The Sun.
London, England, 1816-04-23 00:00:00

PRIVATE CORRESPONDENCE.

ALTONA, Apktir. 12.!--We ore assured that.tbe
French General Lallemanifints'entharked on bdaril,
a ship in the Elbe for North' America, Swiss
papers already represent Joseph .Bnonaparte as
the founder of a nem Republic on the rivet St.
Lan retire, to be called New France, and the ca-
pital Paris. The gates of Hamburg!) have been
taken down, and sold to the Government of Ha-
nover. The Attinia gate, which wa:.* gist built
by the French, has been sold for aboilt .eOOO
marks', and will be conveyed to Staple, which will
form a good fottress. Trade continues to languish
atAlatnburgh. No official account has yrt been
received as to the free importation of refined sugar
into Russia, of which tier previous report had oc•
casioned so much stir', ;And would be SO favourable
to the refiners of liamborgh.

Extract of a Letter from a cientletnitivat Lisbon
to his Friend at Liverpool, dated Friddy,
April 6, 1816. •
"The GranituN is now lying in the Tagus, and we appre-
hend that us soon u the weather heeuirles favourable, Mr,
CANNINOL and his Family will embark 'fur England, or Whit'
in the first instance, I believe, for Burdeaux. • t
". on sunday.the minister (or Foreign Affairs, Dort MI-
GUEL Pr.HREIRA FOlt.t.kB, invited Mr. e:ANNINO to a grand
farewell dinner, at which all the Members of the Regent/
were present. This was the inure remarkable, as, wet 1/13••
liter:, there has been no example, ot nut more than one, of
such a compliment.
" On Tuesdny the British Merchants, with the Consul Ge-
neral at their head, presented to Mr. ~.7ANNi.,;,4G alt illidrabi Int r
his departhret and they afterwards _entertained him with a
magnificent dinner, which the Members of the Regvuey also
honoured with their presence.
" The grend rooms of the Theatre, at St. Carlos, were-pur-
posely fitted up fur the occasion, and the splendour of the
whole entertumment could not have been exceeded in Lune
dun. About. a hundred persons sat' down to dinner.
" Mr. Canning and the. Marquis of Borba (the chitf Mem-
, ber of the Regency) were seated on each side of the Clonsul, •
whom Ilse Merehauss had placed in the'cliair.'
" After the usual toasts of the Royal Families of Great
Britain and Portugal, upon Mr. Canning's health being given,
he addressed the.cOmpavy in a speech of the most gluting
eluqtmstce, of which. you who have heard, him at Liverpor4
can fount an idea, mucli'lletter than I can attempt to convey,
and which aepeary,i :qoally to delight (it Would be ditiiintit
to say wlitAr most) the British and Portuguese part of the
rearpany. The' Regency, I urn told, are roust of them siPti-
c:;;ntly acquainted with our languttge, If not to feel the full
force of each expression, to follow the general tenor of the
speech, raid to. be, struck with the brilliancy of parts of ,it•
It concluded with a compliment to the Regency, on whose
Nl:4th 1;64 driui!, the Marquis .of - Borba' c.xpr:ssed the
• acknowledgements of himself aid his colleagues, in a speech
which lie requested Mr. Canning to interpret to the company,
tertuirtuting with a toast favour of the reciprocal interests
of British and Portuguese 'commerte.
" Our friend • has taken notes of Mr. Canning's spefth,
front which Uhope to he able to send you a earreet.report•her
the next Packet, as well as a copy of the Address of the
Merchants, and'of Mr,'Cettning's Answer."

A Court of Common Council i 3 titimmoned for.
Thursday next, to consider on it motion—
" That this Court, being deeply seirlible of the calamities
.which havelesnited from the late war to the Whole civilised
woridotnd !AO nit seen a 'feria). lately concl uded.bet wren the
illustrious Allies of Ureic Britain, their imperial and Loyal.
Majciit let the Emperors of Russia and Austria, acid tbr l(Ctil;
nt Prussia, "in %hid' ''they bind themselves to•eitch other,
atittain the face of the whole world, and iii the odiutiiiiatratlon
of (heir resper,,pre authorities, and In their political relations
with iti.ety other Oevernment, to take for then sole guide the
*great prine:Plel of the Christian Religion,whicleteriches therm
to promote justice, charity, WI istherhoon, and peace among
tutiokitult and inviting all other Powers to unite will them in
proulutin4 these great oiled.; dote arre to vreirset Rq
• bumble, digital, and lops Address to his itoyal fili4lineis the
.Prinee Regent, beseeching biot,t9 b• gracieuelpleased to tic.
cede to the said,Tienty,".
COVE.NT-GahOviiii THltATittli-r-Last ingot Jur,.
CtIBHAP4 perforllled Richard tor the tecotul time,
and with Manifest and great'improvement.i it h
hilily in our of an Actor, that he shewa ti (Ili-
position to reform his errors, and a capacity to
1, t
execute that purpose so joiiiviousiy, its Air. Coll-
ha,
" &Joe, We ungur touch better 0160 of
this Gentleman than we did on Lis first ap-
pearottee
•JUI/ICLAL APPOINTIiiiNTS..r—Mr. Justice A.
Botr, tt i 3 Said, le3Veti the Common Pleas, to sue-
need to the seat of the late Sir otmos I, t.,
in. the Coitus of 11ing'31 Bench. Mr. tlitiattover
is mentioned as the new Judge of the Comm >tt
Pleas.

fintlNsllit and p)'s Grand Bonus of:300 Ticket*
ceases on Saturday Evening next. All Purch'aserS
of Tickets, halves, Qititrters, Eighth., Or wi
tecuths, on 'or: before Next Saturday, vi ill IJe
en
titled to their exact Proportion; let the l'io:itt,:ts
be 'what it may, 60,0001. Or 80,0001. over and
abpVc the produce of their own Tickets and Sitares.
voluntary oiler- has created- tt .very great de-
mand from all parts of the Uni`ted Kingdom, -at
the old established (Alice of HORNSBY and -Co.
2t, Cornhill.
BuoaAr4aTE.-.--Whenever Jcihn Ball lags for
the want of u little news, sonic kind friend is sorts
to set bun going by the stele report of Buonaparteo4
escape ; this was, the ease on Fsiday last, although
we believe the mode was not exactly pointed out—
whether some friend bad called upon him en-pas.,
:rani, in a balloon, or that he bad been presented
with the cap of Fortunates. 'We shottld have many'
fears for his escape, %yeti lre as likely to gettpri.
session of.the latter as the Lottery adventiwers are
to obtain the purse of that favourite of
,Fortnne.
The candidates are most numerous, nor can it bit
wondered at whets We perust theschetne---two
priies of 30,0001. anti 50 other Capitals, With 'a
grand Bonus of 300 whoittTakets to all who bay
lellere'neJit ;s4l«orda,V--

• .
NATIONAL eURtt ENCY.
7itilii3Ctit2;th tt) EARL Ctr :1865F,RbAtE.
TErrEtt. .V.
MY tottia,--4n tracing tll itiitirces of Wealth, •
atra in elmiring into the eattsts' tsf prosperity and
'decline, economical writers liis* been carefitl to
examine ,anil define the'various instruments of pro-
-114c:dolt ; hive attended toolittle to. the 'prin-
ciple by which these instruMents art' set iii Motion.
The agency tof land, labour, and capital the ef-
It-cis of trade and commerce, and of the divisions
of employment to tvhieh they give occasion ; these
h are beenTrequently a,votnpon: while whit we may
perhaps be permitted to call the immaterial agents
of production', the state of opinion, the expectancy
and the confidence, Which give operatiots to the
others, have been in a gr'eat measure overiooked.
It must he obvious to every person who will be-
stow a moment's thought ,tipon the subject, that
it is the expectation of 'obtaining, toy the article
which he fabricates, those other articles of which
he stands in need, that induce i' the indivitlt a}. to
confine himself to, a'particular occupatioo, and
IlmsestabliShes the divisions of employment. It
i 3 also evident that when:the divisions of employ-
theut are once established, the masters in every
trade n ill fabricate that tplanti.y of their respex- •
'ive commodities for which they expect a profit-
able sale. Hence we discover that an increase stir
tbminution of confidence will occasion an increase
or diminution hi prodliction.
An increase of confidence not only increases the
isupply, but augments the consumption, of com-
toOdities ; and thus, like thoe prophecies which
occasion their own fulfilment, realizes the ex
tended demand which it anticipates. Were a single
indiehlual, indeed, to he seized with an unusual
confidence, and under its influence tt.i prepare a
more than epstomary quantity of his peculiar com-
modity, then, the other individmils oldie coin-
not•having an increased power of pur-
chasing this atticle, it would increase beyond the
• demand for it, and its fabricator's expectations of
.advantage would be disappointed. Very differ-
ent is the result when an increase of confidence
becomes general. In this case there is, through-
out the several branches of industry, art increased
, quantity of goods wrought up, and each class hay-
logtuore goods to dispose of, enlarges the market
for the others. For example, if in consequence of it
• general increase of confidence commodities in ,ge-
nersl were iticressed by a fourth,- then the shoe-
Maker would have more shoes to 'dispose. Of ; hitt
-tut the hatter and the clothier. would have more

bats and clothes to exchange against them; the
demand fur shoes would he mere asetl,,in an equal
proportion with the supply. The otherindustri-
ons classes having a greeter quantity of their re-
speetive commodities to exchattge against hats nod
clothes, these . notwiabst aniline the in.
crease in their supply, srould retain their former
1 althe Valile. It k easy to see that if the geee- ,
'rat increase of confidence had occasioned an
provement in the quality rather than, au increase
in the tpiantit y of commodities, the result would
have been the same.- Stich an loci ease of cotifi-
•deuee always produces that enlargement of the
'butrket anticipates. •
As an increase of confidence enlarges the de-
mand, to the same ratio in which it :foments
supply, so a diminutioti of confidence narrows the
t.,arket in proportion as it cheeks production. 'ln
this ease there will be a real loss of wealth.—
The shoemaker will fabricate fewer shoes ; hut
the reduction in the supply trill not, under' such
'tireurnoances, raise.the price 'of those articles so
SS to stimulate them to increased productions ;
because the hat ter ;end the .elotiiier, and all other
tradesmen, will have fewer articles w.ith which to
purchase;shoes-. Thus thC toss of confidence be—
comes the 'Cause of that diminution of demand
which is apprehended.
The slight sketch here presented, of the man-
ner in which confidence influences prodtiction and
demand, is sufficient to convince us how carefully
bovernments should endeavour to avoid the occa-
sions of 'those abrupt trilnsitioni, and those anti-
theft flitetuations,trom which confidence may te-
tt:ire a eheck. %Viten. the divisions of employment
are established, each trade affords custom to the
rest. ifeitce the depression of one branch of in-
dustry narrows the market for the production of
the others ; and hence every sudden change of
circumstances. Which turns capital out of it, SCCUS.
tomed channels, septa even though its new chart.
nels be naturally more productive, give confidence
a cheek, and consequently occasions soon: tempo-
rary suspension of prosperity.
The eflects of the late depression in the value of
`itgriculturalproduce, have afforded a practical and
'a fatal illustration of the foregoing prieciptes.:,—
During the war, the price of produce, and the va-
lue of label rose, far above their general level in
Europe. Towards the- close of hostilities, the
tincttuttions necessarily connected with such an
artificial state of things, began to be felt ; and on
the Opening of the continental ports, the influx of.
foetign corn rendered the depression greater than
would, with our then crops, have been otherwise
experienced.' The consequences are, that the
land proprietors end farmers are unable to pur-
chase the sante quantity of goods as formerly ;
that the other classe,s find an important market for
their protlttetions narrowed ; and. that the emise-
(petit Joss of confidence bus hitherto relented
Our manufactures and commerce front experiencing
the eneotiragement which the cheapness of pro-
Visioni and of raw materials is naturally calculated,
'to confer. lf, indeed, agricultural produce shottid
continue cheap, the profits upon every species of
ttocit will increase ; the capitalists in the several
'branches of industry will receive a portion' of the
wealth which formerly assumed the form of rent ;
find by consuming a greater, quantity- Of each
(-idler's productions, will, in some measure at
least, compensate for the diminishedC.llStffill of the
iandli'oprietors. Thus confidence Will return,
and the, present embarratsmeut of the country
quickly pass away. However, until industry. re.
'adjusts itself upon the new scale of prices,And
111161 confidence; is thoroughly restored, all the
-a-- tho cnrttrllunhY. the inuacy.annultdot

•
excepted, Natill sillier mote or les‘,l'from tte sod-
den depression. in the value of agricultural produce.
It, is much to be Tegretted, that the nature of
Lour situation was tot understood, and that on the
,
opening of tike cd'intinettibl ports, ai timely re-
medy against the, sudden fall of 1u ices *as not ,
applied. Considerable fluctuations in the markets
were indeed inseparable from our artificial sys-
tem, and could not be averted ; but we 'might
have prevented the evil front being aggravated by
a sadden influx of foreign corn ; while', by
gradual 'and cautions return to a free trade and
level- prices, we might have secured ourselves ,
'against agricultural bankruptcy in the years to
come. Unfortunately the monstrous propositions
of Sir Henry Parnell's Committee excited the op-
position of the tweople; and, as a temporary ex-
pedient for mitigating the evils of overtrading,
the Corn Bill came too late to be of any utility ;
as a permanent measure, it was in violation of
all the principles of economical science. It has
not afforded the smallest protection against the
existing depreciation of agricultural produce, and
the consequent loss of confidence throughout the
country ; while its provisiops for perpetuating n
scale of prices considerably elevated above the
level of the rest of Europe, necessarily expose
us to the periodical .recurrence of similar distress.
As-weinive:onfortmately failed, either to Mi-
tigate theexisting evils of agrieulturaluvertrading,
or to secure ourselves against the recurrence of
sill ilrlt embarrassment, it becomes the more lie-
teliary that in other branches of our economical
system, we, should act upon enlightened pan-
elides,- and guard against those stold,n transi-
`-tjoni antl4 tetuations which, us we have shown,
operate•sd injuriously our confidence, and give
prosperity such fatal checks. Next to the equal
ble and steady value of agricultural'produce, no-
thing Can be more friendly to, the industry of a
conotry„ than the etpiable anti steady value of its
curreuey. As, on the opening of the continental
ports,the Legislature tailed to.prevent the evils
Wilagrietilturat overtrading from being aggravated
by an influx of foreign grain, it becomes the
snore necessary that they should provide against
the Still farther shock nod loss of confidence
which would follow trout any sudden alteration
1 in the value of the di colat Mg medituv. This
I object, .always desirable, and, at the present
crisis, of the last iMportanee, can, as we have
SIIMVII in the foregoing pages, be best attained by
• regulating the- paper currency, not by, the actual,
• but by the ordinary and level value dik-the coin
which it represents.
Those who regard a well regulated paper. cur.
rency as- merely saving the expeuce of maintain
lug a metallic coinage, omit sonic at the most
important benefits which it confers. Such a cur,
reuey possesses an elastic power which enables it
to supply ahnost instantaneottsly, the '„ varying
wants of commerce. Between the months of
April and July, 1513, the amount of Bank of
Logland paper io circulation* was increased by
seven militants. That this extraord'oory increase
in the issue of Bank paper wps called for by an
estraordittaty increase ill the demand for currency,
is proven by Ow tact, that during the jot:tease,
I the value of the Bank note, in reference to bitiliou,
rose in 'value. Now ti metallic currency (ain'tl not
have been increased in this manner, so, as to meet
instantaneously the extraordinary wants of coin-
I toffee. Angmeotations,in the supply of such a
currency are necessarily slow and gradual. As the
wants of commerce occasion an increased demand
for it,-metal in the form of chin acquires a higher
t Value than in the form of ; and it is not
until the difference bkween the value of bullion
and of currency becomes stifOcient to compensate
the individual tor the trouble and delay of taking
the framer to the mint„ that the supply of me-
tonic currency can begin to he increased. With
respect to its capability of accommodating itself
to the varying wants of commerce, a metallic is
much inferior to a paper currency.
This elastic power :wltich,a paper
~currency so
eminently possesses, and which at the present
crisis might afford such iMportant facilities for
recovering from the check which confidence and
prosperity have received, a return to coal; pay-
ments would very
.considerahly impair. I'Vben
the Bank'pays in cash, it must regulate its issues,
-not by the wants of commerce, but by the value
of the metals. If an unfavourable balance of In-
reign payments diminished the supply of these,
the supply of Bank paper 'must be diminished in
•an equal proportion, even though -an enereased
demand' for circulating medium should arise.
Now if, in addition to the distress, under which
the country at present labours, an unfavourable
balance should diminish the supply cif, while a
failure of credit produced its usual effect of !u-
-creasing the demand for currency, prices might
and the value of money rise, to such an ex-
, tent- as tri violate the spirit of all preceding coo-
; tracts, and to involve 'the nation in a general
' bankruptcy. The only security against this dan-
ger is, to continue the suspeirsion of cash pay-
ments during the existing fillettatticin and loss of
confidence. Such u provident measure would al-
low the currency to conform, mit to the acciden-
tal elevatimot„ but to the customary and level
value of the coin ; and wouril enable the Bank to
increase the supply of circulating medium, to ally
extent which the varying demands of cotuuteree
might retptire.
Again—if the 13aek were to pay in gold, it
would be compelled to contract its issues until
the value"of the paper currency conformed to that
attic gold cult); Now silver is at its 'mint price,
while gold is five.per cent. above its min • t •• •pt ;
or in other words, the paper currency is exactly
tit its with respect.to silver, while
! it is five per cent. below its standard value4ith
• respect to gold. It, therefore, the Bank were to
ipayits notes its guineas, the value of the currency
would be -immediately raised five per cent, This'
would violate the spirit of all money contracts en-
, tered ieto: while the, cm-reit-CV conformed to its
silver standard. It woad& alter the distribution
.Of property;' it would produce a considerable de-
gree of embarrassment, and loss of eontideece,
and would, theretore, on tire principles fOruterly
,nolohled, check prosperity arid production.
am your Lordship's obedient and humble ser-
vant,

ROB pIT TO ENS.

,rt t 1 tstur Mi4de to Parliumeatt