Imágenes de páginas
PDF
EPUB

the demands that can poffibly be brought against them. With refpect to the proprietors themfelves the cafe is fomewhat different, and requires investigation.

The capital of the bank, if taken at par, would be about.11,600,000. To cover this they have lent to government on an annuity of 3 per cent. 11,600,000l. *. But this they cannot convert into specie, nor recover in any other form. It can therefore be only confidered of the fame value as any other 3 per cent. annuity on government fecurity, which, at 50 per cent. (rather above the prefent price) is . 5,800,000 Add to this the balance as above

3,826,890

[blocks in formation]

The trade of the bank, however, enables them to divide at the rate of 7 per cent. on the respective fhares, and therefore the price of bank-ftock is to be confidered not fo much paid for actual capital, as for a participation in a profitable bufinefs, which, as long as it is able to fupport itself, will produce an annuity of 71. for 1251. or whatever may be the current price of bank-ftock at any given period.

In the report which was given in to the houfe of commons, the quantity of fpecie and bullion depofited in the bank at different periods was not fpecified; but this, as well as the amount of the difcounts for private perfons, was reprefented by certain arbitrary numbers, intelligible only to the directors and certain confidential fervants of the bank. These numbers, however, have been deciphered by a gentleman converfant in fuch calculations; and it appears that the mean number 660, in the following table denotes the fum of 4 millions; that from the 18th to the 25th of February, 1797, the fum of 600.000l. was paid in fpecie; the fictitious number was therefore reduced from314 to 210, and confequently the fum of 1,272,0col. was the whole of the cash and bullion in the bank at the time the order of council was iffued.

Round numbers are employed, to avoid fractional calculations; the real furu duc from government on a permanent annuity being £. 11,65€,800.

TABLE

TABLE fhowing the fcale of Cash and Bullion in the Bank, from 1782 to 1797.

[blocks in formation]

This is brought down to the 16th of March, or thereabouts.

Monthly Scale of Difcounts for the Years 1793, 1794, 1795, and 1796.

[blocks in formation]
[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

From thefe documents it will appear that our obfervations in the beginning of this chapter are ftrictly correct; and that the importance of the bank, as a public inftitution, has been unwarrantably magnified. If we compare the fum of 12,000,000l. which has in general been the extent of the bank-notes in circulation, with the whole trade of Great Britain as eftimated by the cuftom-house reports, how infignificant will it appear? And if we confider that the affiftance which this inftitution has afforded to commerce has feldom exceeded three or four millions at any given time, how trifling muft it appear in com

parifon with the immenfe capitals which are annually turned over in our different manufactures?

The truth is, the trade of Great Britain is chiefly carried on, independent of the bank, by a kind of barter, traffic, or circulation among the traders themfelves, who accept and receive private bills of exchange to an infinitely greater amount than the whole circulation of the bank of England. The bank paper is chiefly confined in its circulation to the metropolis; and the affiftance which it extends to individuals, is principally extended to the merchants and traders of the metropolis.. It quickens, perhaps,

and

and preferves, in fome degree, the vital energy in that part which may be confidered as the centre of commercial action; thus far it is of ufe and importance, but this is the utmoft limit of its utility; and it muft be a confolatory reflection to Englishmen to know, that the trade

and manufactures of the country can be affected but in a very flight degree by the profperity or misfortunes of the bank.-They happily reft on a firmer bafis-on the ge nius, industry, and fpirit of the people.

CHA P. VI.

State of Ireland with respect to France.-Obfervations on the abortive Attempt of General Hoche.-Becomes the Subje& of Debate in the British Parlia ment.-Debate in the Houfe of Commons on Mr. Whitbread's Motion relative to the Invasion of Ireland.-Debate in the Houfe of Lords on the fame Subject-Earl of Moira's Motion on the State of Ireland-negatived.Mr. Fox's Motion in the Houfe of Commons on the fame Subject—also negatived.

F we except the tranfactions in Italy, where the commanding genius of Buonaparte feems to have rifen fuperior to the impediments which the weaknefs, folly, or felfiflinefs of his employers might have thrown in his way, we may venture to pronounce that the prefent directory of France have exhibited but flender talents for conducting a war, and but little of that vigour, induftry, and ftratagem, which marked the politics of their predeceffors. Their threatened invafion of England is become almost proverbially ridiculous; nor have they on any occafion manifested an energy equal to their refources, or a genius in directing ably even the Blender preparations they have made. The attempt at an invafion of Ireland, under the direction of general Hoche, which we noticed in our laft volume, was the only effort that was made to put their bombaftis threats and their pompous pro

clamations in execution. That attempt, fortunately for Britain, was ill planned. The whole conduct of the expedition was entrusted to one man, without even an able fecond in command, who was properly inftructed to fupply his place, fhould any accident prevent the co-operation of the commander in chief; the confequence was, that the troops and feamen who first made their deftined port, were without a leader, and incapable of acting. The directory, too, appear to have been unaccountably ignorant of the fate of the country which it was their objeft to fundue, fince late events have fhewn that the defcent was not made in the most vulnerable part, nor was the faction itself, which was expected to aid the defign, apparently apprized of the enterprize, or prepared to cooperate. Had they acted in cons cert, and had the force of the French been directed to feveral points of M 2

the

[ocr errors]

the island, it is more than probable that this valuable appendage of the British empire would have been for ever feparated from the parent land; a revolution, more fanguinary perhaps, and certainly more difaftrous in proportion to its nearnefs, than the American revolution, might probably have been effected. Providentially for this ifland, as well as for Ireland itfelf, the defign was fruftrated by the weaknefs of its projectors, and by the rigour of the feafon and the elements; and we may venture to predict that a fecond opportunity equally favourable will not occur, and that Ireland will never now be reduced under the Gallic yoke.

To enter into the causes of difaffection which concurred to produce the late unhappy ferment in that kingdom would at this feafon be obviously improper; and to extend thefe obfervations further would be to anticipate much of that matter which we hall in the courfe of this chapter have an opportunity of giving upon fuperior authority. Let it fuffice to fay, that the expofed fituation of Ireland, and the fuppofed neglect of the admiralty, with refpect to obferving the motions of the Brest fleet, were made the fubject of a motion in the British houfe of commons on the 3d of March. The opening of this interefting debate was entrufted to Mr. Whitbread, who enlarged much on the want of precaution in the minifters in general, and on the inactivity of the admiralty in particular. Information, he faid, had been received through various channels, that Ireland was one great object of the meditated attack of the enemy. Had any ineasures then been taken towards the defence of that country, when the attack was

actually made? He entreated the attention of the houfe to its fituation when the enemy was on the very coaft: from the letter of the commander in chief in that quarter (general Dalrymple) it appeared that, inftead of any effectual meafures having been previously adopted for its defence, every thing remained to be done. After men

tioning the appearance of the enemy in Bantry Bay, the general fays, that he will proceed to put every thing into the moft proper train for defeating their defigns.

Was this (continued Mr. Whitbread) a proper defence against so active and enterprifing an enemy as we have to contend with? There was not at the time more than three thousand regular troops to oppofe the whole force of the French; the city of Cork in particular was in the most imminent danger of falling into their hands, had not that God alone, who has so often favoured and protected this country, prevented it. In Cork were contained ftores and provifions of various kinds to the amount of a million fterling in value among ft thofe ftores were the whole of the provifions intended for the ufe of the British navy for the following year, fo that, had they been taken or deftroyed, our navy would have been for a year to come annihilated. He proceeded to ftate the motions of the French fleet, and of our own, from the time of their quitting Breft. Admiral Colpoys, with a fleet of fourteen or fifteen fail of the line, was lying off Breft harbour for fome weeks; the French fleet however, in defiance of this, failed from Breft on the 15th of December; on the 20th they arrived on the coaft of Ireland, and fome of them dropped anchor in Bantry Bay;

previous

« AnteriorContinuar »