The National Register.
London, England, 1819-08-01 00:00:00

7'HE FUNDS.

It is a remarkable fact, and well calculated to
damp the ardour for speculation, that ever slum that
much-dreaded measure, the diminution of the sink-
ing fund, has been in full operation, the Funds hays
regularly improved. This improvement, in the
short period of three weeks, already comaitutes a
difference of 4 per cent.; and the speculators fur a
fall, who at that time were selling with the greate t
avidity for the August account, and whose measures
appeared to be fully justified by the new feature
the market was likely to assume, now find a balance
against them, thus early in the account, at least to
the extent above stated. As the stook market, Eke
every other:, is regulated in its price by the demand,
it is evident that purchases must recently have been
made, on the pert of individuals, far more than suf-
ficient to cotintealatice those which the Commis-
sioners, before the prwent month, were accustomed
to make. The late sales of stock, both for money
and time, have far exceeded the true limit ; and its
re-investment, which can no longer to delayed with
prudence, is now attended with a loss to speculators.
' and un advance iu the Funds, greater perhaps then
it should be, from the circumstance that the con-
tractors, and the party acting fur a rise, are perfect:),
aware of the situation of their opponents. Hence
the market appears likely to rise above its proper
level, and to lean to the contrary extreme to that
in which it has lately been placed, and which wit
probably, in its turn, prove no leas productive of
disappointment and ruin than the other. The re-
placing of the stock, or the discovery of any other
employment fax she capital prepared to meet the
lean, will no sooner have taken place, than a severe
re-action will be produced oa the Funds, which
must then suffer a depreciation proportioned to the
reed situation of the country, and to the altered
value every species of property appears likely to as-
sume. The loss of the sinking fund cannot till then
be truly estimated, and the want of its support will
at no period be more strongly felt *tan when the
Funds, front speculation or any external cause, are
in a state of depression. At present many causes
concur to indicate an advance ; more than half the
loan has been paid up at the Bank ; the great
holders of stock and Omnium abstain atlngether
front selling : the public acquire confidence. and
many even of the speculators for a fall are said to
have closed their accounts, and come. round to the
apposite party.
The determination of thellank not to take in the
Omnium, was made public at the Stock Exchange
on Thursday, at one o'clock. Stock rose at the first
receipt of the intimation, but afterwards declined
considerably. When the market closed, Omnium
was quoted at SI premium, and Consols for August
at 70;. The firmness of the Bank, in adhei ins to
the resolution which they announced at the negoti-
ation of the last loan, and on which they have
hitherto acted, deserves the highest praise. The
system ofconduct which they then laid down is still
justiiable by the same motives which originally sug-
gteted it; and if it prudent then from the state
of their affairs, as connected with the necessity of
soon resuming cash payments, to refuse the desired
aceommodation so the public, it would be exceedingly
unwise, or at least extravagantly liberal, now to
grant it to the contractors. By consenting to take
in the Omnium before the ae.gotiations far the loan
were completed, better terms might have been ob-
tained for the public ; by yielding, now, all the
advantage would result to the holler of stock. The
first determination afire Bank Directoes might justly
have been atttibuted to a earicieas -gisposition iu
the management of their &Care, or to a petty spleen
at the measures of the Legislature, had they come
round in two months atnthe solicitation of individu-
als to do that wlaicii they refused on the application
of Government. They have wisely, therefore, gives
no ground tic se& a charge, and thus afford us, in
their firmness of purpose and consistency of proceed-
ing, a pledge that they an: pursuing steadily and
inflexibly those steps which may lead In the restora-
tion of our currency, of which, in their judgment,
their refetaal to embarrass themselves with the ma-
nagement of the loan n as one.

THE GREAT THOTTISO MATCH FOR 300 Gt!i-
NE A S.—The famous Lesteashire pony, the property of
Captain Roberts, which was backed to do 100 miles
in twelve hours, started on Thursday morning early
on the Huntingdon mini, over a 23 miles' piece of
ground, the match having been put di from Tues-
day, to settle a dispute in the articles. Two boys
rode the pony, which is under 11 hands. The first
io miles was tro.ted an hour and three quarters,
and a halt of 5 minutes took place The next .2.()
miles was done in one hour and 41 minutes, at.d
after baiting again, half the distance was pc-dunned
11 4 hours and minutes. Tl meat quarter of
the whole dinuate was done in 2 hours and 27 mi.
mac:, and the lait 25 miles in 2 hours and 5.2 mi-
nutes ; so that the =tell was won by. 2 minute-a.

21/2

A

MR. owEA"s PL3NS.
-...-

'Monday a meeting was heist at the City of London Ta-
Vern, It.rtiop.,gate-.trees. to tterlbe the Report of the
C 00000000 liter appoulted ut examine Alt. Owen's Plans, mid
to g.s.- their opinions therenpon. sty I a else o'cluel. the
Great itowit was I Invaded, and soonigst the company
there wee, •••vet id hod es.
The 1) eof Kent, attended by Alderman Wood and
kie.onesr. of the Committee, minted the t nom
amidst loud applanses; and they took their seats on an
elevated platform. Frollllll4 this platform there were
several models of Mr. /)wen's proposed villages 911410
over no eareod •tirfuce to represent 1.009 4•• of hod,
'I lie Duke of K. of thin proceeded to read 111 e Report,
observing that the Committer II commended the adoption
of Mr. 0...1ei. P 1.11.6 se far as the raisilig of oue village.—
The f01i0.% Mg is Ilse R. pa rt :
I. That the Country i• in great distress.
V. That the principal enure %Wel IgtaftiOTlS such distress is,
the rapid increase of machinery st.t; other scitntitic power,
tallish maw pnaliwtions more abutilantly than the present
toranitemints of society permit to lw. consumed.
▪ Plait machinery, and productive power from science, can-
tot now be rtrainerl without creating still 0i-tearer evils.
4. That if scientific productions could be limited, it would be
most unwise to limit their, because, as they inzwase abundance
of all kinds, they ought, and may he made to be, highly useful
and ashy:int:4;l:oW to ar. rasa and ulas-tom
5. That the only proper and natural relief from the existing
national distress to prepare judicous practicahie means, by
atom! giailually, and without injury to any individual, con-
sumption nciy be raised to the present power of production,
arc] afterwArd, made to keep copua pace with it-
G. That this principle applied tot practice will elevate the whole
side rtf society ; while the opposite principle, now in practice.
oitict necessarily force the great mass of the Ixople to ileaccail
rapidly into iswerty and misery.
• That, while all Attic '• that something must be thine," it
will at the same time he admitted, that nothing ettectua can be
dove without creating a great c.tattge, a change even trout wirer-
sit v to prosperite.
i,. That Patliament has !seen prompted. withootailopting any
elsdivenieraures of relief for the Poor ; and thus has it been
tacitly acknowledged, that the Government ant the Legislature
have not sitfiTient practical knowled,te of the our and working
lasses, and of their cvnee.ns, to devise measures for their relief
mean no disrespect by these observations, (into to the Goeern-
ownt or the I.c„-islature; I merely state a simple fact, admitted
. .

•
v. That under dose cirettinstancea, rot irdivitlual. unconnected
wan class or party, but who has devoted nearly thirty 3 eat; to
t xtensive experiments ou the subieet, and to fonitire an accurate
knowledge of the habits and cirrumstances of the poor and
working claws. offers a mode of teller to the public on the prin-
t :;de of raising consumption equal to prodoction, and afterward;
t-f give a regular and uniform turreted: to both, by a huh mean.
cw wealth will be abundantly created, and the country boon
idwrated front its
.preoent sliffieulties.
tn. That this individual does not wish to conceal from the
i-ablic that this charge wi'l more or less affixt every ela-s and
trty in the State; but that he believes. witlumt a shadow of
doubt remaining upon his own mind. that no intlividnal, of any
description. front the higheat to the lowest, will !offer by the
change • on the contrary, his conviction now is perfect, that all
moot be great gainers.
That, nevertheless. he desires no confidence to be placed
nit bin conviction, however clear and strong it may be ; but he
slot front the tnost respectable and intelligent of all ponies a full,
lair. and open investigation.
it. That he ask,. for this extended and respectable investi-
ation„ because the necessities attic country. ate so urgent that
they cannot salt for
.years of longer expenmeta: and a sound
tafe public opinion. upon a subject effecting all the vital
1111`ff itS of the empire, ought to be Monet: only often site' an
irrestigation.
13. Probe this now, to Pie uttermost, and if it
he posbible that he can be influenced by any private motive or
versonal object. if, then his motives cannot be impiteTne.l—iflue
experience has been correctly stated—if the ciuntry is in general
distress—ldlest. are tact:;, end he only asks fire investigation, will
3 to not ulficil hint the enutory which he;H'a'tsl
Mr. then then rend a bug address to the meeting. lie ob•
saved, that their object was to find out sonic practicable remedy
for the distresses that now ~r) 'extensively pervaded society—dis-
tresses that affleunl four•fifdis of the people, foul which calami-
ties were toiknoa ato the other fifth. They lead Leta spoken of
in Pro liament, but both houses hail separated withoot mtptiog
any measures of amelioration, a proof that they were ignorant o
the causes of the distres., and therefsre knew not what amnesties to
salei-e. And these distresses- wottla go on incitation, except
some step. was adopted to arm t them ; and eventually such a
suite of things 1111bt end in revoltPion.—Pireoe marks of Ibsen-
proltation.3—That he was persuaded was the troth. The cause
of our difficulties. of tile pauperism which attlited the whole
country, web excessive pnalucnon.—(lfeur. hear!!—Hut by anger
and violence no permanent good was to be effected. To destroy
machinery, to put an end to its use, would be as impoesibleas to
divert the coutse of the heavenly bodies; but the introduction of
tuts new power lind not improve-a the state of tile working cla.ses,
a reference to the condition of the manufacturer and the artisan
proved. Such improvement in society, however, ought to
improve the condititn of mankind ; tlun shy was it that
there was PO much discontent, so ninth di-tress? Mow was it
that facts were contrary to the calculations of all political
zonotoistl ? It W:lf becanse the power of proffuction
I seceded the means of consumption provided by existing
Institutions. remedy was, to limit the production
within the moans 14 consumption.—Thi, was to be eirogn.

;haled withotit creat.raa disorder re.ulting from violence. •How
filo wa. to be I:Sat:taxi presented diPitiellltV. lie had waited to
se. whether ether political cc os casts would devise any ,iuind
remedies, but lie had waited in vain ; the truth was, they were
i;iorant of the remedies. Plans hail been Nugge‘ted, but they
were without wisdom, without practicability. They could not
co b.wk to first princiide—.h se Iv-vested the tirod
uctionsnitwit be
litoitc.l within the demands I.f consumption. sail this would
osentially improve the condition of all mankind. Ile had deli-
twratel in.aturcly, nod his conviction was. that his pins could be
crivied km, execution without evil affecting any WIC Half a
eatuty ago the demand and the supply bore atiniethiin; like equal
b.toportino.: hut now the yeomanry hail bcconic lahoorers,
,eeause the agifterate itiertuae of productive power was row as
...sive to onc. He wain urged. that it this increased ability
ire wisely d.retted, it would pnotiote the groate.t adeautwes
-aelety. Hy 11, plans this benefit would be accomplished—
t 'Aware:a would be protected. and would in time hxoinc
nail proprietors Ilis plow were now fully digested; they
ra etc rallit of liio2 refkation and much valuable dine
o: antitat wisdnin and modern improvements; and his cure.
enee
.itiuifi4 him in hawing confidence. lie 114.1 been called
•• but tiiiise who csticd him visionary knew hint not.
those who aprlied en hi an epithia to 'aim had s. en what was
wiaily opivsuon en iris own witabli.liment, they ntistid ner!taps Irive
t•mutt oca.re they used such lammaga. t Hear.) piactica-
1.0,ty 1/10.11a bad there been mile insaitest. (Applause).--
lit ha 1 dia..icitiad his plans fully at the recta.. Fri.covitatitis`
'Any: ; culla now again tviiekted thaw. Ulu atatiott and en-
40..tiag whin lie bad said by rvictunc.e to his wodals of the pits
dwelt witei t“tliaio.4bll3 and L.AlkitkilCti