The enquirer. [volume] (Richmond, Va.) 1804-1815, 1810-01-30

i-CltCD, ulGef cate Ct the OH al sent. last,
(not April rs was by an error ue the press
inserted in MY first nur,hcr) acknowledges
lhas bank mites were At depreciation Of c0i
per cent. compared 10 the value OF the cur
sent ecin, and that not a guinea is to DC seen
IN copinol circulation. The idea Of the de
probation of bank notes had not as vet gene
rally spread in Eugland; it is the interest
OF those who are exchanging them for specie
to export, to keep the secret. in order whilst
they are working lheir depreciation, to keep
up their nominal value; in fact, nineteen
rwentikths or ali the people OF England. are
kept blind to the real situation u the coun
try or the finances, and strange as it may
appear, it is a truth that these who have the
greatest proportion oftheir fortune invested
in the stocks, know Feast about them.
1t will however, very socn be generally
discovered, that there is "a great difference.
between the intrinsic value of paper and
specie. When the people Of England are
told that gold TO the amour, of eighty pounds
IS worth one hundred pounds in bank no,es,
and that they can obtain that premium on
them for exporta,lon--they will upauestion-
ably give guineas the preference by at least
that premium, in the price Of any commodi
ties which they offer for sale. In fact goods
of every description. have long since aug
cent. in consequence Of the stoppage of the
national bank of England. and the augmen-
tation OF their notes. Bat now adj, ancc
will now prog -ess rapidly, when it is disco.
vercd that specie has disappeared.
i am not prepared to give an opinion, how
long It may be before the depreciation ma
teria!iy affects the credit on the operations
OF the government, but this know frc.n al!
former experience and precedents, that
when the depreciation OF paper once com
menced, ithad progressed with astonishing
rapidity, each person wishing to get out of
the scrape as fast as possible. When the
British minister borrowed money of the Lon
don Merchant, he does not receive specie,
he receives bank notes, and all the domestic
eXPences of the government are paid with
bank notes.-Foreign payments have been
made in specie when bills could not be neeo-
ciated alta favorable exchange. The foreign
exchange being now twenty five per cent.
against Great Britain, itwould hold forth
miserable picture of the State of the finances
II the government was negotiate at that
loss-they must therefore remit money If
money can be procured. and they have no
where else to look for it but at the bank-It
is well kncwn, that it was owing to the i'm
rnense sums in gold which the directors suf-
Tered Mr. Pitt (for which every man ofthem
deserved haltei) to draw out Of tie bank
unconstitutionally, in order to subsidjze the
king OF Prussia and the emperor of Germa-
ny to make war upon France, that the bank
was obliged to shut their doors in the year
17s7-lt is not to be presumed that indivi-
duals have been so credulous as to trust much
specie to their keeping, since that piece Of
swindling was practised on the pubiic-and
IL is well known, that since then the minis
ter and the bank directors, under cover of
the act OF parliament sanctioning their stop
page, have been in constant collision with
each other, and for promotion, &c have
supplied him with considerable sums.
From those circumstances, and from the
bank having so greatly increased The einissi
on OF their paper, it may be fairly conciu-
ded that their vaults are bythis time pretty
empty. We may, Think, draw the same
inference from sir John Moore's letter of the
18th OF November, 1903, to Mr. Frere, the
British minister at Madrid, as follows. a
letter from lord Castiereagil of the Cd, in
forms me that two millions of dollars are 10
on their passage to Corunna, bit his lord
ship adds. that the difficulty cf procuring
silver is such that must not Jock for a fur.
ltAer Supply for some months, and he i'm
PTssses tie necessity CO taking every means
10 pcocarirs money On the spot the expec,-
az arriSal 81 :he above sum fcom Epg,snd,
n,isC not therefore lessen YOUR cpdeavors 20
set whai yoa c. n iro.n Madrid," Another
letter from sir Joba Moore, to Mr.. Stuart,
secretary 10 Gr. f'ce:e, dated The 9th of
The sS,ne non;h, says" have rot shil-
llng, the hcusc you mention have money
but viii aot give it,
Another letter from sir John Moore TO tbe
same, dated the j 18th of December following
70 A-.lr q. -
it can be got at hundred per cent. we must
have it--do therefore send me some at anv
rate, and if Smith is still at Madrd, 7 wish
you would tell him that he cannot render
such service as by bringing money ut any
discount" here are extracts from letters
published in narrative of Sir Jonn Moore's
campaign in Spain, written BY his brother,
and lately published in London. 1 ms Ear
ratiye developes circumstances that the
ministers never expected would come to the
world. 1t has been written in consequence
OF some ungenerous accusations thrown out
against the conduct of Sir John Moore, by
the ministry, because forsooth he did not beat
the French and make Bonaparte prisoner
or like capt Mackheath, turn all his lead
to gold"
can by no means believe it probable that
the British government would, il they had
money, or had the means, or credit to pro.
cureit in Spain or in Portugal, send an army
OF 1orty thousand men to beat Bonaparte
without supplying them with money, without
which it is impossible for an army to exist in a
foreign country-if Lord Castlcreagh found
SO much difficulty in procuring two millions
OF dollars, how could three thousand five
hundred millions of dollars be raised, which
would be necessary to pay OF the natiorrl
debt, or how find three hundred and ffty