The British Press; or, Morning Literary Advertiser.
London, England, 1810-04-24 00:00:00

will presently sherr In .what der,,ree the sir „.,
of the notes of the Botik of Eu l_ud iota io . ;
immeshately previous to the itt;-1,
breary 64. With respect to the itesire.ese Isl.
1 lii„
ivy batik bills in eireulmion, alt. Th •risto.i,
appear* to have collected his rot& lice tom s: seta'
pal teof the kingdom, with vrit atvlsr o.y, a,,„
sired by the Committee to deliver
the proportion in winch, recording to bas
lion, country °batik lilt. cisculanot tin 0i1y.,,,„ ports
of the kingdoirs, before the failures sii i 1794 ; at
period subsequent to that year.; and it the vr,o3igi
time. Tills account tuiy be seen at large pa 6,
evidence ; but the result is, that, NI the .psen,n
time, the circulation of tin bills is in t„,„.4).,,,, at.
the kingdom tiitt move than 111.141,; 4a
another not more than half; and, in a tittriL, 'mita
sixth of what was iu circulation helms: the ‘,01:0
1693 ; and the Committee hive station mot, „.
soured to shear, in a former purt of thts,lllaa,elh
to what degree the meas. Of coo.ifte. suit, 11l vow.,
quebee t-ereof, the regality supply ut pits etn,
(which smite could fill el) the veld tett pi^
this decrease of circulating paper) had thisiiiisles
of late years.
Frusta the evidence of the Goveriurr at N .1.
and from the Report of the • ••t Secret C 11116,11. •
which his been laid brlu,a tins Cia.inoittort, 4,4
pears, that it was not singly the diminished vii.t .g
their cable. which gave the ',.esters .tic
alarm ;—the tiover 111 l r and Boa
impute this alarm to the pr so-Sy-n.. 7 ••,t.
demands for cash upon them, particolarly to e
week isreceding the With of Fehmarc, end to the
reasons they had to uppreheud Nat tliese
and the consequent progressive reduction of cs•lt.
would cos 1111 l ue. and even increase ; and airy ini,
that this drain was in great part oising to denies&
for cash from the country, such demamis times
made noun the Bank indirectly frow the cottons.
bet chi rill': from the lumbers of London, ohs nem
to supple the corrotrys
The Directors of ti, z, Book, under tie imposts-ma
which thieve alarms and ecsbarrissumas loot sA
slotted. appear to have judged ;i wash at to anat.
Dish their notes in circulation. and tate ;su.,stspoost
den/awls that might come 111:011 then*, so t 7; so
, snake the demands more nearly correspouid side the
state of their rash, It will be seen, in the sticonms
presented to the Committee, of the amount of ilsok
motes in circulation. at diderent periods, that the
average amount of these aides to simulation, atr
several yeses previous to the eud of the rear 1;:ti,
may be •stated at between 10,400,0001 and
11.000,0001. hardly ever falling below 9,000,000.
and not often exceeding, to way great mono..
11.000,0001. It will appear by one of the ague.,
mentioned at( annui, that in the Litter tad of
1796, and in the begin gof 1797, the amonat
of the Batik notes in cies:Taxi:ow was teas than the
average before stated ; and on the 25th of February
last, it was reduced to 8,640.2501.

It is true, that in in amount presented to the
Committee. of the *monad of Bank notvs io cum:-
lation in the years and 178-1, the quart-
lily was thew generally eves; less than the MHO lint-
mentioned ; but at that tune the foreign cornetts r
of the kingdom was not even one-half of what it
at present. as will be seen in the setoant of halm is
and exports inserted is this Repot t.

It is not probable that Our retiactitiii of INA
notes to 3,640.2301. insiarshately pre,euus to the
issuing the Order iu Council of the Fib u
iming to any dintiontiou of the din ollini• t.r
thrtu ; for at that tune the userrhuuts of Leuelsa
*err ,illijett to difficulties, front not bvtug able ti
get their bills discounted.

The Directors of the Bank had, ern the :SW
Dereinber 1795, come to a ressilution to
their discounts; but, notwithstanding that
.lion.they died not diminish thr amount of their .11.-
counts in the course of the year 1796, competed
with what they were in 171'5. but hail rathrr in-
cyce‘ed them. not howeier to such au c4teut as to
make them correspond with the woods tit 1:•., rine-
m. mid world. A considerable degree of is
ensued. which diintesi may also be
ituputed to another causr, in evidence before the
Committee. By law. no min is tut snore thus
51. per cent. interest for nsomy Irut or nth aimed by
him; and this restriction i• understood m oppiy to
hankers in the bii.iniess of discounting ; no that is
titoc of war, when a much greater entete.t than Si.
per cent. can he made of money, 111,00 Gime-
meat securities, die discounts iibich merchants
obtain from bunkers and other indiiirlualr, are I:e-
-n-warily touch diminished, and they are fmc.d, us
that account, to resort directly to the Mink.

Some of the pe•solas wl.ont the CommPtee Ilia-
mined on this p tr. of the subject. hare spre-mel
strong opinion of the ince.nreitience produr .411 die
conduct of the Batik, in diminishing their no es to
circulation, and in restricting their dist omits.
One of these pr. sans is of
.opittion, that no
in-
creased quantity of bank notes. proportioned to tl
increised oceasiou for them, mug t,iel to
a demand £m guireus rein r 111411 to
and that if the quantity of notes issued is vc.y c,,i:-
siderairly lest than the occasions of the int,. antoe
world require, a ruts upon the Batik w.ll be the
consequence. He is of opinion also, that the Di-
rectory of the Bank do not arm' mi•eres of tie
full extent cf their credit ; a.,J that I lie caa,,,,,e
ilecensary to be ulna reed by itieit•e hankers ii,
ointment of their bills, does :on upwy to the co-•
the Bunk of England, for seveia, rentanis alter e
assigns. A great qu'etttity or bank ocotm, m 16'
°Pillion. is alssolably necessary for the enculatms
of the metropolis ; and tie, i n t'sis respect, it
immaterial whether toese tunes are nsui-d for a,'-
trances mode to Cm-eminent. or in &sermots to int..
tate persona. except that. in the last case. those
whose hills ore discounted to n ;;renter ext•.,t, mar
soppose that more relict is granted to them. lie
alines, hoe, vet, th-it, as the Bankiliscouuts. t".l.
in tioor of war, at ::t. per scut. there mar I.c a
' :treater ~Minn to borrow of the Bank at 'r
1,10. 11,1111 it may be prudent sltva!ri fur the

to unowly tti h.
Another of thrs.? Gentlemen is of °pinto., 11 st
the revolution or st,e ILOI to restrict the.r tru.eL :,• t••
eNtited on al ~tst awl distrust that led to an n.tre:or
of the iir4l.l ofo,-ir rash ; th.t at ILA, nuottll,lo
slam to the r.0.4::41 /Ale 1111113 ii-Truesalwil of
aernteies, 4,1.1 tt ntber rilibirrpwittesit. r
itv a,l ill.111411.•1. lit -ti `IV 0. 13144 k 1101V4 1111.1 •
•% t loth • isi.riy hos tut kept pave with thr 611 tttaud
In• letapl,el rue-4 mint ..srcul.oon. 0.