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of Bank Notes in circulation (all of which 3. Gold and silver are among civilized were for 5l. or 'upwards) was about nations the common medium or bomoge11,262,000l. ; and that 57,274,6171. had neous representative of commodities, on been coined in gold during bis Majesty's account of their beauty, their durability, reign, of which a large sum was then in their susceptibility of being coined, and circulation.
their intrinsic and absolute worth, arising That the annual amount of the Exports from the labour expended in procuring and Imports.o! Great Britain, ou an ave- f them at the mines. rage of three years, ending 5th January 4. Paper, or arbitrary currency, as the 1810, was 70,554,7191. ; the average result of local or national convention, and amount of Duties paid into the Exchequer as the creature of the will of man, is sub59,960,5251.; and the average amount of ject to the fluctuations of public confithe Total Expenditure of Great Britain, dence, and liable to the errors and mis77,802,6741.; and that the amount of calculations which attend all human comBank Notes, above 51. on an average of binations and arrangements. the years 1808 and 1809, was 13,763,0001.; 5. The circulation of the precious metals, and of Noles under 5l. about 4,500,0001. ; effected by exchanging them for commoand that the amount of Gold Coin in cir- dities, is natural and regular, while the culation was greatly diminished.
circulation of artificial currency is necesXV.-That the situation of this King- sarily forced, unnatural, and irregular dom, in respect of its political and com- The one is in its origin the representative mercial relations with foreign countries, of labour, and can only be obtained for as above stated, is sufficient, without property; while a paper, or arbitrary any change in the internal value of its currency, is generally but the representacurrency, to account for the unfavourable live of credit, and may be obtained by arstate of the foreign Exchanges, and for tifice or intrigue. the high price of Bullion.
6. Capital is the basis of trade and social XVI. That it is highly important that intercourse, when the currency consists of the restriction on the payments in Cash the precious metals; but credit, address, of the Bank of England, should be and intrigue, stand in the place of capital, removed, whenever the political and when the national currency can be commercial relations of the Country created, extended, and issued at pleasure. shall render it compatible with the pub- 7. The nominal and relative value of lic interest.
all property will be in proportion to the XVII.-That under the circumstances amount of the currency employed in the affecting the political and commercial circulation of that property; and this can relations of this Kingdom with foreign only find its true level when the currency Countries, it would be highly inexpedient itself, in all the stages of its circulation, is and dangerous, now to fix a definite pe- the special representative of transferred riod for the removal of the restriction of property.
Increase the amount of the Cash Payments at the Bank of England, currency, and all commodities will rise in prior to the conclusion of a definitive nominal value; or make it bear untreaty of peace.
equally on particular kinds of property, and these will attaiu a factitious or unra.
tural price. APHORISMS
8. The novel mode of putting artificial RELATIVE TO PUBLIC CURRENCY AND CREDIT.
currency into circulation, by discounting By Sir Richard Phillips.
bills or promissory notes, is objectionable
and pernicious, because such bills and 1. Currency is the medium by which notes essentially represent nothing but the the interchange of commodities is effected, credit of the parties, may be created at and, being intended to pass as the repre- pleasure, and are often likely to represent sentative of property, it ought to be of no real transaction of which commodities intrinsic value, and always worth the are the basis, property which it represents.
9. Such novel mode of issuing the na2. The stability and intrinsic worth of tional currency in exchange for notes and currency is the foundation of the commer- bills, affords an undue and dangerous in. cial system, and the basis of public con- fluence to speculators, middle-men, and fidence in all transactions and considera- monopolists, who, to enhance their gains, tions relative to property
will not hesitate to increase their acceps tances and indorsements, as the means of 15. The power of Jews and money. raising an indefinite capital, and thereby dealers to speculate in the specie, and afof indefinitely extending their speculations. fect its value, will always be in the inverse
10. The security of the public against ratio of the quantity in circulation ;, and spéculators. being the natural limits of their controul would cease, if the grounds their capital, it is evident that if, under a of the hoarding system were removed, and system of paper currency, they are the Bank paid their notes in specie, when enabled to raise unbounded capitals by the amount of the specie in circulation
creating and discounting bills and notes, would of course exceed the compass of they will be enabled to accumulate inde- their capitals. finite stocks;, and being under no obliga- 16. The Bank of England being the tion to sell for want of currency, the prices. fulcrum on which are balanced the fortunes of such property can have no limit be- of the country, it appears to be expedient, sides the conscience and the prudence of at this crisis, to place it under the vigilant the speculators.
controul of a Committee of Parliament ; 1. The hydra of monopoly will there and the private property of the Directors fore have as many heads as there are ma- and of the Bank Company, or the pledge nufactories, or fountains, of paper cur- of Parliament, ought to be committed to rency; a colossal head, representing the the public as a security for the notes of metropolitan manufactory, and five hun the Company now in circulation. dred other heads, generated by the small 17. In like manner, country bankers, manufactories which spread over all parts who issue paper currency, ought to be of the empire, serve as the convenient and called upon to give landed security for the necessary engines of monopolists and spe- amount of their issues ; and these comculators.
panies, as well as the company of the Bank 12. As long as the paper currency is of England, ought to pay a bálf rate of insimply and solely the representative of terest to the revenue, for the sums which, specie, and can therefore be exchanged by the issue of paper currency, they now for specie at pleasure, no preference will borrow of the public without interest. exist in the public mind in favour of 18. The alternative to prevent greater, specie; but, as soon as the re-conversion perhaps irremediable evils, is to dissolve becomes matter of difficulty, a preference the existing spell by paying specie on dewill be universally felt; and, as an affair mand for Bank notes. The consequent of self-security, everyone will hoard restoration of public confidence would specie, to guard his family against the occasion specie to re-appear in quantities possible contingencies of a vague paper too great to be affected by the inachinacurrency.
tions of speculators. Paper and specie 13. From this feeling arises the present would be again at par. "The motive to scarcity of specie ; the usual quantity hav- hoard would be destroyed ; alarms would ing been about twenty-five millions, and be dissipated; and public prosperity would the number of families, or inhabited houses, stand once more on a solid and permanent in the United Kingdom, being about three basis. millions, a board of eight pounds to a
Chelsea, April 12, 1811. house will account for its total disappearance, without referring to the temptations afforded to foreign traders, to specu
OFFICIAL PAPERS. lating exporters, to subsidies to foreign Spain.---Battle or BARROSA.Notes of the powers, and to numerous mal-practices of
Moniteur on Lord Liverpool's Letter to the Jews and money dealers.
Lord Mayor of London. --April 4, 1811. 14. As long as the cause exists which
(Concluded from page 1056.) led to the preference of specie over paper,
Letter The British, with the Spaand to the system of hoarding, specie will niards attached to them, amounted to continue scarce, and will be likely to rise 5,000.". 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. In cease, the hoards will be opened, and the return of wounded officers, you men. specie will become as plentiful as hereto. tioned 11 English regiments, viz. 3 regifore.
ments of Guards; the 9th, 28th, 47th,. 67th, 820, 87th, and 95th of the line, and I could not know the intention of the enemy the 2d Hussars, to which is added the 20th with respect to this place : but in case he Portuguese ; in all twelve different corps, should endeavour to maintain it, I prom making fifteen English battalions, which posed to post myself between him and at 500 each, gives a total of 7,500 men, Badajoz, and thus cut him off from the and (including the 20th Portuguese, of latter. We discovered the enemy's ad1,000) of 8,500 men in your pay, who vanced cavalry on the heights of Lopo de were actually engaged.”
Matto about a league distant; but perLetter" Lieut. General Graham, with ceiving that we were maneuvring on their the troops under his command, had crossed flank, they retreated, and some skirmisbSt. Peter's river, and re-entered the Isle of ing took place at the foot of the walls of Leon."
the town, with the advanced capalry. Moniteur - Generał Graham, you em- When I reached the heights of the place, barked at Cadiz on the 25th of February, I discovered the enemy's force on the outand, on the 28th you disembarked at Al. siile of the town. I did not, however, gesiras, with your division, and the know whether or not he was master of the Spaniards. Tell us, then, why you under-place. There were four regiments of took this military promenade, and incurred cavalry, the regintent of infantry No. 100,so large an expence. You intended to of three battalions, with some horse artil. turn the line of the Duke of Belluno--have lery.--I ordered Brigadier General Long, you done it? Your design was to raise the with the cavalry, lo endeavour to turn the siege of Cadiz; have you done it? If you car- enemy's right, keeping out of the reach ried every thing before you, why did you of the place. My object was to detain stop half way? It was not in the Isle of Leon, the force of the enemy till some infantry but at Chiclana, which is but a very short could arrive. The Brigadier made a wider distance from it, that the field of battle was, circuit than was intended, so that he more where you expected to take up your quarters effectually flanked the enemy, and obliged on the night of the 5th. You would have him to retreat hastily, and indeed with taken 100 pieces of cannon, 60 gun-boats, extraordinary rapidity. The cavalry adand immense magazines, baggage, hos vanced upon his right flank, and Brigadier pitals, &c. &c. This was the object of General Long, seeing a favourable opporyour expedition-have you attained it? tunity, ordered Colonel Head, with two You were beaten-you lost half your squadrons of the 13th Light Dragoons, to troops--and you were very near being charge the cavalry of the enemy, which taken.-Your numbers, and the steadiness obliged the infantry to fall back to support of your troops, saved you from entire it. This charge, followed by Col. Ocway, ruin. Was it, then, merely for the pur- with two squadrons of the 7th Portuguese, pose of returning to Cadiz that you left and supported by General Long with the it ten days before ? Would it not have remainder of that regiment, the 1st Portubeen better that you had remained there ? guese and the brigade of Colonel De Grey, You would have had under your com- was made with the most determined coumand 4,000 more English or Spaniards." rage, and the French were entirely routed,
and pursued into the town of Badajoz, two PORTUGAL.-Dispatch from Marshal Beres-leagues distant, in which flight the greater ford to Lord Talavera, dated Campo conductors and artillerymen of 16 pieces
part of them were sabred, as were the Mayor, March 26, 1811.
of cannou, which were taken on the road, My Lord ;-) had communicated to but afterwards abandoned. This success, your Excellency my arrival at Arronches though it occasioned a great loss to the with all my forces, except the division of enemy, was in some manner unfortunate, Brigadier General Cole, to wbich, in con- because, not knowing what had been done sequence of the continued marches it had by the cavalry ihat bad made the charge, made, it was judged necessary to give a and continuing to pursue the infantry with day's rest at Portalegre.-On the 24th 1 | the remaining cavalry and two pieces of caused the troops to move from Arronches artillery for the space of a league, to supfor Quinta de Reguenga, a little more than port the detached body which had auhalf way to this place, and the division of vancell, and not having received any noGeneral Cole for Arronches; and having tice from it, nor knowing what new force joined yesterday at ten in the morning, 1 the enemy might send from Badajoz, pruput the whole in motion for this town.° Idence obliged me to halt with my cavalry
till the infantry could come up. The
AMERICAN STATES.-- An Act, supplementary enemy's infantry, amounting to about
to the Act, entitled “ An Act concerning 1,200 men, though in much confusion,
the Commercial Intercourse berween the continued to march in column without
United States and Great Britain and halting, notwithstanding we
France and their Dependencies, and for more than one hundred and sixty yards distant from them, yet not knowing any
other purposes." thing of the 13th regiment of Dragoons, Be it enacted by the Senate and House and the 7th Portuguese, I could not hazard of Representatives of the United States, the loss' which would have necessarily in Congress assembled, That no vessel taken place, even though successful, hall owned wholly by a citizen or citizens of I-ordered a charge by the heavy brigade, the United States, which shall have deunder the command of Colonel de Grey. parted from a British port prior to the seThe attention, firmness, and order of this cond day of February, one thousand eight brigade, composed of the 3rd Dragoon Hundred and eleven, and no merchandise Guards and 4th Dragoons, merits my owned wholly by a citizen or citizens of warmest approbation.-General Long ma- the United States, imported in such vesnourred with great ability, and made the sel, shall be liable to seizure or forfeiture, greatest exertions to moderate the exces- on account of any infraction or presumed sive ardour of the cavalry, and regulate infraction of the provisions of the Act to their movements. The valour of all was which this Act is a supplement. Sec. 2. exemplary, particularly of Colonels Head And be it further enacied, that in case and Otway, and their squadrons; and the Great Britain shall so revoke or modify only thing to be remarked is, that which her Edicts, as that they shall cease io is customary with our troops on their first violate the neutral commerce of the United encounter with the enemy-too great an States, the President of the United States impetuosity.--The.Joss of the enemy was
shall declare the fact by proclamation ; very considerable, not less than 5 or 600 and such proclamation shall be admitted men in killed, wounded, and prisoners. as evidence, and no other evidence shall We likewise took a great number of horses be admitted of such revocation or modifiand mules; in fact, the enemy abandoned cation in any suit or prosecution which every thing, but we had only means to may be instiluted under the fourth section bring away what is mentioned in the en- of the Act to which this Act is a suppleclosed list, and some carriages, &c. were ment. And the restrictions imposed, or destroyed. We also suffered some loss, a which may be imposed by virtue of the return of which I have the honour to trans- said Act, sha!), from the date of such mit to you. It was not my intention yes- proclamation, cease and be discontinued. terday to have proceeded to this city, and --Sec: 3. And be it forther enacted, that I. was only induced to do so from the until the proclamation aforesaid shall have prospect of capturing or destroying the been issued, the several provisions of the force which the enemy had incautiously third, fourth, fifth, sixth, seventh, eighth, left there, and which would infallibly have ninth, tenth, and eighteenth sections of taken place if our cavalry had not com- the act, entitled " An act to interdiet the pelled the enemy to make a retreat so commercial intercourse between the United rapid that the infantry could not come up States and Great Britain and France and with-it-After the long marches and fa- their dependencies, and for other purtigue necessarily consequent on them, I poses,” shall have full force, and be imsent the troops into cantonments here and mediately carried into effect against Great at Elvas, for rest and refreshment, and to Britain, her colonies and dependencies : make the necessary preparations for the Provided however, that any vessel or merulterior operations recommended by your chandize, which may in pursuance thereExcellency. Of the corn and provisions of be seized, prior to the fact being ascere in the place at the time of its surrender to tained, whether Great Britain shall on or the enemy, the latter had not time to before the second day of February, 1811, carry any thing away, and they will have revoked or modified her edicts in prove a very opportune assistance to us. the manner above mentioned, shall neverThe enemy left behind 8,000 rations of theless be restored on application of the biscuit, noi expecting so sudden a visit. parties on their giving bond with approved I have the honour to be, &c.-(Signed)
gureties to the United States, in a sum C. BERESFORD, Marshal. equal to the value thereof, to abide the
decision of the proper court of the United by Estepona, in order to alarm the enemy, States thereon ; and any such bond shall and place him in danger, should be exebe considered as satisfied if Great Britain cute a movement upon me; that corps, shall, on or before the 2d day of February, so numerons and in such good condition, 1811, have revoked or modified her edicts has not been of the least assistance to me. in the manner abovementioned: Provided - ordered from Moron a battalion of also, That nothing herein contained shall voltigeurs, which M. the Marshal Dake of be construed to affect any ships or vessels, Dalmatia had placed there, directing it to or the cargoes of ships or vessels, wholly march by Arcos upon Medina, where it owned by a citizen or citizens of the United would join General Cassagne. A strong States, which had cleared out for the Cape party of the allied army forced a picquet of Good Hope, or for any port beyond of the 2d dragoons, which was at Vethe same, prior to the 10th day of Novem- jer, to evacuate that position and retire ber 1810.
upon Conil.--The intentions of the allied
army being now completely manifest, I FRANCR.-WAR IN SPAIN.Official Report made the best arrangements wbich the
of the Duke of Belluno, relative to the feeble means I had at my direet disposal
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 wbich are so ex. month, a great deal of bustle was observed lended, I assembled 10 battalions of the in Cadiz roads. The English had been, 1st and 2d divisions with wbich, op the doubtless, a great while ready for the ex. 3d of March, 1 marched to take a position pedition which they meditated; but they at the farm-house of Guerra, the interwere thwarted by the violent and conti- mediate point between Mediña 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 e hose 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 re- strong party of observation upon Casa pulsed. The enemy appeared to attach Vieja, a point where the enemy bad importance to the acquisition of that post ; strongly posted himself since his arrival, the occupation of which would have given At three in the morning of the 5th, them facility in maneuvring on our rear, General Cassagne acquainted me that the by concealing from us all their move-enemy had evacuated Casa Vieja, and apments, and in freely communicating peared to be concentrated at Vejet.-On through the mountains with the parties
the 2d of March, the Spaniards had passed which they would have been able to throw over from the Isle of Leon some troops into the country between Xeres and Seville.
from that side of the canal of Santi Petri. About the end of February, a convoy
I ordered General Villatte to take advanof 200 sail of transports, which contrary
tage of the night to attack these troops, winds had long detained in the roads, set and drive them into the sea. Two comsail, and directed their course towards panies of voltigeurs of the 95th regiment Tarifa.--General Cassagne, who occupied were ordered on that service; they marchMedina Sidonia, with three battalions, and ed at midnight from the lines of Santi .the 5th regiment of chasseurs, informed Petri. After overthrowing the advanced me, on the 2nd of March, of the march of guard, they arrived without firing a shot the combined Anglo-Spanish army by the
at the téte-de-pont, on which the enemy valley of the Barbatte, upon Casa Vieja were at work. Our voltigeurs scaled the and Medina. --The 4th corps, which is works, fell with the bayonet on the work! not seriously employed, had it in its power men, who carried their muskets slung at to send me a part of its force. I entreated their back, and put them into disorder. M. the General Sebastiani to manæuvre
(To be continued.)
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