VOL. XIX. No. 31.)


[Price 1s.

“ The best security agaiost a total want of circulating medium, in the time of our utmost need " will be found in the necessity, which persons in the iniddling classes of life already frel, of providing " before hand for such an occasion.". LORD GRENville's Speech, in the House of Lords, 13th Dec. 1803. 999)


people, amongst whom it was issued at 58,

that it is worth more than the said five JUBILEE DOLLARS. The observations, shillings. -But, to returu to the subject in my last Number, upon the manifest ad- of hoarding, I would ask these venal men vantages of hourding, have called forth the why they look upon me as desiring to dewrath of one or two of the venal tribe of stroy public credit and to cause confusion

writers, who ascribe those observations to and uproar; why they think that my , a wish on my part " to destroy public cre- wish to produce this effect is indicated in

die, and to cause confusion and observations on the advantages of koardI wonder that these venal personages bad ing. ---Are we to look upon public credit not added, that my ultimate desigo was to as dependant upon people's abstaining take advantage of the said confusion and from boarding? Will their hoarding up uproar, in order to get out of prison, and the real money destroy public credi? if to free myself of the fines and recogni- it will, public credit is, I am satisfied, in a zances, to which I am subjected. There very bad way.But as to confusion wanted only this to make the charge com- and uproar,can the hoarding of money plete.Poor fools! How they free them produce any such effects ? On the conselves! How they discover their alarm! irary, it appears 10 me, that the hoarding How they betray their dread of me, even in of money is a very quiet operation, and this situacion! The world will easily judge tends as little to produce quarrels and how bad their cause must be, when every strife as any thing can. When a man has line of mine appals them thus. Why do got his money in a hoard, he is very apt they not laugh at me? I am a fool, ihey to be as still as a mouse. He will take say; a writer whom all the nation good care not to boast of it; he will have despises; a person whose word passes no desire to challenge any one to a comfor nothing. Why, then, do they nut parison of hoards; and, in short, it seems laugh, laugh heartily at me? And, on to me, that nothing is more likely to prothe other hand, if they have been expresse duce peace and quietness than hoarding. ing all this contempt in jest; if they do --In my last number, I proved the really think me able to do injury to pub- great advantage of hoarding, to individuals ; lic credit, why do they not endeavour to and I am of opinion, that it will not be dissuade me from my purpose by good less so in a national point of view. This is words? Their railing at me will not no new opinion of mine. I expressed in make any man disbelieve my facts, or be the 4th Volume of the Register, pages unconvinced by my arguments. Their 795 and 796, upon the memorable occacurses, which are always sweet to my sion, when Mr. JEKYLL, having heard that ears, will not lower the price of the Dollur; hoarding was going on, complained of it, in no, nor will they prevent it from rising. the House of Commons, described it as a It will continue to rise, in spite of all they great evil, and, in the true spirit of a lawyer, can say or do. They have succeeded in proposed to put a stop to it

, and, of course, their endeavours to keep down the Jaco- to punish the parties guilty of it. Mr. bins and Levellers; their lies and their ADDINGTON, the “great man" of that cunning have served their purpose thus far; day, agreed with his brother lawyer as 10 and all that they have now io do is to lie the baseness of the practice of hoarding, down the Dollar. Oh! this Dollar! this and assured him, that the matter had been Dollar is the thing! This Dollar, which, under the consideration of the Prity Council ! by the order of the Privy Council, passes -Upon this Lou:D GREYVILLE marle for 6d. more than is writen upon it. It is some very good observations, in the specch, called « BANK TOKEN for five shillings.' part of which I have taken for my motio, And that same Bank now tells the same l and a fuller extract froin which I here jai

Sert, in order to shew, that the opinion" history which might be resorted to for of the usefulness of boarding is not con


" this purpose: two cases where, in supfined to the Jacobins and Levellers.

port of an excessive issue of paper, go“ We are told from authority, that there “ vernment had regulated by law ibe “ appears in the country an eagerness to "quantity of specie which each individual “ collect, or, as it is insidiously called, to “ should be suffered to retain. Those " board cash. Ia times of scarcity the ig“ were the Mississippi scheme, and the * norant are taught to clamour against the scheme of the assignats. In both in

farmer and the cornfactor, who, by colleci- "stances the measure had immediately “ing and preserving grain, afford to a coun- “ annihilated the paper it was intended to " try its only security against famine. By support. He had no fear that the same “the salutary provision of nature, the mea- “principle, by whatever authority it had " sures which individuals take in such “ been countenanced, would be acted upon

cases for their own security and benefit “ to the same extent in this country ; but “ constitute in their aggregate the security “ he must take the liberty 10 say, that in " and advantage of the community itself. so far as it was followed up, either in 6. In the same manner (it might appear “ speech or action, exactly in that propor. " paradoxical, but if a paradox, it was “ tion the public credit was affected and « one which he held in common with all injured by it. The danger of such a

enlightened writers on this subject) the o shock to private paper, as he had “ best security against a total want of cir- - stated, in the case of invasion, was “ culating medium in the time of our ut. “ not to be guarded against by such “ most need, would be found in the neces- language, which had no other ten“sity, which persons in the middling dency than to increase that danger.-“classes of life already feel, of providing Lord Grenville said this on the 13th of “ beforehand for such an occasion. How, December, 1903. I had said nearly the “ indeed, could it be expected, that when same thing ten days before. But, at any “a man of that description joins the vo- rate, this was said by him; and here is not “ lunteer ranks, and serves his country in only a justification of the practice of hoard" the field, he should leave his family to ing, but an eulogium on it.-Upon this “rely entirely, and for their daily bread, same occasion LORD LIVERPOOL ascribed “ on the paper of a private banker, whose the evil of the Bank restriction to the “counting-house may be at that very great prosperity of the nation ; to its won“ moment occupied by the enemy --The derful increase of trade; its fine spirit of

steps taken by such individuals to make adventure. These, he said, gave rise to

provision for ihis case, must then of ne- an increase of paper. Well : but, what is “cessity produce at this time an increased the cause of the rise of the Dollar now ? “demand for specie; that demand will in Trade is not nor so very flourishing. It “ this, as in every other article, produce has not increased of late. The spirit of “ an increased value; and, unless the adventure is not now so very fine. The « natore of things be inverted, the truth is, that those who attempt to ascribe " “ increased value must, in its turn, pro- the scarcity of coin to any other cause “ duce an increased supply: lle was than the over issue of paper; and who " therefore beyond measure astonished , attempt to ascribe that over issue to any “ to hear that in some other place, this thing other than the increase of the “ conduct in persons of such a description national debt and the taxes; all such per" had been spoken 'of' as a fit subject of sons must be involved in everlasting in" reproach and censure; and that this consistencies. Before I quit the subopinion had proceeded from a quarter ject of hoarding, I must observe, that to " which ought to be of the highest autho hoard the money is the only means of “rity in matters of this nature. Such preventing it from going out of the country. “ language could have no other tendency It will not circulate with the paper in its “in this case (as in that to which he had present state. The Privy Council and the " already likened it) than w raise popular Bank People saw that the Dollar, though "odium, and to excite popular tumult, already raised to 6d. above its old real “ against men who used their own discre- value, would not condescend to pass any “ tion in disposing of their own property. longer with the paper; and, therefore, “If it were fit to censure such a disposition, they raised it to 58. 6d. They did this " it must be essentializo endeavour to pre- avowedly because the dollars were going out 46 rent There vete two precedents in of circulation. Very well, then, is it to be

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supposed; will the Bank People, or even illustrate what was said in my last about the Privy Council, suppose, that the guineu the advantage of boarding to private peror half-guinea, or any other piece of gold sons. One," says he, “ who saw faror of silver will pass upon a par with that "ther ihan his neighbours, got a large same paper? It is notorious that it does "sun by pawning Louis d'ors, or French not; and it is evident that the thing can. “ Guineas. He pawned 1,000, and bornot be. Well, then, what is to become "rowed 900 in assignats. With these he of the coin? What is to be done with it? bougit more Louis, at a time when Those who possess it will do one of two they bore a premium of twenty per things with it: they will sell it for paper,

He went on thus, 'till he hard and will, of course, obtain a greater sum in “about 3,000 Louis in pawn, where he let paper than they had in money; or, they " them relain ’till the assignats lost cent. will hoard it, having patience to look for- per cent, and then he redeemed his Louis ward to the happy time when there will " for half their value. Was not this a curibe nothing but money passing.--If John " ous speculation ? But, I could fill your a' Nokes, for instance, sells a guinea, it paper with others as curious." It may soon find its way into the hands of was a very curivus speculation; but, it was some one, who will send it out of the coun- no more than what we shall see here, and lry; but, if he put it safely into his hoarl, what, indeed, weilo see here now, in it is sure to remain in England, where it degree. This shows the advantages of will be ready to come forth as soon as boarding, whenever there is a papercircumstances are such as to allow it to money that has begun to depreciate, where pass for its value, and which can happen the depreciation bas bern produced by no only from one of two causes; the total sudden or alarning danger. No such cause annihilation of the paper-money, or two has had any eflect here now.

There has prices, a cash price and a paper price, openly been no criernul cause for the depreciation made. There is a confused notion of the paper. All is internal; and, of afloat about preventing the further depre- course, the progress downwards must conciation of the paper-money by putting a tinue, until great confusion and mischief stop to importations front the Continent of arise out of it, unless an effectual remedy be Europe. To this, then, are we come at provided ; and which remedy I shall leave last! Where is now the boast about our to be found out by those, who reviled me having the commerce of the world? as a traitor when I forwarned them of But, in leave such reflections as these to what all the world acknowledges is now the " Pitt CLUB," what good, as to the come to pass.

Let them find out the revalue of money, shall we derive from merly ; for, none shall they have from putiing a stop to importations ? Why, me. -The discussion that is to come on we are told, that, if we put a stop to im- in the Honourable House, on the thirtieth portation, we shall have no money to pay instant (I wish it had been on the first), to the Continent, and, of course, that our will be very curious indeed. It will degold and silver will not go away.- -This mand all our attention. We shall then is one of these notions that are created by have all the opinions of both the parties. the reluctance which men have to see the We shall hear what both hare to say as to truth; for, if it were not for such reluct. remedies. We shall have their opinions ance, every one would perceive, that, and predictions upon record. They have whether we have any thing from the Con- f both been, they both are, supporters of the tinent or not, the gold will not remain funding system. They are both alike pledged here, and will, of course, go there, unless it to the whole of the Fitt system. be hourded. It does not go abroad because then, hear them out, and make a memowe owe money there. It goes because it randum of what each of them says of the cannot pass for its worth here; and, as to future fate of the paper money:-When a mode of conteyance, that will never be that is done, I will give my opinion ; 1, difficult to find. -Hoarding, therefore, whom the venal writers call the organ of is, under such circumstances, the only the Jacobins, will tell the world what the means of reserving any coin at all in the Jacobins think of the matter : and, when country; and is, therefore, a practice very that is done, we will all stand quietly by, beneficial in a national point of view.--- and let events decide which of the three A correspondent has given me an instance, have most understanding. The other two that occurred during the time of the as- parties have all the Doctors of all sorts signats in France, which will serve to with them. “Theirs the Gospel is, and

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theirs the Laws!". They have all the grave indeed, compelled the Americans to beand reverend Seniors. All the gowns and come manufacturers, but they also sent all the wigs. They have both Univer-them out hands to assist them. Such bas sities and all these leurned bodies called been the progress of manufactures there, Societies and Institutions. We have for that, as I am informed, a considerable us nothing at all but our own plain sponses. quantity of cotton and woollen yarn has And, we shall see, therefore, in the event already been exported to Europe. Peras to the paper money, in what degree they haps not less than 30 or 40 thousand are our superior.

Merino sheep have been introduced into

the American States. Under these cirAMERICAN STATES.In another part cumstances it would be madness for any of this Number, will be found a Letter one to suppose,

that the American governfrom MR. PINCKNEY TO LORD WELLESLEY ment did not hail with joy the fair preupon the subject of the Orders in Council. tence for passing a new Act of non-impor

- It is, I think, impossible to deny, tation of English goods; and, especially that, through the whole of this letter, Mr. when we reflect, that the persons now in PINCKNEY is unanswerable. The Berlin power in America have always been opand Milan Decrees were feroked, and, ac posed by the English merchants and their cording to our promise, we should have adherents in the United States. Some revoked the Orders in Council.-But, of our newspapers give extracts from those while this is decidedly my opinion, far be of America, esclaiming bitterly against it from me to regret the consequences of our the non-importation Act, and also against non-compliance. I mean the Acts which the rejection of the Bank Charter. But, have been passei în America, to prevent they take these extracts from prints wholly any importation from England, and which devoted to the English Merchants. if I look upon as greatly favourable to the they were to quote from prints of the real interests of both countries. The other side, they would convey to their former interruptions to intercourse were readers quite a different view of the matter. productive of much good; but this will, -The fact is, that the Bunk of the United I hope, put an end to the unnatural de States was little else than an English conpendence upon each other, which was so cern. It was little else than a branch of inischievous to England as well as to Ame- her ladyship in Threadneedle-street. She rica.—The truth is, that it is, and long is, indeed, the only original Bank in the has been, the policy of those statesmen, who whole World. All the others, no matter have now the predominance in America, where they be, are, more or less, her offto wean that country from this. The close spring, and are, more or less, dependent connection between them they looked upon her. The Bank in America was a upon, and very justly, as tending to dis- powerful instrument in the hands of the turb the peace of America, because it kept English merchants and their party. alire a party hostile to the very nature of Therefore it is no wonder at all that their the Social Contract. To sce their country prints cry out against its being put a stop liable, at any time, to be plunged into dis- to. No wonder that, in the language of tress, unless it subinitted to the will of Sir John Sinclair, they call this measure another nation, was what they could not “NATIONALSUICIDE.” The straw-pen

endure. Experience has convinced them Baronet says, that “to cause any material that America' can dispense with European " diminution of that mine of national prosmanufactures ; and, therefore it is, that perity (Bank Notes), would be a species they now assume a tone of more indiffer- « of POLITICAL SUICIDE, altogether ence than upon any former occasion.- " unpardonable.” It is very curious to Mr. PINCKNEY's Letter contains, in the observe the similarity in the language. very tone of it, a proof of the indifference But, it seems, that the American Congress of the American government as to any do not see any thing of the nature of a accommodation with ours. Those who mine in the paper of their Bank, though, have been anticipating, that the non-im-observe, that paper was payable in specie at portation Act would not pass, do not ap- the will of the holder, and not, like ours, pear to have perceived how much the cir- payable in other bits of paper. They saw no cumstances of America are altered of late mine in it except a mine for subverting the years. The former suspensions of trade morals and the liberties of the people. with us, have produced effects never to be They appear not to have had the smallest done away. They not only disposed, and notion of the efficacy of bank notes in causa ing an increase of corn and neat and mighty internal resources and in casting off wool. They appear not to have any no. at once all dependence upon external tion of the force of bank notes in causing commerce. If I am asked, how the cares sunshine and showers and pulverizing are to be raised without external comfrosts. Bedlam does not appear to bave merce, and how, if the taxes fall off, the extended its philosophy so effectually interest of the national debt is to be paid; I. to that country yet, notwithstanding the answer, that these are no affairs of mine crowds of English merchants there set. that my anxiety extends no further than tled.The Americans are'a cool, sensi- the preservation of England and Scotland ble, observing race of men. They have, and Ireland, one independent country, intoo, had ample experience ou the subject of habited by a free and happy people; but, paper-money; and it is no wonder, espe- that, I beg to observe, that, if the taxes and cially when they cast their eyes this way, the fundholders' interest depend upon exthat they resolve to tolerate nothing of the ternal commerce, there is a strong probakind of a national Bank, out of which they bility that they will both suffer a great di. must be sure, that a national debt, would minution. soon grow, and, what a national debt produces they well know' from our sad ex- PORTUGUESE GRANT OF Money. The ample. War and taxation are as necessary House of Commons has had laid before it to á funding system as blood and bone are a Letter from the Viscount Talavera, dated necessary to the human body; and, in in October last, upon the sunject of yieldtime, war and taxation produce what we ing relief to those persons in Portugal, now see and feel. Our prints would who have suffered from the operations of fain persuade us, that these Acts against the war. Upon the report in this Letter, importation and against the bank, in Ame- it would seem, that the grant of 100,0001. rica, are the work of a mere faction; that to these sufferers has been made, after a they have been passed for selfish pur- Message to that intent from his Royal poses; and that they are disapproved of by Highness, the Prince Régent. But, by the people. But, why should we believe a reference to the letter, the reader will this? If, indeed, the Congress were not perceive, that his Excellency the Lord chosen by the people; if none but here Marshall does not suggest the necessity, and there a knot of bribed miscreants had nor, indeed, the propriety, of parliamentary the privilege of voting for Congressmen ; relief, but of relief from the charitable disif these latter were themselves a set of position of the good people of this country, base jobbers; if the President, or his Se- whose usual benevolence he takes this cretary, in one way or another, could, opportunity most aptiy to extol; and, through the means of these sham Repre- baring determined upon the propriety of sentatives and Senators, buy and sell the the thing, he, without seeming to enterpeople like cattle at a fair; if, in short, tain any doubts as to its practicability, the Congress of America, were, like the leaves LORD LIVERPOOL nothing to do but Corps Legislatif

, a set of purchased, per- “ to consider of the mode of recommending jured, knaves, intermixed with a due pro-" the Portuguese to the charitable dispo portion of fools and cowards; if this were “sition of his Majesty's subjecis.”. ihe case, then, indeed, there might be Now, why was not this plan pursued ? It some reason for treating their decisions as certainly would have been preferable to a the result of some villainous bargain, in parliamentary grant; because it would have which their own immediate profit was up- afforded those who love the Portuguese permost, or as the effect of an uniform desire and their cause a fair opportunity of io support a system, through the means of evincing it; while, on the other hand, it which the people were oppressed and rob- would have left no room for grumbling bed with impunity. But, being really chosen amongst those who may think that Pora by the people, and chosen annually too, they cugal has already cost us a great deal too must be supposed to speak the wish of the much, and that, in spite of all appearances, people, whether that wish be wise or foolish. or, rather, reports, to defend a people, ex

It seems to me, that this state of things cept in the character of auriliary, is imbetween England and America is fortunale possible.- -I approve of the LORD MARfor both countries, but more particularly shall's plan; and, doubtless, those who for the former, whose only chance of sale have always been for the war in Spain and vation lies in a speedily betaking herself Portugal, would have chearfully contrito the cultivation of her own natural and buted towards the relief of the poor crea.

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