of Bank Notes in circulation (all of which were for 51. or upwards) was about 11,262,000l. ; and that 57,274,6171. had been coined in gold during his Majesty's reign, of which a large sum was then in circulation. 3. Gold and silver are among civilized nations the common medium or homoge neous representative of commodities, on account of their beauty, their durability, their susceptibility of being coined, and their intrinsic and absolute worth, arising from the labour expended in procuring 4. Paper, or arbitrary currency, as the result of local or national convention, and as the creature of the will of man, is subject to the fluctuations of public confi dence, and liable to the errors and miscalculations which attend all human combinations and arrangements. That the annual amount of the Exports and Imports of Great Britain, on an ave-them at the mines. rage of three years, ending 5th January 1810, was 70,554,719.; the average amount of Duties paid into the Exchequer 59,960,5251.; and the average amount of the Total Expenditure of Great Britain, 77,802,6741.; and that the amount of Bank Notes, above 51. on an average of the years 1808 and 1809, was 13,763,000l.; and of Notes under 51. about 4,500,000l.; and that the amount of Gold Coin in circulation was greatly diminished. XV. That the situation of this King-sarily forced, unnatural, and irregulár. dom, in respect of its political and commercial relations with foreign countries, as above stated, is sufficient, without any change in the internal value of its currency, to account for the unfavourable state of the foreign Exchanges, and for the high price of Bullion. XVI. That it is highly important that the restriction on the payments in Cash of the Bank of England, should be removed, whenever the political and commercial relations of the Country shall render it compatible with the public interest. XVII. That under the circumstances affecting the political and commercial relations of this Kingdom with foreign Countries, it would be highly inexpedient and dangerous, now to fix a definite period for the removal of the restriction of Cash Payments at the Bank of England, prior to the conclusion of a definitive treaty of peace. APHORISMS, RELATIVE TO PUBLIC CURRENCY AND CREDIT. By Sir Richard Phillips. 1. Currency is the medium by which the interchange of commodities is effected, and, being intended to pass as the representative of property, it ought to be of intrinsic value, and always worth the property which it represents. 2. The stability and intrinsic worth of currency is the foundation of the commercial system, and the basis of public confidence in all transactions and considerations relative to property. 5. The circulation of the precious metals, effected by exchanging them for commodities, is natural and regular, while the circulation of artificial currency is neces The one is in its origin the representative of labour, and can only be obtained for property; while a paper, or arbitrary currency, is generally but the representative of credit, and may be obtained by artifice or intrigue. 6. Capital is the basis of trade and social intercourse, when the currency consists of the precious metals; but credit, address, and intrigue, stand in the place of capital, when the national currency can be created, extended, and issued at pleasure. 7. The nominal and relative value of all property will be in proportion to the amount of the currency employed in the circulation of that property; and this can only find its true level when the currency itself, in all the stages of its circulation, is the special representative of transferred property. Increase the amount of the currency, and all commodities will rise in nominal value; or make it bear unequally on particular kinds of property, and these will attain a factitious or unnatural price. 8. The novel mode of putting artificial currency into circulation, by discounting bills or promissory notes, is objectionable and pernicious, because such bills and notes essentially represent nothing but the credit of the parties, may be created at pleasure, and are often likely to represent no real transaction of which commodities are the basis. 9. Such novel mode of issuing the na tional currency in exchange for notes and bills, affords an undue and dangerous in fluence to speculators, middle-men, and monopolists, who, to enhance their gains, will not hesitate to increase their accep tances and indorsements, as the means of raising an indefinite capital, and thereby of indefinitely extending their speculations. 10. The security of the public against speculators being the natural limits of their capital, it is evident that if, under a system of paper currency, they are enabled to raise unbounded capitals by creating and discounting bills and notes, they will be enabled to accumulate indefinite stocks; and being under no obligation to sell for want of currency, the prices of such property can have no limit besides the conscience and the prudence of the speculators. 11. The hydra of monopoly will therefore have as many heads as there are manufactories, or fountains, of paper currency; a colossal head, representing the metropolitan manufactory, and five hun dred other heads, generated by the small manufactories which spread over all parts of the empire, serve as the convenient and necessary engines of monopolists and speculators. 12. As long as the paper currency is simply and solely the representative of specie, and can therefore be exchanged for specie at pleasure, no preference will exist in the public mind in favour of specie; but, as soon as the re-conversion becomes matter of difficulty, a preference will be universally felt; and, as an affair of self-security, every one will hoard specie, to guard his family against the possible contingencies of a vague paper currency. 13. From this feeling arises the present scarcity of specie; the usual quantity having been about twenty-five millions, and the number of families, or inhabited houses, in the United Kingdom, being about three millions, a hoard of eight pounds to a house will account for its total disappearance, without referring to the temptations afforded to foreign traders, to speculating exporters, to subsidies to foreign powers, and to numerous mal-practices of Jews and dealers. money 15. The power of Jews and moneydealers to speculate in the specie, and affect its value, will always be in the inverse ratio of the quantity in circulation; and their controul would cease, if the grounds of the hoarding system were removed, and the Bank paid their notes in specie, when the amount of the specie in circulation would of course exceed the compass of their capitals. 16. The Bank of England being the fulcrum on which are balanced the fortunes of the country, it appears to be expedient, at this crisis, to place it under the vigilant controul of a Committee of Parliament; and the private property of the Directors and of the Bank Company, or the pledge of Parliament, ought to be committed to the public as a security for the notes of the Company now in circulation. 17. In like manner, country bankers, who issue paper currency, ought to be called upon to give landed security for the amount of their issues; and these com panies, as well as the company of the Bank of England, ought to pay a half rate of interest to the revenue, for the sums which, by the issue of paper currency, they now borrow of the public without interest. 18. The alternative to prevent greater, perhaps irremediable evils, is to dissolve the existing spell by paying specie on demand for Bank notes. The consequent restoration of public confidence, would occasion specie to re-appear in quantities too great to be affected by the machinations of speculators. Paper and specie. would be again at par. The motive to hoard would be destroyed; alarms would be dissipated; and public prosperity would stand once more on a solid and permanent. basis. Chelsea, April 12, 1811. OFFICIAL PAPERS. SPAIN.-BATTLE OF BARROSA.Notes of the (Concluded from page 1056.) 14. As long as the cause exists which led to the preference of specie over paper, and to the system of hoarding, specie will continue scarce, and will be likely to rise in nominal value, relatively to Bank notes Moniteur" There were 7,000 English, and paper currency: but as soon as paper 8 or 9,000 Spaniards, and 1,000 Portucan be converted on demand into specie, guese, which makes a total of between the preference in favour of specie will sixteen and eighteen thousand men. cease, the hoards will be opened, and the return of wounded officers, you menspecie will become as plentiful as hereto-tioned 11 English regiments, viz. 3 regifore. ments of Guards; the 9th, 28th, 47th, In 67th, 828, 87th, and 95th of the line, and the 2d Hussars, to which is added the 20th Portuguese; in all twelve different corps, making fifteen English battalions, which at 500 each, gives a total of 7,500 men, and (including the 20th Portuguese, of 1,000) of 8,500 men in your pay, who were actually engaged." Letter Lieut. General Graham, with the troops under his command, had crossed St. Peter's river, and re-entered the Isle of Leon." Moniteur" General Graham, you embarked at Cadiz on the 25th of February, and, on the 28th you disembarked at Algesiras, with your division, and the Spaniards. Tell us, then, why you undertook this military promenade, and incurred so large an expence. You intended to turn the line of the Duke of Belluno-have you done it? Your design was to raise the siege of Cadiz; have you done it? If you carried every thing before you, why did you stop half way? It was not in the Isle of Leon, but at Chiclana, which is but a very short distance from it, that the field of battle was, where you expected to take up your quarters on the night of the 5th. You would have taken 100 pieces of cannon, 60 gun-boats, and immense magazines, baggage, hospitals, &c. &c. This was the object of your expedition-have you attained it? You were beaten-you lost half your troops-and you were very near being taken. Your numbers, and the steadiness of your troops, saved you from entire ruin. Was it, then, merely for the purpose of returning to Cadiz that you left it ten days before? Would it not have been better that you had remained there? You would have had under your command 4,000 more English or Spaniards." PORTUGAL.-Dispatch from Marshal Beresford to Lord Talavera, dated Campo Mayor, March 26, 1811. My Lord;-I had communicated to your Excellency my arrival at Arronches with all my forces, except the division of Brigadier General Cole, to which, in consequence of the continued marches it had made, it was judged necessary to give a day's rest at Portalegre.-On the 24th I 'caused the troops to move from Arronches for Quinta de Reguenga, a little more than half way to this place, and the division of General Cole for Arronches; and having joined yesterday at ten in the morning, put the whole in motion for this town. I could not know the intention of the enemy with respect to this place: but in case he should endeavour to maintain it, I proposed to post myself between him and Badajoz, and thus cut him off from the latter.We discovered the enemy's advanced cavalry on the heights of Lopo de Matto about a league distant; but perceiving that we were manoeuvring on their flank, they retreated, and some skirmishing took place at the foot of the walls of the town, with the advanced cavalry. When I reached the heights of the place, I discovered the enemy's force on the outside of the town. I did not, however, know whether or not he was master of the place. There were four regiments of cavalry, the regiment of infantry No. 100, of three battalions, with some horse artillery.-I ordered Brigadier General Long, with the cavalry, to endeavour to turn the enemy's right, keeping out of the reach of the place. My object was to detain the force of the enemy till some infantry could arrive. The Brigadier made a wider circuit than was intended, so that he more effectually flanked the enemy, and obliged him to retreat hastily, and indeed with extraordinary rapidity. The cavalry advanced upon his right flank, and Brigadier General Long, seeing a favourable opportunity, ordered Colonel Head, with two squadrons of the 13th Light Dragoons, to charge the cavalry of the enemy, which obliged the infantry to fall back to support it. This charge, followed by Col. Otway, with two squadrons of the 7th Portuguese, and supported by General Long with the remainder of that regiment, the 1st Portuguese and the brigade of Colonel De Grey, was made with the most determined courage, and the French were entirely routed, and pursued into the town of Badajoz, two leagues distant, in which flight the greater conductors and artillerymen of 16 pieces part of them were sabred, as were the of cannon, which were taken on the road, but afterwards abandoned. This success, though it occasioned a great loss to the enemy, was in some manner unfortunate, because, not knowing what had been done by the cavalry that had made the charge, and continuing to pursue the infantry with the remaining cavalry and two pieces of artillery for the space of a league, to support the detached body which had advanced, and not having received any notice from it, nor knowing what new force the enemy might send from Badajoz, prudence obliged me to halt with my cavalry till the infantry could come up. The enemy's infantry, amounting to about 1,200 men, though in much confusion, continued to march in column without halting, notwithstanding we were not more than one hundred and sixty yards distant from them, yet not knowing any thing of the 13th regiment of Dragoons, and the 7th Portuguese, I could not hazard the loss which would have necessarily taken place, even though successful, had I-ordered a charge by the heavy brigade, under the command of Colonel de Grey. The attention, firmness, and order of this brigade, composed of the 3rd Dragcon Guards and 4th Dragoons, merits my warmest approbation.-General Long manoeuvred with great ability, and made the greatest exertions to moderate the excessive ardour of the cavalry, and regulate their movements. The valour of all was exemplary, particularly of Colonels Head and Otway, and their squadrons; and the only thing to be remarked is, that which is customary with our troops on their first encounter with the enemy-too great an impetuosity. The loss of the enemy was very considerable, not less than 5 or 600 men in killed, wounded, and prisoners. We likewise took a great number of horses and mules; in fact, the enemy abandoned every thing, but we had only means to bring away what is mentioned in the enclosed list, and some carriages, &c. were destroyed. We also suffered some Joss, a return of which I have the honour to transmit to you. It was not my intention yesterday to have proceeded to this city, and I was only induced to do so from the prospect of capturing or destroying the force which the enemy had incautiously left there, and which would infallibly have taken place if our cavalry had not compelled the enemy to make a retreat so rapid that the infantry could not come up with it. After the long marches and fatigue necessarily consequent on them, I sent the troops into cantonments here and at Elvas, for rest and refreshment, and to make the necessary preparations for the ulterior operations recommended by your Excellency. Of the corn and provisions in the place at the time of its surrender to the enemy, the latter had not time to carry any thing away, and they will prove a very opportune assistance to us. The enemy left behind 8,000 rations of biscuit, not expecting so sudden a visit. I have the honour to be, &c.-(Signed) C. BERESFORD, Marshal. AMERICAN STATES.-An Act, supplementary to the Act, entitled "An Act concerning the Commercial Intercourse between the United States and Great Britain and France and their Dependencies, and for other purposes." Be it enacted by the Senate and House of Representatives of the United States, in Congress assembled, That no vessel owned wholly by a citizen or citizens of the United States, which shall have departed from a British port prior to the second day of February, one thousand eight Hundred and eleven, and no merchandise owned wholly by a citizen or citizens of the United States, imported in such vessel, shall be liable to seizure or forfeiture, on account of any infraction or presumed infraction of the provisions of the Act to which this Act is a supplement.-Sec. 2. And be it further enacted, that in case Great Britain shall so revoke or modify her Edicts, as that they shall cease to violate the neutral commerce of the United States, the President of the United States shall declare the fact by proclamation; and such proclamation shall be admitted as evidence, and no other evidence shall be admitted of such revocation or modification in any suit or prosecution which may be instituted under the fourth section of the Act to which this Act is a supplement. And the restrictions imposed, or which may be imposed by virtue of the said Act, shall, from the date of such proclamation, cease and be discontinued. Sec. 3. And be it further enacted, that until the proclamation aforesaid shall have been issued, the several provisions of the third, fourth, fifth, sixth, seventh, eighth, ninth, tenth, and eighteenth sections of the act, entitled "An act to interdiet the commercial intercourse between the United States and Great Britain and France and their dependencies, and for other purposes," shall have full force, and be immediately carried into effect against Great Britain, her colonies and dependencies : Provided however, that any vessel or merchandize, which may in pursuance thereof be seized, prior to the fact being ascer tained, whether Great Britain shall on or before the second day of February, 1811, have revoked or modified her edicts in the manner above mentioned, shall nevertheless be restored on application of the parties on their giving bond with approved sureties to the United States, in a sum equal to the value thereof, to abide the decision of the proper court of the United States thereon; and any such bond shall be considered as satisfied if Great Britain shall, on or before the 2d day of February, 1811, have revoked or modified her edicts in the manner abovementioned: Provided also, That nothing herein contained shall be construed to affect any ships or vessels, or the cargoes of ships or vessels, wholly owned by a citizen or citizens of the United States, which had cleared out for the Cape of Good Hope, or for any port beyond the same, prior to the 10th day of November 1810. FRANCE.-WAR IN SPAIN.-Official Report by Estepona, in order to alarm the enemy, and place him in danger, should he execute a movement upon me; that corps, so numerous and in such good condition, has not been of the least assistance to me. I ordered from Moron a battalion of voltigeurs, which M. the Marshal Dake of Dalmatia had placed there, directing it to march by Arcos upon Medina, where it would join General Cassagne.-A strong party of the allied army forced a picquet of the 2d dragoons, which was at Vejer, to evacuate that position and retire upon Conil. The intentions of the allied army being now completely manifest, I made the best arrangements which the feeble means I had at my direct disposal placed within my power, for opposing the effort which the enemy was about to Monseigneur ;-In the early part of Fe- make.-After leaving the necessary troops bruary, and during the whole of that for guarding the lines which are so exmonth, a great deal of bustle was observed tended, I assembled 10 battalions of the in Cadiz roads. The English had been, 1st and 2d divisions with which, on the 3d of March, 1 marched to take a position doubtless, a great while ready for the expedition which they meditated; but they at the farm-house of Guerra, the interwere thwarted by the violent and conti- mediate point between Medina and Chinual rains which fell about the end of Ja- clana; and whence I had it in my power nuary and during great part of the month to bear upon the enemy, in case he chose of February. These rains rendered im- to advance by either of these points. practicable all the roads by which they From the 2d to the 4th there was some inwished to approach us.-On the 27th of decision in the movements of the allied January, a strong Spanish column, issuing army-On the evening of the 4th, I from the mountains, attempted a coup-de-ordered General Cassagne to march a main upon Medina Sidonia; it was repulsed. The enemy appeared to attach importance to the acquisition of that post; the occupation of which would have given them facility in manoeuvring on our rear, by concealing from us all their movements, and in freely communicating through the mountains with the parties which they would have been able to throw into the country between Xeres and Seville. -About the end of February, a convoy of 200 sail of transports, which contrary winds had long detained in the roads, set sail, and directed their course towards Tarifa.-General Cassagne, who occupied Medina Sidonia, with three battalions, and the 5th regiment of chasseurs, informed me, on the 2nd of March, of the march of the combined Anglo-Spanish army by the valley of the Barbatte, upon Casa Vieja and Medina. The 4th corps, which is not seriously employed, had it in its power to send me a part of its force. I entreated M. the General Sebastiani to manœuvre strong party of observation upon Casa Vieja, a point where the enemy had strongly posted himself since his arrival. At three in the morning of the 5th, General Cassagne acquainted me that the enemy had evacuated Casa Vieja, and appeared to be concentrated at Vejer.-On the 2d of March, the Spaniards had passed over from the Isle of Leon some troops from that side of the canal of Santi Petri. I ordered General Villatte to take advantage of the night to attack these troops, and drive them into the sea. Two com panies of voltigeurs of the 95th regiment were ordered on that service; they marched at midnight from the lines of Santi Petri. After overthrowing the advanced guard, they arrived without firing a shot at the téte-de-pont, on which the enemy were at work. Our voltigeurs scaled the works, fell with the bayonet on the workmen, who carried their muskets slung at their back, and put them into disorder. (To be continued.) Published by R. 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