The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-20 00:00:00

PRICES OP BRITISH S
Vaal Smet
Date Acct. 2(
3 per Cent. Heil. 7f4 77! 7$
77
3 perl
cent
Cont. 75 711,dy
Ditto Acct. 751 ;df •
34 per Cent. Red. NYi '
New 4 per Cent. 933 toelt

ruicEs nF E1)11k.141N 14'
I;4lcsibian Bonds 474
Ir,t.Brnt'a(lB!4) 444 M 581
At. A 7 Ai 4
pimp Acct. 444 ala 7 8/ 7 8/ 8
Itsai.b Bonds M IS
Gre;lt Botals o p) 18 ra 18
111
Ftlu° Acet, ISt
le‘ican Rondo
to Rocla (1815) 58 9 84 10,

Tof.lis ON sATtlitomi.
IPeruvian Bonds 31 4 se
Di!tn Acct. 334
Porturuesa Bond.
Prussian Bonds Vni
Dire Burch (1032) $7
Russian Bonds 74 74
Ditto Arse. 77 t A CI
Russian Inscripewn
ISpaniel, Monts IP4 11 101 10 i
Nur Ayr:. Ini 11 lui
Ditto f•ld,

so :.tii rxt
fittoAcct.s6l 9i 9 4 Go! 59i
60

'Vitt° Tll6,
Ditto Ponds (DM) 74 fl
11kto Acct.

ES OF 411 A It ES ON

uliare. Paid. Preolurapealleare.
A nele..3lcrieen IWO 40 Iv die
rid3roa
Ttruteh iron
0:-.00110.k Eap:r.tubamonrasil 100 Z. ..!; dia
Lkitiar 10.) 5 t
I '-lonitthin lO2 6 ?,
11'4i!ian and Peruvian lllO 5 is
P.:o•Ptr 11,140
POMi. 1.3 Pal. end Peruvian 54) 5 :t 3die
del Monte 4lO 4ro 5 par
It el, New
Tia,ruiehua 4OO .40
31exican
1).:w New 44) 12 I

LYON itAII.TrATS:
1.: r erpool and Manchester lOO 11 14
" 4414 k 4;
Cf, 11...5rttiOlt Rtiol

DRURT-LANE THEATRE.
Ms ?Toning, MuN my. Feb. to. will be bottomed the welt
Na►ional halted lfpera i•f

ifirroiejoh: Clammier* by iias4a.Wallaci. Sine/dr. Horn. etWld.
1!,•!:c7. and Yisswtl:lau! : M .sera SterSions. poysy, w 4 KoLls.
To co-isloa• with Os Pa'r:uw'me cr
W 1.;:lv. WIC Or Al 1. TRAimv.
Hat' ellt% r • 14
_Panta'oon.. MY. I'. IV -me hard ; Clown, Mr

. ,
Min: Colambing,. %Ns NT: ett•
To-cterrow. Malvin*: and Jobt Drown.

COVENT-GAUDIN THEATRE.

sivelung. N.l) AV, Pet,. V, win lw tan new Play of

I ttr. IfltlNt.ll 1.•HICIVI I NE.
e IWee,ral Clutra,t,* Ly STesers. C. Ken •I 'o, Irsree. ?mere, and
t Itew,tmes rhatter!ov, and ti:over.
After whAt tbe Comte Ertravainue• of
OlovtNNl Iv LONfurt.
P.m r.:JranuT, Madams 'atria Lernre::o. M. Kteley.
•rlerrOlV, A Bold Stroke for • Wife ; 'Tama I; and The Seaye-Goat.

COVENT:GARDICA THEITRP.

•Rs'l^ ►SRPURYANct or •NICIV4T AND MOPIRN 11131 C.

411TRR OT eta tl

znstr,MAV NEXT, rf6. It. wilt to reformed If,r t!' lint
t 'en: .t. tt.s eour.tsyl a new 11400 Oratori,•. In 'lieu eases, ea:lad
THANILSOIVING.
Br Vivi. A. Stevenson, Nut. roe. _
_ . _ .

Pia nr Part 1. a fart•itea g.a Flatlet 11,r et by Mr. SeMinke.
• • • • --• •• - • .

r• - I:: —1 I;ran4 Mluel:ane•.ue Ant. Inc:•1•1 nr !::ecatou. from
Pver, Ce•a:r!, Aran, Praham. and 4.• x.
Pr ••erfornl.ra—Memn. Rraham.Mrnmatle.
u•o• . and ; '11!1.17: Masters Parker and Lnaellurit: W.
!•rrrar, G.ward. Lure, Paton, and Mephetts: and Meetiune
), Jet

e Fln:Ttsx PRlSSennifnenettiputl;shi”g onikturday MeffliMj

ar hitlf.past sic o'clock:

LoNnox, NIONDAY, Fke vvvvv 20, MG.

Dutch, Ifamburqh. and German Papers arrived last
riglir. The former state that the EnTeror NICHOLAS is

a.:most constantly engaged with his Ministers. The Em-
pe-cr of AUSTRIA has sent an Extraordinary Ambassador io
cE'.:r his congratulations to his Imperial Majesty of IZUSSTA
Of; lis accession to the throne. These papers have long
ti-tai:s respecting the ceremonies to be observed at the
Lem] of the Emperor ALEXANDR 6. The Duke of
WELLINGTON had not reached Berlin, but was expected
every hour. Groat preparations were making for his
Crace's reception amongst the military and citizens. The
Cerman Papets are flied with the details of an episcopal
s:,stem for the Protestant Church in Prussia, and with
remarks upon it by the editors.

The debate on Friday evening in the House 1 Lords
on .the state of the currency was carried on wt..h eon-
side-able interest ; but, except in what fell from Lord
Lrvi Groot, nothing passed during the discussion which
tn:ew much light en this interesting subject. In truth,
i: is a subject which does not admit of much assistance
from the illustration of abstract principles. The mass of
i dividual interests which, make up the concerns of a
great commercial nation are not of a nature to bend to
the rules of theory, or to be governed by the closetted
veditations of the political Economist. We have ■ll
a•o::g admitted that, taken in the abstract, their rill-
eiples may be correct enough, but, like many other no-
t ore that may be philosophically true, the practical ap-
plication of them may produce effects exactly the reverse
of what beforehand was expected from them. The present
cr'sis is not the one fitted for experiments, more especially
fu- any experiments on a grand scale, which of necessity
compel those who would try them to depart from expe-
-1 ecce. It may be that the beaten track is not the best
track ; but still where, as in the present case, any wide
and sadden deviation front it may put everything to the
liarard, we bold that measure to be the most prudent which
pats least to the risk. It has been said—and we believe it
--that the commercial distress in which the country is at
'mien' involved is, to a certain degree, temporary; but
t;•is we likewise believe, that if any improvident measure
LI way of remedy is introduced in the interval, it may
Live the effect of rendering that distress permanent, by
tempting all those resources by means of which it might
t 'timately base been surmounted.
'l'l:at the paper currency of the country has been of late
y eras increased far beyond the amount required by the',
legitimate demands of trade, is a fact which all must
admit. That this exorbitant increase of paper has had
exactly the same effect in raising prices as an influx of
gold and silver to the same amount would have bad,
is likewise a fact which cannot be dotthted ; and it has
vrareover this particular evil, that it makes this rise of
prices local, and the effect is therefore more cxclusitely
and deeply felt. If the augmentation of prices had arisen
from the produce of the mines, that produce would have
. ri bu ted itself more or less throughout the whole com-
mercial Continent of Europe, and this augmentation of the
precious metals would have occasioned a similar and pro-
portional rise of money prices in all the articles of produc-
tive industry, and the general level would thus have been
prcaerved; whereas this creation of artificial wealth, owing
to the over-abundant issue of country bank
.parr, has had
the effect of raising the price of goods and commodities in
this coastry beyond the excessive disproportion which they
alraady bore to those of other countries—an effect which 'I
could not fail to throw so much of additional diZeulty in
the way of our foreign commerce, and to aggravate all
those disadvantages with which otaf merchants have to,
contend. This is an evil of great magnitude; it is one
that could not but impress itself on the urgent attention of
Parliament. and to lead, as at length it has done, to the'
prompt and serious consideration of the means best calm-
latel.to ramove it.

first measure adopted has been the limitation of the paled
during which it was permitted to issue one and two pound
notes. This has the elect of making gold and silver essen-
tial to smaller payments, and of keeping a commensurate
quantity of specie always in circulation. Those in Parlia-
ment who object to this measure may fairly be called upon
to suggest a better. Its practical tendency, however, will
not fail to be discussed beyond the walls of Parliament,
and with an earnestness proportioned to the extensive
itiee-
rests which it involver.

It is quite clear that orices can never return to their
natural kid until the present vitiated state of the currency
is reformed ; and this it never can be while an excessive
issue of small notes is permitted to displace the coin which
would otherwise be current, and which, being as useful
fur all the im.nediatc purpose of trade, will—so long as the
credit of the bankers issuing them can be upheld—be
readily received in lieu of it. But it is natural hetes to
ask, would it bare been wise or prudent, in the present
state of the country, to have at oat suppressed these
smaller local notes, instead of giving the parties three years
to withdraw them :tom circulation? If .his period of
co:ttiiance was riven to ol.viate any ill cons:quences that
way be likely to arise from taking diem out of circulation
within that time, it seems obvious that no advantage is
likely to accrue from this extension, inasmuch as the gene-
ral discredit into which these miller local notes are
brought by this measure will make it useless to issue them.
This result might have been foreseen; but it has been
:udiciously remedied-11s far as it is capable of remedy—by
not restricting the issue of one and two pound Bank of
Engi.o.d notes till Oztubtr. This measure has been un-
justly charged upon 3linisters as an abandonment of their
princiy.l...; but it is, in fact, an expedient judiciously con-
trived to provide against any interruption of its genii effect.
Whether the requisite quantity of specie can be procured
iu the.tnsnitfacturin:.; districts fur the weekly payment of
workmen, is very doubtful. It is here that the difficulty
will l:ress heaviest ; what course it may take is more than
we can predict; but, unless some arrangements are pre-
ptretl to fill up this vacuity in the circulating
tovilintn, ste fear it will occasion very serious einbarass-
milts, it being scarcely possible, iu the present cireum-
starces of the country, that the tprovineial banker should
be able to substitute gold and silver fur local notes to the
extent required.

" It is one of the finest problems in legislation," says
Mr. Br sa r, " and which often engaged my thoughts while
I to:lowed that profession, what the state ought to take
upon itself to direct by the public wisdom, and what it
ematt to leave, with as little interference as possible, to
individual discretion'." I his is indeed a problem that
mry well copse the attention of all great statesmen ; roe
can it come recommended on higher authority, for no
man knew better than Mr. Boats bow much the prospe-
rity of a nation depends on the true solution of it.

• Thought, and Details on Sanity.

CITY, SATCRDAT Evnrixo.

The Stock Markets assumed a very different appearance
this morning to that which they have had for some time
past. Comparative cheerfulness seemed to .reign in the
City, and au additional impulse was given to the vaunt.
dons in the Stocks, by the debates in Parliament last night,
with respect to the issues of notes by the Bank of Eng-
land ; and the Funds, which yesterday displayed much
elasticity, lave experienced a further advance of about
per rnt. in the absence, however, of any large
purchases of Exchequer Bills on the part of the Di.
rectors of the Bank, which remained steady up to the
close of business at about par. This not being a regular
transfer day, speculation has been confined chiefly to bar-
gains. Consols for Account opened this morning at 75i,
and es great was the eagerness of those to turn their ac-
counts who had sold in the middle of the week at quota-
tions varying between 74 and 73, that before 1Y o'clock
Consols for Account rose to 761 ; at this advance there was
a trifling re-action, but in the course of the afternoon they
were sold at 761, and for the April Account 771; at four
o'clock another effort was made to lower the prices, but at
that hour the nearest quotation of Consuls fur Account was
761, and for April 77. In private bargains subsequently a
further improvement from 1 to 1 per cent. took place.
The advance has been equally rapid, and was more ex-
tensive in the New Four per Cents. which have risen from
93. to 95.1. The Reducul 31 per „Cents. opened this morn-
ing at si:, but closed at 85i. Bank and India Stock ire
also much higher than yesterday; the former has been sold
at 203, and the latter at 4:111.

The current rate of interest of money in the Stock Mar.
ken, which, in the middle of the week, was full 5 per cent.
has to-day been uuiy 3 per cent.
There was a rapid rise in the foreign as well as in the
English Matket. Colombian Bonds reached 46i 74;
Mexican 6 per cents. .591 60; Russian Bonds 77i ti ;
Greek ditto 173 It 4 . The rise in Spanish Bonds has been
inure rapid ;and extensive than that in any other Security.
The old Bones were dcne yesterday at WI. This was
their closing price; but they bad previously touched a
a higher quotation.

There is decidedly a more favourable opinion entertained
with regard to Shares, and those that are formed on sound
bases are improving steadily but ult rapidly.