« ForrigeFortsett »
tain, that unless England should abandon should be cleared away by time or explaparticular parts of her system, this was nation. They came promptly after the the result avowedly in view, and meant to decree ilself, while it was not only ambi-. be accomplished.-But there could be no guous but inoperatire, and raised upon an hope of such a result without a previous idle prohibition, and a yet more idle deeffectual relinquishment of the French declaration, which France bad not attemptcrees. A case could not otherwise be ed to enforce, and was notoriously incapamade to exist (as the Duke of Cadore was ble of enforcing, a vast scheme of oppresaware) for such an operation of the Ame- sion upon the seas, more destructive of rican law. To pass the law before the all the acknowledged rights of peaceful revocation of the edicts were impossible. states than history can parallel.
This reWith the law in his hands, it would have taliation, as it was called, was so rapid, been miraculous ignorance not to know that it was felt before the injury which that it was the exact reverse of this which was said to have provoked it; and yet his paper must propose.
He would derive that injury, such as it was, was preceded this knowledge not from that particular by the practical assertion on the part of law only but from the whole tenour and Great Britain, of new and alarming prin. spirit of American proceedings, in that ciples of public law, in the notification of painful and anomalous dilemma, in which the blockade of May, 1806, and in the Great Britain and France, agreeing in no- judicial decisions of the year before. To thing else, had recently combined to place uphold the retaliatory orders, every thing the maritime interests of America. He was presumed with a surprising facility. would collect from these proceedings, that, Not only was an impotent, unexecuted, while those conflicting Powers continued and equivocal menace presumed to be an to rival each other in their aggression on active scourge of the commerce of neuneutral rights, the government of the United tral nations, but the acquiesense of those States would oppose itself impartially to nations was presumed against the plainest both. The French declaration, then, had evidence of facts. The alacrity with which either no meaning at all, or it meant to all this was done can never be rememberannounce to General Armstrong a positive ed without regret and astonishment; but revocation of the French edicts.I should our regret and astonishment must enonly fatigue your Lordship by pursuing crease, if after some years have been given farther a point so plain and simple. I to the pernicious innovation which these shall, therefore, merely add to what I have presumptions were to introduce and supalready said on this branch of the subject, port, something like the same alacrity that the strong and unqualified communi- should not be displayed on seizing an cation from General Armstrong to me, honourable opportunity of discharging it mentioned in the commencement of this for ever. It is not unnatural to imagine letter, and corroborated by subsequent that it will be discharged with pleasure communications, (one of which I now lay when it is considered, that, having never before you) may, perhaps, without any been effectual as an instrument of hostility, great effort of courtesy, be allowed to con- it cannot now lay claim to those other retain that authentic intelligence” which commendations for which it may have your lordship is in search of.
He could heretofore been prised. The, Orders in scarcely have been free from doubt, if the Council [of November} have passed, occasion was calculated to suggest it, and, through some important changes; but if he had actually doubted, would hardly they have been steady, as long as it was have spoken to me with the confidence of possible, to the purpose which first imconviction. It only remains to speak of pressed upon them a character not to be the practical effect of the French repeal. mistaken. - In their original plan they And here your lordship must suffer me to comprehended not only France and such remind you, that the orders of England allied or dependent Powers as had adopted of 1807 did not wait for the practical ef. the edict of Berlin, but such other nations fect of the Berlin decree, nor linger till as had merely excluded from their ports the obscurity in which the meaning of the commercial flag of England. that decree was supposed to be involved,
(To be continued.)
Published by R. BAGSHAW, Brydges-Street, Covent - Garden :—Sold also by J. BUDD, Pall Malla
LONDON :-Printed by T. C. Hassard, Peterborough Court, Floet-Street.
VOL. XIX. No. 32.]
LONDON, SATURDAY, APRIL 20, 1811.
[962 ing more Dollars at the nominal value of SUMMARY OF POLITICS.
5s. 6d. appeared to me to be so wild, that Jubilee Dollars. - In my last Num- I could not believe it to be seriously ené ber but one, page 899, the reader will tertained, unless the Dollars of the new find, that I noticed an intimation, relative issue were to be lighter or of baser metat to Dollars, which intimation was given, in than the former issue. To gain a little time, the House of Commons, by Mr. MANNING, however, it might be of use. Merely to who is, it seems, Deputy Governor of gain a little time and to assist in supplythe Bank of England.* The notification ing the metropolis with change for a few of Governor Manning was this : that weeks, and thus postpone the public com. " the Bank was now in the course of having plaints ’till after the session of parliánient' “ a large quantity of Silver Tokens, or was over. - This, I imagine, can be the * Dollars, stamped, for the purpose of only object of the Governor and his Assos "putting them into circulation at 5s. 6d ciates; and, accordingly, we see it not - each. And, he said, that he gave this announced, in a paragraph in all the news“ notification in order that those persons, papers; a circular paragraph, such as the “who might be drawing Dollars out of dealers in various other valuable wares "circulation" (alias, hourding them), “in cause 'océasionally to be put in the " the hope of their rising in value, might papers ; in this manner, 'we see it an* be ASSURED, that their expectations nounced, that 300,000 Dollars are actually " in this regard, will be disappointed.” gone off to be stamped. The words are -The Honourable Governor will be these :-“On Monday, 300,000 Dollars deceived in his expectations, and of that “ were sent from the Bank to Mr. Bolo he may be assured; for, the persons who "ton's, at Soho, to be stamped, and the have deemed it prudent to begin to hoard, " same quantity are to be forwarded in a will not be turned from their purpose by few days. They are expected to be in any thing short of a ready payment of the
" circulation in the course of three weeks." Bank notes in gold and silver of the Three weeks! So, here is nearly a sterling value. This the Governor may month gained; and, in all probability, be assured of. The day of faith is fast they will not be in circulation so soon as passing away. Men will now believe, as that. In circulation, did I say? I mean to the Bank of England, only that which issued; for circulate they will not. And, they see and touch. - The project of issu- unless they are sent to country towns by
the Bank itself, not a Dollar of them will * I begin to think, that it may be of ever leave London, except for the purpose use to the People to know the names of the of going to hoards in the country, or of persons, who have the management of this sailing down the Thames. Do Gov. concern, and I therefore will here insert Manning and his compeers imagine, that the present list of them :
the people who are now hoarding, will
cease to hoard upon the strength of these Jolin Pearse, Esq. Governor :
paragraphs? Have these great men found, Wm. Manning, Esq. Deputy Governor :
that the notification, given by Governor Twenty-Four Directors.
Manning, has produced any such effect? Alexander Baring, Esq.
Jeremiah Olive, F3q: - In matters of this sort, there is a George Blackman, Esq. John H. Palmer, Esq. species of sagacity, in the mass of the John Bowden, Esq. Charles Pole, Esq. Corvelius Buller, Esq. John B. Richards, Esq.
people, which is quite incredible to those James Campbell, Esq.' Wm, T. Robarts, Esq.
who do not reflect upon the power of Henry Davidson, Esq. John Staniforth, Esq.
habit and of interest. But; this almost in: George Dorrien, Esq. Henry Smith, Esq. stinctive sagacity aside, who is so little Thomas Langley, Esq.
A. H. Thomson, Esq. informed, now-a-days, as not to perceive, Thomas Lewis, Esq. Samuel Thornton, Esq. Beestohi I.ong, fsq.
that the issue of this sum of Dollars can. Stephcu Thornton, Esq. Eben. Maitland, Esq. Robert Wigram, Esq.
not, upon any rational principles, put a William Mellisk, Esq. Jobn Whitinore, Esq. stop to the practice of hoarding ? It
will be two or three months before these ( enough, that the issuing of this quantity of Dollars are out, and by that time, there Dollars will put either a stop or a check to will not, I should imagine, be any thing, hoarding:
-But, I must not quit this part in the semblance of money, left in circu- of the subject, even for the present, with: lation.What, then, will these 600,000 out shewing a little more fully the grossDollars do? I suppose, for argument's ness of the folly of supposing, that such a sake, that there are so many to come out ; sum of Silver Tokens or Dollars can hare though the reader will please to observe, the effect expected from it. The reader that I do not believe the fact, and that, will bear in mind, that, in all these operaif he believes it, the fault is none of tions of currency, it is not the positive but mine. For argument's sake, however, the relative amount of the metal or the admitting that there are. 600,000 Dollars paper, that is to be kept in view as the coming forth,we have next to consider what governing principle. If all the gold and proportiou in amount they will bear to the silver in circulation, in any country, did paper in circulation ; because, without not amount to a hundred pounds, that would taking this view of the matter, it will be not be an argument against the paper of impossible for us to form any thing like a such country, provided the paper did not correct notion as to the effect which the exceed four or five pounds. Keep this, issuing of the Dollars is likely to produce. constantly in view, for the whole question
-By a reference to my Letter XXI, on turns upon it. Any measure that adds the subject of PAPER AGAINST GOLD, in the to the quantity of real money without adds. last volume of the Register, at page 1221, ing to the quantity of the paper-money the amount of the Bank Notes is stated will, of course, raise the value of the paper from tbe information furnished by the Bul money; and, one of the consequences of Jion Committee. The exact amount of the that will be an indisposition to hoard the Country Notes could not be ascertained ; real money. -But, what is the nature. but, as will be seen by referring to the and tendency of this operation of the above page, the amount of the Bank Bank? Why, they are about to issue. Notes, a year ago, could not be less than 165,000 pounds worth of Dollars. Where 56,000,000 of pounds, not including ten did they get them? -Pray, reader, mark or twelve millions of Exchequer Bills, and this inquiry.--How did they come by various other paper, which performs, in them. They were hardly given to them many cases, the office of a circulating me- as a present? What should any one see in dium. Since that time the quantity of their faces to make them a present of paper must have greatly increased; be 600,000 Dollars: They bought them to cause we bave seen all the gold disappear, be sure. Did they so? Then they gave and, in short, because we have seen the something for them, I suppose ? Now, Dollar raised in nominal value against the Governor Manning, attend to me. What paper.----But, to obviate all pretence for did you give for these 600,000 Dollars? disputation upon this point, let us suppose, Answer me that. " Why, Bank that the quantity of paper has not increased “ notes, to be sure.”--You did, since that time. Mind, I do not regard it did you ? So, then, the way you go to as a matter of doubt. I wish this to be work to diminish the quantity of your clearly understood. I merely admit the paper, is, to increase it by the purchase of supposition for argument's sake.Well, real money to be issued out afterwards. then, there are 50,000,000 of pounds in This is a curious way of lessening the circulation in paper promises ; and, of quantity of your paper. But, this is not course, the proportion which the 600,000 all. The effect of your operation does Dollars will bear to this is as 1 to 339 and not stop here. There are other papera fraction; that is to say, there will be, money makers besides you. You were when these Dollars all come out, which I compelled to give more for your real think they never will; but, if they do, money than its nominal amount in cirthere will then be in circulation, 1 pound culation, and, therefore, you were, of in silder for every 339 pounds in paper pro- course, compelled to raise the nominal mises ! Aye, you may stare, Governor; value of that already in circulation. What but, if there be any truth in arithmetic, is the effect of this An immediate rise there will be in circulation 339 pounds in in all prices : an immediate demand for paper promises for every 1 pound in your more currency than was in circulation befive and sixpenny Dollars. Believe, fore; and, of course, an immediate addithen, who will; believe, whoever is ideot tion to the quantity of every species of
paper money in every part of the king, the Governor and Company of the Bank dom; which is infallibly accompanied of England, whom common people never with an immediate further depreciation of named but with a sort of religious awe. the paper money in general; a still wider Sad slaves they were, certainly, for their disparity between the value of that and pains, and bitter fruit has their slavish the value of real money; and, as sure notions, in this respect, entailed upon their as man is true to his own interests, as sure children; but, such was the fact. What, as self-preservation is the strongest motive then, must be the state of the Bank; how of action, so sure your operation does, in must it feel, when it thinks it necessary, a short time, give new life to the practice to contradict, in this official and solemn of boarding. If the reader pays due manner, a mere rumour of the day ;'when attention to what has been here said, and this. Governor and Company think it if he joins me in opinion, he will also necessary to enter the lists with the grinders join me in a laugh at the remedies of the of paragraphs, who are paid (as appears Scotch Reviewers, whose profundity has from a late trial) at about three halfpencé. carried them so far round the circle, that a line? - Another fact worth notice is they at last almost touch the shallowness the measures resorted to by the Bankers, of their countryman, Sir John Sinclair. that is to say, the individual Banking
I have now to notice, what I ought to Houses, in London, on account of the have noticed in a former Number, certain scarcity of change, namely, gold and silver facts connected with this subject, which under one pound. The inconvenience they facts it will hereafter be of great conse- experienced was notified to the public in quence to have before us, and, which, even a paragraph in the following words, on now, it is useful to have before us. - In the 6th of April. We understand a the early part of this month, there was a “ meeting of Bankers is to be called in rumour afloat about great forgeries upon “ consequence of the scarcity of silder, by the Bank of England, whereupon, the “ which they are very oppressively and alBank caused to be published the follow. “ most exclusively affected. There is no ing advertisement.--" Bank of England, “ house of moderate business, which does « April 4, 1811. The Governors and Di- “not at present suffer an average loss of " rectors of the Bank of England having “ 4001. per annum in paying the fractional * been informed that Lists of supposed parts of their customer's draft; to do “ Forged Notes have been industriously " which, they are compelled to pay a preu circulated, which may create alarm and “ mium of from 2 to 3 per cent. for silver. " inconvenierce to the Public, they think " It is matter of surprise that some mea" it right to give this public notice that “ sure has not already been adopted, as it “ such Lists have not been circulated by “ is evident, that in proportion as the " their authority.— The Governors and “ community find it difficult to pay the “ Directors also observe paragraphs in the “ fractions of small bills, will the number "public papers, stating that plates used " of small drafts be increased; and if the " by the Bank for printing Bank-Notes “ Bankers continue to pay such drafts, « have been stolen and made use of in “ the hoarders of silver will be encouraged in " the fabrication of forged Bank Notes, “ their present practices, being assured of a " the Governors and Directors think it “ market, whatever be the premium they " right thus publicly to state that such pa- « choose to exact. It is recommended to “ragraphs in the public papers are totally “ all persons drawing drafts, to draw for “ unfounded, ROBERT Best, Sec.”—This " even sums, leaving the odd shillings upon seems of little consequence, at first sight; “ account, or taking the balance from but, it is of great consequence, if we « their tradesmen; by which means the consider how strongly indicative it is “ Bankers will be eased of part of the of a consciousness on the part of these « burden, which to them becomes a seripeople, that the public had their eye upon ous loss, while to others it is trifling." them. « How is it with me, when every - This paragraph, which was a circular, “ noise appals me!” exclaims Macbeth. which appeared in all the London daily The bare rustling of the leaves, under papers, and which, I dare say, cost 200 somc circumstances, produce more trepi- pounds for the insertion, is full of curious dation, than, under others, is produced by matter; but, one fact that it states is a pistol at the breast. These rumours, worthy of particular notice ; namely, that these hearsays : Oh! how they would the Bankers “ pay for silver coin, a prehave been despised, twenty years ago, by “ mium of from 2 to 3 per centum,” while
poor De Yone, since I was sent to jail, | an augmentation of the mass of the cir. was prosecuted and found guilty of the culating medium, and, of course, another CRIME of selling coin ; a crime of which cause of further depreciation. Some all the Bankers in London are here openly Shop-Keepers and retail dealers, in London, declared to be guilty! It is perfectly notify, by a placard at their window, that notorious, that this tradic in coin for paper, they will take the dollar in payment at and paper for coin has been going on for 5s. 9d. while others go so high as Cs. So a long while. The silver has been sold at that it must be downright brute folly to the Twnpike gates, at the Play. houses, at suppose, that the appearance of 600,000 Wild Beast Shows, and at many other Dollars, though they should be confined places, an inquiry as to which ought to to London, would change the face of take place. But, as to the places here things, or induce any human being to mentioned, the sale of the silver coin at forego the great and obvious advantages them is notorious; and, yet, none of the of hoarding. In the country the disparties (either buyers or sellers). bave, tress, from the want of change, is still that I have heard of, ever been either con- greater than in London; and it is with victed or prosecuted. We are, however, extreme difficulty, that people can travel to hear more of this, it appears, LORD from one place to another.
In some FOLKESTONE having said that he will bring places, at fairs and markets, two prices the matter forward.-Now, is there not have been made, a money price and a paper enough disclosed in this paragraph to price. It is impossible that this state of forbid the hope, in any sane mind, that things should long continue. There must the forth-coming 600,000 Dollars will either two prices take place very shortly put a stop to the hoarding? Why, if a in all the affairs of men, in all parts of man can get 2 or 3 per cent. for silver, the country, or there must be small notes, I and if he can get this as often as he can mean notes under twenty shillings. This Jay hold of the silver, who will be beast would enable the system to stagger along enough to pass it at par? The girl, that I a little longer ; but, it could not, I think, have heard of, who used to scratch the be long, Small notes some people cry out bedstead, and think it was her side, would against as a horrible device? Why, I know not be fool enough to pass that at par for not; for, a 58. note is not, that I can perwhich she could get 2 or 3 per centum ceive, any more horrible than a 20s, note. premium at the corner of
every street.- It is made of the same sort of stuff; it The paragraph of the Bankers (for it is issues from the self-same source, and provery evident that it came from them) ceeds from the same system.--I have must, like all the other attempts of the some other remarks to submit to my reader sort, inevitably augment the evil it was upon the probable consequences of all intended to diminish; for, those who did these things; but, I cannot refraju from innot before know that silver was worth 2 or troducing in this place a passage from the 3 per cent. beyond its nominal value, late Earl op LIVERPOOL's Letter to the would know it now, and would, accord- King, written in 1805.There is noingly, rake together all they could. -- thing here said against the paper-money, The consequence of this and the other which I had not said three years before attempts to put a stop to boarding this Lord published his book; but, I has been an increase of the scarcity like to shew the Anti-Jacabins what he of silver coin. The business in shops and said, and that, too, to the King.– houses of public resort is become very “ In the course of the last year, Spanish troublesome owing to this scarcity. “ Dollars to a considerable amount were One of the effects produced has been “ sent into circulation, with new impresthe use of copper halfpence, which had “sions struck upon the face and reverse of sunk almost out of use before this scarcity “ them. They were issued, with the conof silver drew them forth. One of the “sent of Government, by the Bank of conditions now of changing a pound note England, who engaged io receive them generally is, that the party receiving tbe “ back at the rate or value at which they change shall take 58. or 10s. in these half- “ were sent into circulation. This meapence, five sixths of which, perhaps, are “sure was adopted in conformity to what counterfeits, and, those not half the due " had been practised with respect to CopWeight, composed of base metal, brass for
per Tokens, in the beginning of the 17th the most parts or block tin, or something century. I have already observed, that that is very little worth. Here again is “ Queen Elizabeth would not suffer any