« ForrigeFortsett »
see the enemy driving in the defenders of, who, therefore, are coming up upon us, their out-works.
or, rather, against us, with a pack of reme
dies, wishing at the 'same time to evade JUBILEE Dollars.- -What effect the the tax upon Hawkers and Pesilars.proclamation of the Bank, by which Iu this little paragraph we have a comthis precious commodity was raised to plete view of the minds (if minds they 58. 6d. have had upon the conduct of men, nave) of the men whose interest it is ta. in regard to the circulation of coin, the support the paper system. And, do they following facts will serve to prove. believe, that alle people are to be made The first is copied from the MORNING believe this? Let them believe it. It is CHRONICLE of the 19th instant, and is in well. The time will come when if they the shape of a letter '1o the Editor :- lave not a just estimate of their own ca“ An acceptance of mine became due yes. pacity and worth, other people will.. “terday, for 421. 18s. 3d. and I sent 431. The next paragraph I take from the same " in Bank-notes to the Banker's where it | news-paper of the 23rd instant, and a very " lay, to pay it; but because I did not send curious one it is :-" A prisoner con~ 183. 3d. in Cash, and they would not “ fined for debt in the Marshalsea prison, “ give the odd 1's. 9d. in change, they sent “ applied to the Court for his discharge on on the notes back and when I came to Friilay last, on the ground of his creditor “ town this morning, I found the bill bad having failed to pay him his sixpences " been noted. This is a circumstance, I in a legal manner. It appeared that “ think, should be made public, as a cau- " the creditor had tendered him three “tion to those who are in the habit of shillings and a piece of silver resembling “ giving their acceptances, not to accept " what nos passes for sixpence ; the latter, “ for other than even sums, lest they suffer “ however, upon closer inspection, ap" the disgrace of their bills being noted, “peared to be a foreign coin. The " from the want of small change.' « Learned Judge being of opinion this This, there is no doubt, was put in by some 's was not a legal tender, according to the one who had an interest in preventing the " act which directs that allowance to Silver from being forced away from the " debtors should be paid in the lawful coin banker's. No Banker would have noted “ of the realm, ordered the debtor to be disan acceptance under such circumstances ; charged." ----Sharp's the word! How and, therefore, we must regard this as an many trials; how much litigation; what indirect mode of persuading people not to uncertainty, will this state of the currency draw bills for uneven sums, in order hit give rise to! We have seen the beginning the Bankers might be saved the expence of of it; but, who is wise enough to guess at change silver. The following is taken the end?
-The two following passages, from the samé news-paper; but, it is ma- the first from the Morning Chronicle and nifestly a circular, it having appeared in the other from the Times, both of the all the daily London papers :-—" For some same date as the last, should go together; “ days past a number of persons, who have they should stand side by side; but, I “ been hourding dollars, have culled on shalt place them directly after one another, “ Bankers, Merchants, and others, offering and beg the reader's attention to them. "s to provide them with change on giving them The first treats of buying silver coin, “ a certain profit. This the Bankers have and the second of buying gold coin.--"* tery wisely rejected, and it is with pleasure “ We recommended some time ago to the “ we can announce, that in the course of a “public-offices to se: the necessary ex. “ few days, the Bank will make a fresh issue ample of transacting business with as u of dollars, and we trust at five shillings each,
“ little silver as possible ; and
little “ ample and suflicient to supply the pre- “ indeed would suffice, if the four_great " sent scarcity of change. Bankers, mer- “ revenue departments of Customs, Ercise, "chants, and shopkeepers, have only to “ Stamps and l'ost. nffice would accommodate " determine to resist, for the present week, “ those who have to pay parts of a pound. " the speculations which have aggravated « But we lament to hear, that it is the cus“the present artificial scarcity of silver, “ tom in some of the offices, not only to " and in A VERY FEW DAYS THE EVIL WILL " refuse to give change, however small the " BE REMOVED.” – Bravo! This beats “ fraction may be, but that certain clerks the Scorch Reviewers, who, in their eager
ARTICLE, AND hunger for place, cannot endure the idea “ SUPPLY THE BANKERS WITH SIL. of an end to jobbing and corruption, and « VER AT. 31. PER CENT.”--Now,
« are DEALERS IN
reader, when you have well considered ) gives 258. 6d. His profit cannot be supthis, look at the next paragraph.- posed to be less than 1s. 6d. and this “ Yesterday a person, who lately acted as brings the guinea to 27s. Indeed, the “ guard to one of the mail-coaches, was Doilar passes, in some places, for os.
apprehended, and carried before the Lord and, in that case, the guinea is worth Mayor, on a charge of being a comnion 293. all but a trifling fraction. As
buyer of guineas, at a price above the legal to 'this Dealer, his case is exactly the " value. He acknowledged in the course same as that of De Yonge, who, though " of his examination, that he had pur- found guilty, has not yet been brought up " chased several guineás, which for judgment.
Indeed he demanded a “ found on his person, at the price of one new trial, which was only deferred, because “ pound five shillings and sirpence each." the question was to be argued before the We are nut told what was done with this Judges. So that, what the venal man of Gentleman. We are not told how the Lord the Morning Post has been publishing Mayor decided' upon his case, which is a against this gentleman only serves to show, second De Yonge's case, except that De that stupidity and venality are still, in Yonge bought puper, and this man sold the case of that paper, inseparable compaper ; for, it was the paper and not the panions.--For a long time I was ancoin that was, or that could be, the object of swered by muddy-headed pamphleteers, purchase or sale.--In my Number of who, like Sir John Sinclair, said, that a the 27th of March (sce page 737), I shew- pound note and a shilling would buy as much ed, that, if gold was worth what it was bread as a guinea. Will they do it now, SiR then said to be, namely, 5£. an ounce, the John ? No: tor you may get 25s. 6d. in guinea of full weight was worth 278. I paper for a guinea from this dealer ; and explained this very clearly in that page. surely that will buy you more bread than a -This dealer, it seems, gave only 255. pound note and a shilling ? The day for hoodod. but, then, he had bis profit to make. If winking is over. It is gone by; and never the dollar be worth only 5s. 6d. then the to return!-- -Below I insert MR. HOR. guinea is worth no more ihan 253. 6d.--- NER’S RESOLUTIONS, which are now The real sterling value of the Spanish Dol before the House of Commons, and upoa lar is 4s. 6d. and, at that rate, the real which the discussion is to take place. value of the English Guinea is 21s. but, if I beg the reader to look at them; but I you put the Dollar at 5s. 6d. you must, of have, at present, no room for any remarks. course, raise the guinea in the same pro
WM, COBBETT. portion. It is a plain question in the State Prison, Newgate, Tuesday, Rule of Three, or Golden Rule, and is April 23, 1811. stated thus :
If 4s. Od. give 5s. 6d. what will 218. ?
Or, reduced to Pence, it is stated and 22 April 1811, worked thus :
RESOLUTIONS If 54d. give 66d. what will 252d.?
1.-THAT the only Money which can 1512
be legally tendered in Great Britain, for 54)16632(308
any sum above twelve pence in the
whole, is made either of Gold or Silver ; 162 ...,
and that the weight, standard, and deno
mination, at which any such Money is 12)308
authorized to pass current, is fixed, under 432
his Majesty's prerogative, according to Answer, 25s. 8d.
2.-THAT since the 43d year of the
reign of Queen Elizabeth, the Indentares But, the Dollar is worth more than 5s. 6d. of his Majesty's Mint have uniformly die therefore the guinea is worth more than rected that all Silver used for Coin should 25s. 8d. And, that it sells for more in the consist of 11 03. 2 dwth of fine Silver, and end is very clear from the fact above 18dwis. of Alloy in each pound Troy, and stated, that the dealer, or middle man, that the said pound Troy should be divided
into 62 Shillings, or into other Coins in / parts of 5 dwt. g ers. of Standard Gold that proportion.
for each Pound Sterling, specified in the 3.—THAT since the 15th year of the said contract; nor in Silver Coin, for reign of King Charles the Second, the a sum exceeding £. 25. unless such Coin Indentures of his Majesty's Mint have uni- shall weigh in the proportion of 33 of a formly directed, that all Gold used for Pound Troy of Standard Silver for each Coin, strould consist of 11 oz. of pure Pound Sterling specified in the contract. Gold and 1.02. of Alloy in each pound 8.- THAT the Promissory Notes of the Troy; and that the said pound Troy should Bank of England are stipulations to pay, be divided and coined into 4.4 Guineas on demand, the Sum in Pounds Sterling, and one Half-Guinea, or into other Coins respectively specified in each of the said in that proportion.
Notes. 4.--THAT by a Proclamation of the 9.-THAT when it was enacted by the 4th year of the reign of King George authority of Parliament, that the Pay-, the first, it was ordered and directed, that ment of the Promissory Notes of the Guineas and the several other Gold Coins Bank of England in Cash should for a therein named, should be current at the time be suspended, it was not the intention Rates and Values then set upon them; of Parliament that any alteration whatviz. The Guinea at the rate of 21 Shillings, soever, should take place in the Value of and other Gold Coins in the same propor- such Promissory Notes. tion : thereby establishing, that the Gold 10.—THAT it appears, that the actual and Silver Coins of the Realm should be Value of the Promissory Notes of the a legal tender in all Money Payments, and Bank of England, (measuring such value a Standard Measure for ascertaining the by weight of Standard Gold and Silver as value of all contracts for the payment of aforesaid,) has been, for a considerable Money, in the relative proportion of period of time, and still is, considerably 1570 Pounds weight of Sterling Silver less than what is established by the laws to one Yound of Sterling Gold.
of the Realm to be the legal Tender iu pay5. THAT by, a Statute of the 14th ment of any Money contract or stipulayear of the reign of his present Majesty, tion. subsequently revived and made perpetual
11.-THAT the Fall which has thus by a Statute of the 39th year of his reign, taken place in the Value of the Promise it is enacted, That no tender in payment sory Notes of the Bank of England, and of Money made in the Silver Coin of this in that of the Country Bank Paper which Realm, of any sum exceeding the sum of is exchangeable for it, has been occasioned £. 25. at any one time, shall be reputed by too abundant Issue of Paper Currency in law, or allowed to be legal tender, both by the Bank of England, and by within Great Britain or Ireland, for more the Country Banks; and that this Excess than according to its value by weight, has originated, from the want of that after the rate of 53. 2d. for each Ounce of Check and Controul on the issues of the Silver.
Bank of England, which existed before 6.—THAT by a Proclamation of the the Suspension of Cash Payments, 16th year of the reign of his present Ma- 12.—THAT it appears, that the Exjesty, confirmed by several subsequent changes with Foreign Parts have, for a Proclamations, it was ordered and directo considerable period of time, been unfaed, that if the weight of any Guinea shall vourable to this Country, in an extraordibe less than 5 dwts. 8 Brs. such Guinea shall" nary Degree. cease to be a legal tender for the payment 13.-THAT, although the adverse cirof any Money within Great Britain or cumstances of our Trade, together with Ireland ; and so in the same proportion the large amount of our Military Expendifor any other Gold Coin.
ture Abroad, may have contributed to 7.-THAT under these laws (which render our Exchanges with the Continent constitute the established policy of this of Europe unfavourable ; yet the extraRealm, in regard to Money), no contract ordinary degree, in which the Exchanges or undertaking for the payment of Mo- have been depressed for so long a period, ney, stipulated to be paid in Pounds has been, in a great measure, occasioned Sterling, or in good and lawful Money of by the depreciation, which has taken place, Great Britain, can be legally satisfied and in the relative Value of the Currency of discharged, in Gold Coin, unless the Coin this country as compared with the Money tendered shall weigh in the proportion of of Foreign Countries.
14.–TUAT during the continuance of the country, and they exercise the power the suspension of Cash Payments, it is the of limiting or extending the issue of paper duty of the Directors of the Bank of Eng. | according to their discretion ; I say if that land to advert to the state of the Foreign epoch should ever arrive, it may be conExchanges, as well as to the price of Bul- siidered as the signature to the death-warlion, with a view to regulate the ainount of rant of the Bank of England. -The genetheir issues,
.rality of writers upon the subject of finance, 15.--THAT the only certain and ade- may be classed under iwo distinct heads. quate security to be provided, againsi ali - The one contending ihat ibe paper coile Excess of Paper Currency, and for mais stituting the existing circulating medium taining the relative Value of the Circulai- / of the country has no influence, nor in ing Medium of the Realmı, is the legal any manner operates upon the foreign exConvertibility, npon demand, of all Paper changes, the price, plenty, or scarcity of Currency into lawful Coin of the Realni. bullion. The other that the extension of
16.–THAT in order to revert gradually our paper circulation is the sole occasion to this Security, and io enforce meanwhile of the unfavourable state of the exchange, a due Limitation of the Paper of the Bank encreased price, and scarcity of gold and of England as well as of all the other silver, and that a reduction of the paper Bank Paper of the Country, it is espedi- alone will remedy the evil.-Upon an acent to amend the Act, which suspends the curate investigation of the subject, I susCash Payments of the Bank, by alrering pect that both these opinions are erroneous, the time, till which the Suspension shall and that the truth will be found (as is continue, from Six Months after the Ra- generally the case) to lay between the two tification of a Definitive Treaty of Peace, extremes, each of them having some operato that of Two Years from the present tion in producing the evils complained of, Time.
though by no means equal in their relative importance.--The
which has taken place in our foreign exMR. HOARE'S LETTER.
penditure, the immense sums which have To the Governor, Deputy Governor and been paid for neutral freights, combined
Court of Directors of the Bank of Eng. with a large importation of goods from land.
abroad, have in my estimate exceeded by GENTLENEN.— The interest which I have many millions the amount, profits, and always taken in the general good conduct advantages of our exports; and as I know and management of the Bank, renders it of no means which can be devised to disimpossible for me to view, without consi- charge this balance, but by the exportaderable anxiety, the numerous and en- tion of bullion, to this cause may fairly be creasing difficulties which now assail the attributed the general scarcity of money ; establishment. There never was a period when a large profit attends the exportation whicii demanded the exercise of more ta. of a commodity which may be confined lent, firmness, and discretion, in order to within so small a bulk, there are no avert the impending dangers of our situa- restrictive laws, liowever severe, that will tion. It does not require much sagacity secure its continuance in the country or foresight to perceive, that a severe and Although there is great difficulty in asceralarming blow is aimed at the indepen- taining the manner in which paper operates dence of the corporation, by those who upon the exchanges, and the most able are neither competent to appreciate its writers do not give a satisfactory explavalue to ourselves, or justly estimate its im- nation of the subject, there appears strong portance to the general interests and wel. presumptive evidence in favour of the fare of the community at large. To per- fact, and one circumstance seems perfectly sons intimately acquainted with the true plain and indisputable, that if bullion is principles of finance, it is unnecessary to an article of commerce and merchandize, explain, that the confidence of the public a considerable encrease in the circulating cannot be maintained, in the solidity of medium, which is acknowledged to have the present circulating medium, without a the effect of enhancing the price of all total exclusion of every act of power and purchasable commodities, must bave some authority from the direction and manage influence upon this: admitting the statement of the Bank, and that whenever the ment to be correct, a decrease of paper period arrives, that the Corporation be will diminish the price of bullion. The comes identified with the government of new principle adopted by the Court of
Directors, that no other limits should be in disgraceful flight, and routed on all. presribed to the issue of their paper, but points, rapidly disappear from the Portudemand, and that all good bilis which are guese territory, which they have infected presented to them may be discounted, with their presence. The Governors of without creating excess, appears to me Portugal rejoice with you on this happy not only liable to material exception, but if event; and after humbling themselves in acted upon to the extreme, would be ai- the presence of the Almighty, the first tended with very serious evils; the Bank and sovereign Author of all good, they paper in that case, instead of being con- render due thanks to his Royal Highness fined witbin about twenty millions, would the Prince Regent our Lord, whose wisdom soon double the amount; and the idea established the bases of our defence; to which the Court of Directors have adopted, his British Majesty, to his enlightened that the paper will return to them, if ex- Ministry, and to the whole British nation, tended beyond proper limits, appears to in whom we have found powerful and me very theoretical-there are so many liberal allies, the most constant co-operaspeculators, adventurers, and projectors, tion in repelling the common enemy, and both in commerce, canals, and the public that honour, probily, and steadiness of funds, &c. who can probably furnish the principle which particularly characterise Bank with very unexceptionable security, that great nation; to the illustrious Weland would employ any sums of money lington, whose sagacity and consummate they could borrow at 5 per cent. with the military knowledge enabled him to peneespectation of realizing a profil of 10 per trate the plans of the enemy, to take the cent., Under such circumstances, there most effectual precautions for frustrating is too much reason to fear that an excess, them, and compelled them at last to fly which even the Directors themselves with the remains of their numerous army, would deem improper, must unavoidably diminished by famine, by the most severe take place, before the paper reverted to privations, and by the incessant pursuit of them. The natural consequences result, the allied forces; to the zealous and ining from the measure would be an im- defatigable Beresford, the restorer of disportant depreciation in the value of money, cipline and organization to the Portuguese and an encreased price in all the neces- troops; to the brave and skilful Generals saries of life. Although I know it to be and Officers of both nations; to their impracticable for the Bank to resume their brave comrades in arms, who, with ge. payments at the time proposed by the nerous emulation, never fought that they Report of the Bullion Committee, unless did not triumph; and, in fine, to ilie a lotal. stop is put to our imports and whole Portuguese people, whose loyalty, foreign expenditure, yet it is extremely patriotism, constancy, and humanity, have desirable that the Court of Directors been so gloriously distinguished amidst should be guided themselves by those limi- | the tribulations which have afflicted us.-tations, and that disc tion in ihe issue of A nation possessed of such qualities can their paper, which are absolutely neces- never be subdued; and the calamities of sary as a preliminary measure, and will war, instead of disheartening, serve only not only bave the effect of giving addi- to augment its enthusiasm, and to make it tional confidence to the public in its so- feel all the horror of the slavery with which lidity, and decrease the prevalent spirit of it was threatened.---But, Portuguese, the hoarding, but approximate the value of lamentable effects of the invasion of those their paper to the current coin of the barbarians; the yet smoking remains of realm; until this event takes place, the the humble cottage of the poor, of the country cannot be considered in a state of palace of the man of opulence, of the cell perfect health and security. I remain, of the religious, of the hospital which af.. with all due respect, your sincere friend, forded sheter and relief to the poor and SAMUEL HOABE.—Lombard-street, April 22, infirm, of the temples dedicated to the 1811
worship of the Most High; the innocent
blood of so many peaceful citizens of both OFFICIAL PAPERS.
sexes, and of all ages, with which those
heaps of ruins are still tinged; the insults PORTUGAL.- Proclumation against the French, of every kind heaped upon those whom 30th March, 1811.
the Vandals did not deprive of life--inPortuguese ! -The day of our glory is sults many times more cruel than death at last arrived: the troops of the enemy, itself; the universal deyastation of llie