The National Register.
London, England, 1809-10-15 00:00:00

'PITO NATIONAL REGISTER.

B4IVK AOTES AT 4 PiS#A#Atfr

MR. EDITOR, . ' • ••
You and every thinking man milt long have ohservsd,
and I have no doubt been disguated s% ith the various' al•
tempts of our present Oppositiop, to depreciate the power
and the resources of the country; thus elevating the hopes
of qur inveterate enemy, adding. despondence to the nose-
xies of those Powers who, whilst crouciiiiig under the iron
rod of French domination, still look towards this country
as the last stay of European liberty. and endeavouring to
correct the genuine current of British independence and of
British spirit, by every mode which exaggeration and mis-
representation can assist. The ardour and malignity with
wilich they are aided. by'ooine of their venal prints, is not
leas disgusting. and these have long rung the changes of
national disaster, and of national bankruptcy. This, of
course, Jahn Bull .iti pleased to hear, as he is never so
happy as when told that. he is completely ruined; yet he-
rmit John amidst this universal ruin, has still the comfort
tif smoking his pipe in his c,biinney corner, and of enjoy-
ing all the neces!aries and all the luxuries for which he 1;4
dependant on foreign' commerce, although the Berlin and
*Ulan Decrees tell him, that every port is shut to his ship-
ping.; nay more, though France and America endeavour
to shut him and his manufactures from both the Eastern
and Western Worlds, he jogs on contentedly, without hay-
itig even a single idle loom upon his estate. This is all too
Vain, to be destroyed either by the croakings of the fac-
Lyons, by the misrepresentations of disappointed politicians,
or the lamentations of pretended patriots; somethiog new
st then be starlet!, and we are now told by the Morning
Chronicle, " that Bank Notes are at a disecunt."- This
very wise print has discovered, that a pound, of gold bul-
lion must he paid for by 55/. 16v. in Bank Notes, whilst
the same quantity of gold. if coined, is only woelf. -16 f. 14s:
ed. or 44 guineas; therefore, say they, " in fifty-five one
pound Bank Notes, there is a depreciation of aboot 9!.
sterling." Such is their view of the case, a view v I icb at
Arst sight may indeed stagger the inconsiderate, but Whole
fallacy must evidently appear on a slight examination.
The gang who live by writing on' the miseries of Enr
lishmen, have all eagerly caught at this " wonderful dis-
covery" in our political economy, and even Mister Con-
reT, either through sheer ignorance, oi• from R cross spirit
of malevolence, has. given it his sanction. lam the more
surprised at this, because he really had either the virtue or.
the pruderce to enter his protest against the fli.iisy pro-
duction of Mr. HARE TOWNSIIEND, about tythes and. parish
rates. To suppose that this colidect; however, on the
part of Mr. ConneT, was owing to virtue, is perhaps go-
ing too far, as it is possible that an abolition of tythes
• ,night be detrimental to that proilerty which he has
Pac-
quired in Hampshire, by selling his weekly collection of
trash to the poor, at a greater annual rate than what the
poor man's anneal taxes amount to, and herause that
lie himself gives
.iis another very subVantiaf reason,;
liamely. 6' that the greatest part of the Dulf.q of Bed-
" ford's property cousists of Ecclesiris'ical. Tithes iv lay
4. impropriations!" The Duke of Bedford. however, is
no Bank Director, and therefore Mister Cohbett ven-
tures exultingly to re echo the position " that Bank notes
" are at a discount." Smile really patriotic writers have.
attempted to disprove this position. I Will not, hewever,
tresps.is so far on voikr lir&ts, as to trace their various argu-
ments t bat t %:..,iti nevertheieSs endeavour, through the
well Merited extensive circulation of your paper, to pre•
sent even the moo superficial enquirer with an antidote
fer this " political poison." it has been well observed
that a one pound note and- a shilling will purchase as
much beef or bread as cal he done with a guinea, notwith-
standing this " boasted depreciation;" hut then, retort the
Opposition writers. " a pesiod of bullion, which is the
*6 only real standard, mustlts.:parchamal, Itx fttly,fiv,e CHIC i

OCT. 15

. •
" bank noted, whilst it can only. be coinedlitto-: 44' half
" 'Here then is gm acteptibiii hejciethen' itrth
source either ortheir stupidity, or of •their inisrepresew,
tatipti; thay con'sider'begtim as the outs` true standard,*
though in fit in the present, ear it is merely a market-
aAke commodity. dold in bullion innst bq had for expor-
tation to thp Continent, whilst our ex‘ports are. forbidden
by French Decrees, and whilst it is against our laws •to,
export guineas; gold in bullion must be had by our mantle
facturers, whilst it is against our laws to melt down the
current coin of the realtn't the ericrased demand there-
fore for Old bullion, obliges the purchaser acttially to give
more for tt than
•weiflp tse fact is, that whe-
ther you pay
.foril in, ce.4, or in /140$-!to0s, you Must pay
O'. 10. or, in platner. terms, giie 5. guivras and three shil-
ling for. what, if Coined would only be worth 44 and a half.
So much theu, Sir, for their paltry misrepresentations in
confining their view of the subject. to the purchase by
Banlc Woks alone; as well might they attempt to prove
that Bank Notes are at, a discoant, because some lady or
some 'fop chuses to give a hie price for an ounce of
gold, when worked up into fashionable toys ?
As some of Olgsc tyise men have asserted* that " bullion
alone is the true standard." 1 skijl prcippt them with
the following extracts Crow Adam Smitk, ID' tl4 4:114 and
481 h pages of his fire volume ; 66 gold and silver, however;
44 like every other commodity, vary in their value,. arc
" sometimes clieaper-and sometimes dearer, sometimes of
" easier and sometimes of more difficult purchase. Labour
" alone, therefore, never varying iniit sown value, is alone
<< the ultiinqc and real standard by Ty,b,io. the ita,lllQ of alb
°' commodities can at all dimes and plices%be estimated and
" compared, It is Weir, real price ; money. is, their. noini-
" nal price only."

Oct. 12th.

I am, Sir, yours,
No J4covns. ALL3*IST.