The Sun.
London, England, 1819-05-29 00:00:00

LITERARY REVll✓ti'~'.

An ADDRESS to the PUBLIC on the ULAN proposed by
the SECRET COMMITTEE of the HOUSE of COMMONS,
for rxmnining the AFFAIRS of the BANK.-13y EDWARD
COOKE, Esq. •

(Concluded from TnE St of Yesterday,)

" It will become the Legislature most seriously
to examine the state of tire present cririeney, be-
tote it concurs in any measure for rrducing its
',mount. At present, the national curiency (ex-
clusive of private notes, which are trot applicable
to the payment of ,taxes) amooots only to 25
millions. Five millions of aris stint aye always ill
deposit (to answer the calls of private
and as our resenne is payable quarterly, and
amounts to upwards of 50 the espence
of collecting included, 12,500.0001. are allotted
quartet!), to the payment of taxes, and only
7,500 0001. remain for (he other transactions of
thee ki •",tiont. The Committee noW• propose to
{aloe gr-adually out Iri rirerrlation 10 millions, by
)4•;, ,elog tni. Li:x(ll,l,ler the
In what a sittlatiot) OIL') ino•t
try bel)l.o.ett, tl,vressetl as it is at present tor cir-
ri:ill:l..lm,, Irriless tire amount of the ,utits
t",,•vn from the marl.e;„ by ',paying Eschetpier
Bills he forchwirh replaced, atrd unless rile
tre pelmitte,i to make their' purchases or
by ri 'dir tonal emis•ion'of Ij o h Notes.

1 reroil Roil) expatiating npoit the baleful
,p,srat ion which this great Innovation must have
upon the amount of taxes. They produced
last yea, neatly 5h inilltons. and y att,rd a stir-
pHs abwo gOOl. i.et (he redtirtiwt of
the circidaion be redured 5 per cent.
and the same real produce continue. though IC:
thiced nominal ainotiot, their will be no sur-
plus pit all, 41,d e :lOW bid adieu to any hope of
istablishing'a leal -inking fund for ever.
There is au observation made by the Com-
tnittee re,pteting the very slight vaiiation in eX-
ettanges and the 'prices ,0 gold, which bas taken
piste In France, in con,equence of their eootribu.
tions, whhb see most witxrecteds and
imaceountaitl:', witen we consider the ground for
the Cornmitier's first Report and the second
lie-
rti ilet. What was the wound of this Mea-
sure hit a statement-, that within the,last year, 7
millions of our Gold Coin had disappear; d, and
that pr,:bshly the whole was gone to the Paris
Illint, s. c,t-re was satisfactory proof that a great
part had acru.tly done so ? Is it then a matter of
*Sir se that the export of money from France tor
coal ribs' i ins should not have to, ered the ex-
changes and raised the price of gold, when they
'Nvcre enabled to replace the sums they exported,
by the treasures of the Hank of England at Mint
ptice ? Anti surely it was becoming the Commit•
tee to have noticed this obvious -and notorious

I.ct, and not to have conv,rted a circumstance,
v,llich is decisive against their measure, into an
ark nment in support of it ? %Vhat does UWIN fact
. .

prove, but 1131 our Gohl Coin is at the mercy of
the Paris mi., Ana if we should now or two
}'cars hvocc, without a total cliange in Our do-
mestic situation, open thy doors of our treasure
house agnin, whilst gold is dearer in France in
respect to all comiroulities than in England, in

, • .
Coiiscgoeilce of wiadr.iple taxltion, the Sallie
CVCIlis raise phee, and a similar exportation
of ()or or our Coin will follow.

" Upt, c,e whole, %but ale to be the results of
tllii Itiouration ?

" We are to 4 !ef'rand the mercantile holy of
the greater part of the tree currency to which they
have altn,}st a ti;.4i)t.

•1f ‘Ve gre to sohjeCt the whole commercial
concerhs of the Fount' y to the tootioptly of the

Batik.

Itre are to enjoin the Wink to topsider the
purchase the price of gold its their primary
object, and the vv,ints of commerce as subordinate.
" We are injuriously to reduce the circulating
medium,

" We are to alter the standard of value of the
realm to the fluctuating Alice of a counitodity,
and to keep that weathercock fixed by variations
in the amount of Currency. •
" o,ll* Cut renCy is to be always the same no-
tuina!iy, in reality to he perpetually fluctuat-
ing in value.
" We are to have, it is said, less trade, hut of
a better
" ['vs; manufacture probably, but I suppose
of greater value.
" Less currency, but of greater value:
" liue we ale to pay the same taxes, but of

grew er value. -
" We are to pay the same interest on the debt,
but it is to be of greater value.

" And we arc to have the same capital of
debt, but it k to be of greater value.
!` I entertain the highest respect for the Com-
mittee, anti kohl in the highest estimation their
personal sincerity ; but I think the country will
universally exclaim, as soon as they, nderstand
the Repoi t,

- Tanti
Non est, ut placenta tibi, perire.

• '' In closing this short Address, I be;; the pub-
lie to consider, that the main drift of my argu-
ment was, first, to fxrove that Excess of Issues,
which was for many yeats alleged to be the sole
cause of the high price of Gold, was at no titn,
a cause at ad ; and this allegation 13 now aban-
doned by the Committee, as utterly unfounded
sod nntellable. Secondly, to spew that the
cause of the high price of Bullion arises from our
augmented taxation, which has increased and
doubled the prices of almost every article un-
che3pened by machinery—a point which the Com-
mittee abstain from discussing. Thirdly, that
Gold Bullion, like every other commodity, has a
tendency towards that market where the greatest
quantity of commodities can be procured for it—
nuother point which the Committee are pleased
to avoid. Fourthly, that as our taxes and cur-
rency are equal in amount ; in proportion as the
reduction of currency tends to lower prices, the
consfquent increased value of taxes truth to raise
hrtn—enffilier point which the Committee do
not think t+urth inquiring into. Fifthly, that it
by a tot ced-reduction of currency, we attempt to
raise Bank Notes to the market price, such an
attempt will probably fail from the counteracting.

procure or Our grt°o soever
the internal distress of our trade, how great soever
the ditninutiou of our revenue—another point which
the Committee wholly disregard. Awl laitiy.
that it by forced measures eht ing Gold into the
country, and open the door to its exporiatimi, it
will immediately quit our market for the French
or othermatkets, where it cAn command a greater
quantity of value. commodities--anothei•
point which it is deemed wise, to pass over, it,
silence.

" These -1-4ninents have not been touched tip-
on, either hecaotie they are irrelotable or con-
tclup.ible :—if coofemp;ible, let them he exposed
acid exploded : it iirettitahle, surely they are too
nearly allied, too intimately United with the kob-
ject of tliscoion, not to deserve a consilera-
tion of 114,..,r weigA and a fair appreciation of
their value.

It tto weigh, is to be given to these argil-
mews, what weight, I a•k. is to be given to the
argunictit of the Committee respecting the effiet
of the quantity of our rot rotcy upol its value ?
" The whole sv,tem is built npou this sole
ptiocipit•, that b.,/ contrauting the issue of flank
N and giving complete control.' of them to
the 13attli far that purpose, the I 3 ink will be en-
alde to raise the value of their Notes to the mar-
ket price of gold, and by vigilant regard to their
quaninv in future, to keep them at that !nice tot
rVel'. i! not, therefore, more than extraordi-
oary, that the Committee should terminate tie it
lah.turs with a conclusion diametrically opposite
to the ety rinciple which they, make the basis
of their plait s Let me lay betote you their own
'peroration :
" Your Committee have forltortte front enter-
" ing into ally re.:stoting op .11 1,f2 etilet& pioduc•
" ecf upon the value of (It currency by the va-
" tiat ton, io the twilit:Heal amounts of the Notes
" issued by the I;atili of Ef!!..!/,11)(1. So hilly tin-
" contstaores contribli:e to dReCt that VAllle, such,
" io.tairce, aa the vatyiog sure of ,commercial
" credit and confidence—the fluctuations in the
.6 „inannt of country bank l'apet—t diff:relit
degtees of rapidity with which the s.itne amount
" of currency circulates at different periods--,hat
" yoni• Comilliitee are of opinion that no sati:,-
" factory conclusions can he drawn (runt a mere
" refetence to the Itomericiti amounts of the
" .11 of England outstanding at any given
"

" Thug, after the faest revie,v, and the MOs:
elaborate investigation into the state of outstand-
ing Notes at diffetent periods, the perpetual the-
tuation of their quantity, and the eff,ct .of that
fluctuation upon value; and after tire most de-
cided declaration that no satisfactory conclusion
can be drawn from any, inquiry of compatist,u ;
they make this very numerical fluctuation of Notts
the real standard. of value, and the sole index of
the price of their golden weatheicork ; and they
boast of bring able to fix it by the variations of
the 1111111e1 ie.al gttant it y of Paper, which mune' ical
quantity, at any given period, they arc sit the 54trie
'tune pleased LO assure us, cart satisfactorily decide
nothing upon the subject. They lay down pit:noses
%vivid) they admit to be so c•intraoictory as to
prove nuthin at all and then advise Parltlincht
to erect upon this sandy and shifting foundation,
a solid and immutable system."

We have now reached the end of our critique,
which has rather been effected by extracts than
by analysis. \Ve fear ;hat the author will say
that we have not extracted enough, but that we
has:*e garbled his sent intents ; while, on the other
hand, we shall not be surprised if his publisher
c'omplain that our selections have been unjusti-
fiably copious. To the first, we shall plead our
circumscribed limits ; the latter we shall satisfy
by observieg4 that we have confined ourselves
entirely to what the author terms his " Address,"
not having toiletted in the least ott either his
" teal cause," or on his comprehensive views,
which occupy the Appendix, either of which will
amply repay the inquisitive reader's pet usal. On
the'snhject of the disappearance of Bullion, we
think the increased demands for it as a commo-
dity in general use should not be wholly disregard-
ed. [low much is now consumed daily in watches,
trinkets, and articles of massive plate, beyond
what was the case formerly !'anti what increase
of supply have we had to meet this extraordinary,
continued, and increasing consumption
\Ve fully coincide with Mr. Secretary COOKE,
that the best line for the Country to pursue is to
follow the course of the Mat ket, and, under wise '
regulations, to enable the Bank of England to
discharge their Notes, at all times, in Gold, at
the Market price. \Ve would further recommend,
by way of repairing the shock which credit has
sustained, that a Meeting, similar to that of 1797,
take place dorthwith at the Royal Exchange, to
support the Bank and the Government. It was
the co-operation of the Batik with the Govern-
ment, supported by the Natiou at large, which
enabled us to ride triumphantly and securely
through the greatest political storm which is re-
corded in the annals of the world. Should we.
then gratify ourselves by' pulling down the key-
stone of the bridge we have but just passed over
in. safety I—Forbid it justice ! forbid it genero-
sity ! forbid it prodCnce
\Ve cannot compliment the CHANCELLOR of the
Exc EGLI) RR on the policy by which he permitted
these discussions to precede whatever Loan
might find it -necessary to make, and for which
oversight we much fear the Country will have to
pay from I 5 to 20 per cent. or neatly one-fifth of
the whole amount. We shall be very happy ulti-
mately to floc!, which we much doubt,. that the
final result of the enquiries of the Secret Commit-
tees will compensate for the injot lel which those
investigations base already'produced to the whole
Cowl-loony.

THE SU T
IN •

SOLENI QUI% mcruE FALSUM AUDEAT ?

LONDON,
SATURDAY, MAY 2,9, 1819.

We received this morning the Paris Papers of
Wednesday last. In the Chamber of Peers on
Tuesday, the Marquess (1e LALLY 'f 04LENDAL re-
ported from the Committee ou the projet respect-
ing the Journals, in favour of it. The discussion
was postponed. The projet for the abolition of
the .Droit d'Aubaine was shortly discussed, and
agreed to by a majority of 84. to 33. The
projet respecting the Transit -through sace
was unanimously adopted, and the Chamber ad-
journed till yesterday. In the Chamber of De-
puties, after deciding respecting a notober of pe.-
iitions, the discussion was opened on the projet
relative to the estimates for the service of 1819 ;
and after hearing several speakers, it was adjourn-
ed till Wednesday. The following are extracts :
" Pius, MAY 26.—The King yesterthy receiv-
ed a Deputatic of the Chamber of Peers, who
delivered to his Majesty the second projet respect-
ing the Press. The King afterwards transacted
business with the Marquess Dessolles.
" The Duke d'Angotileme has cornmericed his
tour of inTection of the. Public Establishments

hf Paris, ~ceanipanid Ly ;be 4Aiiuhter of clic

dor and the Prefect of the Seine.

" Monsieur went yesterday to visit Princg
Leopold of Saxe-Coburg.
" Accounts from Smyrna state, that the Ex'
aetietal Savory (Duke of Rovigo) had been e%'
pelted flout that factory by the French Collodi
who only gave him three days to depart. Tbil
measure was adopted in cOvsequeoce of Savarl
haviog violently assaulted M. Deslottes, a young
Naval' Officer, with whom be had a politics'
dispute.
" Prince Dolgoruchi, attached to the Russian
Embassy here, set out on Monday crt Courier for
Petersburg!. The Countess Nesselrode, who hal
resided for some months at Paris, has also takes
her departure fur the saute destination.

FIVE PER CENTS.

Tuesday

66 f. 95 c.

I/EFER RED STOCK.
Of the 22d March, 1817, BG f. 30c.
241 Sept. 1817. . —B4l. 30c. •
March, 1818, f. 30c.
22d Sept. 181, .90 f. 30 c.
'22(1 NlittehilBl9, 7O. 20 c.
tP PETEMBURCII, APRIL 30.—A very active
exchange of Couriers is kept up between- our LAS
hinet and the Court of Stockholm, but no ong
knows to what it relates, all that the forcig4
Journals have stated with regard to this subject

rei:s upon nothing but vague suppositions."

This morning American Papers arrived, hut
not of a later date than the, last ; Jamaica'Papers
to the 13th March, and Halifax to the 22d April.
' Copy of a Leticr front Margaritta, March 4.
By a mail trot» Muturin we learn, that a blow!!
engagement took place at Guyabal, between' Or
Army and the Royalists under MORALES, ill
‘4.ltich we were victorious, having set fire to all
the Spanish vessel's constructed there.—ln the
Province of Cutnana, Domingo, MosTEs mal4s
frequent incursions to the vet y environs of Ibe
City.; our nurnsers in Cumanaco are considerahl
increasing, 'and will amount to 3000 men. AU
well here.

We have no scruple in repeating our firm re 4
plignance to the B;l1 recently brought in by Ear
GREY, for the annulment of oaths, tending to ex'
chide the PAPI,TS Irom all Political Power. Thei
Al
who wish to remove such restraints, cannot be

(painted with the trne character of PopauY•".
The ROMAN CATHOLICS ought to be
fled with a Lull toleration of their religiod4
faith, but they want to become LEGIsLaToos.
and then th;.y would lay trains for 01.
total demolition of the Protestant Church•
following passage in this Bill, is particularll
alarming, as it seems to contain iA Inviting am, if"
sidions Mischief, which in our opinion, contatpi'
Flares the whole measure :
" And whereas the Declarations prescribed by the 00.
Acts of the c.tsth mid aah Years of the Reign of his M..jesti
Charles the See.end, contain only a renunciation of certaici
opinions entertained by Roman Catholics, which are nterell
speculative and dogmatical, a.id ate unconnected
gianceor Civil Duty; and the said Declarations contain 111'
Expression whatever of the Allegiance the Person tali 4.
the S'lll4e to his Majesty, or of his attachment to the id'vs.
and Constitution of this Realm, and maw therefore witti
safety, and without any inconvenience or incongruity, 66
dispensed with ; and it is therefore proper and expedient to
repeal the same."
We' conceive that this passage is apparently 1(1
liberal and harmless as to be calculated to Ptlg
Protestants off their guard; but in our opinion it
is, as we have said, of so insidious and dangeroo4
a tendency, that it may well excise alarm amo/14.
all =the friends of our Establishment in ClotrO
and State. We therefore earnestly recommend 06.
Bill altogether to the consideration of the whol6
of the P/lOTESTANT COMMUNITY, anti we .64
'earnestly hope that Petitions frOm all parts c'f-
the Empire will pour in to our Legislative Bodief
to prevent, if possible, a measure so specious
iri
tot m, but pregnant with so much danger, frogs/
ever passing into a Law.

We yesterday drew the attention of our Reader°
o the ensuing celebration of that thy, in,bonour
of the immortal Memory of Mr. PITT, on o'6
Atiniyers,ity of his Birth. We had the pleasord
of being resent at the MeetiiiLT, and we cell
assure the Public at.large, that at no former re'
riod was there a stronger testitnonY of regard I°C
his ch 'racier and attachment to his prinei'
pies. puke of 'WELLINGTON, and 01
his Majesty's Ministets, were reCeived on their
entrance with the warmest marks of univertet
appt.baiion, and so was every alinsion to theft'
either by toasts or incidental ohservations'froal
any of the `pesters. The venerab.e Chatted°.
never es;pres,ed his feelings and his sentimellts
with more energy and CollipiCi Ilt'S3 OM) on IbiS
occasion, and his brief and -manly elogoence
powerfully impressed the company. The sails
may be justly said of the Lid of Ltvsapool',
who, with a firm and energetic divity, i'"
homage to the high character and importaoc.
services of the departed Stateswan, and avoo;4

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