more than tolerable portion of flip.
pancy ; we have condensed the controversy, in order to
bring what wisdom it contains into a reasonable compass.
Mr. MAHON, among the vast resources of his prudence,
moved a resolution for a vote of thanks to the radical rump
of the old O'Corixon party in New York, whom he was
pleased to dignify with the style and title of—the American
people, " for the generous expression of their sympathy in
favour of the Irish Catholics." To this, Mr. LawLEss
moved a foolish amendment. Paddy O'REILLY disturbed
the debate, and Mr. O'CoNxer.t. called Paddy O'RLILLY
to order. O'Coxls' r. Cs words, which on a former occa-
sion had been taken down by Secretary O'Gosmarr, were
now thrown in his teeth, which, rousing him from his
reverie, he started up, took the Lord's name in vain,
and, as no one likes,to have another man's disloyalty laid
at his door—manifested a great abhorrence that an ex-
pression should be charged upon him which he had never
uttered. The debate, which was rather noisy, concluded
with a characteristic vote of thanks to Mr. BELLEW, and
the meeting adjourned.

Whatever difference of opinion may prevail with respect
to the origin of those perplexities in which the commercial
world is at present involved, every friend to his country I
must applaud the disposition shown on the part of Minis-
ters to adopt such measures as may be best calculated to
remove them. NVe are not among the number of those
whe would damp the spirit of the people by undervaluing
their resources. There is an energy in the English cha-
racter, which, when fairly put forth, is equal to any
exertion which the pressure of the times may call for, and
which has overcome difficulties much greater than any with
which we have at present to contend. In the meantime
there never was a period, we admit, which called for
greater caution in the application of remedies. When a
mercantile nation is under great embarrassments it is vain
to expect any effectual relief from legislative interference.
The causes which have interrupted our prosperity are such
as Government did not create, and which it cannot be ex-
pected to remove. To a certain degree those causes are
temporary/, and the great danger is, lest any permanent
measure, however well intended in the way of relief, should
have a directly contrary effect. That our paper enrreney has
been much too abundant may be true, and much evil may
have been produced by its excess; but it is possible, never-
theless, that we may over-rate the benefit to be derived
from its contraction. It is by no means true that specie
alone will introduce commerce into a country, whereas it is
certain that a profitable commerce will introduce specie,
A rich and enterprising nation like our own must always
suffer severely if any part of its circulating medium is too
suddenly withdrawn, and still more deeply must it suffer,
If, in addition to this, a general want of confidence locks up
the resources of commerce in the coffers of the monied
capitalists. Much alarm, we know, has been excited lest
the suspicion thrown on the solvency of country banks,
by the agitation of the currency question in Parliament,
should occasion a tun upon them, Emil thus renew, with
still greater aggravation, that overwhelming distress with
which we have been so recently visited. We really see
nothing before us that confirms this apprehension. 'Mi-
nisters have undoubtedly a task before them, which men
!cgs firm of nerve might recoil front as perilous ; but if a
gradual reduction of bank-paper be the cure for the pre-
sent disordered state of our commerce, no mode more
effectual to this purpose can be adopted than the suppres-
sion of one and two pound notes at the end of three years,
—the period given for their gradual withdrawment. If it
should be found, in the interval, that the exigencies of com-
merce require these smaller notes, as the BANK is not
restricted in the issue of them (hiring that period, a
supply of bunk notes of this description may always
be obtained in any part of the kingdom. Public con-
fidence in these smaller notes will by this tneans be pre-
served, while public credit will be in no respect en-
dargued. ..It Loa) be mentioned."--says one of the best-

informed write r• on the subject of paper credit—" u an
additional ground of confidence in the Bank of England,
and as a circumstance of importance in many respects, that
the numerous Proprietors who choose the Directors, and
have the power of controlling them (a power of which they
have prudently forborne to make any frequent use), are
men whose general stake in the country far exceeds that
particular one which they have in the stock of the Com-
pany. They are men_ therefore who feel themselves to be
most deeply interested, not merely in the increase of the
dividends, or in the maintenance of the credit of Bank of
England, but in the support of commercial at well as of
public credit in general. There is indeed, both among
them and among the whole commercial world, who make
so large a portion of this country, a remarkable determina,-
Lion to sustain credit, and especially the credit of the Bank,
and this general agreement to support the Bank is one of
the pillars of its strength, and one pledge of its safety. The
Proprietors of it themselves are not likely to approve of any
dangerous extension even of their own paper. Both they and
the Directors know the importance of confining the Bank
paper, generally speaking, within its accustomed limitsi
and must necessarily he supposed to prefer its credit, and
the paper credit of the nation, to the comparatively trifling
consideration of a small increase in their own dividends ;
an increase which would prove delusory, if it should arise
from that extravagant issue of Bank notes which would
have the effect of depreciating all the circulating medium
of the country, since it would thus raise upon the proprie-
tors of Bank stock, as well as on others,- CUE rules or
ALL TUE ARTICLLS or LlFt.t While the Proprietors and
Directors of the Bank have thus an interest, on the one
hand, in limiting the quantity of paper issued, they are also
naturally anxious on the other, in common with the whole
commercial world, to give the utmost possible credit to it ;
and although an opinion should prevail, even to some ex-
' tent, among persons out of business, that the appear-
ance of gold is the only teat of wealth, and that the absence
' of it, however temporary, implies great danger to the coon-
try, the mercantile interest, and in particular the Bank
J Proprietors, the bankers, and the traders of London, by
whoie transactions the value of the London paper is up-
held, may be considered as combined in the support of a
juster sentiment. The Bank itself is known to have expe-
rienced, 'at former times (as appears from the evidence of
the Directors, given to Parliament), very great fluctuations
in its cash ; and in one period of returning peace and pro-
sperity,
a reduction below that which took place at the
time of the late suspension of its cash payments; the amount
of gold in the Bank, at any one particular era, is perhaps,
therefore, on the ground of this experience, not now con-
sidered by the commercial world as having all that import-
ance which was given to it when the Bank affairs were
involved in greater mystery. It is perfectly well under-
stood among all commercial men, that gold coin is not an
article in which all payments (though it is so promised)
are at any time intended really to be made ; that no fund
ever was or can be provided by the Bank which shall be
sufficient for such a purpose ; and that gold coin is to be
viewed chiefly as a standard by which all bills and paper
money should have their value regulated as exactly as pos-
sible ; and that the main, and indeed the only point is, to
take all reasonable care that money shall in tact serve as
,that standard."

We quote these remarks, not only from their intrinsic
worth, but because we consider them, at this crisis, as pe-
culiarly important. So much pains is daily taken to bring
all banking establishments, and with them the Bank of
England, into disrepute, that it becomes desirable to dispel
the distrust thus unworthily created, by showing on which
side the truth lies.

• " An Inquiry into the Nature and Effect,' of the Paper Credit.
of Great Britain; by Henry Thornton, 1.4 q. M.P."
- -

+ If the Bank notes were increased even five millions. the addi-
tional profit which would accrue to the Proprietors would not b.:
more than two per cent. A Proprietor qualified to vote in the
Bank Court (that is, having 5001. stock) would therefore gain by
this extravagant issue, supposing it to be maintained for a year, the
sum of 101. A large proportion of the Bank Proprietors du not
hold more than 1,0001. stock. The gain of each of these would not
be more than 201.; a sum perfectly insignificant, compared with the
interest which they have in the maintenance of the general commer-
cial credit of the country.

CITY, TUESDAY EVENINO.

The consternation on the Stock Exchanges this morning
very far surpassed any thing that we have even recently wit-
nessed. The large majority by which the Ministers car-
ried their currency question last night in the House of
Commons evidently tended in a great degree to create this
consternation, inasmuch as speculators felt that the adop-
tion of this measure must, in the first instance, add to the
present pressure by curtailing the issues of country bankers,
whatever might be its ultimate consequences. To add to
thz agitation of the morning, all the reports of yesterday
were in active operation, and the speculators for a fall lost
no opportunity of giving effect to them. One of the first
rumours of the morning was, that a large South Ame-
rican house had suspended its payments, and as a natural
consequence, half a dozen houses of smaller note were im-
mediately included in this commercial catastrophe by the
newsmongers of the Royal Exchange. Console for the
Account were as low as 74, at one part of the day,
and after various fluctuations, closed at four o'clock,
at 75, but bargains were afterwards done at 741 q.
The business in the British market was most extensive;
and the anxiety at one time to sell at any price almost un-
precedented. In Bank Stock the bargains were done at
191, 193; India Bonds were 215, 216 ; large Exchequer
Bills 11a. Se2s. ISi. dis., and small ditto, 12s. Bs. die.;
Reduced Stock was 75k, 743.
This was settling day in the Foreign Market, and cer-
tainly a more gloomy one has seldom been passed. The
fluctuations in South American Stocks have been exces-
sive; Colombian Bonds fell nearly 10 per Cent. from 50 to
40.1 ; Mexican 6 per Cents. were once as low as 494 ;
Russian Bonds were down at 73, and old Spanish Bonds
at Greek Bonds maintained themselves better
than any other Security, the quotation for the Account
being 18. Notwithstanding two failures were announced
in the Foreign Market, the Securities in it appeared to
sally towards the close, but it was difficult to get a quota-
tion, and it seemed anything rather than a reaction to be
depended upon ; for extreme agitation pervaded the Stock
Exchanges to the closing of the doors.
There was scarcely a bargain done in Shares to-day.

Lima Gazettes to the lath of October have reached us,
but their contents are entirely without interest.
There was also an arrival from India yesterday, of so
late a date as the 25th October, but the letters and papers
were not delivered.

His Majesty, with his usual munificence, has, within
these few days, transmitted one thousand pounds in aid of
the funds for rebuilding St. George's Hospital. The King
is Patron and President of this institution.

Yesterday afternoon, at half-past four o'clock, the T)uke
of York, as Commander-in-Chief, held a Levee at his
office in the Horse Guards, which was attended by the
Earl of Oxford, Generals Gaseoyne, Hart, and Cockburn ;
Lieutenant-Generals Sir Thomas Dyer, Hall, and Bayty ;
Major-Generals Egerton and Fraser ; and about thirty
others.

Yesterday the Princess Sophia visited the Duke of York,
at his house in South Audley-street.
Yesterday morning Prince Leopold left town for Clare-
mont.

Prince Leopold honoured Drury-lane theatre with his
presence on Monday evening.
Yesterday, at twelve o'clock, a meeting of the Cabinet
Ministers, and several other gentlemen conversant with the
subject of finance, assembled at the Earl of Liverpool's
house in Whitehall.

At three o'clock yesterday afternoon the Governor and
Deputy-Governor of the Rank of England attended the
Earl of Liverpool and the Chancellor of the Exchequer at
the Earl of Liverpool's house in Whitehall. The consul-
tation occupied near an hour.
The Speaker's first Parliamentary Levee for the present
Session will be on Saturday next, the ISth inst.