The Statesman.
London, England, 1819-05-25 00:00:00

tsfik4effiritere obliged to tele Olt. Pi y mess Is
le fdergelkthe rate of ,Offht. at Oven owl
disteet genibilb (riles each ether, is February 1870,
in Octobei-le2o, sod at equally distant end soh...
wand periods, sorely ell inconessionce would be com-
pletely avelded-by their sp>ortioniwg the sewn they
obtaisted Ire& the Govetemeet set the purchase of
bullion with the nue half, and the keeping op their
;altos with the otter. The Gnvernment proposed to
pay diem 500,0001. at each instalment; so thin any
centractiest of their issues need sot late place because
of their paying their notes in bullion or in coin.—
The price of gold should no doubt regulate the issue,
tif the Bush ; bet if the objectless to payinght geld
was well (needed, because it was then 41. Is. per
ounce, efoitiori, geld would never be paid et oil, if
reduced to the old standard price of 31. 19s. per
ounce. There also seemed a grist apprehensions of e
considerable drains open the Bank : but If the House
looked at the periods between 1774 and 1197. whets
the Bank bound down their paper. and regulated
their issues by Ilse price of gold, which *met
esceeded 31. 171. dd. an ounce, they would find
a. incoovenierice resulted to the Bank or to the
Public. Whoa they were obliged to pay in
gold, they did se. but the price of gold never
increeseil le ecoiseqeence of their paviug it. If a
person had 2501. in notes, be had a right to dewed
Mho. of gold bullion at the regulated tosadard plies.
By the regulations if the Mint, 44 guineas were
coined out of every pound of bullion, and fire times
that sum could be diteasederd, or GO minces of gold;
end in despite of ell the laws 'visit the et-
poriation of that article, every body knew it was
mot out of the kiegdoes whenever there oh
cerred such a variation it its ;Ate as to aford
• temptation to the copitelist or speculator.—lt
was said the revenge and trade of the country bad
greatly increeeed,aod that a corresponding incurs's
is. Inc currency became necessary ; that private for-
tunes h.td also increased, and that, as a jest infer-
tome, the timelines of the currency should keep
pace with them. Bet that be dottier!, and should
I prove by en instance an illustration of Lis position,
that it had an inverse °pennon. If they compared
two different puled., as to teatime and circulation,
namely, 1792 and 1809, a period (1809) when there
was 110 romplaloi of a dekient circulation, and ino.
mediately previous to the appointment of the Bellion
Committee, they would fled the circulating me.
diem which, according to their theory, should
hare increased, had actually diminished, and
thereby completely upset the doctrine of those
persons who contended that an increasin; reve-
nue ilemeolleri an increasing circulatiog mediae'. la
1192, the We Lord Liverpool calculated there was
Gimlet 30 millions of geld in eircelation. H• shoot('
*appetite it even five million less, as it merle the ergo.
meat anomie, spinet him ; there was I I millions of
Bank-notes, or a gross circulation of 30 millions
The Interest of the Nanette! Debt in 1702 was nine
millions; number of vessels employed was tee thou-
sand, and the °idol vales of the commodities trans.
potted by them aimless millions. Tn.* if they
looked at the 'mould of the interior t of the National
Debt is 1809, they would see it amounted to thirty.
one millions. The reeds employed were a third
greater, being 15.000; tied the official seine of the
goods they carried oetwards, had increased one half
more, and amounted to nearly 30 minutes. So that sc.
cording to the doctrine he bad before alluded to, an in-
c rease of the cites tenni media must Mee increased, sod
the veleeof gold have increased,but neither wee the fact.
In 1809, 19 minutes was the aliment of the circu-
lating mediae, and it cautioned to discharge an im-
mense 'elation, en increase of trade, eselasive of all
its other *rotating' between men and man, that could
not be made a matter of calculation. Such facts de-
stroyed at once the theories he bad mentioned ; but
it would be diffirelt to have accounted for such an
occurrence, if it wets set for a deceitful oboe% had
been produced is another place—a document
o' inestimable value, and one which threw a new
end convincing light on • very dry and compli-
cated 'object. It shoved conclusively how im-
proper it would be, essoamst other things, to
prescribe any lined end tortsis limits to the is-
sues of the Bank. It showed the celerity with
which mercatitile transactions had been dispatched,
and bow three times the business oat effected, which,
ender different circemstaaces, coultl cot hare been
goes through. It contained an account of the
notes issued from the Bank of various denominations
or amounts, with a view to lain how loag
each mote had remained in circulation for two defer-
ent periods, the first of 1792, and the second that of
1817. The total outolotr of all the notes iassed
179.1 was 819.000, sod the amount of all the trans-
actions they discharged, of trade, revenue, &e. was
874 millions. In 1818, the total member of all sates
issued by the Bank, discharged transactions of a
public nature algae, to 232,44,0001. more than in
1792. The progress of wealth arid refineener.t, have
this IA Sercantile concerns as well as in other cases,
operated greater facilities than formerly. lo 1791
there were 40.000 notes of 10001. each in tirade-
anon, discharging an utmost town to 40 millions.—
in 1818 therm were 111,400, sod the annual of the
pecuniary transactions they represented was not less
than 111 millious, esciesive of what they operated
between iodrvidert and individesi. In 1794 they
resonated out 136 days—in 1818, 137 dais. It Mss
said by moiyaehe wished to recite to a metslile stand-
ard of value, that a variable standard 'meld mime the
nation to great a od intelerible incosmoulence.Theysaw
for 11 yarn, they hail been able to go on without a
metallic cermet", mad that it would be doegerooa to
adopt it at the rodent slay. The old rineiple west
that gold should hi the sienderd, sod Bonk-note%
by certain operetioes, bo seed* to eporoech k as
nearly es possible; bet the wow principle coneeedMl
for woldal ga to establish gold on a per whb paper.
The restompstaw of Cash Payments would watt, In Me
opitiiama tooducte that effect in the 'echoers so
often aid so tench dreaded from it ; nor Could the
tlebesemrot of our coin protect it from espertstion.
The foreigner would knew what rreecoity of alloy it
contained as well as we did 011rifier.1‘ and his spa.
silitiow in its peaches@ world, of count, be rest-
Sated by the waste of the Continent to preemie it, ov
the facilities free its price at home, of -being able to
recent ham it a profit. A filed siondsrd of value
was necteeary fee the secerity of the ceeotry,
and the security of the public creditor.—Re-
turning to tko muting stem/era would do so in.