The Sun.
London, England, 1804-05-26 00:00:00

EXETER, MAY 23.

AT our fair on Monday last, there was a larger,
show of cattle, than has been exhibited for many
years past. Fat beasts sold well at good prie6 ;
but the major part being lean, the sale of them was
heavy. We understand there were not less than
4.000 shown, of which about 1200 were purchased.
In this fair Mr. Win. Sarell, apprehended two no..
unions pickpockets, of the names of Washington
Patrick and Joseph Biggs ; several persons in the
course of the morning had their pockets emptied of
Bank notes, cash, &c. to a considerable amount, but
the villtiins were at last detected in robbing IVIr.
Roberts, of.Crediton, of his pocket-book ; they ate
fully committed to Southgate prison for trial at our
next general gaol delivery. There were four others
belonging to the gang, who, on the alarm being
given, Made their escape, and are supposed to have
gone to St. Austle, in Cornwall, to commit further
depredations at that fair, which i, on Thursday.
We have obtained a list of their names, which are
Garcey, Wilson, alias Paddeford, Macpher-
son, alias William Wilson, and Edward Gill, 4
Scotchman ; the two former are in the consiant ha-
bit of issuing forged notes of the Bank of
The following is a desetiption of Wilts 2, the most
noted of the gang : he is a small man, about five feet
one inch high, much marked with the small pox,
and for his adroitness in picking pockets, is con.
sidered superior even to the noted Barrington ; be-
ing stiled by the light.firiger'd gentry in the me,
tropolis, the Kinrr of the thieves. We hope they
will all terminate their tabours in the West of Eng-
land, by a reward equal to their merits.

Lirti-YARBOROTJGH has purchased out of TOR-
NER:A Gallery " the Opening of the Vintage of
Macon," for four hundred guineas.
On Tuesday died, at Ripley, aged 14 years,
RICHARD OWI,N CAMBRIDGE, the only Son of
CHARLES OWEN CAMBRIDGE, Esq.
A daring robbery was last week committed at
Winchelsea, by ix soldiers of the 1411), in the
house of Mr. Martin. They much ill treated the
Fundy, and broke Mr. M.'s attn ; they carried off
r. 71. in rn•)ney, besides a watch arid sonic small plate.
Colonel Barnett has most zealOusiy exerted himself
to di cover the perpetrators, and some men were MI.
Mined under very suspicious circumstances.
O s Thursday night last, Mrs. Renshaw, of Lilt.
terwurth, was safely delivered of four children,
three males and otse female, all of whom at': living,
and- likely to well.

EXCHANGE IVITH IRELAND.

EXTRACT

FROM MINUTES OF EVIDENCE

Taken before the Committee appointed to inquire into the
State of I relanci, as to its Circulating Paper ; its Specieand
Current Coin; and the Excrange between that part of the
United Kingdom and Great Britain
The Right Hon. JOHN FOS r ER, in the Chair.
(Continued from cur Parer of Tisuo:4.)

WALTER BORROW ES, ESQ.'S EXAMINATION, CON..

TINUED.

Don you consider the fluEluation in Exchange as
an evil to the Countries in which it takes place ?--I
do not, where there is only a balance of trade to
produce that flueluation ; but if it arises from a de-
preciation of currency, I consider it as injurious, as
an uncertain measure or weight would he, I mean an
uncertain bushel or pound, and that is the bane of
commerce and of confidence.

Do you net consider the operation you have de_
scribed as having caused the flueluations in iSoo
and 18ot ?—I think it had a tendency that way,
hut it was •not adequate to produce the whole cf.
felt. ,

Would you consider it as an eligible objet} for
Administration to cuter into the market for any
other commodities than Bilis of Exchange, for the
purpose of raising or lowering the market for such
commodities think if Administration confined
themselves in the market to one channel of pur-
chase, and kept down competition arising from
their own purchases, there could be no objection to
it ; if for speculative pUrposes, I think it would
be improper.
At the time the Notes wore received at 94- per
cent. what was the rate of exchange of Landon on
Dublin ?—I believe it was here 104 ; but I am
certain as to Dublin, that when the house of
Bogle, French, and Co. were taking in Bank of Ire-
lan:l Notes here for the Loan of i Soo, their Agent
in Dublin was drawing upon them to a much greater
amount (at p.l) than they %sue exchanging here at
th Bank of England.'
Why did your correspondent draw at that rate of
excange from Ireland ?—Because we had weed
with G .vernment to take in Bank of Ireland Notes
at 91 for the English proportion of the Loan of
z 500,0001. which was about 1,700,0001. to be
paid to the Treasury of 'lreland.
Did the exchange fall here at any time so low as
9,1, during the above operations ?—Not that I re_
member, it would hi've been under the standard if
it had ; because a bill on Dublin at 2 t days sight,
which regulates the exchange, would not have
been so valuable as a Bank of Ireland Note.

If the restridi )n on the payment of specie by the
Banks of bot, Countries.were taken off, would it
relieve the difficulties of Ireland as to currency and
exchange ? —Certainly.
Could it he taken off the Bank of Ireland with.
out being taken off the Bank of En&land' with safe_
ty ?—I think it could not.
Can ycu assign any reasons ?—Because specie
being at premium in both Countries ; even if the
Bank of Ireland had sufficient to answer its own
circulation, the wants of England would extend to
it, and bring over the specie.
Are you of opinion that the rests if-lion could be
safely taken off the Bank of England ?—I think
not.

The other remedy you proposed being paper, as
g(.:ld could not be had for a common circulating me-
dium, and a consclidation of the Banks being the
means in your opinion of procuring a common paper
between the Kingdoms, exchangeable in either
'Country, do you think that would he any effcaual
remedy ?—Yes, for currency and exchange.
Are the inconveniences which Ireland feels, in
resped of currency and exchange, temporary ?
Yes.

Should you think it wise to adopt perpetual
means of consolidating the Banks to remove a tern.
porary evil ?-1 think that the measure of consoli-
dation would aa favourably to Ireland during 'War,
and that in Peace it could do no harm ; and if un-
fortunate circumstances should again bring back a
renewal of the existing evils, that it would prevent
the ill effects now complained of from returning
with them,

In case the two Banks should disapprove of the
consolidation, does any thing else occur to you to
alleviate or remove the evils T t 1; 1: such a
circum.tance, if a Loan, suppose of 3,000,0001. was
raised in London for Ireland, that the taking in of
that Loan at the Bank of England in Bank of Ire-
land Notes, at any fixed rate of exchange below the
existing exchange at the time, would reduce the
exchange on all operations between England and
Ireland to that level, as long as Bank of -Ireland
Notes continued to be so received at the Bank of
England, and assist the currency of Ireland in the
same degree exaelly as it assisted the exchange.
Would not the sending of Bank of England Notes
into Ireland have the same effe,!t ? —lt would pre_
ciscly, so long as those Notes arose from a Loan, or
any demand whiCh Ireland got upon England.
Does- any 'mode occur to you wherein English
Rink Notes could receive a currency in Ireland ?
I know of no mode short of consolidation, so long
as the medium continues unequal ; I mean a Paper
issuing on a security nut residing in the Country
where it is circulated, and nut having a currency
established by Parliament.
Would the supposed Loan of 3,0c0.0001. operate
as a permanent remedy, or w-ould the measure re-
quire to be repeated to produce permanently the fa-
vurable erred. stated ?—I have stated it to be an
alleviation of the distress of Ireland, and not a per.
manent remedy ; and I think the good effects would
last so long as the Loan continued steadily to be
taken in at the fixed rate of exchange.
Do you conceive that by the operation alluded to
the issue of Irish Bank Notes would be augmented
—I do not think it would materially. In the for-
mer Loans transmitted on this principle, the Bank
of Irelandliad an interest to enlarge their issue of
Notes, in order to bring them over, because these
Notes were exchanged in the first instance for Bank
of England Nutes, which produced a quantity of

Specie in return, and this specie being paid into the
Bank, was a justification for an enlarged issue ; but
in the present circumstances, Wten the remittance
of a Loan probably would not produce the remit-
tance of a guinea to Ireland, there could be no justi-
fication for an elarged issue.
Do you conceive the quantity in Ireland would
be diminished ?—I do not, only during their ab.
sence as a remittance into England.
Do you not think that carrying English Bank
Notes into Ireland 'would diminish the quantity of
Irish Bank Notes in circulation ?—lt would not,
because the currency is diffeient, and nobody would
take them but as aJtmittance to England.
Do you not conceive that either of these two re.
medies would produce, immediately .on the.expira.
tion of their operations, the same, or a greaterfluc-
tuation in exchange than was experienced in iBoi ?
—I do not think they would, because they ad solely
as a remedy for existing evils, and cannot a 1 as a
cause upon the future state of those circumstances.
Is a high rate of exchange, or a low one between
the two Kingdoms, most profitable to the dealers in
exchange ?,---The profits of exchange arise from a
certain portion of the currency of another Country,
which has been procuted for the currency of this
Country, and which foreign currency being trans-
mitted to the place it is payable at, can buy a
greater sum of English currency than was paid for
it ; which difference, after deducing interest for
the time the Bill drawn for the foreign currency has
to run; and again interest for the chile the Bill
drawn for the English currency has to run, with a
commission paid at the place where the foreign cur.
rency is paid, and postage, leaves a net profit on
the transaaion : suppnsing the net profit to be any
given sum, the per centage is largest on the lowest
exchange.
JOHN PUGET, Esq. again examined.