The Sun.
London, England, 1819-04-10 00:00:00

LITENAIIY REVIEW.

REPLY to the LETTER to the Right Honourable ROBERT
PEET , on tht:I'ERNICIOUS EFFECTS.of a VARIABLE
" STANDARD of VALUE. sro. pages 63.

(Continued from yesterday's SUN.)

In -answer to what the Atithor considers It!t an

error of Nlr. IticAurio's, on which much
11 the Letter to Mr. Peet, the "-Ettfly" ob-

serve 4

" The error of Mr. Ricardo. and which you in
ram- argument adopt, is this : he supposes the
variatious of exchange between tivo countries
to arise trona the state of their resrctive curren•
cies ; whereas, the cause of sorb variations arise,
fr,,m the ,XCe,S of payments to be matte at any
partlenktr by the one country to the other.
Arr en "each, country
.has precisely the gitantiry
of money which it ought to have (says Mr. 11M-
cario). the excl'artge w ill he at oar ' This et-tor
arici-s -front the stifo,osi•itut. that when the ex.-
lint.vourahle to a country, the bal:ture
-is to h, r stored by that coatary parting with a cer-
tain nottion Of its cerretiev lOr that purpose. But
s„rrlN ll a obvious %%ay of test°, int! the balance is
imy an export of evrwilodirics ; and the export of
army other commodities for wl.ich a sale can be
obtained will ,itt..`‘ en the purpose, invead of sit
export of pre, of the gohl or silver cm- (secy. The
atlsetse exchanee is a pretninnt on export. It is
a oremilon on the es port of every other article of
hiet eltandize as wa'4l as of gold and'silver ; and the
halanee may he restored by the export of those
ar+it Its, without any export of gold or silver";
and withomtt any alteration in. the amount,: of cur-
rency either countly. It is•.unpleasant to be
obliaed to repeat, what has been said a thonsaml
times over, and what seems to be so obvious .as to
admit of no d Gnome of opinion, that the coin of
one country when cavorted. to another is a mere
816( le of mercharolize.- and, like any other article
of nit telmandize, is roily exported wheo the mer-
chant it more his interest to do so than to
export any other article. Frolin this. however, it
follows, that, when the exchange is unfavourable
to a country, the merchant considers in what ex-
port have most profit, and if the country
bad no gold or silver-to export, he would e.xport
other Commodi'ies ; anti the exchange might be
thus brought to par, without exporting a pal tick,
of either of she precious metals. The adverse ex-
change operates in two ways towards restoring
the par. It acts as a tax on imports, And. as a
biairoy-on exports ; anti thus it promotes that
•n•teeincnt a hick tends to cure the disease. The
remedy for. an adverse exchange is to import leis
end export more ; and that may surely be done
without any alteration of the amount 'of currency
In either country. It is title that the precious me-
tals may morn speedily restore the balance than
sober comthodities. But is it clear, that it is for
the advauta::.'e of a country to have the balance
restored in this way ? Is it not probable, tharit
would he more advantageous to have that Par of
feeler! by the export of manufactures, encouraging
thereby the industry and talents of the peiode,
than by the dealers in-gold and silver putting the
coin of the country into the crucible ? Anti is the
great boon- which you wish to eoiVer upon the
people of England, and for the withholding of
which you arraign our Mioisters of Finance,
merely this, that our currency shall be imme-
diately constituted in shed a manner that the.
par of exchange shall be restored, not by an •
export .of (lie mantaacturel of Birmingham!),
nor of Manchester, nor of Leeds, RSV. but by
the extravagant and wasteful mode of an int-
Inense coinage, at an immense expellee, to be
immediately after melted down by. the Jews,
end transported out ' of the country ? is this
what will make our woollens, or our hard-
ware,' or our potteries flourish, and give -ac-
tlvity to the hammer and time shuttle ? While
the exchange is adverse, it operates as a bounty
on the
_export of all our manufactures ; and sti-
Initiates, by additional profits, the industry and
skill of the nation s aod though this adverse ex•
Change has its disad4ntages, yet, as it has its
Lenefits also, let us not throw the latter away;
let us pause N—let us endeavour to correct. it in the
way most beneficial to our people s arid not by a
proud, a prodigal specolatiao for altering, at an
Untoward moment, that curreitcy which has an-
swered all our purposes for the last three and
t :venty years—and stupendous purposes they
were—Which in their operation have .been the
amazement of all the world, and will transmit
the English name .with honour and splendour to
the latest times. • •
How completely an adverse exchange may,
be corrected without any export of the precious
hietals is exemplified in the' case of Ireland, to
I have already adverted. When the Com-
mittee of the House of Commons reported upon
that sobject, the exchange between England and
Ireland liar! been for some years very untavour•
able to the latter, often 10 0r.12 per cent. against
Ireland. But, though Ireland had no gold to ex-
port, and had no silver to export, except a debased
coin, none of which left that country ; yet, with-
out any change being made in time nature or
amnion of its currency, the exchange, by other
exports, was restored to par, and so has generally
continued ever since. And, in like manner, •if
this country is suffered to go on, for a little
as is now doing, the industry and
ingenuity of its inhabitants, exerted upon its va-
rioas maonfactures, will certainly cause, with
great benefit to the people, an increase of export,
which will restore the • balance. In short, the
adverse. exchange is to be considered 'as a debt
which've owe to foreign countries ; mot the ones-
.tiora.is,hosv can than debt best be paid ? Is it by
the lazy anti expensive process of issuing the pre--
cious metals from the Nilo-, it; the shape of coin,
to be immediately Melted and
_carried off to other
countries.? or is it by allowing that debt, which
oferates as a bounty on our manufactures, to
continue-for some time, animating and stimulat-
, itrz our people to indoStrious exertion, until their.
aaboor and their capacity shall have extinguished
it ? fl-is,perimaps true, that this great nation may be
able,t.o accomphsh n
the object by either iroic; 117
may have our option E.. but it is 840 true, that
the One mode is salutary, and toe other pernici-

tinier

. • .
ous ;—so pernicious, that the titsciii,ls aitkli
would attend such a measure at present are pier-,
bably mach greater than any man can foresee. it
ivould be,or best, jornping ittio an unknowo golf,
which no one stow can fathom. For to what IA
degree of diminution the Bank would in such a
case be .obliged to contract its issues; what
tailnrus would he thereby -produced in this mer-
cantile country ; what stagnation to trade; what
-abandonmelit of maniitaettires, and, consequent-
ly, what multitudes would he then thrown out of.
employment ; what d.stractiou, and disturbance
would ensue ; what depression of our fonds ;
what oifficohy in collecting the revenues which
suppol I 'them 5, no mall can presume to estimate
or prediet. These evils night be greater or
might he less than will be ptesicmed. But, sure-
ly, it is a S-iiiiiClC-Ilt Obit.CtiOlt to the attempt, that
we do not know the extent,of its calamitousicon-
segnlences. We have no experience.to" guide us;
we have got kw an imi•xampled state, without
shy parallul 'in the hist-Orr of nations. All the
finantial operations of the world heretofore are
triVolons, compated with .what 'England has in.
thi!., way accomplished in the last twenty years.
Having, therefore, nothing in the past to dire.er
its, we -should proceed with the greatest entitle!).
I Even it the tact were true, which I deny, that
,iar paper-currency is at this moment depreciat-
ed. tie depreciation at the inmost is only 3. or
"4" per cent.; and, if (hat be an evil, it is but a
small evil ; to 'remove- which, it seems extraordi-
nary that any one should'venture to recommend
the risk of such unknown. and, stupendous cala-
mities, "that the exchanges are Imfavoitrable to
us is tine, and a great issue of coin might ren-
der them otherwiSe. But admitting: this •uula-
vourable course of exchange to be an evil ;"it, is
also a small evil, compared with the many. and
menacing -evils which would ens/re from a forced
return now to cash payments. The unfavourable
exchange is an evil Which, comparatively, few_
people iii this countty would know any thing of,
it they ware not told of it-, and the inconvenience
of which still fewer, 1, el. Whereas,•the Colic:lli-
' ties ieltieh would follow, a retinal to cash pay-
ments, at this moment, would come -.home to
every man's door, and to every man's pillOw,
and would, more or less, disturb every man's
fepose. • - .
" Some then ask, if this is not the time to re-
store our currency to its former, principles, wheu
will the ti-toe cowe ? And they accuse the Go-
vernment of a breach of faith for not doing so in
,hr time originally. prescribed alter the return of
peace. But what Statesman corrlA,with certainty,
foresee how soon after the return of a peace,
which-followed a war so 'general, so .desolating",
and of such gigantic exertions, the nations Of the
world would be snalefently recovered and re-esta-
blished to justify a recurrence to the old order of.
things. All that the greatest Statesman cats 'tUo
in such a case, and all that ought to be expected
from him, is to make a probable coojvcture, and
to be. afterwards governed by events. The un-
favourable exchaoges at present have beet, partly.,
and perhaps principally, occasioned by'lgreat im-
prirtatioos of corn, -the Lest& of Unproductive
harvests, which no.Mirriver could (rave foreseen
or prevented. The unfavourable excharrigi-s have
also been, partly occasioned by the"inipoverisbed
state of the Continent, not yet able, after a war
of such devastation, to pay for the manufactures
of this country, by Which the productiveness of
our experts has been dilitinished. But ibis is a
disease which a little time will remedy. Otir ex-
ports, -also, to the East Indies have ,been, parti-
enlatly unproduetix.e. The funding system, too
begun and carried on in,, different countries on the
Continent, 'has made essential alterations in. the
Nancy transactions of Enrope,- Many, also of
the foreign lOans have been largely subscribed to
from England, and the remitt,nces for this pur,
pose have Zontriituted to render the exchange un-,
1 favourable. All these causes ovrating,- which
no Minister could have anticipatvd, have,,pro-
(limed this adverse state of the exchanges, and
must, in the judgment of every reasonable mail,
not only exonerate our
,Government from any
charge of breach of faith, for not having re-
tinned to cash payments sooner, but must satisfy
us of the wisdom of 'tinge Statesmen who have
proceeded so cautiously and so deliberately ; and'
wlioy instead of endeavOuring• to seize the first
moment of a favourable appearance, have, with
prudence, warched over events, and postponed
making any alteration until they should see the
exchanges permanently settled in our favaur.—
For where so mucp is to be risked, and so little
to he gained, it is not on the first propitious'
syt»ptom that such an alteration should be nrade,
but upon a continued, established, and confirmed
renovation of the order of things, not_ only at
home but abroad." '
. .
[To be confirmed.]

• LOUD DORMER.-The obsequies of Lord Doll-
matt were celebrated on the 4th insiaot, in the
Church of St. Rod,. His Lordship had com-
pleted his sixtieth year. lie died of a stroke of
apoplexy and .paralysis. with both of which be
was conjoinrly attacked about a mouth ago. He
had the good fortune to remain perfectly sensible
to the last moment, of which he availed himself
to solicit every spiritual Comfort, which he re-
ceived with an eddying piety. lie had led an
uniform Christian life. Mild and amiable In dispo-
sition, affable, and polished by education, disin-
terested in his affairs, always noble in his con-
duct ; of those who approached him, the grearet
nun►her had treason to praise hint, none to com-
plain of him. His death is a great loss to his
friends, by whom he was honoured andesteem-
ed--to hi, !datives, whose heart be, possessed, by
his obliging and delicate attentions—and the poor,
of Whom he was the coinpassionate father and
benefactor. The family of Lord Dolor an, al-
ways professing. the Catholic religion, lost the
greater part
.of their privileges in the reign of
Charles 11. at that unfortunate era when the Ca-
tholic Lords, unable to recoucile principles
to time new Bill directed against them, renounced
their seats in the Upper House, to preserve the
integrity of their fait h,--(Poris'Papef.)
To-morrow being Easter Sunday, it will he
observed as a Collar-day •at St. James's,' anO
the Heraltht and Pursuivants will attend Oth
their :banncri in the procession, to and from the
Chapel.

CA L( UTTA PXPERS.'

CALCUTTA, NovEmBER 10.

Our intelligence from the interior Of India
speaks favourably of the gener,,l tiannnillity-of
the. country, and the satisfaction of the people at
living'under: a Government whose aim as well as
whose interest it 'fortunately is to preserve to them
the blessings of abundance, ircw;t y, anti. peace.
There "are found here and there,. however, refrac-
tory brigands, who draw around themselves a set
of desperate adventurers, and seek, in resistance
to established antborities, and in plunder of the
peaceable and industrious part of the population,
that gain which neither their virtpes nor their ta•
lents would procure for them in a regular and well
ordered community.
The Beitool .Valley and the whole of the Nag-
pore C4iuntry have been principally the, scene of
these late revolts, and we have given the details
of the operation, against the revolters there, as
they, hase occurred from time to time. The most
stubborn and 'courageous...of the enemies with
whom our troops have had tocontend, were Arabs
and cioonds,and among the/slain "the first hate.
been always the most numerons, as being con-
l!stantly found ip the hottest of the fight.
Lieutenant Cmikshank, has particularly dis 7
tingitisited himself in these contests, and Liente-
pane Lane, of the 7th Cavalry, has been so closely
engaged- as- to have had two horses shot under
',hint within the last two months, besid,es being
womided him..,elf. By/their small detachment; a
march of 4.0 miles was made, and two battles
fonght within the'space of 2& hours, and the
'troops bore all with firmness and cheerfulness;
though the roads over which they marched were
'musically bad, and they tasted no food till the
close of their gAllantlabours. These roads in the
territory of Nagpoie are so bad, that it is said
only six camels survived out of 46 that were em-
ployed for a very,limited period near the bank of
Nurbwida.
Major Bowen, of the Madras army, has also
distinguished himself in several gallant actions
with these Goands and Arabs, and par sleuths ly in
an affair against Boordace, where the rising of the
-stream in some nullalts having cut off his expected
reinforeenients, he bras elv dashed On with only
100 infantry, and drove five times that number.,
out of the town before him, 300 of whom were'
afterwards cut np by the cavalry.
Major Wilson has also earned his portion of
military reputation, by the taking of Pawnee, an-
other strong post, seated on the banks of a riser,
about 25 miles to the S.E of Nagpore. The de-
tails,of this gallant storm are such as reflect the
highest credit on the courage and skill of those
engaged. The Mogul horse, who are attached_ to
Major Wilson's party, behaved also %, ill) great
bravery, and evinced, what the conduct of
Indian troops has always so conspicortus.!Y
shewn, that good leaders and brave chieftains are
almost all that are wanting to make disciplined
soldiers and courageous meo•
The last letters we have from Hosseinabad, are
of the date of the lOth of October, and they in-
form us that Sheikh Dulloo, a celebrated Pintlaree
Chief, has matte his aßaearance in the Beitool
Valley with a train of followers, and that Apjiali
Sahib himself was about to make a movement to
the east ward.

The Madras troops, adds our correspondent,
arc taking tort atter.;,,rt in the neighbourhood Of
Nagpore ; and the lix- ah's resources, he adds,
are so completely exhausted, that he may soon he
expected to effect an escape.from his own troops,
and throw himself on the mercy of the meaty
whom he has so fruitlessly Vaved.