ruin, that must soon equally overwhelm both creditor and debtor.

In expressing the foregoing sentiments. about our finances, in which, I flatter myself, Sir, you yourself concur; 1 disclaim, entirely, any insinuation that they are consonant with those entertained by the distinguished characters, I have previously named, nor do I know the contrary. To them it belongs, when, and in what manner, they deem most fit, to promulgate their own.

I am willing to do all the justice to Mr. Pitt that he can claim, for his comprehensive knowledge and arrangement of finance. The whole country must be strikingly convinced of the bungling inferiority of his successor; aided, as he has been, by Mr. Tierney; who, it is presumed, has been indefatigable at the desk, as his master has dispensed with his loquacity for some time past in St. Stephen's Chapel. The property tax, as it is called, will be a monument of the stupidity of the present Chancellor of the Exchequer, and of his deputy; as well as of their disregard of public feeling. This disgraceful farrago is as abominable as it is unintelligible; and, I believe, I may add, impracticable, in its present crude state. Before I conclude, it is my intention to point out some of the effects of the tried part of the Doctor's budget;, but I shall take leave of his insignificance for the present, while I entreat a little more of your attention respecting Mr. Pitt. When that gentleman came first into power, his system of finance was decided, manly, and honest. He deservedly obtained credit with the country, by the extensive, as well as rapid improvement of the revenue, which be effected; and which, be it remembered, was essentially owing to his substituting low duties, in the room of those which experience had demonstrated, either to have the effect of sumptuary laws, or, what was much worse, to produce counteraction, from the eucouragement afforded to illicit practices. In an evil hour, Mr. Pittaban doned his own system, and began the work of destroying the fruit derived from several years of persevering labour and sound wis dom. Hinc prima mali labes. I shall shew you the baneful consequences, for they are Low severely felt of this dereliction, as they arise out of the clumsy imitation of our late premier, by his successor. à ba nd

In your analysis some time ago, of the vaunted, but deceptious surplus of revenue proclaimed by the minister, you have most pointedly detected the fallacy of reckoning upon new taxes, as additional revenue, when there is a consequent decrease of those already existing. What matters it to the

revenue, whether I pay a certain sum for drinking wine, or the same amount as a proportion of my income, if I am unable to pay altogether any more than the sum in question? The retroactive effect must always arrive, when you have exhausted all the natural objects of taxation, and I must frankly declare, that with all my admiration of Mre Pitt, and deference to his political, as well as financial sagacity, even superadding existing circumstances of acknowledged difficulty that he has had to contend wih; he never was justified in breaking down the natural barrier.. I have no objection to concede to him purity of intention; but, as he has not established any claim to infallibility, let him now exhibit his pretensions to sincerity and candour. The man, who, in the prosecution (if he claims such concession. I readily grant it) of the best cause, has by his fascinating eloquence, and persuasion, led us to the brink of that precipice, from which, to use his own emphatical words, we can behold nothing but the "gulph of bankruptcy" ready to devour us; can only merit the reputation of a true patriot, by exerting his utmost power, and making every personal sacrifice, to reconduct us to safe ground. Mr. Pitt has changed his opinions on one measure, to which he had as firmly pledged: himself, as he can have done to any other. I mean, parliamentary reform; but such questions, as well as the distinctions of Whig and Tory, I would, for the present, consign to oblivion, as obsolere terms. I call upon Fox, Pitt, Windham, and Grenville, in the name of imperious necessity, to lay aside speculative points, and party differences, and assist by their united wisdom and patriotism, in preventing the subversion of the monarchy, and the downfall of the British constitution. I say in the name of imperious necessity, in the name of all that is dear to us, in the name of our common country, “pro quá quis “bus dubitet mortem oppetere, si ei sit profutu

rus?" I call upon them to unite their efforts, to save us by timely precautions, from the anarchy and desolation, that exactly similar causes with those we now labour unders have furnished so frightful an example of in France. From the same fate, nothing but an extinction of part of the na tional debt, and the consequent repeal of the taxes that either clog our industry, or impair the energy of a tree people, can save us in the impending crisis. Believe me, Sir, it will soon be found, that without the radical amelioration I have just suggested, our volunteers will prove equally unwilling and unable to support themselves; and

what consequences may thence be expected, I shall not impure to your readers so much dulness of intellect as not to foresee; cr so little reeling, as not to shudder at. I am very free to acknowledge, for myself, that I do not feel the apprehension of any thing like immediate danger from the arms of the enemy. It is only when I look back on the gigantic monster, that hangs on our rear, that I feel dismay, My courage all fails, my soul sinks within me at the frightful load of debt, and grinding inquisitorial taxes, by which our sapient statesmen are destroying us, while, poor creatures. they vainly imagine they can frighten Buonaparté! If the latter is as frantic as some choose to call him; if he is, what I do not myself believe a word of, as weak and superficial as ministers themselves, perhaps, his impatience may hurry him on in the threatened invasion, instead of making sure work of it, by leav ing our overthrow to the operation of their own destructive measures.

When our paper is virtually at a discount, as you have demonstratively proved, by the price at which the dollars are now current; and which, indeed, has long been incontestibly shewn by the progressive advance in the price of gold and silver, as well as by the unfavourable course of exchange with the Continent, though the amount of our exports, far exceeded that of our imports; surely it will not be contended, that it is not high time to throw aside disguise, and institute an impartial enquiry into the real state of the nation.

I have so far confined myself, in a great degree, to a sort of expostulatory address to Mr. Pitt. Although that gentleman has lately acted in a manner, both in the opinion of his friends and opponents, so little worthy of himself; I own, without coinciding entirely with him in politics, that there has always appeared to me something dignified, elevated, and commanding in his character. With respect to the other gentlemen, I have named, as leading characters, it does not occur to me, that they are materially called upon either to give any pledge for the future, or offer any apology for the past. To Mr. Fox, with great deference, I would, however unwillingly, beg leave to offer a few remarks. It certainly would be the greatest injustice to my own sentiment, as well, I presume, as to the general estimation, in which he is held in this country, and throughout Europe, to deny him the rare qualification of an enlightened, indeed, consummate statesman. I will frankly, however own, that, attached, like himself to peace, from motives of philanthrophy; his

bias in its favour, has lately appeared strong+ er than was consistent with the accomplishment of his own object; which I have no hesitation in saying I think the system of Lord Grenville and Mr. Windham, at present more securely leads to. I shall not take any retrospective view, to prove whether he, or they, on former occasions, urged the wisest course. Mr. Fox has lately, very forcibly reminded me of the sentiment of Cicero "Pacem iniquissimam bello justissimo

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antefers." From him, I would most earnestly deprecate any thing resembling the repetition of the hollow peace of Amiens. War, I say war with France, and I confess the alternative is horrible, as long as this country can exist as independent, or until the intolerable aggrandizement of the former, be reduced within bounds, compatible with the safety and quiet of Great Britain; or, I may say, of the rest of Europe; with whose tranquillity, our own must, in a greater or lesser degree, be indissolubly connected. Be yond this point I hope neither British courage, or British capital will be pushed. France I would deprive of nothing, but what is repugnant to her own true interest and happiness, as well as to the general welfare of mankind. May the long rivalship of the two nations cease, and the generous contest commence between them of improving the condition of humanity, by the diffusion of science, and extension of agriculture and

commerce.

I must now revert to the subject, which I intimated in another part of my letter; I mcan Mr. Addington's maiden budget. I recollect that it was greatly extolled by some, venal scribblers, for its possessing, at once, undoubted efficiency, and the greatest simplicity. The latter term, in one acceptation, will certainly apply to this, as well as all other measures of any importance, brought forward by this gentleman. Such experiments in finance, I persuade myself, will bear me out in my general train of reasoning. I mean to infer from them, that however much you rack invention, however much you vary the nominal amount of imposts, or whatever diversity of objects you select, there must still remain a limit to the extension of revenue. If, therefore, according to all reasonable criterion, we have reached the ne plus ultra, what does sound policy dictate Why, certainly the extinction of part of the debt, instead of the creation of vexatious, galling taxes, which oppressive as they are, must cease to improve the whole stock of revenue. 1 am not unapprised of the danger that might be apprehended from the measure I venture to

notwithstanding all the humanity and philJanthropy of their chief, Mr. Jefferson, brought that country to the very verge of a war with her Spanish neighbours. Circular Letters were written on the 31st of October last, by the Secretary at War to the governors of Tenessee, Kentucky, Ohio, and the Mississippi territory, stating that "there being reason to suspect that the officers "of the Spanish government may decline or refuse to give possession of the country of "Louisiana, ceded to the United States by "the French Republic, and which congress "have by law authorised the President to

take possession of, and the President "having judged it expedient to pursue such

measures as will ensure the possession, he "has therefore been directed by the Presi "dent of the United States to request their "excellencies to assemble, with the least "possible delay, their respective quotas of

troops," (amounting, in the whole, to about seven thousand men)" and to have "them in readiness to march on an expedi"tion of four months, by the 20th of De"cember at farthest." Thus, after having purchased the colony of France, and actually created stock for the amount of the purchase money, the United States are compelled to obtain possession by force of aims. The opposition of Spain commenced as soon as the cession was formally announced to the world, and the Spanish minister at the city of Washington, in conformity to the directions of his court, presented an early remonstrance to the American administration, against it. The ground of this remonstrance is said to be the invalidity of the title of the French Republic, to the ceded territory, in conse quence of the non-performance, on her part, of the stipulations of the treaty of St. Idelfonso. The only right which France pretends to have to Louisiana, is acknowledged by the 1st. art. of the treaty of cession to America, to be derived from the 3d. art. of the treaty of St. Idelfonso, in which article, "his Catholic Majesty promises to cede that colony to the French Republic, six "months after the full and entire execution " of the conditions and stipulations herein "relative to his Royal Highness the Duke "of Parma." These conditions and stipulations having never been fully and entirely executed, the Spanish government, denies. the right of the French Republic, and consequently the validity of the cession to the United Sates; and her agents at New Orleans have therefore expressed their determination to refain possession of the country.

bee the treaty at p. 831. of Vol. IV..

Thus "the favourable and peaceable turn "of affairs on the Mississippi *,” of which . Mr. Jefferson boasted in his message at the opening of congress, has led to the bloody

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arena t," where the anxious co ubatants are preparing for battle.Throughout all the measures of the American administration, relative to Louisiana, from the first communication made to congress respecting the seclusion from New Orleans, to the orders issued for levying troops to take possession of it, its conduct has been marked with low cunning and inconsistency. When, in vio lation of the treaty concluded between America and Spain in 1794, the right of deposit at New Orleans was taken away from the Americans, without the assignment of any other place; when, in consequence of this outrage, the trade of the Western States was ruined and the crops had rotted in the storehouses of the farmers, and the whole nation had become indignant, then it was that Mr. Jeilerson modestly informed the congress that these " irregularities" arose entirely from "certain unauthorised individuals," and that he did not doubt of their being immediately disavowed by the Spanish government, when representations had been made of them. It was alledged, in opposition to this, that the Intendant had stated in his proclamation, that he acted by order of the King; and numerous instances were adduced of the hostile disposition of the Court of Madrid, to countenance the belief that the declaration of the Intendant was true. Mr. Jefferson would pursue none but pacific measures; when justice and policy called for war, the interests of "bumanity" called for negotiation.Nozu, nothing is so proper or so wise as war. Spain asserts that France had no right to the country which she pretends to have sold to America, but declares it to be hers, and avows her intention not to yield it. This avowal is made by the same persons, and in the same manner as the former order for suspending the right of deposit at New Orleans. But we hear nothing new of “unauthorised agents," and of the redress which will be immediately granted by the government of Spain. Mr. Jefferson does not tell congress of the hopes he entertains of the difference being amicably adjusted by negotiation, but directs the Secretary at War to call out the army, and prepares to enforce the rights of his country, by the bayonet. Where is now his philan"thropy?" If the conduct of the govern

"

* See Mr. Jefferson's Me.s-ge to Congress at p. 890 of Vol. IV. +Ibid. p. 891.

ment of New Orleans might, at one time, be supposed unauthorised, why may it not at another? If friendly representation was so powerful in the former case, why should it be thought ineffectual in this? The secret cause of this apparent inconsistency, is France. To each and to all the " enl goten"ed governments"* of that country, Mr. Jefferson has been invariably attached, and this attachment to the sister republic appears not to have been more constant than his animosity to Great Britain. His whole life has been devoted to aiding in the aggrandizement of the one and in the humiliation of the other, and he has always been supported by that party in America, which amidst all their love of change, have never swerved from their devotion to France and their hatred of Great Britain. Contrary to all the true fiends of America, his party are known to think that the ruin of England and the prosperity of France are necessary to the general happiness of all countries and among others, of their own. It was this unnatural attachment, which induced them to submit tamely, and without complaining, to the greatest and most wanton injuries and insults from a race, whom the American people might, without difficulty, have driven into the sea. It was because Spain was the ally of France that this party prostrated before her the interest and honour of their country; and it is to aid in the projects of France that they are now about to commence an unjustifiable attack upon the territory of Spain It was this attachment to France, which induced them to make a purchase of a country which they knew she had no right to sell, in order that they might add thirteen millions of dollars to her treasury, and give her commercial preferences in the ports of America, which they knew to be incompatible with her rival's interests, and would be, at the same time, an endless cause for dissatisfactions and bickerings between America and Great-Br.tain. In making this purchase, it can hardly be supposed that Mr. Jefferson's attachment to "the enlightened government of France' could have so blinded him as to make him neglect to inquire whether the country he was about to purchase, really belonged to those who offered it for sale. If he sanctioned the treaty without knowing whether Spain would surrender the country, he is really no wiser than an Addington or a Hawkesbury. That, however, is a thing not to be supposed; he knew the precise nature of the right which

See Mr. Jefferson's Message to Congress at p. 887 of Vol, IV,

France had to Louisiana; and he appears to have made the bargain, not so much for the sake of obtaining Louisiana, as of rendering France the substantial benefits which she will obtain by the stipulations of the treaty. Louisiana, if it be the intention of the American administration to persist in requiring it, must be acquired in the same manner, and by the same means as if no treaty had ever been been made, partly by the threats of France and America, and partly by some advantages which America will promise ber, in the bargain which she is now making for the Floridas meanwhile France will have gained thirteen millions of dollars, and the exclusive privilege of sending her produce and manufactures to the ceded country, without paying any higher duties, than are paid by the Americans themselves; and these thirteen millions of dollars will have been advanced by British loan-mongers, and will have formed a new bond of British subjection to the will of America, because the owners of this stock will always be for yielding, in all cases whatsoever, to the demands of Mr. Jefferson and his party, to which demands imagination is scarcely able to set bounds. The true interests of America and of England are, as far as the two countries are connected, not only perfectly compatible with each other; but, it is impossible that those of one nation should materially suffer without injuring those of the other. This was the maxim upon which General Wash. ington always proceeded: it is the maxim, on which the real friends of the United States now proceed, and on which they always must proceed, in opposition to those who, led by a band of British, Irish and Genevean renegadoes, are, in all cases, ready to sacrifice the honour and interest of their country to the views of France.

FRENCH EXPOSÉ-The annual Exposé of the First Consul to the Legislative Body, is too long to be inserted in the present sheet; but, it will certainly have a place in the next. It must, of course, be considered as a very important document; for, though its statements are to be received with great allowances, yet they cannot but enable us to form some judgment of the real situation of our rival and enemy. A ministerial print has, indeed, observed, since the appearance of the Exposé, that its financial representations will, upon being compared with a statement published in that print a few days before," be found to "be totally false;" but, the worst of it is, we are furnished with no proof, that the said counter-statement is true; and, though there can be little doubt of Buonaparte's