voting to every houfeholder. The firft partial representation of the people he traces to the reign of Edward I.; the mode of choofing county members by freeholders, inftead of houfekeepers, to that of Henry VI.; and the firft practice of electing members for cities and boroughs by exclufive bodies, or corporations, to the reign of Edward IV. Thefe deviations from the fyftem of our ancestors were followed, as the author fhews, in fucceeding reigns, by other changes equally hoftile to its true fpirit, till by degrees the prefent ftate of things obtained; under which, out of 558 members of the house of commons, 424 are returned by the influence of peers, great commoners, and the treafury, and 134 only by the free and fair election of the people. For the correction of fuch flagrant abufes, and the restoration of the people to their rights, Mr. Oldfield pleads with a degree of ability and manly freedom that will give pleafure to every real friend of the British conftitution, who wishes to preferve it by reftoring it to its native beauty and fplendour.

Captain Charles Patton's treatife, entitled "the Effects of Property upon Society and Government inveftigated, &c." is a republication, with confiderable additions, of his "Attempt to eftablish the Bafis of Freedom on fimple and unerring Principles," which we announced in our Register for the year 1794. These additions confift of a copious illuftration of the influence of property on mental energy, national character, manners, government, and civilization; and an hiftorical review of the monarchy and republic of Kome, upon the principles derived from the effects of property, by Mr. Robert Patton. In the former his readers will meet with

many important and liberal obfervations, on the general fubject of property, and much ingenuity in the author's fpeculative application of them. But they may probably concur with us in thinking, that he afcribes too much to property when he contends, in oppofition to the fpeculations of fonie modern theorifts on government, that "it is the knowledge of property alone, acquired in fociety, that unfolds the energies of the mind," and that these. "neceffarily remain inert, until roufed by the ftimulus of property." They may alto be apprehenfive that his fcheme of legiflation, taken in connexion with his deductions from the doctrine above mentioned, inftead of anfwering his benevolent intentions, would lead to invidious and dangerous party diftinctions; that it would give rife to endiefs jealoufies and contentions between the claffes of the rich and the poor. Mr. Robert Patton's hiftorical Review of Rome, intended to illuf trate the principles of the preceding difquifitions, is the production of a well-informed and reflecting mind; but the conclufions which we thould draw from it would by no means correfpond with thote of the author.

The treatife entitled "Agrarian Juftice, oppofed to Agrarian Law, and Agrarian Monopoly, &c. by Thomas Paine," offers to every conntry a project for a national fund, to be applied in advancing to every perfon, when arrived at the age of twenty-one years, the fum of fifteen pounds fterling, to enable him or her to begin the word; and an annuity of ten pounds fterling to every perfon of the age of fifty years and upwards. This fund is to originate in a tax on landed, and on perfonal property, at their defcent by death to new poffeffors: on the former, under the denomination of a ground

rent

rent for what individuals hold detached from the common property of the human race, and on the latter, as what the poffeffors owe to fociety, on every principle of juftice, gratitude, and civilization, for what they have been enabled to accumulate beyond what their own hands have produced, in confequence of living in fociety. Ten per cent. he would levy on fuch property, of both defcriptions, as fhall defcend in a direct line, and twenty per cent. on fuch as fhall defcend collaterally. A fund thus created he ftates to be fufficient for the purpofes intended, and to leave a furplus to be applied to other ways and means of meliorating the condition of man; and he exemplifies his ftatement by calculations applicable to the fuppofed national wealth and population of England. Among those who are not cumbered with the evils against which Mr. Paine directs his prefent political battery, it is not unlikely but his propofal will meet with numerous ftrenuous defenders. But their oppofite clafs in fociety will pronounce it unjuft, ⚫ and vifionary in the extreme. They will contend, that it is founded on a principle which deferves no milder name than that of robbery; and that, even were it defenfible on the maxim falus populi fuprema lex, and practicable as it is otherwife, instead of benefiting the great body of the people, it would deftroy their spirit of industry and independence, and strike at the root of public morals by confounding together the idle and vicious with the diligent and virtuous, in one undistinguished and equally favoured mafs. And we do not fee how our projector will repel their arguments.

Mr. Herrenchwand's treatise" du vrai Principe Actif de l'Economie Politique, &c. i. e, concerning the - 1797.

true Active Principle of Political Economy, &c." is an abridgment and application of that part of his larger work noticed in our laft volume, which relates to the circulation of the precious metals and public banks in a nation of cultivators. Its object is, partly, to flew that the too flow or too fwift introduction of metallic wealth into circulation is alike injurious to public credit; and, partly, to recommend the establishment of a new government bank, on fuch principles, that twothirds of the prefent revenue may be found fufficient for the public exigencies. For the developement of these principles we muft refer our readers to the work itself, from which they will decide on its im portance or non-importance to the practical ftateiman.

Mr. Joyce's" complete Analyfis and Abridgment of Dr. Adam Smith's Enquiry into the Nature and Caufes of the Wealth of Nations," is executed with judgment and perfpicuity, and will prove valuable to numerous readers who have not either opportunity or lei fure for acquiring an intimate acquaintance with that extenfive work. It deferves, likewife, to be recome mended to the attention of the young economical ftudent, before he enters on a minute examination of Dr. Smith's principles.

The illuftration of "the Effential Principles of the Wealth of Nations, in Oppofition to fome falfe Doctrines of Dr. Adam Smith, and others," is the production of a wellinformed and very able author, who defends, againft the attacks and mif ftatements of various foreign as well as English writers, fome of the leading branches of the fyftem of policy and finance adopted by the French economifts; but without adhering to all the principles of that celebrated P

school.

fchool. What he particularly maintains is the doctrine, that the public fupplies of a state ought to be drawn wholly and directly from the rents of its lands, or the furplus produce of those lands; or, in other words, that there ought to be no other tax for the defence of a state than a land tax. The arguments and illuftrations which he has brought forwards in fupport of that doctrine, and in pointing out the numerous benefits which would refult to the land-holder, to the tenant, and to the manufacturer, from reducing it to practice, are weighty and impreffive, and merit the deliberate attention of political economifts. It will perhaps ftimulate their curiofity if we mention, that the author proves, by a clear and fatisfactory calculation, that had an annual tax of four fhillings in the pound been raised on the rents of lands, fince the æra of the revolution, we fhould not at the prefent period have been burthened with any national debt.

The Effay on the English national Credit, or an Attempt to remove the Apprehenfions of thofe who have Money in the English Funds, by C. L. A. Patje, Prefident of the Board of Commerce and Finances of Hanover," has been tranflated from the German, by the Rev. Herbert Marth, with the defign of producing the fame confolatory impreffions on the minds of his countrymen, which the tranflator felt on the perufal of the original. M. Patje's object is to fhew, that the creditors of the English nation have no fufficient reafon to apprehend either a fufpenfion in the payment of the half-yearly dividends, or a diminution of their value after the termination of the prefent war. Among other topics on which he expatiates in order to establish his point are, the vaft fources of un

touched wealth which England poffeffes in her wafte lands; the im menfe and increasing commerce of Britain, which there is every reason to conclude will do more than keep pace with the accumulation of her debts; and the acceffion of valuable and productive dominions in the Eaft and Weft Indies, &c. which places the English nation in the fituation of a debtor who has confiderably increased his debts, but at the fame time has made a proportional increase of his capital. On the foregoing, and other collateral confiderations, Mr. Patje argues and declaims, ingenioutly and fpeciously, but we cannot add, to our conviction. If the public burthens continue to increase in the fame proportion as during the last three years, we fhall require more power. ful reafons than he has adduced to diffipate our apprehenfions, refpecting the folvency of the public; for we cannot fubfcribe to one of his fundamental ftatements "that as long as the money raised in taxes flows again into the circulating mafs from which it was drawn, the capability of augmentation is fo great that it would be difficult to affign a limit."

Mr. Morgan's "Appeal to the People of Great Britain, on the prefent alarming State of the public Finances, and of public Credit," is another attempt made by that able and patriotic calculator to roufe his countrymen from their political ftupor, and infatuated acquiefcence in the meafures adopted to continue the prefent ruinous war. It adds fuch a variety of most important and interesting ftatements to the facts brought forwards by the author during the last year, that, if they fail of making deep and efficacious impreffions, defperandum eft de republica. Among others, the atten

tive reader will be particularly ftricken with the following: the expending enormous fums, even greater than the whole eftimates for the year, without the previous confent of parliament-an abufe which "threatens the utter annihilation of our rights and properties;" the difcretionary power of drawing bills upon the treasury given to governors abroad, military commanders, commiffaries, deputy commiffaries, &c. &c. and exercifed by them with the moft alarming profufion; the lavish expenditure in the naval department under the head of extraordinaries, provided for by the guardians of the public purfe, without any information refpecting the particulars, without enquiry or animadverfion; the extravagance of the loans negotiated by the chancellor of the exchequer, which have been multiplied to fuch an extent, that to provide for their intereft and management he has "added very nearly as much to the taxes, as all the minifters that have ever afflicted this country from the revolution to the commencement of his administration ;" and the parti. culars relating to the ftoppage of the bank, by which a wound was given to public credit, impoffible ever to be perfectly healed, and from which the proprietors have ftill reafon to apprehend the most serious confequences. What Mr. Morgan has advanced on thefe and collateral fubjects, is not affertion but demonftration.

The earl of Lauderdale, in his "Thoughts on Finance, fuggefted by the Measures of the prefent Seffion," is employed in eftablishing fimilar statements with Mr. Morgan's; and in endeavours to imprefs the public with the conviction," that, except his politics, there is nothing appears to a common understanding fo likely to ruin the country, and

and enfure a revolution, as Mr. Pitt's operations in finance." That lord Lauderdale, however, is not to be ranked among those who poffefs merely a common understanding, the information and ingenuity which thefe Thoughts difcover, bear ample teftimony. They are worthy of the refpectable talents which the noble lord difplayed while a member of the legislative body, and confirm to him the character of an able financier and statesman. To particularize the fubjects of them, would lead us to repeat what we have expreffed in the preceding article.

Mr. Daniel Wakefield's "Obfervations on the Credit and Finances of Great Britain, in Reply to the Thoughts of the Earl of Lauderdale, and the Appeal of Mr. Morgan," contradict, but do not difprove any of the material pofitions or reasonings in thofe publications. Could he but establish the truth of his own calculations, he would at the fame time render a very acceptable service to the chancellor of the exchequer, on whose financiering abilities he bestows the higheft commendations, and afford most defirable confolation to those gloomy politicians who bemoan the threatening magnitude of the public burthens. For, by the magic of his pen, he reduces the fum total of the debts incurred by the present war, nearly thirty-nine millions below the amount in Mr. Morgan's tables, and, confequently, diminishes the intereft neceffary to be provided for among the ways and means of the year, between three and four millions. O fi fic certe !

"The Sketch of financial and commercial Affairs in the Autumn of 1797, &c." is the production of a man of bufinefs, and of extensive information, who is defirous of contributing his efforts to remove the

embarrassments in which the pecuniary concerns of the country are involved. With this view he has in the courfe of his work fuggefted many incidental obfervations and hints, relating to finance and commerce, by which a wife minifter may profit confiderably. But what he principally recommends is the creation, by means of voluntary fubfcription, of "a warfund, to the extent of an hundred millions, and confifting of notes payable to order, at certain periods after the conclufion of a general peace, none for lefs than twenty fhillings, nor for more than one thoufand pounds. Thofe notes, to fuch an extent as parliament fhall from time to time determine, to be lent to the ftate by the fubfcribers, who will according to their fubfcriptions only (as in chartered companies) be anfwerable to the holders, as the ftate will be to the fubfcribers, not only for the principal, but also for an intereft of five per cent. per annum, &c." Such a paper currency, fuperior to any hitherto employed from its being founded on the united fecurity of the state and refpectable individuals, the author contends would be negotiated without difficulty, and ultimately gain to the nation more than five millions. We apprehend, however, that his expectations, in the exifting circumftances of the country, are much too fanguine. In connexion with his plan the author alfo fuggefts a tax upon income, fomething fimilar in fpirit to that of Mr. Pitt.

Sir John Sinclair, in his "Letters written to the Directors and Governor of the Bank of England, in September, 1796, on the pecuniary Diftreffes of the Country, and the Means of preventing them," fug gefts the propriety of increafing the capital of the Bank, and of iffuing notes for two or three pounds value.

The latter part of this advice the directors found themselves obliged to adopt, a few months after the date of thefe Letters, when partiament fanctioned an order of council prohibiting the farther iffue of fpecie. Among the other expedients which he recommends there are two, the principles of which we cannot but ftrongly reprobate. The one is to obtain leave of parliament for the Bank to iffue a million in notes, neither bearing intereft, nor convertible into fpecie, till the end of twelve months. But fuch a meafure would be ruinous to all public credit, if not a direct and fhameful fraud. The other project to which we allude is that of re-coining the gold, with an alloy of fix or feven per cent. That measure, alfo, we know not how to reconcile with the principles of honefty, or of policy. Government would gain by it, but the people would be robbed to the amount of the gold withdrawn. We are convinced, likewife, that it would materially affect the courfe of exchange in disfavour of this country, and that it would give encouragement to counterfeiters, notwithstanding the arguments by which fir John endeavours to repel thefe objec tions.

Mr. Brand, in his "Confiderations on the Depression of the Funds, and the prefent Embarraffments of Circulation, with Propofitions for fome Remedies to each," endeavours with much ingenuity to fhew that, what he calls a latent loan, has operated much more powerfully than the loans to government, in depreffing the ftocks. By the phrafe latent loan, he means to defcribe the fums fold out of the funds in order to create the capital neceflary to carry on our immensely increafing commerce. To prove that our com merce is immenfely increafing, he reforts to the returns made of our exports