during the years 1801, 2, and 3. A partial drowth, during the summer of 1803, which, in many places, hurt the crops of barley and potatoes, and occasioned pretty large importations of these articles, a thing very unusual, &c. &c.

These events pressing upon one another, had the obvious tendency of causing the balance of payments to run against the country, and, consequently, the rate of exchange to rise. Accordingly, in 1800, the gold coin in the country having almost all disappeared, the rate of exchange began to rise, and continued rising until 1803. Meantime the public finding itself at a loss for a medium of circulation to supply the place of the coins exported, the bank of Ireland was induced to enlarge the issue of its notes, and this was the easier accomplished, because, when they did make an extra issue, the notes remained out, instead of returning to them almost immediately, as formerly. As the exchange rose, the price of bullion got up, and at last gold coins brought a premium, as also bank of England notes, and Scotch bank notes. This will not appear at all extraordinary, when it is considered that guineas, bank of England notes, and Scotch bank notes, were all articles that suited, for a remittance to Great Britain at least equally well as drafts, or bills of exchange; and, in some cases, as for small payments, or for travellers, they answered better. Offices were, therefore, opened in Dublin, where these were all regularly bought and sold, at the currenc price of the day, according to the variation in the rate of exchange upon bills; but that price was always fixed at a proportion of the standard unit of the country; and if Irish bank notes, representing that proportion of the standard was offered, they. were immediately taken.* It was well known at the time, and can still be proved, that these guineas, and bank of England notes, thus bought at a high price, were not purchased to be employed as the circulating medium of the country; but for the express purpose of being either sent or carried to England. Now, if the debts due to the country had really been more than the debts due by the country, this never could have happened; for, in that case, bills would always have been plenty, and consequently cheap; guineas and bank of England notes, would have been poured into the country, and the latter, perhaps, sold for a discount, as bills of exchange have been in former times. In regard to Scotch bank notes, they could only be purchased in order to be remitted to Scotland, as they would not pass in common circulation, either in Ireland or England. They were therefore principally purchased by. Scotch ship-masters, who had brought cargoes of coals, &c. to Ireland, and wished to carry home the proceeds in money.-This sale of coins was at last carried such a length, that even such shillings as would pass in Great Britain, were picked up for that purpose, and sold at a higher rate, by the shop-keepers and retailers, who made a regular trade of it. In consequence, a scarcity of good shillings ensued, which was soon supplied by the coiners, who produced counterfeits in such abundance that they became a perfect nuisance, and were at last suppressed, in March, 1804, at a great public loss, the only part of which, that is not to be regretted, is what was sustained by those shop-keepers, and retailers, who were, in a good measure, the original cause of the evil.

With all these circumstances fresh in view, it must appear very extraordinary, that the committee were led to make the conclusion they did, and it will naturally be asked, upon what grounds did they do so? This appears to have proceeded principally upon the evidence of one gentleman high in office in the custom-house of Dublin, who was brought over to state the official returns of the exports and imports of Ireland; and, who seems to have been determined, that not only the balance of trade, but the balance of payments, should appear in favor of that country. For this purpose, not content with producing an account of the exports, and imports, as entered at the custom-house, he exhibited to the committee, a statement drawn up by himself, wherein he altered the values of these exports, and imports, according to some

* These sales of guineas, which were daily advertised, might have been produced as an evidence of the existence of a standard unit. For if gold had been really the standard of value, how could these guineas have altered their value? or, how could they have been bought and sold? with what could they be bought and sold? an invariable standard of value, changing its value every day; if not a solecism is at least a bull,

ideas of his own, for which, to be sure, he gave reasons; and, having added to one side, such a sum as he conceived ought to be stated for the payments to absentees, and to the other, the amount of the annual loans negociated in England, he showed upon the whole an apparent balance in favor of Ireland, from which the committee, taking the account at once as correct, were led to conclude, that the balance of payment was not against Ireland.

Without disputing the grounds upon which this gentleman ventured to alter, so essentially, the amount of the exports and imports, it may be sufficient to apply to this state, what has already been said, in regard to all custom-house statements; that the imports are a debt against the country, the whole of which falls to be paid, but the exports are, in many cases, not immediately accounted for, and sometimes not at all; and this observation will be found to apply the more strongly in the present case, when it is taken into consideration, that the high rate of exchange, induced the Irish merchants to ship greater quantities of linen, beef, pork, butter, &c. upon consignment, than they were wont to do; and, accordingly, these articles actually were sent in such quantities, that the markets in Great Britain were completely overstocked with them; in consequence, they were sold 10, 20, 30, nay, in some cases, 40 per cent. under cost. This is a fact well known to many merchants in Ireland, who suffered severely by it. Besides, many of these exportations were made to America and the West Indies; to which places, it has already been stated, that a mania for sending goods prevailed during these years, and where, in general, a worse account was rendered of them, than even in this country. When to this it is added, that a number of imports are made into Ireland, which are not valued at the custom-house, and a variety of payments made out of it, which he did not take into calculation, for instance, a great part of these imports being in foreign vessels, that is to say, in vessels not belonging to Ireland, their freights, which amount to a large sum, come under this head; it is conceived, that a considerable degree of suspicion may be attached to the conclusion drawn by that gentleman. But if it can be shewn, that, exclusive of these deductions, the data, that he has taken, if properly stated, leads to no such conclusion as he has drawn, then his reasonings must fall to the ground altogether. That this actually is the case, the following plain statement, it is conceived will prove. He commences his narrative, by stating that, previous to 1798, the amount of the remittances made to absentees was reckoned 1,500,000l. and he allows, that the disturbances in the country, and the union, might have caused an increase of 500,000l. and then says, that, as in former times, the trade of the country, easily paid the 1,500,000l. He conceived it was only necessary to show how the 500,000l. was paid; this is all very well, provided he had shown some new funds, whereby this latter sum was to be paid, or proved that the trade of the country, was able to pay both it and the former sum. But, instead of doing either of these, he takes the whole trade of the country, to pay this 500,000l. which he manages thus: He states, on one side, the whole exports of the country, to which he adds the loan from England, and, on the other side, he states the imports, to which he adds this sum of 500,000l. Now, it must at once be obvious, that if he states on one side all that can be brought in favour of the country, he must, by the same rule, place on the other side, the whole that can be brought against it. This 1,500,000/. certainly does not appear to be placed against any thing, or to have any thing placed against it. It is done away with at once, with very little ceremony. Could he really do away with it so easily, the country would certainly be very much obliged to him; but it is probable that the gentlemen absentees would not just be so well pleased. On their account, therefore, it must still be brought forward; and when it is placed where it ought to be, on the debit side of the account, it will be found, that that side predominates heavily, and that the boasted balance of payments in favour of the country, disappears in every year of his

statement.

This is the most complete proof, that could possibly be brought forward, and is sufficient, it is conceived, although nothing else had been stated, to shew that the balance of paymentse sluring these years, was actually against Ireland; and that, therefore, to that alor the high rate of exchange, and the inconveniences attending it, were to be attributed, in spite of all that the writers on that subject have said to the contrary.

Luckily for Ireland, government were too wise to adopt any of the hasty and harsh quack measures that were proposed for the inmediate cure of those inconveniences, they recollected the old saying, "Just let us alone," and the event has justified their caution: Ireland is slowly, but gradually, recovering from these evils, and if new calamities do not throw her back again, the great internal resources she has, will, in time, enable her to get completely over them.

If the restriction bill was of service in England, it was of ten times more in Ireland, as, without it, the bank of Ireland, instead of extending its issues of notes, would have been obliged to have stopt them altogether; this must be evident, when it is considered, that if it had been obliged to give guineas for the notes, at all times, when "demanded, and continued to issue these notes, it would have had to furnish guineas for the whole remittances from the country, to the amount of at least ten millions, as nobody would ever have gone to change, and given 10 per cent. premium, or any premium for bills, as long as they could have carried the notes to the bank, and got guineas at par. Neither would the bills have been one iota cheaper; they would rather be higher; for in order to provide the guineas, the bank must have bought them all up, at whatever price the holders choose to put upon them. Meantime, the public must have suffered severely for want of a circulating medium, as the notes, as soon as issued, would have been returned for guineas, which would have been immediately exported. All this was prevented by the restriction bill.-By it, the bank was enabled to increase its discounts, and enlarge its issue of notes; and thereby, to be of the utmost service to the country, if not, at the time, its complete salvation: the only fault the directors appear to have fallen into, was, the allowing themselves to have been swayed by popular clamour, and thereby prevented from extending their discounts and issues so far as they ought to have done.

STATE PAPERS.

ADDRESSES OF THE FRENCH LEGISLATIVE BODY AND TRIBUNATE
TO BUONAPARTE, ON THE 24TH OF AUGUST.

M. FONTANES, THE PRESIDENT OF THE LEGISLATIVE BODY, DELIVERED
THE FOLLOWING ADDRESS:-

SIRE,The legislative body lays at the foot of your majesty's throne, the address of thanks to which they have unanimously agreed. It is offered, not so much to the conqueror, as to the pacificator of Europe. Let others, if possible, fastly describe the wonders of your last campaign; the rapid succession of triumphs, by which a monarchy was overthrown; and the still more heroic firmness, which patiently knew how to wait for and prepare the day of victory, in the midst of so many impediments thrown in the way, by fortresses, troops, and the inclemencies of the season. Let them direct our attention to those soldiers, who, equally indefatigable as their chief, lay encamped with him six months together, in the bleak fields of the north, braying alike the frozen winters of Poland, and the glowing summers of Syria. Finally, let them picture that state of continually-threatened repose, which was at length to terminate in a dreadful explosion; and, above all, that decisive moment, previously announced by yourself, when these frozen climes, having become somewhat more temperate, favoured your genius with the opportunity of completing the victory, and compelling the vanquished to accept terms of peace. It is not our province to blazon forth such performances and military achievements. Whatever claim they may have to our admiration, they have been purchased with tears, and they have inspired the conqueror himself with feelings of commiseration, which gave him an additional title to our affection and esteem. We direct our views to much more cheering scenes. We would rather follow you to the banks of that river, where, divested of the pomp of war, two boats received two emperors, and with them the future destiny of the world. A memorable day!—A day to be celebrated in all succeeding ages! The ro annies, drawn up exactly opposite to each other, along the respective banks of De Nienien, contemplated with astonishment so interesting a meeting, after so many ctive engagements and in one instant, 400,000 soldier composed of Italians Dachmen, Scythians, Sarmatians, Germans, and Fred men, laid aside their ms, and the two greatest sovereigns on earth, met each other on a raft in the middle

な

of the river, to adjust personally the affairs of their states, and mutually stretched forth their hands as a pledge of their reconcilement. Alexander and Napoleon are united; the war is at an end; and a hundred millions of people again taste the blessings of peace. The interests of futurity itself are possibly connected with this celebrated interview, which was so worthy of the youthful successor of the Czars. From one single individual, he may have been furnished with more examples, and received more information respecting the art of government, than formerly could have been obtained by Peter the Great, when, with the view of self-instruction, he undertook a long journey, and visited all the courts of his royal contemporaries. The treaty of Tilsit has left behind no further pretence for a continental war. On that great day it was, that kingdoms and nations, the old and the new powers, took their fixed stations; it was then tha every thing became solid and secure. The nation, Sire, may now flatter itself with the hope, that it will not henceforth be, for so long a period, deprived of your presence, and that its internal welfare and prosperity will continue to increase under your paternal superintendance. The nation has well merited your care and affection. At every epoch of your government, and particularly the present, they have been solely occupied in emulating the greatness of your exploits, by the extent of their sacrifices and their devotion. We have henceforth the assurance, that we shall gratify your majesty, by intermingling the homage which we owe you, with the praises of that great and good people, as you have so justly denominated them. The hearts of all of us are warmed by the proofs you have given us of your attachment to the French. The benevolent expressions which you uttered from the throne, have already filled the poorest cottages with joy. In talking of you, it will one day be said,—and it is the finest trait in so wonderful a history,-it will be said, He occupied himself with attending to the condition of the poor, who dispensed the fate of so many kings;' and that, on the termination of a long war, you diminished the public burthens, whilst your triumphant hand so gloriously dealt forth crowns to those officers of the first rank who fought by your side. It is our first duty to bring to your recollection that magnanimous promise which will not have been made in vain. Whilst you are creating around you new dignities, and those intermediate ranks, which are the appendages of monarchy, and serve to augment its lustre, it shall be our care to draw closer our ties with that people, of whose sentiments we are the interpreters. In this we shall find a species of greatness, which, though not so dazzling, is not less honourable. We swear, Sire, that we will never belie the sentiments which have been stamped with your approbation. We swear it in the presence of that throne which is established on the basis of so many trophies, and which governs all Europe. And how is it possible that you should not receive, with a favourable ear, expressions which are as remote from slavery as from anarchy,you, Sire, who have availed yourself of the right of conquest only to restore peace to the vanquished, and who have reinstated the inhabitants of the banks of the Vistula in all their former privileges? The legislative body will zealously, and to the utmost of its power, promote the grand plans of improvement which occupy your mind. Under the eye of your genius, we shall speedily see our civil and political institutions perfected. You will affix to them that stamp of greatness and stability, which distinguish all the other creations of your superior understanding; and, to crown your glory, genuine freedom, which cannot exist but under a pure monarchy, will become more and more secure, under the government of an omnipotent prince."

THE ADDRESS OF M. FABRE, PRESIDENT OF THE TRIBUNATE, WAS TO THE FOLLOWING EFFECT:

"SIRE,-Whilst your majesty was conducting your armies to new triumphs, and overthrowing, creating, and re-erecting thrones, your faithful subjects, ever animated with confidence in the genius and fortune of your majesty, calmly applied themselves to their respective occupations, accelerating the periods of the departure of their children for the armies, and feeling no other regret than that of not being able to share in their dangers and glory, and breathing no other wish than for the preservation and happy return of your sacred person. Grand and astonishing spectacle, which has displayed to the view of the world all your energies, and all our affections! You

bave, Sire, seen that ecstatic affection beam forth, in those unanimous rejoicings, those heartfelt ejaculations, which neither fear nor flattery can ever dissemble. Ah! what monarch ever had a greater, a better claim upon the feelings of his people In the midst of camps, nay even in the field of battle, the minutest particulars of internal government were present to the mind of the conqueror of Eylau and Friedland. Already, though the maritime war still continues, owing to the blind obstinacy of our eternal enemy, the prosperous state of our finances has permitted your majesty to diminish considerably the public burthens; and, at the same time, to give that relief to the land-holders, and to bestow those embellishments on our cities, which no other sovereign, before you, has been able to accomplish. Thus shall the promise of the most beloved of your predecessors, Henry IV. be performed, nay exceeded; the wish of his heart is enhanced by the grand conceptions of your mind. Your majesty has created Imperial titles, both with a view of decorating the throne, and of for ever destroying all hopes of the restoration of a feudal government. Those institutions, connected with that of the legion of honour, so fruitful in beneficial results, will complete a grand system of encouragements and rewards. So much prosperity, and so much glory, so many acts of beneficence, renewed in perpetual succession, are duly and strongly felt; but how can that gratitude which they call forth, ever express itself in adequate language? May you, Sire, in the Jong career which you have to run, establish, on a firm foundation, the institutions which your creative genius has conceived, for promoting the glory and happiness of your states! May they, on the other hand, daily give your majesty new and splendid proofs of their confidence, attachment, and devotion!"

SUBSTANCE OF THE REPORT OF CRETET, THE FRENCH MINISTER OF THE INTERIOUR, ON THE STATE OF THE EMPIRE, AUGUST 24.

"Fifteen months have elapsed since the deputies separated, in order to return to their homes. At that period, the emperor seemed to have approximated the moment when he was to taste the fruits of his glorious labours. The German princes were, for the most part, in alliance with France; Prussia was in the number of her friends; the differences with Russia were terminated by a treaty of peace; our tranquillity seemed to be equally secured abroad as at home, and numerous deputations flocked, from all quarters of the empire, to bring the emperor the homage of their admiration and gratitude; the heroes of the army had already arrived, to attend the festivals to be given at Paris, in celebration of our victories; the emperor directed all his attention to the internal affairs of government,-when England, accustomed to seek her own safety in the misfortunes of other nations, induced Russia to depart from her pacific inclinations, so lately confirmed by a treaty; and precipitated Prussia into a war, without reason or object, contrary to the judgment of the ministers, and very possibly against the wishes of the king. An army of 130,000 men, eager for the combat, commanded by the king and his veteran generals, and formed in the school of the great Frederick, was almost annihilated in the first battle, and the remains were melted down in the ranks of the Russian army. France, calm and tranquil, while the tempest burst over the distant regions where it was formed, saw the career of internal improvement, commenced during a period of peace, maintained and advanced. The conscription-law was carried into effect with more zeal than ever; the taxes were punctually paid; the national guards gave proof of their ardour; the public spirit retained all its purity; the government was, in the highest degree, satisfied with the conduct of the mayors. The gifts and donations to the various charitable foundations, in the year 1806, formed a capital of 2,300,000 francs, and have been further augmented, by a fresh act of bounty on the part of his majesty, with a sum of 15,000,000 francs. The sufferers by the maritime war have been indemnified by his majesty. The government has begun to direct its attention to the means of repressing mendicity. The abbies of Contevrault and the Ursulines of Montpelier, are already prepared for the reception of the mendicants belonging to the departments; and that of Villars Catteret, which is nearly completed, will be sufficient for those of the capital and the environs. Thirteen thousand four hundred miles of road have been repaired and improved. These labours have been bestowed on 6127 highways, leading from the capital to all the frontiers of the empire. The