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

se.

• • • ;

am t Wallas Hap and Hairy Drise,
illasebuilat *amok et dime, at W Star ha,
AuwBol3l, am 4. Jaen Ilession, Manchester,
ditrali,Mdmlltar leo, Manebeeter—Jan.4 8. Han.
, , maselsm4 at detaches dm Union Inn, Stour.
&Mama WeedeedeAppletoe.M.the-
. Nelda% wes.mavelsenc, at eleven, le **Red
*IL Them, Floe, illalimeth miller, at dam,
at tbe
<-1.6. Opert—Doe. 31. Edward Davis. Hadscone,
is , w she Dielempte• Ocera-Jam I. William Comp.
ten, Illaisisapir, at melee, at the Royal Hotel, Bic.
' • • fkldet Edna% Owirmi•yard Lembe4.
at dem% at the Ilankrepter Ceart—Jaa. 3.
neld• Riliwkielkie, amedheat, at twelve, at the Royal
'••
c;•f 1 • CATES—Dim. 31.
3/iitedire. elsillier—Willlean Kaye
accumpb temeow, llawelstmer. irciliss—nobeft
• • _ mwalterweawas—Jiesse Rennin, Daby,
Ormader add H Thema !idea, Liter.
. Nal* neammor—feep.
sib sod= Oesfra, Hattatelllm,
c WaNaMmet,_
.11weed, sepeeme—Wii.
=at imemessoakk via Mined VandwellAseed,
*141101.1" 1111=11-1-141433A1t0i • Bleamrld.
, Bieskimlasa, dip.beilAmt

• I •

The -amp puke dawn or Nvoisvado OW, amPalud
hem die mares suds la dm wee& eaMeg Oa ltldry K essibet.
19111. Y ON 10.. per bandied smehoive of is deshe et
eassup 111!•• made amass of eM hapertesida tiered kw
that

• .
_., I
Amiss peke .1 Om ben the Release Meisel is the Welk
.ssillest Dumber 3, 1115.
ea., ire
4. 1 7.17 u7C I s. d. I &11. I s.
45 L. I s. L
114 8 41 11 !11 411 • 11 48 3
emitimmisseeresismp
PE (11? RSIIIIIII STOCKS ON SATURDAY. '
Plank Ell 11l 1 Anis. SO 191
151 F t• . 3 Reeds 17 94 dis
1' pat Cent. ed. NI 1 i Rills 10.1.0001. 19 25 11
3 pet pest. Caw 17 dill.
D. tut Aixt._lllli !Alai as mu., 5001. 20 2541 s
Si Phi..44. w rfa lll i Mete. Small

lily S'

[LICKS ON SATURDA Y. •
Mexican Roods
Dino Boats ( moss
Ditto Acct. SI 44 SI
4414
Pennies Bonds 0 4
Ditto Aces. 44
Russian Roods (1824)04
Spanish Cons. 144 4 j
Ditto Amt. 144
Ditto Conf. (1110) IS
Ditto Acct.

coloariiiiit UAW
Dino Nods (11114) NE II 2 II
f I 1
LEIS. Act? ell 3 3i 4'l
_ •
mai* Blois IN IN
Diu* Bonds (ION) Ne II
Use* Ned
Diem !toads (1224)
;HMO e-

Ath.
' .
Pald. !midi= per Share.
A
AVtrt"=.—. CM 26 A7l
100 2 du
1
Bolivar so 3 14
Castelioli.Sopirlailisseoßrasil 100 i 1 par
Cobalt end CAppor
Chaim
Cokaabisa -- lOO I 7
visa
1 1
A' 00 II
1 •

'ARES ON SATURDM .
urns._ _

2i 9-N
IN IN
25 $

=nnot quit Fes, where he now is, to men to the capital.
the escort that be would want to acortopsny him, would
cot be able to find subsistence on the road.
The Trinity. Colombian schooner, entered the port of Tangier
the 9th of November. Captain Johnson, who cotnnands it, has
declared that he is the be. of despatches to the Emperor, the
delivery of which was intrusted to the Consul of the United States.
These *despatches here been forwarded without delay. It is
affirmed that they are strongly recommended by a letter from the
Consul of the United States, sod that they relate to a treaty of
alliance, which Columbia desires to contract with the Emperor of
Morocco, offering 'rat advantages. It is said that the Em.
perm begins to conceive a high idea of the Republic, and that the
Puha of Tangier, to whom a rich present is promised if be
Induces him to sign the nasty, neglects nothing to poured.
him to it.

The frinity sailed at the 14th, end is to return fbr the answer.
When this vessel arrived, the Spanish Consul represented to the
Spanish Authorities that this schooner should not be received, as
belonging to the revolted subjects of the King his Master ; bet
these remonstranect could not triumph over the representations of
CMG:nal of the Uoited States.

TIIFITE, Nov. 21.

Several letters by die bet mail from the lonian islands, aflirm
that a division of she Capitan Pacha's combined fleet has entered
the port ofNavarino, and leaded several thousand Egyptian troops,
while other division of the same fleet are still between the islands
of Candies and Cerigo, engaged in cembats, the result of which is
not yet known.
Pants, Dtc. 9.
The Comthationstel act the Jamas; it, Debate, which appear to
have the same correspoodmit in Spain, announce that Mr. lamb,
the English Minister at Madrid, as well as an the other Mi.
ahem, had required the Spanish Cabinet to explain its intentions
ie g its American possessions ; and that the Ambassador
of Pearce had demanded the 'payment of the amount of the two
that instalments doe to the Franck, insinuating that otherwise the
`Trench Government might Story likely resolve to withdraw its

the most complete agreement did not prevail between the
'journal, which have given that news, how could it happen that
they united in uttering facts which ore false in terms that are nearly
identical y If it is to inform themselves in this manner that these
papetutuftreedsay a correspondent at Madrid, they might very well save
yes that expense, since, 4is for lie, it would be more easy
and less expensive to fibrillose them at Paris themselves.
A letter from Bayonne of 34[December, says :
" Several letters from .111adrutanaounce the arrival of an Express
le that city corning from Oalinig with the news that the English
Company, which hot undertaken to seek for the silver on board the
vessels sunk.ut Vigo, hadmot up several millions. We have this
morning received letters direct from Vigo, dated the 22d of last
month, which make no mention of this circumstance.

s. Bc:veral extraordinarycowl ars to and from Spain passed through
this city."
It it now known that the fire In the Escurial, which was at first
ascribed to design, was owing to the negligence of some domesti
after the King's departure they forgot to put out the tire in his Ala.
jest?. apartment. The flames caught the draperies, and part of
the furniture: and damage to the amount of 80,000 francs was
dose.

[From the Jousted des Dehats of Friday.)
MADRID, Nov. 23.
The contests between the Ambassadors of the great Powers and
the Duke del lnfantado are still kept up • but Mr. Frederick
Lamb, the Minister Plenipotentiary of England, who, till now, had
remained a simple spectator of a rapid and continual change of
notes. all relative to the acknowledgment of the Independence of
America, has, since the day before yesterday, taken an active part
la them disputes. The fo'lowing the substance of a note he bas
seat to the Duke del Infantado

"That u all the Powers Of Europe were agreed upon the
necessity of Spain's recognising the independence of America, and
all agreeing with England in the main, although they might
differ in some of the details, It would be well for the Spanish
government to come to some arrangements with their former
subjects ; and that if this were not done, all the powers would
freely make those treaties with the insurgents which they might
judge for their interest."

The Duke del Infantado seemed, at first, embarrassed by the
tone of Mr. Lamb's note ; but ft is asserted that he decided upon
refusing to have any participation in any treaty which would tend
to the abandonment of all, or any pert, of the rights of Spain over
her ancient possessions beyond sea. M. de Moustier, on the other
band, presses for the payment of the debt due to France ; he
threatens us with .the withdrawal of the army of occupation ; but
the threat does notenow produce any effect; for far from fearing
the departure of the French troops, the Government appears to de.
*ire it I and even if tkey did not, they would not be able to sub.
"Wise France ; for, even after all the projected reforms slab be
carried into execution, the revenues of the State show an annual de-
ficit of nearly 200,000,000 of reels for the supply of the current ex-
penses, and nobody is willing to lend us any thine.

Faexcir Fusrus.—Pants, DEC. 9.—Five per Cents. 961. 40c.:
Three per Cents. opened at 64f., closed at 63.. Wt. ; Bank Steck
21001. ; Rente de Naples, Certif. Falconnet, 771.81 k. ; Royal
Spanish Loan 1823, NO. Exchange on London—One month,
201 10c ; three months, 24f. 90c—Coars Autlienlique.

We intimated our intention of adverting to and deve-
loping the leading causes to which the present disturbed
state of commercial credit, and the perplexed appearance of
affairs in the mercantile world, owe their origin. This we
shall now proceed to do, with as much conciseness as is
compatible with the importance and interest of the subject.
In a wealthy and prosperous kingdom like our own,
there is always a vast mass of capital beyond what its
owners can employ in the immediate concerns of commerce,
and which can only be made productive by being lent •to
persons who, being able to employ to advantage a greater
capital than they possess, are willing to borrow it at a rate of
Interest to be agreed upon. This rate of interest is, with
us, limited by law to five per cent. If the profits of trade
are high, and this surplus of money is net abundant, the
number of persons desirous to borrow, will be greater than
the number of persons in a condition to a lend, and the
highest legal rate of interest may be readily cbtaincd: when,
on the other hand, the profits of trade are moderate, and
money is plentiful, the number of persons willing to lend
will be greater than the number of persons desirous
to borrow, the highest rate of interest cannot be obtained,
and the lenders must either content themselves with what
the borrowers are disposed to give, or their capital must lie
unproductive. It was of this latter state of things that
Government sought to profit by reducing the rate of in-
terest on funded Capital and on Exchequer Bills. At this
period—and partly in consequence of this reduction—the
supply of money was so much greater than the demand,
that it might be obtained, on good security, at three and a
half, three, and even two per cent. It is quite clear that
persons having money to spare would naturally begin to
look out for some more profitable mode of investment ; or,
in other words, they would begin to speculate. Let us now
attend to the cause, which operated at this particular
juncture to foster this rising spirit of speculation.
Ministers were anxious to infuse a new portion of
vigour into the activity of British enterprize, by re-
nouncing that system of exclusion and that spirit of mo-
nopoly which, from the infancy of political science, had
been suffered to cramp the energies of manufacturing in-
dustry, and to make war upon the real prosperity of
nations. They accordingly gave a more practical scope to
those principles of free trade, which for some years past
had been gaining ground, owing to the enlightened in-
vestigations which had been going forward as to the pro-
ductive causes of national wealth.

The flourishing state of the finances enabled them to lower
the duties on various articles, and thus to give an impetus to
that freedom of trade, to the principles of which they were
desirous to give effect. They accordingly lowered very con-
siderahly the duties on wool, silk, and various other articles,
With which the tariff policy was supposed most to interfere.
It was concluded—and experience justified the conclusion—
that this reduction of duty in these particular articles
would increase the demand. The attention of all those
whose surplus capital lay idle, owing to the low rate of
interest, naturally began to direct itself to this quarter ;
and immediately. wool, silk, and colonial produce of
' every kind, were looked to as likely to make great re-
turns of prolit, and consequently these commodities be-
came the subject of general speculation. Dad only pru-
dent and considerate buyers entered the market, they
might have done well. But competitors rushed in who bad
no knowledge of the article they were about to purchase—I
who proceeded on no rational calculations, but who bought
whenever they found others buying, whom they thought
wiser_ than themselves, and whom they therefore follow.]
with a blind and "unreflective reliance. The competitors,