The Sun.
London, England, 1827-08-22 00:00:00

EXCHANGES.

We copy the following remarks, on the affect
which the course of Exchange on Paris has on
the transmission of the precious metals, from the
Times of this morning :
Perhaps at the present moment, when the mer-
cantile world is in a state of some anxiety respecting
the rise or fall in the exchanges, and the operations
in the precious metals consequent thereon, the fol-
lowing remarks may not be without interest. For
many months past the price of standard gold has not
varied from 775. 6d. per ounce, being 4id. per ounce
lower than what is termed the Mint price, and the
rate of the foreign exchanges generally has been such
that no advantage could be derived from the export
of it. I will take Paris as a criterion, because the
facility and quickness of the export of gold to that
capital, and the ease with which it can be forwarded
from thence to any part of the Continent, renders it in
a manner a general guide. The exchange for bills, at
short date, on Paris, has been for some time past at
the rate of 25f. 35c. to 40c. per 11. sterling ; and
within the last week has fallen to 25f. 25c. to 30c.
per 1/. sterling, being a decline of rather less than
per cent. The price of gold has in consequence
advanced from 775. 6d. to. 775. 9d. per oz. lam
very far from regretting that public notice should
have been called to the circumstance, because an
attention to this point may be one of the best means
of preventing a recurrence of those periods of dis-
tress in the mercantile world, which in most cases
arise from an excess of confidence, and its consequent
accompaniment, over-speculation ; but it is one
thing to be on the qui vivo, and another to be
frightened, before there is any appearance of danger.
Taking the price of gold at 775. 9d. per oz., the
rate,of exchange at which it would make a remit-
tance to Paris would be 2M. 18c. per 11. sterling;
and from this is to be deducted the expenses of trans-
port, which even on large amounts cannot be esti-
mated at less than per cent., without any allowance
for the risk either by land or water • on the other
hand, the agio, or bonus given on gold in Paris, ac-
cording as it may be more or less abundant, is to be
added; but this very rarely, excepting in moments
of extraordinary panic, exceeds sf. per 1,000 f., or
per cent.; the account would therefore stand thus :
A remittance to Paris in gold at 775. 9d. per f. C.
or. would bring out the exchange at
Deduct expences, 3- per cent.

25 06
0 06
Acid, agio in Paris, k per cent ......

Net 25 12
Now I would ask, who, as an operation of profit,
would send gold over to Paris to produce a rate of
exchange of 25f. 12c. per pound sterling, while they
can obtain good short bills on the Royal Exchange
at 2M. 25c. per pound sterling, without the risk and
loss of time attendant on the transport of specie ? I
admit that were the rate of gold to advance beyond
the Mint price, of 775. 10id. per oz., and
j the ex-
changes continue to fall, there might be just fears
entertained of an advantage arising from the export
of the circulating medium; but it does not appear
to me that the slightest apprehension can be enter-
tained of such a state of things occurring in the pre-
sent position of commerce generally, whichis essen-
tially different from the periods in which events of
this nature have happened : the price of mercantile
commodities, or objects of general commerce, show
no disposition to advance to a price which would
invite importation and check exportation (for this,
after all, is the main point to be considered); and
while this is the case, I really can see no reason why
a panic should exist, which appears to me to have
no foundation whatever, and which seems to arise
only from temporary causes, to which commerce in
the most flourishing periods is always liable, and
which bring their own remedy as a matter of course.

ribr 1;;;.: 4:0
651134,

LONDON,
WEDNESDAY EVENING, AUGUST 22, 1827.

A Messenger was sent off last night with
further despatches addressed to Mr. HUSKISSON.
No advices hNe been received from that Right
Hon. Gentleman since the intelligence of the
death of Mr. CANNING was transmitted to him
by a special messenger, and therefore all the re-
ports which are in circulation respecting his in.
tensions to return immediately to this country,
are founded on conjecture. The return of the
first messenger, who proceeded to Mr. HUS-
KISSON, is momentarily looked for.

We received last night the Paris Papers of
Sunday (with the exception of the Moniteur)
and the Gazette de France, dated Monday
morning. The latter, referring to a statement
made by the Courier Francais, that Colonel
GORDON, in passing through Paris, in his way
to Scotland, had given some very unfavourable
news respecting the affairs of Greece, states,
that so far from this being the case, the news of
the Treaty of Intervention has, on the contrary,
restored courage and hope to the Greeks, while
the troops of IBRAHIM and the Turkish Army
are able no longer to undertake any operations.
It mentions also that the Italian Journals an-
nounce a general insurrection of the warlike
tribes of Epirus ; and that the Turks, harrassed
by the Klephtes, do not venture to quit the for-
tified towns. If the promised intervention of
the Allied Powers in behalf of unfortunate
Greece has already produced these effects, a
few short months only will pass away before her
reviving energies will emancipate her entirely
from the oppressions of the ruthless barbarians
under which she ha so long groaned. There
is little else worth noticing in these Papers.—
The Constitutionnel refers to some remarks
which, it would seem, the Moniteur had put
forth in support of the Claims of Don MIGuEL
to the Throne of Portugal. The Journals under
the immediate influence of the French Govern-
ment advance this Prince's pretensions to the
• Crown with an earnestness which bespeaks that
they assume this tone with the authority of those
under whose surveillance they are more particu-
larly conducted.

It is reported in Paris that the Gazette of
Augsburg (the Allgemeine Zeitung) has ceased
to appear.
Extracts will be found in another column.

The improvement in the rate of Exchange,
which the advices from Hamburgh and Paris, to
which we adverted yesterday, mentioned, was
nearly maintained on our Exchange yesterday
afternoon. The Bills on Paris, which, on the
preceding post-night (last Friday) were drawn
at 25. 50., were last night at 25. 55., and in
some cases at 25. 60. The prico of gold,
likewise declined to its former quotation of
31. 17s. 6d., and thus the ground of the alarm
which had been felt for some days was greatly
removed.

There is little doubt that this alteration was
chiefly effected by the measures which have been
adopted by those whose proceedings can most
influence the exchanges, in consequence of the
publicity which has been given by the Press to
their declining state ; and our predictions, have
been thus fulfilled, that as the evils of an over
issue of paper had manifested themselves at so
early a period after its recent increase, a remedy
might, and probably would, be applied before
any such serious consequences, as have before
occurred, had ensued. It is to the Bank of Eng-
land, however, that we must look for the preven-
tion of any serious recurrence of the evil, as they
hold in their hands the power of regulating, in
a great measure, the rate of Exchange, and

the price of the precious metals, by the
amount of their issues ; and we trust they will
exercise this power with discretion and judg
ment. We have often stated that we do not
conceive that such power should be invested in a
-body composed as the Directors of the Bank of
England are ; we rather conceive that as the
currency of the country forms one of the most
important branches of national policy, it should
be under the immediate eontrqul and manage.-

meat of some high executive department of the
Government, instead of being so entifely under
the direction of a Corporation, having private
and distinct interests to advance.

As long as such a system is allowed to go on,
we shall be liable to vicissitudes in our currency,
which, in immediate or ultimate effect, are inju-
rious to every interest of the country.

Dutch Papers to the 22d inst. have been re-

ceived this inorning. It appears that Prince
IVIETTERNICH has set out on his travelling ex-
cursion, and intends, in the present critical
posture of Austrian policy, to transact official
business on his journey. The wily politician
has so mystified the art of diplomacy that only
himself can understand it :

VIENNA, AUG. 9.

His Highness Prince Metternich left this city on Mow
day, to go to his estates in Bohemia. It its reported that
after a short stay at Konigsmarth he will go to Topaz, to
wait on his Majesty the King of Prussia, and then to
Dresden, to pay his respects to the King of Saxony : the
Prince will then return to his estates, where he intends to
remain till the end of September. It is supposed that the
Prince, during his absence, will continue to transact the
business of his office, because he is accompanied by the
Councillor'of State, Count de Mersey; by Baron de Pont,
and Baron Charles Von Sieber, who are both in high si••
tuatione in the Foreign Department.
_ _

rItAIMFORT, AUG. 17.

According to accounts from Heidelberg, there had been
some riots among the students, which had obliged the
senate to suspend the courses of lectures for a week.
AMSTERDAM, A 1.16. 19.
The Electoral Prince of Hesse-Cassel arrived bete with
his suite a few days ago, and is now gone to Hatnburgb.

BRUSSELS, AUG- 17.

His Royal Highness the Prince of Orange arrived on the
15th at Spa, coining from Liege. At Matteotti his Royal
Highness was received by great numbers of persons on
horseback, who accompanied him to Spar The whola
population was in motion on the arrival of the• Prince.

An Express has arrived from Paris with Mon-
day's prices :—Three per Cents. 73f. 50e., Five
per Cents. 1041. 45c. for time. It was repormr
at Paris that unfavourable news had arrived iii
one of the French ports from Mexico.

We understand it is expected that advices will
reach town before the end of the present week
from Constantinople, which will .bring accounts
of the way in which the DIVAN has received
the treaty for the pacification of Greece. Ap-
prehensions are entertained that an explosion of
some sort will take place in Constantinople on
the receipt of that treaty.

We received, this morning, the Angelo?*
Zeitung of the 13th instant, and the 4:aria's
Observer of the 10th. The preparations making
by the Allied Powers to enforce a relinquishment
of hostilities between the Turks and Greeks,
begin already to influence the people of Con-

stantinople, and accordingly reports obtain circa'
lation that an English squadron, with a large
body of troops, is to proceed to the Mediter-
ranean. The Ministers of the respective Powers
are holding daily conferences, no doubt on the
subject of the late convention.

The King 'of PRUSSIA'S birth-day was kept
at Berlin on the 3d, but the lack of poetic
genius and oratorical flourish sadly disappointed
the loyalty of the people. Perhaps, the late in.
undations in Germany rather damped the poetic
furor of the patriot worshippers of Apollo,
However much the calamity is to be lamented,
there must occasionally be a dearth of birth-day
odes as well as potatoes :

CONSTANTINOPLE, JULY 10.
It is reported that an English squadron, with 6,000
troops on board, is expected in the Mediterranean to red
lieve the garrison at Corfu.
Last Saturday the birth-day of the Emperor Niche's,.
was celebrated at Bujukdere. The Russian Ambassador,
with his family, went on board an armed Russian transport.
The Russian, English, French, Austrian, and Prustnao
Ministers held frequent conferences, and couriers are bib'
coming and going. M. Musser, the first Austrian Drags'
man, who has but lately arrived from Vienna, has almost
daily conferences with the Turkish Ministers.

TRIESTE, AUG. 3.
We learn by a vessel which Las arrived in twenty-foot
days from Patras, that the Turkish fleet sailed from that
harbour on the 12th July to go to Modon, where it WI
to wait for the Egyptian fleet. Two thousand mules had
arrived at Patrasso from Albania.

BERLIN, ALTO. 4.
His Majesty's birth-day was kept here yesterday in As
usual loyal and affectionate manner. Is was to be 1.6'
gretted that the poems and speeches which tha eocalio°
called forth were so very indifferent, and that attachment
to the King and his family was not able to inspire any one
with t. little poetic fire.
The first assembly of the States in the Grand Duchy 0C
Pch timeiaoasis
ieyn is
pou n continuedlookedt the forward
those
d occasions
vocucnag sigrow
oonwn bs
greater, e
when
with m
tii,rheeenn
bohasteonhdhea manifestsn
Germans
rae xt ieo t
my. aenedti t
817 theeo
itself
together
cape's o
Pole'
8.
for instance in the schools. The scholars and their mas.
tens form themselves into parties, which have become in-
tolerable. Sometime ago it was found necessary to dis-
miss from his situation a Polish schoolmaster, who was
secretly leagued with the scholars of his nation against
their fellow German students.

SIDILIN, AUG. 1.

Tartars from Seres bring ward that a corps of newly
organized troops is on its march through that part of the
ccuntry, to support the Seraskier in suppressing the insur-
rection. Armaments are making throughout the Ottoman
empire for the speedy attainment of this object.
FRAKFORT, sue. 14.
_ _

Their Highnesses the Duchess of Dessau and the Prin-
cess of Esterhazy have arrived here. The latter comes
front the Castle of Taxis, and is returning to London.
FRANKFORT, ACG. 14.—Exchange on London, two
months, 14q.
Vinma, Auo. 9.—Metalliques, 9l- ; Bank Share,
1081 3-10.

Occurrences occasionally take place to which,
with a due regard to the delicacy we wish to
preserve in our columns, we cannot direct public
attention in the manner they are deserving of ;
and thus in the struggle between our feelings
and our duty, as public journalists, opportuni-
ties are omitted of demonstrating, by recent facts,
the inefficiency of our laws 01) points of the first

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