In the United States, their coins, both of gold and silver, are legal tenders for payments, to any By section 30 of the act of congress of 31st July, amount; but, in England, silver coin is a legal ten- 1789, the duties were made receivable in gold and der for payments only to an amount not exceeding silver coin only. The gold coins of France, Engforty shillings; and, by the restrictions of cash pay.land, Spain, and Portugal, and all other gold of ments by the bank, the only actual currency, the only material in which an American merchant, having a debt due to him in England, can obtain payment, is bank of England paper. So that at this time the materials of exchange between the United States and England, ape, on the side of the United States, gold or silver; on the side of Great Britain, bank paper.

Suppose an American merchant has a debt due to him in England, which is remitted to him in gold bullion, or coins of the English standard-say 10,000. He receives of pure gold 196 pounds, That, on the 31st July, 1789, there had been no 2 ounces, 3 pennyweights, 22 grains; for which suspension of specie payments by the bank of Engwhen coined at the mint of the United States, he land. The pound sterling, if paid in gold, yielded receives 45,657 dollars 20 cents. The pound ster-113.0014 grains of pure metal; if paid in silver, ling, therefore, yields him 4 dollars 56.572 cents. 1718.72 grains of pure silver. And such is the value of the pound sterling if the par of exchange be estimated in gold, according to the standard of purity common to both countries..

That the dollars and cents in which this pound sterling was estimated by the act of 31st July, 1789, were not the dollars and cents of the standard now established, but of the standard established by the resolution of the old congress, of 8th August, 1786, and their ordinance of 16th October, of the same year, [1 U. S. Laws, p. 646,] by which the dollar was to contain 375.64 grains of pure silver, and the eagle 246.268 grains of pure gold.

This dollar had been assumed as the money unit of the United States, upon a report from the board $4 56.5720 of treasury, dated 8th April, 1786; from which re4 34.8943 port it appears, that the board intended and believ ed that it would be of equal value with the Spanish 21.6777 dollar, then generally current in the United States 10.8388 at four shillings and six pence sterling, excepting an allowance which they proposed to make for the waste and expense of coinage of silver. They made a similar allowance of one half per cent. upon the coinage of gold.

The ordinance assumed for the standard of pu. It is contended by some writers upon the com-rity, both of gold and silver coins, eleven parts mercial branch of political economy, that this me- fine, and one part alloy. This standard was, with

respect to gold, the same as that of England. But be considered in the nature of a discount for prompt the English standard of silver coins is eleven payment of the duties; and, as the merchants of ounces and two pennyweights of fine, to eighteen the United States were deeply indebted in Engpennyweights of alloy; so that, while the English land, inasmuch as the pound sterling was undervapound troy weight of coined silver contained 5328lued, the difference was clear profit to them in dis.. grains of pure metal, that of the United States, charging the balances due to their English creby the standard then established, contained only ditors.

5280 grains.

The act of 31st July, 1789, was, at the succeeding

In the elaborate calculations of the report, which session of congress, repealed, and that of 4th Auwere adopted as the basis of the ordinance, no algust, 1790, substituted in its stead. [2 U. S. laws, p< lowance whatever is made for this difference of 131.] The 40th and 56th sections of this act cor48 grains in the pound troy, between the English respond with the 18th and 30th sections of that of standard and that prescribed for the United States. 1789. The pound sterling is again rated at 84 44, It expressly states, that the English mint price of and the coins as before. standard silver is sixty-two shillings sterling, and But, on the Ed of April, 1792, passed the act es professes to prepare a dollar of equal value, except-tablishing a mint and regulating the coins of the ing an allowance of two per cent. for waste and United States, by which the whole system estabcoinage. It then draws a proportion without re-lished by the ordinance of 1786 was abandoned, ference to the difference between the two standards, and different principles and different standards and computes the sixty-two shillings of the English were assumed. The standard of gold coins was left standard, pound troy, as if they contained only at 11 parts fine to one of alloy, but instead of 5280, while they really contained 5328 grains. The object of this omission apparently was, together with the two per cent. allowance for waste and coinage, to preserve what the report states to have been the proportional value established by custom in the United States, between coined gold and silver, of fifteen and six tenths for one, while their fractional value in the English coins, was 15.21 for one.

The ordinance for the establishment of the mint, and for regulating the value and alloy of coin, therefore, prescribed that bullion or foreign coin should be received there as follows:

'Uncoined gold, or foreign gold coin, 11 parts fine, and 1 part alloy-1 lb. troy weight 209 77.

Silver, 11 parts fine, and 1 part alloy-1 lb troy weight $13 77 7: and so in proportion to the fine gold and silver in any other foreign coin or bullion. And the dollar to be issued from the mint of the United States was settled at 375.64 grains of pure silver, because the report of the board of treasury had first supposed, contrary to the fact, that there were only 5280 grains of pure silver in sixty-two shillings of English silver coin; consequently, only 383.225 grains, instead of 387, in four shillings and six pence, and then provided an allowance of two per cent, for waste and coinage. By these operations it seems to have been thought that the standard dollar of the United States would be of equal value with the Spanish dollar then current in this country, and with four shillings and six pence of English silver coin.

Thus, while by the 18th section of the act of 31st July, 1789, the pound sterling was estimated, for the payment of duties, at 4 dollars and 44 cents, by the 30th section of the same act every pound sterling, paid in guineas or other gold, was received for $4 57.143, and if paid in English crowns, was received for $4 57.5455.

246.268 grains of pure gold, the eagle was required to contain 247 grains. The silver standard was altered from 11 parts in 12 of fine, to 1485 parts in 1664. Instead of 375.64 grains of pure silver, the dollar was required to contain only 371 4-16 grains, and its weight, instead of 409 grains, was fixed at 416. The proportional value between gold and silver was fixed by the same law, at fifteen for one; and instead of the allowance of two per cent. for waste and coinage, the principle was adopted of placing gold and silver coined, at the same rate as uncoined, and of delivering at the mint, coined, the same weight of pure metal as should be brought to it in bullion or foreign coin.

By this operation, the value of the silver dollar, as compared with British silver coin, was reduced from 52.4539 pence sterling, to 51.8409 pence; and the pound sterling from $4.57 5445 was raised to be worth $4.62.955. And at the same time the value of the dollar estimated in the English gold coin was raised from 52.304 to 52.5656 pence, and the pound sterling was reduced in the gold coin of the United States from $4.57.143 to $4.56.572.

The act establishing the mint had, however, no direct reference to the value or the rates of foreign coins. But, on the 9th February, 1793, passed the act regulating foreign coins, and for other purposes, [2 U. S. laws, p. 328,] which made the gold coins of Great Britain and Portugal, of their then standard, a legal tender for the payment of all debts and demands, at the rate of 100 cents for every 27 grains of their actual weight. The gold coins of France and Spain at the rate of 100 cents for every 27 2-5 grains; Spanish dollars, weighing not less than 415 grains, at 100 cents; French crowns, weighing not less than 459 grains, 110 cents each. The 55th [56th] section of the act of August 1790, was repealed, but the 40th section was left in force, and the pound sterling was still receivable for $4 44. It was, however, thenceforward, whether paid in the gold coins of England or of the United States, worth $4.56.572.

That the calculations upon which the rated value of gold and silver coins was fixed, were loose and inaccurate, is apparent. The gold coins of France and Spain were rated as of the same stand- A new collection law was enacted on the 2d ard of purity with those of England and Portugal; March, 1799, which is still in force. In the 61st the crown of France as of equal value with the section of which, [3 U. S. laws, p. 193,] the pound English crown, both without reference to their sterling of Great Britain is again rated at 84 44, weight, and both as equivalent to an ounce of silver while, in the 74th section, the gold coins of Great of the same fineness. It was well known and in-Britain, of the standard prior to 1792, are receivable tended, that all these coins should be rated at more at the rate of 100 cents for every 27 grains. Bus than their intrinsic value, compared with the pound a proviso is added to the 61st section, that the presterling, as estimated at 4 dollars 44 cents, or with the standards of gold and silver coins of the United States, then established. The differences might

sident may establish regulations for estimating du ties on goods invoiced in a depreciated currency: and a proviso to the 74th, that no foreign coius but

such as are a lawful tender, or made receivable by proclamation of the president, shall be re

ceived.

in the act of 9th February, 1793, the English crown was not rated at all, and from that time no English silver coin has been a legal tender, nor, consequently, receivable in payment of duties. The act of 10th April, 1806, regulating the currency of foreign coins in the United States, continued the rates established by the 74th section of the act of 2d March, 1799, and it required of the secretary of the treasury to cause assays to be made every year, and report them to congress, of the foreign coins made tenders by law, and circulating in the United States.

29th April, 1816, [6 U. S. laws, p. 117,] act regu-
lating the currency within the United States of the
gold coins of Great Britain, France, Portugal, and
Spain, and the crowns of France and 5 franc pieces.
Gold coins of Great Britain and Portugal, 27 grains,
100 cents, or 88 8-9ths cents per dwt.
Do. France 27 100 cents, or 874.
do.
84:

Do. Spain 284
Crowns of France, weighing 449 grains, 100 cents,
or $1 17 per ounce.
Five franc pieces,

386 gr. 93.3 $1 16. 3d March, 1819. Act to continue in force the above act.

After 1st November, 1819, foreign gold coins cease to be a tender. Rest of the act to be in force till 29th April, 1821.

The Act of 2d April, 1792, establishing the mint, was founded in its principal features upon the report of the secretary of the treasury, Hamilton. It is remarkable, that in this report all notice of the ordinance of congress of 16th October, 1786, is

omitted.

tieman of Virginia," in which it is fully shewn that the valuation of the pound sterling, "as it stands rated by congress at 4 dollars and 44 cents," was inconsistent with the pennyweight of gold, rated at 89 cents; that the pound sterling should be rated at 4 dollars 57.89.623 cents, or the penny weight of foreign gold coin at 86.19.36 cents, instead of 89, which it states to be greatly to the injury of the revenue.

The alterations from the system established by the old congress, recommended in Mr. Hamilton's report, and adopted by the law for establishing the mint, were-a dollar, of 3714 grains of pure silver, instead of 375.64 grains; an eagle of 247 grains pure gold, instead of 246.268-15 for 1, propor tional value of silver and gold, instead of 15.6 for 1. Gratuitous coining, instead of a duty of 2 per cent. for the bullion sent to the mint to be coined.

Mr. Hamilton proposed to leave the standard of purity of the silver coin at 11 parts in 12 pure, as it had been established by the old congress. But in this respect, the law departed from the principles of the secretary. It took the weight as well as the pure contents of the Spanish dollar, then in circulation, for a model: not, indeed, its legal weight and purity, which would have been 420 grains at 103 parts in 12, pure silver, but its actual weight and purity, with the allowances for remedy, and ascertained by the average from a considerable number of the Spanish dollars of the coinage since 1772, which were then in actual circulation. The result gave us a dollar of 416 grains, containing 371 grains of pure silver.

In the coins of the United States there is no al

lowance for what is called the remedy of weight, but assays of all coins issued from the mint are made, and if any of them are found inferior to the It says, "a pre-requisite to determining with pro- standard prescribed, to the amount of more than priety what ought to be the money unit of the Unit-1.144 part, the officers of the mint, by whose fault ed States, is to endeavor to form as accurate an the deficiency has arisen, are to be dismissed. This idea as the nature of the case will admit of, what it provision was adopted from what was stated in Mr. actually is. The pound, though of various value, Hamilton's report to be the practice of the mint in is the unit of the money of account of all the states. England. But it is not equally easy to pronounce what is to be considered as the unit in the coins, there being no formed regulation on the point, (the resolutions of congress of the 6th July, 1785, and 8th August, 1786, having never yet been carried into opera. tion,) it can only be inferred from usage or prac tice."

By the acts of incorporation of the banks of the United States, their bills, payable on demand, are made receivable in all payments to the United States, unless otherwise directed by congress.

ard of our domestic coins, British gold coins were rated at 27 grains to the dollar, equivalent to 88.89 cents the pennyweight, at which they stand to this day.

By the acts of 31st July, 1789, and 4th August, 1790, the gold coins of Great Britain were rated at Now the ordinance of 16th October, 1786, was a 89 cents the pennyweight. By the act of 9th Feformal regulation, which recognized the princi-bruary, 1793, passed after the change of the standples in regard to the unit of coins, of the resolutions of 6th July, 1785, and 8th August, 1786, and the congress under the new constitution had, by the two successive collection laws of 31st July, 1789, and 4th August, 1790, not only rated the foreign In the year 1797, the British parliament passed moneys of account, but foreign coins, by the stand- an act restricting the bank of England from paying ard of dollars and cents, established in the resolu- their own notes in specie, a restriction which has tion of 8th August, 1786. Millions of dollars had been continued to this day, with certain exceptions, been received in revenue under those laws in fo- by recent acts of parliament. The pound sterling, reign coins, estimated in those dollars and cents. therefore, in all English invoices and accounts, is A pamphlet was published by Mr. Boardly, at Phi- now neither gold nor silver, but bank paper. This ladelphia, in 1789, in which he shews that the real paper has been at times so depreciated, that Spanvalue of the dollar, in the first collection law, wasish dollars have been issued by the bank itself, suc52.46 pence sterling, and not 54, and adds, "I do not consider whether this valuation accords with a late declaration that twenty shillings sterling shall be estimated at the value of 4 dollars and 44 cents of the present dollar; but I recommend it to the consideration of others."

cessively, at five shillings and five shillings and six pence the dollar, and they have passed in common circulation at six shillings.

In the year 1816, there was a coinage of silver at the mint, in which the pound troy weight of standard silver, was coined into 66 shillings, instead of In the Gazette of the United States of 24th Oc-62 shillings, which had been the standard before. tober, 1789, is an essay entitled "A few thoughts And an act of parliament of 2d July, 1819, conconcerning a proper money of account, by a gen-firms the restrictions upon cash payments by the

bank until the first day of May, 1823, with the following exceptions.

1. That between the first of February and the first of October, 1820, any person tendering to the bank its notes payable on demand, to an amount not less than the price or value of sixty ounces of gold, at the rate of four pounds one shilling per ounce shall receive payment in gold of the lawful standard at that rate of 41. 1s. per ounce.

2. That, from the 1st October, 1820, to the 1st of May, 1821, such payment shall be made in gold, calculated after the rate of 31. 19s. 6d. per ounce.

of English silver coin contain only 3634 grains of pure silver, and the dollar of the United States contains 371 grains. The following statements show the relative present value of the dollar and pound sterling, in the gold and silver coins of both countries, in gold bullion as payable by the bank of England, and in English bauk paper, at its current value in 1815:

1. Gold.

One pound troy weight, of standard gold in Eng. land, contains 5280 grains of pure gold. It is coin. ed into 461. 148. 6d. or 11214 pence.

Then 11214:5280::240:113.0014 grains of pure

3. And that, from the 1st of May, 1821, to the 1st of May, 1823, they shall be made in gold, calculat-gold in a pound sterling.

ed after the rate of 31. 17s. 104d. per ounce. All In the United States, 24.75 grains of pure gold these payments to be made at the option of the is coined into a dollar, or 247.5 grains to an eagle. bank, in ingots or bars, of the weight of sixty Then 24.75:1::113.0014:4.56.572 dollars, cents, ounces each, and not otherwise, &c. to a pound.

Throughout this whole canto of mutability, the pound sterling of Great Britain, from the 31st July, 1789, to this day has been rated by the laws of the United States at 4 dollars and 44 cents.

There has probably been no time, since the es. tablishment of the mint of the United States, nor since the first establishment of the dollar as the unit of account in the moneys of the United States, when this has been the intrinsic value of the pound sterling, whether computed in gold, silver, or bank paper.

Thus the pound sterling in gold is worth $4,56.

572.

And as 5280:11214::24.75:52.5656

dollar in English gold 48. 4,5656.
pound sterling in gold, $4.56,572.
2. Silver.

One pound troy weight, of standard silver in England, contains 5328 grains of pure silver, and is coined into 66 shillings, or 792 pence.

The dollar of the United States contains 371.25 grains of pure silver.

Then 5328:792::371.25:55.1858.

dollar in English silver, 4s. 7d. 1858.
792:5328::240:1614.445 grains pure silver
in a pound.

371.25:1614.545::1:4.34.8943.

pound sterling in silver, $4.34.8943. medium par dollar, 4s. 5.8757 pence.

stl. in gold 4.56.5720—

10.83884.45.7331 medi

in silver 4.34.8943* [um par stl. 3. Value of the pound sterling and dollar, in gold and silver coin, in gold bullion, and in English bank peper.

A proclamation of queen Ann, issued in the year 1704, declared that the Spanish, Seville, and Mexican pieces of eight, (as dollars were then called,) had, upon assays made at the mint, been found to weigh seventeen pennyweights and a half, (420 grains,) and to be of the value of four shillings and six pence sterling; from which the inference is conclusive, that they contained, of pure silver, 387 grains; and the proclamation accordingly prohibited their passing, or being received for more than six shillings each, in the currency of any of the British colonies or plantations. An act of parlia ment, in 1707, corroborated by penalties the prohibition contained in the proclamation. Six shillings for the Spanish dollar became thenceforth the standard of lawful money in the colonies, although the currencies of some of them afterwards depart-weight, ed from it. In 1717, Sir Isaac Newton, being master of the mint, again made assays of the Spanish dollars, and found them still to contain 387 grains. From this standard they successively fell off, in 1731, in 1761, and 1772, since which their average weight and purity has been that at which the dollar of the United States is fixed.

The dollar being thus of the intrinsic value of four shillings and six pence sterling, the pound sterling was of course equivalent to 4 4-9 of the dollar. This was the par of exchange computed in the silver coins of the two countries, for even then if the computation had been made between their gold coins, the result would have been dif ferent.

Thus, while the laws of the United States, in establishing their mint and the unit of their currency, have assumed for their standard the Spanish dollar of 1772, in the calculations of their revenue, and their estimate of the English pound sterling, they have adopted the Spanish dollar of 1704.

Value of United States' dollar in English silver coin, at 66 shillings per lb. troy

In English gold coin, at 37. 178. 10d. per ounce,

pence eter.

55.1858

52.5656 72.

In English bank notes, in 1815,
In gold bullion, at 47. 1s. per ounce, 54.675
Dolls. Cis.

English pound sterling in silver coin
worth, in United States' silver dollars,
Gold coin, at 31. 178. 10 d. per oz. in
United States gold,

In English bank notes in 1815,
In gold bullion, at 4l. 18. per oz.
do.
at 41.

In

Foreign Articles.

See "postscript," page 95.

GREAT BRITAIN AND IRELAND.

4 34.8943

4 56.5720

3 33.3333

4 38.9574 4 44.4444

There were fifty-four petitions presented to the house of commons in one day, signed by great numbers of persons, praying for a restoration of the queen's name to the liturgy, and the dismissal of the ministers. But the latter, possessing a deBut when, in 1704, the value of the Mexican dol- cided majority, disregard every thing of the sort. lar was fixed at four shillings and six pence, it was In their train are seventy-two persons who annually because it contained 387 grains of pure silver, the receive 170,0001. of the public money; a host not same quantity which was also contained in four easily to be shaken! Some of the debates have shillings and six pence of English coined silver. not only been very animated but oftentimes very At this time, four shillings and six pence sterling | rude.

The Birmingham trade in hardware is said to Brougham applied to the court for a rule to show have diminished 25 per cent. cause why a criminal information should not be

It appears that there is a debt due from the em-filed against the Rev. R. Blacow, M. A. He made peror of Austria to the British government, of nine this motion upon the affidavit of A. Miller of Livermillions nine hundred and fourteen thousand five hun-pool, who swore that, on the 27th of January last, dred and twenty seven pounds ten shillings.

The accounts of the revenue of Ireland have been presented to the house of commons. The whole receipt for the financial year, ended January 5, 1820, was 4,251,9021. That for the year ended January 5, 1821, is 3,605,4461. being a reduction in one year of 646,4561.

A Mr. Arnot has completed the great pedestrian match of two hundred and sixty-four miles in four successive days.

Miss Wilson. "A great star, (says a late letter from London) has lately come out at Drury Lane, a Miss Wilson. She is said to excel Mrs. Billington and Catalini. She sings the "Soldier tired” three times every night. A high compliment has been paid her by the celebrated Mrs. Siddons. A few nights ago, Mrs. Siddons, with lady Harcourt, and a large party, went into the green room, when Mrs. Siddons told Miss Wilson she never saw so much science in singing, combined with such great acting, for she is an elegant actress. She draws immense crowds to the theatre-London is in an uproar about her!"

he bought, at the shop of a bookseller, in that town, a pamphlet, the title of which was as follows: "The substance of a discourse preached at the church of St. Mark, Liverpool, by the Rev. R. Blacow, M. A. on Sunday evening, the 26th of November last, upon the present aspect of the times, with additional notes and an appendix, bearing upon the radical question." The affidavit further states, that the deponent on the same day produced the said R. Blacow, M. A. who admitted that he was the author of it, and that he preached it.

Mr. Justice Bayley-"that he preached it-but did he admit that he published it?

Mr. Brougham-"My lord, he admitted this-that he was the author of the sermon as stated and contained in the said pamphlet."

Chief justice Abbott-"Well, go on."

Mr. Brougham said the court would collect the import of the publication from the extract which he should read.

"The radicals have one feature about them, even more hideous and disgusting than the Jacobins themselves. They fell down and worshipped the Newspapers. The following is a statement of the Goddess of Reason-a most respectable and decent number of stamps, (exclusive of the Irish) which sort of being, compared with that which the Radiwere issued from Somerset-house during the last cals have set up, as the idol of their worship. They two years, for the London and country newspapers, have elevated the Goddess of Lust on the pedestal at four pence: For 1819, 21,838,064; for 1820, of shame-an object of all others the most conge24,820,307; being an increase to the revenue dur-nial to their taste-the most deserving of their hoing the last year of 2,982,213 four pences, which, mage-the most worthy of their adoration. After deducting the discount allowed to the newspapers exhibiting her claims to their favor in two distant for prompt payment, amounts to 39,762 pounds quarters of the globe-after compassing sea and sterling. land with her guilty paramour, to gratify to the fill Revenue. We noticed in our last that the reve-her impure desires, and even polluting the holy nue was productive, and that there would not be sepulchre itself with her presence, to which she any "positive loan" required for the service of the was carried in mock majesty astride upon an assyear. It is since shewn to us that the increase of she returned to this hallowed soil, so hardened in the revenue is from increased taxes, and that fifteen sin, so bronzed with infamy, so callous to every millions will "be again borrowed from the sinking feeling of decency, or of shame, as to go on Sun fund." It is also said that the sinking fund is now day last, clothed in the mantle of adultery, to kneel a "complete bubble." How like the condition of down at the altar of that God, who is "of purer things in the United States! Would that, as we eyes than to behold iniquity," when she ought copy England in so many bad matters, we might rather to have stood barefoot in the aisle, covered follow her also in some of her wholesome provi- with a sheet as white as "unsunned snow," doing sions to aid the national prosperity! But her wri-penance for her sins. Till this had been done, I ters and agents, and the love which too many in this country have for her, can make that which is right for her to do, wrong for us to think of, or vice versa, as the business of vending her goods may require!

About the revenue, Mr. Tierney said in the house of commons, that "every one knew it, and every one was aware of the cause also, or else it would not have been stated. The fact was, there were three millions of new taxes which came into operation last year. Three quarters of the preceding year had not the benefit of any part of that sum. The tax was laid on for the purpose of raising 3,200,000 pounds; but the increase of the income of the last year over the preceding one, was only 2,200,000 pounds. Thus it would appear, that instead of an improvement in our revenues, we had lost a million."

Law case. The following curious case is inserted to shew what the pulpit of a “national church" may be converted into-though indeed some precious things have occurred in some of our own that might rival this clerical libeller:

At the court of King's bench, Feb. 3-Mr.

would never have defiled my hands by placing the
sacred symbols in her's; and this she would have
been compelled to do in those good old days, when
church discipline was in its pristine vigor and acti-
vity. But, instead of this, we behold her glorying
in her shame, triumphing in-her guilt, placing her
self in the attitude of defiance; and, at the head of
her radical troops, demanding those rights she has
so deservedly forfeited, and which, in the name of
every thing good and virtuous, and sacred among
us, she never can, she never must have,

"Enter Jerusalem on an ass;
Then on the stage act Columbine;
Attend with Bergami at mass,

Then to St. Paul's-Oh! Caroline!!"
Chief justice Abbot-I think, Mr. Brougham, you
have shown causes enough for your rule.

Mr. Brougham-The deponent, of course, my lord, swears that her majesty the queen is the person alluded to in the sermon. And this part of her conduct alluded to, namely, her going to church on the Sunday at Hammersmith, is now for the first time called in question. It was never in issue be fore.