The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-05 00:00:00

,ITISH 'Miss.

the premium given for gold in consequence of the French
regulation, by which silver is made a legal tender.—
Now both these facts are proof* of the superiority of
our circulation in itself. The par of exchange between
London and' Paris has been fixed by Dr. KELLY et
45 Panes, P.§ cent:. reckoning the quantity of pure gold in
each : but gold at the Mint in London is cheaper than at
Paris ; that is, its price, compared with silver, is less, and
consequently the same quantity of gold will Frocure less
silver in London than at Paris—es etite of things pre-
cisely the reverse of what DANIEL HAIIIICAATLIL was
in the habit of assigning on former occasions se the
cause of the depreciation of the currency. If, in these
circumstances, it is still impossible to export our gold,
as this writer asserts, we do not see why he should
find fault with that circumstance, recollecting, as he must,
the alarm excited by the flight of our guineas. It is
true, he only wishes to prove that the rate of exchange
in this case does not prove a deficiency in our circulation;
but, in his attempt to prove this, he admits too much for
his own former hypotheses, and does not succeed in esta-
blishing what ballad in view. Ile only contends for the ex-
change being at par, and that if true would allow merely that
the quantity of exported English gold is exactly propors
I dotted to the demand for it abroad. The deficiency at
home may not be sufficiently great to call in the English
coin, which is always required abroad, the deficiency there
being, in fact, equally great with that at home. This will
point out the importance of the principle laid down at the 1
outset with regard to the three different kinds of money.
There is a necessity for the existence of a certain quantity
of English money abroad as well as at home, and the same
rules for ascertaining its sufficiency or redundancy must
apply in its case as in our domestic currency. In France,
if any where, there should be a redundancy of our coinage,
considering the number of travellers who carry out money
or bills ; and therefore, in this case, to prove that the
exchange is at par, is to prove that it is, for all the purposes
of DANIEL Ha RDCASTI.CS reasoning, entirely in our fa-
vour. There is a continual exportation of our coins to
France, and their continuing at par proves that they are
flowing continually back again.
The fact mentioned respecting the payment of bills on
Paris in silver as wLII as gold ought to have led DANIEL
H•RDCASTLE to form different conclusions from those at
which he has so frequently arrived. It was but the other
day that we hinted at the propriety of extending our silver
currency, as a method of preventing, in some measure,
the depreciation of the coinage in g nerd, and DANIEL
HeancaseLe kindly fortified our position the same day,
by reminding us that France hail admitted silver to a legal
equality with gold. Although the depreciation of' French
gold, in so far as it exists, is favourable to us, it is obvious
that the difference is too trifling to be s matter of any great
consideration ; end, if the case were the same in this
country, it is clear that it would have little effect on our
exchange, because our larger bank-notes would answer the
purpose of remittances better than gold itself.
One word more with DANIEL. HanocasTLT, and we
bid him adieu for the present. Ile tells us to "allow the
free importation of corn, and, if that should destroy the
rent of the landlord, so much the better." Call eon that
Lacking your friends? 4 plague upon such Lading,
Daniel! With you and the Times for pleaders, the
cause of the revision of the Corn 14w1 is irretritesbly
lost. If you con prove to ur that Alie revision of the Corn
Laws will destroy the rent of the landlords, we shall
still leave you the Corn Laws as a topic for opposition ;
we at least shall no longer advoc l seir revision: but we
have no such fears, and Yeetstill" ue to advocate that
measure,—not for the puttee of' nishing the value of
rents, 1 ut because we think it wilt -in the end augment it.
There has been much discussion about the nature of
rent, but we have never viewed it in any light but one—
as interest upon capital, and as land is a species of capital
which is perfectly secure, and which is capable of conti-
nual increase in value, the purchase is necessarily higher,
in proportion to the rent, than Ili any other sort of ca-
pital. For every practical purpose this definition is suf-
ficient, and it is supported even by etymology. How is
it, then, that DANIEL Hs tines ser.t: wishes interest
to rise and rents to fall? Unless DANIEL lIARDCASTLE
wishes confidence in commerce to be entirely extinct, these
two things cannot take place together ; for, if confidence
in commerce be restored, and interest still continue high,
money which would have been invested in land will be lent !
on interest ; and, according to his own principles, the rents
of land must rise, a greater inducement being necessary
to obtain purchasers for land ; and the interest of money
must fall, the quantity seeking investment being increased.
It is rather extraordinary for this writer to start with an
assertion that money is superabundant, and to conclude by
affirming that the " country is gradually sinking into
poverty." He has thus himself taken care to answer one
part of his assertions by another, and with that we leave
him.

CITY, WEDNESDAY EVENING.

The slackness of business occasioned by the Hebrew
holyday, for the last clay or two, has been amply compen-
sated this morning. Consols opened at 601, with a very
brisk market, and by twelve o'clock had reached 604,
' About this period a broker of eminence sold 100,000 for
money, and they fell to 8011; there was still, however, a
strong appearance of stability in the market, which, at the
close of the day, may be quoted at 803 i for this, and 80a
for the November Account. The Bears, it is said, have
taken alarm at the general appearance of steadiness which
pervades the Funds, and have bought up their own ac-
counts. This is a very probable circumstance, and, if go,
has assisted the advance of price which is observable in the
Market to-day.
Exchequer Bilk and India Bonds are stationary at last
quotations.
In the Foreign Market also there has been more doing.
Mexican, ex-dividend,, have reached WI to 1, which is
equal to 633 with it. It appears that a further convoy of
specie is now on its way from Mexico to Vera Cruz, for
shipment to England, on account of the Dividends. Of
course, this amount is wholly independent of that
which is coming by the Hussar. Colombian are at present a dead letter, and afford only the nominal quotation of 341. ,
There have been some purchasers of Chiller), from 37¢ to
38, but nothing further is known as to the Dividends, the
Buenos Ayres packet not having arrived. The Thetis,
Sir Jon N PIII 1.1.1310 11 F., which took our Lord PoxsoNav,
reached Portsmouth yesterday, in 5l days, having left Rio
otrthe I Ith of August, but she dots not bring any news
of importance, beyond the fact that there was no prospect
of a termination of the war. Those British merchantmen
that had been taken possession of for breaking the blockade
(less fortunate than the Monarch) had been ordered to dis-
charge their cargoes into the Rio do Janeiro Custom-house,
to await decision. Peruvian Bonds are 26 to 27 ; why they ,
should be so far below the Chilian does not appear, when
in paint of fact, they are upon a par in point of default:
In Greek and Spanish there is any thing but a brisk Mar- I
Let ; the former are at 131 14, and the latter at 101.
Shares are rather more active. Del Monte are better, at
only 90 discount, while Brazil have advanced to 13, and
Tlalpuxahtta 30 premium, and the latter in tire face of the
call of $O/. per Share for the middle of the month,
The Corn Market has been very firm te-day. The
holders of Oats stoutly demanded an advance of a shilling
per quarter,' which was very reluctantly acceded to by
those whose necessities would not admit of further delay.
Other sorts of Grain fully maintained their last quotation.
The Colonial Maiket continues very fiat.