The Sun.
London, England, 1825-03-16 00:00:00

COURSE OF EXCHANGE, March 15.

Ainstei (lam
Ditto, at Sight
Rotterdam
Antwerp l2 3
10 4f Us.
Altotia
Paris,3 Day's sielt
Dil to
Sow &aux, ditto
Berlin 7 5
Frank fort on the Nlain
Peteislnirgli ............................. . 9 0
Vienna......... 10 0
Trieste.. ................................ 10 0
Madrid ................... - - .361 Effect ivo
Cadiz ....................... ........... kffective
(Whoa .................................. 314 Ellective
Barcelona .............. • ........... 35
ieville .............. 16
Gibtaltai .................... ...................... 31
Leghorn .........................
49
(;et ~a .......... IS-Venice, Ital. Liv. 27
Malta .......... -Naples 4O
Palermo)
Lisbon . ...............
Oporto
!tin Janeiro
Bahia . 50
.... 9}....... .
pri Cent.

BULLION
tiortit4al Gnld,iu Coin
Foreign (;ittd, iu Bros
New I)oithloorii
New Dollar.;
Silver Standard in flats.

L.O 0 ol'et (1z
3 17 9
3 17 G
. 0 4 11
..„ 0 0 0

DEATII
wife of a respectable individual, residing., at Habergham, in
BY PASSION.—Mrs. Ann Roberts, the
Lincolnshire, died a few days tt;„, from the effects of, a violent
P"sion into which she hadihroivn herself in consequence of
some contradiction on the part of her husband.

MR, JESSOP'S REPORT

(Addressed to the COMMITTEE of INQUIRY), upon the
most desirable MODE of improving the COMMUNICA-
TION between NEWCASTLE and CARLISLE.

NEWCASTLE-UPON-TYNE, MARCH 12.
The subjoined Report, which confirms in the
strongest manner the plans of Mr. AVILLIAAt
CHAPMAN, it is supposed will forthwith be crea-
tive of great activity among those individuals who
have interested themselves to facilitate the in-
tercourse between Newcastle-upon-Tyne and
Carlisle. Indeed, it is highly desirable that the
utmost energy be now displayed in every thing
connected with a scheme so pregnant with ad-
vantage both to the counties of Northumberland
and Cumberland.

GENTLEMEN—I have examined the country between New-
castle and Carlisle, following the general direction of the val.
lies of the South Tyne, Tipple, Irthing, and Eden, for the
purpose of ascertaining whether a Canal or a Railway is the
best medium of internal communication between the above-
named places. If it were a simple unconnected question, which
mode of comunication is preferable for general purposes, that
is, to convey articles of trade and commerce of every descrip.
tion from one point to another, I could have little hesitation in
saying that a Railway is the best, as it not only requires less
capital to complete it, but also will convey merchandise more
cheaply and expeditiously, and with equal safety ; but, sup-
posing it to form only part of a communication between the
German Ocean and the Irish Sea, the Tyne having to be na-
vigated at the east end, and the Carlisle Canal at the west,
other reasons will influence the decision of the question, of
which this is the principal one,—Whether a Canal will occasion
such an increase of trade beyond what would be conveyed by a
Railway, added to the advantage of avoiding twice changing the
carriage, as will compensate for the excess of capital and the
additional expence of conveyance ? From all that I can learn
of the nature of the trade, I am of opinion that it cannot ; so
far from it, I am disposed to think that not only as much, but
more will pass by a Railway than by a Canal, as the facility af-
forded by a Railway of making branches from either side, will
not only extend the present sources, but will also induce indivi-
duals to open collieries, mines, and quarries, from which they
can send the produce at once to its destination without the in-
convenience of removal, and more cheaply, as they will not have
to defray the interest of capital which would be vested in vessels,
wharfs, &c. and which would probably prevent a distant trade
in articles of low value, that would only have its origin in the
facility of making a connexion with so simple and cheap a mode
of conveyance as a Railway. I have not a doubt for the fore-
going reasons, that a Railway joined to the Carlisle Canal would
benefit the trade of the latter in a greater degree, than the same
line of connexion with Newcastle would, if made by a Canal.
I have of course read Mr. Chapman's Report and Estimate,
and I think he has, in both instances, under-rated what I con-
ceive would be the expence of a Canal or a Railway. It is ne-
cessary that I should state wherein 1 disagree with him, and in
justification of myself, the probable causes of this difference,
considering him, as I do, to stand at the head of his profession ;
besides having taken the levels, he has advantages, from his
local knowledge, which I do not possess.
In the. first article of his estimate fora Railway, I think he is
too low ; this may be partly occasioned by the great advance in '
the price of iron, and partly because I consider it desirable to go
to a greater expence in the foundation of the road, than appears
to be the practice in the neighbourhood of Newcastle, where
not sufficient attention seems to be paid to it: as of several
Railways that I have examined, the only one which I consider
well laid, is that belonging to the Fawdon Colliery, of which
the construction is highly creditable to the skill and ingenuity
of the contriver. In saying this, 1 do not mean to recommend
the system as being generally preferable to that adopted at the
Hetton and other Collieries, but that the road is much better
laid, and maintained in a more perfect state than any others I
have seen. I have generally used from eight inches to a foot
of broken stone, gravel, or engine ashes, according to circum-
stances, upon the base of the road, to form a firm foundation
for the blocks. The increase this would occasion to the Esti-
mate, added to the advance on iron, I compute to be between
MO/. and 700/. per mile, making altogether about 40,0001.
Mr. Chapman states in his Report, that the opinion he had
of the impracticability of making a Ship Canal, from the nume-
rous objections, and the opposition there was to it on the part
of the great land-owners, added to want of time, occasioned
him to make his Estimate with less care than he would have
thought necessary were it likely to be carried into effect, and
that he over-rated the masonry of the locks, so that he would
probably agree with me in estimating theist at 2,5001. each,
making an abatement of 58,500/.; but he has entirely omitted
a most material item, which, though evident to any one while
looking over the ground, might have escaped his recollection
after the lapse of years since he made his survey : this is, lining
the many miles of Canal which would have to be cut through grit-
stone, sandstone, gravel, and other substances which will not hold
water, and which, after the greatest care in puddling,would make
it doubtful whether any supply of water could be found for so
great a source of waste ; for in forming a deep Canal, which,
with its bottom puddle, dry bank for towing path, and nine feet
of water, will be together four yards of depth, the cutting al-
most of necessity gets through the covering of earth into strata
of rock, or sand, requiring to be puddled, of which there is a
great extent on the summit, and on both sides of it, I think
if I say that half of the whole length is of this description, I
shall not exceed ; in which case this half, without any extra-
ordinary cutting, will cost more than Mr. Chapman has allow-
ed for the whole, which is 259,4801., including towing paths
and fences. I have not a doubt that this omission was acci-
dental, and occasioned by the haste in which his estimate was
made ; but the whole expence will be increased by it to a
much greater amount than is saved by. the over-calculation in
the masonry of the locks. The remainder of the estimate I
' suppose to be correct, and in this case I prefer his opinion to
any calculation of my own, as he has had opportunities of
knowing the extent and value of the works required better than
nI 1 cand htahvee
country,or an
with
yone
Although I had Mr. Chapman's plans and . sections, and the
line where the level passed was in various places
' me, which was of great use towards forming a general opinion,
welqi o n
ahlanstt not
attention.
titnank7 the levels, and exa-
ces pointed out to
' it is impossible to say which is the line to
and be preferi•ed, except
each. I -
ad-
vantages and Bells of think, as a general
should be kept to as .
llow a level as
by taking the levels of seyvnerbaoltlhinseids,esof ticloenvipaalrelyngmathyewith
principle, that, the Railway
possible, that the country on
branches.
bridge over any of the rivers is not a very for-
facility be united to it by
rivers is
I think it likely
miAdalbtlae undertaking,y and
them more frequently than has hitherto been proposed, the
Railway may be shortened without any increase of expence. In
the greater part of the line there. is such room for variation,
atlninatthiwtamtdavy
that I apprehend it inay pass
.most of the gentlemen's seats
without annoyance or inconvenience to the proprietors, and the
levels are generally favourable on both sides of the valley ; al.
though difficulties occasionally occur about the summit, which
directionb e bette r
behind
irni
ds e toa
will add to the expence, but without any other inconveniences
to the Railway. n a
at i m i'
moret es
Ha-
worth Castle, and begin to descend near Milltown. His pre-
ference to this line is evidently occasioned by the advantage to
he derived from making a branch from the summit level to
ljllswater and I'enrith. It is probable that his • • is • h
opinion right,
as an extensive trade in slates from the summit (of which I do
not entertain a doubt) will save a considerable '
hither ' r-C
level,i kaenepi
expenditure of
steam power, by giving a preponderancy • to the weight of car-
riage downwards both to east and west, otherwise I should have
thought that it would be better to descend to the valley near
Denton, north of the Irthing pass near to Lanercost Abbey,
and from thence in the shortest course the low lands to
over _
Carlisle, connecting Bramptca to the main line by a branch.
The whole distance from Denton to Carlisle is nearly a flat
valley, except at Redholme, where the Irthing - forms a penin-
sula, that may be cut through, or the river may be crossed
and recrossed.
The preferable line must of co depend on the levels and
which
local circumstances, _
will arse
develope themselves when an
• actual survey is made. The lower line will probably be much
1 the shortest ; hut it will lengthen the Pith branch, as the
i enr ,
trade to the eastward in slue
'l, or whatever may come down
that branch, ought to cutumunicate the with summit at Den.

' tort, for Oleic can scarcely lie:a doubt tf:at this trade Mat k
very extensive, as the Railway will make Newcastle the cheapest'
and most direct line to Londan for slates, lead, &e.. It will
then be a question whether the whole trade between t;ie extTe`
mities. and along the line, shall be carried round by the hia-l;c•-
lev,t, supposing- it to be the more circuitous course, ,r
the Peori•li trade to the westward, which will be :)it s,,tit,l
porzion of the whole, shall take a More lengthened course et
several miles round by Denton. This might certain; be ob-
viated, were the amount of the trtd, between Penrith
lisle of sufficient importance, by having a set of inclined pl:,
to pass by Talken Tarn, 2.nd join at: Brampton branch, which
places would Lot require steam pow?r, as the trade would be
nearly altogether downward, and a siegle road, with occasional
turn out places, would be sufficient ; but this will be a subject
for inquiry hereafter.
I have perhaps entered more into_particulars than is neces-
sary, as these speculations may not stand thetest of examina'
tion by the spirit level. I will therefore give the sum of my
opinions in few words, which is, that a Railway in such a si-
tuation is greatly to be preferred to a Canal, as it will be the
means of creating a more extended local trade, from the faci-
lity it affords of branching in all directions, and all elevations,
which advantage a Canal cannot have. The cost will only he"
about one-third of that of a Canal of the dimensions proposed;
it will supply a greater trade to the shipping at each end of the
line ; it will be of material advantage to the adjoining estates,
and will not cause a separation of property; and I have not a
doubt that the local trade alone will pay a good rate of interest
for the capital to be invested.

I have the honour to be, Gentlemen,

Your most obedient servant.
Butterley Hall, March 4, 1825. JOSI AS JESSOP-

TO THE EDITOR.

" J'appelle un chat un chat, et Rolet un fripon."—Boileau-

SiSlit-I asserted in my last letter, that during
the continuance of the restriction, it cost the people of this
country about forty millions, and as proceeding alone from the'
transactions between the Bank of England and the Govern-,
ment. It has since been hinted to me, that this suns is large
beyond all bounds of credibility; and as I do not like to be
thought a dealer in mere assertions, I shall now proceed to esta"
blish what I have said.

The average of the advances made by the Bank to the GO--;
venment, from 1797 to 1819, was 17,796,0351. ( Vide Report of
the Lords' Committee, p. 319.)
This, at 5 per cent. (as the rate of interest then stood),
amounts to an annual sum of 8119,8021. ; and at compound in-
terest, during 23 years, to 36,864,920/. I say at compound in-
terest, because it is evident that in this particular case, in which
we arc called upon to estimate what the Bank has gained and
the public lost, the basis of our calculation must be compound
interest; and this for two reasons.

First, because the proprietors of Bank stock having, in con-
sequence of the transactions between the Bank and the Govern-
ment, received a great and unexpected addition to their'annual
incomes, all the excess beyond what that income would have
cas:dijorevytteliepionasiwnktaßil.fosstrieltoaloii,:pieni/n,lichia'e,:r9t,sisat,t,,
been, if things had remained in their natural state, might have
ttcwaih:
weeemataooypvpootteti
hiabisnafiaaerlevlentteyedrdvottaedteki
meurslmoioi
osrupeinroutonesieahusft
pgnents.ater;:ntugo:ertpilepisyerfeaariBottet
apspehnachsttrdorimteodieecnisisniocoondeoiirtteeanlntitihefdo.lnhntildsio:ishrioceipittuibBfureenprennrt
ycippele,:ksedgettroptotrsiii,eoofir:snteorat
icaltcrrieedn.
iininlihttsa:heiiipidcihnan.
tcte,nee,,reogaigteirt(gciorbkireni
been, and probably was, regularly employed by them in the
purchase of Government securities ; and, consequently, their
excess of gain, during the period of the restriction, either did,
or might have accumulated at compound interest ; and
Secondly, the sinking fund established by Mr. Pitt being,
throughout the whole period of the restriction, in full operation,
the sum of 8119,8021., which was annually levied by taxes on
the people, to be distributed amonget the proprietors of BanY
stock, might again, if the currency had been left in its natural
state, have heen paid to this sinking fund, to accumulate et
That the debt of this country will never be discharged hi
w
x
iiiisseraollicei,,t;iunolcusoercsialufgternavexriflt:cnlsrnh3dioard:::ll:-"fintleajeotil.aereinnisuci ,irp)eirnelyrtgiaklnalt.7dnsi,evh
m,fstfesitb):.
etu.)ltnfbter
otaneit:nul
tktoeld:e ::,,,altrtvl,?iatlhtliiiff:a:t3nor.neehln,rau,gfdoBeriaittßs),
Government
osaorpae
Bta
ehdruncei
Bank
eort Bdnvgni
endndlhdt
acsl,fewyaeltol
s
s
0
would leave a loss of 2,425,000. A very pretty speculation
And this is to deal in gold with a vengeance.
The sum of 36,864,920/. having, therefore been paid to the
proprietors of Bank Stock for the use of their trumpery ware,
and 2.425,0001. being lost by borrowing in bad money and PaY.
ing the debt in good, this,
39,289,920/., and so my position is established ; and then I say'
nothing of the profligately wasteful expenditure to which a mere
paper currency must naturally give rie or of the doubt and
together, constitutes a. cunt or
uncertainty which a perpetually
threw over the property. and transactions of every man in the
kingdom. This was, indeed, a precious state of things : one
man worked, and another (without the exercise of any one sinOe
power, either bodily or mental) received the wagcl lanyu.
and the quack doctor marched off in triumph with the fee °'
the regular physician. Quod capis alter habet.
the
And yet, precisely as if all this was foreign to us, and that
varying, standard necessarily
fact of Bank restriction, with all its circumstances and conse"
quences, was only to he found in the annals of China or BabS-
lon-1 say just as if all this did not concern us in the least, ‘Ve
still go on the same way, and the Government jobs with the
Bank, and the Bank jobs with individuals. And then, as
have already stated, every such jobbing transaction must per se
constitute an excess of currency : for as before the transaction
takes place a certain quantity of money exists, and that the
Bank is open for the discount of bills founded on real transace
dons in commodities, and that the Mint is also open to the
coinage of gold bullion for the public—(and that therefore every
man who has a real value to give for money may always has 2
it, and that consequently, and as compared with commodities'
there can never be a real scarcity of money), so after the.trans-,
action has taken place do the same facilities still subsist; att
therefore, if to all the money which is (or can he) fairly cane",
into action by commodities we superadd another quantity 0
money which has no original connexion with commodities, but
is founded on a mere fiction; it is of plain and undeniable con-
sequence that there must be an excess. And then, with pre"
cisely the same mass of wealth as before, there does ensue
most irregular and vicious distribution ; the money prices °,,i`
commodities rise ; all debtors gain, and all creditor-4 lovl.; an to its injurious effects on our foreign commerce I have already
alluded ; hut amid the general confusion, and, lose who mo'9
it fares well with the dealers in paper.
Our system inverts the order and turns aside the natural bent
of things. We exult (and probably with reason) in our great
wealth ; but in all rich countries, says Adam Smith, the pre-
cious metals are dear—that is, when compared with other
productions, they have a great value in exchange. Not
though this author is often wrong (anti must therefore be reaq
with caution), yet we owe him much, and I am quite sure that
he is right here ; for to be rich is to have more than is needful'
and to be greatly rich is to have much more than is needful.
As great wealth, therefore, implies a great surplus, and as
where much exists to be given in exchange for. the precious
metals, much will he given in exchange for them, so will it
turally follow that in all rich countries the precious metals Wl'
be dear. Again, take a people that are distinctly arid positivel,
poor, and give them gold or silver you may ; but to sell it,
get any thing in exchange for it, is impossible; because,
poor, they have no surplus ; and therefore it is clear to con I,c.
tion, that precisely in the degree that a country is rich will al:,
precious metals be dear. But with us they are cheap, and thcr!
fore, either we are not rich (an impossible supposition), or else'
our system of currency tends to divert things from their natue
ral course, and by making that cheap which would otherwise
be dear, to introduce great uncertainty and confusion.
te concludeori
original
whatn::l
iinventor
v ol shall
le,
as
sacyhteom tehoef Heaven"gix
restriction)b()A Minister,"d
ami gone to -1J
t yrt (:
which the public was taxed for the benefit 01.,
of
nip n
Ida i
evei ua
na las ?I
wilth innogt
reflect
omn
hn
si s
md
ee
land
0,
tario censetur pro voluntario—but I will not : and not only
if they list, apply the rule—lnvoltintariunt orrtaniejeat' °:°llle#rio:
I acquit him of all bad intentions towards the public, but I ':
most clearly absolve him from all knowledge
,whatever. Of the
..
principle of his own system—of the manner in which it oPerat,
ed during its progress, or of the consequences to which it Oft,
lead eventually. In short, I blame nobody : the thing is Pe,.
and without remedy, and all censure is unavailing—extra
tunant est quicquid donator • and I simply regret that all t_icig
money which has been wasted on the proprietors of Bank aw
had not been given to the poor.
DANIEL HARDCASTL/;•_,

I.
On Saturday, the 12th inst., atTII Thoresby.park, Notts, the
Countess of Manvers, of a son.

DIED
On the 14th inst., at Ilomerton, Colin, aged 13 years, 54313 of
Mr. Robett Douglas, of Church-row, Fenchurch-street.
On Monday, at Dover, suddenly, whilst at tea, 11.1
Nathan, many years the Rabbi of the Jewish congregation
that place, aged nearly 90 years.

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