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

Tilt SiAIiSMAN.

by the act of the legislature. Independently of the
issue of these small notes, the whole of the Bank
paper in circulation *as little more than fourteen
millions, an amount to which the Bank issues had
been carried previous to the year 1707. When,
therefore, the vast increase in the commerce of the
Country since that period was considered, and con-
trasted with the small addition which had been made
to the issues of the Bank, it would be found really
astonishing, that the amount of Bank of England
notes in circulation, had proved sufficient for the pur-
poses of such accumulated and increasing commerce
of the country. It had been truly stated from the
evidence, that the Directors had not abused their
discretion by any over-issue of their paper, with
a view to the profits that might be made in dissouot-
ing bills, In this particular, the conduct of the Bank
had been uniformly regulated upon principles of
prudence and caution in their advances for the ac-
cummodation of the commercial community. Even
the report admitted that they had not made any im.
proper advances ; and whilst such prudential and
salutary caution should be observed in regulating
the advances from the Bank, he was of opinion that
no ovcr.issue could possibly take place. With respect
to the state of the exchange with foreign nations, he
agreed with the Learned Genlcman, that the precise
rate of exchange must arise not so much from the
comparative price of hellions, as out of the circum.
stances of commerce. When these were favour.
able, the exchange would be favourable. Ile then
adverted to the amount of the debt due by the pub-
lic to the Bank, in Exchequer Bills, tkc.; and after
repeating his regret at not being able to express his
sentiments as forcibly as they impressed his own
mind, concluded by declaring, that ever since he ,
lied been placed iu the direction of the Company's
affairs, he had but one object, an object to which
be should invariably adhere while be remained in
the direction, viz. to promote the ioterest of the
Company to the best of his judgment.
Mr. PAYN (Banker of Bath and Wells) thought •
that the subject which had been alluded to was
of too much importance to be passed over with.
out some observations, which had not been touch.
ed upon by the Learned Gentleman (Mr. JACK-
sox). Every part of that Gentleman's speech
had his entire approbation. But the observa-
tion which he wished particularly to make, was,
that whilst it had been stated that Bank paper
had suffered a depreciation, it was desirable to
ascertain whether that depreciation was not attri-
butable to any other cause than that assigned in
the Report ? He had not himself had an opportu-
nity to read the Report; but he understood that it
stated that the circulation of Bank of England
notes was confined to London and its immediate
vicinity : and that the country circulation was sup-
plied by the country hankers. He was hiinself a
country banker, and consequently felt sincerely for
the honour and interests of that description of per.
sons. He was likewise one of those who, since the
restrictiou,shad opposed the circulation of any small
notes but those of the. Rank of. England in his
neighlateirisood. This oppolitieti he was induced
to give for this reason, that he saw persons cum.
silencing bankers, 'alter they bad so far lost their
credit id other situations that he would nut him-
self think it safe to afford them accummoda.
thaw. When paper issued by such persons gut
into circulation, he could nut help considering
it as the cause of the progressive rise which had
unquestionably taken place in the [nice of pro.
visions and other necessaries. The farmers and
manufacturers looked to what they were to ob-
tain for their goods, and put a higher price upon
them according to the risk they ran. This was
known to he the case with respect to the manufac-
turers of Sheffield, Manchester, and Birmingham,
who usually made a large abatement for ready
money. The farmer sold to the corn-dealer, and
he to the bread baker; and as the latter was general.
ly obliged to take payment in the low coins, which
were not considered as good security as the higher
coins, he was compelled to pay a higher pave for
the corn, and to put a higher price on his bread.
This was the real cause of the evil ; and though he
could not mean to disparage country bankers, a hilc
persons of the description he had alluded to were
suffered to carry on the business of bankers, the
evil would continue. Ho agreed with the Learned
Gentleman, that it would not be safe to resume
payments In cash, whilst we had a foreign ex.
penditure. Individuals would be found to buy up
guineas, and make them the object of commercial
speculation if cash payments were to be now re.
sawed ; and guineas would, in this instance, as ea.
pidly disappear as in the year 1'97. He entertained
the same opinion on the subject of an issoe'aft silver
coin, according to the old silver otaisdird.
felt it a duty to submit these* ebserrations to the
Consideration of the Court, he had Onl7- to •add,
that in his opinion it was nut possible, in the exist.
ing circumstances of the Coentry,' Ica make issues in
specie.
The question was then put, and unaniinoasly
agreed to, as to the amount of the dividend. It
was also proposed and assented to, that the diii-
dend be paid without deduction of the property. dUty-
The Court then adjourned.

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THE STATESMAN.

is dated from Paris, September 9th, and commnai.
cites instructions rclitive to the execution of o
Decree, not yet received its London, bearing datet
from St. Cloud, the 31st of August, which, we
are informed, orders that certain vessels, with li-
cences, shall be allowed to import into France Ira-
.
nous articles of colonial produce enumerated, on
condition that they shall export from France grain,
meal, oil, wine, and brandy, of a value equal to the
urges so imported from Great Britain.
The directions are extremely complicated and pro.
lit. In order to ascertain with precision that the
export and import cargoes are of the same value, it
is proVidcd that accounts current shall be kept of
the wetth of each of them by the Custom.house
Ageats at the respective ports from which the yes.
eels shall take their departure. The ships obtain.
ing the licences are to catemence their voyages from
France, ana export ',cargo previous to their ap.
pearance with a loading from • foreign port. If
the. value of the import shall exceed Illat of the ex.
port cargo by one.third, the one:third is to be
placed in entrepor until experts to that extent
shall be made, whiclibeing done, the parties are to
be entitled to the release of the one.third so in en.
(repot. Bonds are to be given by the merchsints in
France, for the excess of the impart above that of
the export from Francs so deposited in entrepot.—
Each ship thus employed is to be furnished with a
certificate, and other formal documents, from the
Custom.houses, stating the value of the export and
return cargoes; and if fraud or collusion shall be
discovered in any of the documents thus provided,
the cargo is to be subject to seizure and confisca.
tion.

Some additional letters have reached us from the
Rio de la Plata, by which we learn that three of
the Judges of the Real Audiencia, and the Fiscals
of the Civil and Criminal Courts, accompanied
CISNEROS, when he was disposed of on board the
Dart schooner, destined for Cadiz. It is asserted
that the determination of the new Junta to get rid
of these Functionaries arose from their interference
a ith the Provisional Government, and from their
endeavours to excite dissatisfaction among the
people. The Viceroy was allowed in his retirement
an annuity of 20,000 dollars, which was equal to
half his salary. The Regent, who from his office
succeeds to the GOSernment in cast of the death
of the Viceroy, and wile was President of the
Res! Audit-meta, we! allowed to remain at Buenos
Ayres, not only on account of his age and intinni.
ties, but from the general approbation of his
conduct. The opposition at Montevideo to the
new order of things was attributed entirely to the
interference of the Spaniards residing at BlieflOS
Ay res.

We understand that thstiiiiiadrit of a Royal Veto,
in the nominatitin of ROMAN CA+IROLIO Wore,
and other DIGNITARIti, is tlelt abandoned, tint.
withstanding all the oppokition which has been
against it in Ireland ; but that It is to be broognt
forward in an early stage Of the next Sessions of
Parliament, on the strength of the English Roman
Catholics. We take this opportunity of assuring
our readers and friends in the Sister Island, that as
we are possessed of the means of gaining the earliest
and most correct information of whatever relates to
this most important tittestion, so we will communi.
cafe it with that fidelity and spirit of Independency
which, we trust, those readers and friends have uni.
formly remarked in the columns of Disc Statesman.
At the same time we are obliged to add, that this
has not been the line of conduct pursued by some.
of our rivals, professing a great devotion to the
interests of the Roman Catholics of Ireland.

We havegiven a Report of tho proceedings of a
Meeting of the BANK PROPRIETORS yesterday, at
great length.; and we seriously call the attention of
for Readers to every word of it. They will find
lid, these proceedings a curious circumstance, that
iitteld be ,really amusing, if the whole affair were
nota very serious one. They will find an Orator,
~get up, to defend the Bank, and see him give it
wound in almost every sentence. They will find
the Bank Proprietors applauding a man, who
,wat letting all their secrets out, one by one,
stripping them of all their coverings, and leaving
'them naked to, abide the approaching storm.—
They will see a man, whosobusiness it is to plead,
and ought to know some of the means of defence,
they will behold him arguing upon a plan that ex.
poses all his clients' weakness. In short, they will
peruse as ecolneht a piece of absurdity as ever was
devised to sake men smile. Our Readers are to
know that these Gentlemen, the Threadneedle.
street &metres, matt° declare the 'dividend upoh
their prdflts for the neat qu.orter, which they
fixed (having nobody to contend with on that
score) at 10 per cent. It would puzzle one
to find_ out how they dame to the conclusion,
that they have toper cent. profit to divide, if they
de not take part of their capital, or issues, into
the account of profit, if that phraseology can be
made consistent. But we have something more im-
portant to do with this Meeting than to attend to
thiepuzzie purse. On the motion, for the 10 per
cent. divideml made by the CHAIRMAN of the lit.
wrong, Mr. AattsAt JAcatsoN arose, and spoke
a Wog while) and CO most pathetic consequences'