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COBBETT'S WEEKLY POLITICAL REGISTER.

VOL. XX. No. 8.]

06

LONDON, SATURDAY, AUGUST 24, 1811.

[Price 15.

"If the contest is to be between Ferdinand and Joseph, my decided opinion is that the latter will remain king of Spain; and whatever my wishes may be, the turtle patriots would rather that Joseph "should be king, than that the war should terminate with the establishment of a free constitution."POLITICAL REGISTER, Vol. 14. page 228. Aug. 13, 1803. 225]

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PAPER MONEY.In the foregoing Number of the Register, at page 209, I inserted, upon this subject, an article from the Kentish Gazette, containing the process and result of a curious and useful calculation as to the real present worth of a one pound note of the Governor and Company of the Bank of England. The calculation was founded on the data furnished by the Bank Company themselves in their Three Shilling Tokens; and the result is, that the £.1 Note of the Bank is worth 16s. 4 d. -Nothing could be more fair than the author's principle, and his result was perfectly correct. But, there is an error in the foundation on which the whole of his calculation is raised; and, of course, as all the calculations are correct, there is an error in the result, which error I have perceived by a reference to that admirable work, Dr. Kelly's Universal Cambist.

-The Kentish Correspondent states the weight of the Three Shilling Bank Token 9 dwts. 11 grs. or 227 grs.; and, he adds, that the weight of Three Shillings is 11 dwts. 15 grs., or 279 grs. Hence he proceeds with his calculation, and very clearly demonstrates, that, on data furnished by the Bank Company themselves,

d.

A Guinea is worth in Bank £. s. of England Notes......... 1 5 93 And

A One Pound Note of the

Bank of England is worth

16 44 But, this Gentleman, for whose pains I beg leave to offer him my sincere thanks, forgot, or he had never known (as would have been the case with me without the aid of Dr Kelly's Book), that there is a considerable difference between the fineness of the Token Silver and the Standard Silver, and, of course, a considerable didèrence between the value of the one and that of the other. The Token Silver is the saine with the Doltar Silver. The Dollar is not, as is generally supposed, worth 4s: 6d. Sterling; but 4 34d. as will be seen by referring to the Universal Cambist, Vol. 1,

[226

page 391; And, by a reference to the same page it will be seen, that the doliar silver is, in point of fineness, 8 dwts. worse than English Standard Silver. Therefore, as the Dollar is now issued at 5s. 6d. and its divisions in proportion, Bank Paper is to Sterling as 514 to 66, which makes the Sterling value of the Three Shilling Token 2s. 4. and of the One Pound Note 15s. 8d. Let us state the matter clear at the expence of a little repetition. In Sterling,

£. s. d. 158

The Pound Note is worth... o The Five and Sixpenny Token

000

The Three Shilling Token 0
The Guinea
The Shilling..

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Now, let it be observed, that these results are drawn from data furnished by the Bank Company themselves in their Three Shilling Tokens. These Tokens not only dec are the real value of the Bank Notes; but, they declare what the Bank Company themselves look upon as being the real value of their notes. Those notes are, then, depreciated, in comparison with gold and silver, 27 per centum; and, their pound note is really worth only 15s. 8d. in good and lawful money of this realm.If this be false, any one may shew it by figures; and, if no one does shew it by figures, let the Paper Mill people for ever after hold their tongues.—— if one wanted any thing more to establish the fact as well as the degree of deprecia

tion, the state of the gold market and of the exchange would. The Portugal Gold coins, which are not all equal in fineness to our gold coin, now sell, leaving, of course, a profit to the broker, at £.4 17s. 6d. an ounce, if paid for in Bank of England Paper. Whereas, if that paper was not depreciated, the ounce of such coins would sell for no more than £.3 17s. 10 d. in the Bank Paper; because, as we have seen above, that is the value, in Sterling money, of an ounce of English Standard Gold. Under these circumstances, is it any wonder that we no longer see any gold or silver coin current? It would be very strange if we did, seeing that the guinea is worth £. 1 6s. 9d. and the shilling, if good, worth is. 34d. in Bank paper; and, the Crown and Half Crown, of course, in the same proportion.--As to the exchange, we will take the instance of France. By referring to the Universal Cambist, Vol. II, page 238, it will be seen, that the par of exchange between London and Paris is this: 25 livres, 11 sous and 6 deniers French for £. 1 English. Now, if Monsieur Jacobin of Paris owed Sir Sothead Jubilee of London a pound, and Sothead wanted to apply the pound to the use of Sothead Junior who might be a prisoner in France, the elder Sothead would draw a Bill of Exchange for the purpose: that is to say, he would draw an order, or bill for £. 1 upon Monsieur Jacobin, which, upon being presented by the younger Sothead, would, in due course be paid in the French money, livres, sous, and deniers; and, as we have seen above, young Sothead ought to receive 25 livres, 11 sous, and 6 deniers; but, "no," says Monsieur Jacobin," your English pound is not worth so much as "it used to be. It is not a pound in specie that I owe to Sir Sothead Jubi"lee: it is a pound in Bank Paper, "because what I bought of him was "bought in that paper. Therefore I must pay you no more than the worth of one "pound. in Bank paper." This point being settled, they look to the price Current and Course of Exchange of the day; and, if it were on last Friday, they would find, that, agreeably to the Statement published in London by Wetenhall, the sum to be paid to young Sothead would be only 18 Livres, instead of 25 Livres, 11 Sous, and 6 Deniers. So that here we see, that our Bank Paper has depreciated, or fallen in value, 7 Livres, 11 Sous, and 6 Deniers out of 25 Livres, 11 Sous and 6 Deniers;

66

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which is, as nearly as can be, a fall of 27 per centum. Thus is this fact of depreciation proved in all manner of ways; and yet are there hirelings to deny it. Their denials, however, answer no purpose. This is a point as to which all their tricks will be of no avail. Here is a steady principle at work, and nothing that can be said or done will put a stop to its progress.-The depreciation of the Bank Paper is daily and hourly appearing under fresh guises: it is gradually putting forth all the usual symptoms of total annihilation. At Bristol little pieces of silver, worth no more than eightpence sterling, have been issued by private individuals, and pass for a shilling, under the denomination of “ne"cessary change.' At Louth, in Lincolnshire, a Company of Carpet Manufacturers, named Adam Eve and Co. have issued Notes for 2s. 6d. These Notes are mere printed cards (just like the assignats in France), payable to bearer; but, mark! not payable generally, but specifically in Bank Notes. Thus: " Pay the bearer for

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eight of these a one pound Bank Note." And here, then, it all hangs together in a string! I have frequently said, that to these small notes we must come. I have all along said it. It is the regular, the natural, the inevitable progress; and, such notes we shall see in every part of the kingdom.

-This Mr. Adam Eve seems to be the founder of the half crown notes. Not a bad name for an original inventor. His notes are veritable assignats. They are just such things as they used to have in France. They will breed amazingly; and, I dare say that Mr. Adam Eve will see the country people at Louth market with thousands and thousands of the progeny in their pocket books, of a denomination down so low as that of a halfpenny.

-As the gold and silver rise in price, there must be more and more small notes, or, the tokens must be raised in their nominal value, or else, others must be put forth of the present nominal value, but of less weight or of a less pure quality. Perhaps all these three expedients will proceed hand in hand. But, at any rate, the present Tokens will not remain long in circulation, unless they be raised in nominal value; for, they will soon be worth hoarding, or selling to melt down, or to export. The guineas and other gold coins have disappeared along with the crowns and half crowns and tolerably good shillings; and, when the metals rise a little higher in price, the Tokens will march the

same way; for they can never be made to open to us by the sea, and, at all times keep company with a paper that is depre- capable of being assisted by us; at Tarciated lower than themselves.The ragona if they could not, with a numerous expedient of Mr. Adam Eve of making garrison, defend themselves against the his assignats payable only in Bank Notes French, what have they 'to expect at any has, doubtless, arisen from the knowledge, other place?—At Tarragona there was, which is now got abroad, that, as the law it appears, an army of about ten thousand yet stands, a man may demand gold or men, at the time when the assault took silver for notes payable to bearer ge- place. Between eight and nine thousand nerally; and, this will answer his pur- were actually made prisoners. This is a pose; for, no one can enforce payment fearful fact. Why, ten thousand men of them in any thing but Bank Notes. ought to defend well-constructed works The example will, I dare say, be followed, against fifty thousand; or, indeed, against by and by, all over the kingdom, by the almost any number that can possibly Country Bankers, who will make their be brought to bear upon a fortified place. notes payable in Bank of England Notes. But, as the Spanish Governor himself says, But, what will this do? It will not stop his men would not meet the French in the the thing an hour; but, on the contrary, breach. They behaved well enough, it wil! accelerate it greatly, by augmenting seems, during the former part of the siege, the quantity of paper, and, of course, and until the real fighting foot to foot adding to the depreciation.I should be began; but then they gave way; their much obliged to any one who would send hearts sunk within them; they were apme one of Mr. Adam Eve's little notes; palled; they fled in every direction; and to any other person who would send and, rather suffered themselves to be me one of the "necessary change" pieces killed by their own officers than meet the from Bristol. It is not for the "base French soldiers. There is no gainsaying lucre" of the thing; but I have a desire to this.. It is the statement of the Spanish possess memorials of the progress of the Governor himself; who says in so many grand event that is approaching. I have words, that "the garrison behaved heroicsome of the forged assignats, and I should "ally up to the moment of the assault; like to have one of Adam Eve's to keep "that, even then the officers behaved them company. But, as to Mr. Adam "well; that they, sabre in hand, made Eve, he might, I think, send me from him- "the greatest efforts to keep the soldiers self a quire or two of his money. It costs "to their duty, and to collect them, in him nothing but the paper and print;" order that they might resist and attack and, if it were only as a brother author he" the French, who were pursuing and might afford me so trifling a gratification." cutting them down in the streets. But,"

SPAIN. TARRAGONA.- The language of those who were indulging, some time ago, such very sanguine hopes as to the was in Spain, is a good deal changed. They begin to tell us of treasons at Cadiz; of enemies in our bosom; and, in short, of every thing which indicates coolness, disaffection, and a declining cause.To the fall of Tarragona much of this has been ascribed; and, it must be allowed, that that event was well calculated to produce dismay amongst the people of Spain. Poor creatures! what are they, in any city or place, to do against such tremendous means as the French have to bring to bear against them? What are they to do? It is fine talking about their glorious cause; but, what are they to do? -At Tarragona, where the governor appears to have been a very gallant and skilful man; at Tarragona, strong by nature and by art; at Tarragona, which was, besides,

says he, "the terror of the soldiers in"creased every moment, and they let "themselves be sabred even by us, with"out resolving to recommence the com"bat."This is a most striking proof of the dread which the Spaniards have of the French; that they feel themselves inferior to them in point of courage; and, in short, that they are impressed with a conviction, that it is their fate to be conquered. The accounts given by our own people of the close of this memorable siege agrees but too well with what has been published by the French, as will be seen in another part of this Number. But, I really do not see the policy (to say nothing of the justice) of our railing against Marshal Suchet and his army. If the French had railed against Lord Nelson on account of his victory off Trafalgar, which, in point of importance, may be put, perhaps, about upon a level with this achievement of Marshal

Suchet; if the French had railed against | pillaged, which we well know are the Lord Nelson upon that occasion, what good would that have done them? It would have made us laugh at them, to be sure, just as the French must now laugh at us What is the u-e of calling Suchet and bis army savages and monsters? That will do us no good, nor will it do the French any harm; and, as to the justice of the charge, though we have been informed by Suchet himself, that most ter rible vengeance was taken upon the town, it was what the Governor was apprized of before hand, and what he might have avoided by timely surrender. He did not choose that: he shewed himself a brave man. But, then, he was to expect the consequences; the natural, the regular, consequences. Since war has been war those who have stood out and have been captured by assault have been given up to pillage. There may have been more than ordinary severity and brutality exercised at Tarragona for ought I know; but I know, that to give up the place to pillage was nothing more than what is fully authorized by the usages of war; and it is, I am inclined to think, what any English Commander would do in a similar case. -We have been assured in our newspapers, that the French lost above three thousand men before Tarragona. There were the lives of these men to avenge. We all know how vengeance gets treasured up during a long siege, in which, until the end, the besiegers generally suffer most.But, at any rate, our horror at the conduct of the French and our compassion for the sufferings of the Spaniards have something about them truly distinctive of the character of the war we are now waging in the Peninsula. We urge the Spaniards (poor souls!) to make a gallant defence of their towns; we extol those who hold out against the French, and we execrate those who do not. We call these latter cowards and traitors, though we did not call, by either of those names, the garrison who last year surrendered at Almeida. In short, we do every thing, that we can possibly do, and say every thing, that we can possibly say, to induce every Spanish garrison to resist to the last. And, while we do this, and while we have loud and virulent censure at hand for those garrisons who do not so hold out, is it not rather too shameful for us to pull out our handkerchiefs and affect to blubber when we see a Spanish garriRon put to the sword and a Spanish town

natural and the general consequences of
that very resistance which we so strongly
recommend? But, we do more, as far as
our public prints go; we do more than
urge the Spaniards to this sort of mortal
resistance in their towns. We record of
the Spaniards, that they, in numerous in-
stances, massacre the French without mercy;
that the Guerillas, as they are called by
us, and the Banditti, as they are called by
the French, cut to pieces all the French-
men they can lay their hands upon. These
acts our public prints applaud; they
bring them forward as proofs of the proper
feeling of the Spaniards. And, while
these prints do this, is it not a shame to
hear them, in almost the same breath,
revile the French for their barbarities to-
wards the Spaniards, which are the neces
sary, consequence of those acts of the
Spaniards, which these prints so loudly
commend?Aye, we are told, but the
French are invaders: they go into Spain
as conquerors. Very true; and I am by
no means inclined to justify the invasion
and conquering of a country for the sake
of conquest; but, it is, nevertheless, very
well known, that the circumstance of an
enemy being engaged in an invasion, and
in the pursuit of conquest; it is very well
known, that this circumstance does not
prevent such enemy from being considered
as a lawful enemy, and from being treated
according to the usual customs of war. If
this were not the case; that is, if an in-
vader with views of conquest were to be
considered as shut out from the usual
rules of war; if his soldiers were to be
butchered in cold blood; if no quarter
were to be shown his army on account of
his being an invader with views of conquest,
what would, in numerous cases, have been
the fate of our armies? For, how many
islands, principalities, and kingdoms, have
we invaded and conquered? I am not,
observe, attempting a justification of, or
an apology for, the invasion of Spain by
Napoleon: whether that invasion was just
or unjust is a question which I will not
here attempt to discuss, though it is a
question which ought, one of these days,
to be soberly and impartially gone into.
I an
am not attempting, by citing our own
conduct, to make any excuse for the inva-
sion of Spain and Portugal by France,
though I must express my fear, that our
example at Copenhagen, coupled with our
constant declarations, that we are fighting
the battles of England in the Peninsula, which

we very

often call the outworks of England; I must express my fear, that, with these facts before the world, we should not gain much in an accusation against the French that they have invaded the Peninsula without just cause. But, let us leave all these matters for the present, and return to the question as to the laws of war, as bearing upon the point before us; and, certainly these laws, if laws they may be called, do not authorize any distinction between the treatment of an invading army and an army that is not engaged in invasion; for, in fact, how are people to make war at all, upon land, without invasion? The Duke of Brunswick in vaded France about twenty years ago, as he had before invaded Holland, with the very same Prussian army; but, his army was not considered as excluded from the usual rules of war. The Duke of York, our present Commander in Chief, invaded France sometime after the invasion of the Duke of Brunswick; he was at the taking of a town or two, and attempted to take others. But, did ever any one hear of his army being refused quarter, or treated differently from the usual course of war? No: and, when the French republicans threatened to do it, were they not menaced with retaliation? -Hence, then, it is clear, that the French army in Spain ought to be considered as a lawful enemy, an enemy entitled to the treatment prescribed by the usual practices of war. Therefore, if we applaud (as our prints mostly do) acts of massacre committed by the Spaniards upon parcels of the French army; if this be our custom, with what decency do we set up such loud complaints against the French for their massacring of the Spaniards? I do not know which party began the bloody work; but, this I know, that we applaud it in the Spaniards, and I also know, that we therein do all in our power to keep it up on both sides, seeing that we must be well assured, that the French will not be behind hand in the way of retaliation.Let us therefore, hear no more of these compassionate effusions in favour of the Spaniards and of these revilings of the French, until we have quite cleared ourselves of the charge of being instigators. -The same reasoning will apply to all the evils of the war in the Peninsula. We seem to think that the world has but one eye and one ear: an eye kept steadily upon the ambitious conduct of France, and an ear to listen only to our tale. We deceive ourselves

most grossly. The world has two eyes and two ears. The world saw us take possession of the Danish fleet; because what? Why, because there was every likelihood, that, if we did not take possession of it, Napoleon would take possession of it, and would use it against us.. If the reader applies this, but for half a moment, to the case of Spain and Portugal, he will see, that all the argument is not on one side. But, if the war be productive of such terrible evils to the Peninsula, and if we do really feel for the unhappy people, why do we prolong this war? For, no one will deny, that we are the real supporters of the war in Spain as well as in Portugal. "What!" Some one will say ; put an end to the war by "withdrawing our aid and support!" Very melancholy to be sure; but, then, leave off whining about what the Spaniards and Portuguese suffer from the war." What! give up the Peninsula to the Corsican

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Upstart, and thus retire in disgrace be"fore him, all our noble commanders, all "our Lords and all our 'Squires, leave the "field before a parcel of old Serjeants and Corporals, the sons of farmers and la"bourers." It would be a shame, indeed; but, then, let us not talk any longer about the sufferings of the poor Spaniards and Portuguese on account of the war: let us drop that cant. What! quit the "Peninsula where we are fighting the butties "of England!" No, no: to be sure not; but, then, for decency sake, do not say another word about compassion for the people of Spain and Portugal who suffer from the existence of the war.---` -We have not here been discussing the question whether our cause he good or bad in the Peninsula: we have been discussing this question, whether it be wise or foolish in us to affect so much compassion for the sufferings of the people in those countries, and to talk so much about the extent of those sufferings; and, if my reasoning upon the subject be. correct, we shall, I think, do well, in future, to hold our tongues respecting those sufferings.[ propose now to add a few remarks upon the cause of Spain and Portugal generally, taking things in a more enlarged view," These remarks are suggested by an article in the Courier of the 20th instant, manifestly written with a view of palliating the reverses which have recently taken place, and (an object never overlooked) of inculcating a belief that all those who did not, or do not, approve of the war in the Penin

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