Star.
London, England, 1810-08-14 00:00:00

IMLAY.
JILT OF THE COMMITTEE ON THE MCA PEICE
OF GOLD BULLION.
we inserted yesterday the most essential part of this
Report. We now extract other passages. which are;
of considerable importance, as shewing the opinion
of the Committee, founded upon the facts before
them. They observe that ei since the suspension of
cash payments in 1797, it is certain, that even if gold
is still our measure of value and standard of prices, it
has been exposed to a new cause of variation, from
!he possible excess of that paper which is not conver-
tible into gold at will ; and the limit of this new va-

.! ' "

hoctestoos of the sprier fillververneneend•le balinee
namely, the bills drawn on t for our ita•
val, military, and othit expences in foreign pans..
Your Committee had hoped to re. else an account of
these from the table of die House 1 but then has bees
some diffi:tilty and consequent delay in executing a
material part of the order made fot them. It appears
from H an account, as far as it could be made out, of
sums paid for expences abroad in 1799, 4,5, Jed 6,"
ifiserted in the A?pendix of the laids' Report on the
oee,isicti of the Bank restriction Bill, that the sumsto
be paid were,
In 1793 a a 19,783,458
4 a a 8,335,591

5 - - 11,040,231
6 - -10,149,91 d
11 Thp following is an account of the official •alue
of our Imports and exports with the C )ntment of
Europe alone, in each of the last five years
Boland, to
vow, of Ong

_. .
riation is as indefinite as the excess to which that
paper may be issued. It may indeed be doubted,
whether, since the new system of Bank of England
payments has been fully established, gold has in truth
continued to be our measure of value ; and whether
we have any other standard of prices than that circu-
lating medium, issued primarily by the Bank of Eng-
land, and in a secondary manner by the country 1
Banks, the variations of which in relative value may • VAN.
I MIS t 2 t0,c090149 215,4r4,450 A 5,4A7)
be as indefinite as the possible excess ( f that circu-
lating medium. But whether our present measure of ll= ; I.lt:irtPT.llo6 1135191:',5311690 5,019,110
4,716,050
value, and standard of prices, be this paper currency 150$ t. 4,4,0,67 t 11,950,490.
Ist& .). 9,1 ;IA .7 23,7211,615 7,069,1119
thus variable in its relative value, or continues still a 4,i 70,7511
to be gold, but gold rendered more variable than it 46 TIC/ balances with Europe alone I"i . I .ivotir of
was before in consequence of being interchangeable Great Br ta, as exiiibi d in
this cornet state-
for a paper currency which is not at all convertible Great
Br
not far froin corresponding with the gene-
into gold, it is, in either case, most desirable for the rel .ni more accurate balencea before given. The
aublic that our circulating medium should again be faveurahle balance of 1309 with Europe alone, if
conformed as speedily as circumstances will permit, computed according to thc actu il value, would be
to its real and legal standard gold bullion. much more considerable thin the value of the same
" If the gold coin of the country were at any time year, in the former genera: sta•ement.
to become very much worn and lessened in weight, " A favourable balance of trade on the f tee of the
or if it should suffer a debasement of its standard, it Account of Exports and Imports, presented annuallt
is evident that there would be a proportionable rise to Parliament, is a very probable consequence of large
on Gov
iif the market price of gold bullion above its mint drafts expenditure ; au
price ; for the mint price is the sum in coin, which is augmentation of exports, and a diminution ofimports,
equivalent in intrinsic value to a given quantity,, an being promoted and even enforced by t'e moans of
ounce for example, of the metal in bullion ; and if such drafts. For if the supply of bills drawn abmitdo
the intrinsic value of that sum of coin be lessened, it either by the Agents of Government, or by indivi-
is equivalent to a less quantity of bullion than before. du di, is disproportionate to the demand, the price of
them- in foreign money falls, until it is so low as to
The same rise of the market price of gold above its
mint price will take place, if the local currency of efore purchasers; and the purchzsers, who are
pr gene•
Irally igners, not wishing to transfer their pperty
this particular country, being no longer convertible
permanently to England, have a reference to the term
into gold, should at any time be issued to excess.—
; on which the bills of England will purchase those Bri-
That excess cannot be exported to other countries,
i fish commodities which are in demand, either iu their
and not being convertible into specie, it is not neces•
sarily returned upon those who issued it ; it remains I own country, or in intermediate places, with which the
in the channel of circulation, and is gradually ab,. account may be adjusted. Thus, the price of the bills
sorbed by increasing the prices of all commodities.— being regulated in some degree by that of Britieh
commodities, and continuing to fall till it become!, so
An increase in the quantity of the local currency of
low as to be likely to afford a profit on the purchase
a particular country, will raise prices in that country
: and exportation of these commodities, an actual ex-
exactly in the same manner as an increase in the ge-
portation nearly proportionate to the amount of the
neral supply of precious metals raises prices all over
bills drawn can scarcely fail to take place. hit illows
the world. By means of the increase of quantity the
that there cannot be, for any long period, either a
value of a given portion of that circulating medium,
highly favourable or unfavourable balance of trade;
'in exchange for other commodities, is lowered—in
other words,
for the balance no sooner affects the price of b.lls, than
ties are raise the money prices of all other comm idi-
raised, and that of bullion with the rest. trade,
the, price of bills, by its reaction on the state of
"In this manner an excess of the local currency ' promotes an equalization of commercial exports and
of a particular country will occasion a rise of the imports. Your Committee have here considered
market price of gold above its mint price. It is no Cash and Bullion as forming a part of the general
less evident, that in the event of the prices of commo- .mass of exported or imported articles, and as trans.
dities being raised in one country by an auementa-
ferred according to the state both of the supply and
tion of its circulating medium, while no similar aug-
the demand ; forming, however, under certain cir-
mentation in the circulating medium of a neighbour-
currstances, and especially in the case of great fluctua-
:
ing country has led to a similar rise of prices, the cur-
' tions in the general commerce, a peculiarly comma
dious remittance.
rendes of those two countries will no longer continue
to bear the same relation to each other as before. The I " The Committee cannot refrain from expressing
it to be their opinion, after a very deliberate consi.
intrinsic value of a given portion of the one currency
deration of this part of the subject, that it is a great
being lessened, while that of the other remains onal-
practical error to suppose that the Exchanges with
tered, the exchange will be computed between those
foreign countries, and the price of bullion, are not
two countries to the disadvantage of the former.
liable to be affected by the amount of a paper cur-
" In this manner a general rise of all prices,_ a rise
, rency, which is issued without the condition of pay-
in the market price of gold; and a fall of the foreign
meat in specie at the will of the holder. That the
exchanges, will be the effect of an excessive quantity
Exchang
ed a currency, not exportable to other countries, or es will be lowered, and the price of bullion
of circulating medium in a country which has adopt-
raised, by an issue of such paper to excess, it is not
not convertible, at will, into a coin which is expor- only established as a prple by the most eminent
authorities upon Commerce and Finance ; but its
table."
On the subject of the rate of exchanges as connected practical truth has been illustrated by the history of
with our trade, the following observations are made i almost every State in modern times which has used
in the Report : a paper currency; and in all those countries, this
" Your Committee, observing how entirely the pre. principle has finally been resorted to by their states-
sentmen, as the best criterion to judge by, whether such
depression of our Exchange with Europe is re-
ferred by many persons to a great excess of our im- currency was or was not excessive."
ports above our exports, have called for an account of
the actual value of those for the last five years ; and
Mr. Irving, the Inspector General of Customs, has
accordingly furnished the most accurate estimate of
both that he has been enabled to form. He has also
endeavoured to forward the object of the Committee,
by calculating how much should be deducted from the
value of goods imported, on account of articles in re-
turn for which nothing is exported. These deductions
consist of the produce of fisheries, and of imports
from the East and West Indies, which are of the na-
ture of rents, profits, and capital remitted to proprie-
tors in this country. The balance of trade in favour
of this country, upon the face of the account thus
made up, was
In 1805 about - • • • at. 6,616,000
1806 - - - • 10,497,000
1807 - .. • - 5,866,000
1808 • .• • - 12,481,000
• 1809 14,534,000
So far therefore, as any inference is to be drawn from
'the balance thus exhibited, the Exchanges during the
present year, in which many payments to this coun-
try on account of the very advantageous balances of
the two former years may be expected to take place,
ought t* be peculiarly favourable.
" Your Committee, however, place little confidence
in deductions made even from the improved docu-
ment which the industry and intelligence of the In-
spector-General has enabled him to furnish. It is de-
fective, as Mr. Irving has himself stated, inasmuch
as it supplies no account of the sumdrawn by foreigners

imports. Exports. Britain. reek-
r onrd in ellicial
- -

Ilaxan.—There was no Court of Aldermen this
da: the Lord Mayor, after inspecting the returns,
ortlered the price to be. raised One Penny per Peek.
Mattstos-House.—Mr. Wright, a purser in his Ma-
jest)y's Navy, was yesterday brought before the Lord
Moyor, charged with having entered the coffee-house
a:Mr. Moore, on the preceding evening, in the most
riotous and disorderly manner, to the annoyance of
the peaceable inmates of the house, who he threa-
tened to heave overboard, if they did not give way to
his whims. The landlord endeavoured to curb the
irregularity of his conduct ; but he was assailed in
turn, and was finally obliged to obtain the assistance
of a peace officer, who secured Mr. Wright, and con-
veyed him to the bilboes, where his ever owing spirits
had time to subside.
The defendar.t, in justification of his conduct,
urged the unfortunate circumstance of his having been
hay-sea, over. He did not recollect havi ig acted in
the way stated, and supposed his understanding had.
foundered in a bowl of grog.
The LORD MAYOR reprimanded him with great
good nature, for his unbecoming conduct ; ordered
him to pay a fine dive shilliuge for bring intoxicated,
and fo satisfy the complainant for ant injury which
he had sustained. He was then discharged.
Tuesday morning the mail-coach from Falmouth
to Eieter, having just started from Pearce's Hotel in
Trur9, in turning short round the corner of Lemon-
street into Bosc,twen-street, was thrown off its right
heels, - left
rheets