Star.
London, England, 1819-05-07 00:00:00

tfls was occasioned by the engagementi ' the Bank
had entered into in conformity with the powers
the original Rest; iction Ad., to pay in the first and
second instance cash for Their notes slated-prior to the
Ist of January, 1812, and in the latter instance to
pay cash for their notes of every denomination, dated
prior to January 1, 1817. The total quantity of
gold isseed in consequence, appeared by vatirius ac•
counts to have amounted between January I', 1817,
and Januafy 1, 1819, to 1:1,5196,526, in guineas and
half-guineas. and in sovereigns and half;lOvereigns,
to £3,459,72,5. Subsequent to the /St of January
there had been a further demand, to the extent of
about £'7oo,onO ; the whole sum issued in this way
by the Bank was £Ei,765,(Z0. There could be no
doubt that the coin thus drained from the Bank was,
not demanded for internal circulation, but to realize

a profit by the sale of bullion in this country and in
exportation. In this conclusion the Committee was
confirmed by the documents before the House, by
which it appeared, that the sum issued by the Bank
in specie up to July, 1817, or :y amounted to thirty-
eight thousand pounds; but 'after that date, when
th&exchanges became unfavourable to this country,
and.continned so, the Bank hal been subject to
}:easy demands for cash, that a profit • Might be,
realized by expartation. The Report than set *nth.'
a part of the evidence of A. Baring, Esq. in ordetli
to establish this lact more distinctly. The Commits
tee Wits etisfied that the Directors of the Bank, Int
tindertaktfig tci"piay certain ]of' their notes- in cash,.'
had acted front theloest intitives—from a belief that
it would tend to produce a gradual 'resumption of
cash payments ; but, unfortunately, Vie'Contrary was-
theeffeet : in fact, a einisTdel'able increasehad hem
made in the issue of Battk.notes, 'and various detai!sil
elf figures were inserted in the RepOrt° upon thtsi
point ; the result was, that the amount outstanding]
wad now £25,000,000, and that had the sovereigns
ietitained in circulation, thereftrould have been an
inetease of gold in the-country of £3,678,512. The
Cominittee could not avoid expressing an opinion,
that whatever might be the policy, and 'however
laudable might be the intentions of the Directors,
yet when the exchanges became unfavourable, and
the price of gold rose so much above the Mint price,
thex ought to have contracted their issues of specie,
font% 'continue them extensively subjected the '
- of

briagrreg the detail dawn to the year 1793, when an
Alit was passed, protecting the Governor and Corn-
parry. from certain penalties incurred under the sth
and eth of William and Mary, for having advanced
gums for the payment of Treasury Bills of Exchange,
not charged on any branch of the revenue. It also
noticed the evidence of Mr. Bosanqpet, in 1793, upon
this point. Very ihortly after the first restriction an
Act was passed in which the Bank was prohibited,
frotn Making advances on account of the public set-
vke ; bet at the commencement of the following
Skssion the Bank was allowed by law to make ad.',
vances on malt duties, &c. during the Session. Inal-
most
all the subseqaent Acts .authorising the issue of
Bxchequer Bills,.speciaj clauses were inserted, em-
powering the Bank to advance the whole or any part
of the amount required. The Bank r..3ver either took
a premium or deducted discount on the bills thus
taken, nor did they resell them to the public. An ac-
count was inserted ill the Appendix, sheaving the to-
tal amount of Exchequer Bills the Bank had boan.
thus, authorised to take. A material reduction had
beenmadebetween August, 1815,and February 1816,
When the amount at tire latter' period was eighteen
millions ; but it had been increased from February,
1316, to the August following : the amount was,
lictiiever, again reduced from twenty-seven millions
to-twentir-one.millions, between August, 1818, and
lPehruary, 1819. In May, 1818, it was proposed by
Goiernment to repay 1.:9,000,000, by gradual instal-.
means, Of £41,000,000 per month, to enable the Di,
rectors to make the experiment of re...ming cash pay-
meats. To melt this charge, on the service of the
year, and also tb effect a further reduction of the, un•
funded debt,. a provision was made .by a loan of
I:3,000,000 in money, and by the gradual fonifing,:
with power to the holders to pay in money, the Batik'
retaining half the sum so paid. The sum paid 'in
money fi:11 short of the amount expected, so-that the
repayment to the. Bank did not much .execed.6ll
tone million of which ,the Bank did nacos-
sider.effeetive repayment, as.interest to that amount
was due on the whole of its advances. On the 29th

~a

-

cerreined that a sum equal to 5 per cent. interest was
not far from the amount of profit derived to the Bank.
from this source. From 1807 to 1816, the average
amount of-public balances was about £11,000,000
and in consideration of the advantage derided b,y the
Bank, in 1808, 0,000,000 were advanced without
interest by that Establishment, which were continued
under the authority of various Acts till April, 1819.
SineelBl6,however, the balances had diminished, and
the average amount did not exceed £7,000,000, which
were still furthet reduced.by an Act in the present
'Session, rendering the growing produce of the Con,
solidated Fund available to a limited extent, and les-
sening, .of course, the benefit derived by the Bank.'
—lt appeared, however, that whatever might be at
present or hereafter the amount of public balances
employed by the Bank, it ought always to be kept in
view when inans from the Bank to Government were
Contemplated. It was quite clear, that if a final set-
dement of the accounts were to take place, the pub-
lic money deposited with the Bank aught to be set
'of against any advances made by that body. Con-
siderable confirmation in this view of the subject was
derived from Mr. Halaimand, one of the Directors,
a tart of whose evidence was set out in the Report.--
The Committee trusted, that the House would not
consider that it bad entered i ito unnecessary details,
in-giving a full explatation of the relations subsisting
between the Government and the Bank. 4t was
urged by the Directors, that the amount of advances
to Government was an impediment to the resump-
tion of cash-payment ; and they therefore required,
that ten millions of what was due should be placed
in their hands. On this account, the Committee had
been anxious that the amount should be clearly un-
.derstood ; and this was the more necessary, as the'
Committee felt it their duty to close this branch with
an earnest reqoest that the House would mike
im-
mediate provision for that part of the• debt which
the Bank wtshbd id be repaid, and that the power of.
the Bank to make advances and to purchase Go-
se:urities should in future be limited. The
the next head of inquiry—
•to cash payments at the
r: By reference to papers
I: be seen that the Bank,
for discounts, had made
the amount *of notes no*,
th the year 1818. Should
requiring a:restoration of
of July next, the Direc-
their own establishment, to
considerations must give
make a sudden and vio-
paper issues. Much impoe.
it taken as to the effects to hi
rapid'a diminutiob on the trati4
.interests of the Empire. Of this
ttee had thought fit to. extract It
opiniotts prevailing among the
. examined. E. Baring Nall
operation of reduction, if effected
would inflict intolerable lip
principally during the isa
was not of so touch impor-

money there was in the country.
that if the .Bank shOuld

of its issues to the extent
y, it would be attended
every possi,_ disadvantage to the public. If
the sth of July next were the litest period, the re-
duction must be sudden and forced. Mr. Gladstone
had given an opinion that the influence of the reduc-
tion of Bank issues was of a' secondary nature; at
other times the reduction of 2 or £3,000,000 irould
not be of consequence; but after a year of much
over-trading and with theglut of the foreign markets,
whatever tended to narrow the circulation would be
of great importance. After full consideration of the
evidence on the expediency of resuming cash pay-
, ments, the Committee was decidedly of opinion that
it would be necessary to continue the restriction be-
yond the sth of July next. Having thus presented
their view of the two important points of the itate of
the Bank of England, and the expediency of resum-
ing cash payments, the Committee proceeded to offer
some observatians as to the period when it would be
advisable to remove the restriction. The Report first
adverted to the supply of gold necessary for this pur-
pose. It had been found difficult to form an estimate
of the amount of gold in circulation previously to
11797. Before the war, the amount of specie in"cir-,
culation was variously calculated, but it was gene-
rally agreed to be about £30,000,000, whatever the
amountsmight have been the whole of it had been ex-
ported. Mr. Harman's evidence was £30,000,000;
Mr. Rose had estimated it still higher, but he had taken
it at £2o,ooo,ooo,.previously to the restriction act.—
Mr. Baring had profesced himself incapable of form-
ing an accurate opinion as to the amount of gold
that would be necessary at the time of removing the
restriction ; but he thought it could not b.: much less
than from 40 to £45,000,000, and that the resump-
tion could not be safely undertaken with less than
half that amount in the country. Mr. Harman, re-
!ferring to. the opinion of Lord Liverpool and Mr.
'Rose, thought that they had Over-estimated it at 30
millions, and that 20 millions would be sufficient for
the purpose. Mr. Stuckey, a banker in Somersetshire,
liad spoken to the period of 1816 and 1817, when
etsulltry bankers could not get rid of their gold : he
had brought with bim 1000 guineas to London, but
Vas bankers begged of him not to leave it with them,
had ahead often troubled the Bank with
h reference

Baby ntkhrtpchoiattn.ldFillecteettzpodse;lhoe deman..ddra.,,
rplriiost. plai,alny,nthote
ecoxoeedmmitcsteemotooorefer t 0 the
preparid, notbnirt for the. poss.,-
: demand,
ne_ ts:hri treasure,
eree de sudden tes
ol exchanges,
hakilawton!llfreles'avocsstallilinfiictse'llekodteolfiliCeligrfild-- -Bia.erblirnrl,7thinn it
did
ei:ja' mlfouNlnttreqai required
very limited, the restriction hay- that I 0,000,006 of bullion weed
ing exportation of nearly the whole ci,:et Jro that purpnve lie was deridl
amount, and it having been counteracted in a trifling that ruder this plan the purit, of ee
degree by legislative enactments. In order to obtain of Lvlllse the check upon the pup,
gold, .a corresponding amount of capital of the Bank, would be kept tip much bcit4
country must be withdrawn ; and causes were at pm-c. other scheme that had beefetro;eirct,:atn.rhsk:
sent in operation, which would increase the difficulty I loate was convinced that there vend.
of obtaining any adequate supply within a limited
itiilcgultayeinezecahr:.:4:;iiegofit
ginotlod
period. Foreign countries had been for some time
tsittaetentdodnitehroeta,;.oenbsnoufrtyl:elBC2oom,
and
dothaee fa
engaged in endeavouring to substitute a specie for a
paper currency ; but the supply of gold and silver
usually imported into those countries had been dimi- —Parliament, on more than one cm
nished of late by the effects of war, and more parti- peace, had fixed a period for retur
elderly by the disturbed state of the Spanish Colonies. currency. It had afterwards erre
These exertions of foreign countries would of course that a resumption was highly denrabl
-make the exchanges more unfavourable to this ; and was expedient to enable the Bank to
the increasing demand on their part for the precious tions. The Committee was thercfcee ,
metals, would render increased exertions necessary vise the adoption of some decisive riser
on our part, to procure as much as would be sufh- I security that such preparations seal: be
cient for the purpose. But the ability of the Bank • vent any impression on the public mir
to resume depended less upon the treasure they ob- ther suspension will take place. 1'
tained than upon the state of the foreign exchanges, that such security would not be For
and the degree of certainty to which the market ing. the Bank to revert to the in• ' Inc('
price might be reduced. No quantity of gold would •was regulated previously to the rest
be sieficient to keep up the metallic currency, if the' considered, that, by increasing the val
Bank nei e obliged to issue gold at a standard of rency, the demand for gold would
ES. 17.5. 101 d. per ounce, which others could irenne- The Committee did not express any
diately export at a profit of from five to six per cent. payments in bullion over payments in
The documents in the appendix afforded ample in- be objected, that the adoption of this .
formation on the state of foreign exchanges, and the cognized 'a departure from the ancient
various opinions of those most competent to forma vaitte ; but it was only for a limited pericce
judgment. It had ,been already observed, that during no other view than a return to that !tan,'
a considerable part of 1816 and lel7, the foreign trusted that they had sufficiently
exchanges were in our favour, and since July of the grounds on which they recommended
latter year they were below par. Sonic of the wit- should be required to deliver standard
nesses were of opinion, that this effect was produced change for their notes ; and they t-onsid
by loans to Foreign Powers, and remittances of Bri- best means of securing the resumee,
eish capital t 3 be invested in foreign securities, as would be attended with the least
well as by large importations of foreign corn. The They were of opinion, that when once
Coinmittee thought that no measures could be taken standard was re-established, the great
by the Bank to controul these variations. However would be overcome, and it would be
the exchanges might have been thus affected fcr the the Bank to take advantageiffevery
last ewo years, the Committee saw no reason to ap- of exchange, to increase the quantity,._
prebend that similar causes could continue to affect tale. It was scarcely possible to calculate
thetn in such a degree as to preclude the Bank, by samption of cash payments without..
rererence to the state of the exchanges and the re- fore the time at which the Committee
duction of their paper currency, from gradually re- could be effected, if their recomm
establishing a,specie circulation when the exchanges adopted. As to the objections to this
should be again at par. Calculaticnri had been made true that after the resumption of cash
of the amount of British capital in foreign securities, amount of small Bank Notes would .
and of the amount of remittances for further pay- but there was no reason to conclude that ,
ments on foreign loans. They were founded on the tion to tomniit forgery would be diminished
estimates of three commercial houses ; 'and it was' portion, if Notes were not altogether
computed that the amount 'of British capital in- best Means of preventing the commission
vested in flitelgrr public securities was T 10,500,000, crineeseesered to be the endeavours -
seven millimis of" which were in .the French Funds. der .fteutlibrity of a Commission, to
Mr. Haldimatid; iefei thrill:hest this statement, Note Extremely difficult of imitation,
of*nion • that *little or eig 'more would happy to say that it might be experted
be sent 'road •Qs accotinrof " gn ject wouktheinoperationintheeourseol
Mr. Hollend,7 4: pithier in the ho •of Baring and The Committee had been informed
Co. did suit Militate it -so• high *10,000,00a in- Banks and Dr. Woolasten, • that they ".
*ding *Pewits invested in Ainerican stock ; not approbation, as two' of'qlt-feccOmmission,
Mit distrit,ooo,ooo/. of British property, according which gave to the public—lC-Mee where
be bim,'were permanently placed in the French funds, of detection was nweeh itift,reetied. Shoui
and the great part of that would be very speedily deteemlbo to Ate *pun tlrie *titkvmrnenda,
Withdrawn, in consequence of the advance' price. Committee, it wank! -be''cipedient
.The Committee were of opiniOn, that the future ef- Act of the ptetent 'Seslion,'iefericting the
feet upon exchanges by remittances for foreign loans iisue of gold coin. They proposed no
would be very limited. The Report then'entered into with the laws 'regulating the Mint, from
a detailed examination of the degree in which the might still be obtained for Bullion, at the rate
exchange of France and Holland, 'countries having a L 3.171.100. per ounce. The Report then ram-
large metallic currency,. would be affected by mended the total, repeal of the Laws against the Ea•
lar remittances ; and upon this point it quoted a part portation of the Coin of the Realm: they hulk*
of the evidence of Messrs. Holland, Irving, and Rails- shewn to be totally inefficient; they encouraged
chilti—the result was, that for the last four years the jury and fraud, and placed the violatorof theka
rexchanges of those countries had not been affected in a situation of unfair advantage. From the /Ilk
more than one and a half per cent. When the Com- of Ireland the Committee had been assured Mk
mittee considered the extort and value of the export- would be prepared to resume Cash Payments withis
able product..of,this country, they bad no doubt that six months atter the Bank of England; they belle
it could command a sufficient quantity of the pre- authority of the Governor for stating, that mim.
cious metals for the purpose in view, recollecting that culty would exist in -Carrying into effect those regale
Great Britain does not require so large a metal cur- tions that were made applicable to the Bank (II
rency as many other kingdoms. No doubt, difficul- England. The Committee would hee have tied
eties must be encountered during the preparations their Report if it had not been necessary to advate
for restoring a'specie circulation, but they were out- the Country Banks. The seine observations woaldst
weighed by the important benefit of re-establishing ply to them as to the Bank of Englaed, and thee**
the standard, by which, previously to the year 1797, elusion was, that there could be nothing in the name
the value of commodities was properly ascertained. of the regulations of the Country Banks, to form 0
—The Committee abstained from entering more at obstacle for the resumption of Cash
large into this important topic ; but they proceeded It was to be regretted that no precise
to consider by what means, and at what period, the could be obtained as to the amount of country
great object of the resumption of cash payments in circulation at any one time. Tie e•
could be effected. They saw nothing to reader it stamps issued in each year afforded no
expedient to postpone the preparations, by deferring Front these returns, however, calculation W 25
which the present evils would be aggravated. If the last five years, and it appeared that the
however the Committee were prepared to suggest a average of three of those years was 1:21"_
plan to do so, they trusted it would not be considered the whole emotint of notes stamped could
that they exceeded the powers committed to them, at once in circulation, and there was reason to
although that suggestion might involve a temporary lieve that the circulation never exceeded from -7
departure from the laws regulating the currency pre- 25 millions, but it was always liable to great
viously to the restriction. The plan which had been tuation. The Report illustrated this point by
under consideration was this:—that on a day not tailed reference to information, respeceme-
later than the Ist of February, 1820, the Bank of the licensed Banks in Scotland ; it •
ihould be liable to deliver a certain quantity of gold the circumstances attending the limit
in bars of not less 'than sixty ounces, being duly issues of the country Banks. It appeared
stamped and essayed, for a proportionate number of mittee, that the reduction of Bank of r
their notes, at the rate of £4. la. per ounces that on, would he followed by a sudden reduction
or before the i liable
st of .October, 1820, they should be paper, but the latter would be besides
liable in the same way to give fine gold for their vestment contraction, under circumstances
'notes, at the rate of £3. 16s. 6d. per ounce; and that curred in 1516. Whether it would be rie
at a period not later than the lit of May, 1821, they fere by making some security connected
should be liable to deliver gold for uutes at three solvency of country Banks, was a. questir
pounds seventeen shillings and ten pence halfpenny difficulty upon which the Committee soot',
'per ounce, being the regular Mint standard. This an opinion without further evidence.;
ritoilt
system was to continue for not less than two, nor stances affected the value of 13ar.k.
thins three°
g
afe which
begged to state elusion could be drawn from 7efe
cash payments Committee were of opinion, that noresancti;,‘
chief recom- numerical amount of Bank of England
would enable the standing at different pekieds- r.
much earlier ' Mr. ,1411:11. then rnove.i, that this eepo
Tothfethrenßankt the
THE NATIOS.
bTATI: OF
,
the amount .to TIMINF.Y =keit of
cy
would be ae im. semi tie what project -o,t.;ll=e: e‘,l%
„,se
' would haveto 046004 sod whctiztl 4°4"94
F table end priated,-0 rdercd.
• • - • 4.•er
would thus be 'E.. °el s' • e. 'die IWUE "
metals, Tile CHANCELLOR of . Fi
Fleck)" that he had no Iniendolsof oreaingr'll°.
:itteth;nleohi metallicruf.ic:: tt
Il ce he
ht
)bithrrool.hmtpievinn
Ntettssei
hit! uthtd.c:n. or
earz.M..t.tti
:I,ooar.4r,ri:r.:.

-
•
• •
Cimuttlitee icTvi4ivnbeir reternentteot* as pos- -• • ilank-
sible, yet in determining the auto*? •ottnt• an 31- 00 or larger del
lowance ought 'terrainly to be rnadeld favour °file pft drain upon their
public to the extenref the balance' of public money inry repressions in th
deposited with the Bank. •In 1807, the Committee tion to hoard, from
upon Public Expenditure had first calla ,the often- deuce. It was consi,
tion of the country to this subject.'- The balances in the country was v
Were then calculated at £11,104,919, and it was c. as- in caused the exi
)1?

to considerable loss and to a he.tvy dram of treasure.' vernment se:urities should in
Iltider the strong conviction that pursuing such a Ijieport then entered upon the
sjstent *old postpone the termination of the R. p expediency of reverting 54
strktitint,/ without producing on Me other hand any data at present fixed by law.
-advantage to the country, the Committee-had been in;the Appendix, it would b
ihduted tp.ltextnntuend an Act to suspend all future wishnutdiminishingits issues
payments Inlaid coin. The next.tinportant point .. considerable redattonsin the
which the Cantu:kw wished to call the attention outstanding, Compared with
th 4 Itditsn'tvit; the'abltatint of the Issues of thaßant the legislature persevere in re
'tipoii_GovernertentSticurities; or in other words', the specie currency on the sth c
amount of debt due by' the Public to the Bank. A. tors, for the security of their
reofMentec alteett of this debt had been earnestly which with them all either ca
its*tettipottley the Bank ; and the subject involved way, would be Ohriged to IT
so.:,phaliy iittportaitt ctinsidete6ons; that it was te- leht reduetibn of their paper
quegiteto enter into some detail on the stibject.= tent testimony had beeh take.
'ln ilet ikpileittilt to' the Report wield be found an apprehended from so rapid'a
figl a tit of advances by the Bank to Govet nment ing and agricultural interests
f 'l9s. to the latest period ; but the first item evidencethe Committee had
*[tot to be considered a portion of the debt, as portion, to shew the opinithis
It frbee from money originally lodged by Govern- individuals they had examine
mAthaidethe Bank, and afterwards withdrawn, not of opinion, that the operation
bi*g.-neeaed for the purposes for which it was with so much.rapidity, woul
etsd. t lt would be seen from the accounts, that a jury—this would be felt pri
proportion' of the advances of the Bank came tiod of contraction, for it war
t.idstiste:dv! heads—ofd Exchequer Bills issued and tance what amount of money 1
.
It became necessary here to advert to Mr. Haldi mand had stated, ,
laws passed since the institution of the Bank for reduce the present amount oi
Vekettlatiou of its advances. The Report then noticed of 3or £4,000,000, forcibly,
tit*. Act of the .sth and 6th of William and Mary, with every possible disadvan
_ .

- -
of April lastithe advances ascended to:nineteen soft- as they had alie-ady so often troubled the Bank With more then three.'years, after which ex
lions. By reference to communications matte-by the payments in gold. Mr. Harman, with reference to shoWd be iestimed. The Committee be,
Ditettors is .the, Committee, as *ell as ,from the the lame point, said that for some months if* the their reasons for this suggestion: the c
tooltottenottr of the evidence, it appeared that-ate- notice of tote; Bank to pay their notes of cithritioldfti inert ‘tss ation ofthe plan was, that it souls
Ilatige :proportion of these advent* incash, instead of the ,public coming' col-Ward pay their notes in gold a 1
tgrartiViliPieritary ;o the ritsurnption (leash numbeis to avail themselves of duandvaarage, t period, than could be otherwise done in
ikhieleffse. itiatia.olibe Bank in discounts :1f only eonseqttenetiof the measure had been, fiecinent state of ttle gold currency. If the issues
leferiantile bills, irking frnat berm fide trsinsactioo4l applications to the Bank to' Set paper for gold. •Se at any time should • have exceeded the
:e= days date, could be restritaloF far was it ff4m pr acing any an:6*o' bustle; that libith they had been limited, there woti
ttabekovernther issues the Bank had not it could.hardkrbe known whether • of the; 'collide dempad they w
Ithei4ar .CerritrialtJa.Me• Directors Could. therefore 4tititk• • trele'tOpett or dint's far -cask /*Seats. , 'purchase at an locilisid kis. Time we
?Mk* dteir' ticcadatiept hyy restritting,_tnetratitile diet ddille td die Opiniewthit ' aft-eh:lea for at accumulation of the plei
counts, or by purchasing bullion. Though the ad. tory conclusion could be drawn from the eA which would enable them to resume tl
vances made by the Bank coa public securities were and that great uncertainty must prevail as to the currency with safety and certainty. Alt
accurately stated in the accounts, and though. the 4 amount of gold required for internal circulation.— event tit a general panic and want of co,

aat, yrk
k„,, col*,
In
spe
re opinion of
C6,owsion
I be aq,7
ridedlv of 0.-;,L
standarcr
tper imes
!tie: than b;
sagge,ted.
111.1 he
The Reprr.V.,
for reC
nk-note, , •
oat of )/a3.,
:C3%1011, since
turning to •
essed an e,'
able, bur am
to make p,
Ire desirous to
measure to •
I be made to •
mind that a .
They cone •
ovided by req
iriple by nbit!:•
e str cti
value ef !heti
Id be cli.'czetsi
ay prefetence rat
in (-JAIL It tniES!
lit suggestion n,
dent st4ndarti e.
period, and
rtandard.
y explain"d
ed that the Ban
,lord gold in
considered it
beeanr •
ineonven*
once the •
great impedi .
re in the potter
favourable
y of precious Int
dculate on them
:t small r.otes, be•
ttee anticipated
emendation wra
this plan, it int
ash payrnem
d be dirniuisbat
that the tenpin
liminkhed in pro
n. excluded. Ile
Timission of thi
I now mitt!,
to prepare 1 hit
a, and they wet
eted that this pos.
we of three thontis
ed by SirJomit
.y had giiinir
nts skin, to a Pitl
where tbe.facil4
Should tlie Hap
Mendation•af de
to contlui
sting the farther.
I no interferers
From whence oak
a. at the tar

ash Paymeots:-
eciie informant.,
01 country •
The quantily
I no certain data,
lion was made
I that the highest
020,000,000: b'
d could nets
rea,on to It
!edcd from '-'':'
de to great flie•
lis point by a ae•
pacing the ;saw
; noticed 'lie
imitation of II
gyred to the Cat
of England no
action of cool/
!.s liable to incl.
:antes snch Sae'
be right to inter:
mected with t
piestiow of P
e would am got
Many cirtme•
1:-r.etes, alyi
satisfy
ecoe cc"
tnee
{land °fr
5 T.l.ZpOrt 13.4
ed.
of •
C'e
fic!..ia In -,
faxing° 3 ---
• '4ol'
SQUER 3 t v.ed
raa'
• F 1!.,
Fe ."
•
Lir • • •
:ta