Star.
London, England, 1819-06-21 00:00:00

S..

gee of an experiment to ascertain the truth of a novel and fanciful
theory concerning the conduct of its circulation.
For the price of gold bas troll *seared high, because it was
measured. by our depreciated silver coin, or by paper partaking
of its value, as must have been the case when it was &facto Clone
convertible into coin of that inetaL And the real exchange be-
twixt tbls country-and the other .couniria of Europe has been
for the last three years uniformly in our favour, which it would
have been, nominally, even in gold, had we adopted as arrange-
ment of our coin, which assimilated the value of the- gold and
silver coins to the market value of these metals, as is evident from
the following calculations reported to this House, in the evidence
given before'the Committee (page 155), founded upon she course
of exchange with Paris being at 23. 80. the most unfavourable
rate which for any length of time we have experienced during
that period
" Proof that the present course of exchange of 23 francs 80
cents. on Paris is in favour of England.
" One pound sterling will give - - -23 fr. 80c.
" Each frani contains 4500 grammes of fine silver,
and therefore the 23 francs 80 cents. will contain
of fine silver
" The gramme contains 15,445 grains English, and
then the 107,100 grammes will contain of fine
silver, English grains
" The pound sterling f2O shillings, by the present
Mint regulations, contains of fine silver grains 1614,545.
" Profit in favour of England, 'on each pound ster-
ling, - ----- - grs. 39,615.
. " Being about 2* per sent.
• " Proof, that if we adjust our proportions by Mint regulation
to those established by the French Mint, that gold Will arrive
from France, according to the present course of exchange of 23
francs 80 cents.
" If we adjust our proportions to those of the French, the
Mint price of gold,as compared with our present silver coinage,
will be £4. ss. 3d. per ounce; and the pound sterling (or sove-
reign) in gold will then contain 103,226 grains of fine gold ; and
then we shall have the following calculation :
" One pound sterling, at the present eourse of ex-
, . change
" The French gold coin of 20 francs contains 5806
grammes of fine gold ; 23 francs 80 cents. will
therefore give 6622 grammes of fine gold, and the
gramme being equal to 15,445 grains English, the
23 francs .0 cents. will give - - grains 106,710.
it And to .ff 4. sa. 3d. per ounce, the English pound
sterling will contain 112,610 grains of 22 carats
fine, and of fine gold of 24 carats - grains 103,226.
" Profit in favour of England on each pound ster-
ling ----- - - grains 5,484.
" Being full 3 per Cent. in &Tone of England 4.
Fourthly, Because I am decidedly of opinion, that the people
of this country will deeply feel the effects of the absurd system
of circulation sanctioned by this Bill, which regards uniformity
as unnecessary in a measure of value, and which rests its hope
of success on the Bank's making an artificial scarcity of paper,
aid on Government's creating an artificial scarcity of silver
coin; and I do most sincerely regret the disgrace which I fear
awaits Parliament, when, by fatal experience, it shall discover
the necessity of remedying the evils, which it is now rashly and
unnecessarily about to inflict on this mercantile country.
Yet that the moment will soon arrive, when the folly and
mischief of this unprincipled plan will be practically disclosed, I
cannot entertains doubt ; for even if it can be supposed that the
scheme could succeed to the extent of gold bars at £3.176.100.
becoming the real and practical standard of value, it follows
that, as silver bullion must retain the market proportion of 151
to 1, its value measured in gold must be ss. Oid. as ounce, and
at that price our silver being coined into ss. 6d. an ounce, there
would be a premium of nearly 10 per cent. as an encouragement
to artists, either at home or abroad, to fabricate our silver cur-
rency, which must inevitably create an unlimited Juneau of the
money of that metal, and thus compatibly annihilate that power
in Government to regulate the quantity of our silver coin, which
is admitted by its adherents to be a necessary security for the
success of the system. LAUDERDALE

f These calculations are made on the supposition, that the
propoition betwixt gold and silver, as fixed by the French stan-
dard, Is adopted as to weight, but not as to fineness; and this
gives rise to a trifling difference In the profit to be derived from
the importation of gold and silver, because the French coin both
gold and silver nine parts fine and one alloy, whilst we coin our
silver 11 ox. 2 dwts. fine, and our gold 22 carats fine.

THE EVENING STAR.