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1001. for S years, received only 701. for it, and paid 5 per cent, per annum of irrtftest, he pa.ti a'ji.ut 20 per cent, per annum, of interest tor the loan; if he had it on the same terms for 5 years, he then only paid 1 j per cent, annual interest. Now whe:i it i> cimsK.ered, that the great proportion of the first settlers in America were penile who had expended what little money they had in the purchase of lands, or ■who, caving no mo/icy originally, had either got grants of land for nothing, or had engaged to pay for them at some future distant period; and, that these lands in general produced very great returns upon being cultivated, it will not appear at all extraordinary, that these settlers were, induced to borrow capital on those term?, rather than forego the advantages to be derived from labouring rheir lands and improving them. Had these governments continued to exist, the whole of these issues would in time have been redeemed at the same value they were issued for; and although individuals might have suffered, the country would have been no loser: but the revolution in that country completely put a stop to their circulation, and tras the cause of the production of an issue of paper money, which might more literally and truly be called^/brcfrf. When the Congress began their operations, they found a pressing want of funds to carry them on with, and having no means of immediately procuring these funds, they had recourse to the issuing paper dollars, payable at the end of the war; these, they forced the people, from whom they got the articles required, to lake in payment, and with these they paid their soldiers and sailors: and they made an arbitrary act, ordering them to pass and be taken at all times the same as silver dollars. Two circumstances tended to their very quick depreciation; being issued in great quantities to supply urgent necessities, the circulation was soon completely overstocked, and their payment in the end, depending entirely upon the ultimate success of congress, every person pressed to get quit of them for fear of their producing nothing at all at last; in consequence they fell to almost nothing in value, and were passed in quires.

French Assignsts are another very complete example offirced paper money. After the revolution in France, in 1793, the convention having exhausted all the funds they could command, had recourse to the sale of the lands belonging to trie church and to the ex-nobles; not finding immediate purchasers for. these, they issued paper money, which they bound themselves to receive back in payment of those lands when sold, and they obliged the creditors of the state-to take the same in payment of the debts due to them : this paper money, commonly called assignats, being issued not in proportion to the demands of the people for a circulating medium, or even to the value of the lands to be sold, but to the wants of the convention, soon came to be depreciated, and this depreciation was accelerated by the convention themselves breaking faith with the public; for when the latter came forward to make purchases of the lands in question, and tendered these rtssignats in* payment, the agents of the convention refused to take them at the value they were issued for, they would only receive them at the value they then passed for, whilst at the same time the convention were continuing to issue fresh quantities, until their valne was sunk almost to nothing, and at length a counter-revolution swept them into oblivion.

From these instances, the nature .of forced paper money will be seen, it appearing,

1st. That in the issuing of it, no attention whatever is paid to confine the. amount to the demands of tbc country for a circulating medium.

2nd. That the issuer really receives no retainable value for it at issuing.

And 3d. That the issuer has no funds to give for it again; it may be concluded, that forced paper money is issued in direct contradiction to what have been stated as the just principles upon which paper money ought to be issued.

(To be continued. J

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49

NOTICE,

It would certainly have been more regular for me to have announced at the commencement of a new volume, any alteration respecting the mechanical arrangements of the Review; and I should have done so, if it had been possible to have completed them in due time. But the state of my health, and the gloom which has overspread my mind, in consequence of the aspect of public affairs, have altogether incapacitated me, until the present week, from paying any attention to matters of this kind. The whole being now settled, it remains for me to state, briefly, the plan upon which wa are hereafter to regulate our proceedings.

The fatigue and anxiety which I had undergone while superintending what is called "the bushiest department" of this Review, will henceforth be removed, as I have confided to Mr. Sidney, who printed it at its commencement, the whole management both of the printing and publication; so that I shall be enabled to keep my mind abstracted from every other consideration, except the literary department of the work* My readers will not be dissatisfied at this change, especially when they are informed that Mr. Sidney has shewn the greatest zeal and interest for the success of the Review, notwithstanding that it had been removed, for reasons with which the public have no concern, from his office. It is also a comfortable reflection to me, that his principles and mine are the same, and that the loyalty of those principles has induced him tot reject advantages, which, as a printer, he might have derived from the management of publications.of an opposite tendency. I request, therefore, that the following particulars may be attended to by my readers and correspondents >

The Review will be regularly published, after this day, at the Usual hour, by MVw Sidney, No. 1, Northumberland-street, Strand. Orders for the Paper, as-well asf all letters relative to its pullication, are requested to be addressed f» him; and those jr/entiamen who may thiuk proper to favour the work with their communications, •will have the goodness to addresj their letters to me, at Mr. Sidney's, and tin y will be immediately forwarded to me.

On Thursday next, the volume containing all the numbers-, from January fo the end of June, will be ready for delivery, at the office, No. 1, Northumberland-street, Strand, and the price of each volume, half-bound in Russia, will be one guinea.

ON THE STATE OF PUBLIC AFFAIRS.

Tt would be the height of folly to conceal from the public view, the imminent dangers with which the nation is threatened j and it would betray the height of cowardice to affirm, thai they are not vincible. We have lately been so much occupied with domestic altercations, that we have scarcely had time sufficient to contemplate the magnitude of the evils which are pressing upon us; and, therefore, the near approach of unexpected calamity, creates the greatest possible confusion it> our minds, and bereaves us of that sobriety which we ought to possess in all extreme eases. For my own part, I am resolved to pursue that line of conduct, which duty and patriotism prescribe to every man who wishes sincerely lor the welfare of his country, without regard to those party politics by which, it has been agitated for the last twelve months. Accordingly,I seize the earliest opportunity ot acquainting the leaders-of this Review, that it will not be compatible with our objects, to admit any controversial article? relative to the late election; nor, generally, any article of a personal or party nature Tub Country Must Be Saved j and the surest method of accomplishing this end, is by unanimity.

When this Review commenced, I stated to my readers, that I belonged to no party; and that the predominant passion of my-mind was, to contribute my endeavours ia promoting the honour and independence of our country. At that time we stood alone;; and had 10 contend, singly, against onr inveterate enemy. The change of men, which also brought about a change of measures, called upon every honest man to ba vigilant} and I was compelled to enter into discussions, which i would rather have avoided. It was impossible for me to advise the public to reposs confidence in men)

VOX.. III. NO. 4.

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who had not afforded to their country the smallest test of capacity—whose preview political career had been marked by an uniform opposition to all the measures devise for the re-establishment of public independence, and whose principal qualification for office were inexperience and pride. Their progress we: have sufficiently traced and persons who, like myself, disputed their pretensions, must, naturally, rejoice si the recal of those intelligent, experienced, and faithful counsellors of the crown, wti were the colleagues and supporters of Mr. Pitt. But the. time is come, when oa partiality must be laid aside, and every consideration give way to the public.safety The overthrow of the continent of Europe has not only strengthened the hands o the enemy, but it has also contributed to aggrandize the sense of his power. We an the only people remaining, who possess the spirit, courage, and virtue, to resist hi authority; consequently, we must expect, that the war which he is about to wagt against us, will be bitter in the extreme, and cruel and unrelenting. We ought not however, to be intimidated on this account; for, so long as we can look our danger in the face, there will be a reasonable ground of confidence in our own means auc resources. To point out fte paths that lead to safety, is.now become a personal, a; well as public duty ;-and therefore, I shall not make any apology for theplans and suggestions which will appear in every future number of this Review. The.object! which require our immediate attention, are—the organization and discipline of the voluntary, the state of the army, and the mode of improving the condition of both of them. These art primary objects; and next to them in importance, are topics connected with our internal econunv All these matters should now be investigated, not according to their own abstr.tct qualities,bit according to their political relation to our present circumstances, engaged, as we arc, inawar with an enemy, who is, by the power of the sword, the undisputed master of the continent.

If we really mean to meet our difficulties with manly fortitude, we must adopt bold, vigorow, and comprehensive measures. Above all, we should make up our minds, that peace is mmfttXi ■with the present system and power of France. War has its chances ;—but peace with France briop with it, as sure as the unerring dart of death, the ruin of Great Britain. We ought, therefore, to form some estimate of the probable duration of war—and, in our arrangements, our 'measuw should have a reference to it; that is, all our plans should be built upon the probability of a war that shalljast twenty years. If, indeed,the people of Grat Britain were resolved to put forth the genius and vigour of ^he state, Buonaparte would be compelled to sue for 'peace in'less than twelve months; but as there is not virtue enough remaining amongst us to authorise *hy<ttpertation of the kind, we must endeavour to effect the most that our relative circumstaixes will aitnii; of. -Upon these considerations I shall devote the greatest part ef my next liumher to the elimination of this subject, and endeavour to point out the line of policy whih our present state requires that we should adopt. If my political opinions should appear to be too bold, let it he recollected, that the contest in which we are engaged is for life or death; and that half measurti. and temporary eipedients, can never maintain a country, which is menaced with the defer:»J revenge of the most ferocious passions, wi.lding in their support, the collected fragments of; subjugated world.

PARLIAMENTARY PROCEEDINGS. The Shipping Interest.—This most important subject has been so fully «TM frequently discussed in the former volumes of this Review, that I can have but liti!; to add to the general ground of argument which I have assumed; br.t as it is likely to be revived, in consequence of Mr. Eden's motion on the 30th of July, for a return of the British and foreign ships in the British trade, for the ktst three years, it is rigrt to call the attention of my readers to it. Mr. Eden avowed his object to be, for tnc purpose of ascertaining how far the_shipping interest had hen affected by the measures of the late administration; and he ventured to assure the House of Commons, UK the British ships had increased l-0th in the course of the last year, while the foreign vessels had diminished in nearly the same proportion. It may prove extremely s3t:sfactory to Mr. Eden, and the friends of the late ministers, to make it appear, inst they did not effect as much mischief, while they retained their situations, as the piiblic expected from them; but what have we now to do with these party question*' What benefit will the nation derive from the production of documents exculpatory ° a former government? The people, collectively, are not a body of historians, "y* time must be expended in collating and marshalling evidence relative to the wisdom or folly of past transactions, in order to form an estimate of the ability of puWlc men. They have higher interests to attend to, which press upon their imnieu" attention; and if the opinion of the mass of the community could be collecteu. there can be no doubt, that with the exception of the partizans and dependants the late administration, every one is perfectly indifferent about their personal alter*

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week, pending its-discussion in both Houses of Parliament. Amongst other paper*, I laid before them the admirable speech of the Master of the Rolls, which carried irresistible conviction in every paragraph against the policy of that measure. But tliis was not all;—I proved, from authentic vouchers then, and still in my possession, which were submitted to Mr. Pitt's administration, and were about to be carried into execution at the moment when the will of heaven deprived his admiring country of his unrivalled talents, that the British possessions in America, under the fostering care and encouragement of a wise administration, were fully competent to supply the necessities of our West Indian colonies, and that many years ago, when the Americr.:i war had completely cut off all intercourse between the revolted continent and the West Indies, our remaining possessions in America actually supplied all the tvants of our islands—at a time, too, when the resources, population, and improved •tate of agriculture of the former, by no means corresponded with the vast progress which they have since made. Besides these documents, I inserted every important paper which had been published by the society of ship-owners, and amongst others, the returns from the different ship-owners in every port of the kingdom, in answer to the circular letter of Nathaniel Atcheson, esq. die secretary of die society in London. By those returns, written and signed by the principal ship-owners throughout the kingdom, and which returns, die petitioning ship-owners offered to substantiate before the House of Commons, the public and parliament were presented with a more gloomy and distressing picture of the declining condition of die shipping interest of diis country than had ever before been exhibited to the nation. In defiance of these glaring facts, that House of Commons refused to enter into the least investigation of the merits of the ship-owners' petition, and even treated their complaints with comtempt.—Oh, House of Commons!

From the above statement, it is evident, either that the report of the speeches of lord Howick, and lord Henry Petty must be incorrect, or that these noblemen have viewed the subject merely through the jaundiced eye of party; for it cannot be sustained for. a moment, that the petitions and memorials of die ship-owners were built on misrepresentations, when it is notorious, first, that diey were grounded upon substantial evidence, which they offered, in the body of their petitions to the House, to adduce, if they should be allowed so to do; and secondly, diaf they were the productions, not of a small part, but of the great body of ship-owners throughout the kingdom.

I have already observed, that nothing can be gained by Mr. Eden's motion—because the operations of the American Intercourse bill are but in their infancy, and, consequently, its baleful effects cannot be distinctly proved. But, if public, and not personal motives, should influence an inquiry of diis nature, I would recommend to the attention of our legislators, to compare the ratio of increase in American shipping, with the ratio of decrease in British shipping, engaged in the colonial trade for the last seven years only; it will then appear, that the shipping interest of this country has been shamefully neglected ;—and that the principle of the American Intercourse bill must necessarily tend to augment the shipping interest of die United States, at the expense of those maririme rights, and national interests, which have been hitherto tie. productive sources of our naval superiority and commercial opulence.

The Hero Of Maida. An annuity of 10001. per ann. has been granted by parliament to sir John Stuart, for the term of his natural life, as a testimony of approbation of his conduct in the brilliant, and glorious action fought on the plains of Maida. It is really a pity, that the late administration did not advise his Majesty to recommend this measure to parliament before their expulsion from office ;' because they would have done thereby one popular act in the course of dieir active ministry. The victory of Maida is, in my opinion, tlie most glorious event which our land forces have achieved for the last hundred years; it has stamped a character upon the British troops, which never can be effaced, while such men as general Suiart shall be placed at the head of our^amiies. Let us never-forget the period at which this transcendent exploit was performed, or the circumstances that attended it. The modern GotiVhad succeeded, by fraudulent stratagems and skilful tactics, in discomfiting the veteran troops of our European allies ;- and an universal panic had seized the mil"" ** ---'J the continental powers, who had begun to think tuiu the arms of Frauce veto V**1* <*■' '

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