Imágenes de páginas

tent for what individuals hold de- true Active Principle of Political tached from the common property Economy, &c.” is an abridgment of the human race, and on the and application of that part of his latter, as what the possessors owe to larger work noticed in our last vo. society, on every principle of juf- lume, which relates to the circulatice, gratitude, and civilization, fortion of the precious metals and pub, what they have been enablcd to ac lic banks in a nation of cultivators. cumulate beyond what their own Its object is, partly, to thew that hands have prodaced, in conse- the too flow or too swift introducquence of living in society. Ten tion of metallic wealth into circula: per cent. he would levy on such pro- tion is alike injurious to public creperty, of both descriptions, as fhall dit; and, partły, to recommend the descend in a direct line, and twenty establishment of a new government per cent. on such as Thall descend bank, on such principles, that twocollaterally. A fund thus created thirds of the present revenue nay he states to be sufficient for the pur- be found sufficient for the public poses intended, and to leave a sur- exigencies. For the developement plus to be applied to other ways and of these principles we must refer means of meliorating the condition our readers to the work itself, from of man; and he exemplifies his which they will decide on its imstatement by calculations applicable portance or non-importance to the to the supposed national wealth and practical statesman. population of England. Among Mr. Joyce's " complete Analysis those who are not cumbered with and Abridgment of Dr. Adami the evils against which Mr. Paine Sinith's Enquiry irito the Nature directs his present political battery, and Causes of the Wealth of Nait is not unlikely but his proposal tions," is executed with judgment will meet with numerous ftrenuous and perspicuity, and will prove vadefenders. But their opposite class iuable to numerous readers who in fociety will pronounce it unjust, have not either opportunity or lei-, and visionary in the extreme. They sure for acquiring an intimate acwill contend, that it is founded on a quaintance with that extensive work. principle which deserves no milder It deserves, likewise, to be recoms name than that of robbery; and mended to the attention of the young that, even were it defensible on the economical student, before he enters maxim falus populi fuprenia les, on a minute examination of Dr. and pra&icable as it is otherwise, Smith's principles. instead of benefiting the great body The illustration of " the Effenof the people, it would destroy their tial Principles of the Wealth of Ipirit of industry and independence, Nations, in Opposition to some false and strike at the root of public mo- Doctrines of Dr. Adam Smith, and rals by confounding together the idle others," is the production of a welland vicious with the diligent and informed and very able author, who virtuous, in one andistinguilhed and defends, against the attacks and mis equally favoured mass. And we do statements of various foreign as well as not see how our projector will repel English writers, some of the leading their arguments.

branches of the System of policy and Mr. Herrenchwand's treatise“ du finance adopted by thie French ecovrai Principe Actif de l'Economie nomists; but without adhering to Politique, &c. i. e, concerning the all the principles of that celebrated -1797.




school. What he particularly main- touched wealth which England portains is the do&rine, that the public sefses in her waste lands; the im supplies of a state ought to be drawn mense and increasing commerce of wholly and dire@ly froni the rents Britain, which there is every reason of its lands, or the surplus produce to conclude will do more than keep of those lands; or, in other words, pace with the accumulation of her that there ought to be no other tax debts; and the accession of valua. for the defence of a state than a ble and productive dominions in the land tax. The arguments and il- East and West Indies, &c. which lustrations which he has brought places the English nation in the forwards in support of that doctrine, situation of a debtor who has conand in pointing out the numerous fiderably increased his debts, but at benefits which would result to the the same time has made a proporland-holder, to the tenant, and to tional increase of his capital. On the manufacturer, from reducing it the foregoing, and other collateral to practice, are weighty and impress confiderations, Mr. Patje argues and five, and merit the deliberate atten- declaims, ingenioully and speciously, tion of political economists. It will but we cannot add, to our convicperhaps stimulate their curiosity if tion. If the public burthens conwe mention, that the author proves, tinue to increase in the same proby a clear and satisfactory calculation, portion as during the last three that had an annual tax of four years, we shall require more power shillings in the pound been raised ful reasons than he has adduced on the rents of lands, since the æra to diffipate our apprehensions, reof the revolution, we should not at fpecting the folvency of the public; the present period have been bur. for we cannot subscribe to one of his thened with any national debt. fundamental statements “ that ag

The “ Essay on the English na- long as the money raised in taxes tional Credit, or an Attempt to re flows again into the circulating move the Apprehensions of those mats from which it was drawn, the who have Money in the English capability of augmentation is so Funds, by C. L. A. Patje, President great that it would be difficult to of the Board of Commerce and Fi- aflign a limit." nances of Hanover," has been trans Mr. Morgan's “ Appeal to the lated from the German, by the Rev. People of Great Britain, on the preHerbert Marilt; with the design of sent alarming State of the public producing the lame consolatory im- Finances, and of public Credit," is pressions on the minds of his coun. another attempt made by that able trymen, which the translator felt aod patriotic calculator to rouse his on the perufal of the original. M. countrymen from their political ftuPatje's object is to fhew, that the por, and infatuated acquiefcence in creditors of the English nation have the measures adopted to continue no lufficient reason to apprehend the present ruinous war. It adds either a suspension in the payment of such a variety of most important and the half-yearly dividends, or a dimi- intere ting statements to the facts nution of their value after the ter- brought forwards by the author mination of the present war. A. during the last year, that, if they mong other topics on which he ex fail of making deep and efficacious patiates in order to establish his impressions, defperandum eft de repoint are, the vaft sources of un- publica. Among others, the atten

tive reader will be particularly and ensure a revolution, as Mr. Itricken with the following : the ex- Pitt's operations in finance." That pending enormous sums, even great- lord Lauderdale, however, is not to er than the whole estimates for the be ranked among those who possess year, without the previous consent merely a common understanding, the of parliament - an abuse which information and ingenuity which " threatens the utter annihilation of these Thoughts discover, bear amour rights and properties ;” the dil ple testimony. They are worthy of cretionary power of drawing bills the respectable talents which the upon the treasury given to governors noble lord displayed while a member abroad, military commanders, com- of the legislative body, and confirm missaries, deputy commissaries, &c. to him the character of an able &c, and exercised by them with the financier and statesman. To partimoft alarming profufion; the lavish cularize the subjects of them, would expenditure in the naval department lead us to repeat what we have under the head of extraordinaries, expressed in the preceding article. provided for by the guardians of the Mr. Daniel Wakefield's “ Obpublic purse, without any informa- servations on the Credit and Fition respecting the particulars, with- nances of Great Britain, in Reply to out enquiry or animadversion; the the Thoughts of the Earl of Lauextravagance of the loans negotiated derdale, and the Appeal of Mr. by the chancellor of the exchequer, Morgan," contradict, but do not which have been multiplied to such ditprove any of the material poan extent, that to provide for their fitions or reasonings in those publiinterest and management he has cations. Could he but establish the “ added very nearly as much to the truth of his own calculations, he taxes, as all the ministers that have would at the same time render a ever afflicted this country from the very acceptable service to the chanrevolution to the commencement of cellor of the exchequer, on whose his administration ;” and the partie financiering abilities he bestows the culars relating to the stoppage of the highest commendations, and afford bank, by which a wound was given moit desirable consolation to those to public credit, impossible ever to gloomy politicians who bemoan the be perfectly healed, and from which threatening magnitude of the public the proprietors have still reafon to burthens. For, by the magic of his apprehend the most serious conse- pen, he reduces the sum total of the quences. What Mr. Morgan has debts incurred by the present war, advanced on these and collateral nearly thirty-nine millions below the subjects, is not affertion but demon- amount in Mr. Morgan's tables, and, stration.

consequently, diminishes the inte The earl of Lauderdale, in his reft neceffary to be provided for “ Thoughts on Finance, fuggested among the ways and means of the by the Measures of the present Ser. year, between three and four milfion," is employed in establishing fi- lions. O fi fic certe! milar statements with Mr. Morgan's; 6. The Sketch of financial and and in endeavours to impress the commercial Affairs in the Autumn public with the conviction," that, of 1797, &c." is the production of except his politics, there is nothing a man of business, and of extensive appears to a common understanding information, who is desirous of con1o likely to ruin the country, and tributing his etforts to remove the

P2 embar

embarrassments in which the pe- The latter part of this advice the cuniary concerns of the country directors found themselves obliged are involved. With this view to adopt, a few months after the he has in the course of his work date of these Letters, when parliasuggefted many incidental obser- ment fan&ioned an order of council vations and bints, relating to fi- prohibiting the farther itfue of fpenance and commerce, by which a cie. Among the other expedients wise minifter may profit confider- which he recommends there are ably. But what he principally re- two, the principles of which we commends is the creation, by means cannot but strongly reprobate. The of voluntary subscription, of "a war- one is to obtain leave of parliament fund, to the extent of an hundred for the Bank to iffue a million in millions, and consisting of potes notes, neither bearing intereft, not payable to order, at certain periods convertible into specie, till the end after the conclusion of a general of twelve months. But such a meapeace, none for less than twenty sure would be ruinous to all public shillings, por formiore than one thou- credit, if not a direct and shameful sand pounds. Those notes, to such fraud. The other project to wbich an extent as parliament Thall from we allude is that of re-coining the time to time determine, to be lent to gold, with an alloy of fix or leren the state by the subscribers, who per cent. That measure, also, we will according to their fubfcriptions know not how to reconcile with the only (as in chartered companies) be principles of honesty, or of policy. afwerable to the holders, as the Government would gain by it, but state will be to the subscribers, not the people would be robbed to the only for the principal, but also for amount of the gold withdrawn. We an interest of five per cent. per an are convinced, likewise, that it would num, &c.” Such a paper currency, materially affect the course of exsuperior to any hitherto employed change in disfavour of this country, from its being founded on the united and that it would give encouragesecurity of the state and respectablement to counterfeiters, notwithstandindividuals, the author contends ing the arguments by which fir Joho would be negotiated without diffi- endeavours to repel these objec. culty, and ultimately gain to the tions. nation more than five millions. We Mr. Brand, in his “ Confideraapprehend, however, that his ex tions on the Depreflion of the Funds, pectations, in the existing circum- and the present Embarrafsments of Itances of the country, are much Circulation, with Propofitions for too fanguine. In connexion with some Remedies to each,'endeavours his plan the author also suggests with much ingenuity to fhew that, a tax upon income, something simi- what he calls a latent loan, has opelar in spirit to that of Mr. Pitt. rated much more powerfully than

Sir John Sinclair, in his “ Letters the loans to government, in depreffwritten to the Directors and Go- ing the stocks. By the phrate lavernor of the Bank of England, in tent loan, lie means to describe the September, 1796, on the pecuniary fums sold out of the funds in order Distresses of the Country, and the to create the capital necessary to Means of preventing them," fuge carry on our iminensely increafing gests the propriety of increasing the commerce. To prove that our com capital of the Bank, and of issuing merce is immenfely increafing, he notes for two or three pounds value. resorts to the returns made of our


exports and imports. But it requires Sir Francis Baring's.“ Observano great extent of commercial know- tions on the Establižhment of the ledge to thew, that the conclufions Bank, and on the Paper Circulation drawn from such data may be effen- of the Country, &c." are defective tially erroneous. This observation in that method and arrangement is particularly applicable to a coun- which we naturally expect to find in try engaged in a widely-extended the production of a man of conwar, and to the state of its general fiderable eminence and long practice trade. The remedies which Mr. in commercial concerns. They fupBrand would apply to counteract ply the reader, however, with many the causes of the depression of the important observations and remarks, funds, and to revive national credit which tend to throw light on the are, an adulteration of the coin, or causes of the pecuniary embarrallan increase of its nominal value ; a ments under which we have lately taxation of exports, and an equali- fuffered, and to expose the impolicy zation of the land tax. The two of the financial measures adopted former, we are convinced, instead of by the British minister. But in the removing or palliating, would in- author's ideas of the bank of Engcrease the disease : the latter would land, as a necessary centre on which most probably be followed by bene- the circulation of the country must ficial effects.

turn, and in his wishes that bank Mr. Fry's " new system of Fi- notes Tould in all cases be made nance, &c.” contains a curious a legal tender, we are very far from mixture of interesting information, coinciding. Convenient and useful whimsical calculations, and humoar- as that establishment certainly is, to ous remarks, from which the reader the trading world, and to the com-may derive both profit and enter-munity at large, the prosperity of tainment. The author's objects are, this country is founded on a firmer to shew the defects of the present basis than its credit, or even existsystem; that a faving may take place ence; otherwise, melancholy and in the public income and expendi- delponding would be our refle&ions. ture to the amount of ten millions In our Register for the year 1795, annually; the confequences to the we had the opportunity of intropublic of their connexion with the ducing Dr. Tatham to our readers, bank of England; the banetul ef- in the character of a panegyrist on fects of stock-jobbing ; the astonish- the national debt, and the extension ing loffes fuitained by the public, of that funding system which the that have enabled the minister to favourite plans of our present chancarry on the deception of letrening cellor of the exchequer have called the public debt; the unparalleled much more frequently into exercise, advantages given by the minister to than the less bold and daring po. Joan-mongers for paper credit, in lities of his predeceilors in office. order to support the present ruin- During the present year the Doctor ous war, &c. &c. The comparison has addressed to that minister " a which he exhibits between the pre- Letter on a national Bank,” adrifing fent weight of our public burthens, him of the most fapient plan which and their pressure at the accession he has been enabled to discover, “ of the best of kings," will not to supply that currency in the body be viewed without pain and indig- politic which is “ to keep in mopation by every true lover of his tion the wheel of circulation, which suuntry.

keeps in motion the wheel of com

P3 merce,

« AnteriorContinuar »