of dollars are said to have been sent to Birmingham to be metamorphosed by an artizan there, with the intention of being afterwards issued by the Bank of England, with the following words stamped on them: "BANK "DOLLARS: TOKEN FOR FIVE SHILLINGS," which, as I observed on a former occasion, will also be a token of depreciation. That observation, together with what I had advanced in a preceding sheet, respecting the current rate of the dollar being a proof of the depreciation of the bank paper, has brought me communications from two persons, who either differ with me in opinion, or by whom I have not had the good fortune to make myself understood. -My opinion upon the subject was this: that, as the sterling value of the dollar is no more than 4s. 6d. and as the dollar now passes for 5s. in company with English bank paper, that paper is depreciated from its former value ten per centum. I stated this proposition in another way, thus: f rmerly, only a few years ago, a ten pound bank note would purchase forty four dollars and nearly a half, and that now a ten pound bank note will purchase only forty dollars, of exactly the same weight and metal; from which premises, I naturally drew a conclusion, that the bank note had depreciated. But, according to the first of my correspondents above alluded to, I was in an "error;" for, says he, the intrinsic "value of the dollar (or, its exchangeable "value in bank notes), is 4s. 9d. and not 5s. "L as you have stated; and at this price dollars may be purchased of any of the refiners in "London." And then he tells me, that the stamped dollars pass for five shillings, only because the Bank promises to take them again at that rate, whenever they may be presented, and that the Bank people have signified this their intention, in a circular letter, which has been sent to most of the bankers and principal merchants in London. He concludes with advising me, as a friend, not to write any more upon the subject, seeing that it is one, which he believes I do not understand.-Now it is rather too hard for this gentleman to impose silence upon me, when he himself allows that dollars, at the refiner's, are worth 4s. 9d. in Bankx-paper, when all the world knows, that they were ten years ago, not worth more than 4s. 2d.

at the refiner's, and 4s. 6d. as sterling money. At any rate the dollar is now worth, in Bank-paper, even at the refiner's, 3d. more than it used to be worth as money. He should have accounted for this rise in the value of the dollar, when matched against paper, before he passed sentence upon me.

But, when did I talk about the price of dollars at the refiner's? When did I talk of them but as currency? I never spoke of them as bullion, as mere metal. It was not of silver in old buckles or tea-pots that I was talking it was not of the intrinsic value of dollars, but of dollars as current money in this kingdom; not of dollars bought and sold for Bank notes, but of dollars acting with Bank notes in the purchase of commodities. In order to simplify my proposi tion, I did, indeed, make use of the word purchase, instead of the words exchange for, but, nothing did I say whence any one could reasonably suppose that I meant dollars as bullion, I will now state it in a way which I think no one can possibly miscomprehend. Formerly, forty-four dollars and two shillings would have bought no more bread than a ten pound note would have bought, but now forty dollars will buy as much bread as a ten pound note will buy; if, therefore, the dollars are of the same weight and metal that they used to be, the Bank note must be depreciated. The objection of my other correspondent has more plausibility. These are his words: "I think the argument, that "Bank paper is depreciated, drawn from "the difference between the sterling and the "current value of a dollar, if it prove any thing, proves too much. That guineas

are depreciated you will hardly insist, yet "I would sturdily mantain, from your pre"mises, that they are, since a guinea will "not purchase so many dollars as it former"ly would."Yes, but I do insist though, that guineas are depreciated: not in their intrinsic value, but in their value as currency, that is to say in their power of purchasing commodities in this country. When there is a depreciating paper in any country, the current coin of that country depreciates in its powers along with the paper, because it has a fixed nominal value, and it can pass currently for no more than an equal nominal value in paper, until the paper is at an open discount. The metal is degraded by the society of the paper; but, there comes a time when it will bear this degradation no longer; it then rises above its nominal value, or, in other words, the paper is at a discount. Things have arrived at this state in Ireland, where a guinea is worth nearly twenty-three shillings in Bank paper.-To

measure that he proposes to bring forward upon the subject. What this measure may

value, an English guinea will purchase as much bread as four dollars and three English shillings, but in England, the same guinea will only purchase as much bread as four dollars and one shilling. In America and other countries the guinea is not cramped in its powers of purchase by the trammels of a falling paper, and, therefore, it is that the guineas fly to those foreign countries; therefore it is that they leave us; therefore it is, that we scarcely ever see a guinea, and that we never see one except upon its route from the chest of those who can hoard it no longer to the hands of those who are ready to convey it out of the kingdom.--When the paper comes to be publicly at a discount, then more guineas will appear, as they have done already in Ireland, in the northern part of which, gold and silver are the common currency. Whether this discount is approaching us, or whether the paper will or can be restored to its sterling value, are questions that I am not now discussing; but, that the paper is in a depreciated state, and that the guineas have, as currency, depreciated along with it, are, I think, positions which can no longer be controverted. The correspondent first mentioned above, has signified his intention to enter at large into the subject of a depreciation in our currency, if I remain unconvinced by his statement; and, as he will perceive, that I do remain so unconvinced, I shall be ready to communicate to my readers any observations that he may think proper to offer for their consideration. I am by no means wedded to my opinions, upon this subject above all others; but, I see nothing holy in the trade of banking any more than the trade of shoe-making, and I shall not, by the whining cant about "decrying the resources of the country," ever be turned aside from the pursuit of my inquiries. Bank notes are not the resources of the country: the resources of the country consist of men and of the produce of their labour. These existed before Bank notes were heard of, and they will exist when Bank notes shall be no

more,

IRISH CURRENCY.- -In the preceding number of this work, p. 5c6, some account was given of the troubles, which had been created, in Dublin and elsewhere, from the refusal of the bakers and others to take in payment the silver, or rather metal, which has heretofore circulated in Ireland. Mr. Corry, the Chancellor of the Irish Exchequer, has given notice, in Parliament, of a

ly intended to make good the promise of Sir Evan Nepean and the cabinet of the Castle; it is hardly intended to send over "dollars and other coin to supply the circu"lation;" because, be it known to Mr. Corry, that these dollars and "other coin" would not remain in circulation for twelve hours, unless two thirds, at leas', of the bank paper were first thrown into the fire, or taken, some how or other, out of circulation. Pure coin cannot, at any thing near its real value, freely circulate in the same atmosphere with that paper. One or the other must give way, and it only remains for the wisdom of Mr. Corry to make his election. It is, by some persons, supposed, that he has determined in favour of the paper; and that, with the advice of the Bank-Directors, it has been determined to issue shilling and sixpenny Bank-notes! Whether these little snips of paper are to be made a legal tender, and whether that measure is to be followed up by the establishing of a maximum, as to the prices of labour and provisions, are points to be set tled by the cogitations of the Castle; but, let the wise men, to whose hands the government of Ireland has been committed, take care how they move: they are here upon ground more slippery than they ever before trod upon: let them beware how they exercise their power; for they may be assured, that no force, civil or military, will, upon this occasion, compensate for the want of wisdom. Above all things let them beware how they make the government a party with the Bank, how they lend to the Bank-paper the aid of the state, for then the Bank-paper becomes assignats at once, and universal distrust and confusion are at no great distance. If small notes are issued, all the necessaries of life will instantly rise. The pains of death cannot prevent this. Robespierre himself failed in the attempt; and, let the wise men be prepared for those discontents which may arise from the want of a corresponding rise in the price of labour. In short, if they do not act with uncommon prudence and with firmness no less rare, there is now opening before them a gulph of horrors such as even wretched Ireland never yet witnessed.It is stated, in the public prints, that a full board has assembled, upon this subject, at the Earl of Liverpool's office, and that Sir Joseph Banks, "from his thorough knowledge

See Sir Evan's Letter, p. 507.

of the coins was called in to assist the Lords | of the Treasury at this deliberation.”— 'Sir Joseph Banks, above all men living!! Yet, it is very likely, that he may know full as much as the Lords of the Treasury. But, what has "a thorough knowledge of coins" to do with the matter? Foreigners must think we are mad, when they read such passages in our public prints. In what way can the knowledge of a medalist or a mine. ralogist contribute towards the providing a remedy for the pccuniary evils which now afilict Ireland, and which arise. from a derangement in the political economy of that country? We shall, however, see what means will be devised by the united wisdom of Lord Hawkesbury, the Doctor, Mr. Bond, and brother Hiley. Events, events, I have repeatedly said, events are rolling on, that will make us feel what it is tamely and basely and silently to submit to the rule of such men.- Mr. Corry announced to the Parliament, on the 12th instant, that he should not bring forward his proposition on the subject of the Irish Currency, till the arrival of certain dispatches from Dublin, which dispatches were hourly looked for. Now, what he can expect in these dispatches sufficient to influence him in any measure to be adopted relative to the currency of Ireland, it would puzzle a wizzard to discover. In fact, he knows not what to do. It is not a new tax or new loan that he has now to manage: it is not that polite and complaisant set of gentle. men who meet in St. Stephens, that he has now to convince and satisfy: he has now a task of a different nature to perform, and, though he has the immense advantage of Mr. Addington's advice and assistance, he will hardly be able to acquit himself with any tolerable success.-The evil may be got over for a few months very easily; but, it must return, and, at every return, it will acquire new force, till it bursts upon the heads of all those who shall attempt to obstruct the natural course of its operation.In the midst of all these financial difficulties, where is Mr. Pitt? Where is the "first "financier in the world?" Why does he not come and throw upon these dark subjects" the radiance of his luminous mind?" Oh! say his partisans, "he is employed in "the defence of the country!" The de fence of the country, indeed! What has he to do, more than other members of Parliament, in the defence of the country? Is what the people in Kent say of him a fact? Is he really bitten by a mad German cor

poral? Is it, in good earnest, a species of madness which keeps him a volunteering, or does he purposely avoid all discussions in Parliament, except those wherein he can act a part, calculated to preserve his popularity amongst the people, without giving offence at the court? We are informed by his partisan and eulogist, Mr. Ward, that "he laboured by night and by day, that he "sacrificed his leisure and his health," in making "plans of finance" for Mr. Addington, previous to the misunderstanding between them. Why does he not continue his labours, now that they are wanted more than ever? Will it be said, that it is not his duty, seeing that there is another minister of finance to perform it? So are there, in the ministry, persons whose duty it is to. frame and introduce measures relative to the volunteers, the militia, and the army; yet he comes with a whole budget of projects upon these subjects. Here, in a science which he does not, and which he cannot understand, he is full of invention, ready, on all occasions, not only to aid with his advice, but, in the true volunteering spirit, to offer measures ready cut and dry to the hands of the ministers; while, with respect to finance, of which he is said to be the first master in this nether world, he never opens his lips, though a very considerable and very vulnerable portion of the Empire is, perhaps, upon the eve of a convulsion, owing to financial distresses; distresses too, which have arisen out of his own measures. Is this acting a manly part? Is it conduct like this that warrants Mr. Ward's comparison with Camillus and Cato? Is this the man who is to "save the "city and restore the tottering state?" I am deceived if Mr. Ward has not, by this time, begun, like many others, to change his opinion. A name does much; but it will not silence the voice of events, and events are now beginning to speak to us with trumpet-tongues.

It was my wish and intention to have submitted to my readers some remarks on the discussion, which has taken place in Patliament, relative to the payments made from the Irish Treasury at par; but want of room compels me to defer these remarks till my next. The intended Loans would also have demanded some attention; and, I cannot even now close this sheet, without begging my readers to recollect Mr. Addington's solemn promise, that " no addition to the debt should be made during the war."

VOL. V. No. 16.]

of the 10th of December, 1802.

577]

TO THE SERIOUS CONSIDERATION OF THE

PUBLIC.

Since it must be evident to every reflecting person, that our ability to support the present contest, and, of course, that of preserving the throne of our Sovereign and our own liberties, depends, in a great degree, upon the pecuniary resources of the country, it is not too much to hope, that, notwith-' standing the dryness of the subject, an exposition of the true state of those resources will, at this time, meet with a serious consideration.

That the minister, now better known by the name of the DOCTOR, has, upon all convenient occasions, deceived the public upon the several points belonging to this subject, it has, as my readers will have observed, fallen to my lot frequently and repeatedly to show. On many of these points, however, the Doctor has still been believed; because the refutation of his statements and calculations depended upon facts, which could not, as yet, be ascertained; and, because, in such cases, the public, not making a due distinction between the Doctor's character and that of former Chancellors of the Exchequer, have, from feelings of habitual and becoming respect for persons high in office, concluded, that till his assertions were disproved by facts, they ought to be credited, though opposed to the assertions and the arguments of other persons. The facts have, however, at last, come to light; and, grounded upon these indubitable facts, I am about to offer to my readers a concise exposition of the actual state of our TRADE, REVENUE, EXPENDITURE, and DEBT.

[378

tor, when he came to the Parliament with his flattering display of the 10th of Dec. 1802, could not, in the fulness, or, rather, the emptiness, of his vanity, forbear to make a triumphant allusion to those apprehen-' sions, in the words contained in my motto. But, he was reminded immediately afterwards, that his triumph was ill-founded and would be of very short duration; for, that the opposers of the peace had never said that an immediate falling-off in our trade would take place, and that, the excess of trade in 1802, was owing, in a great degree, to temporary causes, to causes, the operation of which would cease with that very year.*

-Time has been swift in visiting vengeance upon the Doctor. We have now, at the end of only sixteen months from the day when the thoughtless boaster rose crowing upon his tip-toes, an account, presented to the Parliament from his own office, in which all his estimates and all his promises are clearly proved to be false, and in which he is proved to have been grossly ignorant of the concerns entrusted to his management, or, to have intentionally deceived the nation, by whom he and his family are maintained, and the Sovereign, under whose authority he acts.

-Trade naturally divides itself under two heads, imports and exports. To form a just opinion as to the state of either of these, in any given year, we must compare their amount with the amount of the imports or exports of the preceding year. But, in the present instance, this mode of comparison is not sufficient for our purpose; because, if we should show, that, in the year 1803, the imports, or exports, have been much less in amount than they were in 1802, the safe politicians will exultingly remind us, that 1802 was a year of peace. To avoid this, we must take the three years ending with December 1803, which period, while it embraces the last year of last war, the year of peace, and the first year of this war, does also embrace the three years of the Doctor's.

Sec Pol. Register, Vol. II. p. 794.

administration.To begin then with the IMPORTS; their amount (exclusive of corn and other grain), in the official value, was as follows:

Imported in 1801.. £24,145,500

1802....24.413,473

1803....20,634,099

The "official value" is only a sort of standard, or mode, which is made use of at the Custom-house, of rating, according to the quantity of the goods, the real value being very difficult to ascertain. Probably the real value is nearly double the official value, but, as to our present inquiry, that circumstance is of no importance. The figures speak for themselves here, and much plainer than words possibly can. They show, not only that there has been an interruption to the Doctor's continual increase," but, that the increase has been turned into a most alarming decrease; and, they show, that, if such an increase be "an indubitable proof "of the growing wealth and resources of "the country," the wealth and resources of this country are fast upon the decline. But, that description of persons, who may be called balance-of-trade-men, will, perhaps, assert, that a decrease in the imports is a mark of prosperity; and, I must confess, that such an assertion could not very consistently be contradicted by those who admit the principle of a balance of trade. Αι ence, however, to blast the hopes which might arise from this source of decep tion, it is sufficient to state, that the decrease of imports has not taken place in articles which are the growth or produce of other nations, but, in those articles which are the growth or produce of our own WestIndia colonies; in the articles coffee, sugar, and rum, as will appear from the following comparative statement between the years 1801 and 1803 :

wise-acres, who imagine, that the sending of valuable things out of the country to a greater amount than that of the valuable things received into the country is a proof of national prosperity; to these persons the present state of our imports affords no hope, because, as it has been shown, the decrease in the imports has been produced by a fal!ing-off in the amount of the things coming fr from another part of our own dominions, and being the property of our fellow subjects. The EXPORTS are divided into two classes," Foreign Merchandize," and, “British Produce and Manufactures." The latter of these comes certainly more home to us then the former, but the former consists principally of the growth or produce of our own colonies, and, therefore, any falling-off in its amount must be regarded as of great consequence. The decrease in the amount of this class of goods exported will appear from the following statement: Exported in 1801.. £16,601,892 1802.... 19,127,833 1803....11,537,148

This decrease is almost incredible; and one would wonder how any minister could, after such estimates as those made by the Doctor in all his financial speeches, find the hardihood to present this statement to the House of Commons! But, the Doctor knows his men.--I am anxious to keep in view, that it is not a comparison between a year of war and a year of peace that I am making, but between 1801 and 1803, that is, between a year of the former war and a year of the present war. Nor do I wish to confine the comparison to the last year of the former war take any year for seven years back, and you will find no one in which there was not more foreign merchandize exported than in the year 1803. The statement now presented, therefore, by exhibiting a comparative view of the different effect of war upon trade, before, and after, the treaty of Amiens, demonstrates the ruinous tendency of that compact, which tendency will, however, still more clearly appear when we come to examine into the nature of the decrease in the exports of our home produce and manufactures. Exported in 1801.. 25,699,809 1802....26.993,129 1903....22,252,101 Here the total of the exported British produce and manufactures in 1801 amounts to nearly three millions and a half more than in 1803, for, it is between these two years that I particularly desire to continue my comparison. And, in what articles of produce and manufactures has this decrease