The Statesman.
London, England, 1810-09-21 00:00:00

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FR ItEATH 1 01411 KS -on tJe BUG LION
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We eirract the subjoined remark s'froni the Jour-
nal de 0-Empire, on their corresponding paragraphs
in th,e lieportof the Butlinn Coinniittne
•
" A geoetrii tine of all'pric6, a Ow in the market prire of
." Ocean& a Toll of•the foreign eitclianget; will be the eilget of
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"'an excessive quantity of eireu!a:ing medium in a country.

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" settieh has-adopted a currency not ezportablo to other coon
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" tries, or notconvertible at will into a coin which is export-
" a61e.".--Rfpoct.4 Button comasiegie;. page 8. •
Note. —lt will excite. laughter on the Continent
to perceive that the &sok of Louttun could indulge
an.orroneous.oliittion coo a question of such an eh:-

tnentary nature.
England has a paper-money; for a ;auk-note,
Which C 4111104 be exchanged at.pleasure, and at all
times for gold, is in reality paper-money. 44 suih.
tient. to cast one's- eye over the ,different States of
'Europe, to.be able to judge of the eUcia of paper.
money. - Tha ..effeet ,of It is., to cause gold to be.
sought after, and wholly to disappear.
Wiley i, only the representative sign of a certain.
portion of income; no State requires: more thin a
certain quantity ; And when that quantity
.is
ieedi3d, Vie sign is; 'depredated in,proporliun to ;is,
issue. - • •• • •
is France) we. had sisignats.• • • These were for_
some tithe at' peer', beeduse they: were receivable le:
paynteg4 for the purchase of national domains, The;
sales.of which were carried on with great activity..
During 'the time that the assignats supported their,,
value • they did not obtain ibis credit, because the.
pledge was solid, and equal to the quantity of as'.
signats issued'; but because the sale •of natienal
domains was oiganised, mid a great-deal' of them
were sold; which ' gave proportionate emplOy-
ment to the assignats : but • when the issneo were:
augrnetifid, the doprecialon became progressive.—
Their depreciation did not arise from. this, that the
pledge was no longer equal, in value to the quantity
of assignits issued; but simply to the rapittity of
the sales, which bore no longer a proportion•to the
quantity issued. The assignat was then depre-
ciated in proportion to the augmentation of the nu-
merical quantity, in such a way, 'that when several
thousand millions were- issued, .they no longer' had
a greater value than as many hundreds of millions
which represented the income of France for one
year.
In Austria, it has been observed, that the value
of their paper-money was exactly in proportion to
the quantity issued ; so that when they had exceed-
ed 300 millions of florins, which were the amoent
eeceisary for the circulation of Austria, what was
issued beyond that sum suffered a Tiroportionate loss.
Thus, when they had 600 millions of paper in cir.
• ciliation, the paper 'was at a discount of 50 per cent;
When there were WO millions, it 'was at a discount
of 100 per cent.; and successively in the same pro.
gressitin. • The valet of the objects is {Lich it eepre.
ieoted remained stilt the same.'
The same Observation may be made as to Russia.
England at the commencement of the deprecia-
tion of .hei paper eerrency. • The observation
plies also to her. 'ln proportion as her paper mo-
ney is4ugllientedsits Mani decreases ; it now loses
•1b and ifq pee ceitt;..tif :its value; arid' if the Bank
Continue to issue paper Money, that is, if it conit.
nue its discouriti, it is evident that • the paiier,pluat
soon be at a loss Of 100 per cent.
44 ACCOrding to the best itulgmint, your CallirOitee t+N been`
enabled to fonts, no sulkies* Nines!), for the Present., or secu-
rity fur, ti fintire, can be pointed out, except the tepeof
of
the law which impends the.cash payments of the Bank of,Eng-
inod../yport of Me Million Coninsiftee, p. 34.. • .
Nag: The C-Onimittee reasons justly. All
men who have reflected on the subject, think, with
it, Olt a ;Banii.note ought
.never to •be paper-
moneys that is, paper which you are obliged to
takes. that it ought not to reinain.n Bink-nOte;
but .whet it, can bg exchanged at . pleasure for.
money ; that the Oct of, Parliament which made it
uenocessary for the Bank tort.p4y in specie, created.
4, pisper-tnoney ; and tilat the remedy is to' render it
convertible fur cash.'
But has this Committee well reflected., ors what
will happee when. Batik-notes and etchangei, at
sight, for money The notes which: ate .depreciatn,
•conie to be exchanged. Theyhaveliotertl.
vulated,. that the mass of mutes: being tiiminished.4l,
a third, ,which rill go.to be esehlogeil .for •roOpey„
4uPposing the Area Sure Air the Bank sufficicet•ta pay.
this, thicd, the Bank itself will be paralyze 4 .and
unable In
_discount for a. long time.
be the fate.Of the commerce of Engittodo,ifitintieft
tg,eujoy this assistance •of Bank discounts J The,
batik, even, at present? discounts merkthan it
Wish* 'Weep) it is •preisstitV by the wants of
tOmMerce :beeitese commerce has': !if; iiinneuse
eittarttiff of goodil for i!hiCh..ll his
'the. encniiberer State of the ,warehottseyo
.obliged the merchants to.apply to the Bink for
Counts. if
the Bank continues to give discounts on'
Babel' Exchangafor this property,' instead of di.,
rtsinishing,iti Policr in circulation, it test augment
it.. If it do4s not augment. it,. . one.: half
.of the
Merchants *meat stop payment, and only
bed
able 't,) pay their creditors With hogshead's of su-
gary.; with coffee, -India goods, dr. In the mbar.,
rimed state of her commerce iiith the Continent,
'England having no other relief but -the sank dis.
counts, the very 'day
_when the Bank shall be
'obliged to pay iu specie, the pressure of the Berlin
and Milan Decrees. will be felt in all its force.
_ _

Agis was fitrarly ilitinisse4 iron; his sittiatinn or
Qoveriur of Cold Bath* Fields Prison, at a meeting
of 4110 Magistrate! of Middlesex, held Issttnight.
Three of the most cetebratod characters of the
usivet.to-be-forgotten French Revolution are HQ w.
enjoying (giant, but whether cat?: 4ignitato; is atio.
!het Auestion ; namely, M.,l3,titek!, the ti-devaist
Qi rector, at Brussels; Fob cm,' Duke, o(
Oiraitto, at Naples; and TaWirtta.)to;Cf-deeett
:Bishopq ;of Auttin, tlfre:atid tio*''Vrinee4oll3disetutl
Os at .boiltrau,uhniatte • s

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