The Sun.
London, England, 1816-04-19 00:00:00

TUE MARKETS.

CunN Exotoss, APRIL 19.7-We had nn fresh arrivals
this morning, yet there was sufficient for the demand. Real
fine samples in Wheat, Barley, and Oats, sold readily. arA
at full our last quotations. In Peace, Beans, and other kinds
Of Grain, there was no alteration.

SMITIIPIELD, APRIL, 19.—This day's Market was not well
supplied withthe different, kinds of Cattle ; Lamb was cheaper
Mutton and Pork Were dearer; Beef and Veal sold at 1.,3t
Prices; and the trade in general was somewhat Oat. Tilt:-
sales in the Hay-market were rather (kill ; Hay, Straw, aup
Clover, fetched last prices.

COAL MARKET, Aram 11.
Ships at Market. Ships sold. Pike.
41 Newcastle. .... 98 ....83s. Cd. to Oats. 94.
3/ 'Sunderland..
4 Stout C0a1... .4 ..... .....boi. (.9. to —s, od.

RIOT AT BERNIUNDSEY,

thstroN-lIAI,L.—On Tuesday afternoon, the mob
of journeymen tanners again assembled in the same
manner, and in greater numbers, than on Mon-
day, and again proceeded, with drums nod fifes
playing and flags flying, to Messrs. ,Timbrell's
yard, where they uttered violent threats against. •
Mr. Timbrell, asying they would have his life,
and swearing they would have the men who were
at work out of the yard. Several of Mr. Tim-
brell'e men requested permission to go out to
them, es, perhaps, their persuasions might induce
-them to disperse quietly ; accordingly, several went
into the street, but they had no,:sooner qi?i!ted tht
prethises, than several of them were seized by-the
mob, and used to the toughest manner ; one of
them, named buret May, was dragged to a pnt)
and pumped upon, and beat about till be was
inearly killed, before his companions could resent
'him. The rioters also caught hold ot a poor wo,
man who was. Fussing at the time, and whom'
theymistook for the %vile of one of Mv,
•monomd treated the poor creature, who 'was far
advanred in a state of pregnancy, in a most out,
•rtt. coo: wanner. Information of these proeeed-
ibgb was ...Oven at Union-Hall, and four of the
men icing 'identified, namely, James Banks. an.)
three others, they were apprehended by Colling. '
bourn and Clark, and ordered to find bail, them»
selves in 1001. and two sureties in 501, each,'and
to stand committed till such hail should be (unite..

. The lion. lIENIIYNAI*NE., only surviving, son
of JOHN, the last Lord NntaiNE, died lately ai
Perth, the place of .hiS Chief residence siosee his
retitrn, in the year 1802, from France, where ko
had tired frOM the tune of the last attempt mad.:
to restore the Muse of STuanT, in which he wa
engaged along With his father. It is a Most re-
workable circumstance, that his then eldest hru
titer Colonel John Nairne, having been educate
under the care of his uncle :John, Earl of
wore, who was, from the reign of ;Queen Ante!
to the year' 1752, Colonel of the third regiment
of Guards, was actually serving in war in the
army,of King George the Second at the time of
the event, which deprived him of the estate, not-,
withstanding which, his son Rod heir, the present
Major Wnr.'N'airoe, who served during the withle
America!) waras an Officer in the.7lst regiment,
is the only one amongst the hells of estates, for-
feited at that time, who has obtained H. compen-
sation for so great a loss. The other forfeited
estatcs, not annexed to the crown in 1752, were
sold' by Govern Went, and purchased by the friends
of the families in behalf 'of the heirs, at n very
lovi price, because none 'entered' into competi-
tion with the families of the former proprietors.'
Monday a poor little Sweep in cleansing the
chimney of 111 r. FOSSETT, carver, in Bib
smelt so fast in the funnel that it beet mi neccshat y
to break it, in order to-1. extricate when lie
was' to all appearance dead. Medical aid was
speedily procured, and phlebotorny and Other re-
suscitOry methods tried, but in vain ; at length a
bye-stander recommendrd Electricity, and the di.),
paratus being procured, t we Or three smart sirokos
were applied to his treast, whey returning Ide
faintly appeared, and restarativeremedies bein4
renewed., he became in tt short time so far coriva-
' leseent as to be conveyed home with hopes of per-
fect recovery.'
, DIPLOMATIC PRESENTS:—..By at return made un-
der this head, we rind that a certain Noble Lotti
received in two years eighteen presents; consider-
ing the missions in which he was engaged we think
this no very great ntunher. Eighteen presents iz-%
two•years 1 why the Contractor for the Lotto y.
it would seem, is more liberal than even crowned
heads ; he gives
,300 presents in so many whole.
tickets, the produce of which is to be divid,,O.
orpoript _the purclHNers of all Tickets and Shares
bought before the 27th instant : who would not
go on a mission to Fortune to get
,a share of such
kresents these),

NATIONAL CURRENCY.

Tentlllt-43 TO THE EARL OF LAUDEttbAtt.

LEtTEIt
M toRD,--Having in any former letter shown
bow an un►avourable balance of payments affects
the bullion market, I now proceed to trace out
the manner in which the same cause alters the
relative value of bullion and of coin.

In the first place, metal in the form of bullion
is a more eligible article of export than metal in
the form of coin. By assaying a small portion of
a bar of gold, we ascertain the fineness of the
whole; but in order to ascertain with equal ,
exactness the fineness of a quantity of gold in the
state of coin, we must either assay each indivi-
dual piece, or else melt the *hole, and then assay
a portion of the united mass. The first would be
an almost _endless process; and even the latter
would be attended with more trouble, delay, and
expence, than ascertaining the fineness of gold
already united into bars. Now, whatever might
be the amount of the greater labour, delay, and
expellee, which would be necessary' to insure
us, that no counterfeit cir adulterated pieces
had been insinuated amongst the coins, to
that amount would gold in bars be more va-
luable, for • the payment of a foreign . debt, -
than an equal quantity of the metal in the
form of coin. Besides, the friction to which
the current coin is exposed will always prevent it
from containing the legal and standard quantity
of metal. Except at the moment when they are
issued from the Mint, forty-four guineas and a
half will never he found to contain a pound of
gold. Now, as tar as the purposes of domestic
trade are concerned, this loss of weight may exist
too considerable extent without depriving the
current- coin of any portion of its value. If the
demand for coin were to increase, while the de-
mand fur bullion remained stationary, then the
former would become more valuable than the let-
ter ; or, in other words, the market price of
gold would sink. below its Mint price. Even iii
England, where nothing is charged for coinage,
the trouble and delay incurred by carrying bullion
to the Mint is estimated at one per cent. An in-
creased demand for currency; therefore, must
raise the value of coin more than one per cent.
abeere the value of bullion, before it can become
the interest of individuals to carry their metal to
the Mint. But if metal in the form of coin "way
be rendered more valuable, by one per cent., than
metal in the form of bullion, it is evident that
44; guineas may lose one per cent. from friction,
and yet retain their eqnivulency to a pound of
gold. An uutavolirable balance of foreign pay-
ments, however., would immediately deprive them
of rile equivalency. Vorthe purpose of a foreign
remittance, the weight and fineness of the metals
are the only things considered; and consequently
the current coin, which necessarily tom some•
thing by friction, and amongst which counterfeit
pieces may be insinuated, becomes lose. valuable
than lxilliuu. Hence the operations of the Mint,
though they may render the metals mote valuable
for the purposes of domestic circulation, will yet,
by a double.operation, render them less valuable
for the purpose of exportation ; and hence, when-
ever an unfavourable balance of payments leads
a eubteaction of the metals, the increase in the
value of bullion will be greater than the increase
in the value of the domestic coin.* We will as-
sume that the difference thus induced between the
value of bullion and of-coin, may amounuto one
per cent.
In the second place, those laws which, in al-
most every country, have been enacted for the
purpose of preventing the inciting down and ex-
porting of the coin, must necessarily, whenever
an unfavourable balance of payments diminishes
the supply of specie, cause metal in 'the form of
bullion to rise in a higher ratio than metal in the
form of coin. It is no doubt true, that as long
Its the metals are -the most eligible basis- of
extraordinary exportation, all laws prohibiting
the coin front being melted and sent abroad, will
be evirded by self interest. But then, evading
the laws will always be attended with risk and
txpencei and therefore, to the full amount of
these, metal in the torus of coin will, during an
unfavourable balance of payments, experience a
less rise than metal in the Corm of bullion. Gold,
which could be sworn off for exportation ,was,
during the great foreign expenditure occasioned
by the war, three per cent. dearer than gold of
equal fineness which could not be legally sent
abroad. We shall therefore take three per cent.
as the .amount of the difference which the laws
against defacing and exporting the coin may,
when an unfavourable balance of payments di-
minishes the supply of the metals, induce be-
tween the -Value, of gold bullion and of gold coin.
In the third place, whenever an unfavourable
balance of payments diminishes the supply of spe-
cie in the home market, the value of gold, as we
have already seen, must, to the full amount of the
difference in the expence of transmitting the tees
metals, experience a greater rise titan the value
assayer. We have assumed this difference in the
expence of transmission to- be five per cent. If
this be correct, during an unfavourable balance,
gold bullion would become more valuable by five
- per cent, than the silver coin even though this
coin should, during the unfavourable balance, re-
tain its full bullion worth. But this, as we have
already seen, it Could not' retain. Domestic silver
coin could nut rise so high as silver bullion, be-

* An unfavourable balance of payments may sometimes
render foreign, coiu more valuable, as an article of export,
than bullion. If I owe a thousand livres to a Correspondent
at Paris, transMitting French coin to that amount alight be
cheaper than transmitting bullion, .which, when it arrived at
its destination, would have to be asgayed and sold, before it
could effect the desired payment. But though in this ease a
premium might be given for French coin, yet the coin of
F.:Timid would he found less valuable than bullion. Fur this
Coin not passing by tale as a legal tender in Paris, would
elso require to be assayed and sold, before it could effect time
payment of my debt. But assaying it would be more trouble-
gOtOe and expensive than assaying bullion t and hence, fir
the purpose of exportation, it would he of less value. This
principle accounts for the fact, that during our great foreign
expeoditure in the Peninsula, Spanish coin sold in our meant
enual

cause it would be te-ss eligible for the par-petit% of
exportation ; and because, to this natural.aud ne-
cessary drawback would tie tided the artificial and
accidental drawback arising from the laws which
prohibit the defacing end exporting of the chin.
The first we have taken at one Tier cent. ; anti the
second, as it is more difficuL, on actOtirst of the
greater bulkj to smuggle silver than gold, we may
take at four per cent. Thus then, under these
assumptions, an unfavourable balance tat pay-
ments tray cause silver bullion to rise by five per
cent, higher films it raises silver coin of standard
Weight and fineness. Bet the same cause has, by
the dikrince in the expence of carriage, which we
take at. five per cent, increased the value of gold
beyond what it may have increased the saline of
silver
,bullion. Consequently, gold bullion must
have received an elevation of ten per cent. above
silver coin.
Thus an unfavourable balance of foreign pay-
ments, independently of the deterioration of the
coin; to which it may give occasion, leads by a
threefold process, to a difference between the
value of bullion and of staildar4 coin. In the
first place, it gives metallic bars and masses an
advantage over small metallic pieces ; in the
second place, it elevates the tfietal which can be
sworu off for exportation, above that which can-
not be legally sent out of the country ; and in the
third place, it alters, by the amount of the diffe-
rence in the expence of carriage, the customary
and level value of the metals from which the coin-
age is composed. The second of these causes of
variation arises out of the-lases which prohibit the
defacing and exporting of the coin ; and by the
relu of such laws it might be removed. But the
first and the third causes of the difference between
the value of bullion and of coin, are not of this
accidental and arbitrary nature ; and would con-
tinue to produce their effect, though every restric-
tion upon trafficking in the coin of the tyaloa were
removed.
The difference between the value of bullion and
of coin is, while, coin constitutes the currency,
the same thing as the difference between the
market and the mint price of the metals. By the
regulations of the mint, a pound of gold is coined
into 44 guineas and a half ; consequently, 44
guineas and a half constitute the mint price of a
pound of gold. But if the causes above explained
should raise gold bullion four- per cent. above the
gold coin, then of course it nould require more I
then 44 guineas and a half, to purchase a pound
.t
of gold ; • or, ie other words, the market price of
the metal would be elevated above its mint price.
Again, an ounce of silver is, by the regulations
of the mint, 'coined into 5 I.6th : 55.2 d.
therefore, is the mint price of the ounce of sil-
ver. But should silver bullion, from the above
causes, have risen five per cent. above the silver
coin, it woeld require more than si. 2d. to pur-
chase an ounce of silver, and the market price of
this metal would rise five-per cent. above its mint
price. Once mnra,,-..the mint prlti of are doned.
of gold is 31. I7s. OP. Now the pound sterling j
is a denomination-standing for four ounces, all tO
a small fraction, of coined silver, lf, therefore,
under the circumstances already stated, gold bul-
lion should rise five per cent. above gold coin,
and silver bullion five per cent. above silver coin,
then it is evident that 31. I7s. Mid. could no
longer be identical with tut ounce of gold ; but
that the market price of this metal, when ex.
pressed in the pound sterling and its fractions,
would have risen ten per cent, above its mint
price.
Whenever the market price of the metals rises
above their mint price, the question of deprecia-
tion presents itself for consideration. Now, the
term depreciation always implies a diminution of
value. It is only when the money of a country
has lost'a portion of its exchangeable value, that
it can justly be said to be depreciated. If,- while
the precious metals retained their customary re-
lation to other things, the coin should be clipped,
or worn, or adulterated, its value would sink, and
it would be in a state of, depreciation,', Again, if
a diminution of commercial transactions, or the
-introduction of greater economy in the use of
currency, should diminish the demand for mo-
ney,, then the coin would become redundant with
respect to bullion : though of standard weight
and fineness, it would, to the full amount of the
labour and risk required to restore it to the state
of bullion, lose a portion of its exchangeable va-
lue ; and therefore, in this case also it would be
depreciated. But when an tinfavourable.halance
of foreign payments diminishes the supply of the
metals, and raises the market price of bullion
above its mint price, the effect is very different.
In this case, the value of money is raised, instead
of being lowered. When time metals are exported,
to balance an unfavourable account, bullion., s We
have seen, will rise in a higher ratio than coin!;
her then, as soon as the rise in the valueof the
metals exceeds the premium necessary to cover the
risk and expellee of exporting the-coin, the coin
will also he sent out of the country, its supply
diminished, and its value raised. Now when
coin, or the money of a country, is raised in va-
lue, it is a coulounding of terms, nay, an abso-
lute contradiction, to say that it is depreciated.
Thus we see that a difference between the mar-
ket and the mint price of the metals, may be pro-
duced by distinct and very different causes; name-
ly, by a rise in the value of bullion, and by a fall
in the value of coin. To apply the same term,
and to attribute the same character, to'effects so
very opposite, both in their origin and in their
consequences, is surely not very philosophical or
accurate. There are three distinct states in which
the coin or money of a country may be placed :
it may be of the same value with bullion ;—it may
be of a different value from bullion, in consequence
of its own value having become deteriorated ;
and it miy be of a different value front bullion,
not in consequence of its own value having sunk,
but in consequence of the value of bullion having.
risen. Now these distinct states should he marked
by distinct- name:. The. first is non depreciation,
the second is real depreciation, the third is appa-
rent depreciation.
I. am your Lordship's obedient and humble scr-
11111t1

AOBART TORRESS.