The person who settles the account is authorized to pay it. Our Consuls
in America are not meant to be included in these directions as to
securityship and the settlement of their accounts, as their situation
gives them a more convenient communication with me. It is also
recommended to the Consuls to keep an ordinary correspondence with the
Minister or _Charge_ to whom they are thus referred; but it would be
also useful, if they could forward directly to me, from time to time,
the prices current of their place, and any other circumstances which it
might be interesting to make known to our merchants without delay.
The prices of our funds have undergone some variations within the last
three months. The six per cents were pushed by gambling adventures up to
twenty-six and a half, or twenty-seven and a half shillings the pound. A
bankruptcy having taken place among these, and considerably affected the
more respectable part of the paper, holders, a greater quantity of paper
was thrown suddenly on the market than there was demand or money to take
up. The prices fell to nineteen shillings. This crisis has passed, and
they are getting up towards their value. Though the price of public
paper is considered as the barometer of the public credit, it is truly
so only as to the general average of prices.
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