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find forth such miserable nonsense to the world! Experience only could justify our belief of the fact. The nonsense is even tco gross, we conceive, to inpose on the credulity of the French public.
In the note to page 71, the author accuses the Bank Directors of having, by an ingenious device, produced the confiderable rise which took place, of the exchange with Hamburgh, in the ten months which followed the feppage of payments, in specie, at the Bank. This sise was certainly a stumbling-block in his way, and he has very ingeniously leaped over it. But, if an incrcafed circulation of paper was to be the cause of a fall in the exchange, as he himself afferts, it would have been out of the power of the Bank Directors, by any pogible operation of theirs, to produce a rise in the Exchange for the long term of ten months,
Vie could point out many more contradi&tions, perversions, and ab. furdities of a similar nature; but we have already exiended our rémarks so far, that we must necessarily bring them to a concluficp. Two or three more passages ony sa'! we notice.
Mr. Boyd is a rigid disciple of Adam Sniith's; he treats monopoly, forestalling, and regrating, as chimeras; calls our judges to account for the opinions which they have delivered on the subject from the bench; and rejects the idea of regulating speculation by law. This will' n't appear surprising to those who recollect the boundlets speculations of Mr. Boyd, who projected the establishment of a Ban-, in opofition to the Bank of England, and laboured to monopolize all the loans in the country. But we conld state a fact or two to our readers, which would, we apprehend, convince them of the neceffity of imposing fome bounds, at leaft, on the specuJations of men. One will fuffice for our present purpose. In an early part of the French Revolution, a house was established at Hamburgh, by one IValquiers, for the express purpose of supplying the French armies with corn. Several persons applied to the House, whose connections were very extensive, for cargoes of corn for the English market; but they were constantly refused, by Walquiers, who had no scruple to state, that he would sooner throw his corn into the sea, than tend it to England. Mr. Walquiers's confidence in the rulers of the French Republic was very properly rewarded. He became a bankrupt, in 1795, when it was proved that a British House, in the city, had been connected with him in this fcandalous traffic, and suffered materally by his failure. A hint of this connection was given in one of the public prints, and a full account of the transaction was promised; but an immediate application to the proprietor of the paper, accompanied by an offer of 50001. in the new loan (which produced a profit of 2001.) prevented any further notice of the fact. We are well convinced, that even Mr. Boyd hiinself would condemn a speculation of this nature, and deem it a proper object for the cognizance of the law.
The rash and unwarrantable censures which are inflicted by the author, on the Bank Directors and the Chancellor of the Exchequer are of fuch a nature as to be referred only to private pique and disappointment. The ane may bave limited their discounts too much; the other way bave fuggested plans which Mr. B. might
have wifhed him to adopt. Hinc iræ hinc Lacrymæ. But when Mr. Boyd ventures to allert, that he has," in some instances, been the victim of the errors of the adminiftration," his arrogance and presumption become too intolerable to pass without chattisement. And his ingratitude is still more conspicuous than either; for never, we will affirm, was any private individual under to many obligations to a Vinister as Mr. Boyd has been under to Mr. 'itt, who, from the persuasion that his fall would be felt, in a certain degree, by the whole mercantile world, carried his protection and support of him to an extent which was scarcely justifiable, and which under no other circumstances would have been excureable. But there are some minds of infatiate as to deem any thing thort of an absolute compliance with every demand, an insult which cancels all part obligations, and authorizes a display of resentment. Haply Mr. Boyd's mind may be of this defcription, in which cate he may, possibly, consider it as a crime in his Majesty's Chancellor of the Exchequer to have rejected the offers of an intolvent debtor, to be. come the subscriber of millions to a public loan!
But the wild centures of this arrogant writer are not confined to individuals, nor yet to corporate bodies; they extend to the Legislature itself, and even to the public, at large, who are modestly catechised, for " not estimating, as it deserved, the important change which the Legislature introduced, when it permitted the bank to isine, and not to pay, their notes;”-and till more, " for readily taking these notes, when deftitute of the quality which originally gave, and ulii. mately muit support, their value, with the same confidence, as when they pofleffed that quality ;”--thus removing the apprehensions, but, unfortunately, at the same time, fallifying the predictions, of Mr, Boyd, and so exposing the weakness of his pretensions to fiscal fore, fight, and financial wisdom; if not defeating his fchemes, and dirappointing his speculations. If the paflage we have quoted be not as daring an attempt as ever was made by mau to dettroy the public confidence, the very fource of our profperity, the principal means of our commercial and political greatness, our powers of comprehension 'must have loit all their activiy, and our judgment hive been totally destroyed. What language, then, can supply termis fufcently strong to characterize such an attempt at such a period, when the extension of that public confidence is, more ihan ever, effential to t'le success of our plans, for the defeat of our enemy's schemes, and the preservation of our own independence? If Mr. Boyd wished to make friends in France, he has certainly adopted the beit means of securing them; but if he be anxious to maintain or acquire ihe good opinion of his countrymen, if he be ferious in his pretentions to public ipirit, and in his professions of concern for the welfare of Great Britain, le has taken a means of accompliihing the former, and of de monitrating the latter, fo ftrange as to be fairly imputable only to the most ure accountable perverfeness and obstinacy, or to a temporary deprivation of reason.
If we have eared harsh and severe in our review of this pam. phlet, it has been from a full conviction that its mischievous tendency,
and the atter inpollibility of ascribing its appearance to any laulable motive, both fanctioned and required the use of such harshness and severity. We are in the habit of inferring motives from declarations and actions; and though Mr. Tierney (whom we shrewdly fuspect of having aslifted Mr. Boyd in the composition of this tract, for it con. tains many of those confident affertions which have embellished Mr.
Tierney's speeches, on matters of finance, with much of the same seasoning too, if that can be called reasoning, which consists chiefly of afiersions, unfupported by proofs and contradicted by facts,) may.continue to object to this species of inference we shall continue to use it, until, at least, our minds shall have become as enlightened as his own. But if
any of our readers should still be disposed to accuse us of uncharitableness, we have one instance in reserve, with which we shall close our observations on Mr. Boyd's letter.
Anticipating the reproach which must have been incurred from the indication of an alarming evil, unaccompanied by the suggestion of an adequate remedy, the author contends that the best and only means of averting all our calamities, is to restore to the bank “the falutary obligation of paying its notes on demand ;"—and this measure, he tells us, “ is not only proper and praticable, but indispenfibly necefSary."-So far he is consistent at least; but what will our readers say, when we apprize them that the measure, the necessity of which is here fo ftrongly enforced, has been before affirmed by Mr. Boyd himself, to be pregnant with the most fatal consequences. Adverting to the increased value of gold (P. 27.) he afferts that the temptation to melt the coin is 100 strong to be relifted; in the next page, he farther assures us, that “ while fuch a temptation exists, it is in vain to expect that any law can prevent its going abroad ;" and in the next page to that, he speaks with itill more decision on the subject ; “
no law of
in the present situation of the exchange, prevent its going out” of the country, Yet, with this conviction fo ftrongly impressed upon his mind, he does not hesitate to insist on the propriety and necetfity of a measure which would have the almost immediate effect of throwing all the specie of the kingdom into circulation, and exposing it (unless it produced an alteration in the exchange, which, for reasons before afligned, there are no grounds for expecting) to the certainty of being sent out of, and consequently loft to, the country! We leave our readers to draw their own influence from this fact. We shall only add, that if all the author's arguments were as ftrong as they are weak; if his motives were as pure as they are suspicious; and if his reasoning were as true as it is false ; all the evils, which really exist, all which his fertile imagination has created, and all which he aniicipates and pror fesses to deplore, would be light and trivial when compared with the danger, which must inevitably result, from the adoption of his grand Specific.
Brief 0b/ervations on a late Letter addressed to the Right Hon. W,
Pitt, by W. Boya, E/9. &c. on the Stoppage of Ifues in Specie by the Bank of England, c. 94. Svo, Pe. 36. Debrett, London, 1801,
Confilia qui dant prava cautis hominibas,
Et perdunt operam, et deridentur turpiter, THIS is the very appofite motto adopted by the author of these observations which did not fall into our bands until we had completed our review of Mr. Boyd's tract. Had we seen them sooner, we should have been tempted to fubftitute many of them in the place of our own remarks. The author, with equal fairness and temperance, exposes the fallacy of his adverfary's reasoning, and very properly queitions the purity of his motives. Adverting to the encreased circulation of paper, which Mr. B. ftates to have been the certain cause of the rise in provisions, for he affirms that the latter is “ the inevitable confequenca'' of the former, he reminds that speculator that the increale, according to his own statement, in the course of five years is only 3,475,3971. whereas the increased price of bread alone, rating it at one filling the quartern loaf above its general rate in years of plenty, eitimating the population of the country at eight millions, and allowing one quartern loaf in a week to each individual, amounts to no less than £20,800,000! So much for the adequacy of Mr. B.'s first caufe !
This acute observer foresees, in the original notice of Mr. B. matter of triumph for the French gazettes' and expects " to see Mr. B.'s opinions retailed in every page of them.” He thinks with us, that when such a work is produced at such a period, “it is natural to inquire who the author is, what have been the circumstances of his Jife, and with what views he ventures to attack the finance arid credit of his country?" And it appears probable to him that Mr. Boyd may entertain a dehgn of renewing his former business of a banker, at Paris, on the conclusion of a peace. If such be really his intent, he has certainly secured a favourablé reception for himself; and we advise him to associate himself with M. Saladin,* wḥo, in return for the protection, which this country affords him, spares no opportunity of panegyrising its enemies, and has lately been employed in propagating, in Germany, calumnies on our government, by falsely itating, that no moderate publications, of a political nature, are tolerated in England, With us, also, the author is of opinion that refentment may have had a confiderable share in influencing the compofition of Mr. B.'s Letter." He may, perhaps, have made an application to the Minifır to be enployed as an agent in France, or have requefted permission to go shither on his own private affairs. He may also have been refused a compliance with those propositions, and, already dissatisfied with Goyernment, may feel his resentment heightened by such refusals. At all events the public has a right to forin its own notions respecting the object of such a production : and it may possibly inquire whether it proceeds from the zeal of patriotism, or a fpirit of resentment."
Whoever reads Mr. Boyd's Iract should peruse these o'xservations on it; and then he may say with Cato-The bane and antidote are both before me,'
* The Author of the "Cosp'd'æil politiquer reviewed, by us, in a former Appendix,
The Frrowite Village. A Poem. By James Hurdis, D.D. Professor
of Poetry, Oxford. Printed at Bishopstone, Sussex, at the
Author's own Press. 4to. Pp.210. 6s. Johnson. London. 1800. A Sermon preached in the Chapel of Princes-Street, Westminster,
on Feb. 16, and Essex-Street, Strand, on Feb. 23, 1800. By
Joshua Toulmin, D.D. is. London. Elements of Christian Theology ; containing Proofs of the Authenticity
and Inspiration of the Holy Scriptures ; a Summary of the History of the Jews; a brief Statement of the Contents of the several Boks of the Old and New Testament; a short Account of the English Translations of the Bible and of the Liturgy of the Church of England; and a Scriptural. Exposition of the Thirtyziine Articles of Religion. By George Prettyman, D.D. F.R.S. Lincoln. Designed principally for the Use of young Students in Divinity. 8vo.
2 Vols. Pr. 550 in each. 14s. Boards. Cadell and Davies. 1799.
TO THE EDITOR.
YOUNG man just beginning his career in life, a stranger to
ways of mankind, and unacquainted with the arts of Critics, would naturally suppose, in reading the two last Numbers of the Monthly Review, that it was his duty to consider Bishop Pretty. man and Professor Hurdis, as both deficient in skill as writers, while Dr. Toulmin is a complete model of excellence. For it is singular, Sir, that while those two authors are treated in a manner that is extremely rude and contemptuous, the third is honoured with the most unqualified praise and admiration. What might puzzle and mislead a young man, is to you and me, Mr. Editor, 10 ænigma at all. We have been long aware of the real purposes,
for which Reviews have been successively established and carried on. Sometimes we have seen them launched into the world, as vehicles of advertisement, as posts and heralds, which were to announce particularly the works published by the bookseller who was proprietor of the Review, and to give such a character of them as would quicken the sale. But the grand object has been, in the first instance, the propagation of the tenets of Dissenters; and, in more modern times, the circulation of the Jacolinical pus. Such being the views, particularly of the Monthly, Critical, and Analytical Reviewers, it entered of course into their original plan, that the works of Charch-ofEnglard-men should be cried down below their merits, while the publications of Dissenters were as much exalted above their merits. Hence originates the difference so perceptible in their remarks on the three authors above-mentioned. Dr. Preityman is a Bishajt i sin enough in the eyes of a Monthly Reviewer to obliterate every prés tension to merit. Dr. Hurdis įš a Professor in one of our Universities: there is no crime so steat as to be an Oxonian or a Cautab. Neither of them is a Jacobini worse and worse. One was tutor