The British Press; or, Morning Literary Advertiser.
London, England, 1826-02-11 00:00:00

the cannot. Did his Ilan. Friend recollect the exhausted state
;be continent atter the cessation of that long•eontinued war?
ihe aye source of bullion to al country is the increase of exports.
tre nerer was s period when they were greater than they are
``rt,',. li
SO matter in tvi.at part of the world we export, it may
mom In bullion, and this retina may come by circuitors routes.
Ve Too capon to St)titli America, and bflla In payMent going
aver t.l the East Indies. may retorts !tome In burden; this
• secret of the increase of bullion, and 'the orinciplz

the true
the tievernrnent of this country is determined to set.
Te Her. who•i (poke lust had imputed to hie Right lion.
tried l'
he Chancellor of the Exchequer) that he had not gone
es of the distresece that existed, and the Hon. Memberstrlva Cuuse of temse distresses was to be found altogether in
:et' nailing. He (Mr. linehiseon)very much agreed with the lion.
mow that the immediate cache was
.an overfeeding, and that
the enisonginated Irish that treelike spirit of speculation, which
)ad, Ihoti nt exceeded any thing that had
e bees in
known exec
wnint and amount,
any
formerpeiliod ; and which born- t In what
• iladg lace taken place, namely, in that total stagnation of trade, and
in that want of cootidence, that existed in a degree almost unpa-
ragded. and which had rendered unsaleable the most necessary ar.
ones of general consumption. For what was the immediate effect
"• that overtrading ? A rapid else of prices in every branch of com-
mercial dealing, such as had never before existed in this country.
And what was the necessary consequences of such an unnatural
coarse of t • npn WI, a fall in the prices equally as sudden and
ore extensive. If he wished to show that this was felt to be the real
muse by mature. t men, he might perhaps ask permission to read
something
to the House which should be rather shorter than ni hat
be Hen. Gent. t Mr. '.llabetly), had produced as applicable to 17Z.
What he was going to read was applicable to the past year, and to
the present state of things. The House were all acquainted with
the manner in which the business was conducted In the city of
London—that a person practically informed of the mercantile
transactions published every week what was called a Price Cur-
„to of the commerce during the week, and the person who pub.
lathed it also favoured the world at the end of every
.year wtth a
summary of the commercial proceedings and transactions during
the year, and made his comments and observations upon them.
The document. therefore, whatever authority might belong to it,
was the production of a merely practical man. Now this person '
stated that a kind of mania, in the month of March, 18211, took pos.
session of all classes in the commercial world ; that many had
1114Mey sufficient to cover their purchases, while others only made
a temporary deposit of the goods, until they sboeld have realised
by a sale money wherewith to pay them. The article of autmep, it
was stated, first engaged public attention, and from thapeculanons
In them they advanced in price from 2e. did. to 1!s. tad. per pound In
one month. film, hear.) Other spices were likewise the objects of
attention. as also were the various articles of home and foreign
produce, such as cotton, sugar, coffee. tobacco, ashes, drugs of
ere-y sort; and that merchants, shopkeepers, and merchants'
*NAN partook equally of the frenny. Ana the author proceeded
to remark that the prices of every commodity ettained such as they
never would have realised if the market had been left in its natural
state, and if they had tun been produced 'by this whirlwind of
speculation: The House would tl.erefcre perceive that it was not
worn any wild adventoret, or any of the bedlamite schemes of a
few frenzied beings• but it was in the superior walks of commerce
in the City of London, and in the ordinary transactions of trade,
that these speculations took place. These speculations attached
themselves to almost esety one of the great staple commodities is
which this country necessarily dealt to a large amount; for
the production of the goods of the manufacturers, as well
as • great number of articles of Internal consumption feom other
countries, such as cotton, timber, wine, tobacco, and in short every
article that was imported from foreign countries, were the subject
of thew tipe.aliaticas. When these speculations took place,
and he bennal aneation to this feet, :t was at a time when the
e.xchanges wan considerably against this country (hear, hear)
s hen gold wee going out of t,.e country daily, an 'he would say
egsin (because he aln aye liken to act upon the doctrines of purely
practical men) that if one axiom of commerce was more unitormly
received &mom that class than another, it was this, that an infs.
namable state of exchange tended to encourage exports and to
check imports. This must be inewitahly the effect. Then if in
ties state of things, when these practical men were thus acting,
when the metallic coin of the country was going forth every day to
foreign parts. in a state of such spezulation, when, and he should
not be snaermating the case to say, agents were tent forth to every
comet of the world, min Leta and America were ransacked for
cotton and wool, and for those commodities which were to be ob-
tained and trafficked ha there, what must be the necessary result
of these things buts scarcity of money, which at that time was so
plentiful by the pipe: issuer, that it was tendered to wry man who
would accept it almost. It was Let natural then that persons
should ask themselves whether the.e was not something deranged
an the state of the currettcy, at least something wrong and different
from substantial, and whether such a state of things could
possibly last. Certainly to the later question every sober man
(nethaps there were not at that time many sober men it the city of
London), but every sober man must have answere-a himself—it
could not last. With respect to the control ore: our situation
with regard to the currency, am! with regard to trade, there might
be differences of opinion ; unfo rt en awl/ there were such differences;
but be that as it might, he would toy that It was impossible that
such a state of things should be permanent. Gold could not go
fetch to foreign countries, beyond a certain point, nithout the
Bank taking measures for its owe safety. And hots the moment'
that It took those measures, what was the result? Speculation was
checked. But the lion. Gentleman (Mr. Baring) mild .hat the
consequence was a panic in various ports of the county ; come of
the country banks were ruined, and involved in its calamity many
who were solvent at the time. The lion. Gentleman would see
that this was making it very difficult to meads his plan. The
number of country banks amounted to seven or eight hundred in
Lngland. The Bank of England was the only reservoir on which
they could draw, and it was assailed by them on every side. The
Bank was placed in a situation, he would not say of embarrass-
ment, but were strewed for money, and could not bus look with
aniety to the Increased and sudden demand made upon theme Then
he would ask whether the House thought that a state of things
which exposed the Bank of England to such demands ought to last,
or whether It was altogether safe or consistent with the Interests of
the country ? For his own part, he really had no difficulty in sec.
aiming that question by saying that his own deliberate opinion,
windily watching the course of events for the last few years he
had been able to form on the subject was, that a permanent state of
cash payments, and a circulation of one and two pound country
bank notes, could not coeexist. (Hear, her.) It was sufficient for
him in state, sitheut entering into any argument at this time to
front it, that if there be in any country a paper currency of the
name denomination with the coin of the country, that paper sad
min would circulate together. (Hear, hear.) lc would be the
intmeat of thoic who issued the paper currency to drive the metallic
currency out of circulation. H: would state as en unqualified and
general proposition, that if persons were allowed to take notes fee
Ave shillings, there would never be seen any crown pieces'
in the country and its nominal value b,.ing so much above
its ietrinsic value, that if paper were to issue so low as
tana-sown, they would never ate nny half-crown pieces in
circulation. And he therefore would assert, that so long as IL
rotes were allowed to be circulated, a golden sovereign would never
be seen in circulation. He did not of merely theoretical opinion,
but be stated a fact, which the state of the currency throughout
the 'their country, with the exception of Lancashire, demonstrated.
In 111.12 and lit_'{ *nen the exchanges were favourable, the Bank
of England were oaturalty enninus to saturate the country with gold
coin, and remittances were mate ; but the fact was, that the sove-
reigns went down by one mail-coach and were returned by toe
;,rxt. (Near, helm) It was, in fact impossible, as the country
banks at present existed, that there should be any such thing
an a metallic currency. If this be the case, he would ask
the House to look a little to what it was obvious every
country bank mast feel (and he did not blame them for it),
namely, the greatest desire to put out the greatest possible issues,
and to get rid of the sovereigns. They kept no gold about them,
because the one pound notes superseded sovereigns. What then
did they rely upon ? If they had prudence and caution, which it
night be thought many of num had lately shown the did not
nay largely possess, though he believed the provincial' banks in
this country were generally managed by persons of cenaiderable
wealth, altd great caution ; yet what they principally rested upon
ems the Bonk of England. Not only did these seven hundred
banks look to that quarter, but the banks of beotlond,—(hear,
huts, )teat) and also the provincial banks of Ireland resorted to
the Bank of England for their gold. He would ask the
Ileum then to consider what was the situation in "illicit
the Batik was placed ? Was it any part of their char.'
ter, or was it any of their duty that the Bank of England
ithould provide gold, not only to meet the ordinary demands of the
country. Lot for all the country banks when any sudden panic might
setae it. Nay, to provide this too at a time when foreign exchanges
were unfavourable, and in indeed under any circumstances that
night arise? The thing was Impossible and indeed vnost unfair.
Perhaps while they possessed exclusive privileges of banking
throughout England there was something to be expected from them
to this way ; but in proportion to their surrender of their privileges,
nnd for which they deserved the thanks of the country, for that'
proportion the Bank had claims that they should be delivered from'
the task which they ought not to undertake, and if they at-
tempted to do so again it might place them in a situation most
perilous to their own welfare. The Bank of England, although
°l'lt like other banking nenerna, was still liable to serve them all
With gold. Let each country bank Immo its own solvency, by
ittring a portion of the coin of the country. that they might answer
I) h:hdemands trade upon them indepentient of the Hank of England.
the the feverish spirit of speculation operated, and the foreign
tee urges were unfavourable, and that gold was going out of the
no Otry every day, he wished the Bank to look at what would
eu
the consequences if, together with a check upon trade, these
hould be an unfavourable harvest. His Hon. Friend (Mr. A.
haring) said that a bad harvest Might bailie the utmost prudence;
hat there were other events which must occur that might require
,seetidetable foreign expenditure. But here they were with a
farnaurable harvest, in the midst a profound peace—with no atnia-
4me I,nl° Lehi, up, nor any expensive establishments, and yet were
1 11.teprepurd to say that the Bank had proved itself equal to
any sudden emergency should war break out ? How could it
'sexnr.e that a permanent state of cashpayments should be kept
i` they did not make a larger provision ?pay (Hear.) He would
n", the strongest manner, that the question before the House
11 ething mere than this—whether the House was prepared to
tom)lty the hazard and disgrace (after all that had been done by
ef violating the system of cash payments—or whether, to
pah"etred titton
put
which would only prevent it. they were pre-
_put an
h end to the circulation of one and two pound
ota`hrs
woltuciittim t not to be considered a party question ; the Mi.
haye support, he trusted, in this case, from those
not eonc
• our in their general measures. (Hear.) It was
-mon of the greatest moment, and of the utmost magnitude to

the country. His Right lion. Friend (the Chancellor of the Et.
chequer) had said, that if the proposal should not be adopted, but
should be left to the chapter of accidents, the responsibility woeld
not be his. stir should he envy those on whom site responsibility
might lall. Wilt that aentiment he (Mr. I Ineirieenn) fully con.
curved. The fault was not that they had not a remedy for the ex-
clusive issue of paper. The remedy was in the tom/avert of the
currency; and this they had discovered in the panic that had taken
pleie, and the deorection of all confidence between man and
man ; they had found it now, in the difficulties greater; than
when labouring tinder actual ecereity. He (Mr. Huskissnn)
trusted shey should escape the danger and disgrace that would
fallow front a departure from those principles relating to the cur-
rency which Parliament had solemnly recoeniscd. Tile lion.
Member for Cricklade had said, that if the House made the pro.
posed alterations the count!, would find themselves in the end in-
volved in the same agricultural distress as misted in HUI and
1811 e. Ile believed his Hon. Friend had spent the recess in Eng-
land ; if he had not he (the Chancellor) should have thought his
Hon. Friend had come from some foreign country where no state-
ment of the actual situation of England had ever been reeeived.
Had his Hon. Friend hesrd of the banks Stopping at Maidstone
and at Hull, the consequences of which fell not only upon the la-
bouring chases, the tradesman, and the shopkeeper connected with
the circulation and business of thcps towns, but upon the farming
class thernselves 1 Many Gentlemen hod been obliged to postpone '
the receipt of their Tents, because their tenants had lost that money
which would have paid those rents by the failure of some of those
I banks. Wages to the agricultural labourer were paid in 11. notes,
and many of whom watadeprived of the procuring t heir weekly wants
by the distress that privailed ; that dieters. which had overtaken
every class of men in a greater or less degree. The Noble Lord
(Lord Folkstone) had said, that the distress was yet confined to the
manufacturers. It would, however, operate re ditninsh the demand
for consumption, and which in the end must extend itself to the
agricultaralist, and every other branch of industry. When the 1
agricultural distresses in 1322 were relieved, it was not so much by
any act of that House (for which he would take his share of blame)
u by the increasing demand for agricultural produce by the '
manufacturing classes }lam the increased means which those 1
cbssesthen possessed. The Bight Honourable Gentleman then
adverted to the argument which had been adduced from the
state of Fiance, and observed, that though France had been in-
vaded. and had seen its capital twice occupied by foreign armies,
and was in a state of distress from want of corn, bordering on
famine, yet no rapid fluctuations had ever taken place in the cur.
rency of that country. If there were any, they only reached the
great capitalist, the loan contractor and the adventerous merchant
they laid prostrate the forest tree but did no touch the humble
reed. If the propositions made by his Right lion. Friend were
adopted, it would be proved that if the ftweign exchange were un-
favourable hat for week, every couutry banker would feel it.
This would make them more cautious in their advances, and
more provident in their issues; and the moment they were !
thus sensitive, the danger would be over. It was upon
that foundation that he was mast anxious to make every
country banker as much interested as the Bank of England was fur
its own safety, to watch these exchanges. If, then, it being neces-
sary from the highest political considerations to establish a metallic
mance, upcn a larger basis than at present, he would ask whether
this was a fit moment for beginning any such operation. To give i
the country banks power to make 1/. totes was, in 'fact, giving
them a prerogative of coining (hear, hear) in an exorbitant degree.
Let them issue credit paper to any amount above the denomination
of the coin, but whatever that denomination was, lit it be protected;
paper costa them nothing, while sovereigns cost the Government
that which they represent. But the question that remained wan,
was this a fit time for providing by law that this paper currency
shorld be gradually and progressively withdrawn? He certainly
had heard an opinion that this was not the fit time for making the
alterations, but the argument was upon principle which was not
altogether intelligible. The circulation of these notes. by conse-
quence of failures and other causes, were now much curtailed, and
he thought this was the proper time for *doping the measure.
He scarcely understood the proposition of the Hon. Gentleman op.
posite. Ile understood hint to propose that the small notes shoild
be withdrawn from circulation in four years instead of three. But
could the lion. Gentleman insure a succession of good harvests
for foot years ? or could he issues us that for four years we should
continue in a state of perfect tranquillity ? Ile (lib. Huskitson)
hoped that plenty and tranquillity would continue for many years;
but as prudent men they we not to depend upon such hopes,
but to amity a remedy for the existing evil with as little delay as
possible. Continuing to punk the issue of small notes would as-
suredly aggravate the distress. In fact, if arguments of the de-
scription he had heard to-night should put aside a proposition like
that of his Hon. Friend's, he would despair of ever seeing any con.
siderable improvement in the state of our currency. An observation
had fallen m to the number of partners which should be admitted
in a bank. If he was disposed to engage in a country bank, he
should probably decline it if there were to be five other partners,
because such a number of partners would be too opt to expose the
bank to hazard by. commercial speculations for their Individual in-
term. But two nundred partners were very different. !fa bank,
consisting of two hundred proprietors, was governed by Directors who
should be tied down, and the proprietors had a diminished lies.
bility—if Ruch a bank could exist under the charter, lie admitted
that it would be a very desirable arrangement. But it was one of
the copditions of the darter of the Bank of England, as well as of
the Bank of Ireland, that no limited responsibility should be al-
lowed. This was an insuperable difficulty ; but, independent of
this difficulty, he agreed with the principle. There are some
banks in Scotland having over 60 partners; and the Provincial
Bank established in Ireland had more than 60 partners. As far as
it went, the projected removal of the restriction was a positive ad.
ventage to the country. He agreed with the lion. Gentleman, that
in order to meet the exigencies which may occasionally arise,
it would be desirable that the alteration in the circulation should
rest on a broader basis than was proposed. Under the present
system the effect was, that when the Government or the Bank by
great efforts got a supply of gold coin, they saw it go away only to
be again purchased. The Hen. Gentleman scented to have a very
strange idea of the principles upon which a paper currency was
founded, and if he had been the Manager of the Bank, and his
principles were adopted in governing it, there could be no doubt
that there would be a stoppage of the Bank at this moment. There
was one point more on which be thought it necessary to make an
observation. It wu said out of doors and hinted within, that Al i-
nisters were to blame for countenancing the wild system of specula-
tion indulged in a abort time ago. That imputation was unfounded.
It was unfounded as related to the noble person et the head of the
Government, and if he might allude to so humble an individual as
himself, it was unjust to him. (Hest.) The rage for speculation
cotomenced only last, and so early as February he said that the
worst gambling lottery was a safe adventure compared with some
of the speculations then afloat. Again ia March he expressed his
opioitm that those speculations would terminate in the ruin of indi-
viduals ; but the advice then given was disregarded, nor was any
stop put to this ruinous rage, until the concerns in which so much
capital was involved were totally overthrown. Government did
every thing to discourage these speculations, and on their part he
begged to repel the aspersion which was thrown upon them. (Hear,
heat.) He should sit down with observing that the proposition of
his Right Hon. Friend had his most cordial assent.
Mr. GORDON said that as he had been alluded to by the
Chancellor of the Exchequer, he begged to be allowed a few words
in explanation. lie had said that lie apprehended if the one and
two pound bank notes were withdrawn at a period like the present,
it would affect prices and make it difficult to get in rents. lie
still persisted in this opinion. The Right Hon. Gentleman seemed
to have got new light on the subject ; he had brought down a Bill
to suspend the prohibition of small sons, when the agricultural
interest was suffering under di•trese, and the landowners com-
plained that they were unable to get in their rents. He (Mr. Gor.
don) had opposed the Hon. Gentleman's propositions, because he
thought it impossible we could pay in geld what we had borrowed
in paper. In conclusion he would venture his opinion that the
existing distress had not arisen from the issue of one pound notes,
and he deprecated any measure which would reduce the circulation,
diminished already by more titan a million, and half which had
been withdrawn by the recent failures of so many banks. He
hoped his Majesty's Ministers would reconsider a measure which
seemed calculated rather to aggravate the distress.
Several Members rose to address the Chair, but gave way to
Mr. CANNING, who said that an many Gentlemen were
1
desirous of giving their opinions on this subject, he should con.
tent himself with moving that the debate be adjourned to Monday
next.

The House then resumed, and the other orders of the day being
disposal of, the noose adjourned at HALF-PAST TIVELTX o'clock
I. Monday.

PRICES OP BRITISH
Bonk Stock 200 197;
Ditto Acct. 199
3 per Cent. Red. WI 771
3 per Cent. Conti. 771 j 77 I
Ditto Acct. 77i 78 77 QQ
New 4 per Cent. U4l WCZ

STOCKS YESTERDAY.
Blexican Bonds
Di:to Bonds (1826) 604 1101 4
Ditto Acct. 1;04 00 IA 604 694
01 60.1 lt
Peruvian Bonds 38 8 7
Portuguese Booth 73,
Russian Bonds 79 7
Ditto Aect. 784 74
Spanish Bonds 11 104 10
ANGE YESTERDAY.

PHICES tiF let/IRETON
Brazilian Ron& 62 60 1
Colombian Roods
Ditto Bonds (1824)62i 34 24
3
Dittol4 Acct. 524 23;2 4 2
If 3 21 34
Danish Bonds (1/125)
French Renter 8 per Ct. In Mk.
Exchange 26f. 3k. 26e. 30e.

COURSE OF Excn
Amsterdam C. F. 12 11
Ditto at sight ... 12 8
RtAterdato ....—.....2 U. 12 12
Antwerp 12 12
Agin burgh 24 U. 37 8
Akona 24 U. 37 9
Fpria, 3 days'aight 23 Ml
fltto 2 U. 23 84
Dottiest*: . ........25 84
Heflin 7 0
Irtank.on Alain Ex. A 1.156
Peteriburgb, rble. 3 Us. VI
Vieuna,elreetiva H. 2 M. 10 13
Trieste ditto 10 18
Madrid 311
Cull; 38
111/boa 381

'4TOCKS YESTERDAY.
13i per Can. 86A
Long Ann. 19 7.16 i
India Bondi 4 10dis
Ex. NH161,0001.2 1 4 dis
I Ditto. 600/. par 3dia
Ditto Small 3 pm par

Barcelona.
Bettye
•••36i
Qibn
ltar 31

Leghorn 48
Genoa 43
Venice
............ 0
Malta. e_

1 Naples...—. ....---..».—81i
1 Palermo per os. UV
Limbos 14
Oporto . .: .. ...... .........
1110Jan/ire« ...... 4.
Bahia .4
Baena, Ayres ......... 43
Dublin I
...« 1

aus.s.tow,rita oz•
s. d.
IPortugal Ooldin coin 0 0 0
Foreign Oold in bags 17 8
New Doubloons 0 0 0
New Dollars 0 4 II
Silver in bars; stand 0 I 1

Tim Waif rego.

The nelltl/11 Pans' comincneal publishing yes:tidal more.
ins st half-past five o'clock.

LONDON, SATURDAY, nciaamty 11. 1624.

Last night we received the Pdrla Papers of Wednesday.
The pressure of commercial distress-increases daily on the•
Continent, and the roost eminent mercantile and banking
houses are sinking beneath it. The great establishment
of &riveee, brothers, of Bnlin, has suspended payment.
The shock thus given to public confidence will be severely
felt in every ramification of credit throughout German••.
There is uo longer any doubt as to the very favourable
aspect of Greek affairs. All tbereeently-reported successes
of the Patriots are confirmed' bj later intelligence. The
Chieftains have banished discord from their councils, and
the soldiery are submitting to a regular system of military
discipline. The two Plenipotentiaries, it is stated, have
been sent from Constantinople only to appease the dissen-
sions among the Turkish Commanders. This we think
is highly probable. Missolon,shi however is certainly
saved, Tripolizza has been re-captured, and the troops of
IBRAHIM PACHA defeated near Salona. Greece therefore
must be free:

The Austrian Government has ordered a further direc-
tion of 6000 men from the army of ozeupation in the
kingdom of Naples. They will be marched into the Mi-
lanese territory for the present.
From the PUote of Wednesday, Felt. 8.1
YAMS, FED. 7.
We learn from Berlin that the banking-house of Benecke,
brothers, firs just stopped payment. This event, it is said, has
caused an extraned:nary sensatior.
The news from Greece eontinnes to be more and more satisfac-
tory. The defeat of the Turks and Egyptians before filissolonghi,
the naysi victory of the Greeks, the retaking of Tripolizzs by
Goloeotroni, the defeat of a corps of 2000 men sent by Ibrahim,
towards Salons, receive fresh confirmation by all the letters which
arrive from Greece or the neighbouring countries. The affairs
of that country travelskett a very different turn since the opening
of the winter campaign. What proves the confidence of the
Greek flourtiment in the success of the most holy of causes is, that
it has just included In a political circumscription several places
of which the Turks are still masters. In general the courage of
the Greeks revives. The stay of the Egyptian in the l'eloponnesus,
far from having destroyed their hopes, seems to have doubled
them. It may even be said that it is an evil which has been pro.
duetive of great good to them. They had aced of a severe lesson
to make them comprehend the necessity of extinguishing their dis.
sensions, and of submitting to military discipline. Tltia lesson has
been given, and we indulge in the hope that they will profit by it.
The defence of Misolonghi is at all events one of the most glorious
military feats which the annals of modern Gree:e will have to record.
We do not hesitate to say that it has decided the fate of the Greeks,
ar•.d that they li7J indebted to it fot their salvation.
From the Journal de P.7rii.l
FRAWEFOAT, FED. 2.
According to letters from Vienna, the Supreme Aulic Council of
War has given (inlets for ti.ooll men of the Army of Occupation in
the kingdom of Naples to continue their march in the month of
March next, to proceed to the Milanese, where they will receive
further orders.

,News are published at Corfu, conl:rming the victory obtained
by Admiral over the Ottoman squadron, and the defeat of
Ibrahim Pacha, under the walls cf 3lissolonglii, who had 1800
men kiiled. That town was crowded with Egyptian prisoners. It
has also been announced at Corfu, that the two Turkish pier&
potentiaries said to be sent front Constantinople to enter into news.
nation with the Greeks, had no other commissions than to put an
end to the differences between the Turkish generals.
FILEMCM FUN US.—PARI B.—Five per Cent. 99f. 43c. ;
Three per Cent. 66f. brie. ; Bank Stock., 20851. ; Rent. de Naples,
761. 25c.; Royal hpaaisk Loan, 48ii ; Hayden Loan, 7801. Ex.
change on London—(3loney) One:dumb, 211. 45c.; Three ditto,
251. 2k— Coes* Asthentique.

Pursuant to notice, the CHANCELLOR of the EXCHE-
QUER last night, in a speech remarkable for its luminous
style and manly sentiments, brought the subject of the
paper currency of the country bankers before the House
of Commons. The principle of the Bill which the Right
Hon. Gentleman intends to introduce into Parliament is,
that all the notes of country banks below St., now in circula-
tion, shall continue current only till the sth of April, 1829.
Government have already, on their own responsibility, re-
fused to stamp any fresh notes, and this prohibition will form
part of the Bill, so that there can 'be no further increase
to this kind of paper currency. The statements of the
CHANCELLOR of the EXCHEQUER will be read with great
interest. A debate of some length ensued, which, consi-
dering the serious importance of the subject, was, on the
'notion of Mr. Secretary CANNING, adjourned to Monday
next.

Mr. Coaamr, we understand, is busy in planning his
return to Parliament at the next general election. The
difficulty, it seems, is how to raise the dust—the gold dust
we mean—without which nothing is to be done on this side
the moon. Sir THOMAS Beevoa unluckily has no aid to
offer in this way, and the chance seems verydistant that St.
Stephen's Chapel will ever echo to the voice of this re-
nowned patriot, who, no doubt, were he once within its
walls, would make gold as plentiful as peppercorns, and
the road to every cottage would be strewed with applc-
dumplings and flitches of bacon. These at least are the
promises which this heroic Radical would feed his followers
upon, so long as they crowded to the poll. Should lie ac-
tually aspire to become a senator, we hope he will place by
the side of his address to the freeholders the following no-
tice, now lying before us, which lie caused to be issued in
due form on the 11th March, 1809, and which at the time
was copied and circulated in Hampshire in the following
handbill, to which it may be useful at this moment to draw
the att: iition of the public.

"TO TIIE FREEHOLDERS OP HAMPSHIRE.

" Tl,e following Fair Warning' of the gentle Con_
HET r, Lord or the Mania- of FA ItTIIORN, was exhibited
for some Months in the public Kitchen of the Dolphin Inn,
in his own Hand Writing, and is presented to
enable }ou to decide uhether he bra fit Person to make and
execute !xi:7
.ror the Government of his Fellow Nen ?
FAIR WARNING.

' FUME Villain or Villains having cut several young
Trees, a►d otherwise damaged the Woods in the.Mallou
OF b'aito noes, I hereby give Notice, that the first
Person who ►.hall be detected in the like, or who shall be
found trespaning in any Part of the said Manors will be
prosecuted by me, let them be who they may; and that
NOTHING SHALL INDUCE ME TO FORGIVE
THEM.

That no one hereafter may plead Ignorance of the

Law, I Lire gi vo, from the•SelisirmoyNrriapaperof the
7th of this Month, the following Extract:
" On Saturday two young Men were publicly Ishii)* in the
" blarket-P:ace of this City. They brought this Punishment
" and Disgrace nn themselves, by cutting and destroying young
"•Trees in the Woods of the Earl of Ram, of which they
" were convicted at ere last Quarter Sessions, when the Statute
" Imperatively obliged the Bench to sentence them to Three
" Months' Imprisonment, to be three Times publi.ly whipped,
" and to give S:curity for their good behaviour for two Years."
For the second Offence the Punishment is Transporta-
tion fir Life.—Now, after this Warning, let no one com-
plain of SCVERITY. If any one is caught, I WILL
LISTEN TO NEITHER PARENTS NOR FRIENDS,
but am resolved to give every Offender Ike full Measure of
the Law. I hereby offer a Reward of Ten Guineas to any
Person who will inform to Cdnvictinn against army on^ com-
mitting the above Crimes in the MANOR or
THORN. I offer a furthc: Reward of Ten tininess to
whomsoever shall inform to Conviction anit:st the Villain
or Villains who have maliciously destroyed Part of the
.Bridge at Botiey.
I give this Notice, once.Pr all: I will never. giveanother.
PUNISHMENT IS NOW WHAT REMAINS TO
BE INFLICTED.

' Wm. COBBETT.

TT.TY, Ilth of March, VMS.'
"This it is to become unexpectedly the Loan or A
MANOR and pOSAtilled Of Powaa.
" ('an such a Man be a sincere Advocate against flog-
ging a Soldier for Offences against Military Discipline, who
would transport for Life a thoughtless Boy for cutting a
Walking Stick in a Hedge-row? Could he have any other
intention than that of which he has been convicted by a
Jury of his Country, and fer which he has been justly
punished ?
" ENGLISHMEN AND HAMPSHIRE MEN,
I'ut these Questions to yourselves."

We will leave the poor to reflect on the above specimen
of Mr. Cobbetes real character, and we would advise them
to paste this notice of his against any hustings from which
he may harangue the populace, every one of whom he
would hang upon a pole, if it suited his purpose, the mo-
ment their votes had placed him at the head of it.

CITY, FRIDAY EVICNING.

The Stock Markets this morning were exceedingly heavy,
and the prices were for the most part giving way during
the first two or three hours of business. The opening
quotation of Consols was 77f, and after a momentary ad-
vance to 781, they declined to 7C. The cause for this
sudden and extensive depression was stated o be bad news
from Russia, but we could not trace the rumour to any
authority. The distress in the commercial world is, we
fear, as great as ever (although we have not heard of any
failures to-day), and that circumstance must continue to
press upon the money markets. The transactions in money
Stock were very large, and sonic eminent brokers were
operating to an immense amount. The concluding price
of Consols was 7714. The large Exchequer Bills were 2s.
Is. 4s. dia. and the small 3s. pro. to par. It was again re-
ported this r:orning that a certain portion of Exchequer
Bills would be funded.

The Foreign Market was in a state of complete stagna-
tion, and scarcely any real prices can be reported. Colom-
bian Bonds were as low as S 2, Mexican 6 per Cents. 601,
Russian 'Bonds 77i, Spanish ditto 10¢, and Greek ditto
16i I?.

There was very little bebinets doing in the Share mar-
ket. What little there was evinced the distress of the spe-
culators in these adventures. Prices were, without au ex-
ception, lower, and are to all appearance likely to be much
lower still. Anglo-Mexican Shares were quoted at 20, 1.5
discount. New United fluctuated from 2to 3 dis. Bolanes
were selling at par. The Potosi Association declined to 31
dia., and the Brazilian Shares to 2 dia. The Bolivar Company
bore a premium of 7t 8. The Shares of the Continental
Gas Company are at the almost incredible discount of 6A,
there being only 81. paid. The Provincial Bank of Ire-
land was quoted at 4&t die., and the IVeat India Company
at 21 dia. Some bargains were done in British Rock Salt
Shares at 1 premium.
The Colonial Market continues under considerable de-
pression, and the bargains in it are to a very trifling extent.
In the Corn market to-day the quotations were the same
as those of last week, and the supply of every kind of
Grain abundant.

Thursday evening the Duchess of Kent and the Princess
Feodor, attended by Captain Conroy and the Baroness De
Spaedth, honoured Covent-garden theatre with their
presence.
Despatches were yesterday received at the Colonial.
office from the Leeward Islands.

On Wednesday morning a Russian courier arrived at the
Russian Ambassador's house in Dover-street, Picadilly,
with despatches from the Emperor of Russia to his Ex-
cellency Count Lieven.
Mr. Meates, the King's messenger, was to leave town last
night, with despatches for St. Petersburgh.
Yesterday a Board of the Lords of the Treasury was held
at the Treasury Chambers.
Sir Herbert Taylor transacted military business with the
Duke of York yesterday morning, at his Royal Highness's
house in South Audley-street.
TIIE LOU) CHANCELI.OII.—The answers given yester-
day relative to his Lordship's health were, that his Lord-
ship was a great deal better. On inquiry at the House of
Lords, a very cot-Went hope was held out that his Lord-
ship would be able to atteni Liacoln's Inn Hall this
day, for the purpose of disposing of some important
causes which have indispensably stood over siuce his indis-
position.
We regret to state that Mr. IVallace, the Master of the
Mint, is detained from his Parliamentary duties by serious
indisposition.
Mr. Courtenay, the new Clerk-Assistant of the House of
Lords, commenced his duties yesterday. By the new re-
gulations lie has a fined salary of 52.500/. a-year, besides
the large official house in Palace-yard. Mr. Cowper, his
predecessor, had fees as well as salary ; and, owing to the
number of private bills before Parliament last Session, his
last year's income is slated to have been between 8 and
10.0001.

Mr. l3artley commenced his Lectures on Astronomy last
night, at the English Opera House, to a most respectable
audience.

Caraccu Papers to the Ist January have reached us.
The only intelligence of interest they contain is the news
from Peru, stating that the Liberator and General Sucre
were to meet at La Paz, in Upper Peru. The Liberator
was at I'eru on the 6th August.
liv the Leeward Island mail we have received files of
West India papers to the middle of last month. Barbadoes
and tile adjacent islands have sent petitions to England
against the new measures for the amelioration of the slave
population. The inhabitants of Tobago have taken much
higher grounds. They refuse, peremptorily, compliance
with the regulations proposed. The quarrel between the
Governor and the House of Assembly of that island still
continues. A general petition for his removal from office
has been signed by the inhabitants and transmitted to
England. The Council issued on the 28th October an
official document, of great importance, relative to the
measures ordered by the English Government to be enforced
in our Colonies; the Council in part will admit the new
measures, but only in a small proportion. The document
is too long for insertion ;—they will not agree to postpone
the punishment of negroes till the day after the offence,
and will not require a white person to he present at the
flogging. They will have no slave testimony m the Courts
of Law.

TO THE EDITOR OF THE BRITISH PRESS.

Sirr,-Since It was first 'known in this country that the
Provinces of
.Upper Peru had formed themselves into an
Independent State, many persons have believed that, cm
'their separation, they had had a contend*, with some of
the new Governments to which they previously belonged,
which it really the case, and although conthicted in a' paci-
fic manner, unaccompanied by the intervention of armed
force, would suppose either a very inconsiderate conduct
on the part of the Provinces thus• separated, or an unjust
comportment, which might have given tise to their separa-
tion, on that of those to which they wire once united: cir-
cumstances both productive, of the game ides, namely, a
great want of knowledge of social interests, together with a
complication of turbulent passions, which mast necessarily
hive stifled the little !battik! exist.

But the affair' has hap_pened in a manner entirely
different. During •the dominion of Spain, the Province*
of whidir I now speak belonged to the Viceroyalty of Peru,
which then also comprised Buenos Ayres and Chili.
When the Viceroyalty cf Buenos Ayres was established hi
1740, its limits were extruded towards the north u ferns
.the Desaguadeyo, and therefore the said Provinces of Upper
Peru wore united to it. liThen the .capi!altef Buenos
Ayres raised the cry of liberty in Btu, audit:torched as
army inro the Viceroyalty of l'erm the Governor of Os
Province proclaimed that the political and military govern.
nsent of the Upper Provinces should be int' nsted to the
Viceroy of Peru, until order could be re-established; and
amidst the events which took place during the war of the
'following fifteen years, they were subjected, fitibort inter.
vale from each other, to the Spanish chief% who resided.
in Lima up to 1821, and afterwards in Cusco up to 10324,
in which year thy vietory..of Ayacucho, and subsequent'
destruction of Olaneta's division in 18'25, delivered them
finally,
.with the rest of the continent, from the yoke of
their former masters.

It was when this last event appeared no longer dubious
that the republics of Peru and of the united provinces at
Rio de la Plata almost simultaneously, and without having
communiatteg tog:Alter on the subject, gave the world $
signal example of their liberal and generous principles by
renouncing all'pretensions of holding any jurisdiction over
the provinces thus denominated Upper Peru, and inviting
them to adopt, a. 4 they were then free, what form and mea.
sures they thould think most preferable for their organi-
zation ; and this without the United Provinces availing them-
selves of their righto them by their having, up to the be-
ginning of the war, belonged to the government of INenoa
Ayres, nor the Peruvian republic calling into considelation
the repeated expensive attempts it made to emancipatillifin„
nor the ultimate forces it sent there for the same•purpose,
then finally crowned by the most complete success—a mo-
deration common to all free governments that do not seek
their aggrandizement by means of conquest, but by spon-
taneous accessions, fonnded.on the interests of their
and,.ebove all, agreeably to' that friendly intercourse that
ought to exist between the different sections of America
(formerly denominated Spanish), which sections, although
incapable of shaking of the yoke at one and the same time,
have at lea.t all co-operated in this glorious enterprise by
opinion and example, if not by armaments and soldiers.
At the above simultaneous invitation it is not difficult tar
presume what resolutions those four provinces, thsts con-
voked, passed, in delibtrating,iamid the surprise caused by
the recent change, on their future career. They did on
that occasion what was most requisite, and might least dile,-
please the surrounding sections, which was to constitutes
themselves an independent state; but this was effected
without there having been any dismemberment of poll.-
tical association, as no such thing has existed betweeh
them, nor can from the most distant reason be supposed to
have existed since the war of the etuancipation.
If you would, Sir, please to make known the facts men.
tioned in the above lines, you would greatly concur in cor-
recting an erroneous idea, at present prevalent, as to the
conduct of those countries, which, although newly arisen.
in their political career, endeavour to follow the path which
this enlightened age and the actual state of civilizatioie
point out to them.
. .

I have the honour to subscribe myself, Sir,
Your most obedient servant,
London, Feb. 9, INI6. A PERUVIAN.

Fismo.vAßLE INTELLIGENCE.

The Duke of Atlioll entertained a distiniuished party at dinner
yesterday, at his house in George-street, 44 estminster.
The Countess of Charleville entertained a large party of the heat
Om yesterday evening, at her house in Cavendish-square.
The Bishop of Exeter had a dinner party yesterday, at his house
in George-street, Westminster.
The Earl and Countess St. Germain and family have arrived at
their house in New Burlington-street, from their seat, Putt
Eliot.
Lord and Lady Dynevor and family arrived on Thursday at
their seat, Barrington Park, Oxfordshire, from South Wales.
Lord Bruce has arrived in town from Paris.

....
Colonel and Mrs. Kelly have left flolmes's Hotel, Parliament..
street, for Ireland.
H. IVilloughty, Esq. M.P. arrived in town yesterday frma
Northamptonshire.
G. Wyndham, EFq, arrived yesterday at Gould's Hotel,
Jartnyn-street, from a tour.
Henry Entwistle, Esq. arrived yesterday at Miller'. Hotel,
Jere-gra-street, from Hastings ; Sir Hugh Gough, Bart. has lett
ditto for Cheltenham.

Mrs. Wise and family arrived yesterday at Jordan'; Hotel.
St. James's-street, from their seat near Leamington, U'arwickts
shire.
Departures from Kirkham's Hotel, Lower Brook-street :—,
Gomm and Mrs. Dundas, for Brighton; W. A. Johnson, Eyel-
et] 1 tour; and Captain Murphy, for Dublin.
Arrivals at Fenton's 'Hotel, St. James's-street :—Mr. and Mrs..
Morgan and family, from Cheltenham; Mr. and Mrs. Hayleytt
and family, from their seat in Dorsetshire ; and John Stevens,
from Bath. Departures :—The Hon. Captain Forbes, on a mar
and Thomas Clutterlmek, Esq. for Bath.
Arrivals at the Royal Hotel, St. James's.street :—J. C. ktaTra.
Esq., from Edinburgh; Captain Johnson. from Uxbridge; A..
Hillhouse, Esq., from Clifton ; J. Page, Esq., from Holly !Id,.
Kent; It. Dennison, Esq.. and. family, from a tour: the Rer. I .
Brooks, from Liverpool. Departures :—The Hon..W. Berestbri,
on a tour; D. Heneage, Esq. on a tour; the Earl Cathcart, fee
his seat, Woodthorp, Yorkshire.