The Sun.
London, England, 1832-09-19 00:00:00

active interference of the Admirals (of England
and France), who have acted hitherto with
too much lukewarnmess and leniency." So
much for the Russian pacification of Greece !
Morning Herald.
Having previously shown the effect of the
issue of British Government bills on the several
commercial markets of the world, and their ef-
feet upon the rates of exchange, and the effect
of the variation in the rates upon the foreign
commercial transactions of the country, from
1793 down to 1815, we will now proceed to
show their effect upon the transactions of the
year 1816. The •extreme point of variation in
the rates of exchange, as shown in our Paper of
yesterday, was in April, 1811, when the rate in
Hamburg had altered from the par of 13.156 to
8.810, from which extreme point it varied to
11.437 inFeb., 1813 ; to 9.75 in August of the
same year ; to 12.4 in September, 1814 ; to
10.437 in June, 1815. We have previously
stated that the amount of the Government bills
issued abroad in 1814 was 26,405,0281., and
in 1815, 20,128,118/.; and it will be remem-
bered that it was in June, 1815, when the finale
was given to the operations of the war in Eu-
rope; otherwise it is probable that the issue of bills
in that year would have amounted to 30,000,0001.
The value of the exports to Continental Eu-
rope in those two years were respectively
44,577,4091. and 34,994,6781., while the value
of the imports did not exceed 10,000,000/. in
each year. It may be observed, however, with
regard to the exports of those two years, that
they included from 10,000,0001. to 12,000,0001.
value of colonial produce, which had been de-
posited here from the conquered islands of St.
Croix, Martinique, Guadeloupe, Java, &c.,
which, on their re-export, (lid not enter into
the account to affect the exchanges ; that is,
it was the property of the Enropean residents,
and had merely passed through England in
way of transitu : the excess of export, there•
f ,re, may be regarded as corresponding, or
wady so, with the amount of Government
bills issued in that part of the world, while the
rates at which they were issued afforded the
means of profit to the commercial transactions
of those two years. We now come to the fatal
year 1816, in which the exports to Europe
amounted to 30,645,2201., and to the Americas,
Brazil, and foreign West Indies, to 16,165,2261 ;
together 46,810,446/. ; while the official value
of the imports amounted to only 9,751,6861.,
and the Government bills to only 7,802,357/. ;
leaving near 30,000,0001. to be equalised in
some way or other now to be explained. The
rate of exchange (taking Hamburg as the basis
of illustration), which in June, 1815, had been
at 10.437, in October 1816 had altered to
14.250, making the total amount of bills equd
to 250,104,363 marks banco, which amount of
marks, according to the rates of exchange in
June, 1815, would have obtained bills to the
amount of 23,963,244/., and according to the
rates of April, 1811, to the amount of
28.388,6901., instead of only 17,555,043/.,
which was all they could obtain in 1816. Now
it is that the absurdity and baneful. tendency
of the -gold standard of England will be
apparent. England had exported merchandise
to the amount of 46,810,4461.,_ while only
17,555,0431. appeared to meet it. The supply
of hills immediately showed themselves inade-
quate to the demand ; there was no difficulty in
disposing of the merchandise and obtaining cur-
rent money for the same, but the difficulty was
to exchange the current money for bills on
England ; and in consequence of the demand
for the diminished amount of bills that did offer,
instead of 8.81, as in 1811, or 10.437 in 1815,
being asked,l4.2s was demanded, the latter rate
being above par. Silver might have been de-
manded, but silver being only an article of iner
chandise in England, had it been possible to
hate equalised the excess of export in that metal,
it being indisposable in England to any such ex-
tent, it would have led to great embarrassment ;
and gold being an article of merchandise over
all Europe, to have attempted to have equalised
the account in that metal, the price would have
risen in proportion to the demand for it : but, the
truth is, it was not possible either with silver or
with gold to have equalised the account; the
issue of Government bills having been mainly
suspended, 46,810,446/. value of exports were
left to be equalised by depression in price to the
level of 17,555,043/. of imports, including such
amount of bills as were issued ; 2,731 commis-
sions of bankruptcy equalised in account full
20,000,000/. of the excess, and profit and loss
the remainder ; the present generation must pass
away before the desolating effects which that
enormous defalcation occasioned can cease to be
remembered. History supplies no correspond-
ing example of devastation, while its singularly
insidious character served to conceal the cause.
One would suppose that such a defalcation would
have checked the operation of export in the
ensuing year ; but, strange to say, the ex-
ports of manufactured products in 1817
exceeded those of 1816 by 5,000,0001.,
while the Government bills, which in 1816
had amounted to 7,802,3571., in 1817
bad been reduced to 3,404,0711., making
a greater disproportion than in 1816. Yet,
again, strange to say, instead of increasing
the devastation, the country in 1817-18 indi-
cated signs of recovery from the effects of 1816 ;
014- now it was in 1817-18 that the foundation
was iaid for that order and career of transactions
which hac progressively entrenched on the pro-
fits of production and trading, and the remunera-
tion for labour, to a degree and to an extent
which has deranged all the relations, anti embar-
rassed all the active operations of society, and
which must eventually involve the whole in one
common ruin, unless some commensurate ar-
rangements are speedily resolved upon and re-
duced to practice. Foreign loans, absentee. ex-
penditure, and other extraneous operations now
enter into the account to increase the complica-
tion and accelerate the ruin ; the tendency and
influence of which we shall show hereafter.—
Morning Herald.
There is a consistency about some men,
which, if it " leaned to virtue's side," would be
altogether admirable. An evening contem-
porary of yesterday contained a letter dated
Hammersmith, and descriptive of certain de-
meanour on the part of a certain personage, to-
wards a party of ladies on a road adjacent to the
metropolis, in the course of Saturday last. How
far the nature of the conduct imputed to that
personage may be regarded by our readers as
internal evidence to the correctness of the state-
ment, it is not for us to determine ; all we
shall venture to hint is, that we have every rea-
son, upon inquiry, to believe the little narrative
conscientiously and critically true. Four young
females happened to be walking, unattended by
any gentleman, on the Surrey-side of the road
between Hammersmith and Barnes, and of
course kept the footpath. The personage? says
the correspondent of the evening journal, came
galloping along the road in the same direction,