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in possession of it. In default of this, given for an ounce of standard gold, the property goes to the state of Great constitute the price of that ounce. Bntain. According to these arrange- We persist to call gold coin our stanIntus, it will be the son of the pre- dard of value, but we have none of that et Lord Rendlesham who will be metal in circulation ; this measure of oled to these immense possessions. the prices of commodities is, therefore, Lay Rendlesbam bas been pregnant. a dead letter : on the contrary, silver, a may be supposed, this event gave the universal measure of value among ten to the most auspicious hopes, but our neigbbours, of France, Holland, sy were disappointed. Supposing that and Hamburgh, has been lately coined the wishes of her family will be realized and extensively circulated among us : within another year, and adding to that as then silver coin does actually meathirty years of minority, which the son sure the value of property on the most complete, it is calculated, that the Continent, so also it can, and does, income, togelber with the interest of at this instant, no gold circulating with his
property, will amount to the enor it, fix the prices of all things in this nous sum of 162 millions of francs country. laboat seven English millions).
A Bank of England promissory note for one pound, or the note of
any individual for the same sum, does To the DIRECTORS of the Bank OF
not, like coin, possess within itself ExGLAND.
intrinsic value ; but the Bank note is The following passage, which I cor- worth exactly the value of the quanteite is founded in a very erroneous tity of coin for which it will intersien of our present circulating me- change, and it now exchanges for dian, appeared in The Times of the twenty shillings of the new silver gith of February, in a letter under the coinage; it therefore commands 1,556 signature of MERCATOR :-" The rela- 8-22 grains of pure silver. tive ercess, therefore, of the Bank of Having thus reduced the Bank.note England issues is infinitely greater than into the quantity of pure silver which i indicated by the mere numerical in- it does undeniably command, I prottease, and seems of itself fully ade- ceed to inquire into “ the preseni de. quate to have produced the present pression of the exchange." I take depression in the exchange, and rise the quotations from Lloyd's List of in the price of gold.”
the 20th of February, and the quanIt is first pecessary to define what tities of pure silver contained in the is really the valuable consideration con- foreign coins from the assays published tained in each pound sterling of a bill of in Dr. Kelly's Cambist. exchange, and in Baok-botes, which, Amsterdam, at sight, sch. 36. 4. for 20s. sterling. Schellings 36. 4. computed from 370 6 10. grs. to the Tia-dollar, yield of pure silver
,1615 grains. Pure silver in 20s. sterling
1536 8-22. lo favour of London ......
68 14-22 grs. of silver, Amsterdam, at sight, guilders 11 3 for 20s. sterling:
Guilders 11. 3. at 145 1-10 of pure silver per guilder..1617 9-10 grains. · Pure silver iu 20s. sterling .....
. 1550 9-22. In favoor of London ....
61 grains of silver, Hamburgh, 24 usance, sch. 34 for 20s. sterling. Schellings 31 are equal to 124 marcs bauco (and 275
fares banco, being the Cologne marc weight of pure silver) contain
....16634 grains. Pure silver in 20s. sterling..
.155Q 8.22. In favour of London....
107 grains of silver. Paris, at 3 days' sight, 24 francs for 20s. sterling. 21 francs al 69 4-10 of pure silver per franc
1665 6.10. Pure silver in 20s. sterling ..
.1556 8-22. la favour of London...,
100 grains of silver.
So much for “the present depres- ounce of pure gold at 41. 104. 4d.. sion in the exchange," upon which it is 20.37ths, and the ounce of standard sufficient to observe, that as the balance gold at 41. 29. 10d. 6-371hs. Thus is of coin is from 3 to 7 per cent. in favour the present price of standard gold jus, of London, the exchange does not re- tified, and clearly proved to spring from quire an export of bullivu, consequently the Miut-rate of the existing silver coindoes not raise its price; and if an exces- age ; and no human power can alter or sive issue of Bank-notes were the cause materially abate that price, except by of the high price of gold, ii would also, the alteration or the destruction of that increase the price of silver ; for, as the silver coinage. relative quantities of the metals are nei- If it had been intended to secure gold. Veel ther increased por diminished by any coined at the old Mint rate from destruce, ulty issue of Bauk-notes, however great, tion, the value of the new silver coin *** such an issue would act equally on both ought rather to have been lowered than hadits of thein. Standard silver is now 5s. 34d, increased. Take the following exanto 5s. 4d. and gold 41. 28. od. the ounce; ple;— Issue 60 shillings from the stan. the Mint prices are 5s, 6d. anel 31. 173. dard pound of:ilver, which is 5s, the little a 1044. How then has it happened tbat ounce; multiply that suin by 15 1-51b, the market price of silver is below, and the old Miut proportion, and nearly the that of the gold above, the Mint price? present market proportion, and the Surely the poor Bank-note has not the oumice of standard gold would come out property, at the same instant, to keep at 31. 163. or thereabouts, instead of drie ile price of silver below, and to raise 41. 2s. 100. reckoned through the same that of gold above, the Mint price: the ounce circulating, as it now does, sus true cause of the present price of gold is 5s, 6d. to be sought and found in the absurdily
were but lalely without A of our existing Mint regulations. Datiopal metallic medium, we had the
If the nation persists to coin the two fairest opportunity to have raised a sysa sem metals at fixed relative proportions, tem upon sound principles; but it seems apie without permitting an agio on the gold that, in deliance of our owo market Edda coin, which, it permitted, would render proportions, our ancient Mint reguld- uld, Tom the Mint and market prices synonimous tions, and the regulations of foreign terins, it must be coniented to bid adieu mints, we have coined silver at an to one of the two coinages, because that increased value, and gold at the ancieot wbich is cheaper in the form of a coin denomination of 31. 175. 10. per than it is in bullion, will be inevitably ouuce, thereby decreasing the value of withdrawn, and will become bullion. gold in coin in exactly the proportiou
The terin's price" is imparted to all that silver has been raised in coin; in other comniodities by the metal ip coin, short, the preseut Mint proportions i which governs a national circulation ; do not exchange more than 13 17-jooth 4. among us that metal is now silver, and parts of silver for one part in gold; silver only: the market proportions be. Therefore, as 15 1-5th, or 15} of siltween the metals cannot be bound or
ver (which is amply proved), can be controlled by legal enactmeuls or Mint obtained for this identical part or porregulations; they spring from the rela- tion of gold in the bullion market, tive influences of supply and demand; it is impossible that gold sovereigns and whoever will take the trouble to can circulate in sufficient numbers, in divide 41. 2s.6d by 5s. 4d. the present the shape of coin, to become, as they market prices of the standard ources of are intended to be by law, the standard gold and silver (no account being of of value. By this utter contempt of the course taken of the slight difference of influence of market proportions upon the alloy in favour of silver), will find Mint regulations, the Government the proportions to be about 154 to J. offers a premium of 11 per cent. for If we apply this undeniable fact to the the melling of the gold coin, and an existing silver coinage, and to the ounce exactly equivalent encouragement for of gold bullion, but substituting for 154 the preservation of the existing silver 15°1-5711, the ancient Mint proportion coinage. of the metals in a slate of purity, the
I suspect that, guided by the authopresent coinage of 66 shillings to the rity of the late #arl of Liverpool, the standard pound of silver, will bring out silver coinage has been issued and conthe slaodard ounce at Ss. 60., the ounce sidered merely as counters possessing no of pure silver at 5s, 11d. 13 37ths, the influence; but these counters are now
ading with dreadful energy upon every
Te are then fixed to both bors of the navy agents to receive ........118 #ana: for, if the preseut circulation Buck Wheat imported, new duties Bedrer be withdrawn and re-issued at
27 lewer denominations, the preparations, Cambricks and Lawns (Foreign), im. tlabour, the expense, and the inconve- portation of, on paying the duties terces of the measure, are to be encoun- payable in Great Britain
86 ed afresh : but if we uphold this cir- Cape of Good Hope, regulating trade caution is silver at its present rale, we and commerce to and froin
1 aebut coin and retain gold money in Carriages used in Husbandry, excirculation at 31. 175. 104 the ounce. plaining Act relating to tolis on.. 37
Vit were inquired, whether, under Certificates of the delivery of goods the circuinstances, the Bank restrie- from one warehousing port to tos ought not to be continued until another for exportation
.116 balion can be purchased, coined, and Charitable Institutions, exonerating tetained in coin at 31. 178. 104d. the sugall, from land tax
.100 Konce, I should answer, that if the Charitable Societies, extending proratriction is not to cease until gold visions of ...
39 bullion can be obtained at that price, Clerks of the Signet and Privy Seal, under the existing Vint rate of the new
63 dzer conage, it wilt never cease.
of Counties, setuing fees to A depreciation of all property, to a
be taken by
91 tezederable extent, has been effected Coals and Culm carried coast wise, by the new silver coinage ; and if that
96 Coinage should bereafter force upon us,
and Cinders, al. i wspect it will, a coinage in gold at lowing, to be brought to London L 36 per ounce, or thereabouis, ibis and Westminster
....114 depreciation will be perpetuated.
probibiting the payment in A WARNING VOICE, goods of labourers employed in March 10th, 1818.
.J22 Coffee, Act of 52 Geo. III. for sepa
rating damaged from sound, and MISCELLANEOUS INFORMATION.
permitting dealers to send out 6
and Sugar, allowing the ex. No. XL.
portation of, from Bermuda to America
28 LIST OF PUBLIC GENERAL ACTS, PASSED Colchester, Lord, settling annuities 57 GEO. III.
47 Cap. Colonies, Mauritius (Isle of), reguAGENT General, repealing office
lating the trade of...
1 41 Consolidated Fund, adjusting the Alsager, abolishing of 109 account of....
48 Aonaities, regulatiog the payment of Copper Tokens, for preventing the
82 issuing Arras, preventing improper persous
Corn, importation of, for a limited time
85 Azores and Madeiras, exportation of County Rates, assessing of
89 Court of King's Bench, facilitating Barbadoes (Port of Bridge Town io),
the progress of business in ..... 11 allowing the importation and ex
of Exchequer, facilitating 74 equity suits in
18 Barrack Department, vesting estates
regulating and property of barrack service in certain offices in
60 the Comptroller of
9 Curates (Stipendiary) support and Bermuda, allowing sugar and coffee
99 imported into, to he exported to
Customs, Officers of, rewarding, for
28 preventing illicit distillation 40 Board of Trade, enabling Vice-Pre
permitting, to remove sident of, to send and receive let. goods froin one bonding ware
66 house to another in the same Bounty Money, authorizing exccu.
16 Europ. Mag. Vol. LXXIII. Mar. 1818.
Cap Distresses levied for payment of Indemnity Act; Offices, &c. ....11
small rents, regulating the costs Indigo and Cochineal, free importaof
93 tion of •Dollars, preventing further circula- Iron (Pig and Bar), prohibition of tion of
..113 exporting, repealed during peace Droits of Admiralty, settling share Jamaica (Porta Maria, in the Isle
of, payablo to Greenwich Hos. of), allowing the importation and pital
.127 exportation of certain goods.... 7 Dwelling Houses solely employed in Justices of Peace, enabling to settle
Trade, exempting from assessed fees of clerks
25 Labourers in Steel, &c. probibiting regulating exempo the payment of, in goods ......11 tion of, from duties
in the Collieries, or in the East India Company, regulating working of Coals, probibiting the
trade within the limits of, and payment of, in goods.... .125 places in the Mediterrancan .... 36 Land Revenue of the Crown, Act
exempting for the improvemeot of, altered 1 territories of, from certain navi. and amended.
24 gation laws
95 Land Tax, exonerating small livings
Court of and cbaritable donations from ..100 Directors of, empowered to make Life Anduities, rendering more effecallowances to ship-owners ......190 toal Acts, empoweriog CommisBlection of Members of Parliament, sioners of National Debt to grant 26 regulation of..
..131 Loans, Annuities, Exchequer Bills, Excise Officers, permitting, to re- &c. raisiug, issuing, and funding,
move goods from one bonding 24,000,000l. Bxchequer Bills... 2 warehouse to another ..116 18,000,0001. Exchequer Bills....
16 Exocution of the Laws, amending 9,000,0001. Exchequer Bills.... two Acts for
22 3,000,0001. 'Treasury Bills 81 Exportation of British goods to Lotteries
31 America, direct, on certain terms 58 Lunatic Poor, establishment of asyExtents in Aid, regulating the issue lums for
106 i of
117 Malt, continuing annual duties on.. 5 Eyre, Chief Justices, Justices, &c. Malta, extending the privileges of
in, North and South of Trent, the trade of, to the port of Gibrali abolishing the offices.
61 tar.... Female Offenders, abolishing whip- Manslaughters, for more effectually i ping
75 punishing, in places of his MaFisheries, Act for improvement of, jesty's dominions
69 Mary.le-bone (St.) ratifying purchase Frame-breaking, provisions against 126
98 Frauds by Tenants, altering laws for Milbank Row, Westminster, making preventing 52 road from
54 Frieudly Societies, extending cer. Militia, suspending, training, and tain provisions 39 regulating
5T Fuller's Earth, &c. carrying Coast
Adjutants, allowances to ..109 wise
Disembodied, pay and 102 Punds, for transferring certain, in clothiog Great Britain, to certain stocks
, Serjeant Majors, allowances of funds in Irelaud 79 to
102 Gage (Lord Viscount), ratifying
- Serjeants, Corporals, &c. agreement of ...
97 reducing number of, while dis. Game, preventing persons going embodied
104 armed by night for destroying 90
Subaltern Officers, allow. 102 Gibraltar, extending the privileges ances to ....
1 103 of the trade of Malta to.... 4
Surgcons' Matcs, allowances Grand Juries, regulating present- to
...102 meols, for roads
107 Mint, regulating certain offices in.. 68 Hackney Coach or Chariot, autbo. Murders in places out of his Majes.
rizing the driving or keeping of, "ty's dominions, for more effectual under the same licence .. .123
punishment of ..
12 Rents, altering law for securing the
13 Rialion and Retraighe, vesting lands National Debt, directing the appli
at, in the King
..129 tation of movies by the Commis- Rogues and Vagabonds, repealing lagers for reducing
48 56 Geo. III. Kaval Stores, probibition of export- Salt, permitting the exportation ing certain, repealed during peace 17
from Babama Islands in Ameri. Xury Bills, regulating the interest can ships, coming in ballast
42 and payment of
30 and Rock Salt, altering, and Bar, Treasurer of, regulating pay.
amending Excise laws
49 seat of old stores and imprests..121 Savioge' Banks, establishment 130 Newfoundland, extending the ex
of portation of wares, &c. from Seamen, reducing allowance of spi. West lodia Islands to 29 rits, &c.
33 -, regulating marriages
Seditious Practices, making perpetual
51 certain parts of 36 Geo. III. against 6 Oaths, regulatiog the administration Seizures for Breach of Revenue,
of, to officers of army and navy, Colonial, Navigation, and Slave in certain cases
92 Abolition Laws, securing of, to Offices and employments, annual Greenwich Hospital
..121 daties on
5 Sheriffs, amending the laws retating enabling persons holding dur. to
68 ing pleasure at the demise of the Shipping Goods, altering the hours King
45 of, in the port of London ......116 -,cerlain, abolition of soine, S 62 Silk Manufactures exported, addi. and regulation of others.. 64 tional bounties
15 recompensing the services of Smuggling, prevention of..... 87 persons bolding certain high and Snuff, appual duties on..
5 efficient civil offices
65 Soldiers, seducing from their alleregulatiog the offices of Ex. giance
7 chequer in England and Ireland 84
fixing the rates of subPassengers, regulating the vessels, sistence to innkeepers on quar. carrying, to British Colonies.... 10 tering
18 Bay of Naval Officers, regulating, in
Spirits, coutinuing Acts for regu.
20 lating the trade in, between Great Pensions and Personal Estate, an.
Britain and Ireland
72 5 - regulating the collecting, Post Horse Duties, letting to farm,
&c. of duties on 59
duty on the excess of, above Presentation of the Peace, law pro- certain proportions
... 32 Prince Regent, for the safety and
made and used for preservation of the person of, liquid blacking solely, excmpting, against treasonable practices.... 6 from new duties thereon Prisons, amending laws concerning ri Sugar, annual duties on
5 Prize Money to the Army, regu.
refined otherwise than by lating the payment of, &c. .... 77 claying, bounties on...
-settling share of, pay. Supplies, appropriation of ......132 able to Greenwich Hospital ...127 Sweets, suspending duties on ....JII Public Funded Debt, charge of addi. Tea, reducing the allowance of, to tions to, provided for.. 83
33 Works, authorizing the issue Tobacco, annual duties on
5 of Exchequer bills and the advance
reducing allowance of, to of money from Consolidated Fund,
33 for carrying on
34 Tobacco PipeClay,carrying coast wise 88 amended ..124 Trade and Commerce in Spirits be. Recognizances (forfeited), amcading tween Great Britain and Ireland, laws coucerning...
56 regulating ...
bual duties on
and recovery ::