The Sun.
London, England, 1821-06-04 00:00:00

•
1 4,1 .
04.

trine, by raising the market-prices of commodi-
ties; but such higher prices, according to all eic-
perience, would only further encourage produc-
tion, abundance, an cheapness.
~ As to the depreciation of money which was as-
sinned to exist from the supposed Over-issue of Bank
Notes, or that which was assumed to exist on
account of the market prices of Gold being higher
than the Mint price, when Gold' was demanded
beyond the supply for the sole purpose of mak-
ing Foreign payMents; England •had a conti-
nued balance of payments to make to the Conti-
nent ; but no sufficiency of Gold Coins were in
circulation to make :such payments: The ex-
change having fallen on these accounts, in other
words, the price of the English pound in Foreign
Countries having fallen, it answered to the Ex.
change Merchant to give upWards of five. pounds
per ounce for Gold Coins or Bars in the Lan,
don market, because the price of Gold on the
Continent remained the same, indeed, became ra-
ther higher than lower at the time. That quantity
of gold which a guinea contained, therefore,became
worth several shillings more than 215., because
Gold; although'scarce and dear, was still the
merchandise in which payments could most
quickly and profitably be made, on account of
the rapidity of the returns in that particular
branch of business which employs capital in con-
ducting Foreign Exchanges. But because Gold,
as the instrument of this particular commerce, rose
in the market, as coffee or sugar, as instruments
of general commerce, might rise in the market,'
conid this depreciate the whole fifty millions of cir-
culating medium, which was engaged at the time in
facilitating internal exchanges of commodities to
the extent of more than five hundred millions per-
annum ? Could it truly be said, for 'example,
because the London market. price of Gold as
merchandise was 51. 3s. 10d. per ounce, and be-
cause the quantity of gold in a heavy guinea was
worth 1/. Bs., that all Bank of England Notes
were only worth 15s. in the pound, as in the
arithmetical proportions, as 28 are.to 21, so are
20 to 15, when 20s. of current coin could al-
ways be commanded for the one pound note ?
It. really. does not appear that these grounds of
depreciation were sanctioned by practical facts.
Besides, being estimated altogether at the utmost
at 25 to 30 per cent., this was not sufficient to
account for the rise of three hundred per cent. in
the prices of wheat and bread, which took place
during the war. On the contrary,Mr. Account-
ant SMITH, the well-informed author of the
Theory of Money, and many interesting tracts,
she wed by a table of the comparative market prices
of several commodities, that the amount of Bank
-Notes in circulation had no effect on the prices
Of commodities,ot the price of Gold, or-the mar-
ket
price of Gold, on the prices of other commo-
dities. Neither was the pound note depreciated
for internal exchanges as valued in silver; " the
value of a thing is what it will bring ;" it always,
as just stated, exchanged for 20s. of current coin.
And the great body of the people, who are by
far the greatest consumers of the necessaries of
life ; whose consumption therefore chiefly regu-
lates the market prices of bread, meat, Ric. &c.
make payments, principally in silver coin. There-
fore, those who urged that the Bank. Note at
one time was only worth 155., meant to say, it
was worth no more in Foriegn Countries, on ac-
count of the low exchanges. •
And further, the higirprices of corn, for ex-
ample, during the war, were not on account
of any laws obstructing - the perfeCtly free
and unrestrainedimportation of corn.. The mar-
ket price bring from time to time so- constantly
and so' considerably above the importation price
fixed by law, the law was a dead letter. But
on account of taxation, all the four component
parts of the natural, or growing price of corn
more than double in the time. ,Did not such
higher prices require a greater npmber of Bank
Notes for facilitating the distribution of the, pro-
duce of the laud ? When the annual amount Of
that produce increased from probably in 1792
one hundred millions, to more than two hundred
millions, would not more money of some sort be,
required ? And when the whole amount of 'Corn-
modities circulated by 'the great internal trade,
exceeded probably five hundred millions per
annum ? What human mind can accurately esti-,
mate that particular amount of Bank of Eng-.
land notes, which being exceeded shall upon
unquestionable principles be deemed an over,
issue of Darin-notes ? If it be true that '
from thirty to forty millions of geld coin were
in circulation before the year 1797, when the
amount of Bank-notes in circulation had for.
maw previous years fluctuated between nine and
eleven millions, when the quickness of circula-
tion in profoUnd peace had required fewer Bank-
notes for exchanging the amount of comrme!ities,
and whenJhe amount of die annual 'produce of
the land, and probably the whole internal:trade.,
on the financial transactions did not exceed one
third of the sum which theY amounted to in
1812, should we not rather be astonished that
production and reproduction, trade and eireula-
tion, public revenue and expenditure; could' he:
so uninterruptedly supported, When ' rireelatiiisn
was retarded more and 'more., by -puh!:: a ppre-
benSion, and the Bankers throughout 01- roantry
retained more Bank-noti,s. in their cofi'ers, by
so small a number of Bank of-, England
notes as -twenty..five millions, 4vh:ch vas.the utmost amount hi 1812 ? CoUld; in fact, the.
land have. been constantly cultivated, and' surd-
ciently of waste land brought into tillage :to !):3-
duce even daily food for the iitcreilshigpopti(a-
tion ; when,..ali.hough the • free corn trade, and"
our higher market prices than thn-Se of
,any other
country, bought na,the snrplus corn every nation: I
Could spare,. our consumption was always greater

. „
PRICE SEVEN PENCE.

than the supply Could these necessary impor-
tations have been induced, had not sufficient
money been in circulation to, support and encou-
rage these operations, even in articles of the first
necessity, the means of.subsi3tence ? And so far
from there being.at any time more Bank-notes in
circulation thin nealssary, Was there any week of
the period in which the supply of notes was beyond
the demand, and in which no Bills of Exchange,
on the part of responsible merchants and
-bankers, were sent. into the Bank of England
he discounted ? In truth, every week
of -the period some such merchants demanded
d-iscounts,-most willingly paying the highest rate
of
.interest allowed by law ; which is. thennques-
tionabie test of 'there .having been no over-issue
or- internal depreciation of Bank of -England
notes. On the contrary, because the
.saPp4ly war;
continually less than the demand, a new trade
grew up, that'of money .or bill brokers, employ-
ing their time in procuring loans of Bank-note-3
even for a day, or a few hours, or for any-longer
period; or in procuring bills to be discounted,
for traders Who paid a brokerage in addition to
5 per cent. interest.

• And perhaps all human ingenuity cannot con-
trive a .thore perfect system for the supply and
economy of circulating money. Commodities
are produced by the powers of nature and the
labour of man... When rendered perfect for, he
use of the consumer, their natural price is made--
up of labour, taxes, rent,, and profit. They are
• sold at the market price. This is computed
by, an invariable measure of value, the pound,
shillings and pence. Money in circulation, ei-
ther composed of the precious metals of standard
sterling purity, or current paper, make payments
of such computed. price. The security of Bank
notes is equal to that of the Government- itself.
And the well directed, and honourably con-
ducted; operations of the Bank of England sup-
ply any existing- deficiency of the circulating
medium, by discounting, from time to time, bills.
of exchange, according to the apparent solidity
of the transactions which the bills represent,
and by issuing :Bank'notes for. such bills. These
bills becoming due from time to time, and being
paid, return the notes to the Bank. By this
combiued operation, the circulating money of
the country is practically. adjusted to the amount
required for the circulation of the' country,
with a degree of perfection, which might well
deserve the highest. admiration.
[To-be continued.]

COMMON COUNCIL.--A Court of Common
Counci! was held. on Saturday, which was
very fully attended, it . being arranged -that
the freedom of . the City should he -..yre-
sented in Court to Mr. BROUQIIAM, Mr. PEN-
MAN, and Dr.' LUSHSNGTON on that day.—lt was
referred to the Committee for General Purposes,
to examine the List of Persons returned by the
Deputies and Common Council of the several
Wards, as qualified to serve on Juries, and to
consider and report what measures may be pro-
per to be adopted to correct the same in future.
The Committee of Bridge House Estates pre-
sented a Report of the prkeedings in P2rliament
respecting London Bridge, which was, ordered
-to be printed.—Messrs. Brougham, Dennian,,and
Lushington, having arrived about four o'clock,
they were introduced into Court preceded by
Mr. Alderman Wood, Mr. Alderman Waitliman,
the Chamberlain, Messrs.• Oldharn.and Browne,
and the City Marshals, and condutted:.to• the
table, Where the Chamberlain administered the
Oath of Freemen of London to them, and ad-
mitted them into the freedom accordingly. He
then addressed them in a suitable speCch;•and
presented 'the gold boXes.-1 he Court referred
it to the Sheriffs Committee *to consider the in-
creased expenses the late Lord Mayor had incur-
red, by reason of Mr. Parkins having refused to
bear the accustomed proportion of the eipences of
the office of Sheriff.

SOCIETY FOR THE IMPROVEMENT OF PRISON
DISCIPLINE.—Saturday the Annual Meeting of
the Society for the improvement of .Prison Dis-
cipline, and the Reformation of:Jnveuile! Of-
Nuiders, took place at the Freemason's' ,Tavern;
the Duke of GLOUCESTER ill the Chair...,-The
Secretary. read the Report of the Committee,
which stated, that there had been greatimp,rove
ment in prison discipline during. the last year,
and alluded to the very beneficial effectsrthat re-
sulted from the infliction of hard labour,' upon old
and determined -offenders. The Report dwelt
strongly upon the good effects of 'religiatis in-
struction to prisoners, and related Many..ins.tances
where, from the Moment this'had coulfneticed in
prisons, the.nurnber of criminals :had consider-
ably decreased and :.there Was scardely an in-
stance of the re-commitment. of. persons iu :these
prisons who had been once .discharged. The
Report spoke in the.warmect ternaor.The xer-
tions of the Lacili.;' Committee, and pfothtaene-
,ficial results of their labours, 'and, pres.eutted a
flattering account of The. happy. -'consecttlences
which had accrued from:the plait whith the:Corn-
mitte had adopted of procuririg.in asylurn for
juvenile offenders, wL.;., after being-punished fo.r
their crimes, were turned lVose. Upon society
cilihout ',friends', :and . IvitNout any resource
hn.t a *return to 'their „criminal, .pursuits., The
Meeting was.then addressed by Lord cAItTIIORFE,
lord j. .RuswA,,,.. Sir J. IVlActqmpsis.,, Mr.
KENNET, the French P.linister, and, ocher per-
sons of distinction:. • T.he proceedings ,eu.sigluded
with a voteof thanks to'the.illustrieu*Qtairitan.

• Lieut,-Gen4-rnl BKyLy, Governor of Guern-
sey, lately Llnde(l at Southampto-n from the
Starlimg cutte,r, his prriages, the
eStabli.shrmnt of th:lt .1.-.1an,1 beat. Tctit:ced.

4IUTERA R Y AND SCIENTIFIO INTELLIGENCE.

Ligum. yattious souncvs.]

(No. XIII.)

MODERI'I Q-REEK THEATRE.—Voltaire's Ma-
lioraet Death of Cresar have been performed
at Odessa in the Greek language to a numerous
audilnce, almost entirely composed of Greeks.
lictkpieces were received with great enthusiasm.
Ainong the actors Drak.ouli, a native of Ithaca,
las greatly applauded both for his intonation
and action. The admiration which this per-
former excited was not owing to the mere no-
-,elty of the representation, and the inexperience
of his judges; for he was no less applauded by
thse 'Germans and other foreigners who were
present.

PArionkmAg.—Professnr John Adam Breysig,
ail architect and scene painter of considerable
-eminence in Germany, and author of various
essays on perspective and theatrical decoration,'
has published a paper in the Berlin and Speller
Zeitung,by which he lays claim to the merit of
being the original inventor of the Panoradas, the
principle of
.winch he discovered before our in-
genious countryman Barker.

AGRICULTUIIE AND RURAL ECONOMY.---A
Society has been instituted at Frankfort on the
Oder, for the advancement of Agriculture and
-Rural Economy, upon which important objects
they purpose to bestow the utmost attention.
l'hey design to publish their transactions, and
likewise the programmas of the subjects proposed
by them for prize-dissertations.
ScvLPTunE.—The Spanish sculptor, Alberis,
is making great progress at Rome with his beau-
tiful group of Nestor and Antilochus, which was
greatly admired in the plaster-model, as being,
one of the most felicitous compositions of mo-
dern art. The wounded old man has fallen
upon.his knee, and the youth rushes forward,
and catches him with one arm, while he attacks
his adversary with the other, totally regardless
of his own life, and only anxious to save his pa.
rent, who attempts to moderate his precipitate
impetuosity. The figures are of heroic size, and
excite universal astonishment and approbation.
Thorvaldsen himself said that he should be proud
of such a noble performance. What renders this
-work the more extraordinary is, that the artist,
who is not a young man, has never till now
produced any thing at all above mediocrity. It
is affirmed, that Alberis says he was animated to
the conception of this group by the situation of
his native country, and that he availed himself of
a circumstance in the history of Nestor, in order
to allegorize it ; Antilochus is, therefore, a per-
sonification of that popular energy and enthusiasm
which is striving to raise and defend an ancient
kingdom.
Sofa, another Spanish artist, has likewise ex-
hibited a group of extraordinary merit. It re-
presents a mother who is instructing her infantile
SOD to shoot, and assists him to draw the string
of the bow with one hand, while she is directing
-the arrow with the other. It is needless to in-
quire what is the history attached to these
figures, or the particular incident _here repre-
.sented, since their exquisite beauty and sportive
grace sufficiently prove to the spectator that
they are _
_ _

Dame Venus and her sagittary boy,
Who work to gods and men such sweet annoy !

ROMAN ANTIQUITIES AT CASTOR.—Since the
late discovery of Roman remains at this place,
there has been found a tesselated pavement of
extraordinary splendour and beauty ; it is sur-
rounded by a strong foundation, and is in the
most perfect state of preservation. There have
been discovered likewise many other articles and
carious specimens of Roman manufacture, such
as floors of painted plaster, urns, coins, trinkets,
and four pieces of elephant's horn.

TAsso. The Abbate Pier Antonio Serassi,
the biographer of the illustrious Italian bard, has
recently collected, during
,a tour through Italy,
-upwards of 250 unedited letters of the poet,
--which he is now preparing to give to the world ;
the will be published by Bernardoni of Milan.
VICENIii LITERARY CENSUS.—According to
the report of a German Journal, there are at pre-
sent in this city 450 authors, 50 publi4ters and
booksellers, 27 printing offices, 18 music, print
and' map warehouses, and 10 lithographic esta-
blishments.
NADRI o.—Music.--The- celebrated Virtuoso
Lorenza Nunez Correa gave several Concerts dur--
ing the winter at the hotel San Fernando : they
were opened by the symphony to Rossini's Gazza
Ladra. 'The instrumental performance was any
thing brit excellent; Correa, however, who is
still a very handsome woman, though now in her
Fortieth year, sang with exquisite simplicity,
taste, and feeling. Don Mariano, Iludalge, and
Don Domingo Gallegos also sang. These Con-
certs were crowded to excess, but the audience
consisted almost exclusively of the male sex, very
few females being present; and among those
hardly-any of rank.
CLEAtiltiG OyMEDALS.—Professor Lancellotti,
d the Royal Institute at Naples, read at a late
sitting of that society an account of- the process
which he employs in order to remove from ancient
silver medals-the rust that covers and often ren-
ders them illegible, Ile first lays the medal in
.oxydated acid of salts, afterwards in a solution of
,sal-ammoniac for a short time; then rubs it with
a piece of linen until all the rust disappears.—
His experiments have always been attended with
success; and the discovery is of importance to
those who study numismatics, since a great num-
ber of siker medals, the inscriptions of which
have not hitherto been legible, may now be rea-
'.4exed so. •

ItEDUCTION O TAXES.—The ne-
cessity and expediency of striking off a pOrtion of
the NATIONAL PERT is very ably argued in the
:Pamphleteer, No. 36,Sust published- 4y 'which
it proved that the
sinjury to the Public'qedi-
tor will be very little felt. 'rile subject is ex-
pected to be brought-under consideration during
this Session of Parliament. In the same,NuEnber
.are published Bowr.us' Letters to Lord BYRON ;
B. BEAUMONT on the Criminal. Code ; CORNARO
on Longevity ; with several other
Pamphlets,

rortEic N 111 TELT,IGENCE.

FRENCH PAPERS.

Pettis; MAY King yesterday held a
Council of Ministers. llis Majesty gave a pri-
vate audience to the Prince de Castelcicala, the
Neapolitan Ambassador, and transacted business
with the Duke de Richelieu.—M. Pozzo di
Borgo, the Russian Ambassador to the Court of
France, bas returned from Laybach to Paris.—
Lord Holland has arrived at-Paris with his family
and suite.—Private letters from Naples of the
11th May state - that some disturbances had
broken out in Calabria, but they had been quelled,
and several Carbonari had been shot in that pro-
vince.—The intelligence from the frontiers of
Spain states that subjects of Sardinia and the Two
Sicilies, who had taken part in the late disturb-
ances, were flocking into Catalonia.—According
to intelligence from Constantinople of the Btl-1
May, the New Grand Vizier Benderli Ali had
scarcely been installed before a Erman of the
Grand Signor exiled him to Cyprus, his adminis-
tration having only lasted ten days. His dis-
grace is attributed to the excessive • cruelties of
which he was guilty. It appears that the greatest
part of the islands of the Archipelago have
shaken off the yoke of the Ottoman Porte, and
that the squadron fitting out at Constantinople
was destined to reduce them.

NAPLES, MAY 17.—General Frimont precipi-
tately quitted this capital yesterday, and set out
for Lay bach, whither he proceeds in all haste.—
The Prince of Hesse Homhourg has taken the
command of the army in his absence. The
Austrians are about to form a camp in the envi-
rons of this city.

VIENNA, MAY 23.—Hostilities having corn
menced between the Greeks and Wallachian
Insurgents a►►d the Turks, a short distance from
our frontiers, the Aulic Council of War has sent
orders to reinforce the Cordon of Observation on
the frontiers of Turkey. The Russian Army
also, commanded by the Count.de Witgenstein,
is advancing on the banks of the Pruhe, which
separates the Russian territory from tl►: province
of Moldatia.—Never, at any period, was the
Porte in such a critical situation.

S3tY:',NA,Apitir.9.6.—This port is a prey to the
most lively alarms. All the Greeks have sud-
denly taken refuge in the mountains. The Turks,
alarmed, have, according to their custom, set fire
to the Grand Bazaar of the Jews. This edifice
has been burning these two days. The Franks,
and all the Europeans, with their most valuable
effects, have sought shelter on board the vessels.