Star.
London, England, 1819-05-22 00:00:00

THE. EVENING ST.

LONDON.

. SATURDAY, MAY 22, ]Bl9.
TiiE FI.JICI)3.
emelt OS STOOKS THIS DAY AT ONZ O.CLCCK
Bank Stock 230 226 b
3 pr Cent. Reduced 68167;
per Cent. Consols 69; 68
Si per Cent. 76; ter Cent. 87 851
5 per Cent. Navy 104 105* •
Bank Long Annuities 171 916
India Bonds 15 16 15 pre.
Exchequer Bills (2d.) 4 pre. 1 dis.
Consols for Acct. 69ii 681691680:

An important discussion took place last night, in
the House of Lords, on matters connected with the
Bank Report. On this occasion a communication was
made from the Bank, through the Earl of Ltven-
root., the substance of which may be stated in few
words :—Tlie Bank express their readiness to return
to,payments in bullion, at the market price of gold;
but, at the same time, a strong desire not to be held
as giving an opinion on the fitness of the measures
recommended by the Committees of Parliament, or
that may be adopted ; and therefore wishes not to be
' held as giving its " previous consent"—the Directors
desiring not to be held as investing themselves, of
their own accord, with the responsibility of counte-
nancing a measure in which the whole community
is so deeply involved.
On this document we cannot refrain from asking
how " the merrket price of gold" is to be ascertained ?
That is—some measure of the value of the gold being
implied in the very terms of the proposition, what is
to be the standard in reference to which the price or
value of the gold' is to be estimated It is impos-1
sible that a rational unsophisticated answer can be
given to this question, without embracing the idea of
some standard;being•fixed on, which shall serve as
the measure of the comparative value of gold and
all other commodities.

What should the standard be? We have frequently
stated already that Silver alone should constitute an
immutable standard, as it does all over Europe. We
repeat it, and we assert with confidence, that till
Silver be adopted as the standard, neither the Go-
vernment nor the Bank will ever get ourbf their pre-
sent difficulties. Till this ancient standard be re-
stored, the Bank will never be able, with any kind of
safety, to resume Cash Payments, and the experiment
is too dangerous to be attempted on light grounds.
Bet there are other powerful inducements for this re-
CUM to our old vete*: : if Saver be made the fixed
ntharei to att IL Ate WIRS4.n slwari
ever prefer it to Bank Notes, except for the mere
purpose% of. change in frartional payments or pur-
chase 3. The Bank would therefore be freed from the
danger of any run upon it, and that degree of issue
of Paper, which, in the present circumstances of the
country, seems so indispensible, could be continued
with perfect safety.
" But, (it may be asked,) would we be against
paying in gold ?"—No, by no means : for silver being
once declared the standard, the Bank might then
have power " to pay in bullion at the market price
of gold,"—nor could there be any difference in opi-
nion as to its market price : and the Bank should al-
ways be bound to buy at the same price which they
may call the market price of the day—with only a very
small per centage, to pay for books of accounts and
Clerks wages.
We have frequently said, and we repeat it—let this
system be adopted, and the Bank may, with perfect
safety, resume Cash Payments before the end of the
present year.

Another circumstance deserving of attention was
noticed by Lord LivenPuoi, in his Speech. The
Bank issues twenty mi!liens of Notes on Government
security, and the Nation pays them about one mil-
lion yearly of interest. His Lordship asks—" Is it
reasonable or fair that the public should pay the
Bank a million a year for the security. of their Notes,
when, by issuing their own Notes, the public may
save the annual million ?" Are we to infer from this
that Government mean to issue Notes, for the purpose
of saving this million ? Perhaps not. But we may
infer that Ministers have some idea of making the
Bank content itself with a smaller premium—that is,
pay back to the public a portion of this million.

The Debate of last night in the House of Lords
has produced a great sensation in the City.—Consols
fell this morning to 68k, which, taking off the divi-
dend, is 67, but this being the mere effect of mo-
mentary panic, they almost immediately rebounded
to 69t. The general opinion, however, is, that they
must still go down ; and, indeed, from the actual
state of things, with a declining Revenue, it cannot
'be otherwise. It is a position not disputable, that
the Funds must fall till the trade of the country be-
gins to revive.

We lately took notice of a Return which had been
made to the House of Commons, shewing, that in the
year Isl 6, if the amount of the Sinking Fund haji
been appropriated in part of the Loan for that yea!,'
there would have been a saving to the Coact, of
£2.136,943.6; 10d. A similar Itetult has since
been made (ruin the National I)ebt Office, with re- j

spect to the three Loar.s preceding that of 1616. la
1814 the loss attending the existing system of buying
up old debt with the Sinking Fund, while we ate in-
curring a greater proportion of new debt to meet our
current expenses, was, on the first Loan of that year.
; on the second, 0,629,836 75.2 d.
Total loss for 1814, £4,738,788. ss. Bd. In 1815,
the case was different; the gain, rather unusually,
was on the side of redeeming• the old debt by the
stun of £3,257,5`,'.1. Gs. Gd.
IVe shall not attempt to shelter the principle for
which, in common with the best economists, we con-
tend, tinder the maxim Exceptio rebid repdare
but shall beg leave to recal to the recollection of
our Readers, that the Loan of 1815 was contracted
for during the hundred days of BONAPARTE'S second
return to France. when the rands had sunk for the
moment extremely low, and when the Commissioners
could not only buy up at an unusually advantageous
rate, but by keeping as purchasers in the Market
prevented the Public Credit from suffering too great
a depression at a time of peculiar emergency, and ena-
bled the Minister to effect his Loan on cheaper terms
than he could otherwise have possibly done. In June,
1815, when the Loan was contracted for, the Three
per Cent. Consols were at 55 ; but before the close of
the year they had risen to 60. The case of 1815
was, in short, altogether an extraordinary one, apd
Idoes not afford any criterion which can apply to
common circumstances. It shews, what nobody de-
nies, that there are times when a Sinking Fund
and a Loan at the same time may be of uso--of
great use; while all the other instances which have
been adduced prove, that in general the effect is de-
cidedLy the reverse.

The Paris Papers of Wednesday arrived this morn-
ing,. The KING, who continues daily to improve in
his health, gave audience, on Tuesday after breakfast,
to the Foreign Ambassadors, and afterwards trans-
acted business with the Ministers of Justice and of
Foreign Affairs. The Minister from France to the
Court of Sweden was to set out on Tuesday for Stock-
holm. The Chamber of Deputies have had another
day's debate on the Budget, from which it would be
difficult to extract any thing of interest to the Eng-
lish reader.—Five per Cents. 67 fr.

The report which has been received through seve-
ral circuitous channels of the insurrection of a large
body of Caffres at the Cape of Good Hope is, we are
sorry to say, confirmed by letters direct from the
Cape, dated early in March. As the British were,
however, in considerable force, confident hopes were
entertained, that the insurrection would be speedily
put down.
Th.- Victoria from Ce7lcm had reached the Cape
of Good Hope, with the latest news from that Island.
It was understood that the revolution was completely
at an end, and that some of the reinforcements,
which had been sent thither on the appearance of
those disturbances, would be embarked ior Bengal.

A very valuable Spanish ship, called the Christina,
from Cadiz to Lima, has been carried into Buenos
Ayres, a prize to the Union privateer.

On Sir GREGOR Nl‘Gazoon quitting the IslanJ 03
Jamaica to proceed to South America, ha issued the
following Address to the Merchants of the Island:

" &,,ing—about to commence operations against the Spaniards
on the hhin, and knowing, as I do, your connexions with tb*
country, and the sensations likely to be produced in thu liland:l
I hasten to assure you that your property, as far as can be iden-
tified to be bursa fide' British, &ball be respected."

Policies were opened at the Stock Exchange, on
Thursday, to the tenour :—To receive 20
guineas, ou condition of returning 100, should Consols
be done at G 3 within I`2 months from the present time.

About midnight, on Thursday, Mr. WoLTox, of
Brockley-hall, was awakened by a tremendous crash,
and on looking out, discovered a large barn en.
veloped in flames, the roof having just fallen in ; a
stack was also burning, and a lcng range of other
buildings soon caught fire. The whole, with some
wheat and implements, were rapidly consumed, little
assistance being at hand, and the wind unfortu-
nately high.
Yesterday the Lottery finished Drawing, and if
Butt cannot now,. as usual, congratulate his Friends
on having, purchased the greatest part of the Capitals
at his Offices, it has not been hisfault, for TWO out of;
the Four £20,000 Prizes had been actually selected
for the choice of his customers, viz. No. 4,696,
Drawn the First Day a Prize of £20,000, was on
Sale, and presented to the view of every person who
bought Tickets at No 9, Charing-cross, oo the days
of the 10th and 11th instant ; and No. 4,2'23, Drawn.
yesterday £20,500, was, in like manner, of Sale at
No. 4, Cornhill, from the 7th until the 11th instant.
LONDON ; OR, A MONTH AT STEvnTs's.—This new
Satirical Novel continues to form the subject of con-
versation among a large number of fashionable de-
votees. The Author justly observes in his preface:
"At a period when gentleman-like dishonesty in the shape 9f
reeking, lady :Ike infidelity in the form of cram. con. trials, laxity
of principle, abandonm:nt of morality, and public bad example,
under the garb of fashion, corrupt our youth, and disgrace IWO-
lift. there cannot be a more imperions duty than to point out lbc
evil, and to apply the powerful remedies which freedom of
thought, and equally useful freedom of the press, offer. Pallia-
tives have never cured wide-spreading corryption. • They may
remove inbmmation, change appearances, conceal the deep-
rooted evil, and give a healthy appearance to the under
which gangrene and the foi.ltit humnurs lurk. The amputaive,
knife, and the caustic's bitirg pioperty, can alone eradicate tile
disease. Satire and expwrre furnish these remedies. The cap of
folly, with Its bells, is frolicsome and ridiculous: it might snit any
head; and he whom ' the cap fits snay wear it.' But the case
becomes quite &latent when we feel it imposed upon our own,
ard looking ir the glass, httkimaginc that it can appear so fright.
as on rny.laard or Lady Betty, or Mr. or Mrs. Such a-oue."
ee'raight. a young man named Cl'-'.., employed in
the brlfk yard of niefors. FIXICilla and Co. tear Tyne, under-
go*, far A4rAttiils sager. to make seven thousand luirks in fif-
teen which .tack he accomplished in less 6:1 twelre
hoat7,in tke dint seven hoots he made 4,35 C, ratijer
there thiall*ln an hour.
. . ,