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PUBLICATIONS.

PAPER OR GOLD FOR A CUR-
RENCY?

LIVERPOOL RAILWAYS.
MITE RAILWAY REGISTERI, and RECORD
of ENGINEERING for JANUARY, edited by HYDE
CLA RKE, Esq. , price Half-a-Crown, contains :—The Liverpool and
Ormskirk Railway, with a coloured Msp—Kollmann's Railway,
with a Plate—Railway Experiments, with Five Engravings—
Mining in Mexico, by John Phillips, Esq.—Cornish Mining, with
Three. Engravings, by J. Y. Watson, Esq.—Official List of Rail-
ways which have lodged their plans—The Meetings ofthe Month—
Official Railway Time Bills.

prices must attend the demand for luxuries arising from
general opulence ; but in the latter case it will be
nearly stationary, in consequence of food and clothing
only being sought to support life and provide com-
forts—the comparative baubles of superfluous wants
are then disr*garded, and the small variation in the
price of gold during the past iron ages of ignorance
and poverty of the many prove it. But whenever
gold bullion shall rise a few per centages above the
usual price, and shall continue so from causes over
which human efforts have no control, the pre-
sent system of currency will cease. Experience will
then show that a paper currency can be safely and
most beneficially carried on for the general wel-
fare, under guarantees of local property, in
every district, arising from confidence in the
known security given. No panics can then ensue,
and the interest of bankers will induce them to supply
each neighbourhood with the necessary paper cur-
rency the general welfare requires ; but so long as
commerce is affected by a currency dependent on the
uncertain supply of bullion, and chiefly confined to
the profit of one establishment, a feverish instability
must be occasionally looked for.
These observations vindicate the opinions given by
gentlemen of the first rank of commercial and finan-
cial knowledge in the City of London in the year
1810 ; and also make manifest the sound advice the
late Sir Robert Peel gave to his son previous to the
passing of the Bank Restriction Act in 1819, namely,
to leave the currency as he found it ; but to compel
all bankers to give security for the amount of notes
they issue. The present lion. Baronet probably re-
jected this advice from college impressions—that
money consists only in gold and silver coins. The
truth, however, is, all commodities are money at the
market price, and gold and silver coins and one-pound
or other notes on demand are the instruments used to
exchange them. This error has misled many talented
minds. Hence one-pound or larger notes are parts
of the guaranteed money property possessed by the
issuer of them in land, houses, gold, silver, tin, iron, and
all his other effects, and exchangeable for silver and
gold coins, bullion, &c., which society requires as the
instruments of exchange.
Hence a one-pound note purchases the same market-
able commodities that a sovereign of full weight can
purchase, during the existence of sovereigns as a cur-
rency—namely, until the price of bullion rises above
the Mint price so as to yield a profit to the trader to
convert them into bullion. But whenever bullion falls
below the Mint price, the one-pound note will pur-
chase more bullion than the sovereign, and in the ratio
of that depression.
Hence a paper currency is invariable in its nominal
value ; but a sovereign is variable in its nominal
value according to the demand and supply of bullion
in the market; the loss by wear, and by " sweating
them," as practised by the low trader, and already
noticed.

THE SIEGE OF MONTE VIDEO.
(From a Brazilian Paper.)
MONTE VIDEO, OCT. 4.—We have a saying in this
country which comes to us from the Spaniards—viz.,
that on the 29th of September (San Miguel's-day),
anda o Diabo solto (the Devil runs loose). Oribe
may say that on last San Miguel's-day many devils,
instead of one, were let loose. Few days have been
so disastrous to him since the commencement of the
siege.
I have already informed you of the surprise sus-
tained on the 9th ult. by the left of the besiegers.
On the 29th the scene was repeated on the right, but
with much greater advantage to the fortress, and with
as little sacrifice as before. The besieging party had
kept a strong picket stationed on the brow of a hill
called Joao Fernandes, situated on the other side of
the Miguelete, not far from the coast of Bahia, and
about a league from the fortress. Besides this pan-
cipal picket there were several others, covering the
vast line intervening between the Cerro and the posts
adjacent to the Cerrito. At ten on the morning of
Sept. 29, the 3d battalion embarked, with the inten-
tion of proceeding to the garrison of the Cerro ; but
no sooner had it reached its destination, than 180 men
belonging to the corps of dragoons posted at the
Aguada galloped across the plain, and passed
the Miguelete. Turning suddenly to the
right, they cut off the besieging line at Joao
Fernandes, surprised the pickets, who fled in dis-
order, killed about 70 men, fired the encamp-
ment, took 4 caravans laden with provisions, -.12
mules, 60 horses, and about 40 heads of cattle. The
besieging party were so completely taken by surprise
that they could offer no resistance. The loss on the
part of the dragoons was only one man, who was
drowned in crossing the Pantanoso. Whilst the dra-
goons were engaged in this gallant operation, the 3d
battalion disembarked on the neighbouring coast, and
immediately marched to the assistance of the dra-
goons, in the event of the latter being forced from the
Cerrito. A small party of Oribe's cavalry appeared
in sight, but they maintained themselves formed, and
kept at a considerable distance, when they beheld the
conquerors quietly marching in the direction of the
Cerro, taking with them cattle, horses, mules, and
waggons, and prisoners, whilst from the hill there
arose dense masses of smoke from the burning en-
campment. As it was Sunday, and a very bright
day, and as the scene took place on very elevated
ground, the whole population of Monte Video had
assembled on the heights, and some thousands of tele-
scopes were directed on the Miguelete, among the
rest was my own, which, thanks to Dollond, showed
me every object as distinctly as I now see the lines
on this paper. It would appear that Oribe thought
the operation of the dragoons was merely a feint, in-
tended to cover some other movement in the centre,
for instead of hurrying to assist the right, he des-
patched four battalions to the centre, and prepared
them as it were to receive an attack. In the fortress
a signal was given for all to be at their posts, but
nothing particular took place.
On the following day the troops embarked, with
the cavalry and the cattle, and thus the success of
this bold enterprise was complete. The published
accounts exaggerate the number of the killed and the
amount of the booty captured ; but the statements
above given may be depended on.
But this was not the only disaster wrought by the
Diabo solto on the 29th, as may be seen from the
following facts, which being collected from an au-
thentic source, their accuracy may be relied on.
Oribe, who had felt uneasy about the trade of the
Buceo since the events of last August, fitted out for
its protection a small armed vessel called a hiate ; and
on the ground of his pretended legal presidency the
vessel hoisted the Argentine flag. Early on the morn-
ing of the 29th, and scarcely 48 hours after the hiate
had commenced her cruise, she gave chase to some
fishing boats. Two of the boats were taken, and a
third ran for protection under the lee of the American
barque Rosalva, whose master, Mr. Burrows, was
on board at the time. The barque happened to be
lying at anchor near the United States frigate
Congress. The hiate commenced firing into the
Rosalva, and the latter immediately hoisted her flag.
Mr. Burrows, who was sleeping in his berth when
the firing commenced, rose and came upon deck.
Presuming from :her flag that the hiate belonged to
the fortress, he requested her to desist firing; but the
aggressor demanded that the fishing-boat and her
crew should be given up, alleging that they belonged
to the besieging forces. Burrows replied, that he
would rather die than deliver them up. Meanwhile
the firing continued, until at length the boats of the
Congress came up and captured the hiate. On search-
ing her, it was ascertained that she had no orders on
board, and that her commander had no commission or
warrant. Being questioned respecting the Argentine
flag, he replied that it was the flag of the legal Pre-
sident, Oribe. The commander of the Congress, Cap-
tain Worbees, finding that the hiate was without or-
ders, and that her commander held no commission,
and that the vessel was sailing under false colours,
there being no other Argentine flag than that belong-
ing to the Argentine Republic recognised by foreign
Powers ; finding that the said vessel bearing false
colours had fired on the American flag, captured the
hiate as a pirate, took down her colours, and hoisted
the Union flag in their stead, and detained the crew
prisoners on board the Congress.
It was soon ascertained that the two fishing-boats
and their crews, captured by the hiate, had been
consigned to Rosas's corvette the Vinte e Cineo de
llaio, to which the hiate had made signals for that
purpose. Captain Worbees sent a message to the
corvette, but the captain declared that he had nothing
to do with the command of the hiate, but admitted
having maintained friendly communications with it.
Captain Worbees then intimated to the commander of
the corvette that, by detaining es prisoners men
captured by a pirate, he rendered himself an accom-
plice of the piracy; wherefore, and in consideration
that he contended the piracy was not the act of the
forces under the authority of Roses, he would only
make them strike their flags as a mark of correctional
police.
The American commander put on board two of the
vessels of Rosas seven American sailors, and a number
of the fishing-boats' crews (not less than twenty, it
appears), who were detained there at the time, he
restored to liberty. After some hours the Rosas's
ships were informed that they might hoist their
colours ; but their commanding officer replied that he
would not allow the colours to be hoisted, and that
they would all remain prisoners until satisfaction was
obtained for the insult, and until fresh orders were
received from Rosas. In the evening the vessels thus
detained entered the port, where they remained under
the American flag.
During three days the blockaders remained with-
out showing colours, and without moving from their
anchoring ground. Some of the commanders of the
neutral stations, and among the rest the Imperial
(Brazilian), desired the blockadir g commander to ex-
plain himself as to the singular position in which he
appeared. He replied, that after the insult he had
received, he would not again hoist his flag, unless
satisfaction was given, or he received new orders ;
and that, in the mean time, it was evident he could
not carry on the blockade. It appears, that on the
following day (the Ist or 2d inst.) the said com-
manders decided that the blockade had ceased by the
act of the blockaders themselves, and that it could not
be resumed without a fresh and formal declaration of
its existence. We are, therefore, now without any
blockade of fact or right. Yet, I know not for what
reason, nothing is published officially on the subject.
The whole of this affair appears indecerous and
ridiculous ; for on' the morning of tie
brigantine Echagne came in sight, and was known
to have on board the new commander of the squadron,
Den Antonio Foil. As none of his vessels had a flag
out, a gun was fired, to make them show their colours,
and afterwards a second gun. No notice was taken,
and they soon began to make off.
The small vessel called the Vinte e Cineo de Maio
then put off, and proceeded to the bay, where she
anchored, and remained all day. Next morning she
moored beside the other blockading vessels, which at
eight o'clock hoisted their colours, notwithstanding
that they had received no satisfaction, nor any new
orders from Rosas.

The advocates of the present monetary system as-
sert that gold is the standard of value, and that dur-
ing the French war the paper currency of that period
was depreciated, because a guinea was worth in the
.narket as bullion five shillings more than its nominal
value, and therefore concluded that one-pound bank
notes were depreciated in the ratio of that difference.
The difference arose from its worth as bullion at the
market price arising from a deficient supply, and a
,eweller of my acquaintance melted several hundreds
of guineas in one week to supply his manufactory.
Sovereigns now are the legal currency instead of the
one-pound notes of the Bank of England. Is a
sovereign depreciated in value as paper would be
considered, when wheat or any other commodity rises
in value from a deficient supply? If a sovereign
prchases three bushels of wheat this week, and next
week its cost is 24s -is the sovereign depreciated 20
~er cent. ? If gold bullion rose in the market at the
same time 20 per cent., the sovereigns would be con-
verted into bullion, as the guineas were during the
French war; but in that case, to pass them as sove-
reigns, would you say they were depreciated 20 per
cent. Depreciation in bank notes_ can only refer
.;enerally in the purchase of all marketable commo-
litie,, like assignats in France, and vales reales in
Spain ; and this delusion of depreciation of bank notes,
compared with the variable price of bullion, was the
olind guide in passing the mischievous Restriction
Act in 1819, and the present despotic system.
The following extracts from past experience places
the question in a clear light; yet the writer of it
'concluded that bank notes were depreciated by the
rise of the price of gold above the Mint price ; whether
correctly, will be seen.* "At the end of 1813, the
amount of Bank of England notes in circulation was
23,844,050/., the price of gold was 51. 10s. per ounce,
And the depreciation of bank paper 291. 4s. ld. per
.ent. At the end of 1814, the bank issues were in-
creased to 28,232,7301, and the price of gold had
fallen to 41. 6s. GI. per ounce; so that the notes were
depreciated only to the extent of 9/. 19s. sd. per cent.
rhis statement, drawn from documents furnished by
the Bank Directors to Parliament, makes it even
doubtful whether any contraction whatever of
their issues was necessary, in order to restore
Bank of England notes to their par value. The
rise in value which they actually experienced,
amounting to 19/. 4s. Bd. per cent., or nearly two-
thirds of their depreciation, was occasioned in the face
of an increased issue of more than 18 per cent., by
the great quantity of gold poured into the country at
.he re-opening of our commerce." And to this is
added-" The Bank Restriction Act was for some
time so little needed for the security of that corpora-
tion, that its notes, during the first three years of the
system, were fully on a par with gold, and sometimes
even bore a small premium." If this does not prove
that gold, like all other commodities, rises and
.ails in value according to the supply and demand
in the market, and not by the amount in the issue
of Bank of England notes, I know no evidence
that will show it. The writer's mind must have
been darkened by previous hasty but fashionable
conclusions, which banished the evidence of facts, and
dispassionate examination, when he wrote-" This
'statement, drawn from documents furnished by the
Bank Directors to Parliament, makes it even doubtful
whether any contraction whatever of their issues was
necessary, in order to restore Bank of England notes
to their par value." The facts before him wore, the
increase of the issue of Bank of England notes,
Amounting to 5,388,680/., did not raise the price of
gold, but it fell from 51. 10s. per ounce to 4/. 6s. 6d.,
simply from the greater supply in the market,
.which reduced its value, like all other marketable
commodities.
In the report delivered by the Committee of the
[louse of Commons, appointed, in the year 1810, to
inquire into the causes of the high price of bul-
lion, and its effects on the circulating medium, the
Governor and Deputy-Governor of the Bank of Eng-
and, and others, " Men who, from their station
and commercial standing, must have had considerable
experience in regard to the working of financial ope-
-ations, both concurred ttli that occasion in the opinion
that the amount of notes issued by the Bank could
riot in any way operate upon the price of bullion or
the state of foreign exchanges, and stated to the Corn-
nittee that there can b! no possible excess of the issue
of Bank of England paper, so long as the advances in
which it is issued are made upon the principle which
it present guides the conduct of the Directors; that
is-so long as the discount of mercantile bills is con-
fined to paper of undoubted solidity, arising out of
real commercial transactions, and payable at short
and fixe4 periods."
The price of bullion, and the amount of notes issued
by the Bank of England, compared with the price of
wheat at several periods, proves the correctness of
those opinions as practical men of business-namely,
that bullion did mot rise with the increase of issue of
bank notes, but from the demand of bullion in the
narket to purchase wheat abroad in years of scarcity,
.vhen it could not be paid for in manufactured goods,
in consequence of the continental ports being closed
igainst their introduction.
The document herewith appended shows that the
amount of bank notes issued August, 1792, was
11,006,969/. ; the market price of bullion was 3/. 17s.
6d. per ounce, and the average price of wheat was
395. 2d. per quarter. In 1797, the price of bullion
was 31. 17s. 10d. per ounce, the amout of bank notes
in circulation was 10,568,216/., and the average price
of wheat 493. Bd. ; so that bullion then rose in price
when the issue of bank notes was less than in 1792,
yet wheat was higher in price 10s. 6d. per quarter.
In 1799, the issue of bank notes was increased to
13,259,873/.; bullion was 31. 17s. 9d. per ounce,
being lower than in 1797, when the issue of bank
notes was 10,568,2161. ; but the average price of
wheat was 645. 4d. The next years, 1800 and 1801,
wheat averaged 1345. sd. and 1295. Bd. per quarter,
bullion rose to 4/. ss. and 4/. 6s. per ounce, the
amount of bank notes issued was 14,735,378/. and
14,970,3211.; yet the two following years, 1802 and
1803, bullion fell in price to 41. 3s. 6d. and 4/. per
ounce, but the issue of Bank of England notes was
increased to 16,887,1131. and 17,035,959/. and the
price of wheat was 675. sd. per quarter.
In 1807 the issue of bank notes was increased
to 20,034,1121., yet the price of bullion, 41. per
ounce, was the same as in 1803 ; but the average
price of wheat per quarter was 89s. In 1809,
the issue of bank notes was reduced to
19,357,241/., yet the bullion rose in price to 4/. 1 Is.
per ounce, and wheat was 88s. ld. per quarter. In
1810, the issue of bank notes was increased to
24,446,1751., bullion fell in price to 4/. ss. per ounce,.
but wheat averaged 113 s. 4.1. per quarter. In 1812,
the issue of bank notes was 23,482,910/., wheat ave-
raged 140 s. 91. per quarter, and bullion rose to 51.55.
per ounce. In 1813, the average price of wheat was
116 s. 3d. per quarter, the issue of bank notes was
24,024,869/., and bullion rose in price to 51. 106 per
ounce! In 1814, the price of bullion fell to 4/. 1 ls.
per ounce, wheat averaged 675. 9d. per quarter, yet the
issue of bank notes was increased to 28,979,876/. In
1817, the issue of bank notes was 30,099,9081., bul-
lion fell to 4/. Os. 6d. per ounce, and wheat averaged
945. per quarter. If bullion were governed
in price by the amount of hank notes in circula-
tion, it would have sold at the highest price in this
year, yet it was lower by four shillings and sixpence
an ounce than in 1800, when the issue of bank notes
was 14,735,3781., that is, less than half the amount !
This evidence clearly shows that the opinions of the
Governor and Deputy-Governor of the Bank of Eng-
land in 1810, with other gentlemen of high station and
commercial standing, were correct in regard to the
working of financial operations, namely, that there
can be no possible excess of the issue of Bank of Eng-
land paper, and, I will add, the notes of other bankers,
if adequate security be given for the payment of such
notes, "so long as the discount for mercantile bills is
confined to paper of undoubted solidity, arising out of
real commercial transactions, and payable at short
and fixed periods."

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Just published, the Fourth. the JANUARY Number, of
THE TIME of the END PROPHETIC NVIT.
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MASONIC ANNUAL.
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THE FREEMASON'S QUARTERLY RE-
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THE DUBLIN UNIVERSITY MAGAZINE
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Tales of the Trains. By Tilbury Tramp, Queen's Messenger.
No. I. . The White Lace Bonnet.—The Leading State Trials in Ire-
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Robert Bums. First Article.—The Neyilles of Garretstown ; a
Tale of 1760. Chapter XIII. Repentance. Chapter XXIII. A
Petit Supper, and 1)e Montagne.s Apology.—Antitioglo Germanica.
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LANCET.—No. I. of a NEW VOLUME,
on Saturday, JANUARY" 4.
CONTENTS FOR 1845 Lectures on Organic Chemistry, by
Liebig, applicable to Physiology, Dietetics, Agriculture, and Menu-
factures.—ll. Lectures on the Operations of Surgery (Engravings),
and on Diseases of the Urinary and Genital Organs, by Professor
Liston, F.R.S.—III. Courses of Lectures on Insanity, by M. Bail-
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Asylum, Middlesex; all revised by the distinguished Lecturers ex-
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THE LANCET, in its enlarged form, is a Mirror of the Medical News
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Having now concluded the question of currency as
it appears to me, I shall feel obliged by any gentle-
man concisely pointing out an error, addressed to the
editor of the Worcester Herald. All we need is the
guidance of truth for security and repose; and how-
ever unwelcome it may be to those who are plumed
with the pride and conceit of self-sufficiency, its
majestic, unchangeable course, will inevitably sweep
away the vanity and delusions which obscure it.

London : John Churchill.
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THE NINTH EDITION.
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MANLY HEALTH : a Popular Inquiry into the
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The steady working of a paper currency in Scot-
land, and the occasional derangement of commerce
in this part of the kingdom, partly the mischievous
effects of deviating from it, ought to be the future
guide, if lessons of experience and the stability of
truth he more respected than the delusions of fashion-
able fancies to legislate. There has not been a case
of depreciation of the currency in one-pound notes
issued by the Banks of Scotland and Ireland before or
since the passing of the Bank Restriction Act of
1819; but the so-called " invariable standard" cur-
rency was depreciated from two to three per cent.
last year, and in many cases must be so now, and
will be, whenever the scales are used to ascertain
their variable value, arising from the temptations of
trade to " sweat the sovereigns," their loss by wear,
and the variation in the price of bullion.
In a prosperous community, generally, there must
ever be a great consumption of gold in manufactured
articles, and a small consumption in a community of po-
verty and distress ; in the former case, fluctuations in

On the same day—namely, the Ist, the American
commander received a note from the blockading com-
modore, complaining of the insult he had received,
and proposing, as a measure of accommodation, that
he would hoist his colours, if the American would
agree to salute him with 21 guns. I know not what
answer was returned ; but this I know, [that the
colours were hoisted, and that nobody saluted them.
To-day the American commander has also received
two complaints from the Minister for Foreign Affairs,
Oribe. I have seen nothing of them, hut it is said
they are couched in uncivil and violent language, and
in an assumed style of legal authority. I have not
heard what reply has been returned.
Here you have, then, the events of the 29th ult.,
and its consequences to this day. We shall soon hear
what Rosas will think fit to say, and see how he will
resume this blockade.
The National says, that on the lit instant Senbor

" See " Banking."—Penny Cyclopeedia.

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Grenfell in,
recognise the blockade. He has, however, stated in a
letter that this is not correct, and requested that his
contradiction should be published. It appears, in fact,
that up to that time nothing had occurred beyond
what is here related.
The events of the 29th have had other consequences
not less curious. Of the cattle captured that day,
part was sent to the hospitals, and part sold by public
auction. The sale took place on the Ist., on the
lines. One man bid 1.50 patacoones for a milch cow ;
but some were sold for 132. One individual got 26
bullocks for 70 patacoones each. This sale proves
that there are yet resources in Monte Video, since 70
patacoones are paid down at sight for a bullock.
Oribe will not be very well pleased to find that the
bullocks brought so much money to the besieged army.
There is nothing farther at present of novelty. A
strong south-easter keeps us without news. I shall
be curious to learn what Rosas means to do.

Meanwhile these events give room for serious re-
flection, and clearly show the consequences of a system
in which there is neither law nor rule of conduct
except the irresponsible will of him who commands.
Rosas and Oribe believe that foreign Powers must
submit to the absurd pretences of legality put forward
for armed vessels under the command of persons of no
rank or title. The impression produced here by the
arbitrary and intolerable conduct of the blockaders is
very painful, especially among foreigners who are
witnesses of the facts.

I hear that Oribe intends to arm a squadron. I
doubt his having means to do so, but it should be
seriously thought of. He who fits out armed vessels
ought to be fully able to be responsible for their acts
and aggressions. But what responsibility can be at-
tributed to Oribe, the chief of an army to-day at
Monte Video, and to-morrow perhaps at some other
point distant from our coasts ? Besides, the army
belongs no more to him than to Buenos Ayres, an
Rosas will say that he is not answerable for what may
be done by the vessels of Oribe, as has already been
said with respect to the hiate taken on the 29th.
How, then, can Oribe's pretentions f having a navy
be recognised ? He has it not, and therefore cannot
possess the necessary resr onsibility.
A letter from Monte Video, dated the 10th instant,
received by way of Santa Catharina, has been com-
municated to us, which states that " the Government

has bought a Sarginian ship, which it is arming, and
4s also getting ready one of the vessels taken in
Buceo, to attack the Buenos Ayrean squadron. Cvari-
balda is to have the command.