Star.
London, England, 1828-07-04 00:00:00

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• . FRIDAY EVENING, JULY 4, 1848
" • [P&uE tiv,vEspENcY. • ' ' .
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land, that a chain of bias would bar e ;inhaled u. on
the frontier, and that the Act of the year 1826 wooial Re
rendered completely abortive. In the necessity of the Act
ni 1828 he fully agreed. It Was a income of Lord Liver!.
pones Government, and circumstances had net. r ed to .
show its necessity. He did not found his Approbation of
this Acs upon literary. but upon experience, which bad
comp' ttly contradicted thetheoty of.' former Commit,
tee.that all was site loog as tho pa per its circulation was
convertible into gold on demand. The same expetience
had esteblisbed the truth of the opposite theoty, that
small ni tars and goliswould not circulate together. On
the grounds he had stated, be had no doubt of the ex
pediency of the measure. A Notle Friend of his had
said the other night, that the suppression of small notes
had inflicted, and would inflict, the gteatest evils up ,
the counti y ; buthia Noble £. lend had omitted toitouce
the evils which bad arisen from the lot met system.
when at the same time one-fifth of the bankersthrough.
Out the country had stopped payment His Noble
Friend'spokerif the quantity of capital they were shout .
to extingoiui ; but he forgot. to sty. that it seat .fieetioua
caPiiiii.e.
_ad had redly no other effect than unfairly and
Danatusal Co enhance prices. There was ito want of
cefirei an • ngland: this was proved by the prices of the
fiuids, Ind items proved tiy the fact that there watt
undert.kipg in the goad, ts bich promised a reasonab!si
retort', in which an abundance of. English cap tal was
not always ready to be embarked. To give activity to
this capital nothing was required but a iestoration• of •
confidence, and confidence.would not.be fatty testored
artless they were to establish a sound and sectile. tor-
rency. Ft Might be said, if the Measure is gond for
England, why is it not also good for Scotland ? To .
this he would answer, that the banks of the two court- .
hies were different. He did not mean to say that the
Scotch banks were better then many English countly.,
banks; but they were fonoded upon a difflretu batiks,
and upon a basis which was not practicable. in, this
,country. Their mode of conducting their tsunamis aiat,
different also, and was of a nature to make the wholienfi .
the banks c.f the country operate as a ch.ck. uport,each
individual bank. But what was of mote impatience
eyen than the distinctions he had pointed out, the .
note circulation bad, been found by expariepie to, be
upon the whole beneficial for Scotland. He Would
however, iithissmali note circulation in Scotland could
be safe without the existence of a firm; enlist :
secure metallic circulation in England?
not tbe. metallic cirtulation of England aniObirtreasi
sures of the Bank of England es a resource .
•
emergency, the necessity would soon become asilitiler7or
recurring, with respect to Siotland, also to tl tatinaistit'
tit 1826. The only question then that to lathed
as to the means of the country to. accomplial.ino,.;.:
sore of 1826; bud he would abei in ilieir.loo,4lrieks.l
by the best cikulations that could be.mudea-isc
~..n
boas in which. he admitted there might.be
of error, but on which he.confides.t: y neirettheli;
'leas as en approximation to the truth, that Wlll,oa.
difficu'ity and no danget whatever, and that the cola if,
was amply provided with the meant at accusiglitdriiig
the important objett• the Act (.f 182 ff bad in 'view.
From tie quantity of Stamps iutted in iti.t ordain yours,'
and furob the average itbratieirwhane.assii two, posuad
, notes, tie-calculation woo that f note!, of this descrip-
tion there existed in 1825, to the amount of 9,737.18.51.
Of that amoulit 1,70tf,0901. were Stomp 'cares, besides
a quantity of uostamped paper hi cis citation tn..Skot-
land. In England the, ammo( in existence its 113115
,
would, upon this calculattwailwl3,ooo‘,(GOL . . Of. that
quantity itwes generally good that onerfilth was.
held in-resetve.
elt was. els° tine that one-11..*Cittba •
&Mks then in existence broke. and their notes
course extinguished. From, them citcurnsisificitsyasir
from the amount of notes withdrawn fram.citsith Joy
by the Baoka which remained solvepti. it' kir* jib
much to conclude, That of the amount DiA tfilkiNtok.l
small notes in existence its 1826, s.•7oo.dollialicid *Ze
withdrawn trove circulation or Cancelled, 'ail-4'l4;4'th*
amount now in circulation. was reduced 'to t,*() (10N.
Now it Inuit be observesiohat some part of these mike
according to the calculation be had adopted, have bean
in circulation ever since the year 1822. A fUi pier
initiation on account of wear and tear, which fie thought
he should not overrate if he . took it at 500.004 was
therefore to be made, so that it would be seen upon the
whole calculation, that the amount of small notes now
in circulation mpst be very inconsiderable. The means
of the country to accomplish theobject iii view wri4d.
appear in e, still clearer light if. trey iEo red tl a
amount of the small motes remainintio, circa I:llvritlf
the whole currency of the country. andAi they !B cr
compared it with the amount of metallic current y e
actually in circulation or provided by barikcifir*i ene

Jl
Accounts from Ccernowitz, of the 13th Jone, say
that the Prussian Geuersl, Isi•lslitz, and the Officers of
his suite. arrived there on the 11th. in tre evening, and,
on the Mt, in the morning, procee.ted on the.way to
Jury. The garrison of Wallow has lately inadea
on which occasion.6oo Turks were take,' prisoners.—
The action is said to have been very warm, and the loss
of the Rossi .ns not inconsiderable. The besiegers, who
have effected several breaches. have now got so near tite
tptifications. that they ire side from the fire of the
Turkish batteries. The surrender of Mallow is sup-
posed to be at hai.d, because the liussian troops cio the
right bink of the Danube havemetropted the commit.
'mations of the garrison with the opposite bank of
the river. .
Letters from Corfu, of the 23 of Jtine,sai that a few
days before a Turkish ship. accompanied by a French
ship, had arrived from 'Nayarit,. A Turkish Envoy on
board the iormer had several conferences with General
Adams and Count Guilleminot. and it is reported. tbatl
be declared, in the name ofibrahina Pacha, that if aim-
Allied Forces continued to prevent the 'importation of
provisions into the More*, he should he obliged to lay
waste the country. The ttlio vessels have sailed again,
but the result of thy neoiiations with the Envoy has
not tt 414,44,

• 't• • IT. PETERSBUIiqn, luxe if.
TI Dann has been perfiwaied to-day to the chapel
of the 'ramie Palace, in commemoration of the passage
of the Danube by our troops on the B.h of Jane, *lnd
the victory gained on that day. The Empress Mother,
the young Grand Duke Alexandet. the Hereditary
Grand Duke audD.iche,b of Size Weimar, the Pri,:te.s
Atlgu ta, their daughter. tie Nlerubeis c f the Council,
the .vlnosters,the ForeignAmba•sadors,&c. were present.
A supplement to the Peter:burgh Journal contains the
bulletin Irons the camp of Surasinow, of June Bth.

LISBON PAPERS,

-.. -41■•••--

LTSBON; Juws IS.

• Letters from Castello Branco of the LOth inst. state
Ithat on the 3d, a corps of Royalist Volunteers of 600
*en occolied For noid'Algordras, and marched towards
Viseu. At SAuricti da Beira, there was another birailar
corps of 500 men, which intended to match to the neigh.
.bowthood tf Almeida.

. We learn from Covilha, that on the sth, it being
Icisnwn at. Manguaide that 10 chasseuts. 200 infantry.
and. 23 cavalry, acre marching to attack the Royalist
GOV ilia, which was at that place, a smart action nos
eeriest, rn which the ftlyalists put the rebels to flight,
who left five or six killed and five pawners, and that
it was certain they had abandoned Visas. The Royalists
intended to pursue the enemy.
A Supplement to the Gaulle contains a fetter stating
that his Royal Highness ihe 'titanic Regent had ordered
that the proceeding's against the perpetrators of the as-
sassioation at CetNitiall should be carried on with the
greatest expedition. and that great scandal had been
caused by the delay; after which it proceeds to show,
that the complaints made on this head are ill founded ;
and the writer begs tisat his Royal Highness may be in-
formed of his statement, which, he hopes, will show that
no unnecessary delay has taken place. A reply to this
letter states that his Royal Highness is Satisfied on this
subject.
JUNZ 17.—Among the naval arrivals Aate a Portu-
guese galley, Don Alfonso, in 55 days from Bahia; the
Puiruguese brig. May 13, in 87 days from Rio; and the
English frigate Galatea, in nine days from Portsmouth.

pro.. ay
them gradually to withdraw their small tuxes cif.
colation. •The whole currency of the country amounted
to about 65,000,0001. 01 this 55,000,0001. consisted
of Bank of England and Couniry Bank foie , and die
rest of metallic money. The oOniber of sovereigns
.in
circulation was about 22.000,0004 and the amount' 01
silver coin about 8,000,0001. The N.ble Duke Wm"
entered into some detailed arithmetical calculations, to
prove the accuracy of his Asttnseni. lie concluded by
expressing his confident belief that there was no ground
whatever for apprehension, and that the country could,
without the least difficulty or guy injury to ill Mimesis,
.accomplish the objects the Legisjature had in view.
The Earl of .CARNAIt VON was glad to .heal the
NOW* Duke express so !perch confider:ice in the veseuitves
the conettf.• liis did pot doubt these resobrees but
he should have wistsedtiiiif themidevoted to some more
benekial purpose than thaftri this torollari to this Act
of He was not one oiiiithe who epproied cf
Band ItestriLsioo Act, but he litisst ootiitend that stria

LISBON. Jeer 18.
• ,
A Supplement to the fiattatie having stated from pri-
•..te letters that some successes had been obtained against
rebei s, says--'• The most recent accounts affirm that
the rebels were beaten at Penafiel by the Generale .of
the North, on the 10th ;' and it is to be belie►ed th.tt they
would immediately enter Oporto, abandoned by the te•
bels, as may be eolletted from the two following
DISPATCHES:

depraved aysiens of circulat on hieslg- Only establiihred, •
it would have been wiser to have ill4it.amuse as 'they
were in 1816, than by improiing #. the sue-
fancy to enhance vie real anuidot iiihyn • %he great
claims Wbich. bad been cleated' nytetisses4b* *sett*
during the *sr. We itlighrthola4 to
11141/114ill an effective Seidl/etc rood • foi .the.tfilanjittes-
of oar enormous debt. The DutatialdFsliatiat
would be .bet let to:. a bolish the -seu4l iotsstc of
Scotland, than to leave our northerbatoleestates lug* tO
be. uvetspread by the*Scotch stir*. b. Ise his sisess!ou
this dread of a new kind of lova,* of the Pitt:4nd
fic44t Mai akoKethet f nded. Tbe easy Seine kvioti id
not issue their Aptloll rester transbers than wit Ail,*
asespatible with their etedit iced sec of 1%1. Res II si*
OM Was good tvr,fttotbsnd, why should eCnot::batellC
40 *idly,!ineliesse4 iu •E anti.? -With-reaptet.
atitgaleutatst: ttrir samll oixasiablOcat,atithr4eotiaeglWA
iileMititeq-ibirsoatidetabli saditt*Witifillililiatil• •

" I have the satisivenon to 'inform you that the Rebel
troops that were at Pen.fiel were beaten to-day by the
Generah of the North and of- the Province of Oporto.
Mho, it is. probable, have by this time entered that city.
The Clinstitationahsts lost in the attack a number of
prisoners. honer and ammunition.

(Signed) " A GOSTIN*IO LUTZ DE FONSECA,
e Livut..Ges, of the Royol Army and GomPrufar of the Province.
I" Head•quarters in Lamer, Jape it, lets."
" I inform your 41cellency that tranquillity continues
plevall iq this.city and the whole district.
To.day arrived at P.agalos, the reinforcement for
the division of the Viscount de Paiqueira, which marches
the day before Yesterday to Auoiso. This reinforcement
consists of the 7th regiaseat of infantry, sth of cavalry.
and a park of artillery. Upon° MUM now be occupied
by the Gaseralvot tbe.papainces, because it as aban-

•~.~n.