The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-30 00:00:00

NATIONAL POLITY AND FINANCE,

There is one part of the plan upon which we have oaten sat-
magiverted, and winch seems to offer essential benefits to the -
tenli:ilisity,itrTdh.ennnonteisnaliteionretofs
issuedoretu generallyate for
dofare oftrhoe
use of every portion of the empire. and the smaller flees, localized
for the use of (their respective districts. Bit; whin there existed a
national credit for, every indivitlind who had property to invests one
when its paver was diffused throughout the country, does it no: fo
low that there might also be devtaad t symbol of that credit, bi
which a person Might at appointed times and places eutherticat.,
the share which he possessed of it, and tarn that share into 3 .rteet,.4
of currency, without derenqiirg. 'augmenting, or ditniniphing
te
currency itself? We shalt rot minieerly describe the process by
which this desirable end might he ateeeed ; hitt we will state
that the reside wouki be this:—A. R. his a crteiit ie the Naidesi
Rank at Lon don for tlftlitOnidi.d:sanrnolitiLlianchof
dcit.aeitntnineti
isiadlniestohtteo
eTbraseave°lliinggmt)od"SahtefilS'eeli.illiae
carrying money, he could be ptevicled with welt a voucher front
:he Bank as would serve his purpose at the places whither lie tra-
velled, caul where he meant to transact 'business. Thus a man
might nets. his fortune about with him on his person, and net,.
encounter the danger of losing a shilling of it. He might rail into
elearation the whole (11. any part of it, as hie occattionsrequired. sad
ke abottld rot ha-re the power to exceed his real means, were he
crer much inclined to commit that orboce.
But it may be needful to explain this id(fa st Mae far ("Set, since e.
might. in a modified way, be mitten)* advantageous even tmder
existing circumstances. docurner.t to which we refer shoul
partake of the charecter of'. passport and of a letter of credit, with-
oat being of the 'moire of /inter. Its qualities as a pasepost ahoule
be cantrived to identify the owner. so that if' he lost hie voucher 1.
,should be mere waste paper to any other bearer: and as a letter r,
credit it should be still furthir guarded, in order to prevent forgerf'.
We may here recapitulate, for the take of being more clear,
understood, that the sterling paper currency, which it is proncssd
%reestablish, would consist,
rn
'll.eei
First, of Notes of the sandiest denominations, rani limited to pre.
sesibed eirthrs in proportion to their amounts : by this preceneon,
the paper being small in quantity, localised and familiar, it dace
appear to us that to attempt to forge it must be not only umworii.
able, but an act of desperation.
Secondly, of Notes of the larger denominations, from fivers':lnds
to the highest *um ; also, in a certain degree, limited. to prescribed
circles, in proportion to their amounts : these circles, it is evident,
inle;omerrtpilsalloyfeii" the ran
might be allowed a wider rettius in consequence of the facility with
wish large notes can be traced, so that the critic of forgery woeld
still, with regard to them, be attended by Increased difficulties and
danger.
But, Thirdly, to preclude the passibility of inronvsniercy front
any limitations, the Road or Travelling Note we have above at.
tempted to describe has been devised: and we mar perhaps be al.
lowed to at; that, by similar expedients, souse of the evil, which
beset the correney of the country, as it exists at this moment, might
be very materially lessened, if not entiedy strutted.
In this Gazette (reserving fir hereafter the further explanation
and application of the principles we have laid down), we are desis
rous of offering a few remarks on the important point which occurs in
all questlone of the kind we are discussing—namely, the convertibi-
lity of all paper currency into gold. This is strenuously contended
the by a number of able writers, and it may be granted that a con-
siderable prejudice or partiality exists in its favour; whkh disposes
us to meet the argument candidly and plainly. With such a cue.
renry as we propose, doubly or quadruply secured on what ie were
ralmible titan gold, we do rot fed that there is the least occasion for
the additional security of the precious metal. But if we are told
that this would satisfy all minds, we are prepared to show that even
the responsibility of bullion might be remitted in the country to
answer for its national paper. This, however, would require re-
strictions, management, laws. We hold +list there could be to
panic or run upon our notes t but if there were, if it could be al-
leged that they were unsorted, Ant the land Of funded property
guaranteeing teem was insutEcient, then we say, let them be pre-
sented at the place of their issue, and redeemed by the gold and
silver deposited for ever In the nation's coffees and treasuries. That
' these metals can be as readily procured and stored as any other
commodities, pennies no demising:ration ; and a capital in them
adequate to secure the paper currency from depreciation, even in
opinion, would be a feather itt the erase of Great Britain's wealth
and resources. The acqttipition and preservation of such a capital,
and its applicability to foreign exigencies.. wars, &c. &c., indepen-
dently of its being held in trust for the currency, can be demon.
spitted with parfeet conclusivetiees and till we may eater mere
into detail, we dismiss the subject.
There is only one thing more which remains foe us (within our
bounds) to mention at prettent,the raising of a revenue upon the
issues of the national notes. We should propose that upon the
whole credit taken, a per centrtge should be paid by the customer,
somewhat less (as the Legislature might determines than is now
paid throughout the country wherever money is raised. There
could, therehne. be no objection to it in the general system ; and
the revenue yielded, after abundantly supporting the expenses of
the establishment, would enable Government to repeal the most
onerbus of the assessed taxes.
It thus appears, that individual or private customers of the Na.
tional Rank would be in a better situation than they are at present.
and able to raise money at a lets) cost ; And with regard to bankers
themselves, either in England or Scotland, who obtained credits, it
may also be shown, that they would enjoy other advantages pointed
oat In thedetails of the new plan, into which. however, it bats not
eet been the object of these short papers (devoted entirely to an out.
)(tit of its leading principles) to enter. Hereafter we shall take
thews up, and prove, as we trust, the statement with which we set
out, tisat they are the very essence of the ay:tem.—Literary Ga-
zette, Oct. 28, 18:6.

THE ARMY.

The NJ (Shropohire) Regiment of Infantry embarked on the
2.lth instant, at Live:pool, for Dublin.
The 3d Division of the hOth (Royal County Down) Regiment c f
Foot is ordered to embark on the snivel of the Thetis transport. at
Cork, from Kinsale, for the Leeward islands.

MEETINGS tll.' CKEDITORS.

LONDON LIST.—(From the Lnodon Gazette.]

AT Tin covar C0111111•2111)ViiR3 fll DASFXRUPTO, 11A-SIXO/141.:

STRUNT, ON WEDNESL AY NNE'S
gentles. W. Ines Holborn, woollen-diaper, special dicks
Cro,tbsraite, J. rendlo"ch.street, wine-mercitant, compromise debts
Harrison' H. Hackney, coach-master, sell stock ............. .
Peowde.A. Bilddlerrovr, straw-hat-maker, sell stock ll

COUNTRY LIST.
Abe), and Aipinall, Liverpool, soap-bollerv, Mr.
pool, special affairs
Allen and Smith, Alcester, millets, Swan, Alcester, adjourn,* lave
examination . l2
Buckley, B. Chines, builder, Star, Worcester, dividend. ,,. it,
Davies, J. Hereford, lon.keeper, Shire-hall, Hereford, Ist 0xen,.....
Dunwile, P. W. Illanche,ter, dealer, Star, Manchester, special affairs IL
Gibbing and Co. Birmingham, bankers, Hotel, Biriningbam, arrange
meat
Neale, J. Plymouth, sail-maker, Commercial Inn, Plymouth, special
affairs ...... . ..... , ld
Jones, J. Cheltenham, boot-maker, Fleece, Cheltenham, proof of
debts
Leff, J. Tintern, timber merchant, Linn, Bristol, dividm l
Mullins, H. Beverley, linen-draper, King's Head, Beverley, dividend 10
Mutton, J. Newcastle-upon-Tyne, shoe-maker, George, Newcastle,
dividend
Phillips, W. Chepstow, coal-merchant, Lion, Bristol, special again l2
Sheath and Co., Boston, bankers, Saracen's llama, Lincoln, legacy
2,000/.

Davenport's, Mr?,