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the demands that can poffibly be The trade of the bank, however, brought against them. * With re enables them to divide at the rate spect to the proprietors themselves of 7 per cent. on the respeciive the case is somewhat different, and shares, and therefore the price of requires investigation.

bank-stock is to be considered not The capital of the bank, if taken so much paid for actual capital, as at par, would be about £.11,600,000. for a participation in a profitable

To cover this, they have lent business, which, as long as it is to government on an annuity of 3 able to support itself, will produce per cent. 11,600,000l. *. But this an avnuity of 71. for 125l. or what. they cannot convert into specie, nor ever may be the current price of recover in any other form. It can bank-stock at any given period. therefore be only considered of the In the report which was given in same value as any other 3 per cent to the house of commons, the quan. annuity on government security, tity of specie and bullion deposited which; at 50 per cent. (rather above in the bank at different periods was the present price) is £. 5,800,000 not specified; but this, as well as Add to this the balance

the amount of the discounts for as above

3,826,890 private persons, was represented by

certain arbitrary numbers, intelTotal of assets to an

ligible only to the direciors and swer the above capital 9,626,890 certain confidential servants of the of 11,600,00ol.

bank. These numbers, however, have been deciphered by a gentle

man conversant in such calculaBut, in fact, bank-stock is not tions; and it appears that the mean bought at par, that is, at 1col, for number 660, in the following table a nominal share, or rool. of the denotes the sum of '4 millions; that above eleven millions and a half; from the 18th to the 25th of Febut at the rate of thout 1251. per bruary, 1797, the sum of 600.oool. cent. which to the proprietors at was paid in specie; the fictitious large would add one-touch to the number was therefore reduced from above eleven millions and a half, 314 to 210, and covsequently the viz.

sumn of 1,272,0col. was the whole Nominal capital - 11,600,000 of the calli and bullion in the bank Twenty-five per

at the time the order of council cent. premium

was issued. the stock or càpital · 2,900,000

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L. 14,500,000

* Round numbers of employed, to avoid fractional calculations; the real su u due from governinint on a perinanent amuity being £. 11, 56,800.


TABLE ftering the scale of Cafe and Bullion in the Bank, from 1782 to 1794.



1782. No.1 No. 1789. No.

No. 1796. No. March 002 Dec. 31. 1226 Mar. 28 1462 Sept. 28 1032 January 558 June 586 1786. June 27 1634 Dec. 29 868 March

490 Sept.

382 Mar. 24 1178 Sept. 26 1764 1793 May Dec.

352 June 30 1220 Dec. 24. 1756 Mar. 30 580 July 414 1783. Sept. 30 1256 1790. June 29 728 Sept. March 208 D c. 30 1190 Mar. 26 1712 Sept. 28 1128 Dec. 414 June 136

1787. June 25 1652 Dec. 30 1274 1797 O&. 78 Mar. 21 1096 Sept. 24 1684 1794. January

116 June 30 1140 Dec. 31 1616 Mar. 29 1420 Feb. 4 1784. Sept. 28 1270 1791. June 28 13541

340 June 224 Dec. 29 1186 Mar. 26 1516 Sept. 27 1336

18 Sept. 25 326 June 25 1552 Dec. 24 1282

31+ 1788. Sept. 24 1582 1795.

293 1785. Mar. 29 1124 Dec. 31 1420 March


284 Mar. 19 582 June 28 1240 1792.

June 1214


268 June 2; 984 Sept. 27 1404 Mar. 31 1236 Sept. Sept. 24 1174 Dec. 24 1438 June 30 1132 Dec.






Dec. 31 4451




25 5 210


* This number has been stated to represent fair cafo.

The discounts to merchants, and will observe, represented also in the other individuals, are, the reader table below*, by arbitrary numbers,

Year. 1792 1793 1794



SCALE. to i


I to į to i i to 3 to 1


I Ž to 2 to i į to 2 i to i to i


2 10 1 to 2 * This is brought down to the 16th of March, or thereabouts.


January 5 February 1 March 2

217 March i

131 March ź

Monthly Scale of Discounts for the Years 1793, 1794, 1795, and 1796. 1793 No. 1794 No. 1795

No. 1796. No. 214 January 4 101) January 4 104 January 2

179 1 209 February 1 110 February 7 107 February 6 152

March 5

127 April 6 320 April 5 137 April

187 April 2 131 283 May 3

139 May 2 176 | May 7 129 June 1 231 June 13

157 June 3 168 July 6 178 July 5

149) July 4 220 July 2 123 August 2 120 August 151 August 6 September 7 93 September 6 20 September 5 85 September 3 151

102 October 4 92 October 3 79 October 1 189 November 8 9. November 8 85 November 7 96 November 3 160 December 7 89 December 1 85 December 5 140 December 3 171

May 4

147 June 6

August 3

165 163

O&tober 5

of which i is the medium; but these the state of the cash and bullion, being decyphered in the fame man. the average of bank notes in cir. ner, it appears that the real discourts culation, the discounts and adon the 26th of February amounted

vances to government during the to no more than 2,904,0851. and the several periods which it embraces. following table will at once exhibit

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From these documents it will ap- parison with the immense capitals pear that our observations in the which are annually turned over in beginning of this chapter are strict our different manufactures ? ly correct ; and that the importance The truth is, the trade of Great of the bank, as a public institu. Britain is chiefly carried on, inde. tion, has been unwarrantably mag, pendent of the bank, by a kind of nified. If we compare the sum of barter, traffic, or circulation among 12,000,000l. which has in general the traders themselves, who accept been the extent of the bank-notes and receive private bills of exin circulation, with the whole trade change to an infinitely greater 2of Great Britain as estimated by the mount than the whole circulation custom-house reports, how insig- of the bank of England. The bank nificant will it appear? And it we paper is chiefy confined in its circonsiderthat the aftlistance which this culation to the metropolis; and the institution has afforded to com. aslistance which it exiends to indimerce has seldom exceeded three or viduais, is principally extended to four millions at any given time, the merchants and traders of the how trifling must it appear in com- metropolis. . It quickens, perhaps;


and preferves, in some degree, the and manufactures of the country vital energy in that part which can be affected but in a very tlight may be confidered as the centre of degree by the prosperity or misfor. conmereial action ; thus far it is of tunes of the bank. --They happily ute and importance, but this is the rest on a firmer bafis-on the ge. umofi limit of its utility; and it nius, industry, and spirit of the muft be a consolatory reflection to people, Englishmen to know, that the trade

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State of Ireland with respect to France. -Obfervations on the abortive Attempt

of General Hubi.-Becomes the Subje?? of Debate in tbe Britijl Parlicment.— Debate in tbe House of Commons on Mr. Whitbread's Motion rela. tive to the Invasion of Ireland.-Debate in the House of Lords on the same Subject.-Earl of Moira's Motion on tbe State of Ireland-negatived. Mr. Fox's Motion in the House of Commons on the fame Subjeft-also negatived.

I "

F we except the transactions in clamations in execution. That atgenius of Buonaparte seems to have ill planned. The whole conduct risen fuperior to the impediments of the expedition was entruited to which the weakness, folly, or sel- one man, without even an able sefifliness of his employers might have cond in command, who was prothrown in his way, we may ven- perly instructed to supply his place, ture to pronounce that the present should any accident prevent the directory of France have exhibited co-operation of the commander in but nender talents for conduct- chief; the consequence was, that ing a war, and but little of that the troops and seamen who first vigour, industry, and Atratagem, made their deftined port; were withwhich marked the politics of their out a leader, and incapable of a&t. predecessors. Their threatened in- ing. The directory, too, appear to vasion of England is become almost have been unaccountably ignorant proverbially ridiculous; nor have of the fate of the country which they on any occafion manifested an it was their oljeft to furdue, since energy equal to their resources, or late events have hewn that the des a genius in directing ably even the scent was not made in the mot vule lender preparations they have made. perable part, nor was the fa&ion The attempt at an invasion of Ire. iifelf, which was expected to ad land, under the direction of general the delign, apparently apprized of Hoche, which we noticed in our the enterprize, or prepared to colast volume, was the only effort operate. Had they acted in cona that was made to put their bombait- cert, and had the force of the French is threats and their pompous pro- been directed to several points of


M 2

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the island, it is more than probable actually made? He entreated tire
that this valuable appendage of the attention of the house to its situa.
British empire would have been for tion when the enemy was on the
ever separated from the parent very coast: from the letter of the
land; a revolution, more sanguinary commander in chief in that quar-
perhaps, and certainly more dil ter (general Dalrymple) it appear-
aftrous in proportion to its near- ed that, instead of any effectual
ness, than the American revolution, measures having been previously
might probably have been effected. adopted tor its defence, every thing
Providentially for this isand, as remained to be done. After men-
well as for Ireland itself, the defigntioning the appearance of the enemy
was frustrated by the weakness of in Bantry Bay, the general says, that
its projectors, and by the rigour of he will proceed to put every thing
the season and the elemenis; and into the most proper train for de-
we may venture to prediêt that a feating their designs.
second opportunity equally favour Was this (continued Mr. Whit-
able will not occur, and that Ire- bread) a proper defence against so
land will never now be reduced active and enterprising an enemy
under the Gallic yoke.

as we have to contend with? There To enter into ihe causes of dif- was not at the time more than affection which concurred to pro- three thousand regular troops to opduce the late unhappy ferment in pose the whole force of the French; that kingdom would at this season ihe city of Cork in particular was be obviously improper; and to in the most imminent danger of fallextend these observations further ing into their hands, had not that would be to anticipate much of that God alone, who has so often favourmatter which we shall in the course ed and protected this country, preof this chapter have an opportu- vented it. In Cork were contained nity of giving upon fuperior au- ftores and provisions of various thority. Let it suffice to say, that kinds to the amount of a million the exposed situation of Ireland, sterling in value : amongst those and the supposed neglect of the ad- stores were the whole of the promiralty, with respect to observing visions intended for the use of the the motions of the Brest fleet, were British navy for the following year, made the subject of a motion in the so that, had they been taken or deBritish house of commons on the stroyed, our navy would have been 3d of March. The opening of for a year to come annihilated. He this interesting debate was entrust. proceeded to state the motions of the ed to Mr. Whitbread, who enlarged French feet, and of our own, from much on the want of precaution in the time of their quitting Breft. the ministers in general, and on the Admiral Colpoys, with a feet of inactivity of the admiralty in par- fourteen or fifteen fail of the line, ticular. Information, he said, had was lying off Brest harbour for been received through various chan- some weeks; the French fleet hownels, that Ireland was one great ever, in defiance of this, failed from object of the meditated attack of Brest on the 15th of December ; the enemy. Had any incasures then on the 20th they arrived on the been taken towards the defence of coast of Ireland, and some of them that country, when the attack was dropped anchor in Bantry Bay;


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