The British Press; or, Morning Literary Advertiser.
London, England, 1821-12-22 00:00:00

3,
ier.....,,,, 1.
eif the t,ottod k
• .t. Of the fret, therefore, that a wery considerable
Iprechstmo had breii produced in our currency by
the snspeusion of cash payments in 1797, no rational
wood coo, for • marnetit, entertain • doubt, llo-
oiortl, it is sew almost universally acknowledged
..bat tholesereney of this realm had antlered some
1 ir:petslllllVoi lithongh there be nut quid concur-
, our of *Onion as to the amosint.of tine deprecia-
lingo lir. Ricardo maintains. that it did hot ez-
' 3:511t1 or eight pee cent.; while Mr. Boring,
1 confidence, rates it is high as 331 pet
cent. These two estimates appear to be the ea*
trenses between which this depreciation fluctuoted
between the year 1797 sod the year 1819. 11 wa
rake the niers' amount of these two rationales, of
itit per cent., it will probably give very nearly that
aventge ambunt to which the pound sterling liadi
during, that period, been depreciated.
To 'hew the additional pressure thrown upon this
occupier 4,iy the opeiation of this alteration in the
standoroly let me take the tortoni.' of one boodle
acres of land hired, seven years ego, at 40s. per
were. The truant then promised to pay his land.,
lord 200 i. sterling in paper ; gold bullion at the
some time sold in the mothet as five of throe
Swamis smiling per or. The :tool, sterling mint b
sl.e tenant. therefore, promised to pay, as rent, fie
throe 100 acres of land, would hive purchased at
this rate just 40 oz. of gull!. Now every school-
boy must know that if quo/. steeling ere equivalent
to 40 W. of gold, one of these pounds sterling muse
he equivalent to the fifoli part of MI ounce. Of .0
96 grains. The statiderd of the pound sterling was.
ilierefore,96 gismos of gold. The repeal of the Wink
Restriction Art raises this staiiitard from 96 grate.
to HO grains of gold (1 shall leave out the from,
lions). that is, it rotors the stand .id of the !wand
sterling from the depreciated rote taro abode it
had fallen dining the suspension of cash pa 3 weeds
by the Bout. and restorer it to its metallic volt**
befoie that suspension. The rent which the truant
contracted to pay his landlord for 100 acres of land.
ass 9044. sterling, or 40 or. of gold. The net out
of the Houk R.strietion Act raises the value of the
slaostaral so ISO grains, and oblige's 101/1 to pay Ina
landlord the oarwe member of pounds melding COOP
tossing this quantity of gold. Before the repeal of
thi. Act each K. of gold counted for fire pounds
sterling. rime its tepeul It can comet only fur four

I.
Jo/ .
6/.'
. .STATE OF THE CURRENCY.
EXTRACT FRO* A SECOND LETTER TO THE RIGHT
NON. PREDERIcIC 3. ROBINSON. UN THE PRE-
! SENT STAIR of THE CURRENCY.
•
[From the 37th Moodier of the" Pamphleteer"] .
911a-al-Isving in the preceding letter discussed
Imie of the sources from which the present dis-
'ls tiellaas of ogricalture Lave been supposed to spring.
1 doll men proceed to consider another cause to
Which thy Mve been ascribed. This is a branch
II of the *lime which involves a quietists of very
; great ical merits the Most candid
suia t • ' . ply im-
ti, at the
.. *- k tileakinol, ficelles spoilt .the 114iiilish *gri-
t:zit
, and which, if not by roam means al-
Witted, must inevitable rain him, arises princi-
iliglyy from the contreetion 0 the 'circulating
.••sbidinat predated try the operation *1 what is
-nputaiottly tiremeil Me. r.pr• Sill. enacting the
-repeal of the Bunk Restrictino Art.
. .-...- Those w 4. aseribeibe, didicalties of agriculture
~.v this Meoetsre, as their sourer, assert that the Act
11." rrtd in IS*, to regulate the standard or our cur-
.
racy. has tolitod nearly one foam& to the exchange-
. obta vales of the pou;s4l steeling; ante thee this in-
. revile its the edge of the pound *sterling. produced
by to mere Act of the Legislative. has made an iiddi...
.. ' . of U prr,gent. to the previous cietgaings of the
. l'heyollbrns that Isis resit. those nominally
t Us molly increased one fourth ; that his
ineressed era fourth, and that parochial
. ; tithes, end the wages of labour, hire iu-
tasetl. at feast for a time, iu Nu equol proportion.
,4j eta me of preartut remelt, regulated upon
atmesnessly teemed war prices, or upon the
. 14 aloe wher.b existed previously to the
'114! tita Sill esacting the prospective repeal
elhilt Restriction Act. This, at least, is the
all'faons let MI levees eseeuted before 1919.
f the tart of ii depreciation having taken place in
T • es', doting the euspemion of cash pity-
r.4 ' foes been noanswerahly established by the
Ire ...
. &ems and prof.n of the Bullion Committee in
-
1 : there Ufa kill who do mot two accede to the
6 "of the follows** resolutiors, recommended by
~
` • (Nensissinee far the arloption of the Legislature.
$ is the tenth of the re,olutious proposed by Mr.
• timer in a Committee of the whisk Hamm of Coin-
s .6., May 6, ler I :—" WWI vtdo That it appears
the actual valise of the promissory notes of the
af England Ineeasering such valise by weight
*tileea e pednueld sooftid sineilvarra4d stilt if. COll has hemp, faarldliercuobnl;
than that is eaniblialied by the laws of the
las to he the legal tender in payntamt of tiny
tons set ar atiptslation." The peeseot Chan -
Itoe of that Rechequer strongly denied, mid.
the is rattily astonishment or the public,
, . deny,' that say arch' deprecia-
,
1111188 plAce su our currency, and on
flee 14th and kith of May, 1811, among other
memorable resolutions, he prevailed upon a ma.
jority of the House of Commons to adopt the
Mooing t—Resulved, " That the promissory
notes of the Governor and Company of the Bank
• sof ..fiowleost have Irtherto been, and are at this
, . time held in public estimation to be equivalent
. to the legal coin of the realm, and generally cc-
, .
• . ve'pted au such in till pecuniary transactions to which
• such coin is lawfully applicable." But when it is
a fact, notorious to all the world, that the guinea
. •
aryl for at least, It 6s. 3.1; nay, when it is known that
Government itself gave 28s. a piece for guiness, to
~. .-.1
, .
4se rent abroad, it is an absolute waste of trouble
.: . to argue with any man who, in the very teeth of
*facts, has Still the hardihoed to maintain, that
wines was mot worth " more than a pound
oats and a alailling." 'At the very moment when
this Might fistesounthle limiticisr maintained that a
initialised a shilling were equivalent toe guinea,
- ' agents awl canonic. were i rovers+ ig the country,
pil direction,, and beyiug up all the gold which
y could meet with, at the rate of tbs. for each
Ines; which is as convincing a proof as that two
..
.r. two mule font, that the depreciation- in the
ear the posed steeling was at that time 331 per
1