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they might be opposed, it was no less such as war, which totally altered the retrue that there might be certain points of lation of the sum wanted. He protected, similarity between them, and that this therefore, against the laying down a parcountry may be in danger of suffering ticular maximum: The only role of guidfrom ihe same calamity which befel ance was necessarily the drain. They France, fror Law. Mr. Law looked to were exactly like the Bank of Paris. security, and the Bank looked, in 1797, There were a variety of other circumstances to security. Law did not issue paper for to the same point, and he believed Sweden more than two-thirds of the value of the was one. The Swedish Baok, like the Bank land. The rate of interest fell to 3 per of Paris, lent at interest. It had been cent. Many good tbings resulted at first said that the difference between this from this; but he got at last more than all country and the Continent made all these the circulating medium of the rest of foreign instances inapplicable ; but were Europe. He thought he could not issue there no limits to this proposition ; were too much, while he lent at low interest on there no countries on the Continent situate good security. In the same manner-let like ourselves? The Swedish Bank, be the Bank look that they do not lend too was persuaded, was of that descriptionmuch at low interest. Another case ap- they lent at interest; but they lent someplicable to the present was the Bank of what too largely, and stopt at a depreParis. The Bank of Paris was not the ciation of 70 per cent. They also say a Government Bank. 11 lent out money great difference in the price of commodion moderate interest, and was founded ties is highly inconvenient, that trade on good security. In 1785, the Go. would suffer, they wish to temporize, and vernment, wishing for money, contrived are indisposed to reduce their issues of to borrow from the Bank, and to interfere paper. The excess of, America was also with the paper currency. The Bank in point. Their paper was also issued on having furnished loans to Government, very good security. Demerara and Suaugmented their paper. This again pro- rinam were also in point. It was very duced a run on ihe Bank: at lase the natural for us to think that we were the Bank stopt. But the Bank immediately centre of our own system; in the same limited their paper; and though the ex. way as was supposed that the sun kept change had fallen 10 per ceni. the Bank running round the earth, and not the felt no difficulty. This example was earth round the sun, we always imagine made for the instruction of this country. that the bullion keeps on rising, and not A Committee was appointed to inquire that our currency goes on depreciating into the business, and they stated three He said he understood that in Sweden things as particularly to be attended to. also bullion was said to rise. He remem„The first was, that Government should not bered when he was in a Russian counting. borrow from the Bank, very different from house, he had no ideas how the exchange, the practice in this country. They next now down to 11, and now up, was constated that the Bank Funds should only tinually against that country, in the same be laid out on short securities, that they manner as a leading tide, though it apmight always have it in their power to pears for a little to go back, keeps grarestrict their issues; and in the third Jually gaining more and more ground. place they stated that the Bank should The general unfavourable exchange was draw in their discounts in case of a drain, to be attributed to the paper money for the meaning of a drain was, that more issued by several successive rulers of notes had been issued than were te- Russia, and these variations had their quired. This could not be difficult if at. | origin in causes that might somewhat retention were paid to the first symptoms of duce, but could never substantially effect superabundance. Gentlemen would per. that unfavourable exchange. Will it be haps say that this case was not similar to said, that the same measure may be faours. But he would maintain that drain vourable here and unfavourable there? was a proof of superabundance. The paper It appears from Marshall's Life of Washof the Paris Bank amounted only to ninety ington, how unwilling the Americans millions when it stopped, while 100 mil. were in 1791 and 1792, to own the deprelions at another period was not found 100 ciated state of their currency. much; but then there arose circumstances,
(To be continued.)
Published by R BAGSHAW, Brydges-Street, Covent - Garden :-Sold also by J. BUDD, Paul-Mall.
LONDON :-Printed by T: C. Hansard, Peterborough-Court, Ylect-street.
Vol. XIX N. 40.)
LONDON, SATURDAY, MAY 18, 1811.
IN A SERIES OF LETTERS
“ Sauce for the Gouse is Sauce for the Gander,". -OLD PROVERB. 1217)
.[1215 PAPER AGAINST GOLD:
guinea was worth 26s.' or 27s. they an
swered, that it was very true, thal Gold BEING AN EXAMINATION
and Silver had risen; but, that the Bank
paper had not fallen. Report of the Bullion Committee:
They were then asked, how, since they would insist upon it that it was a rise of Gold and Silver, it had come to pass at
this time above all others. Allowing, for TRADESMEN AND FARMERS argument's sake, that it was a rise in the. IN AND NEAR SALISBURY.
value of the guinea, they were asked how the value of the guinea came to rise.
Their answer to this was, that it was owing Letter XXIV.
chiefly to the injury done to our commerce by Injury to Commerce by Buonaparté – He is the extraordinary, the cruel, the savage measaid to have caused the Gold to leave Eng-sures of the inerorable tyrant Buonaparte, land-The Fault is with our Government
whom they designated by every appellaOur Appeals to the French People absurd
tion characteristic of a despot, and even a Forged Bank Notes sent into Kent from
fiend. France - Forged Assignats - Decision in the Court of King's Bench.
Gentlemen, we will stop here and make
a few observations upon these charges GENTLEMEN,
against the Emperor of France ; for, it We have now to discuss the question of would be very foolish in us, who call ouro Depreciation. We have now to inquire, selves "the most thinking people in the whether the Bank of England Notes have, “ world," to suffer ourselves to be amused or hare not, depreciated ; that is to say, with charges against Napoleon, when we fallen in value. After what we have seen should be considering of the real cause of in the former Letters, and particularly in the mischief that is now come upon us, that immediately preceding, it is, indeed, and of the greater mischief that is stil nearly useless to put this question to any coming, and will come with most dreadful man of sense, and much more so to make effect, unless we take timely measures for it a subject of serious discussion. Never- preventing that effect; this would be selltheless, it will be right so to do; seeing ing ourselves to laughter indeed, making that these Letters are intended to treat of ourselves an object for the contempt of every part of this great subject, and to put Europe, not excepting the Dutch and i hose upon record all the material facts and ar other nations, whom, with emply insoguments appertaining to it.
lence, our hireling writers and others allici
to pily. In the House of Commons, during the Debate on the Bullión Report and on ihe We call upon the Bank for Goll and Resolutions thereon proposed, by Mr. Silver in payment of their promissory Francis Horner on the one side, and Mr. nores. They have no Gold or Silver to Nicholas Vansıttant on the other, it give us; or, at least, none do they give. was contended, by those who were for They are protected by law against our Mr. Vanittant, that is to say, by the demands. Some persons propose to reMinistry, and their adherents; by this move this impediment to our demands. part of the House it was contended, that | The men in power and a great majority the Bank paper had not depreciated, or of the House of Commons say, ng; and, fallen in value; and, being asked, how they, in objecting to the proposition, say, they then accounted for the fact, that a that the Bank have not the gold and silver ;
that they cannot get it; and, that it is, / whatever mischiefs exist, or are likely to therefore, impossible to make them pay. exist. If, indeed, all be well; if there be This is a sorry answer enough; but, when nothing to complain of; if the nation be we complain, we are told, that the fault is in no danger; if there be no evil; then, not with the Government or with the they have nothing to be blamed for; but, Bank, and that it is wholly with Buona- if there be any thing in our situation, the parté, by the means of whose laws, edicts, existence of which we have cause to la. and workings of one sort and another, the ment, to whom are we to look, for responGold and Silver have been drawn out of sibility, but to them ? England.
But, to take another view of the matter, What should we think, Gentlemen ; what, let me ask, bas Napoleon done what should we “thinking people think against our commerce and our currency, for of a General, who was to write home word, which he will not easily find a justifica. that he had been beaten and routed and tion in our example ? Have we neglected lost half his army; but, that the fault any means in our power to injure the comwas none of his, and that it was wholly merce and the finances of France? Did the fault the enemy's General, who had not Pitt, from the very outset of the war adopted against him a series of extraordi. against the French Jacobins and Levelnary, cruel, and savage measures: What lers, call it a war of finance ? And, were should we thinking people say to such a not all our efforts bent down towards the general? What would' Mr. Quin, the beating of France through her finances? editor of the Traveller news paper, in his This is notoriously the fact; and, as to sublime orations, in the Comnion Council, her commerce, it must be well known to say to such a general ? Would he vote every one, that we risked a war with the him thanks and a sword? I do not say American States for the pnrpose of interthat he would not; but, I think, that you cepting provisions in their way to the peowill agree with me, that such a general ple of France, when they were menaced with would, amongsų nuost men, meet with but famine. Was this fair and bonourable a cold reception ; anıl, that he would be warfare? I shall be told that it was. I told, that it was ihe business of the enemy will not discuss the point. But, if it was to beat him, to route him, to break him so, what reason have we to complain now, up, to ruin him; and that it was his business when France prevents us, not from receiving to prevent the enemy from so doing, and corn from her dominions ; but, merely from also to beat and break up and ruin the sending our products to those dominions. enemy:
This is the utmost that Napoleon does, or
that he can do; and, I put it, theo, to Just such, must, if we have a grain of any reasonable man, whether we have real sense left, be our answer to the ministers cause of complaint. We may be sorry for and their adherenis, when they blame what Napoleon is doing; and we must be Buonaparté for having deprived us of our sorry for the individuals who suffer from Gold and Silver. It was their business to his measures; but, can we complain of his prevent hivi from doing us this mischief. for not receiving our goods now, when It was their business to protect the coun we recollect, that we would not suffer the try against the fatal effects of the enemy's people of France to receive flour from Ame. measures; and, if they found themselves rica when we thought them in the midst unequal to the task, they should bave said of famine, and when we further recollect, so; and, I warrant them, there would not that we openly avowed the wish and the have been wanting others to take the la- endeavour to prevent their receiving Jesui's bour off their hands. These ministers and Bark, a drug so necessary, in many cases, their predecessors, for the last twenty to the preservation of life? This was far years, have had the complete command in us, I shall be told. Very well. That of all the means, all the resources, of, this I am not questioning; but, if this was fair; kingdom, of every sort. They have car if a state of war tolerated this, hare me, I ried all the measures that they proposed. ask again, any reason to complain of him, They have found out the way of putting any reason to call him tyrant (as GEORGE down all opposition, or, at least, of render- Rose did) because he will noi now pering all opposition quite inefficient; and, mit any part of his people to receive therefore, to them, and to them alone, the goods which are our produce or our pre. mation is to look for responsibility for perty?
Oh, no! We must expect that the peo- reported to have been said by this Lord. ple of France have the same sort of feel. That that part of the statement is true, ings that we have; and, gentlemen, mark it there can, however, be little doubt; for, well
, I pray you, we intercepted the flour it has been stated in the public prints, on its way to France long before Napo- | that there have been great quantities of leon's name was known to us. We, or, at forged Notes, purporting to be Notes of least, our venal writers, now affect a vast the Bank of England, sent into this country deal of compassion for the people of France. from France and Holland. This interesting These writers appear to lament that the fact has been very carefully kept out of French people are subjected to so terrible a the London daily papers; but, the coundespotism. But, either the people of try papers liave been less cautious, owing, France hear what our writers say, or they I suppose, to-their being at too great a do not : if they do not hear it
, then it distance from good advice and powerful cannot possibly produce any effect upon arguments. The following article, which them ; and, if they do hear it, they cannot I take from the OXFORD Mercury of the fail to call to mind, that we have been at 4th instant, will be quite sufficient to exwur against them through all their forms of plain the nature of what is going on. godernment ; and, that while they were “ Kent.-We are sorry to learn tbat a vast under a republican form, or name, our hos- “ number of forged notes, purporting to tility was much more decided and bitter « be those of the Bank of England, are in than at this moment ; for, we then de. “ circulation, particularly on this coast, clared war against the principles of their " to an alarming extent; we have heard constitution; we declared that no rela " to the amount of 200,000l. having been tions of peace were to be maintained with “ recently imported into this county, from them; and, now that they are under a “ France and Holland, where it is said monarchy (for that means a government by " they are manufactured! We know not the will of one person,) we affect to feel a “ to what extent the evil may extend. great deal of pity for them; we sigh to see « Several 51. 101. and even 201. of those them free ; and call upon them, as loudly “ poles have already been detected; and as our venal writers can, to rise against “ numerous il. of the same description their tyrant. Had we begun war with « are in circulation,-indeed, at Folkthem only when their revolution had “ stone, and some other places, the notes worked itself into a monarchy, then, in “ of the Bank of England are almost genedeed, our appeals to them against their rally refused in payment from this cirruder might have been of some avail; but, “cumstance; and we hope some steps how is it possible for them to believe, that “ will be immediately adopted to put a we are now desirous of seeing them free, “stop to them.
Two 5l. were recently when they recollect our conduct at the "passed through the Dover Union Bank; outset of the war; and for many years “ and a 201. note was remitted to town by during its continuance ? All our appeals, " a'respectable tradesman in Dover, a few therefore, from Napoleon to the people of “ days since, which proved to be a forgery. France are absurd ; and only bespeak the
“ We should recommend every person to desperateness of our situation.
“ keep the number of the notes which
pass through their hands, or have them To return more closely to our subject; “ previously indorsed by the person who it appears from the report of the Bullion passes them ; we look upon this to be a Debate, that LORD CASTLEREAGH said, that very necessary precaution, as it is a the tyrant of the Continent had, thus far, " matter of the most serious consequence been defeated in all his attempts against “ to tradespeople in general; for if the us; that he at first attempted invasion, “ Bank of England notes can be so readily that he next endeavoured to excite rebel “ imitated, how easy must it be to forge lion, that he then assailed our commerce ;
as the Provincial Notes of this and other and, that having failed in all these, he “ counties.” was now endeavouriog to ruin our cur. rency:
This is a war of finance with a venge
ance! But, even this I am not disposed Now, how far this statement was true, to call an unfair and dishonourable species I shall not pretend to say; and, indeed, of warfare." I am not disposed to call this except as to the last point, it is beside my a cheating, swindling, base and cowardly purpose to make any remark upon what is mode of attacking à nation: indeed, I
should not dare to call it so, if I were dis. ly imprinted upon our minds and cannot posed to'it, seeing that we did the same make the impression too strong upon those towards the French when they had a paper- of our children. It is a great point, not only money. It is well known to us, but, it in the history of paper-money, but also ought also to be known to our children in the political history of the world. I (sume of whom will, I dare say, read these will, therefore, give here, as nearly as I Letters), that, in the year 1791, the French can, a copy of one of these forged Assiz. people made a revolution in their govern- | nats, but not of so large a size as the oriment; that they chose representatives to ginal, from which I take it. fraine a new constitution for them; that they changed their absolute monarchy, or 器 ***************** tatuto #****** desporism, into a limited monarchy; that they declareri freedom to be their birthright; that the nobility, not pleased with the change, left the country; that the princes of the blood did the same; that the fugitives met with protection and encouragement from foreign governments; that these governnients afterwards made rar against the French; that England joined in that war; that, sometime after this war began, the French put their King and Queen to death, and declar. ed their country a republic; that the French had, at that time, a paper-money, called Assimuts; that upon this papermoney, it was thought, depended the fate of the French revolution; that, from the Speeches in the English Parliament, it will clearly appear, that the government of Englandi looked upon the debasement of those 'Assignats as the sure means of subverting the new order of things in France. All this should be known to our children as well as to ourselves; and, when they have a thorough knowledge of these
*térthetteketteutetté++66+ ****** facis, they should be told, that fulse As. : grynuts, that forged Ansignats; ihrat counter The translation of this is : “ Assignat of fcit Freneh paper-money; that these things “ 5 Livres, created i Nov. 1791. Na were fabricated in England in quantities “ tional Domains. ---Assignat of Fire immense. They were intended, of course, “ Livres, payable to the bearer by the to be sent into France, there to underinine « Extraordivary Chest.” And the word the French finances, and to produce the “ Corset” was the name of the Cashier, overthrow of the Republican government. I suppose, who signed the Assignats in The former of these objects ihey did ef. France. fect, or, at least, assisted to effect; and,
they, in all probability, contributed to Such were the means, which we made wards those causes, which finally led to use of townrds the French nation ; and. the re-erection of the absolute monarchy therefore, I trust, we shall not now bear ei in the person of Napoleon.
any complaints against them for their en
deavouring to send us an ample supply I was always, after hearing of these Bank notes. “ Sauce for the goose s forged Assiynais, very desirous of seeing “ sauce for the gander," all the worla one of them; and, some time ago, a gen. tleman gave me nine or ten, which, with many others, were given to him at the time But, was this; do I know that this wa, that ihe fabrication was going on. He gave the work of the government? That it á me an Assignut for 90 Livres, one for 50 actually done by the order of the great · Livres, one for 10 Livres, and several for 5 “ statesman now no more," and paid for Livres. We cannot have this fact too strong out of the people's inges. It was moto
payable au Porteur par la Caisse de l’Extraordinaire
SSIGNAT DE CINQ livres
'ASSIGNAT DE 5" CRÉÉ LE 1 NOV. 1791. +***