The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-04 00:00:00

CAUTION TO BARGEMEN AND OTHERS NAVI- '
GATING THE RIVER THA SIES.
rlms is to give Notice, that the Proprietors of the
SOUTH LONDON WATER-WtHIKS are laying down
NNEL PIPES on the South side of the River Thames, op-
posite Cumberland Gardens. The operations will extend as far as
the Third Arch of Vauxhall-bridge. To prevent Accidents, there.
tore. Bargemen and others are most perticularly cautiuned not to
navigate their Barges, Vessels, or Craft of any description, on that
*hie of the Riser, during the progress and execution of the said
Woeks
By order of the Directors of the South London Water-works,
WM. BAIRD, Engineer.

PRICES or BRITISH
3 peg Cent. Cone. WO I
Paw *eel 9
Mew 4 We Cent.
4 per Cent. (1026)
lid!' "flock 289 414

STOCKS YESTERDAY.
kidia Bonds 30
Ex. Bills IMO/. 18 17 pm
Ditto 1001. 17 lb pm
Ditto Small 18 20 pot
Lottery Tickets P4l. 7.,

PRICES OF FOREII2I
Srerillan Rondo A 24 ex di,"
ESElan Bonds 31 5 I
Pau Acct. 374
13,340a51aa Bonds
DUI.) Bonds 0824; 344
1/910 Acet. 34 5
yw:sh Honda (1625) 561 ex di,/
Fresco Rentes6 oer Cent. NC
X cannon* 231.60 c.
il.,lnAriala Bonds

STOCKS YESTERDAY.
Greek Bonds 10
Greek Bonds :182k) 13}
Mexican Rondo 40.1 50 ex all
Ditto Bonds (152641 10

ex die
1 ‘ _ _
Ditto Acet. MI 18 I 1 la I es div
Peruvian Bonds 27 1
Spanish Bonds 101
Ditto 410, 101
Ditto n.7t, 101
lANGE YESTERDAY.
...

COURSE OP EXCH.
&sante/rim C.V. 12 7
LWa at alibi
Rotterdam 2U. 12 61
Amytecp
111",...ai1l •• . • ...... U 37 6
A:coaa ...... C. 37 7
Porto. s ;OW ... 28 70
llittßa
110-1,8
P. 41.6101 on Alain, En. U. 133
ftiorsburgh.rble SI
Iranoaeffective.ll- 231. 10 26
'Frioato ....du ....... 10 25
trld . .....
OAS e 34
3111.8.84 ....... ........ . 331
illere44.BB 33
4i:laratly
PRICES OP SEAL

legborn

......
Venice . •

Naples ......... .....
Pale►mo . . ....... per 05.114
........ 481

Ll.bois ..........

ORio Jamiar;porto ...
Bahia
Buenas Ayr's ...t
D u Whs. II asile debt' -
Cork ....... • • • •• •• • • •• •

..y:•:•

SITIAIIO/1. PIM OS.
It s. d.
Portugal Oak In coin . 0 0 0
lrotelga Gold. In bars.
New Doubloons
New D011ar.......... 4 9
Silver, in bars. standard

lig YESTERITh Y.
lii. Sliare. P. 1.1.
......... 100 20 IS,I pm
......... 100 I 11 ale
•• 400 120 l 5 pm

line Inas ........ ,
ilusahpa

A.,VRAXCE AAAAA MT.
11:liface lirWA and /foreign ......IM Id 21 dls

Vie Stittfift VreOSS•
DRURY-LANE THEATRE.
To .morrow livening, THURSDAY, Oct •Ser r, wilt be performed the
Comedy of
THE BELLE'S STRATAGEM.
Vericourt, Mr.Wallack ; Old Hardy, Mr. Dowtost ; Sir George Touch-
...Lc. Mr. Cooper; Flutter, Mr. Browne: Suvtlie, Mr. Lleuuett. Letitia
Hardy, Ellen Tree ; Mrs. Racket, 3114. Doel'un.
After which the Romantic Opera of
DER FREISCHUTZ.
ofteror, Mr. Mercer ; Bernhard, Mr. }Setif ; Adolph, Mr. T. Cooke ;
, Mr. Horn; Kilian, Mr. Jr. Riegel:; 'Lamle', Mr. O. Smith.
1,,.1a, Miss Oradclon ; Root, Mao A. Tree.

COIVENT:GAiiiEN TIIEATRE.
Ermtans, WEDNESDAY, October 4, will be perfurraed the
Comedy of
THE PROVOKED HUSBAND.
Lord Townly, Mr. C. It:enable; Sir Francis Wrongheart, Mr. Fawcett;
.3.tuirn: Richard. Mr. Meadows; Jobe Moody. Mr. Blanchard. Lady
'1'...114, Miss Chester; Lady Grace, Mrs. Vaunt ; Lady \Vtungheui,
►ir.. Davenport; Miss Jenny. Miss Junes.
After which the Musical Entertainment of
THE CASTLE OF SORRENTO.
Rollin', Miss Cawte (her Ist appearance on any StsgC.

ENGLISH OPERA HOUSE.
Thl Evening, Wk:DNESDA V, October 4, will be presented the
Comte Opera of
FREI: AND EASY.
Sir JAM Freeman, Mr. Wrench ; Mr. Coortly, Mr. Bartley; Ralph,
sinman ; Michael, Mr. W. Chapman; Rickard, Mr. Power. Mrs.
Miss toward; Gertrude, Mist Kelly.
After which the Musical Entertainment of
THE SPOILED CHILD.
Llttla Pickle, Miss Clara Flatter ; Tag, Mr. Tayleure.
To conclude with the Romance of
PRESUMPTION ; or, THE FATE DM FRANKENSTEIN.
Fraulten.teln, Mr. Baker; •-•- ;, Mr. T. P. Cooke.

The BRITISH Passe commenced pub/tubing yesterday
morning at flee o'clock.

great deal of the circulating medium, in order to lock it
up. This is, in fact, admitted by the Times Correspon-
dent to be the case at present. It follows most evidently
that the circulating medium, according to his reckoning,
actually includes a large portion of the hoarded capital of
the cautery, which in other cases would have taken the •
shape of commodities, or of other investments.
The money now hoarded without interest or profit can
never be brought into circulation without an immense in-
crease of trade—that is, unless trade take a real advance
equal to the unsound rate of 1821-S—unless by displacing
some money already at interest or profit by demanding an
inferior interest or profit. The money still boarded, with-
out interest, must still remain in the same state, unless 1
trade increase. Now it is certain that trade is still at pre- ;
sent depressed below its natural level, in consequence of
the want of money and confidence among tradesmen—
most of the trade necessarily carried on by bills being ;
now curtailed. The boarded money is not in the hands
of the tradesman, and cannot be procured by him, on
interest, in consequence of this want of confidence. If
the Bank, by extending its discount!' in the country,
could resrore that part of the trade which was carried
'on by bills, it is clear that there would be an addi•
tional vent for part of the boarded money, which would
then become necessary for discharging the bills as they be-
came due. The trade formerly carried on by bills is now
stopped, and the money necessary for carrying it on is con-
sequently unemployed. More business is done in England
by bills than by circulating medium ; and any convulsion
which prevents her traders from paving their bills has more
effect in embarrassing trade than the circulating medium
itself. • In such a case it is obvious that a demand will be
. made fa a species of security more stable than that of
private paper. The deficiency of private paper would
alone call for an increase of circulation at the present mo-
ment. It is to supply the deficiency of bills, by facilitating
discounts, that an increased circulation is wanted; it is to give
tradesmen the security of the Bank of England, instead of
that of private individuals. An increased issue by the
Bank would only supply the want of private paper, and
could not in any way come in competition with the public
circulating medium. Let the Bank be bound, if necessary,
to discount in twenty-pound notes, or in notes equal to the
hill. It is obvious that net one additional note would in
that case conic into circulation, for which there would not
otherwise have been a bill in the market. Which medium
for transacting business is preferable, we lecve to. DANIEL
Ilannearoce to determine. Our limits prevent us from
pursuing the subject further at present, but to-morrow we
will resume it.

CITY, TUESDAY EVENING.
The veterans of the Money Market scarcely recollect so
dull a day as this has been, in every respect. Consols,
which opened at 80,1„ closed at 801; for the October Ac-
count, add for November at Sol. The evident expecta-
tion, therefore, is, that they will continue to advance up
to the period of the meeting of Parliament, unless any un-
foreseen event should occur to 'knock them down. The
easy rate, too, at which money may be bad on the credit of
stock, will very much aid the carrying over, and will tend
to assist the niarket in that respect. Exchequer Bills have
advanced a shilling to-day, being 16s. 17s. ; and India
Bonds find a ready market, at from 30s. to 3' s. premium.
It is confidently asserted that Cape Coast Castle and its
dependencies have been declared under martial law, and
' that every preparation was making for the reception of the
Ashantees, whose force is almost double that of the British
and their allies, but is said not to be so well supplied. The
uext accounts will be anxiously looked for.
In the Foreign Market Transatlantic Securities are all at
a higher quotation than yesterday; but still, from the little
baldness doing, these can scarcely be said to be more than
nominal. It is certainly, to say the least of it, matter of
great regret that the Colombian and Chilian Bondholder
should be placed in the situation he is. These countries
were a source of great wealth to the parent State when
under the iron yoke of Spain, and, now that the oppresssion
which ground ihem to the earth is removed, they cannot
find the means of keeping their faith in paying the interest
on the money borrowed for the purpose of aitaug them 41
obtaining their independence. There is something radi-
cally wrung in ail this; and the sooner the matter is set
LONDON, WEDNESDAY, Oceoixa 4, 1826. right, the sooner will these countries be entitled to that re-
spect which all must wish to feel for "Sons of Liberty."
The redoubted correspondent of the Times (Dastst. If these Goveroments wish to be honoured in the Old
Ilasocasrss) has sent to that Journal one of his usual World, that can only be by they themselves acting honour-
ably. The Buenos Ayres packet has not yet arrived, and
desponding epistles, which we mean to make the text of a
therefore the C'tilian dividend may yet turn up; if it
few observations on the state of the circulation. Our read- does not, there can be little reliance placed on the credit
ess wi I excuse us for going to such length as we have of that Government, which has assigned resources for
been obliged to do on this an .I other occasions, in applying thel purpose, but which resources, directly or in-
the more abstruse principles of political science to the pre-
directly, are allowed to proceed in another direction.
—At the close of the Market, Mexican Bonds were
sent state of things. If our countrymen have not entirely 61 to 611, Colombian 35, and Chilian 371 to 38.
lust their ancient character of seriousness and thoughtful- The holders of Spanish Bonds begin to anticipate an
Less. such an apology is superfluous. advance, considering that it is impossible things can go on
There is a most important distinction to he made in thein Spain as they are at present, and any
much longer
change must certainly do them service. Greek are at 134
different species of money, a distinction which cannot be to 14, with little doing. It is expected that the Committee
tee) much insisted upon, as many of the esistaken notions of 'Bondholders will determine to-morrow on what day
which have arisen on this subject owe their origin to the they shall call the meeting for the presentation of their
ogled of this point. Three sorts of money, at least, exist efore , I
hxchanges are much the same as last, but notning
in every country :-Ist, Circulating money ; id, Hoarded I hardly doing, Mr. Re-rumen' n, in common with the
t. ouey : and, 3d, Exported money. There is a constant principal Hebrew Gentlemen, being absent on the occa- '
demand for. each of these, completely independent of 1 sion of their new year ; to-morrow they will retinue their
that of the others, and n-ver interfering with them.l stations. From the appearance of the Stock Exchange, as
well as Royal, to-day, up to four o'clock, a tolerable esti-
Circulating money can properly be said to be only as much I tnate might be formed of the predominant religion of the
as is employed at any particular point of time in performing fuquenters of those places.
the business of the nation ; hut, as every individual is The Colonial Market has not yet recovered that activity
obliged to keep a larger stock than he immediately wants, which pervaded it lately; it is, however, apprehended that
it must be taken to include all money required few business the present gloomy appearance will soon wear off. There
within a period which is too small to make it worth while have been some sales of Coffee to-day, which have realized
les employ the money on baud in any other transaction : but last prices with sonic difficulty. Purchasers are evidently
it a merchant has a bill to pay in a week, and possesses the hanging off in expectation of prices getting lower ; but
funds in the beginning of that week, those funds, for which this state of things cannot last long, and any thing like
he might obtain in the mean time a week's interest, cannot Continental orders will restore the equilibrium.
be said, while they continue in his possession, to form any
part of the circulating n,eilium of the rountry. Not a
tertian:4 can circulate that is unnecessary, and therefore
nothing can be called circulating medium which is not
actually of use in trade. Sums on hand, and all sums
which represent past labour, and are not employed for the
encouragement of labour at precut, can no more be consi-
dered as circulating nitdiutn than hind or houses, even
though they may be laid out in a way to produce interest.
These belong, therefore, to the listed of Hoarded! Money.
There is a portion of the people who do not wish to risk
money in trade, and this constitutes the demand for money
to be boarded. As to exported money, it is unnecessary
to Aire any description of it, as it is merely what is ex-
pressed in the name. The business transacted in foreign
caintrics occasions a demand for this description of money.
Thus there is a demand for mousy to circulate and export,
which renders the circulating and exported money a fixed
quantity, subject only to the variations ieciitteit to trade ;
and there is a constant necessity for boarding money, as the
representative of past la'iour, not being productive of per-
ruatient 'wick. The labour employed on gold remaina in
the gold ; but the labour employed on corn, after its con-
sumption, must be represented in sonic other shape.
Our principal business at present will be with hoarded
looney, which has a constant tetillesicy to get into circula-
tont so as to obtain interest or profits. littered and profits
tend to increase the quantity of money boarded ; and it
wormy thus hoarded were to con' blue to find cmplo nt, so
a. to produce inure interest and profits, it must "o on con-
tinually augmenting at compound interest, so I,IIICII only
being deducted from this increase as is spent in necessaries
or luxuries. Thus the capital of the country would nest
eerily increase in a greater proportion than its powers of
consumption, and it is vain to expect that trade could go
on ingrowing at compound interest.
As this cunt inual hicrease el hoarded money tends con-
tinially to exceed the amount of liovtrument securities,
of circulating medium, and of red securities, the capital
frequently gets engaged on bad es corities, whleli by their
fahwe trail to distrust and stagital hot. 'Misleads to a
withArawel of capital, fur the purpose of locking it up ;
which retina he effected, if the circulation do not re-
eeSve a censiderable iucr :11P, without withdrawing a

The Duke of York was engaged a long time yesterday
morning transacting official business with his Military Se-
cretary, and other military gentlemen. At twe:ve o'clock
his Royal Highness left the residence of the Duke of Rut-
land, in Arlington-street, in his carriage, and took an air-
ing for two hours, in the course of which the Royal Duke
inspected the new residence in the King's Palace, St.
James's. . .

_
The Duke and Duchess of Clarence arrived at their re-
sidt nee in Bushy Park, yesterday afternoon, attended by
their suite, from Brussels, after an absence from England
of some mouths. The Duke and Duchess, we are happy
to state, bore the fatigue of the journey extremely well.
A Quarterly Meeting of the Commissioners for the Re-
duction of the National Debt was held yesterday at the
residence of the Chancellor of the Exchequet, in Down-
ing-street. Mr. Iligham, Secretary to the Commissioners,
attended. The Chancellor of the Exchequer came to
town yesterday morning to attend the meeting. The Right
Honourable Gentleman left town about four o'clock, on his
return to Beckenham. _

Despatches were sent off' yesterday from the Foreign
(Mice to the Right Hon. Henry Wellesley, at Vienna.

The Chief Magistrates of the differ:lit Police Offices
made their monthly report yesterday of the state of polio::
ofii•oc' s, &c. in the metropolis, at the Office of the Secre-
tary of State fur the Home Department.
The accounts from Gibraltar, received on Monday. to the
Nth tilt., Slate that the southern provinces of Spain arc
ripe for revolt, and the army disaffected. They receive no
rations nor !my, hut their plundering is ovetlooked. The
Ilician army is also reported to be in a bad state, pro-
ceeding in large detachments to the confines of Portugal ;
and rumour states that the standard of rebellion against
Ferdinand will he immediately hoisted. The Portuguese
Ultra Roy'lista who have taken refuge in Spain are only
allowed bread. _ _

The adjourned meeting of the Commissioners, under the
present Pilot Act for Liverpool, 'NHS belt.* on Monday in the
Town-hall, to comider the present rates of pilotage ; and
after a long meeting it was resolved to reduce the rates from
us. to 7s. per foot, and from .Ss. to 4s. per foot of water such
ships shall draw, and other rates in proportion.

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