The Sun.
London, England, 1832-09-15 00:00:00

LANCASTER RACES.

It will be gratifying to the amateurs of the turf in al.,
neighbourhood to know ilia', through the personal influ-
ence of his Grace the Duke of Hamilton with his Majesty,
the latter has I een eraciously pleased to grant that the
plate, termed the King's Hundred, shall be henceforth given
to be run fir at our races. A letter from his Grace, con-
taining this information, was received this week ; and as
soon as the proper forums of registration have been gone
through, the matter will be officially announced.—Lan •
caster Herald.

It was stated this afternoon (Friday) on
'Change, that Mr: ROTHSCHILD has concluded a contract
fur the remaining portion of the Belgian loan, amounting
to about 2,000,0001. sterling. The fact has not yet been
formally announced, nor are the terms known, but it is
said that one of the conditions of the contract, on the part
of the Belgian Government, is, that it " shall not go to
war." This clause has excited some amusement, where-.
ever it was mentioned, at the expense of the contractor,
and people are desirous of learning by what means, after
the payment of the money has been effected, a guarantee
is provided for the fulfilment of this stipulation. The
clause may, however, be of some use in sliming sub.
scribers to the loan, though there has, we believe, been
very little English capital off,red for investment either in
this or in the French loan lately concluder;.—Times.
CHOLERA AFTER INTOXICATION.—NOt
only does habitual intoxication strongly predispose to the
cholera, but a fit of ntoxication, during the prevalence of
the epidemic, is extremely apt to be immediately followed
by an attack. Of this M. BRIPARE DE BOISMONT has
given the following remarkable illustration :—" Three
butchers visited a tavern, abandored themselves to every
sort of excesi, and drank till they were intoxicated, so that
they wete carried home senseless. A few hours scarcely
elapsed when the miserable men were seized with sit the
-ymptoms of cholera, which advanced with such rapidity
as to prove fatal to the whole three within four hours."—
Lanett.

SPILIT OF THE PUBLIC JOURNALS

We have repeatedly mentioned, in speaking
,f the 'blessings of the Reform Bill in relation

to the different portions of the United Kingdom,
that in England it would be an immense im-
provement on existing institutions, but that in
Scotland -it would amount almost to a revolu-
tion.

The whole electors in that part of the
mpire last Tar did not exceed 2,300. TheFe
2,300 Scotch freeholders and burgesses—a moat
;mrtion of whom voted on paper-qualifications,
which had no more connexion with the land of
Scotland than a bill of exchange drawn on a mer-
chant in Lombard-street—returned the 45 Mem-
)ers who represented in Parliament our brethren
north of the Tweed. By the Reform Bill, a
single county in Scotland, such as Perth, has
;low more freeholders than the whole of that

meient kingdom on the old system ; and some
.)1 the towns have double or treble that number

of electors. The system of representation must
change along with that of election. The Dundas
dynasty has been deposed, as well as that of
he Bourbons,—the reign of the Tories is over,
—and the people, seeing their rights, have resolved
to elect representatives engaged to support their
interests. Hence a scream of fear, horror, or
indignation, has arisen from among the partisans
of ancient abuses,—from among the adherents
of the Dundas monopoly. Their roost is dis-
turbed,—their jobs are endangered. Like " the
moping owl," they complain that their " ancient
solitary reign" has been broken in upon by the
rude intrusion of Reform. The places on the
bench—the offices of supreme judges, which
ought always to have been sacred from party in-
fluence—were in Scotland, under the sway of
he Melvilles, the subject of the most disgraceful
corruption, favouritism, and family jobbing.—
Some of the 15 Judges of the Court of Session
,vere raised to the bench because they were unfit
for any thing else ; and it is well known that
often their office was a mere pastime. It would
be difficult to speak of some of the surviving
members of this ancient school of judges as they
deserve, without the danger of committing a
libel ; but it is enough to say that they are the
bitterest enemies of that Reform which has ex-

rased the system of promotion by which they have
mworthily attained their present eminence. To
how the length to which Scotch judges can go
n supporting the factious views of their former

patroiis, we beg leave to quote from an Edin-
burgh paper the following letter of Lord Bal-
gray, one of the Lords of the Court of Session,
to a gentleman of his neighbourhood, who has
the simplicity, good-nature, or patriotism to asitz
his Lordship for some countenance or aid in
celebrating the success of the Reform Bill.

" FOR MR. JAMES M‘DOUGAL, COMRIE.

" Lawers-house, Aug. 9,
" SIR, —As I conceive the Reform Bill the zwortat
curse that ever was inflicted upon Scotland, and as I view

it as fraught with every mischief under the sun, I should
consider myself as a traitor to my country if I could re-
jlice upon any such occision.
"It must grieve every good and reflecting mind that
such temporary delusion should have darkened the sr rind:
understanding of the p±ople; but the time is not far dis-
tant when the veil will be withdrawn from their eves, and
nothing will follow but grief, disappointment, and, I have
no doubt, repentance. " I am, yours, Bc.t.
"DAVID ROBERTSON WILLIAMSON EWART"

The paper which contains this curioui epistle
has not exhausted the wondrous subserviency of
Scotch judges to the opinions and views of their.
'Airy friends in all their caprices. Sir George
Murray, the late Secretary for the Colonies, is
imw canvassing the county of Perth. Though
opposed to the Bill in all its stages, the Right

Uo n. Gentleman is now obliged to declare him-
•elf a Reformer, and Lord Balgray, who thought

Reform " the greatest curse ever inflicted -on
Scotland," is attending him on his canvass, and
using his interest in his cause ! !—Times.
The three great props to the throne of Don
Miguel in Portugal, are-Ist, the Church, and
particularly the monkish orders, who are con-
vinced that their income and existence cdepend
on the maintenance of that superstition and in-
tolerance which the light of new institutions
would quickly dispel ;-2d, the Court and pro-
vincial nobility, who are enriched by comman-
deries of the different military orders, by Court
,ffices, and other public spoils, of which reform
'night strip them, or who are afraid to commit
themselves by engaging on the liberal side, while
its success is not evident ; and, 3d, the majority of
t he desembargadores,-or chief judges, the provin-
cial judos, and the numerous brood of wretches
connected with judicial functions, who are, per-
haps, the most corrupt set of men on the face of

the earth, not excepting even the Cadis of Tur-
key. The monks and the priests, who are as
abundant as locusts in all parts of the country
:here there is any thing to devour, cannot con-
ceive the co-existence of their senseless mumme-
ries and profligate deceptions with the spread t-4:
secular knowledge, or the establishment of civi4
.iberty. The revolution in 1820 mature((
aversion of political improvement into positive,
hostility. The Cortes, not contented with abolish.
iog the Inquisition, which it was their duty to do,
not contented with endeavouring to correct or to
check clerical usurpations and abuses, actually
talked, in the midst of a superstitious people,
of abolishing the monastic orders, and began to
take an inventory of all monastic and ecclesiastical
property, for the purposes of confiscation. The
consequence was, that the whole power of this
important body, and the whole fanaticism of the
people, were directed against the revolutionary
Goverumen ; and, what probably could not
have happened in any other country, even in
the middle ages, the fabulous discovery of a
little earthenware image, said to be that of the
' Virgin Mary, in a rabit-hole (thence called
" our Lady of the Rabit-hole"), was broul'ilik
forward to work so many miracles in favour of
the old Queen, who patronized the jugglery,
and of the principles of absolutism which she
supported, that the Cortes could not withstant:i
the shock. " Our Lady of the rabbit-hole„''
therefore, got the credit of overthrowing the con,
stitution in 1823 ; and it is certain that—whatv
ever hand she had in that work—the King, the
Queen, Don Miguel, the rest of the Royal Family
and all the Court, went in solemn procession
to the Cathedral, where, amid ‘va,,,gon, nay, ship
loads of votive offerings, they offered thanks to
the miracle-working image for the glorious ex-
ploit. In the subsequent charter of Don Pedro
the interests of the church were consulted, and
the favour of the clergy bespoken, by advancing
the 17 Bishops, the two Archbishops, and the
Cardinal Patriarch of Lisbon (for Portugal, like
Ireland, has a great ecclesiastical staff), to seats
in the Chamber of Peers. These venerable per-
sons attended the deliberations of the upper
house so long as the charter lasted ; and the
Patriarch, who was transported every morning
from his palace to his legislative functions in an
old-fashioned carriage, drawn by four. staid
mules, distributing blessings to kneeling wor-
shippers along his whole route, was suppose;! to
have contracted some regard for the charter and
some reverence for his oath of allogiance. But
all this seeming acquiescence in the ptinciple,,,: tat'

political reform was false and fraudulent. One
of these prelates adhered to his engagements, and
he died in exile at Gibraltar. The Patriarch
found out, on the arrival of Don Miguel, that
the Chatter was " a damnable heresy," and that
all the Constitutionalists over the world were
freemasons, atheists, and anarchists. A more
violent inundation of phrenzy and fanaticism
never overspread any land than that which cover-
ed Portugal immediately after. The pulpit
became an instrument of mad political declama-
tion, and monks preached crusades, as in the
time of the. Moors, without finding an enemy to
combat, except in the prisons or on the scaffold.
The occupation of Oporto by Don Pedro has
revived all this fury, if, indeed, it had ever sub-
sided. The monks of one of the convents, in
which his soldiers were lodged (it will be re-
membered), set fire to the building that they
might burn the heretics alive, and thus exhibit
to wondering Europe a new species of auto da
fe. The pulpit " drum ecclesiastic" is again em-
ployed to sound the rappel of the faithful to arms;
and we have before us a little pamphlet with the
motto " toca o Clarinz ! Portuguezes,escu-
tai-o," which contains the most atrocious incen-
tives to the massacre and murder of every man
suspected of constitutional opinions. The work
is called Defeza de Pcrtztgal, and the author,
who is a priest, proposes the Sicilian Vespers as
a fit example for the Mignelites on the present
occasion. " Some," says he, " remember with
horror, others with pleasure, that slaughter which
was executed with the sound of bells, and at
the hour of vespers, in Sicily, on the 30th of
March, 1282, in which a single Frenchman did
not escape, whether military or peasant, whether
mania or unmarried, whether clergyman or lay-
man, old or young. The women even had no
privilege ; those who were pregnant being de-
stroyed with peculiar ewe, that the race of the
French might not exist in Sicily." The brutal
writer recommends the " Sicilian Vespers" to be
followed against Don Pedro's partisans, and
gloats particularly over the idea of murdering all
the pregnant women. His filthy and horrible
jests on the massacre of females in that state fill
several pages of the pamphlet.* He insists upon
the policy of letting none of them escape. He
declares that every female belonging to a Con-
stitutional family must be a fury and prostitute,
and therefore that, in addition to the abomina-
tion of their opinions, they deserve death on
account of their passions and profligacy. He
praises the declaration of a Spaniard who said,
in 1826, " If the Revolutionists utter a cry,
kill even their pregnant women, that we may
finish at once the impious race." Such are the
doctrines now preached from the pulpit, and
published from the press, by the priestly sup-
porters of Don Miguel's government. We need
say nothing of the two other classes alluded to
who join in this cry, or at least who acquiesce
in this violence. They are all led to defend
the Usurper, because they believe that a Sove-
reign disposed to rule with liberal institutions
might correct the abuses on which they thrive.
But when we mention these classes as the ene-
mies of the Constitutional cause, let us not be
understood as including in this description all the
individuals of whom they are composed, or even
as vauching for the loyal zeal of the majority
towards the Usurper. Some of the chief no-
bility, and all the most enlightened members of
that order, are in the ranks of legitimacy and
freedom. Others, who have remained at home
under the usurpation, have been so insulted
and plundered by the intrusive Government,
that they will hail with joy a change
of system which they are too timid themselves
to aid in forwarding ;—and a third party are only
waiting to see whether the sword of the eldest
or the youngest brother will weigh heaviest in
the balance of their destinies. If' Don Pedro
can maintain himself in Oporto during the
wnver, and increase his army and his naval
force at their present rate, be is sure of ultimate
success. The very confession in the Lisbon Ga-
zelle, that guerilla parties are forming in his favour,
and the acknowledged fact that supplies of pro-
visions are permitted to come from the country,
show to demonstration the inability of the in-
terested partisans of the Usurper, whether lay or
clerical, to crush the expedition, except by such
an overwhelming military force as Miguel cannot
raise or maintain.—Times.

There can be no doubt that depreciation would
be very agreeable to many persons, for a time at
least. All whose debts exceed their credits
would find great relief from it. What makes
the idea of depreciation palateable with many
persons, is the prospect it holds out of getting
easily rid of a portion of the burden of the na-
tion d debt, and lowering taxes in general.
Landlords whose rents have fallen, while their
mortgages have remained stationary, would, no
doubt, be extremely pleased to find that their
estates on a sale would yield considerably more
than the mortgages. Tenants on leases would
be glad to find the rents which they cannot now
pay in full would become once more easy.
" Give a dog a bad name," says the Proverb,
;‘ and hang him." Call robbery depreciation,
0101 jt sounds less revolting to the ear. " Good
words," says the Parson in Shakspeare. It is
pleasing to be able to repay a hundred sovereigns
with seventy-five, without being liable to the ac-
cusation of dishonesty. It is not, therefore, sur-
prising that there are many persons in the
country who would be delighted with the re-
sources which depreciation holds out to them on
such very easy terms. But surely these
advocates of depreciation do not mean that
there should be no limit to depreciation. After
they have paid their own debts, they will, no
doubt, be satisfied. But either we must bear a
constant depreciation, or we must, some day or
other, think of recurring to a standard. The
Elstern mythology rests on an elephant ; but on
what dOeS the elephant rest ? When we come
to think of a standard, adieu to the prosperity
derived from a circulation susceptible of any re-
quired degree of expansion. We are told that
from 1797 to 1816, during the existence of the
paper system, " this county arrived at a height
of prosperity unexampled in the annals of the
world ; the population was employed—the na-
tion was a happy nation—and, without the
agency of a single guinea, all the immense ope-
rations ofinternal commerce were carried on
with safety and facility." The.:e were, no doubt,
some material deductions from the general pros-
perity. Those who possessed rents on long
leases saw their incomes greatly reduced. The
annuitants crept from the first to the second
floor, and from the second floor to the garret.
To be sure, annuitants are for the most part the
old and the feeble ; and we suppose they must
therefore count for nothing. But as deprecia-
tion cannot go on for ever, we must at last come

We shall quote one sentence, which the reader of Por-
tuguese may translate for himself :—‘6 Logo Jas Ves-
Peras Sicilianas, se ellas lossem justas, nao devtin escapar
5$ malhadas, ou vell,a., on novas, ou tl.sembaracada., on
gi avidas. e estas nao sti cm raz in de si me-tnas, cam ° pi!los
ft,tos Je Miquidatle marcado• jilt no venire vom o fern•te da
malltadire."

t o some standard ; and then adieu to our pros-
perity. That standard, be it what it may, will
once more subject us to the evils, to escape
from which depreciation is now hailed. If we
have a standard—be it gold, he it silver, or be
it any thing else, it will seek the best market.--
When it can purchase less here than it can pur-
chase abroad, it will go abroad, and we shall
have all the fluctuations of which so much is
said. After all, therefore, we must look at the
exchanges. The evidence of some of the wit-
nesses is rather amusing on this subject. Thus,
for instance, Mr. Joseph Dyer, of the Joint
Stock Bank of Manchester :—" In what mode
do you think the exchanges can be rectified
when they are against the country ?—I take it
for panted that in all cases where the exchanges
are against the country, there is a profit upon
the exportation of gold ; if there appears to be
a profit upon the exportation of gold, it is be-
cause there is not a sufficient demand for our
manufactures. If there is a general confidence
throughout the country in the paper circulation
that then actually exists, there will be no run for
gold, except for exportation. In this case, the
same cause that led to the exportation of gold,
viz. the cheap rate at which bills of exchange in
London, from abroad, could be obtained, would
afford a proportionate extra profit on our manu-
factures in foreign countries, and, of course,
would lead to a greater demand for them and
other merchi.ndize for exportation. This in-
creased amount of our exports, especially if it
should happen (as most likely it would do)
that our imports of merchandize were not in-
creased during the period of such run for gold
for exportation, would speedily turn the balance
of trade in our favour ; and to make the extra
payments for such balance would cause the cur-
rent of gold to flow back upon us. The increased
activity of trade, thus induced, might lead to a per-
manent increase of the aggregate amount of our cir-
culation, and to the consequent lowering of its value
as a purchasing power, according to the influ-
ence of other causes, that might simultaneously
act upon our trade. In case our currency should
become thus expanded in its numerical amount,
and thereby reduced in value as a purchasing
power, the like effect would, ere long, inevitably
follow with respect to the currency of all other
countries with which we have commercial inter-
course ; and this would result from the para-
mount influence of the actual standard of value
which shall happen to prevail in England over
the like standard in other States. Upon the
supposition, however, that the condition olother
countries should be such as to prevent the extra
demand for our goods, as has been supposed,
and that the return of the gold exported could
not be thus insured, it would be a far le's evil
to allow the Exchanges still to fall until they
did produce that effect, rather than spread dis-
tress through the kingdom among all of the pro-
ductive classes by a sudden and extensive con-
traction of the paper circulation. In short, the
Bank of England is unfitted, even if the Direc-
tors were ever so much disposed, to exercise a
proper controlling power over the amount of our
circulation and the rate of exchanges, so as to
keep either of them free from the ruinous fluc-
tuations before referred to. Banks, to effect
these objects, must be confined to the circulation
of paper—whether it consist in cash, notes, or
bills of exchange—against paper or credits that
will circulate against credits that will not cir-
culate. But the Bank of England is obliged
to make large issues against stock, and on incon-
vertible securities ; or in other words, they do not
supply the circulation for commerce by dis-
countinc, bills." Mr. Dyer does not seem to be
aware that during the period while the exporta-
tion of our gold is expanding the currency of all
other countries, no paper could circulate here
i,vithout a restriction ; because the moment a
note was issued, payment in specie would be
demanded for it. The restriction might not,
indeed, be permanent, and would not necessarily
be permanent. Indeed the Batik of England,
after 1797, gave notice that they were ready to
pay in specie. Mr. Tooke states, " Taking 'he
year 1798, when, after the Bank restriction, the
exchanges turned very much in our favour, when
the Bank treasure increased, the scale of the
Bank treasure, which in 1797, as indicated by
the scale, was 182, rose, in 1798, to 1,200 ;
and when this increase of treasure was sufficient
to induce the Bank Directors to give notice to
Government that they were ready to pay in spe-
cie, the whole amount of the issues of the Bank,
including one pound notes, was at that time
12,850,0001." Restriction and depreciation are
not necessarily, therefore, synonymous. We
can conceive the possibility of periodical restric-
tions, and returns to payments ou the improve-
ments of the exchanges brought about in the
regular course of trade. But it must be ad-
mitted that the discretionary power of regulating
the issues not subjectto convertibility on demand,
which must be lodged somewhere, is a dangerous
power. Mr. Mer, however, does not seem to
have calculated on the possibility of a restriction
in the interval between the flux and reflux.
Upon being asked with respect to the Bank of
Manchester, " if they did issue their notes,
would they attend to the exchanges ?" he an-
swered, " they would be bound to attend to the
having a sufficient supply of gold as the basis of
their issues, undoubtedly, which would itself
' force a question upon them as to where the
°old was to come from ; and this answer
proves that Mr. Dyer would just leave us, with
respect to the exchanges, where we now are.
We apprehend that the, good sense of the
country will resist all attempts to throw us once
more upon the treacherous resource of large is-
sues of inconvertible paper. What regula-
lions may be necessary to relieve banking from
the thraldom under which it labours, from the
monopoly of the Bank of England, is quite a
distinct question from that of depreciation. It
may be that sufficient allowance has not been
made for time falling-off in the produce of the
mines, and for the additional value given to the
currency of Europe by the withdrawal from it
of the necessary supplies of metals for England.
There is, we know, no fixed standard. Since
the discovery of the American mines, till lately, a
process of depreciation has been going on.
Should more productive mines be discovered,
and better processes for disengaging the ores
from the foreign substances with which they are
mixed, there would again be a depreciation,
But these depreciations and appreciations have
their limits, and are quite distinct from the at-
tempts which have been coolly proposed to us,
to depreciate systematically the best standard
which can be obtained. As names are of some
influence in the world, it might be advisable in
all honest men to substitute uniformly time word
robbery for a depreciation of this sort.—Morn-
ina- Chronicle.
Public attention was drawn, in the course of
yesterday, to intelligence from Jamaica, respect-
ing certain resolutions which a body of planters
in the northern division of that important island
had passed ; and which, we are bound to say,

for daring illegality and monstrous injustice)
have never been exceeded by any act, however
offensive or unreasonable, on the records Of co-
lonial violence. It is well-known that the sec-
tarian missionaries, who have gone forth from
this country to preach Christianity to the West
India negroes, have been for many years objects
of extreme jealousy to what is termed " the
West India interest ;" and that no instance of
insubordination or outrage has ever occurred
throughout those colonies since the abolition of
the slave trade, whence prompt occasion was not
taken to charge the guilt of it upon the unfortu-
nate missionaries. In Demerara, not many years
since, a preacher was tried by court-martial for
an alleged participation in, or promotion of, the
rebellion of the blacks; and, if we remember

right, the poor man's life fell a sacrifice to
the severity with which he was treated in pri-
son. In the late insurrection of Jamaica some
missionaries were subjected to trial under si-
milar charges, but, notwithstanding the clamour
raised against them, and the excitement then pre-
vailing in the island, no misconduct was sub-
stantiated against any one of them,—not one
conviction could be obtained, however ardently
it was wished for, and diligently sought. The
bitterness, however, which has been cherished
against these sectarians has been apparently
strengthened by the bad success of its under-
takings ; and the planters composing " the
colonial union of the north-side parishes" of
Jamaica have signalized the impotency of their
preceding attempts against the missionaries, by
the resolutions to which we have already alluded,
and which will be found in this day's paper. It
is possible that some of the Baptist missionaries,
may be men indifferently educated,—some,
possibly, not of the highest prudence,—and
that on one or two occasions the language em-
ployed by them for religious instruction or
exhortation may, as is not infrequent here in
England (ay, and in the Established Church,
moreover), have been ignorantly perverted by
their haP-taught hearers to temporal and mis-
chievous meanings. But that does not make
men incendiaries or rebels. Rebels and incen-
diaries may be punished by law. Why have
not the missionaries been so punished ? It is
plain that if they could have been fairly exposed
to any legal penalty, the planters would never, in
theirdespo ation, have adopted as one of their reso-
lutions, a pledge "to expelthe sectarians and other
incendiaries from the island." Why, the men
are raving mad ! What power in the United
Kingdom, or in any colony under the crown of
Britain, can lawfully expel the meanest human
being from its territory, when he has committed
no crime acknowledged by the law of England ?
But what despot, known to Europe or Asia,
has, in modern times, so sinned against the
human race, as to banish a man because of the
peculiar sect of Christianity of which he was a
member ? The Grand Turk—nay, old Ali
Pacha himself, the monster of Joannina—would
have spat upon the Janissary who proposed it.
Expel all sectarians from Jamaica ! Try it, gen-
tlemen ; but prepare for atrial of strenght, the
next moment, with the people and reformed
Parliament of England, and see who will first
be " expelled" —the missionaries or their hate-
ful persecutors. The truth must be told. These
planters will not suffer their slaves to emerge, by
the avenue of knowledge of any description,
from the level of beasts, to which a long course
of degrading treatment has reduced them. If
men be once educated, or even shown the
road to education, however imperfect, they will
no longer endure the condition of quadrupeds.
The Jamaica planters are well aware of this.
Their resolutions are worthy of their system,
but the Attorney-General has commenced the
lesson of law, which remains to be completed
by the Government and Parliament of Great
Britain.—Times.

H the great question now at issue in regard to
the propriety or not of renewing the charter of
the Bank of England, which expires in the en-
suing year, was one which involved no other
considerations than what appertain to the prin-
ciples and practice of banking, it might readily
have been answered, and the question set at rest ;
hut the evidence on the subject taken by the
Parliamentary Committee of last Session, now
before the public, is blended with considerations
of how Far or not the conduct of the Bank of
England, by the alternate expansion and con-
traction of their issues, have affected the Ex-
changes, and thereby been instrumental in oc-
casioning those fluctuations in the value of com-
modities which have successively produced such
disastrous results since 1815. The principle and
purpose of banking is simple enough, and in
England, in particular, there is less to create a
difficulty in its practice, inasmuch as there is a
uniformity in its moneys of account, and in all
its operations, beyond what prevails in any other
country in the world. Why, then, it may be
asked, such seeming perplexity ? The cause
is, that it was not the question of banking which
required consideration, but those circumstances
which have rendered banking, in common with all
the other interests of the empire (we use the term
empire to embrace the colonial possessions), a
source of perplexity and embarrassment. ‘Ve
have previously shown that, as far as the Bank
of England is concerned, the question may be
compressed into a nut-shell ; the only point for .
consideration being, not who shall circulate, but
who shall fabricate the notes to be circulated.
That a uniform circulating medium is preferable-
to a varied one cannot for a moment be doubted;
the only question then is, who shall coin or fa-
bricate the notes ; that is a privilege which in-
volves a palpable absurdity to grant to any man
or set of men. Let the Government secure for
the benefit of the public all the advantage of the
coinage or fabrication of that portion of the cir-
culating medium which serves as a substitute for
metallic money ; that being done, the Bank of
England may remain the centre of circulation,
and retain the agency of the national accounts,
and left to its own conduct for large a share
of general business as it can obtain. A few
minor points of privilege which the Bank of Eng-
land has heretofore enjoyed may be easily recon-
ciled. Having said this, in regard to the simple
question of the Bank of England, we will now
proceed to show the fallacy and absurdity of all
the answers given to the questions relating
to the exchanges, in regard to which a con-
struction of ulfilvourableness universally pre-
vails, where the converse is the fact. Before,
however, we enter further into the question, we
will explain the nature of the transactions in ex-
change:. In some places, such as Paris, Ham-
burg, the quotations of exchange are in the
moneys
sof the respective places, while in others,
such as St. Petersburg, Rio Janeiro, &c., the
quotations are in English money : that is, in the
first case, current money of the country is given
For English money, and in the other case Eng-
lish money is received for the current money ;
hence the terms high and low are reversed ; that
is, if a high rate of exchange on Paris or Ham-
burg is.favourable, in St. Petersburg and Rio

Janeiro it must be unfilvourable, as will be seen
as we proceed in our illustration. In Hamburg,
previous to 1828, the money of exchange was
the Flemish shilling and grote ; but as the money
of account was in marks, shillings, and pence in
1828, it was also made the moneys of ex-
change, 12 pence ls., and 16s. one mark ;
marks, as near as may be for our purpose,
11. sterling. Now suppose A in England to
have taken or sem any given value of produce,
say 5001. to Germany, with the view of ob-
taining a profitable return therefor, what are the
means whereby he effects this? In the first
place, the products must be sold for the current
money of the country, which we will suppose is
done to the amount of 7,000 marks, and when
that amount is received, the party who has sold
comes upon the Hamburg Exchange to seek for
a bill on London ;—then it is, and not till then,
that the profit or loss of his operation
must be determined. If, on inquiring
the rate of exchange for a bill on Lon-
don, he should be asked 15 marks, he
at that rate would only obtain 4661. 13s. 4d.,
a loss on his operation of 331. 6s. Bd., in addi-
tion to the expense of time and labour. If he
should obtain it at the rate of 14, he gets just
500/. ; and in proportion as he can obtain it
lower than 14, in that proportion will be the
benefit of the seller of the English products :
on the other hand, if the same value of products
be taken or sent to Rio Janeiro, and there sold
for the current money of the country, which is
reis, 1,000 of which is expressed milreis, and
which is also the money of account and ex-
change. Suppose, then, the products to be sold
for 4,000 milreis, the party who has sold them
proceeds to inquire for a bill upon London.
If he should he offered only 25d. for his
milreis, he would get only 4061. 6s. Bd., but if
offered 30d., he would get 5001., and so in pro.
portion as he could obtain hat a higher rate than
30d., in that proportion would be his benefit.
Yet, in every instance in which the subject of
exchanges has been adverted to throughout the
whole mass of evidence, whenever the rates have
been favourable to the English producer, they
have, without a single exception, been pro-
nounced against us and uqfitvourable. This
perversion seems to arise from some delusive
notion about gold ; the mistake, absurdity, and
ruinous tendency of which we shall feel it to
be our duty from time to time to expose. That •
a perversion so fatal to the best interests of the
empire, and despite of the fatal results which
have been experienced, should have so long
prevailed, is a subject of painful reflection.
That bloated money-dealers or haberdashers
should be ignorant of the great principles
which influence the destinies, and minister to
the interests and well-being of communi•
ties, or that the conceits and pedantries
of doctrinaires, should expose them to ridicule
and contempt, in presuming to treat of such
subjects, need not surprise ; but that among a
nation of philosopers, in the strictest sense of
that term—that among a people so pregnant in
resource and developement as the English have
proved themselves to be, so much delusion
should prevail in regard to the best means of
maintaining a dye equilibrium in society, may be
set down as one of those inexplicabilities which
has hitherto defied all the force of reason and
common sense to explain. We trust, however,
that the spell will soon be broken. In resuming
the subject we shall show to demonstration the
cause of the contraction of the currency, and that
it followed, instead of preceding, the commence-
ment of that progressive diminution of profits
and wages, attested by Mr. G. C. Glynn, vide
evidence, which has led to such extensive misery
and privation among all the productive and
trading classes of the country, that the contrac-
tion of the currency is, in fact, an effect, and
not the cause, of the prevailing derangements. '
—Morning Herald.
We have said before, and we :gay again, that if
we have not other grounds of reliance on the
non-interference of Spain in the affairs of Por-
tugal, than the promises of the Spanish Govern.
ment, we lean upon a broken reed. Nobody
will deny that the cause of Don Miguel is natu-
rally regarded by Ferdinand as his own. Both
are perjured destroyers of Constitutions which
they had sworn to observe—both are as cruel
and vindictive as they are perfidious. It is only
a child or a fool that would place any reliance
upon the most solemn promises of either, where
their own bad passions and self-interest suggest
more advantage from the violation of their en-
gagements than their observance. The recently-
discovered treachery of the Spanish Consul at
Oporto was an event to be expected by every
man with a grain of common sense, who
knew any thing of the composition and cha-
racter of the Court of Spain. The only
thing remarkable about it is, that it had
not 'been detected before. The traiterous cor-
respondence must have been carried on for
some time, aid it showed no great sagacity in
the Constitutional am horities of Oporto not to
have made an earlier discovery of this signal proof
of the good faith with which Ferdinand acts
upon his promises of non-intervention. This
circumstance, coupled with the advanced move-
ment of the head-quarters of the Spanish army
of observation from Salamanca to Ciudad Ro-
drigo, should put our Government on the alert,
if it intends to act fairly—so that if Ferdinand
attempts to " break in the ring" of the comba-
tants, he may be cudgelled out again with as
little delay as possible, and without any of the
ceremony of conferences or the idle prattle of
' protocols. '1 he affront put upon England by
the deliberate murder of Mr. Boyd, a British
subject, in cold blood, without even the forma-
lity of a trial, was so quietly passed over by
our liberal Government, that it is not surprising
if Ferdinand be impressed with the same notion
as the Autocrat of Russia, and thinks England
is easily managed by being at one time grossly
insulted, at another as grossly cajoled. It is
time to teach him another lesson, which he may
recollect whenever he thinks of the Constitutional
Charter of Poi tugul.—Morning Herald.
We shall have many opportunities of discus-
sing the currency question, which we shall prefer
doing at length, after we have closed our remarks
for the present upon that more immediately con-
nected with the renewal of the Bank Charter ;
but we cannot now avoid observing that it is
really of very little consequence whether coin is
value or the representative of value. To have
a secure currency the country must have the
representative of value in circulation. That ob-
ject we have now obtained, although not pro-
bably by the best means. The advocates for au
inundation of small notes are fighting shadows
when they are bewildering themselves about value
and the representative of value. The very
essence of their project is to separate currency
from value, for when they talk about an extended
and a secure currency it is mere verbiage. If
they mean any thing, they one and all wish to
say what Mr. Attwood, with all his errors, has
very manfully declared, that he wishes for such

an influx of small notes as will lead to a Re-
striction Act. We cannot even thus slightly
advert to this suhject without repeating our opi-
nion that no one circumstance in the present
position of this nation would lead more rapidly
to a revolution than a return to a small-note
circulation.--Morning Post.