The British Press; or, Morning Literary Advertiser.
London, England, 1825-12-26 00:00:00

Brwmiwiek.aquare, tailor—John Curling Jewson, High Holborn,
hnendraper—William Tinsley, Arnold, Nottingham, blacksmith
—Tboisms Bentinek Rigg, Caroline-place, Chelsea. commission-
arns—Alary Bromley and John (Whop, Commercial-road,
cbeetersougere.
SCOTCH SEQUESTRATIONS.
Robert Adam, Paisley; grocer, creditors to meet Dec. 30, Jan.
13, at twelve, 114 at one, and 28, at the Sheriff-clerk's office, Pais-
ley, for public examinations.
Alexander Thomson, Glasgow, merchant, creditors to meet Dee.
214 at twelve, at the Black Bull, Glasgow, to name an interim
furor, and Jan. 12, at twelve, to elect a trustee.
John Dewar Edinburgh, bookbinder, creditors to meet Dec.
28, at one. at Mr. Oibsun's rooms, Princes-street, Edinburgh, to
mama an interim factor, and Jay. 111, at one, same place, to choose
a trustee.
Andrew Elliot, Portobello,. Etlinbunih; builder, creditors to
meet Jan. b and 19, at one, in the Sheriff's office, Edinburgh, and
• Jars. 211, at one, at the Royal Exchange Coffee-house, Edinburgh,
for public examinations.

Average price of Corn from the Returns received is the Welt
ending December 17, 1821.
Wheat. I Barley. Oats. I Rye. I Bea.l NW,.
s. a. a. d. I. d. s. d. e. d. s. 41.
53 4 41 4 26 45 6 45 5 45

PRICES OF BRITISIa r•.
Rank Stork
par Cont. Red. pot
3pa Cent. 'ono.
Pato Acct. 82 811 82i $2
.

(IF FOREIUN
ra 90

-----
Mite Acct. 61 6
Ditto &tip 16 15 di.
ilatsccs Ayres Bonds 70 72
thditornltiza Bonds
pm° Beads (1824) Ma fa (.10
Otto Acct. 11 9Ca 1 60
Danisb Bondi
Limo Bonds (1/12:1)
Ditto Acct. SU

:E§ 01

'OCRS ON SATURDA Y.
bong Ann. 19i
India Benda lb 18 7 dia
Ex. Itillalitl.l.ouoi. 21 27 13 dis
Ditto, 3001.18 dis par
Ditto, Small 3 ins par
Lottery iliketa

rrocks ON SATURDA .
Greek Bonds (1M) 181 31
Ditto Acct. 18
Peruvian Bonds 40
Portuguese Bonds 88 9
Ditto Acct. t 9
Ditto Bonds (1822) 90
Russian Bonds ORM 78 7181
Ditto Acct. 771 Si 1
Spanish Cons.
Ditto Avvet. 12! 12
Ditto Cons. (1823)911

'ARES ON SATITIUMI
MINES. _

Share. Paid. Premium par Share.
Anglo- 31 nitan XlOO 34 21
AagIo.(1111 an
:trivia Iron and Coal 5O 7 2i di.
Amserahan Company
aravluin
Bolt vat
Milian
Canal. Compeuy
.
Paaco-ruravian -
West India Company

ilia i

ARGYLL. ROOMS.

4 dis

AGRAND CARNIVAL, Wi-
de, the immediate directing of SIX NOBLEMEN, will
as given et Ilse ARGYLL ROOMS, on THURSDAY EVEN-
ING Domaine 29.
Tb'e Math reputation which these entertainments attained last
year has -Induced the DIRECTORS to engage for the whole of
the MASQUERADES to be given at the Argyll Rooms this sea-
son. Aad nosier the unction of the Noblemen who have honoured
diem with their immediate patronage. • series of Masked KITES
will be brought forward, exceeding all forma occasions in brilliancy,
spiel:dour, and magnificence.
In apportioning the FIRST GRAND MASQUERADE for
'Monday, the 29th init. the Directors have the pleasure to an.
nounee, that regulations have been made by which the Company
wi:l be rendered more select than hitherto. And the Nobility and
Unary are vssv.red that Tickets will be disposed of to none but
persons of rank, fashion, or talent.
Families of distinction who may wish to unite in the festive
tkneg, Gentlemen of Fashion, or Ladies of the Haut Ton, desirous
of partaking of the true spirit of the entertainment by assuming
characters, are alto informed that the annoyance and freedom of
slisord, ly persons will be sttictly guarded agair.st, as officers in va-
eous dietitian will be stationed in the rooms, to secure ease and
prevent interription to the Matupters.
The Directors pledge themselves that the Masquerade on Tburs.
day, the 29:h inst. will be the meet select, splendid, and festive en-
tetaitiroent ever produced, and worthy in every respect of the Ito-
prweed taste, sad the fashion and talent of the metropolia.
rue TWINS *C Dotes to view the Masquerade apply to the sub.
teann.ittee,vh•tit daily at Mr. CHARLES {FRIGHT'S, Opera
etton natio, lihipmarket.
Slr. Charles /Fright is appointed by the Directors Purveyor of
the Champagne and ether 'French wines on this occasion.

Witt tritiolt

~~~~1

KIN"' THEATRE.
e SATURDAY Nczr i l be perfamed Mayerberes celebrated
Opera of
IL CROOIA 10 IN EGITTO,
in wlieh Mademoiselle Bonin' will make her An: appearance In this
teunt-r. Ti.e other principal Singers by wkom this Performance
be sustained are. Madame Corneas (who will make her first ap.
:el. Madame Costelli, Signor VellutL Signor Curio:ll, Signor
rearrtt? and Stisor Devine.
the Ballet she following principal Dancers will perform
agar Coulon. Mademoiselle Renaud, Monsieur Goeseltn, Mademoiselle
I .araot, Montclair Theodore. MadeMolalle Paullu Mademoiselle
Rae* Mademo:selle I.e Vaseeur, Mademoiselle Delatrl, aleidemoi-
sere Capere, Mademoiselle Oestrous. kc. ke. eke.
Appl.eatlous for limes and Tickets to be nude to Mr. Ibers,
Bdod-etreot.

DRURY-LANE THEATRE.
Tt. Cresting, MONDAY. Dee. MP. will be performed the Comedy of
THE MERCHANT Or UMW&
Saylo:k, Mr. Probst (Ms Ed appearanee on this Stage): Beasanlo.
Mr.titialSeek i Lawmllot, Mr. Harley s Port* Mrs.W.West.

e After which a new Pantomime called
HARLEQUIN. JACK OF ALI. rRADES.
marmqvia. Mr. Rowell; Pantaloon. Mr. T. Blantihard; Clown, Mr.
nouthtly. Columbine, Miss Barnett.
To-morrow, Der Fralsehuts.

COPTRIVEi3AROE*-THF:ATRE.

Tblitsisisf. XoNDAY, Dee IN, wUI be performed the Tragedy of
IeABILLA.

She•. lir. WoriNs Carlo,. Mr. Cooper ; Villeroy, Y. &Ms. Isabs.:a.

After whteh 'sew Pantomime ealled
HARLEQUIN AND THE MAGICK Roil;
Or, E►U rY AND THE BF:As r.
ifsrielate, Kr. Naar; Pantaloon. Mr. Parnell; Clown, Mr. J. E.
Grimaldi; Columbine. Illoe Romer.
Tomorrow. Rule a Wife and Have a Wife.

TO CORRESPONDLNTS.
Twat sae's letter reayecting the Arigna frnn and Coal
Cato ay is altogether of a private nature, and can only be con.
N e affbalseatent.
Tbslarraess Pass, commenced publishing on Saturday agora-
ing at five o'cl.ck.
, .
LONDON, MONDAY', DECIIIHIR 96, 1621.

The Cor.eite of Saturday contains the official announce-
teem of two important diplomatic a;pointments ; that of
Lord Ponsomor as his MAJESTY'S Minister Plcniroten-
fiery to the United Provinces of the Rio de Is Plata, and
that of Adze:mix Coderator, Esq. in the same ca-
padty to the Republic of Colombia. These measures
complete t:.e political rccogniticn of those States.
Last night we received the Paris Papers of Friday, with
the iitoile dated Saturday. It appears by the 21funiteur
diet the death of the Emperor ALESS NDER was known at
St. Petcrsburgh on the 9th instant. The Grand Duke
Nicnorats, after announcing the melancholy news to the
Empress Mother, took the oath of allegiance to Cos/-
gramma; 1, in the presence of the Imperial Guards, who
immediately followed his example. Much grief has been
every where manifested by the soldiery and people. The
new Emperor had not quitted Warsaw on the 19th. On
receiving the intelligence of his brother's deceasebe shut
himself up in his Palace for thirty-six hours, refusing to
permit the access of any body but his wife, the Princess of
Loewirz•

The subscription for General Foy'i family amounted on
Thursday to upwards of 544,000 francs, nearly 22,0001.
sterling.

The French Funds have advanced considerably. The
Five per Cents., which on Wednesday were 93f.
apened on Friday at 95f. 50c. The improvement on the
Three rcr Cents. was still greater. They closed on Wed-
nesday at sof. loc. and on Friday at 63f. 15c.

(From the Moxiteur of Friday, Dec. 23.1

The official part contains a long ordinance of the King relative
the emfortDiti of s eights and MCWlllfr, throughout the kingdom.

Nom Oacial Part.

nous, incrataLa,
cAeri:r. who DK out front St. Potetfutret on tits lOth and 11th
of this tr.olith . have brought tae fullowing accouatol—.

The death of the Emperor Alexander was known in this eapikal
wa theft. The Grand DJite Nichalas dux having an:►ounced it

to the Empress Mother, called together the guard of the Palace,
and took before it the oath of allegiance to the Emperor Cp.
stantine the First ; the guard took the same oath immediately after-
wards; all the Commanders of Corps, together with the Oceeral
Stag, took the oath and signed it, and then proceeded to receive
the oath of the troops of the garrison.
The grief of the people and of the stitliert has shown how
muc:. the Emperor Alexander was beloved and appreciated.
It is known by letters from iVaniaw of the 12th, that the Em-
peror Constantine had not yet quitted that city.
roar •tr PRINCI, mtvri, xor. 7.

(FROM ♦ PRIVATE LETTER.)
Yesterday arrived the Antigone frigate, which has brought Mr.
Consul. General of his Christian Majesty, and two other
French Consuls, appointed to reside in the port of Hayti.
The greatest tranquillity continues to prevail throughout the
Island, and we look forward with confidence to the resul:s of the
minion of our envoys to Paris. The Antigone brings the first news
we have heard of them since their departure for France with Baron
Mackau.

There are in our port six French merchantmen two of which are
or Havre, Le Cosmopolite and L'Heureuse Union, two of Bor.
I demur, L.Albinos anti La Revanche, and two of Marseilles, L'Aim-
able Pauline and Le Telcaphote. The Revanche is to sail for
Bordeaux to.dsy.
[From the Eloik dated Saturday, Dec. 24.1
PARIS, Dec. 25.
Private letter from St. Petmburgh announce that the Emperor
Alexander, who had refused the aid of physicians till the 2thh,
confessed himself on that day, and from that moment received the
aid of the physicians. It would be in vain to attempt to describe
the painful sensation caused at St. Petersburgh 11 the news of his
death. There Is a cruel mixture of affliction and hope with which
no:bing can be compared.

•
The population of Moscow were in consternation, as if they had
witnessed a new (Vitiates ; and the grief of the Empress Mother
encaseds that of any other person. She has lost a son and the,
Russians a father.

The Emperor Constantine remained shut ,tp in his palace for
thirty-six hours, plunged in the most profound grief, and refusing
to we any body, except the Princess of Loewits, his wife.

[From the Journal des Desalr of Friday.]

BEactx,Dzc. L 5.

As 'lion as official news is received of the death of the Emperor
Alexander, Prince William, his Majesty's son, will go to St.
Petersburgh to compliment the Emperor Constantine I.
Fata-cti Etntne, Dec. A.—Five rcr Cents. opened at 951
He. closed at 931. 13c.; Three per Cents. opened at GM. 40c. closed
at G3f. 13c.; Bank Stock 2,040; Neapolitan Rents 74f. oc. ; Royal
Spanish Loan 49i; Haytien ditto 790. Exchange on London,
one month, 234 14c.; three months 24f. GOc.—Coors Asllentiyec.

The Brumls Oracle of Thursday arrived yesterday.
The only intelligence it contains is relative to the death of
the Emperor A LISA N Dee. An extract from the AN r
+wine Zeitung of the 18th inst. announces that an express
reached Vienna on the 13th from Warsaw, of the follow'ng
nature :

WARS•W, DIC. 10.

Today the most melancholy intelligence arrived hers that the
Emperor Alexander died on the Sd of December, after a short ill-
ness, which seized him on his journey. The consternation at this
unexpected event is boundlesv.

Thenews had such an effect on the Exchange at Vienna
that the Metalliqucs fell to 89k, and the Bank Shares to
1146. Two days previously they were quoted in the Aut-
trials Observer at 93 3-Stl►s and 1198 4-sths.

The passing of couriers between Paris and Amsterdam
is very frequent. Five or six go daily.

We have received Papers from New York to the 2d
and from Boston to the 30th silt. They supply us with
searcely a hac of political intelligence. Another State is
following the example of Georgia in manifesting Its Minn-

tent with regard to the conduct of the Federal Government.
Governor DESHA, of Kentucky, in his last message to the
Legislature o( that State, complains in the warmest terms
of the encroachments of the national authorities upon the

rights of the States. To appeal to the Federal Courts at
Washington is, be says, only a voluntary exposure to insult,
as in them the tyrants themselves sit as judges in their own
causes. Such is the language in which the Governor of a
large and populous State deems it fitting to express himself
concerning the executive and judicial officers of the general
Government. Though neither Governor Taovr nor
Governor Desna may live to see the Union dissolved, it
is qutite clear that they arc laying the foundation of civil
dissensions, which will ultimately, and perhaps at no distant
period, break up the federation, and divide it into seve•al
small And comparatively insignificant portions.
Commodore 111tDoNouoit, of the American navy, died
on the loth ult. on board of the brig Edwin, on his return
home from Gibraltar. His funeral obsequies were cele-
brated with great pomp at New York. The most distin-
guished honours were voted to his memory by the corpora-
tion of that city.
The only news from South America in these papers is the
following:—
COLOMBIA.

.....
Carthagena Papers to the 20th October, and Bogota to the Gth,
have been received by the editor of the Bait inwre Gazette. Don
Pedro final had left Bogota for Panama, as iiliniater to represent
the Republic of Colombia in the Congress of American Republics.
The Coneo de AlagOalena of the 20th October, contains the pro-
ject of a decree for removing temporarily the seat of government of
Colombia front Bogota to Ocana, as a more convenient and acces-
sible situation foe the receipt of information and the exercise of the
furctions of government, from its proximity to the navigable rivers.
It is proposed that it shall remain there until the Congress desig-
nates the place and plan fur building the 'permanent Capital of the
Republic, which is to be named the city of Bolivar. Ocana is
situated in a pleasant and fertile country on the Rio del Oro, about
squi-distant and nearly in a direct line between Bogota and Santa
Martha, being about 220 miles front each ; the removal of the offices
and officers of government is proposed to be made before the first
day of June, 11126.

A letter from Carthngena, to the Editor of the Gazette, under
date of V. 41 ult. says:— A dispote• occurred tat Bogota) between
Mr. Watts. American Secretary of Legation, and Senor Miranda,
son of the famous General Miranda, the nature of which is so dif-
ferently reported that tshall not touch oa it, but the issue was that
Miranda horsewhipped the other on the race-course.-IVatut is
said to have hursewhipped in his turn, and when the last post flame
away, a fleeting had been flied, with seconds of high respectability
ett bath sides. End as it may it fru diwagrestabfe ahTslr, and Much
to be deprecated. The return of Mr. Anderson to Bogota is looked
for anxiously."
The same vrlter,"under date of Vid October, says—" A large
Olio of war is announced in the offing, sunnessd to be one from
Europe (or this Government—l just learn sl eis one of those pot.
chased for Colombia in Sweden."

- - .
PRICES or STOCEII.—N z w YOll i, Nov. 30.—United States'
Sixes, 1813, 101 sales; Four and a half, 1332, 100; Ditto, 1833,
1011 ; Canal Fives, new, 116 ; Corporation Sizes, 100/ to 1001;
Ditto Fires, old, 106. flanks—United States, 112 sales.

When we consider the vut progress which has been
made of late years in the science of political economy, and
how ably the principles of commercial science have been
illustrated, by persons well skilled in all that relates to its.'
practical detail, it must excite surprise to find the very
important subject of paper credit so ill understood even by
the generality of those who ought to be well studied in it.
We attribute this principally to the lamentable want of
knowledge on the part of those persons" who, having the
chief conduct of the newspaper department of the press
of this country, propagate, from day to day, the moat
absurd and erroneous notions on the subject of paper cur-
rencyf-and private bankers—and country banks, and what-
ever is connected with public and private credit. ft is to
these erroneous notions so widely spread abroad, and to the
reasoning grounded upon them, that we may chiefly ascrile
the alarm which has so deplorably shaken that confidence
which is the sole support of credit, and which has so vital
an influence in the affairs of commerce, that,without it, we
could not exist six months as a commercial people. The
dreadful shock which the mercantile world has so recently

nrgof i

felt—and which, for some time to come, will not cease to
vibrate—naturally serves to excite a general interest as to
the true nature of ba•:king establishments and to the ope-
ration-of what is called paper credit, and we therefore feel
it our duty to draw the popular attention to these most im-
portant sabjects, and, by so doing, to remove, es far as we are
able,those mistaken opinions which,with the very worst de-
signs, have been ro industriously circulated by the agents of
faction, that look to their attack on public credit as to the
grand means of effecting that radical change upon which
they have been so long intent, and which they never cease
working•—under ground and above ground—to accomplish.
In the first place, the broad and general answer to those
who declaim so loudly and so incessantly against ►he ruin-
ous consequences of paper credit is this—neither Great Bri-
tain, nor any great commercial kingdom upon earth, could
exist without it. Were our paper circulation to be entirely
and at once annihilated, all the gold and silver in circula-
tion throughout the known world, if it were to
.come into
the ports of Great Britain to-morrow, would not furnish
an effective medium of exchange for all—perhaps not even
for half—the demands of, our internal and foreign com-
merce, added to all those pecuniary engagements which
enter into the transactions of private life. As to the mass
of invective, therefore, so profusely poured by the Times
journal against " bankers" and " paper-men," as if they
were the bane and curse of the country, and all the trite
imbecility with which it declaims on the evil of paper cre-
dit, it arises from the mercenary spirit of stock-jobbing, but
serves nevertheless to forward most essentially all the
mischievous machinations at the faction to which we have
just alluded.

To understand the subject properly, and to simplify it
as much as possible, let us first ascertain what is meant by
the term credit. Every man who enters into any engage.
ment with another, does it on the credenre, or belief, that
such person has, in the first place, the means, and in the
next the integrity, to fulfil on his part the terns of their
mutual compact. It is on this belief that be acts ; credit
then is, currently speaking, but another word for confi-
dence, and to rail against it therefore is manifestly pre-
posterous. Let us neat look to the different kinds of
credit, or, in other words, the different modes in which
confidence is manifested. If a snore stria parts with
his goods to a customer who is not immediately able to pay
for them, be does so, trusting to his word that lie will pay
for them at a time specified, having previously such a
good opinion of his honesty, either from personal know-
ledge or general character, as to credit his premise that
he will fulfil his engagement at the time stipulated. As the
transactions cf )IXIICTIANTS are conducted on a larger
scale, the great trust which they mutually place in each
other requires that the punctual performance of their pe-
'euniary engagements, being to a large amount, should not
be confided to a verbal promise ; a written obligitio3 is
therefore given to pay the value of the goods at a future time
specified. Hence arises what is called paper credit, and all
those dgerent securities of whatever kind—whether bonds,
notes, hills of exchange, or of whatever description come
under the general denomination of paper money.
One manifest advantage which was found to attend this
written security was thia:—a debt resting on a verbal
promise to discharge it at a given time was no way available,
in the interval, to the party to whom it was due. But
it became a

the holder could apply it in discharge of those obligations
which he, in the course of his dealings, had contracted
with others.

We have here given—stripped of all perplexity—a brief
view of the origin and operation of paper credit and piper
money, which have been pronounced by a certain class of
writers to be the muse of all that mercantile distress which
they have taken so much rains to aggravate.
It will be seen from the view we have here given, and the
fact is worthy of remark, that paper was not at first substi-
tuted in the place of specie. It was introduced with no
other view than of furnishing evidence, in the first place,
of the existence of a debt, and, in the next, as a security
forthe discharge of it. But as commerce began to increase,
and to require, from the augmentation both of the quantity
and the price of the articles interchanged with foreigners,
a greater demand for the precious metals titan could be
conveniently withdrawn from our external circulation, it
was soon discovered that negotiable paper, being equally
with gold and silver a representative of value, might be
made to supply its place with great advantage, and that
not only the portion of those metals required for the pur-
poses of foreign commerce might be thus replaced, but that
a circulating medium, far less expensive, and infinitely
more convenient, might be introduced into all the channels
of domestic trade, and ha made at the same titne'to furnish
a proportionate stimulus to every species of industry, and to
infuse new vigour into ever Insfieh of manufactures.
As a medium of exchangtniall negotiable paper is just as
truly a representative of vnlaefts die gold and silver in com-
mon-with which it circulates. When a ten-pound bank-
note, for example, is as readily received in exchange for
goods to the value of ten pounds as ten sovereigns would
be, the eschangeahle value ocboth is manifestly equal. It
is insisted, we know, that ;airless the whole amount of
bills and bank-notes in circulation arc, at any time, con-•
vertible into coin, their value is unreal and visionary,
and coi.sti.utts a fictitio4 Capital, which vitiates the
whole system of that corm. which it serves to up-
hold. Now this we de • One great error on which
this doctrine is grountlegicrises from confounding the
value of rein with ttre-406 of cdmmodifics. 'Gold and
silver will neither' heti ,nor clothe their possessors—
their value consists ithok in the common consent with
which these metals are received in exchange for every ar-
ticle that can minister to the wants, the conveniences, or
the luxuries of life. Now a fifty pound note of the pack
of England, or a fifty pound bill of exchange of a merchant
of known wealth and intixrity, does not derive its value
'from its being convertible into cash, but from its being
convertible into goods: The holder of either, if he wants
its value in timber, in tea, in corn, in silk, in broad cloth,
or in any other article, of whatever kind, knows that it
will be just as readily received in exchange for it as if he
counted down the amount in hard' coin. This convertibi-
lity, then, of the bill and note into goods, gives them
clearly the same value; a a circulating medium, as if they
were convertible into ea*. .

As to the objection urged by the antagonists of paper credit,
that it is so much "fictitious capital," this we also hold to
be a great error. It a manufacturer, having arty thousand
pounds worth of goods ,in his, warehouses, and an equal
amount embarked'in the machinery of his manufacture,
has bills out to the amount of ten thousand pounds, or in
other wcrds has a met credit to that amount, with his
correspondents, which lie has ample means of discharging
in the regular course of payment, can this credit be (de-
nounced as so much fictitious capital ? Is it at all more
fictitious, whatever may he its amount in the aggregate,
whether five millions or fifty, so long as it it seecirecl by
onpla funds ? It is only those theorists that run in and

out of every track of reasoning, like hounds at a fault, that
can write thus vaguely on subjects upon which they are so
ill-informed. It is a fault; indeed, that we have too often
to find with several of our writers on political economy,
that their arguments never land us on any sure foundation.
No sooner do we pause to reflect, than we find ourselves
erifted on a loose sand, with th: wreck of systems" on
every side of us.

The public ear has been stunned of late with the, out-
cry against " speculation" and " speculators," and no en-
deavours have been spared to inspire a feeling of hostility
against the Bank of England, and against all banking
establishments, as having fostered this extravagant spirit to
its height by the readiness with which, for mercenary pur-
poses, they have ministered to it. No charge can be more
unfounded. As to all the cant and nonsense which has
been dispersed abroad as to the ruinous consequences
of " speculation," it is enough to remark that the spirit
of speculation is but another name for the spirit of enter-
prize. All commerce, in fact, resolves itself more or less
into it; no public undertaking—no mercantile adventure—
could be begun without it. No purchase is made in the
whole round of commerce, from the imports of foreign
merchandise that fill the warehouses of the merchant, to
the little assortment of commodities that fills the pedlar's
pack, but are made on speculation. It is essential to the
effective employment of capital. Sotne speculations, no doubt,
may.end in loss, and some in absolute ruin; but what is
this but to say, in other words, that all men do not calculate
with equal foresight, or employ their capital with equal pru-
dence? But does any man of common sense, or common ho-
nesty, feel himself called upon on this account to cry down
banks and bankers, and to do his utmost to destroy the
springs of public confidence and the resources of public
credit? Let those writers who rail so loudly and so in-
cessantly against " bank notes and paper currency "—let
them inform the world how the daily payments of this
great commercial metropolis—to say nothing of the rest of
the kingdom—are to he made without a paper currency—
without the notes of the Bank of England, and without
those private bankers, who in London make so important
and indispensable a part of the mechanism by which the
pecuniary engagements arising out of its vast commerce are
conducted; and conducted too with a regularity that be-
speaks the value and excellence of the system. Let them
show how all these aids may be dispensed with, and by
what other machinery they may be supplied, and they may
then put in some fair claim to be listened to; but till then
they would do wisely to abstain from sending forth all
those crude and foolish notions by which they are daily
putting their ignorance on record. As to " excessive con-
fidence," about which so much has been said, anti to
which all the commercial distress and embarrassments have
been ascribed, the term is extremely vague, anti is applied
with so little real meaning, that we may dismiss it with ob-
serving, that very few persons are gifted with a confidence
so superabundant as to induce them to part with any por-
tion of their capital—whether it be in money or in tnanu-
factures—without any rational prospect of profit. There
is wariness enough in the world to prevent the evils
of an tinreflettive liberality from running into any
great exeva. As far as it may arise from an inconsi-
derate love of gain, the principle carries its own cor-
rective alcng with it.: No man can look into futurity, or
see "which grain will grow and which will not ;" but if
ttirlittlWantile world had no shock to apprehend greater
than is ever likely to arise from an excess of confidence, its
general prosperity is not exposed to any very serious
danger.

We abstain from touching at present on the relative
value cf the market and mint price of gold, as affected
by the quantum of paper currency. Our limits oblige us
to defer the oonsideration of this and other topic connected
with this important subject till a future day! M. shall
resume it as early as our leisure will per.nit.

CITY, SATVADAT EVENING.

There has been a considerable improvement in the prices
of every description of Stock to-day, and Money has be-
come so extremely abundant at last, compared with what
it was only a day or two bark, as to justify the opinion that
the advance will continue still flirther. On the opening
of business this morning, the greatest eagerness was dis-
played by the dealers to purchase at the closing Prices of
yesterday, but the first quotation of Consols tor Account
was sli, and in a few minutes touched IR?, being a rise cf
nearly one and a half per cent. on the lowest prices of
yesterday. In this state of the market there was what
is technically 'Witted much realizing, and to such an
extent, that'Clols for Account fell to 81i, and fluctuated
throughout the a ternoon between this quotation and 621.
In addition to the plentiful supply of money, the ac-
counts from Paris, communicating arise of warly two per
cent. in the Funds there, have induced many of the specu-
lators to turn their accounts.

In Money Stock there has not been much doing; the
rise, however, has been in the same proportion as that
which has occurred in Cor.sols for Account. The first
transfer day in S per cent. Consols, and the New 3 per
cents., &c. is on the 7th of next month.

......
The current rate of interest of money on Stock and Ex-
chequer Bills to-day is not more than 3 per cent., which
is a novel and very important feature at the present tno-
ment the latter have been sold at a discount of 2s. only,
and India Bonds at 7s. die.

Not a single 'Ohre has been declared up to the close of
business this aftersoon, and the general opinion appears to
be, that unless the Funds shall be subject to much more
extensive fluctuations, there will be but few defaulters on
or before the Settling-day.
The appearance of the Foreign Market has been much
more cheerful to-day, where the prices both of European
and SoutisAmerican Secu Sties martin on theadvance. New,
Colombian Bontkshave riren from 68,i to GO, and are freely
purchased at thisAprovement. The Mexican New Bonds
have experienced itasoilar elevation, having been done as
high as 631. Brazilian Bonds have also reached 66, being
an advance of three per cent. since yesterday. The fluc-
tuation in Russian Bonds has amounted to 11 per cent.,
and they closed this afternoon very firm et ;81. The New
Greek Bonds, on the contrary, have been very heavy,
having receded from 174 to 164. Some few sales of
Spanish Bonds were effected at only twelve, being a. fall of
rather more than one per cent., but they closed one-half
per cent. higher.

•
We are assured, upon good autbo:ity, that Lord Coch-
rane is gone to join the Greeks. •
Lisbon Gazettes to the 15th inst. inclusive have been
received. The Gazette of the 12th contains a decree to the
following effect:—" The importation, trans-shipment, and
re-exportation of brandy, vinegar, and all spiritous liquors
from foreign countries, being prohibited in• Portugal and
Algarve, it is not to be expected that the brandies, &c. of
Brazil can claim an exemption from this general and abso-
lute disposition, since the ratification of the treaty of the
29th August, 1825; but to prevent any. misunderstanding,
and pretensions contrary to these principles, which would
be in contradiction to the recognised separation and lade-
pendEnce of Brazil, his Majesty expressly declares, that
the brandies, &c. of Brazil are inoluded in the said prohi-
bition. NOtwithstanding, his• Majesty. is pleased to allow
the brandies, &c. of Brazil to be received for the present,
on the same terms as before separation, unless his Majesty
gives orders to the contrary."
. Tho Infant Den Miguel of Portugal continues to reside
at Vienna, where it is believed he will pass the winter.
His intention of going to St. Petersburgh seems to be' absn-