off of their own accord, without being defeated, and even without being attacked.

time for this purpose, than he could possibly have while he was going to the frontier and coming back again?-Behind -What victory is there thus far? What his lines at Lisbon, he would have had is there here to boast of? What is there the whole summer for the work of forming here to which the epithet glorious can be the Portuguese army; but, what time applied?And, what has happened had he while advancing to, and retreating since the retreat of the French began? from, the frontier?-He wanted time, too, What victory has been gained by the perit seems to get re-inforcements from Eng- son thanked? I have often looked for the land. Well, and did his going to the return of prisoners; but, I have yet seen frontier hasten these re-inforcements? Did none. If thousands were taken during he get them the sooner for going to the such a retreat, what would that be? It frontier?-To keep the war at a distance, it was, would be hardly worth naming; yet, I rewe are told, necessary to carry the war to a peat that I have not seen any return of distance. But, did he keep the war at a prisoners.I have observed, that, in the distance? or did he let it work its de- volumes of eulogies, written upon this ocstructive way to within a few miles of casion; that in all the boastings about the capital? It might be out of his driving the French out of Portugal, not a power to prevent this; but then, why word has been said about numbers. Yet, did he go to the frontier? or, being this is a most important point. It was there, why did he not retreat sooner? said, in the debate of the 26th of April, in He foresaw, we are told, that these opera- the House of Commons, that we have now tions of his would reduce the enemy to 60,000 of our troops and 40,000 Portugreat difficulty in supporting their army; guese troops in Portugal. Here are a and, in a future part of the speech, we are hundred thousand men! We are not told told, how completely this has been veri- how many Massena has; but, it never was fied.--Why, really, there seems to have pretended, that he had more than 70 or been no great scope for foresight here. If 80 thousand when he entered Portugal; the French invaded Portugal and devoured and the reader knows well what dysenterics all the produce of the country, it was and fevers and starvations and desertions the pretty clear that they must go elsewhere French army has experienced. Is there, to get more; and, it was also pretty clear, then, any glory in having seen such an that what was devoured or destroyed by army retreat before 60,000 English troops our army could not be devoured or destroy- and 40,000 Portuguese "as good as any ed by theirs. But, all this while; all the troops in the world - Why was not time this cool calculation about bringing this point of numbers touched upon? In the French into and letting them eat them- such a case it is every thing. Without it selves out is going on, we seem to forget who is to be able to estimate the merit what was the professed object of the army even of a decisive victory? The first quesunder Lord Talavera, namely, the defence tion always asked, in such cases, is, what of Portugal; the protection of Portugal was the force? What was the strength of against the French.- -Starved out! Well the two armies? Was the victor weakest, the French might be starved out, indeed, or was he the strongest? And, in cases of when they had been suffered to be in Por-retreat, surely there can be no glory to the tugal as long as there was any thing to be found to eat.- What was the progress? -The French came up to the Portuguese Frontiers, where Lord Talavera and his army lay. They took Almeida from a garrison that he had placed in it; they then marched against him; and he retreated before them to within a few miles of Lisbon. He there gets behind his lines; he receives reinforcement upon reinforcement, and supplies upon supplies. The French, he himself tells us, are destitute of all necessaries from the first moment of their arrival. Still there they lie for about five or six months facing him; and, when they have eaten up the country, they go

pursuer, if he be in point of numbers greatly superior to the party pursued ?--If to be the pursuing party in a case like this be so greatly meritorious, was Massena entitled to uo merit when he pursued Talavera? Aye, but he was drawn after into a trap. Where is the proof of that? He is in no trap now, and he has not been hurt. And, who yet knows, what is to be the end of all these marchings and countermarchings?The two armies are just where they were a year ago; except, that the French still posse's one fortress in Portugal, which they did not then possess. And, what has the cost been? The destruction of a considerable portion of the country, which

119

the circulating coin of every commercial | nothing more baneful or injurious to the country must be adequate (if not dissi- welfare of this country can be contempated by forced Issues of Paper) to the plated; and Bank paper is at this moment fair demand of necessaries; but the re- a species of bonus to those who will exert dundancy of a paper currency, converts themselves most in draining the country economy into extravagance, and the de- of its coin. This unnatural foreign trade, mand that was before only equal to the which the Bank paper tends so much to comforts of life is now enlarged to meet encourage, is of the greatest mischief in the calls of profusion and dissipation. In the present exigency of silver coin, as it some manufactures, this forced consump causes that traffic in bullion which leads tion may meet a supply, and here the to those competitions in the purchase of price of the article will not be materially coin, of which the mail-coach guard is reincreased; but with the necessaries of cently a proof; and so long as that traffie - life in which the efforts of man are remains, all the Dollars that the Bank can less successful and less productive, a issue will be but as a drop in the ocean in very serious increase in price must even- the supply of silver coin, as they must tually be the consequence. The faci- necessarily, as it appears to me, vanish as lity which paper currency affords to soon as issued. Another alarining consepublic and individual extravagance is quence that this purchasing of bullion will evident suppose, for example, that I create, is the public feeling as to the relacalled upon my neighbour for the loan of tive value of coin and paper; for what an 100%. if coin were the only circulating extraordinary predilection for the former medium, it is not improbable that his cir- must be occasioned by the knowledge, cumstances might be of a nature not to that in exchanging some months since admit of such a floating sum in his hands one hundred pounds in coin for so much beyond a sufficiency to answer his own of paper of the same nominal value, the demands; and in this case I should be re- difference of five shillings in the pound fused; but, at present, if he have no such has been lost to the owner of the coin. sum in notes, I have only to ask him to Let a man possess what depths of reasonput his name to a Bill of Exchange for that ing he may; let him be as true a disciple amount, and I convert it with all imagi- as you please of that luminary of finance, nable ease into the paper currency of the Sir John Sinclair, still he must, if he have Bank, which will answer all the purpose the choice, prefer coin to Bank paper; of coin. Can a greater, or more mis- but if he would do so, how much more chievous incentive to dissipation be ima- will such a disposition be cherished by gined? But is the evil limited to public those, who, unacquainted with any theoand individual profusion? does it not poi retical speculations, are solely governed son the very root of commerce, and pro- by passing occurrences: will you pervoke that reprehensible speculation which suade such men as these, who see that a has tended so long to disgrace our Ga- guinea has sold for twenty-five shillings, zettes with bankruptcies, and fill the co- (and these men form the great mass of solumns of our daily prints with the ac- ciety) will you persuade them, to part counts of failures all over the kingdom? with coin for paper of a like nominal -With regard to the price of Bullion, and value; or if they happen to have more the exchange against this country, that coin than they want for immediate use, depends elearly (I should imagine) upon will you persuade them to buy stock with the extent of the exportation of coin for it? not even so sanguine a man as Mr. the maintenance of our armies abroad, and Randall Jackson could expect it. Then for the importation of the commodities of what is to prevent hoarding if Bank paper a foreign country which will not receive is to continue equal to a legal tender? and any commodities of ours in exchange. It if hoarding and exportation remain, what is evident that all importations under such human power can alleviate the present circumstances, should be as much as pos- dearth of silver. These remarks, I am sible checked; but paper currency is the aware, are but hasty, and if they are falstrongest and most powerful of all engines, lacious, and distant from the causes of the for the continuance of such a disadvanta- present scarcity of coin, and alarming geous trade, because it enables the mer- prices of the necessaries of life, as they chant to drain the country of coin to the probably are, you will oblige an old corlast shilling, to pay foreigners for their respondent by pointing out his mistakes, merchandize. In this latter point of view, and infusing into his brain a small portion

of the financial illumination of the spirit. | Queen Ann; and also during part of the

I am, Sir, &c. W. F. S.-Lincoln's Inn,
April 27, 1811.

PROPOSITIONS RESPECTING MONEY, BUL-
LION AND EXCHANGES.-26th April 1811.

I. That the right of establishing and regulating the legal Money of this Kingdom hath at all times been royal prerogative, vested in the sovereigns thereof, who have from time to time exercised the same as they have seen fit, in changing such legal Money, or altering and varying the value, and enforcing or restraining the circulation thereof, by Proclamation, or in concurrence with the Estates of the Realm by Act of Parliament: and that such legal Money cannot lawfully be defaced, melted down or exported.

Il. That the Promissory Notes of the Governor and Company of the Bank of England are engagements to pay certain sums of Money in the legal Coin of this Kingdom; and that for more than a century past, the said Governor and Company were at all times ready to discharge such Promissory Notes in legal Coin of the Realm, until restrained from so doing on the 25th of February 1797, by his Majesty's Order in Council, confirmed by Act of Parliament.

III. That the Promissory Notes of the said Company have hitherto been, and are at this time, held to be equivalent to the legal Coin of the Realm, in all pecuniary transactions to which such Coin is legally applicable.

seven years war, and of the American war; and during the war and scarcity of grain in 1795 and 1796, when the diffi culty increased to such a degree, that on the 25th of February 1797, the Bank of England was restrained from making payments in cash by his Majesty's Order in Council, confirmed and continued to the present time by divers Acts of Parliament; and the Exchanges became afterwards still more unfavourable, and the price of Bullion higher, during the scarcity which prevailed for two years previous to the Peace of Amiens.

VI. That during the period of 75 years, ending with the 1st of January 1796, and previous to the aforesaid restriction whereof, with the exception of some small intervals, accounts are before the House, the price of Standard Gold in bars has been at or under the Mint price 34 years and 5 months; and above the said Mint price 39 years and 7 months; and that the price of foreign Gold Coin has been at or under 31. 18s. per oz. 31 years and 2 months, and above the said price 42 years and 10 months. And that during the same period of 75 years, the price of standard Silver appears to have been at or under the Mint price, 3 years and 2 months only.

VII. That the unfavourable state of the Exchanges, and the high price of Bullion, do not, in any of the instances above referred to, appear to have been produced by the restriction upon Cash payments at the Bank of England, or by any excess in IV. That at various periods, as well the issue of Bank Notes; inasmuch as all before as since the said Restriction, the the said instances, except the last, occurred exchanges between Great Britain and se- previously to any restriction on such Cash veral other countries have been unfavour-payments; and because, so far as appears able to Great Britain: and that during such periods, the prices of Gold and Silver Bullion, especially of such Gold Bullion as could be legally exported, have frequently risen above the Mint price; and the coinage of Money at the Mint has been either wholly, suspended or greatly diminished in amount: and that such circumstances have usually occurred, when expensive naval and military operations have been carried on abroad, and in times of public danger or alarm, or when large importations of Grain from foreign parts have taken place.

V. That such unfavourable Exchanges, and rise in the price of Bullion, occurred to a greater or less degree during the wars carried on by King William the 3rd and

by such information as has been procured, the price of Bullion has frequently been highest, and the exchanges most unfavour able, at periods, when the issues of Bank Notes have been considerably diminished, and to have been afterwards restored to their ordinary rates, although those issues have been increased.

VIII. That during the latter part and for sometime after the close of the American war, during the years 1781, 1752 and 1783, the exchange with Hamburgh fell from 34. 1 to 31.5, being about 8 per cent.; and the price of foreign gold rose from 31. 17s. 6d. to 41. 2s. 3d. per oz. and the price of Dollars from 5s. 41d. per oz. to 5s. 11 d. and that the Bank Notes in circulation were reduced between March

1782 and December 1782, from 9,160,000l. | referred to, previous to the commenceto 5,995,000l. being a diminution of above one third, and continued (with occasional variations) at such reduced rate until December 1784: and that the exchange with Hamburgh rose to 34. 6, and the price of gold fell to 31. 17s. 6d. and Dollars to 58. 1d. per oz. before the 25th February 1787, the amount of Bank Notes being then increased to 8,688,000l.

IX. That the amount of Bank Notes in February 1787 was 8,688,000l. and in February 1791 11,699,000l.; and that during the same period, the sum of 10,704,000l. was coined in Gold; and that the exchange with Hamburgh rose about 3 per cent.

X.-That between the 25th of February 1795, and the 25th of February 1797, the amount of Bank Notes was reduced from 13,539,000l. to 8,640,000l. during which time the exchange with Hamburgh fell from 36 to 35, being about 3 per cent., and the said amount was increased to 11,855,000l. exclusive of 1,542,000l. in Notes of 1 and 21. each on the 1st of February 1798, during which time the exchange rose to 38. 2, being about 9 per

cent.

XI. That the average price of Wheat per quarter in England, in the year 1798 was 50s. 3d.; in 1799, 67s. 5d.; in 1800, 113s. 7d.; in 1801, 118s. 3d.; and in 1802, 67s. 5d.

ment of the war with France in 1793, the principal States of Europe preserved their independance, and the trade and correspondence thereof were carried on conformably to the accustomed law of nations; and that although from the time of the invasion of Holland by the French in 1795, the trade of Great Britain with the Continent was in part circumscribed and interrupted, it was carried on freely with several of the most considerable ports, and commercial correspondence was maintained at all times previous to the summer of 1807.

XIII. That since the month of November 1806, and especially since the summer of 1807, a system of exclusion has been established against the British trade on the Continent of Europe, under the influence and terror of the French power, and enforced with a degree of violence and rigor never before attempted; whereby all trade and correspondence between Britain and the continent of Europe has (with some occasional exceptions, chiefly in Sweden and in certain parts of Spain and Portugal) been hazardous, precarious and expensive, the trade being loaded with excessive freights to foreign shipping, and other unusual charges: and that the trade of Britain with the United States of America has also been uncertain and interrupted; and that in addition to these circumstances, which have greatly

The amount of Bank Notes, of 51. and up affected the course of payments between

·wards

this country and other nations, the Naval and Military Expenditure of the United Kingdom in foreign parts, has for three years past, been very great; and the price of Grain, owing to a deficiency in the 14,062,300 crops, higher than at any time, whereof the accounts appear before Parliament, except during the scarcity of 1800 and 1801; and that large quantities thereof have been imported.

15,258,700

16,169,400

17,054,300

That the exchange with Hamburgh was, in January 1798, 38. 2; January 1799, 37.7; January 1800, 32.; January 1601, 29.8; being in the whole a fall of above 22 per cent.-In January 1802, 32.2; and December 1802, 34; being a rise of about 13 per cent.

XII.-That during all the periods above

XIV. That the amount of Currency: necessary for carrying on the transactions of the Country, must bear a proportion to the extent of its Trade and its public Revenue and Expenditure; and that the annual amount of the Exports and Imports of Great Britain, on an average of three years, ending 5th of January 1797, was 51,199,1414. official value; the average amount of Revenue paid into the Exchequer, including the Profit on the Lottery, 19,495,9451.; and the average amount of the Total Expenditure of Great Britain, 42,855,1114.; and that the average amount