The British Press; or, Morning Literary Advertiser.
London, England, 1826-01-03 00:00:00

commercial purposes were it not so; but it was never in-
tended that payment of the whole amount of notes issued
should be demanded on the same day, for the banking

business could not be at all can ied on if it were necessary
to be at all times provided agaihst such a contingency as
this. There is hardly an individual in private life, how-
ever competent he may be to pay all his debts to the utter-
most farthing, that is vipable of discharging the demand of
all his creditors, if, from any false report being raised that
he was aboutsto leave the country, or from any other cause,
they were all to call for payment at once, and to refuse
waiting till the quarter-day, when he would receive his
rents and pay his bills as usual.
The rule which these persons would lay down, that a
banker should not issue notes payable on demand, unless
he is capable of paying them on demand, has so much the
air of a moral truth, that it may be worth while, for the sake
of those who are not much accustom:: l toreflection, to ex-
emplify its fallacy. Let us for this purpose take a Fins
•NI) LIFE INSURANCE-OFFICE. It may be said that the
proprietors ought tint, in justice, to undertake, on the re-
ceipt of a given sum of money, to pay a certain amount to
an individual should his goods or premises be consumed by
fire, unless they are capable of paying that amount in the
event of such premises, or goods, being so consumed.
Now, this is an assertion that, taken in the abstract, no
one will dispute. But no man in his senses can suppose
for a moment, that if all the houses insured by any one
establishment were to be destroyed by fire, in one
day, or in one year, that that office could possibly pay the
losses. Equally impossible would it be for any office to
pay the loss on all the lives insured by it if the whole I
number of persons CO insured were suddenly swept off by
a plague. E.stablisliments of this kind arc conducted upon
a cokulatiGn of chances. It is found, that out of a certain
number of p?rsons the average of deaths at a given
!atriall is so many to one; that out of a certain number of
inhabited houses, so many upon an average are annually da-
maged or destroyed by fire. Upon these calculations, in each
case, Me insurance is made, and ample funds are al-
ways kept ready to meet the losses which they may reason-
ably expect at any time to be called upon to pay ; so likewise
it is in the banking system ; the average amount of notes
daily brought in for payment under any given amount• of
its circulation is always fully provided for in every well
conducted establishment. But if all its current specie is on
any sudden panic drawn eat at once, the most solvent firm
will be drained of its means, and till it can realise its funds,
it has, as we have already said, no alternative but to sus-
pend i.s payments. To declaim, therefore, sgainst "the
system of banking altogether," while arguing from circum-
stances arising out of a most extraordinary crisis, and no
way connected with tbe system itself, is misleading the
popular mind on a subject on which it is of great import-
ance that it should be brought to think justly, and more
especially at a time when so much evil is occasioned by the
doctrines that, fcr the most mischievous purposes, are wil-
Sully set afloat to misguide it.

CITY, DI ONDAY EVENIN 1.

The Money Market bole a firm appearance all dry, and
in spite of the powerful endeavours making to prevent an
advance, there was a considerable improvement in the
pike of Consols in the course of the morning. The quo-
tation at the opening of the market was 821. The scarcity
of money stock, however, together with the abundance cf
cash, soon induced an advance to 1. A slight reacticn.then
took place in consequence of some heavy sales; but the
check was only temporary. After sinking for a short time
to 1, Console again rose, and fleally closed, with every pro-
spect of further improvement, at 62:. Reduced in like
manner advanced from 811 to I, and 31 per cent. from 691
to 90/. Exchequer Bills were at 4,5, and 6 shillings
premi am. The general aspect of financial affairs was ex-
ceedingly favourable. There were no reports of ill au-
gury in circulation, and the advices from the country were
all of a tranquillizing nature. Messrs. IVILLIMIS and Co.
resumed their business this morning under the firm of
WILLIAMS, DEACON, and Co. There was no appearance
of extraordinary bustle in Birchin-lane on this account.
Public confidence is completely restored.
In the Foreif.,n Market the improvement is great and
obvious. The payments of the dividends in Mexican,
Prussian, Danish, and Greek stock tend to make money
still more plentiful. Any person holding Three per Cents.
Reduced, or Tlnee and a Half per Cent. stocks, may lonl
stock at the present prices for a month,and get the use-of the
money for that time, the jobbers agreeing to is:turn him the
same stock on a specified clay—such is the scarcity of money
stock and the anxiety of the jobbers to keep down the prices.
The advance in Sauth American Securities exceeds two
per cent., and it is expected to be still more considerable.
Mexican 6 per cents, on which the dividend of 1/ per
cent. was this (lay payable, • left Off at 68 ex: die. ;
Colombian Bonds, 641 ; Brazilian Scrip 13. dia. ; Greek
Bonds were 14 ex. div. ; Spanish 121 ; Russian 81.
In the Share Market a good deal of business was trans-
acted at hr. pros ing quotations. Anglo-Mexican Shares
closed at 15 pr. ; New United 12 ; Real del Monte 180 ;
Chilian 7 ; and Colombian 81 ; British Iron Shares were 8
die. ; and Canada Company 13 pr.

The Agent to Lloyd's at Calcutta, under date of the Bth
August, states the troops at Arracan to he very sickly, the
hospitals full, and a number of deaths daily.
Extract of a letter from Paris:—" The accounts fiom St.
Peteraburh seem to have removed much of the belief en-
tertained of the assassination of Alexander ; but there are
atilt pirsons who find in them sufficient contradiction to
justify surmises of an unpleasant nature. I find, however,
that He physicians who attended Alexander have already
given a 'awes verbal of the death, which must convince the
world that it arose from natural causes."
Letters received from liamhurgh yesterday mention the
arrival of accounts from Berlin, which state confidently
that Constantine will remain in Poland, and will take th.
title of Viceroy, resigning the throne of Russia to his
younger brother Nicholas. There had keen four failures
at Hamourgh among the money jobbers, but no mercantile
houses had stopped.
The Court of Denmark has gone into mourning for four
weeks for the late Emperor Alexander.
STATE OF Star N.—Tile spirit of revolt in Spain is every
where ripe, and requires only some immediate cause tc
bring it into action.: The populace are starving, and a:
Madrid the price of bread had risen so much as to cause LI
general commotion ;" the troops were called out, and were
about to fire on the people, when the King interfered, gnd
promised to see the wrongs of the latter redressed. In con-
sequence of this assurance the crowds dispersed, but it was
apprehended that they would renew their clamours, as Fer-
dinand bad neglected to fulfil his word. The roads wen
swarming with banditti ; in the early part of this month
they Attacked the Cadiz diligence, and killed the greater
part of the escort.— French Paper.
EXCH•EO/11. —HANnustall, Dec. 27.—Dona in Lon-
don at two niinitlis and a half, 3,18 ; money in abundance;
discount Bto 9 per cent. ST. PETERSB.:IIOII, DEC. 13.—
London, 10k. Lettere, DEC. 23.—London,,two months
0 16. Beaux Dec. 24.—London, three month. 6241.
The celebrated French painter David died on Thursday
morning last, at Brussels, eta quarter past ten o'clock. Bp
family intend to embalm his body, and applttle French
Government for leave to have his remains deposited in bit
own country, to the glory of which helms so greedy con-
tributed.