The British Press; or, Morning Literary Advertiser.
London, England, 1822-04-19 00:00:00

{,AI
Simple lateresl....

75
1$
M
$4

66,6641,610
64,102,560
61,728 390
59423,800

73 00,040,703
73 73.41*,300,4
At Calspoesd Ini crest
81 73,10137
i 34 70,0110,6111

These figures are irresistible arguments, and most,
we think, be eventually successful. We shall in
the mean time make use of this calculation to illus-
trate a subject to which we have frequently alluded,
bat to which, we fear, that the atteoliou of the
Government has never been as yet sufficiently alive.
lf, since the cessation of war end of the system of
loans, it be the desire of the Government sod of the
country to discharge the public debt, or some con-
siderable portion of it, as speedily as possible, how
happens it that the unremitting anxiety of the i'rea.
sury has been directed to rising the prices of stock in
the market ? So long as the Ministers were borrowers,
the policy of such measures was sufficiently mani-
fest, but since they have become purchasers of stock
by the hands of the Commissioners, the wisdom is
not so apparent of their endeavouring to raise the
market against themselves. It will be perceived, at.
■ glance, by the figures which we have just recited,
how severely a rise in the market prices of stock ope-
rates against the interests of the public. Every ad.
vance operates as air increase in the capital of the
debt, and in this proportion neutralises the bene-
ficial effects of the sinking fund. It is idle to
say that air advance in the prices of stock, by di-
minishing the rate of interest, will induce persons
rather to lend their capital to the promotion of
commercial and agricoltueal pursuits, than to in.
vest it in the foods et a low rate of profit. Ex-
perience ahewa us that this is a most fallacious
mode of rrasoning. In the minds of most pen.
pie a sense of security far outweighs the consi-
deration of some increase of profit, but to those
persona who might be influenced by a desire of
obtaining large interest for their money, the em-
ployment of their capital in commercial and agri-
cultural speculations will offer less inducements

than the state of various foreign government secu-
rities, where large interest may be obtained with a
fair skew of security. The recent proposal for con-
verting the five percents. into a new stock at four per
cent. had no effect in facilitating to our distressed
agriculturists the borrowing of capital. Not a shil-
ling was to be procured in the market upon landed
security on easier terms than before, but every
species of government stock in Europe, and even
in America, was instantly improved ; large in-
vestments were made in all of them, and air only
result of the measure, with reference to the disposal
of capital, was the transfer of considerable sums
from Etigland to the Continent. In the rise of the
fonds toe, it must be rememhered that every iu-
crease in the price operates in very different degrees
upon the holders and upon the Government. A
rise of 10 per cent. in the market price of stock will
reduce the rate of interest to a very inconsiderable
extent, but such an increase in the whole capital of
the nutional drht produces an enormous ditier-
tut e to the public when this increase is to be paid
to sterling moiwy. In this view of the sob-
.lt'Ct it hec"iiier the manifest interest of the
Government flint the !nice of the public stocks
horrid decline 'biller than increase. We "would
nut have the Government exert itself to affect iii
any way the state of the market, the action of the
sinking fund has a necessary tendency to keep up
the prices; but we should hope that henceforth the
Ministers will at least not exert their ingenuity tin
devise schemes for raising the prices, but will suf-
fer government securities to find their level iu the
market like every other saleable article.

Yesterday, et half-past one o'clock, a Cshinet
Council was held at the Foreign Office in Down-
iux-strert, which was attended by—
The Lord Chaserliar, the Earl of Liverpool, the Marquis
nt Loaesoclerry, Earl Bathurst, Mr. Prel, Mr. Wrier, Mr.
Rsluesos, Lord Alerybsrcuigh, Mr. Bram ',Whitest,
"'lnn Sidlll4lll* sod the Chaliceßur of the Exchequer.
The Coastal cowtinued in deliberation WI neer four
°clock. The LORD CHANCELLOR left at half-past
lime to attend Its. parlittioeutary duty.
,The Doke et YORK transacted twittery liminess
1"11) the Kul yesterday.