The Sun.
London, England, 1810-08-31 00:00:00

x zIo

_ .
{?RICE SliCPEllet ITALPPEiOIY.

PRRNCH PAPERS.

ENGLISH COM N.ERCE.

(17.1kOit THE PUELICISTE•3 •
HAMEURMI, AUG. 3.—Since the union of Hale
land, the magazines of-Heligoland find no, longer
any vent, and are quite ch4eaked up. The quan-
tity of merchandize which is-lost-is inconceivable.
Every moment we see new magazines, formed, but
all are full-, and most of the bales remain unpacked.
This exampleii singular) and shews to what a degree,
the distress of England ektends. Under this point
of view, it cannot be doubted but that the union
of Holland is a terrible blow to the commerce of..
England,_ and it remains to be asked*, why that
• measure has beet) so long delayed ? Ir is evident
ehatif Holland had been formerly unittd, Eneend
-would have sooner experienced the horrible crisis-
in which her -commerce is now placed; Bank.
.rupfcies succeed'each other in Lendiiii. Her
change loses 0 per cent. and her Bank paper has
ceased to possess the eharaEler proper to that kind
talpeper. It is now only a paper money, whiCh is
every day farther discrediteo,
Twenty vessels. of war, with 600. merchantmen,
have entered the Baltic, having no other-object then
to smuggle and deposit alio cargoes of these ships -on
the Continent., *file Danes have captured 50, the
k.eirgoes, of which are estimated at abote -20 millions.
The Russians have confs6ted more than SO. These
,vessels soil under false coloutt ; they have false pa-
per, falsedestinations, and false French licenses;
they call themselves Americans, Spaniards, and
Hamburghers ; they have even false certificates of
origin from French Console. ,They stick at nothing ;
hilt all this.only succeeds in part ; and if; As is re-
ported, Prussia carefully interdicts the entrance ,of
Colonial, produce; and if -.French troops occupy
Mecklenburgh, where English .merchandize has so
good a market, and where the contraband trade is
carried 'on with such aelivity, English commerce
will experience by these measures new obstacles.
The Wagiam privateer has just been captured by
the English in the port of Stealsund. This circum-
stance will prove still more fatal to their commerce.
It affords the French the best: reasons fur again tak-
ing.possession of the coasts of this country, and in
future the contraband traders„will be pursued . with
more certainty and greater safety.
When we hear in our commercial houses what
pa'sses at Heligoland ; when we reconeCt that all
those -articleeof rnerchandize, the one half of which
must be necessarily a pure loss, and the other half of
whichis destined to be confiscated to the profit of
France and her allies—that allehose hasty shipments
which remain heaped up in depots, without being
able to find their-way to the Continent—that all those
hazardous speculations arc at the, same time dis-
coueted by the Bank of London-=when one sees the
vast crowd of Ottoman vessels arriving every day on •
the coast of France and Italy,loaded with colonial pro-
duce from 'Malta, to be signed to confiscat ion, and to
add immense resources to France; and when one con-
siders at the same time, that those_ same articles of
merchandize have been all discounted at London by
the Banks -when, I say, we consider in our counting
rooms all those circumstance, we naturally ask
.what is this paper of the Bank of London.? Is
it paper .that can ,be exchanged for cash ? No e
it is impossible to realize it. As a proof of thiseit is
now at a discount of 20 per cent. Is it a paper that"
can keep up commerCial credit, and that has nor al-
ready gone beyond its natural limits ? What is:mo-
ney ?. Money is not the representative of capital,
but the representative of .the'usufruct. If we sup
pose that two millions are necessary for the circula-,
non of France, it is that the produce of the hind
and of the revenues in France `requires the empldy-
ment-40d movement of two millions ; but if, in-
stead of specie, we had. only paper money, and in-
stead of putting in circulation the amount necessary
to.represeat the-value of :the usufruct, we would
putire its room a mass of paper, representing the
capital of the territorial value, this paper would not
acquire any greater degree of value., but would gra-
deafly terse, till it fell Pa the rote necessary fur cira
aculation.• -.Such is the histoly of the assignats of
France, -and such, the -analysis of what is now felt at
Vienae. The quentily of paper emitted- does not
augment.the sign of the circulation, because the in-
trinsic value of the .sign dim-irjishes in proportion to
its accuinelatioa. This. is the history-.also of what is
'now passing' in London. 'The, Bank drives a bad
trade. - Instead of diScounting' Bills of Exchange, re•
presenting the credit of the English merchants, it is
gbliged to thecoulit bills 'which are the equi, 'dent of
goods heaped up ip evarehauses and. magazines, peal
which must remain several
.leers vailhout &d e-% a
market. The result Of-this is the dee:him-060n of the
circaliting medium, the fall, of the r..te of exchange,
and certain symptoms of -dec.?), and distreas. The
speculators iiiis Europe- will: one day be' astonished ,at
having so long given their corifidence to a nation
founded,on comr'netee; which only exists. by tom-
merce, and whicle, in consequeece of unjust tnea-
aurea, is reduced. to . the necessity of carrying on.
trade by, means of licenses "only—an exemption
which, edepending on the caprice or partiality
of Ministers, is 'wholly at the mercy of the-1)01)1re
offices.

,
lion, and the'rights Nyhichit
su-bjects ;
boasts.its Civil Constitution,
yet 'a merchant, who is the most usetul citiz,n in
the nrntP,-.
that nation, ,vannot -make a shipment ,A,ith6tit the permission of thtr. minister's clot ks, without a li-
cense, which he cannetotain but by lavpur. Ti,
.English, who adopted licenses, li.:ve obliged France
to do the same,:arid to.substitire cmirice for the
the general principh:.4, ,w,hicit, form the
,common
rights of commerce: They trine in so doinniven a
most severe blow to good, faith, to morals, and to