The Sun.
London, England, 1821-06-07 00:00:00

current money by one person, can be paid away,
as the legal tender, at ,the same nominal value,
to any other person.----We. stay nominal current
value,. as although, for examiki the late silver
coins• were. reduced by wear, the sixpences about
31 percent., 'the shillings...(4 per cent., and the
half-crowns 10 per cent. below their weight, and
their intrinsic value, when ast coined, 'they ne-
vertheless passed current, aanioney, at their full
original. value„--These are.-t:wo operations.
Whether. a baker receld payment for one
half quartern and two quartern loaves, 1-Then
bread was at a shilling per quarter° loaf, either
in a half crown piece which was 10. per cent.
less than its mint intrinsic value ; or hi two shil-
lings reduced 25 per cent. Be ono sixpeiwo-re..
duced 31 per cent. ;or it, a sixpences which
were reduced by heir great-,.4nq 31 per ce
the Baker was satislied.'w-itt4444r pa7cnent be-
cause he could ..pay the. sirlk"-Ficces
away, at the time, at the ..saale nominal. value.
And, although it was in 181.1 Shat the officers of
imis Ma Esrv's Mint ascertainedby actual ex peri:
ments upon portions o f the current silver in circula-
tion this diminished intrinsic the sarne.sil-
ver money 'continued for several. years afterwards
to perform the. offices of internal exchanges in
the circulation of commodities. Nor has the
Baker,. since the substitution, of .the new silver
coins, given a better or heavier quartern loaf
for the money, although the new shilling has
contained about 19 per cent., and the sixpence
about 25 per cent. more intrinsic value, more
sterling silver than the former .current shillings
and sixpences.
The pound, shillings, .and .pence, therefore,
as the invariable money of computation or account,
are as really useful and essential for measuring
the price, or exchangeable values of commodities,
as the current monies,.Whether composed of coins
or Bank-dotes, are useful and necessary for 'pay-
ing such computed price in ready_ money, or for
discharging the balance of accounts. -
Neither floes the English measure the pound
differ-in its character from the measure of value
of almost every other country ; called -also the
money of account ; and which. we conceive to be
the invariable money of computation. Either
from the livre of France for example, which dif-
fered from the coins, and measured their current
value ; • and. which has, been, succeeded by the
franc : or the dollar of account of Spain, which
is of -a different value from the silver dollar : or
the milrea of Portugal, which differs from the
coins of the country : or the ruble of account of
Itussia, which differs from ,the silver ruble or
the florin of Holland, differing from their coins :
or'. the pound Ylemish
.of .ILamburg, &c. &C.
All these. arc the actual rzfilt.tsti're3 of 'by
which computations of price are made, and in
which all accounts are. respectively kept :.them-
selves are always invariable, like the British
pound, shillings, and pence, however variable the
intrinsic value of the metal prices of the coins
representing.
,them. ,The current coins are not
themselves the measures of
.value, but represent
the measure of value, or the component parts.of
that measure.
The late Earl of LIVERPOOL in his celebrat-
ed work on. the Coins of: the realm, informs us,
44 From the accession of JAMES I. all the new
44 Gold Coins introduced
.into circulation -were
46 also intended to represent this integer Or
cc-- pound sterling, such as the. Unit, the Laurel,
44 and the Guinea; for the Guinea was origi-
" ginally rated in the, flint indenture at One
" Pound sterling."
Sir JAMES STUART said, 44 Money of account,
44 which I.shall here -call money, performs the
" same office. with regard,to the value of things,
"- that.degrees, minutes,, -seconds, &c. do with
64 regard to angles, or _scales do to geographi-
" cal maps or plans .of any .kind. In all. these
44 inventions there is certainly some denornina-
Ge tiOn taken for .the unit. In angles, it is the
44 degree ; in geography, it is the mile or league.;
64 in plans, the foot, yard, or toise ; in. money)
" it is the pound, livre, florin, &c. &c."
According to Dr. icELLY, IVlonies of •ac-
" count may be considered With respect to Coins,
44 'as NV-eight and Measures, with respect to
44 goods, or 'as ama.thematical scale with respect
64 to maps, lines, or other geometrical figures
64 Hence, tunnies of account are the measuresLol
46 value, both of merchandise, and of.the metah
" themselves, Whether in coin or bullion, am
4C these serve as an invariablg 'scale amidst al
46 fluctuations of price."

A list of the Monies of account as fixed mea-
sures of value or price at more than.sixty diffe-
rent countries and places, will be found in .Dr•.
Kk:LLY's: Cambia; also in Dr. REE3'S Cyc!ojnr-
din under the head " Money."
We are thus particular, we fear fatiguing, not
only to prove .the depreciation _of money- to have
arisen chiefly from taocation, but for two other
important reasons.

In the .first place, it being really true in ,prac-
tice that the British measure of value, and of
exchangeable value, Or price, the 'mone:y of com-
putation, is, the ancient pound, shillings, and
pence ; that Coins or Bank Notes represent t-hat
measure for facilitating payments in the inter—
change of what men pos,,ess for what theydesire;,
as it is intended by the expected_ new law fOr
returning to cash payments, that the -exportation;
and melting the Gold •Coin shall be freely per-
mitted, an improvement might be :made in our.
Gold Coin,-by either a seignorage.or ahrassagei,
in order to render their exportat;on less profita-•
ble to only comparatively a few individuals,
the event •cf a fall in exchanges with Foreign•
Countries : and to -encourage, in such case, the '
greater.exportation.of British Manufactures.
[To be cc/Waned.]

SEvtilptNeE.

having for thirteen years followed, his trade Ns a
printer and
.publisher,, and never ba.vitql in ell
that period been subjected to any prosecution for
libel whatever, he had in a short space of time
been twice subje,eted, to prosecution, at the snit of
C.,.a.t Soci'ety. After having escaped the vigi.lance
of the AttorneyGetzeral, and the Secretary of
state, the only persons by law -intrusted with..:the
exercise'. of the. power of officially prosecuting
such efrences, he had at length fallen into. the
i
clutches of that Association. le Was ietficted
for publishing a political libel in an obscurte,pe-
riodiczleitebiicatiou, which he had discontinued
before the. commencement of the pi-ri ee:l6on.
ft, was important to know .the circumstances
'elder *Which this prosecution was instituted, ne he
thought they afforded a clear exposition of the
ptinciples by„whicit.the proceedings of that So-
C ety were reguloftcl ; and yes convinced tthg[
if the A ttotney-Goa.eral had been a ware of the na-
ture OT'teh:ilertlenl'ir:case, he, would 'have pot a
stop to the prc,,seeution. After a true bill had /leer
found, the Petitioner eras arrested and 1j4,4i to -
ba:l. This part of the conduct of the Society is,as
grounded ono Acts of Parliament recently. passed,
Acts, thepassing of which he declared to be art
invasion of the Constitution; Acts, all framed
for diminishing . the liberties of the pecple,; all
enlarging the,power of the Crown. Those Acts
the. Society had placed in. front of theite.battle ;
and by those Acts only could their conduct, be
justified. On one of those Acts the Petitioner
.was held to bail for his appearance, and also !for
his subsequent good behaviour. lie stated that
he had.sevey•al interviews with one Mr. Murray,
by whom terms were proposed, on his acceptance
Of -which the prosecution would be dropped.
Here he called upon the ;louse to attend, -and
See whit were the terms on which his :Majesty's
subjects were called on to contend against this •
Society e what were,the threats it held ,out, and
what the power it arrogated of accumulating
upon them penalties, forfeitures, end expences,
exceeding these attendant on a conviction. The
terms propoied, to the Petitioner were, that he
,should plead guilty, pay. all the expences of the
prosecution--(ilear, hoar !)--7r.-,,ire certain -re-
quired information concerniog,the .author of the
libel, and engage not to sell, any hooks c..r_puiiii-
'cations which the should deed .offensive
for .the. term of two ,years.-e(ileare hear !)---
Whet would be Said of the legalityof-such terrnsi
Whether the epropesal 'brought the prosecutors
~vithin the, pale of the .hew he .would not thea
...
stop to mquire-; but when he saw them Arresting
from his Majesty's .subjeets their trade, and -at-
tempting to enforce their propositions by threats
and extortion in this manner, he could not hesi
tate. to-charge them with conspiraeye and to pro-
4:him them as 'conspirators against the liberties
of the subject. Any. person, or any body of
ersons acting as he had described, were act-
ing 'in violation of the Constitution, and- in
&Luce of the law. The TetitiOtter natu-
rally felt desirous of getting rid of a .prese-
cution., by so ,po.werful a •batly—Towerful ,in-
deed they *ere, and.. he regretted , to see in-
cluded in - their "ember 'many high and •dig-,
nitied : Mernbers 'of the Church—('leaf)
many of those whose duty it. was,' os.,Tudges- is •
the last resort, to 4tbstairi from all concern in pro-
;eetlings in whit'h they Might ultimately ..be
called upon to pronouncetjudgmente--,(llear f)—
There were also among theursonse other iedivi-
duals, to whom he would not :mo;t-patice.tlftriy
anode, becauserhe was convinced they had neva
seduced into the lending-of!their.nantes tto a, so.
ciety whose, character and etibie-cts they..find tine
'doubted-1y 'but iltuntlerArOod,•tniSteti :p oilia pl : tly
the selicitations and impo.rtunities of •some pnsy•,
rnectillirre feols, sucl-h 'r..As'ile ,:ki.w'prsidiacrf:over
Ind,(lireting:the;procee'ilings Of •:this.iiocietytre-,
(Loud cheeri-op;:)----AnItitensloget‘rid.of the :pro- •
secution of 'tu eh o -hotly, 'the '.,Ptqltiotte-r entered
into a negociation, which was ,carried to 'sortie
leuvh,'but.at last'vvas•brokOotiff. if heterrns'he
had before recited, licanie.`at'k.O'gii) foo.,unitn-
portant to C'ontent the SnClot,i, and a second,pro-
4etution wes-cororneTwti. -On il4s.thellc4titioner
was -arrested, -and ,c:airleil
.before one Of the
Audges to le.held:tu,bail. 'There they Objected
to, the'seenrity hteoffe'rell'hy the partieS Whoeihe
prep-6.441 ;.i, litsliail, contending Unit the .retng-
reizances .eriteted tintn ,bytthiim on - the 'firq in-
tfl:!t,rneht,,,herarriell'orfeited .13,ythe'n-terefindin'gof
the iniiietinerit in :the:,socohil prosecution. ,fie
1 col'Alsonceive. no better_ or more 'effeetunl lay
of ttity;;;;attiziniiwp :gaol -and:keepitig.him there
tlein this; el'etitei.ing prosecution after prosrq.'u-
ticn
,agr.inst liirtintiti then objecting:to ;lie bail.
N oiecrod. 1:144,t eliare liaa :eery •traileFmane,of
contending • ta'in't -sur.,ll t'. por,:er '? What .4w:p-
-:z vet ile n ,co,. Id' he lievefroln rein by -sti&-h.corttse
oi.eoL-octn-nilogl the (Titrierilte.eof,procuriog bail at
all was nnt:eesily stizneoutPetle :hrttiThetett litts
ccetAered t!.at-in rases of -this nature' .the- tee
co:qty 'required was to hecolne 'forfeited thy a
frop.oition of 'thil eh aerie, tow leriv-pers,i;ns.:entild
be found. :to -undertake. the responiibilit,y 4,-
A rule was .afterwe'rrts .nittiip..,:ii by .the ',pro-
:'sN'utur's 'for n hSpe64l T!'", ; 'honi: tithti.., ,it
3ecrilett) woultlmserve 'the enir,ormiti eor this Crtzts-ti.
•tutionel rAxsociniiotO t,41-oi-i.--heiti? tferved 'with
Og. rule, the Petitippttr.,z4vc ,ft .notice !to "r!t~
ai;nnt for theprosac.niion 4.1,02rti1-aito :forni;:h7teirn
.with :the li/t.of •fhe -11.11einhoet :dr!ttit, Nss'ociali:Oit
liable to serve on jurit,s in 4he.ceurity of Illiddli-
seiv,:liinh.coultinot;home,,:he•conlplied ‘..' itt .;
and in ,t he wrgurnent upon 14, the auctges of. the
I...ihros Bench afforded '.lllset ell :the relief Al-hich
e
'seemed -to be `in their
.-pete,ersti?giutt).bY coull'a-
ling-the prosecittors to t.7:',US-Orit. that;
,on* the .e..p- .
-prpilchi'T trin-1,, -each j:.:.r.i i:::In, as he prz?sen'teci
liirns:lr., should be .interregated tri..'to his . connec
tion wi;I: the Arst-ci.;tion. .tio .far !from doing