The Sun.
London, England, 1818-10-09 00:00:00

:NEW CHURCHES.

This morning, pursuant to advertisement,
signed by the Rectors of St. Martin's and St.
Philip's, and the Rev. J. H. Spry, Minister of
Christ Church, being a Board appointed by the
Bishop of the Diocese for the District of
Birmingham, to procure and send informa-
tion to the Board of Commissioner:: appoint-
ed to carry the said Act into effect, in respect
to the ability of the Parish of St. Martin to
contribute towards the erection of new churches
within that parish, a Meeting took place at the
Public Office, so take into consideration the above
subject. It appeared (from what we could col-
lect at the Meeting), that it had publicly been
conceived (aud a large placard been posted
about the town to that effect), that the sum of
money required for this purpose, over and above
what Uoveruuieut would allow, was to be levied
upon time town by a rate or rates, which called
forth strong and determined opposition front very
many inhabitants and payers of rates : amongst
whom was Mr. G. Edmunds, who moved, is
substance, that from the already burthened state,
by parochial and other rates, the town felt itself
unable to bear any further demands. On the
other hand, it was stated that a complete misun-
derstanding upon the subject had been imbibed,
which they acknowledged might arise from au
error in the wording of the advertisement ; as it.
never was the intention of those interested in the
business so to raise the required sum. If it was
thought essential to take advantage of the offer of
Government, in the erection or more places of
public worship, according to the Established Re-
ligion, a voluntary subscrii.t ion was to be entered
into ; and it it should happen (which they had
every reason to believe it would not) that it was
riot sufficient for such purpose, then a vestry
meeting was to be called (according to'the Act
of Parliament) to adopt such measures as the in-
habitants might think desirable for the comple•
tion of the same. Front this exp:auation, Mr.
Edmund's motion was declared premature ; but
liiieurpioersisting in it, and the Rev. Chairman (Mr.
retusiog to put the question, a strange
confusion ensued ; which terminated in the dis-
solution of the meeting, without any (we be-
lieve) specific Resolutions ; but a liberal suhscrir.
Lion was immediately entered into.—(Birrninghora
Chronicle, Oct. 7.)

.fiL

FOR THE SUN•

THOUGHTS ON THE REsumPTios OF CASH-PAY-
MENTS 1W THE BANK.

Ebyroa,—lt would seem impossible, ‘vitl
a flourishing commerce, and a .general disposi-
tion to the melioration both of our finance and
our Means of meeting the demands of our credi-
ktors, and supporting the great expellees of our
estabihtment) that the public funds should almost
daily decline, without some mote ahquate cause
than has been hitherto generally assigned.
have attributed this circumstance to the large
inms exported for the use of our emigrant tra-
'‘ellers, and the deficiency thus formed certainly
has weight ; others to the failtite of foreign mar-
kets, and the consequent srlignation of remit-
tanCes, it the superluccation of our commerce,
which neither our indtistly or our machinery can
idequately coitntervail.—But, in my humble opi-
titon, though theae, and probably other Causes,
may co-operate to produce the effect in question,
they would all, separately or combined, prove
"Wholly inadequate to the effect, were it not for
the prospect held out, and that too likely to he
realized, of compelling the Bank to meet all the
demands upon in the precious metal';. This ru-
mour, of course, compels that prudent and pro-
vident body to 'act with great circumspection in
their discounts, and ttt limit them in such a man-
lier tis'tO enable then to stand prepared, at the
tince 'appninteTi, to fulfil their engagements.—
This consideration singly, would account for every
Instance of depression that has recently taken
place in the funds, anti must, necessarily, be pro-
ductive of still greater depression when the day
of final settlement takes place ; the inconve-
'silences of which will be but too strongly felt by
every class of society, front the highest to the low-

est, in the nation.
It is allowed, that if engagements are entere
Into, they must be performed with good faith ;
but, surely, if such engagements are in direct op-
position to the general interests of the public, it
would he madness in that public to insist on their
performance.
What, it may be asked, has become of all the
gold that has been coined and i!,•sued ? Is there
a 'tenth, or a twentieth part in actual circulation,
or even does that proportion now exist in coin of
any description ? Where are the millions of So-
vereigns issued at the Mint ? The answer is, in
the melting•pot of the Jews and other traffickers
in bullion ; the reason of which is obvious.
The coin is issued at the rate of 31. 17s. 102 d,
whilst, converted into bullion, it is marketably
worth more than 4/. and will not that again in-
stantly occur, when further millions are issued
to meet all the flank Notes in circulation ?
At the end of three months, or even of a shorter
period, you will not have a guinea more in your
kingdom, and then you Must either again recur
to Bank Paper, or remain without any circulating
medium whatever. And if you di) again so recur,
remember, it is likely to be for ever ; as no finan-
cial prophet can precisely k,scertain the period
when the precious metals will he adequate to
all the purposes of Government and of private
circulation.
The interest of your debt and the expenses of
your establishment together, on the most reduced
scale of Which they are susceptible, cannot an-
nually call fur less than 70 or 80 millions : now,
suppose, which 1 believe is beyond the mark, all
the coined and uncoined gold and silver in the
tingdom amounted to 30 millious sterling, without
the aid of paper currency, how can the whole bul-
lion of the kingdom be considered as equal to one
year's expenditure ?
Yon may 1 eply—the want may be supplied by
'Exchequer Bills. But what are these but paper
in a still more inconvenient form than Batik-
notes, and not susceptible of the same minute
division as that commodious representatiYe of
wealth ? Besides, it is still but paper, anti not
payable in cash, on demand, any more than
Bank=notes, but merely exchangeable of old bills
for new ; it would be found, I ana well assured,
• an alteration greatly for the worse, in every re-
spect, without affording the smallest probability
of any rise in your public funds, or advancement
of your commerce, or of the interest of any bo-
dies of men or of individuals throughout •she
kingdom.
If, indeed, on the non-payment, in caTh, at
the Bank of their outstanding. notes, such notes
depttciat e in comparison with the precious metals,
so will necessarily your Exchequer Bills, which
are no more than paper of another description ,and
not standing on any surer basis than tire Bank-
'notes actually in circulation.
In short, I see every inconvenience and disad-
vantage from the compulsion of cash payments.,
and none in the continuance of Bank paper on its
present footing ; and were that great and opulent
body (THE BANK) but encouraged to enlarge
their discounts to double their present amount,
• instead of being compelled to restrain their? nearly
altogether, by the prospects before them,—corn-
-7 meter, external and internal, would be sustained,
and a certain degree of prosperity prevail through-
out every class of the community, hitherto un-
known in the most flourishing period of our an-
' suds, and equal to the maintainance of Great
Britain , perhaps for ages, in a condition proba-
bly to be envied and feared, but never to be
eoualled, by arty other nation in the universe.