lage; and thus all those who are for a "to a large share, who have persisted, war in Spain and Portugal, would have a through calumnies the most coarse, fair opportunity of shewing their zeal in" through abuse the most personal, in the the cause. A collection from door to door "policy that has produced them. We may would not be a bad thing; for, doubtless," say to them, There is not a tongue, a nathey are many who love the war, and who "tion, or religion, which will not bless your, would draw their purses in support of it," presiding care and manly beneficence, who do not know how to convey their mite to the grand fund.How would it do to give the Portuguese a share in our Funds; and let them be Stockholders after the same manner as George Rose's Friendly Societies are Stockholders ? They would then have something to rely on, in case they should lose their all in Portugal! Their PRINCE REGENT borrowed some here some time ago, and there is part of our Stock, as it is called, which arises out of that loan. Suppose we were to make the Portuguese a present of this!--The owners of it would, I dare say, have no objection, and it would really be making the Portuguese comfortable. As I said before, they would then have something to rely upon.- -However, I must confess, that this is a matter with which I have nothing to do. It belongs wholly to those, who have been for a war in the "Peninsula," as they call it. Those who are for a war in behalf of the old governments of Spain and Portugal, do well, and, indeed, it is their duty, to assist the poor creatures who have suffered from that war; but, for my part, I do not think myself bound to give them one penny; and, in this state is every man who did not wish a war to be entered into for the old governments of Spain and Portugal. -In looking over the list of subscribers I could not help asking myself whence came the money subscribed. I recommend to the reader to do the same. To stop when he has read the sum, and consider a liule whence the subscribers actually draw that sum; of, in other words, who it is that pays it, in the end. When the list is closed, it will be very useful to print it, and put against each sum the source whence it is drawn. In short, it is my intention to do this; and, for doing it, the subscribers will, doubtless, be exceedingly obliged to me. The COURIER in speak-I ing of this subscription, compares the ministers to the Saints and Martyrs, and, indeed, to Jesus Christ himself- "The subscription for the Portuguese advances rapidly, and its success proves the cordiality with which the people go hand "in hand with the policy of the MINIS"TERS. Of the triumph and glory of these "successes, surely they must be entitled "Your names will never be separated be"fore the throne of the divine goodness, in "whatever language or with whatever "rites pardon is asked for sin, and reward "for those who imitate the Godhead in his "universal bounty to his creatures. These "honours you deserve, and they will surely "be paid." Reader, are you not ashamed at reflecting, that the writer of this is your countryman? Are you not ashamed at reflecting, that this is published in England? Do you think, that Napoleon would have put down the press if he could have found writers like this? It is very clear, that a press managed by men like this must be one of the most efficacious instruments in the hands of tyranny; and, if such men could have been found in his dominions, Napoleon would have had a very fine press, we may be well assured. But, all France did not produce a wretch so shamelessly base as to compare Napoleon's attributes to those of the "Godhead." England and England alone produces men of this description. The Editor of the Morning Chronicle observed, the other day, that he was not amongst those who thought good to be evil, because that good happened to be English. Where he finds persons who are of this description I do not pretend to know; but, I should like them infinitely better than this man who compares the English ministry to the Godhead, or the other man who fell down upon his belly before Bishop Knox. I would rather say, evil be thou my good, and, good be thou my evil, than I would be the author of these paragraphs. INSURRECTIONS IN FRANCE AND HOLLAND. -We have no further information upon this important subject; and, if I had time, would here go into an inquiry as to these two points: 1. Why it is supposed likely that insurrections should take place in those countries, or, in ether words, what are the causes which it is supposed impel the people to revolt; and 2. Why we suppose, that such insurrections would tend to our benefit.This is a subject that ought to be well understood, because, it is manifest, that the venal writers are upre mittingly at work to buoy up the people with the hope of final escape through the means of a revolt against the Emperor of France. In short, the notion they inculcate is this, that the people cannot endure his tyranny much longer; and that, when they rise against him, he will be overthrown, and that then, then, oh then! all our danger will be at an end.Now, I cannot forbear asking, why his subjects (for so they were called upon Mr. PELTIER'S trial) should revolt? What is it that he does to them to make them so anxious to get free from his power? In short, what are their causes of discontent?" Why" some full-blooded Anti-Jacobin will answer, "you Jacobin, you leveller, you "traitor, have they not a thousand and a "thousand causes of discontent, and is not "the Corsican the greatest tyrant and the "most infamous miscreant that ever "breathed?”. Softly, softly! Hard names are not facts. Come; take breath, now; and, since the people have thousands and thousands of causes of discontent, do pray name only a dozen of them to me. -Well; I will wait 'till another time; but, a dozen good reasons for revolt will quite satisfy me; and, if you can produce me that dozen, I shall be ready to join you in hoping for a speedy insurrection, whether it does us any good or not.In the mean while I must not pass unnoticed one ground of complaint; namely, that of imprisoning merchants for holding correspondence with England, respect ing which our papers published the following account a few days ago." A "number of respectable merchants at "Hamburgh have been imprisoned for no "other reason than their having had letters "addressed to them from England. A com"munication we have seen on this subject, "states as follows: Many of your inti"mate friends are now in prison, for which "they are indebted to the merchants of London, who continued to correspond "with them against their wishes and ad"vice. If you are anxious that I should "bear them company, you have only to " continue to write to me as you have re"cently done." -No other reason? What other is wanted? It is very strangewith what different eyes we view the same acts at different times, or in different places. -Is it not known to these writers, that Napoleon is at war with us? Is it not known to them, that we are his enemies? And, is it not known to them, that it is a crime in our country to hold correspondence with the enemy? As to letters being written to these merchants, that would not have been the case had they not wished it. Letters came from them, or letters would hardly have gone to them.Besides, is it so very extraordinary a thing for men to be crammed into jails without having committed any offence; without any accuser upon oath; without any distinct crime even alledged against them? Is this any thing so very extraordinary? And is it so very wonderful to hear of men being put into prison for indefinite periods without being brought to trial, without ever, from first to last, being confronted with any accuser? Is this so wonderful a thing?--Is this a thing to urge a people to revolt ? -And, then, as to merchants? Why should they not be crammed into jails as well as others? What is there so very sacred about their persons? They have seen enough of others go to jail and to Cayenne, without expressing, or discovering the smallest degree of pity for them; nay, they backed on those who sent them thither; and why should they grumble, then, when their turn is apparently come, or fast coming? What do they mean never to have their share of the miseries of the world, after having so long enjoyed the good things of it?In the midst of these charges of tyranny heaped upon Napoleon, there now-and-then slips out of the goose pens of these venal men, something to throw discredit upon all that they have been saying upon this head for months before.Of this kind is a paragraph in the COURIER of last week, relative to Sweden. -“Our readers were probably sur prised at the Order issued by the Swe"dish Government to capture all Danish "vessels. They had been taught to con"sider Sweden, under a French General, as the engine of France, and they knew "the King of Denmark to be the mere "Prefect of Buonapartê. But Buona "which Sweden, spite of the friendship ever; and, against that time, I wish my "and protection of the great Napoleon, readers to be fully prepared to give their "has afforded to commercial intercourse judgment upon all of us, who have taken "with this country."--So, then, it now a prominent part in any of these discuscomes out that Napoleon is unable to bring sions. Sweden into his system against her will WM.COBBETT. He cannot "pass an army over to Sweden," State Prison, Newgate, Tuesday, we are told here. Sweden is free then? May 7, 1811. Well, then, you stupid hireling, Sweden voluntarily chose Bernadotte, after all that you and the rest of your set asserted about PROPOSITIONS RESPECTING MONEY, BULher being compelled to receive him, and LION AND EXCHANGES.-3 May 1811. about her neck being bent to the yoke. I. THAT the right of establishing and No, no; he cannot pass an army over regulating the legal Money of this Kingto Sweden, and I told you so at the time, dom hath at all times been a Royal Preand cited that fact as a proof of the willing-rogative, vested in the Sovereigns thereof, ness of the Swedes to receive Bernadotte; and who have from time to time exercised the now you say the same thing, exactly the same as they have seen fit, in changing such same thing, having forgotten what you legal Money, or altering and varying the said before. 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. BULLION DEbate. -Now we are drawing towards the close of this grand discussion; this discussion that has lasted from the day I was sent to Jail to the present day; and, which, thank God, will lead to most important consequences. I said, the moment I fixed my eyes upon the Bullion Report, that that was the harbinger of good days for England. The full-blooded Anti-Jacobins, that is to say, the greatest enemies the country has, and the most corrupt men in the whole world, are alarmed, and well they may be; but no one else is. For every one else the discussion leads to good.The long expected debate began last night (Monday 6th May), upon a motion of MR. HORNER, who, though he appears to have spoken about 3 hours, made use of no one argument that was not used by me nearly seven years ago, in support of a proposition the same as that which he now brought forward, and for maintaining which I was abused like a pickpocket, and PAINE had before, for asserting the same, mixed with a little political fun, been burnt in effigy all over this " thinking country."--Not one argument did Mr. HORNER add to those long and long ago made use of by me; and this I will hereafter shew.--But, for the present I shall conclude, the Debate not being as yet all before me.The whole of this Debate I shall insert in the Register. I have set my heart upon seeing this paper-money affair out; and, I am resolved that my readers, in all parts of the world, shall miss nothing belonging to it. The time is not far distant, when events will have decided this question for II. 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 in public estimation to be equivalent to the legal Coin of the Realm, and generally accepted as such in all pecuniary transactions to which such Coin is legally applicable. IV. That at various periods, as well before as since the said Restriction, the Exchanges between Great Britain and several other Countries have been unfavourable 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 er 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 Queen Arne; and also during part of the Seven Years war, and of the American war; and during the War and Scarcity of Grain in 1795 and 1796, when the difficulty of procuring Cash or Bullion increased to such a degree, that on the 25th of February 1797, the Bank of England was restrained from making payments in Cash by an Order of Council, confirmed and continued to the present time by divers Acts of Parliament; and the Exchanges became 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 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 the issue of Bank Notes; inasmuch as all the said instances, except the last, occurred previously to any restriction on such Cash payments; and because so far as appears by such information as has been procured, the price of Bullion has frequently been highest, and the Exchanges most unfavourable, at periods, when the issues of Bank Notes have been considerably diminished, and they have been afterwards restored to their ordinary rates, although those issues have been increased. VII. That during the period of nearly 78 years, ending with the 1st of January 1796, and previous to the aforesaid Restriction, of which period Accounts are before the House, the price of Standard Gold in bars has been at or under the Mint price 28 years and 5 months; and above the said Mint price 48 years and 11 months; and that the price of Foreign Gold Coin has been at or under 31. 18s. per oz. 36 years and 7 months, and above the said price 39 years and 3 months; and that during the remaining intervals no prices are stated. And that during the same period of78 years, the price of Standard Silver appears to have been at or under the Mint price, 3 years and 2 months only. VIII. That during the latter part and for some time after the close of the Ame rican war, during the years 1781, 1782 and 1753, 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. 9d. to 4l. 2s. 3d. per oz. and the price of Dollars from 5s. 4d. , per oz. to 5s. 11d. and that the Bank Notes in circulation were reduced between March 1782 and December 1782, from 9,169,000l. to 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. 178. 6d. and Dollars to 5s. 1d.per oz. before the 25th February 1787, the amount of Bank Notes being then increased to 3,688,000l. 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 the average amount of Bank Notes in the year 1795 was about 11,497,000l. and on the 25th of February 1797, was reduced from 13,539,000l. to 8,640,000, 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 11. and 21. each on the 1st of February 1798, during which time the Exchange rose to 38.2, being about 6 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. The amount of Bank Notes, of 51. and up wards. was, in January 1798, 36.2; January | 1799, 37.7; January 1800, $2.; January 1801, 29.8; being in the whole a fall of above 22 per cent.-In January 1802, 32.2; and December 1802, 34.; being in the whole a rise of about 13 per cent, XII. That during all the periods above referred to, previous to the commencement of the war with France in 1793, the principal States of Europe preserved their independence, 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 affected the course of payments between 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 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.. 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 was annual amount of the Exports and Imports of Great Britain, on an average of three years, ending 5th of January 1797, 48,732,651. official value; the average amount of Revenue paid into the Exchequer, including Monies raised by Lottery, 18,759,1657.; and of Loans, 18,409,8421.,making together 37,169,0071; and the average amount of the Total Expenditure of Great Britain, 42,855,1114; and that the average amount of Bank Notes in circulation (all of which were for 51. or upwards) was about 11,262,000l.; and that 57,274,0171., had been coined in Gold during his Majesty's reign, of which a large sum was then in circulation. That the annual amount of the Exports their and Imports of Great Britain, on an average of three years, ending 5th Jan. 1811, supposing the Imports from the East Indies and China to have been equal to their amount in the preceding year, was 77,971,318.; the average amount of Revenue paid into the Exchequer, 62,763,7461.; and of Loans, 12,673,5481.; making together 75,437,2941.; and the average amount of the Total Expenditure of Great Britain, 82,205,0661.; and that the average amount of Bank Notes, above 51. was about 14,265,8501. and of Notes under 51. about 5,283,3301.; and that the amount of Gold Coin in circulation was greatly diminished. XV.-That, the situation of this kingdom, in respect of its political and commercial relations with foreign Countries, as above stated, is sufficient, without any change in the internal value of its Currency, to account for the unfavourable state of the foreign Exchanges, and for the high price of Bullion. XVI That it is highly important that the Restriction on the payments in Cash of the Bank of England, should be removed, whenever the political and commercial relations of the Country shall render it compatible with the public interest. XVII. That under the circumstances affecting the political and commercial relations of this Kingdom with foreign Countries, it would be highly inexpedient and dangerous, now to fix a definite period for the removal of the Restriction of Cash payments at the Bank of England, prior to the term already fixed by the Act 44 Geo. III. c. 1, of six months after the conclusion of a definitive treaty of peace. |