66

were two other causes, which powerfully contributed towards that loss, namely, the money drawn from Ireland to England by non-resident landlords and others, and the interest of the Irish loans payable in Eng land. The former of these he estimated at three millions annually; the latter at one million and a half; and, these four millions and a half, he observed, must be set against any balance of trade which there might be annually, in favour of Ireland.These two co-operating causes were very fairly stated. The transmission of so much money to non-residents must necessarily produce great effect on the course of exchange; and, as to the interest on the loans, the Irish gentlemen, who have supported, and who do support, Mr. Pitt's system, ought not to complain on account of any loss they thereby sustain. But, still, a considerable share of the loss must arise from the depreciation of Irish bank paper. Here in England the paper has undergone a virtual depreciation; but, in Ireland, the depreciation has actually and openly taken place, and people advertise for guineas at a premium of twelve and a half, and, in some instances, of fourteen per centum. The Irish are an odd people; they do not regard guineas an useless and expensive "incumbrance"! What idiots they are! --Irish bank notes are a legal tender, in the same way that English bank notes are: they are, in fact, the only money which a landlord can demand from his tenant; and, as they have, from cau es which are evident enough, sunk faster than English bank notes, the landlord cannot expect to have an equal amount of English bank notes in exchange for them, especially while there is so much more money to be sent from Ireland to England than from England to Ireland-The gentle. men who have complained of this evil, this very material deduction from their incomes, seem to attribute too great a part of the blame to the Irish bank directors and their company, asserting that, while the paper is daily falling lower and lower, the bank directors and their associates are sharing greater dividends than ever; and, it is alleged even that the capital of the bankers bear but a very slight proportion to the amount of the paper that they have afloat. But, do not these complainants mistake the instrument by which they are wounded for the hand by which that instrument is wielded? Or, do they think it more prudent to inveigh against the former than it is to inveigh aginst the latter? The bank directors and bank company of Ireland are no more than the instruments in the hands of the

ministers for the time being; they must add to or diminish the quantity of their paper, not according to the orders of the ministers, but according to the demands, which, by loans or taxes, those ministers create; and, it were well if the Irish members would recollect, that, when they are voting for loans and taxes, they are voting, absolutely voting, for a further issue, and consequently a further depreciation, of bank paper; which depreciation, as we have before seen, is, in part at least, the cause of the loss, which, while residents in England, they experience from the difference of exchange. The evil they complain of is not to be attributed to the bank directors so much as to the ministers; not to the ministers so much as to the national debt; not to the national debt simply, so much as to the funding system generally. Mr. Forster intimated his intention to move for an inquiry into the state of the currency and the banking affairs of Ireland. Such an inquiry will be of service, because it must bring forth additional proofs of the total uselessness of all partial remedies.--In the course of the conversation in the House of Commons, a fact of considerable importance came out. Lord Archibald Hamilton stated, with many apologies, the necessity of which was by no means evident, that, while the difference of the exchange between the two countries was so great as 18 or 19 per centum, the Lords of the Treasury of Ireland received their salaries at par; to which Mr. Corry replied, that, not only the Lords of the Irish Treasury, but all the officers of the Irish government, whose official duties called them to England, did certainly receive their sa laries at par! This is neither more nor less than making an addition to those salaries without consent of Parliament; and, if it be not regularly and fully inquired into, adieu to all that guardianship of the public purse, of which we have frequently heard so much talk. There are many mi❤ litary officers, upon the Irish establishment, whose duty calls them to England. Members of Parliament themselves are, by their duty, called to England. Does the government make to all these gentlemen a compensation for what they lose by the differ ence of exchange? But, as it is impossible to suppose that this matter will not undergo a Parliamentary inquiry, no more need be said on it at present.

BRITISH FINANCES. The readers of the Register will recolect the several instances, in which I have foretold, that there would appear, at the close of 1803, a very serious defalcation in the revenure The

"The committee, however, must be aware, "that, though Parliament may determine to "raise so large a part of the supplies for the "service of the year, yet it must be obvious, "that a very considerable part of this sum " cannot be raised within the present year. "I wl, therefore, only calculate the sum "to be prod ced by hese taxes in this year, "at 4.50000} *** Now, what is the result? What says the account, which has bera laid before Parlament, relative to these war-taxes? Why, it says, that in the year 1803, the Doctor has collected from these taxes 1,874.0721. instead of 4,500,000. Here is a fact that admits of no subterfuge, no evasion, no shuffle. The Doctor told the House of Commons, "the guard aus of the public purse," that he calculated upon 4,500 0001, from this source; and, it has yielded him much less than half that sum. Wh. be old, perhaps, that the deficit is owing to the delay in collecting the income-tax; but, let it be recollected, that the whe year's income-tax was reckoned at only 4,500 0001., and that, supposing it to have been postponed from some cause not at all injurious to its future success, the sum collected from the other war-taxes ought to have been about three millions, whereas it actually is only about one million and fourfifths. In fact, who does not perceive, that these taxes will fail, that they will not yield much above one half of the amount at which they have been estimated, or, yielding more, will, in the same degree, impoverish the old taxes? Who does not perceive that other taxes must be resorted to, or that we must again have recourse to loans? The Doctor boasted, really boisted, a little while ago, that he had laid new taxes upon the people to the amount of 17,000,000l. annually! If he could collect them, it would not then be much to boast of; but, if he ever collects 10 out of the 17 milions, there will remain, in my mind, no doubt of his having dealings with Salan. He may go on imposing taxes, for I see nothing to stop him. He may tax our eyes and limbs, our fingers and toes, and all the hairs of our head, one by one; but, unless he can collect, as well as impose, to what end are his impositions? Want of time compels me to break off, or it was my intention to enquire, how long the Doctor's finances could possibly last. In my next the subject shall be resumed.

LORD RED SDALE and his correspondence shall be the subject of some futore sheet. The reader will find some valuable matter relative to it in the former part of this sheet.

• See Register, Vol. III, p. 999.

All the correspondence should be read with attention. Ireland is now the interesting part of the empire. In her fields, it is very probable, that the fate of England will be decided. Lord Redesdale complains of his letters being published. Why? Did he imagine that this new book of homilies was to be kept hidden from the world? What he regarded as likely to be so useful to preserve the loyalty of Lord Fingal was surely as likely to effect the same purpose amongst the catholics at large. What! his lordship's modesty would, then, have led him to hide his candle under a bushel! He did not wish us to know, that, to the other talen.s which render him " a truly great character," he added that of being a polemic divine! But, it is to be hoped, that this correspondence will, at no very distant day, become the subject of serious inquiry; for, is it possible, that, while three-fourths of the peopleof Ireland are led to believe, that the persons to whom his Majesty has committed the immediate power of ruling them, look upon them in the light, in which they are regarded and described by Lord Redesdale: is it possible, that, while this is the case, there can be any real content and tranquillity in that country? This is a question on which the fate of the British empire is deeply involved.

ARMY OF RESERVE.-The raising_men for this body is pretty nearly at a stand, though there are yet 15,000 wanted to com plete the number specified in the act of par◄ liament. The source is dried up, as it was foretold, long enough ago. Meu are not to be had, neither for this bo ly nor for the militia, until there are some released from the volunteer corps. A delightful situation we are reduced to! The whole business of recruiting is at a stand; and, of course, the army is daily upon the decrease! How long, good God! how long are we to remain in this situation? Are we to stand thus, till the enemy comes and puts the yoke round our necks? The ministerial hirelings affect, with awkward grin, to despise the accounts which the French papers give of our fears, our indecision, our stupor; but, those accounts are perfectly true." England presents the pic"ture of a ship sailing through new seas, ex❤. "posed to the rage of storms, and conducted "by pilots without skill, unsteady in their

course, disagreeing as to the line they "ought to pursue, and evidently of that class "of pilots by whom ships are lost." Never was there a truer picture drawn; and, when the ministerial slaves express their wish, that the people of France might view our cnvied b. ppiness," they talk like guzzlers and

gormandizers, like animals without sentiment, creatures whose views extend no further than the covering of the back and the feeding of the belly. Such creatures, if they formed a vast majority of the nation, never long remained free, and never deserved so to remain for one single moment.

MR. SHERIDAN. This gentleman has, within these few days, been appointed, by his Royal Highness the Prince of Wales, to a place worth two thousand pounds a year.

The long silence of Mr. Sheridan gave occasion to some one to compare him to a duck: he is under water at present," it was said, "but you'll see him come up

6.

again, by and by. Exactly where no one "knows; but up he'll come when he finds a favourable opportunity," This prediction is now partly fulfilled; but, the diver has undergone a change during his disappearance. He went down a patriot, and is come up a placeman, We shall now hear no more battered jests about cheese-parings and candle-ends. Let Mr. Sheridan now look back to the speech from which my motto is taken, and say how much he intends to give out of his sinecure income towards "finding bread "for the labouring poor." The labouring poor want bread now, full as much as they did in 1797; nor has he any better right to keep his salary to himself than any other placeman has; and, he must, therefore, excuse me if I trouble him with one more letter, in order to inquire on what he founds his pretensions to two thousand pounds a year of the public money.

INVASION. The reports of approaching invasion thicken again; and, seeing how we are now situated, it would not be very surprizing if it were attempted, It is said, that the French fleet is got out of Toulon. That fleet may easily raise the blockade of Ferrol, and, thus reinforced, may reach Ireland; at the same time that another attempt is made upon England from Boulogne, and another upon Scotland from Holland. There is least fear for Ireland, seeing that Lord Redesdale is there. His lordship has only to discharge. a tirade of letters upon the enemy; and, if they should still advance, they will be in such a state of stupifaction, that they must fall an easy prey to the loyal volunteers.If these invasions should take place, we shall, in both countries, be in the full enjoyment of all the blessings to be derived from the protecting influence of "truly great characters." That "truly great character," Mr. Colonel John Hiley Addington, respecting whom Mr. Plowden relates a pretty anecdote

or two*, will most probably be at the head of his corps, collected from Hannah More's Sunday Schools in the Mendip Hills. Where the truly great characte," his brother, may be, it is very hard to guess.-—It will, › however, become us, the people of these kingdoms, to be prepared for fighting; for, if the French invade us, we may rest assur• › ed, that it will not be child's play. I greatly. fear, for my part, that, for several months past, public spirit has been making a retrogade motion; that it has been drooping again to the state in which it was in June last. No man has any confidence in the ministers. All is apprehension with respect to their measures. All is uncertainty, doubt, suspicion, and dred. If we are thus found by the enemy, what must be our fate?

TO THE PUBLIC.

The Public will recollect, that, in the month of August last, a most atrocious libel was published against me by Mr. Heriot, formerly a player at the Royalty Theatre, and now the proprietor of the True Briton and Sun newspapers, under the patronage and protection of Messrs. Rose and Long It will be remembered, that in consequence of my going to this man for information respecung the origin of the libel, he behaved in a most insolent manner, and that he af terwards pretended I assaulted him, and ac-' tually had the impudence to cause a bill of indictment to be found against me and my friend at the Quarter Sessions, whence he had the further assurance to remove the indictment into the Court of King's Bench, where the trial was expected to come on, before Lord Ellenborough, this week.-So conscious was I of the goodness of my cause, and so perfect was my reliance on the discernment and justice of the Court and Jury, that, notwithstanding he had engaged three Councellors, amongst whom were Messrs. Erskine and Garrow, I had resolved to make my own defence, and was in attendance accordingly, till the Judge called up the cause, when, to my utter asto nishment, Mr. Garrow rose, and, by his client's direction, withdrew the record!!! There needs no comment on this at present. I have, however, when occasion serves, some facts to state and some documents to submit to the public, respecting this transaction, and others more or less connected with it.

See Mr. Plowden's account of J. H. Addington's snatching a letter out of his hand and putting it in the fire!!!--Plowden's Postliminions Picface, just published.

VOL. V. No. 9.]

IRISH EXCHANGE.

SIR,-I felt great pleasure in your having adverted, in your last week's Summary of Politics, to the important fact, which came out in the course of the debate on the Irish Bank Restriction Bill, on the 21st of February. Mr. Corry, I remember, on that occasion, hinted, with considerable warmth, and, I dare say, with great sincerity, how much better pleased he should have been if Lord Archibald's inquiry had been made to him in private, and not in the face of Parliament. Perhaps, had he reflected on the temper of that Parliament, he would rather have preferred the latter mode. This extraordinary confession was passed. by in total silence, not a syllable was uttered in reply, and the House of Commons have thus given their tacit sanction to a proceeding, as unjustifiable as ever was practised and avowed. Mr. Corry and his associates may now go on, at least, until a different spirit prevails, both in the government, and in the legislature, to pay themselves in any way they please, and from whatever fund. Should the exchange rise, as from these gentle men being secured from its effects it probably will, to 50 per cent. against the proprietors of estates in Ireland, their salaries will be undiminished But though Parliament may consider this abuse as beneath its dignity or above its competency to inquire into, or redress, it is fit that the public should understand the enormity of it. How dare the officers of the Irish Treasury, with Mr. Corry at their head, on their own authority, with no usage, no precedent in their favour, thus put their hands into the public purse? Mr. Corry admits that these salaries are taken from a fond existing in England for the service of Ireland, Upon the whole of this fund the Irish government have a right to draw. They, and they only are entitled to the profit arising on the exchange between England and Ireland, for the service of the public in Ireland. In proportion as this

[200

fund is lessened by the deduction of these salaries at par, this profit is diminished, and the Irish government defrauded. They are charged upon, and should be paid in, Ireland, saddled as every other species of Irish income is, with the current rate of exchange. Were this the case, was the community protected, as it ought to be, from the discretionary proceedings of secretaries, commissioners, and clerks, there might be some hope of a remedy being devised to check the present enormous, and, I am convinced, artificial excess of the exchange against Ireland. Mr. Corry and the rest of the gentlenen at par, would then sympathize with the other proprietors of Ireland, many of whom, as well as they, are obliged to attend in Parliament, and, on that ground, have the same right, had they the same means, of receiving their incomes free from the burden of exchange, which Mr. Corry may be assured they are as unwilling to bear as he is. But, till Parliament, or the country, shall stamp this gross misconduct, long clandestinely practised, and now unblushingly avowed, with the reprobation it deserves, the Irish resident in England may rest assured, that the exchange will long remain a thorn in their sides. Mere indif ference to an evil which does not reach them would render the Irish ministers backward in redressing it, but I suspect they have an interest in its continuance from their connexion with the Dublin bankers, who are accumulating immense fortunes by the unrestrained and arbitrary issue of paper. This practise, grounded upon the restriction on payment in specie, no reflecting man can doubt is the chief cause of the present high rate of exchange against Ireland. The sums annually remitted thence to absentees, and the interest on the Irish loans payable in England, may aggravate the evil. but it is obvious, that in spite of these, were guineas now, as they were in 1796, the common medium of circulation between both coun