The Sun.
London, England, 1819-05-11 00:00:00

1'.1)1+,11.-.1\ TS.

ran. EntToß—it is to me a circumstance of
prowl satisfaction to find that therinciFles which
have advocated in " Letters to John Eull* ," anti

in several other communications in your columns.,
during ate last twelve months, under my present
signature-1 repeat, Sir, that it is great satisfac-
tion to find those principles, in opposition to the
theories of Lords Lauderdale and King, of Mr.
Huskissou, and of the Bullion Committee, cum
rna'ais uliis, now adopted by the
,recent Bank
Commi!ter, after due investigation, as the basis
of their reported (;pinion to the Legislature.
The paints to which I allude are, first, the ad-
mission that the annual supply of the precious me-
tals has not for some time been equal to the in-
cre;i,ing annual demand ; from whence arose their

vake in cn►tntries %%here un ,nbstitnte

existed for th!..r.l as a circulating medium.
Secwitify, The the demand an.l nominal bigh

price for then) in thil country was not for internal
eircni •!ion in preference to Paper, but for export-
ation to countries where a profit could be gained
upon them beyond the price paid for them here.
Thirdly, That Continental tra• quillity, trade;
and manufacture; will produce an increasing de-
mand for them to fill up the increasing void in
Continental circulation. And,

Fourth! y, That, as I prophesied, the people
would prefer Paper to Cash, as soon as the mere
to'vehv cif Cash Psyntet►ts shall he wotn off; so
has it been proved 1w evidence, that the people
have alkeudy refused Gold, when offered to them,
and requested Paper in preference
ror hese ,our important admissions, I refer to
the Report of tl►+- Commons itself; hot I must
confess, that I am at a loss to conjecture upon
what principle it is recommended to enforce the
payment Ot Gold in ingots in a series of decreati•
ing values at certain furore neririds, wt►en it is
nof linowtt what the price of Gold may be at those

perimit.
Can these ingnta he wanted for borne circula-
tion ? The principles established say, No ! Theo,
if they are demanded at the Bank, it most be to
lie in the Banker's strong box or to be exported.
But will the Bankers, Or any body eke, take
Notes to the itank to purchase Gold at 41. Is per
ounce, and to lie in their box until it falls by Act
of Parliament to 31. 17s. lid? Common sense
says, No ! Who then will draw Gold from the
Bank ? Answer, the expo! ters ! ! For, if you issue
Gold at 41. Is. France and Prussia, who must have
it, will pay 41. 2s. for it, un'il go,ti 'Mercantile
Bank Paper comes, as in this country, into equal
credit with, and superior convenience to, Coin.
Again, if these ingots are offered in home cir-
culation, who will take them from a third, fourth,
or twentieth hand, without ascertaining that no
Jew's tricks have been played with them In
fact, we must have not only scales for weight,
but also accurate measures for length, breadth,
and thickness, and even then it may he prudent
to put a little bit into the assay crucible.

'hien why pay in ingots instead of Coin ? .The
only possible reason is, that a gradual decreasing
value of issue per ounce may certainly be fixed
upon Ingots, which could not possibly be prac-
ticable with Coin. But will future circumstances
permit that experiment to be tried in hiune cir-
culation ? If they do, then %ye may as well wait
to the second era, and issue Coin at the second
rate recommended.

It is recommended also to reduce Paper Issues
in proportion to G.,ld Issues ; but, if the Gold is
exported, ;hat will produce the disadvantage-of a
reduced circulation. The Bank certainly may
seduce their issues of Paper ; they may pay the
Dividends in lugots for the larger sums.; and they'
may di,connt in Ingots, or refuse to niscount at
all, and thus reduce their Issues as tar as any
theorists can wish them. But what is to become
of the country, with a diminished circulating,me-
dium -

It is futile to say that the Back makes over-
issues. If the quarterly payment of Dividends'
does not of itself throw too much Paper into the
hands of the Public, there cannot be au over Issue.

The Bank pays 40 millions annually to the
Creditors of Government ; the Treasury receives
annually 60 millions of Notes, out of which it
repays the Bank ; beyond that, the only Issue is
upon Exchequer Bills, Mercantile Bills, or other
valid securities ; tor the Directors do not stand at
the corner of Threadneedle-street, serving out
Bank Notes like Lottery rofFs ; and ...ho that
does not %v ant the Notes.Avill exchange his secu-
rities for them Then, it the Notes are wanted,
bow can there be an over Issue ?

In a word, Air. Editor, 1 fear we are again to
be-the victims of a false theory ;—or, it we must
try the dangerous experiment of issuing Gold,
necessarily obliging the Bank to reduce their
Paper in circulation, to avoid repealed drains,—
for if they go on discounting in Paper, that Paper
will only travel from the Discount Office to the
Bullion Office,—we shall soon find it necessary to
pass a new Restriction Act, and to re-adopt the
former system. But there is one t»ode,.and only
one mode, of avoiding that necessity, if the Bul-
lion experiment must be tried._

Let Government authorize the Bank to form a
New Circulating Medium,—to issue Notes which
shall not be payable at the Bank, but- receivable
at the Treasury, for all TaXes and Dues whatso-
ever. ' These way be issued in the first instance
to Merchants in discount, who have Customs or
Excise to pay ; by degrees they would find their
way into common circulation, as the Tax-gatherer
aid Postman must take them. In a snort time,
half the Paper Circulation might consist of them;
for Metchants would sooner have 10,000/. dis-
counted half in these ard half in old Notes, than
have 50001. worth of Bills sent back to them from
the Parlour ; nor will the Shopkeeper refuse his

lilarte4.l iu tili3 Paper.

We received this iiiorning the Paris Papers of
Saturday last. The Chamber of Deputies on Fri-
clay were occupied for some time in discussing a
variety of petitions. The discussion was then
opened on the projft respecting the transit
through Alsace, and which, after hearing several
speakers, was adjourned till Saturday.-7 The fol-
lowing are extracts
PARIS. MAY B,—The King transacted busi-
ness yesterday with the Minister lot Foreign
Af-
fairs.

"The Chamber of Accusation haS referred for
trial to the Tribunal of Correctional Po!ice, the
charges (of offensive articles) against the Siefirs
Maurice Letevre, author of the Bibliotheque His-
torique, and Argnet de Molitorlean, Ex-Commis-
sary of War, Author of The Liberal arid the Nou-
eel Hom me Gris.

41 A woman, named -Elizabeth Von Gansbeke,
died at Kruyshauten, near Ghent, on the 26th-ult.;
aged 104. She was the mother of nine children,
and lived to sec their descendants to the fourth,

generation.

" Yesterday a Deputation of the Chamber of
Depoies delivered to the King the projet respect-
ing the Journals.

" The number of deaths in the Department of
the Seine, which in 1817 was 20,812, increased
in 1818 to 21,281. The increase is attributed
to the opposition made by some individuals to
the progress of Vaccine Inoculation, 682 persons
having died at Paris last year of the small-pox,
being 196 more than in Isl 7.

FIVE PER CENTS.

Friday

... 66 f. 50 c.

DEFERRED S-TOCK.
!f the 19d March, 1517, 84 f. 55c.
2211 Sept. 1817,
294 March, 1818, BO f. 53 c.
- ' 2.2.1 Sept. 1818,
,
e,i'd March, 1819, 76' 50c.

PRTERSBURGII, APRIL 13.—The Russian Bible
Society printed 72,000. copies o( the Holy Scrip
tures in the year 1518. They propose to publish
in the. present year, 101,500 copies in different
languages.

STOCKHOLM, APEUL frequent ex-
change of couriers is kept up between this capital
and Copenhagen. • Lieutenant-Colonel Mats-
ellouseby is also expected immediately front Pe-
tersburgh, whither he went about two months
since with dispatches for the Emperor. The
question in discussion is supposed to be of the
greatest importance.

Rome, APRIL 24.—A violent eruption of Ve-
suvius was apprehended on the 17th ond IBth

inst. but it was fortunately conlitied to a mere tor-
rent of flume.

" The Pi ince de Metternich bet out this morn-
ing. for Naples, The Emperor and Empress of
Austria tvill take their departure to-morrow or
the: day after, to proceed also toliaples."

The following Letter bac been received at

LLOYD'S :--

7.IIAIIANITAM, IkIAHCII 13, 1819.

" Sta-7 The ship Duke ti Wellington, M. Ross
late Master, arrived yesterday from Rio de Ja-
neiro, having during tie voyage been forced into
Pernambuco by an Insurgent privateer, the Com-
mander of which, after having wantonly fired into
the Duke of Wellington (then about three leagues
ro the West ward of Cape St. Augustine), by which
her late Master was killed, required the vessel to
go into Pernambuco, for proof that the cargo on
hoard was British property. The privatieer was a
low brig, of about 300 tons, mounting 22 guns.
tier boat's crew stated, when on hoard the Duke
of Wellington, that a schooner in company,
mounting 18 guns, had been a Spanish man of
war, captured six days before, on her way from
Cadiz to Rio Janeiro, after a short action, in
which 40 men were killed on board the Spanish
vessel. The remainder of her crew hare been sent
into Pernambuco. The brig and schooner were
then cruising in company ; and it was stated that
the brig had been out five mouths from Baltimore,
anti had captured eight vessels.

" I am, Sir, &e.
ROBERT FIESKETH,
" British Consul, and Agent to Lloyd's.
" TO Mr. JOHN nENNETT, Jun.,
Secretary to Lloyd'i.'7 , ,

Mem.—The Neryda Spanish brig of war, from..
Cadiz to Rio Janeiro, was taken in lat-. 9. South,
long. 34. West, by the Irresistible Patriot brig,
and carried into Margaretta the 16th March.

It has been asserted by the PAPISTS, and their
silly Protestant advocates, that there is-no danger
of any interference on the part of THE-POPE with
the, internal concerns of any other State. That
he is contented with Ge reservation of the Ro-
man CaTholie Faith, and its full toleration in all
other countries, and will never obtrude- as hereto-
fore into foreign secular and political transactions.
To demonstrate the contrary of this assert ion,
we have only to extract the following article from
the Journal General of France, to which an intel-
ligent Correspondent has just drawn our, atten-