The Sun.
London, England, 1823-01-09 00:00:00

LAS CASES' JOURNAL.

ST, HELENA ANECDOTEi.—,Me time before
the dinner hour Buonaparte assembled us all around him in
his chamber. A servant entered ,to announce that dinner was
ready ; he sent us away, but as:l was goingout last, ho called me
back. " Stay here," said be, "we will dine together. Let the
young,people go—we old olks wills keep one another coin-
pally.' lie then • expressed a desire to dress, intending, as he
said, to go into the drawing-room after dinner.
While he was dressing, lie put his hand on his left thigh,
where there was a deep scar. . lie called my attention, to it by
laving his finger in it ; and, finding that 1 did not understand
what it was, he told me that it was the mark of a bayonet
wound by which he bad nearly lost his limb at the siege of
Toulon. Marchand, who was dressing him, here took the
liberty of remarking, that the circumstance was well known on
hoard the Northumberland, that one of the crew had told hint
on going on board that it was an Enslishinan who first wounded
the Emperor.
,The Emperor tm this observed, that people had
in general wondered and talked a great deal of the singular
good fortune which had preserved him, as it were, invulnerable
in so many battles. " They were mistaken," added he, " the
only reastn) was,
that 1 Made .a secret of all
my than,,;ers." He
then related that he had had three horses killed under him at
the siege of Toulon ; that he had had several killed and
wounded in his campaigns Of Italy ; and thre3 or few at the
siege of St. Jean d'Acre. Ile added, that he had been wounded
several times ! that at the battle of Itatisbon a ball had struck
his heel; and at the battle of Ealing or Wagram, I cannot
say which, a ball had torn his boot and stocking, and
grazed the skin of his left, leg,. In 11114,. he lost his horse
and a hat at Areis-sur-Aube, or its neighbourhood. After
the battle of Brienne, us he was returning to head.quarters in
the evening, in a melancholy and pensive mood he was sud-
denly attacked by sonic Cossacks, who had passed over the rear
of the army. lie thrust one of them away, and was obliged to
draw his sword in his own defence : several of the Cossacks were
killed at his side.. " But what renders this circumstance very
extraordinary," said .he, " is, that it took PMace near a tree
which-at that moment caught my eye, and which I recognized
as the very tree under which, when I was but 12 years old, I
used to sit during play hours and read Jerusalem Delivered.' "
Doubtless on that spot Napoleon had been first fired by emo-
tions of glory ! •

The Esniperer, as we were going along, observed, that any
one who could have seen us at that time would recognize with-
out difficulty the restlessness and impatience of the French cha-
racter. "In tact," said he, " none but French Men would ever
think of doing what we are now about." At length we arrived,
breathless, at the bottom of the valley, 'What we had at a dis-
tance mistaken for a beaten road prOved to be nothing hut,
a little strearnlet, a foot and a half wide. We proposed
to step across it and wait for our horses; but the banks
of this little streamlet weft very deceptive. They appeared
to consist of dry ground, which at first supported us ; but
we soon found :ourselves sinking as though we had been
breaking through ice. I had already sunk above my knees, when
by a sudden* effiirt I disengaged myself, and turned to assist the
Lmpernr, who had both legs in the mud, and had dot his hands
on the ground, endeavouring to extricate himself. With a great
'deal of trouble we regained the terra firma; and I could not NIP
thinking of the marshes of Arcola, which we had been engaged in
describing a few days before, and in which Napoleon was very
near being lost. The Emperor looked at his clothes and said,
" Las Cases, this is a dirty adventure." "If we had been lost
in the mud," he added, " what would have been said in Eu-
rope ? The canting hypocrites would hare proved, beyond a
doubt, that we had all been swallowed up for our crimes."
JANUARY 1816.—0 n New Year's Day we all assem.
bled about ten o'clock in the morning, to present the compli.
ments of the season to the Emperor. Ile received us in a few
moments. We had more need to ofrer him wishes than con.
gratulations. The Emperor wished that we should breakfast,
and spend the whole day together. Ile observed that we were
but a handful in one corner -of the world, and that all'our con.
solation must be our regard for each other. We all accoth.
parried the Emperor into the garden, where we walked about
until breakfast was ready.

ON THE PROPRIETY OF MAKING SILVER,
JOINTLY WITH GOLD, A LEGAL TENDER.

(From Ow E4inbfirgh„Cotfratit of Jan. 6.)
.‘• -af.
BY THE moire ICON. stu.acietse sterCLAIR, BART.
Colt! is Ittni the money of the world, or measure of corn.
tnercc, ()rill tobeso." (1)
All that can be attempted at this time, is, to, ire a general
view of .thismostimportant .question.. For that purpose it is
proposed to consider, 1. What was formerly the standard of
value: in this country ;-2. What are the arguments in favour
of gold ;-3. What are the objections to that metal ;--4. What
are theargumenbele favour of silver ;--5. Whether silver might
not be made, jointly with gold, a legal tender ;-and,'6.'What
advantages the Agriculturists would obtain were that measure
adopted.~' . ', •
' ACCOUNT'OF •THE LEGAL TENDERS ESTABLISHED IN
Estiateran.-Silver coins were, till nearly two centuries after
the Conquest, the only money of British manufacture. A few
gold pieces were coined by Henry 111. ; but Edward 111. was
the first of our Kings who issued them to any amount. Gold
;was then made a legal tender, at the mint rate, jointly with
silver, at rate Or value which the Sovereigns successively
set upon them, till the 16th Charles 11. when they were per-
mitted to take their value, according to the relative value
of gold and silver in the market. ' This continued to be
the case, till, by a Proclamation of 9, George I. anno 1717,
the rate or value of a guinea in currency was unfortunately
fixed at twenty-one shillings, whereas In the opinion of Sir
Isaac Newton it ought to have been 41 or even 6d. less;
and thus, by
i giving a fatal preponderance to gold, we have
got involved n our present difficulties-it being much more
difficult to keep up a currency in gold titan in silver. By the
14th Geo. 111., " silver coins" were enacted to be a legal tender
for sums not exceeding 251. (to which sum it was restricted,
owing to the deficient state of the silver currency at that time);
but by the law as it then stood, silver coin was a legal tender to
any amount, at the rate of ss. 2d. per ounce, and, by implica-
tion, bullion.
There can be no doubt) therefore, that originally silver was
the sole legal tender, and, jointly with gold, continued to beset
until the bank-restriction in 1797. When, however, it was re-
solved to return to a coin currency, then by a recentact (28th
Geo. HI. c; 68.), passed only in the year 1816, for the first
time in the history of our coinage, gold was made the sole
standard of value, and the only legal tender for discharging debt.
A IiGUIVIEN TS IN FAVOUR OF GOLD.-The firs: argument
in favotirof gold is, that it is more conformable to the increased
affluence of the country. We are told, that in the early and
less wealthy stages of society, copper coins alone are known ;
that by degree!, silver is introduced ; and as mercantile transac-
tions become more frequent and important, silver coins of a
greater size and value areustal ; that gold then takes its place. (2)
The answer to this, however, is obvious. As in the most re-
fined state of commerce, even gold itself is found inconvenient
for large payments, a substitute is provided by means of bills
and paper circulation, and then it becomes as easy to make a
payment or to discharge a debt to any amount, whether north.
nally it is in silver or in gold, through the medium of paper.
The second argument in favour of gold is, an idea of its su-
perior steadiness. But, whatever might formerly have been
the ease, that is completely disproved by a return from the Bank
of England, from which it appears, that dering the existence of
the late war, silver was much lees subject to variation than gold.
OBJECTIONS TO GOLD AS THE sTaNDARD.--These seem
to me to be entitled to much consideration. '
1. Gold being a scarce article, it is more difficult to procure it
in sufficient quantities tar the purposes of general circulation,
or to retain it) if other countries have resolved to procure it.
2. Gold being a softer material, it is move expensive to keep
it up at its due weight as coin.
3. It is attended with much trouble and inconvenience, to be
constantly weighing gold coins, to ascertain whether they ought
to pass.
4. Gold has been continually rising in value, as compared
With silver, for the last 250,yeart, an ounce of gold having been
worth only ,10 ounces of silver in the reign of ,Elizabeth, but
which. is now worth 16,i ounces, at the present Market prices of
bullion.
6. 'lt is justly remarked by a most judicious author, " That
ifl gold is made the standard, and its price is lowered, the prices
of all commodities will fall proportionably"-the very calamity
now complained of. And,
1 -fi: Gold, it is believed, is not a legal tender at a fixed rate, in
any country hut' England. It is left to find its own level as a
marketable commodity. In this respect, other nations are more
*rise and just. For die natural depreciation of silver, froin its
more abundant supplies, relaxes the burdens of industry, while
the .continual increasing value of gold, continually increases the
value of all. taxes, and the weight of all burdens. 0) . .
"Anduattsyrs IN FAVOUR. OF SILVER.--'The arguments
in favour of silver, as being either the sole proper standard of
value, or entitled to be so, jointly with gold, seem to me to be
unanswerable.
1. It is evident that gold may be dispensed with, more espe-
cially since the invention of paper money; but silver cannot,
being essential for the smaller, consequently the more numerous
payments.
2. Silver, also, cannot be so easily or profitably melted
down, and, consequently, is more likely to be kept in circula-
tion, unless an undue preponderance is given to gold.
3. It Ls evident that silver, being a bulkier article, cannot be
exported but at a
_greater risk and heavier charges_; conse-
quently it is more likely to be retained at home.
4. All our accounts are kept In pounds or shillings, or in re-
ference to silver. Gold may be used for particular payments,
as fees, where ready money is required; but silver is the money
of account.
5: Silver is not so apt to be hoarded as gold, in which sub-
stance a large value may be kept in a small compass. Silver,
therefore, is more to be depended on as a permanent medium
of circulation, whereas the diminution of gold as a currency
has been lamented alea great public evil, in a speech from the
Throne to Parliament.
6. Silver, also, is the general tender or standard of value in
alMost all other countries, and it is not for the advantage of
any country to be an exception to a general rule.
On these grounds it is, that silver ever has, and in the judg-
ment of the ablest men, ever will hold the prerogative of being
the general standard in commercial countries ; gold being ar.
.ways valued by silver, but not silver by gold. (4.) Why then
should Great. Britain be an exception ? Or why should we
overturn a systeni that had existed for many centuries, more
especially as, by that 'change, we have added materially tii the
oppression arising from the re-establishment of a metallic cur-
rency ?
ON SILVER BEING MADE, JOINTLY WITH GOLD A
LEGAL TENDER.-There are certainly objections' to this plan,
and it will require great judgment to fix on the proportions be-
tween the two metals. If gold is rated higher at our mint, in
proportion to silver, than it is in other countries, gold will ne.
cessarily be brought in here in greater plenty, and. our silver
will be exported. (5). This united standard was revived by an .
act that passed in the year 1798, (38. George 111. c. 59.); and
the late Lord Liverpool declared, " That during the whole
time that the . two metals were jointly recognized as legal ten-
ders, no objection was made to it." (ii.) How, in opposition to
such authority, and the uniform practice of many centuries, a
new system should.have been adopted, Is to me unaccountable.
O. Tile ADVANTAGES THAT THE APHICULTURIST
WOULD DERIVE FROM A REVIVAL OF THE OLD SYS-
TEM-This is easily explained. The present price of silver
is 4s. I ld. The Mint price is 6s. yid. Hence, if the silver
Mint were opened to the public, it would save 7tl. in. every
4s. lid., and probably more, as the price of silver is likely
to fall, when the large importations at' that metal arrive
from the East Indies. Making silver a joint standard would
facilitate paymenta, and would reduce the pressure of all debts
and taxes nearly 12 per cent. The additions to the currency,
under the new system, would likewise improve the price of
commodities perhaps 6 per cent. more.
Nor is this all.. If we are to have a metallic currency, we
are likely to have it in larger quantities with two metals as a
standard than with one. lf, from any circumstance, there is
a great demand for gold in foreign countries, it is probable that
silver would be cheap, and we may obtain it more easily. It
then becomes immaterial to us which coin is the most accepta-
ble in other markets. With prudent manageMent we shall
always be able to obtain as much of the one metal or of the
other, ns may be necessary for the purposes of circulation ; nor
are we likely to want an adequate supply of paper circulation,
convertible into silver, at the rate of as. 6d. per ounce, and the
price may be raised, it necessary.
(1) Locke's Farther Considerations concerning raising the
Value of Money, p. 75, 76.
(2 Lord, Liverpool on Coins.
(3 Remark by Thomas Attwood, Esq: of Birmingham.
(4 Locke; Anderson on Commerce, vol. iii. p. 74 ; Mentes-
quiet', Sir William Petty ; James, in tis Inquiry, p. 2, 38, 39,
and 1 11, are all in favour of silver. Lord Lauderdale's Speech
and proposed Address in the. House of Lords, an. 11116; 211 r.
Alexander 'Whig's Speeches in the House of Commons, on
the 19th of March and 9th of April 1831; also Mr. Matthias
Attwood's Speech, on that occasion, throw much light on this
Mat important subject.
(5) Harris on Coins, part ii. p. 59, 60, 61, and 62.
(6) Lord Liverpool on Coins, p. 129.

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MASONIC NOTICES FOll NEXT WEEK.
ENGLAND.
Afonday, Annan, 13, to xDON. Nos. 40, 100. 143, 241.
:119, 329, 335.
Conwrnr. Nos. 131, 143, 320, 378,
433, 473, 517, 536, 540,
570, 574, 578, 701.
- 14, Loxnorr. Nos. 23, 62, 290, 300,. „m.
479.
COUNTRY. Nos. 24, 07; 138, 115,211,
263, 292, 427, 537, 214'
626, 668, 714. ,
Weanmlay, - 15, LONDON. Grand Steward's 1,0,0.1. et
Nos. 6, 92, 134,
296. 309.
COUNTRY. Nos. 92, 95, 105, 124,146,
207, TA 339, 342,
480, 487, 529, 581, ulu'
711.
Thursday,- 16, Lovnow. Nos. 65 151 074 388.
CouNTitY. Nos. 113, 171, 289, 41
6,
453, 466, 469, 511,
561.
- 17, Losnow. No. 493.
Couxrur. Nos. 28, 31, 50, 199, it"
800, 846.
--18, Lotinox. • •
COUNTRY. No. 64.
IRELAND.
Tuesday, Jan. 14, CORN. No. 71

Tuesday,

Friday,

Sattrday,

111