The British Press; or, Morning Literary Advertiser.
London, England, 1824-04-30 00:00:00

Malt= 12.
By Ode last accounts from Tinos, two Eparcha had arrived there
from Hydra, Knit two frmn Speatip ; two others were expected from
Ipsara. These Eparchs will organise the new plan of finance of
the Greek Government, which is to sell the revenues of all the
island', by auction, to the highest bidders, who will be authorised
b 7 t ties, imports, and ditties of all kinds, to reimburse themselves
for what they have agreed to pay to the Government, and to raise
a large sun. besides Mr their own profit ; the consequences of such
a system are easily foreseen.
The islands, which are entirely defzneeless„ will be left, after
they have paid their quota% to the disattion of the Turks, who
will demand the taxer; with more right, and be able meow effeetua►ly
to entorre the payment of them. The late report of a landing of
the Greeks at tolheri is unto:oiled. Sevan vessels of the insur-
gems, it seems, being overtaken by a storm, ran in there for she'.
ter; which caused real cominotion at Ponied. A few cannon shot
were exchanged, but the Greeks suffered but little damage, haring
put to sea again an coon as the storm was over. At Scala Noce all
is quiet ; the Samians had nut again attempted to land.

SIVITVEIMANT, APRIL 13.
The ,rest Council of Bale, in its sittings n( the sth, /kit, and
7th of April, first dvbated on the plan of a military capitulation for
Saples, and unanimously (helloed taking part in it. It thee adopt-
ed a memorial, to he addressed both to the Viet and to the Cantons,
to enforce the arguments which would induce the Confederation to
give up the Concordat of commercial reprisals.
According to private letters from llitoglia, dated March 20, great
confusion prevails in Albania. The Turkish inhabitants, some of
whom obeyed the Pacha of Scutari, and others the petty Begs, an
carrying on among themselves a most destructive war, which is
highly favourable to the Albanian Christians. now the sillies of the
(Creeks. Their misunderstanding is attributed to the refusal of the
Boys to furnish contingents to the Pacha ; who, ever since the fatal
expedition spline Miseoloughi, bas been in disgrace with the
Porte.—Gazette UNirerselk.

THE RICARDO LECTURES. •
wiLus•• 10011,.—(Irk:STERDalr.)

LECTURE VIII.—PAPER CURRENCY.
Mr. M`CU LLOCN began by giving a short and clear repetition
of his last lecture co money. He had stated the circumstances
which hid led to the use of money as a medium of exchange, and
to the universal adoption of the pccious metals, gold and silver. for
that purpose. He lia.l also explained the laws which affected the
exchangeable •Ail:e Of money, according as it was brought to mar.
ket by tree competition, or subject to a monopoly. In the former
Me he had shoe n that the exchangeable value depended, like the
value of all other commodities, upon the Con of production in elo
latter case, when the issuing of money was monopolized, its ex-
changeable value depended upon the proportion of the supply to
I the demand. . -

Mils -tatter slew of the muses which regulated the value of the
eireiltiting medium had not till lately been ascertained. It was,
however, of the greatest imuortents:, and led to results of the high.
est value. According to this doctrine, the issues Of Bank of Eng-
land notes were henelicial or mischievous, not as they were or were
not convertible into gold or silver, but as they exceeded or equallA
the proper supply. If the supply of Bank notes were exactly ed.
opted to the danand, it was no matter whether it was at all con.
vcrtible into gold, or shetlur gold or silver existed at all as a
standard. When the lw..k Restriction took place, in 1717, the
dividends at the Dank and the taxes luting payable in Bank notes,
Bank paper r,-ally bersine the circulating medium ; and while thn
Rank made nu excessive issues, there was no depreciation. For
three years no change took place, to the surprise both of the advo-
cates and the opponents of the measure.
It had been contended that there could be no excessive issues by
bankers, who discounted only on good securities, convertible into
cash at short dates. As this argument involved the question
much agitated from 1800 to 11119, during which-period the depre-
ciation of the paper currency existed, he Would fully examine its
force and hearing.

Mr. APCulloch here entered Into a very elaborate and most per-
spicuous disquisition, to prove that the discounts of bankers de-
pended not upon the sufficiency and convertibility of the securities,
but upon the rate of interest taken at the Bank, and the rate aro-
fit in the market. This he followed up with a quotation from
Ricardo's work,. hieh stated that when the rate of discount was 6 par
cent., and the rate of profit in the market was 8 or 10 per cent., toe
Discount-aim was besieged with applicants ; but when the rate of
profit was reduced below the rate of interest, the clerks in the
Discount-I Mice had nothing to do. From ElOB to 1813, when the
de preciatien was greatest, the rate of profit was very high, and con-
sequently the applications fur money upon discount were nutnerou
and the issues ut paper by all ba...km were much increased. It
was quite evident that when mote Parr was issued than was re-
quired by the increased quantity of other commodities In the
market, the Yalu.: of such paper %odd be diminished. This might
be conceived to proceed so tar that a ten pound note would be the
price of a quanem loaf. To prevent this evil, it was necessary to
check caressive issues of paper, by making it convertible into the
comparatively invariable metals.
If the roes of paper could be sufficiently limited, it would be die
best possible medium of exchange. But no individuals were ever
trusted with this power who did not abuse It. To act otherwise
would be to attend to the public interest.and to neglect their own.
To prevent this abuse wss the object of resuming cash propos-
But the tievessity of reverting to rash payments by no naeritin:-
plied the adoption of pavilion in coin.
M I. Hit'.%HUlFr BUI.1.10:4 PAYMENTS.
The necessity of issuing a sum of relimbil Mor of gold
coin in payment of Bank of England pare, eortfq d a
loss of the profits tin that amount of carte/. it mai eat an an-
swer to this objection, that the Hank sustaissed.tM• lots; for i.e
pr offs of the Bank, when not made at the OF the rest of
the public, was dearly a part of the natirdiliedtb. By the un-
profitable issue of trout *2O to 30 millions ofrid coin by the Banks
of England and Ireland, there sto a lees of rollmto the nation of
1,200,0001. or 1,500,0001. To this C3lOlll to beaddei 16,000L,ana
nually expended at the Mint, besides the wear amd tear of the coin
actually in circulation. To remedy thesedisadvaittages, and stth-
draw the precious metals entirely from eiradation,ltir Riniedo had
devised a plan as simple and pacticable as it was effectual and con-
venient. It was to oblige the Rank to buy gold bullion of assayed
weight and fineness at 31. E's. Bd., and to give it in exchange for
their notes at 31. lja. 'Yid. per ounce. To prevent unnecessary
and vexatious trouble by retail dealers, who were the most apt et
create a run upon the Hank, lie had proposed to make the least
bars of bullion weigh 20 ounces.
Mr. 31•Culloch here gave a history of the well-known course by
which cash payments were resumed, and Sir. Ricardo's plan in
part adopted. lie regretted that it was departed from by the Bank
withdrawing all their 11. and 21. notes, and substituting gold coin.
There was greet advantage in Mr. Ricardo's plan, as preventing
a panic from causing is tile, as a panic was generally confined to
the retail dealers and poorer classes, and they could not go to rho
Bank for such large sums. without taking time to effect concerted
arrangements.
The facility and frequency of forgeries were probably the moors
for recurring to a 11111CILUIC currency. But forgeries were to be
rather imputed to the sant of improvement in the texture and en-
graving of bank-notes. This was proved by the almost total dis-
appearance of furgeries in Ireland since 1811, when 31r. ohlhen.'s
improved notes were aeopted. The same inference was afforded by
the rnited States. By improving the Domain-tun of Bank of
England notes to as great an extent as was possible, he contended
that forgeries could be prevented as effectually r the counterfeit-
ing of gold and silver coin.
l'he practical application of his observations on money, all who
were conversant with the subject knew sufficiently well how to
make ; and he would not therefore dwell longer on the subject.
Ile would next proceed to treat of commerce oe the territorial
division of labour. The advantages of the rime trade were too
obvious to require illustration. In the next lecture he would,
therefore, proved at once to the subject of foreigu commerce.
The Marquis of lonstlown appeared to give deep attention to a
subject in the diseurion of which be had often taken a distin-
guished part in Parllainent.
' Among other distinguished indifiduale present we observed--
Sir J. Mackintosh, 51. P. ; Sir H. Parnell, M.P. Mr. John
Smith, 51. P.: Mr. G. Smith, M.P. ; Mr. Idovil, M.P..; .Mr.
Sykes. 51. P.: Mr George Phillips, 31. P. ; Mr. George Pkillips.
jun., M.P., Sc.