Star.
London, England, 1826-02-16 00:00:00

THE EVENING STAR.

LONDON.
THURSDAY, FEBRUARY 16, 1826.
STOCK EEC!! AttiGE.; TWELVE O'CLOCK. •
The storm of yesterday appears to hare subsided this morning,
and we haunt, reports of any failures. The Consol Mirliet
mains steady with little fluctuation. Consols opened at 74j for
the Account, soon after a great deal was done at 75 ; aftei which
they lowered again to 741 t. The purchasing of Exchequer Bills,
which continues, tends to keep the market up.

It is thought the Bank will adopt some treasure to assist the
Commercial distresses., .

In the Foreign Market lithe is doing.

Current Prices: Old Spanish •f, Mexican 52 53, Colombian
New 41 42, Magian 74 74k, Greek 'Bonds 171 181, Exchequer
Bills 1 discount to par.

ICR OF STOCKS AT TWO O'CLOCK.
Bank Stock 19814 200 1991
S per Cent. Ited.-75% tyi
S per Cent. Cons. 74% 751/4
31 per Cent. 841/4
31 per Cent. Red. 8314 84 '
4 per Cent. 92•'4/4 34 Ya
Long Ann. 18%
India Honda; 15 12 dis.
1:1,000 Errkeg. Roll, 1 dis. 1 prem. 1 di:.
i.:S(X) ditto 1 prem. 1 dis. par.
ElOO and F-200 ditto 1 prem. 1 dis.
Cone. for Acct. 74% 75 7474 75%
FOREIGN FUNDS, TWO trcimcit
Austrian lids S p Cr 85 6 Alex. Bonds sp. Ct.
Colombian lids, 6 p C. 44 Do. 8d5,1825, 6 p C. 525 4 6
Do. lids 1824,40‘ f 214 31 5 4 Do. Acct. 52 5417 6*
Do. Ace. 401 2 1/ 41 31 41 Peru Hits, 6 p C. 30
Danl.& Mods. Ditto Aeet. 3t
Do.lkis, 5 pC.1825, 501 l# 501 Portuguese Bonds 68 70
Greek Bonds I Ituss.lids,lB22, ip C. 74 3 51 6
13t1s, 1825, 1817 i 18* Ditto for Acc. 74
Ditto A.m. 181 18 * Span. 5 p Ct. C. 8) 9
iiitITISH AND FOREIGN SHARKS, TWO O'CLOCK.

!HA RR. ram.
Bolivar so S 101
&kith Iron Company - 100 55 101 11 10
Pasco Peruvian 100 410 5
General Steam Naviltstion 100 5 5
Provincial Bank or !rebut, 100 JO 41

• The country is in a most tearful and unprecedented
situation. Mercantile distress rages with redoubled fury.
—The remedies applied by the Legislature are of very
questionable utility ; but' uhether beneficial or other-
wise in the abstract, i: is reluctantly admitted on all
hands that they are inapplicable to the immediate occa-
sion, and are by no means calculated to -mitigate the
dreadful sufferings under which the monied world is
labouring. They are, indeed, avowedly progised by
those who support them to be calculated only as a
preventative to a recurrence of similar evils in future;
but no medicine for the intnise malady which now ac-
tually, at this moment, consumes the vitak of credit,
industry, and property. This disease is to be left to
work its own cure.

But what, if inch an utter prostration of strength
should in the int• rim take place as o ill carry off the
patient befoie the uis Medicatrix Nature shall have hid
time to operate? Ale no palliatives to be applied?
Is the country to become one universal scene of bank-
ruptiy, and w H no one clime fosward to atre,t the
calamity P No—bet ause the maxima of political
economy are opposed io such interfeeence. But we are in
the mean timt violating the self same maxims by a direct
interfircuce with the ?situ:: concei as of counii

bankers, who having taken the ala, m, an: being, fir m
a sense of their own safety, compelled to draw in tht it
circulating medium, and to refuse assitanee to any
and every one whomsoever, the evil already exi,ting is
multivlied in a tenfold ratio. To Odd to the ano.
melons situation of the country, we behold Government

deriving their chief support in Parliament from their
political foss—frcm the very men who for the fourth
part of a century have obstructed all their measures!
Is there not something ruinous in this disas•
trous alliance—opposed as it is by the prac•
jical good sense of the eminent and enlightened

Members who have drawn their knowledge from better
sources than the miits of political economy, that bot.
tomless pit into the abyss of which our well intentioned
and kind• hearted Ministers seem to be driven by ill:
Opposit'on. To the mercantile Members, however,
who, from long experience, and actual intercourse with
the monied world, are best able to suggest practical
means of relief, the country must look for salvation;
and, above all, the press at this trying moment must do
its duty without fear or favour. The remedies for im-
mediate mitigation of the national calamity which we
have so long, so constantly, and so invariably urged,
and reiterated again and again, until we were realiy
ashamed of wear)ing out the pati. nce of our Readers,
are new countenanced by al,most every practical man in
the House of Commons;—especially by Mr. PEARSE.
the Bank Director. These are, an increased issue of Ex-
chequer Bills, at an interest of 31 per day, and the
raising to the Same level the interest of those now in cir-
dilation. As Bank notes render gold unnecessary, so
Exchequer Bills, at profitable interest, render Bank
notes unnecessary, and force them into circulation, and
break up the hoards in which the Currency of the
Country is nost buried. They should be issued imme-
diately on the security of property of every kind, with
an unsparing hand; for by this means the debtor only
makes over his goods in trust to Government, whose
security is transferred to the creditor. In other words,
by the intermediate agency of Go*ernment, property is
made over to satisfy creditors in defect of money,
and credit is saved from annihilation. Far dif•
erent, however, is the remedy propose& The Bank,
urged by Government, are to substitute Bank Notes
Mt Exchequer Bills, by purchasing the latter in
the market; and withdrawing them from circulation.
The reason is that much the greater part of the Bank,
Notes heietofore in circulation were issued on the
discount of Bills, and are flowing back to the
Bank as those Bills successively become due; bat
there are no means of re-issuing an equal amount
of notes by new discounts, because unexceptionable
bills of exchange canppt be created. Hence to main-
tain the usual amount of notes in circulation, there
are no other means than the purchase by the Bart•
of the floating Government securities; but if the latter
were at such a rate of interest as to equal the rate
yielded by the funded stocks, they would be at a pre-
mium, and at all times acceptable In, payment 'of a
debt, as much as an equal amount of Bank notes.—
This is self evident. If, therefore, Bank notes are to
be issued in lieu of Exchequer Bills, and the • latter
withdrawn, in Gongs name let us prepare curselves for
a renewal of the Bank restriction. Such a measure ,

lay soots become iaetitahle; for there is this most

momentous difference between a .Bank note and an
Exchequer bill : the former bears no interest, but is
instantly cbnve►tiile into gold at the will of the holder.—
The latter is not convertible into gold, but the holder
is compensated by a premium, in the shape of produc-
tive interest. And if Government, rather than raise
the interest, have urged the Bank to withdraw their
Exchequer Bills from the market, why then the Bank
have a claim to be protected from the consequences

This forenoon we received the Aiken:eine Zeitung to
the 10th instant, which contains the following contra-
dictory accounts from Greece:

,CONSTANTINOPLE, Luz. 10.

While the Greeks spread reports favourable to their
cause, the Porte announces that Ibrahim PAcba bas
taken from the besieged in Missolonghi an•army chest,
with 600,000 piastres; and that that bulwark of Greece
is reduced to the last extremity. Tire Captain Paella
is at anchor off Patras, and the Greek Am appears to
observe him there.