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Daily Price of STOCKS, froin 21st November, to 21st December.

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153 Old 6 per cent. ..... New Loan 6 per cent. Louisiana 6 per cent. Bata Shres

197

54 87 87 92 199

92 100

97 pct. pm 106

By J. M. Richardson, 23, Cornhill.

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OF THE

OF THE

STATE OF THE BRITISH TINANCES. COMPARATIVE STATEMENT to be, proof against the terrors of af

fright; and they survey, unappalled,

those distressing objects, from which INCOME AND OUTGOINGS most of the nations around them avert

their eyes, and contemplation. Is it

partly derived from the fortitude that BRITISH REVENUE,

gradually emboldens all who have much

to do with the boisterous ocean, or are FOR THE YEARS 1815-1816.

deeply involved in the uncertainties attached to the watery element ? Have

they been so often in distress, yet have Figures and calculations if at all ex- escaped, that they acquire a familiarity tensive, or intricate, are with difficulty with danger, and find strenuous resistreduced within the comprehension of ance their most hopeful ally against surGeneral Readers, and to render them rounding evils ? agreeable, as a less intense kind of read

Whatever be the cause, the publicity ing, demanding attention, but not of our national affairs, in every condition, study, for the most part exceeds the distinguishes the British from other Gopowers of the pen. They allow no

vernments. Rumour and report preroom for the exercise of the imagina

pare
the
way

for authentic information ; tion ; and they state facts too strongly, and these are so prompt at exaggeration, and adbere to them too closely, to per. and in case of misfortune they so reamit the smallest digression by way of dily over-rate the truth, that some have embellishment. Nevertheless, in a ge- considered them as systematically di.. Deral view of the State of the World, rected to that effect, by those who have they must have their turn; and those

private purposes to answer. A storm at who will not direct their attention to sea, has dismantled half a dozen men figures and calculations when the ur of war:-report Admiral Such an one's gency of the case demands it, will find “ whole fleet destroyed", consisting of cause to regret exceedingly, sooner or twelve or fourteen sail. Ten thousand later, the lapse of time, and of oppor- men have fallen a sacrifice to an extensive tunity, never to be recalled,

battle, on land :-report “ twenty thouOur countrymen boast a disposition sand, the Commander in Chief into stand up and look an enemy full included”. The National Revenue is unthe face ; and this is, frequently, their equal this year to the last :--by how preservative from impending danger. much? “twenty millions at least.” The They either are, or suppose themselves Public examine with impatience the ofVol. V. No. 99. Lit. Pan. N. 8. Feb. 1.

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ficial doen ments; and these diminish the Now, these are all distinct from that misfortune, by more than half. But incessant system of requisition and by this examination the effect on the enormous taxation, which has exhaustPublic mind is diininished, much more ed 'the countries where the war has than balf; and the conviction that the raged. These oppressions have affected loss is only so many ships, or so many the circulating capital, and have remen, or the deficiency is only so much, duced that to less than half, where it generates a kind of hope, and the Public bas left any proportion worthy of the speculates immediately on the means of name of National capital remaining. surmounting the misfortune. The ge We have seen also that it has seized neral powers of the nation are estimai- inalienable funds, such as honourable ed; and this defalcation, though dis- securities, or lands, and has mortgaged tressing, is compared with the resources the futurities of these, spending the which remain, and which are available, money thus raised, at its own pleasure; or convertible, to the purposes most and by these, and a thousand other proper to be resorted to on this occasion. vexatious devices, it has entailed po

Such are the advantages of publicity! verty and misery on generations yet to Every man discerns his duty: every come. man by doiog his duty, annuls to a Perhaps, still more mischievous concertain extent, a part of the national sequences attended the late war in Euburdeu ; his resolution supports him- rope, so far as it enforced the Contiself, and the united resolution of the nental System,-a system of exclusion, people, supports the State.

at all times a most dangerous speculaHuman nature derives a kind of me- tion in National Economy,-combined lancholy gratification from beholding with a diversion of what little capital others in a state of suffering not less could be obtained to objects not natural severe than our own, If ever that to the country. Whatever is to be inspecies of gratification might be tole-troduced as it were furtively, at great rated, the present is that moment. cost, in the first instance, to be natuWill the reader allow himself to consi- ralized, improved, and perfected, afterder the condition of countries which wards, by means of long continued exhave been the seat of war?-- which have pences-wheneveritis necessary to tempte seen their factories, warehouses, store-workmen from a natural occupation to houses destroyed, and thus their fixed one thus raised, thus fostered, the syscapital diminished ? The devouring lem is sure of punishmeut, from ihe flames when once set in action, acknows hand of time. A few years, were manledge no distinction between buildings kind but wise enough to trace the true falling to decay through age, and build cause, would convince the most incredųings finished but yesterday, and scarce- lous, that such establishments, howly yet delivered into their owner's ever failering for a while, or under hand. War levels all; and a faciory certain circumstances, have in themburnt down, that cost-ten-twenty-selves the seeds of misery; and those or thirty thousands of pounds is a diimi- who trust to them, do so, at the hazard nution of the National Stock, as well as of all their comforts, if not also of their of private property, by so much. This very existence. is so clear that none denies it. But, To support these ideas, we have only the fact is equal, though the subject be to examine the condition of those who difierent. Woods destroyed, timber were tempted by the state of the Contrees cut down, are diminutions of the tinent to cultivate the Woad plant, as a National capital,--the fixed capital, ex- substitute for Indigo:-the Beet root, as tending through many years.

In like a substitute for the Sugar Cane;who manner, the consumption of cattle, by an have built vast factories for cotton works, edemy inhabiting the country, the de- purposely to exclude British goods : struction of agricultural implements, ihe article they intended to force, was the cutting up of the roads, &c. are da- not that which under other circun. mages in a National point of view, not stances-li, e. in time of peace, for into be replaced for a long space of time. stance,) they would of their own aecord

have engaged in. These now suffer: tion, in order to alleviate the distresses. their sufferings are severe in the ex- of their neighbours in the quickest mans! treme;—but they throw the blame on ner possible. It is understood, that we others, and while they suffer the pu do not say, in the best manner possible, nishment of dupes, they solicitously en- but in the quickest, that which offers deavour to avoid the character; and this itself with the greatest promptitude and is the utmost of their hopes !

the least delay. The Swiss Muslin manufacturers no The reader will easily extend these longer obtain a free passage for their reasonings to those parts of the Contio goods through France :--because the nent wbich bave been the seats of war.' French muslin manufacturers know, We hear nothing of insurrections in to their cost, that smuggling would de- Turkey: Turkey escaped war-ravages. In posit these rival productions in great Russia, in Poland, the enemy made a fierce quantities, while passing along the road. inroad, but it was not of long duration;' Thus we have the singular spectacle of nor of extensive devastation. In couns i merchants of Lyons, where silk is the tries where his policy had time to operate, natural cominodity, trembling at the where he could induce the people to sight of a bale of collon goods, manu- adopt his ideas, and act on them, disfactured among the mountains of Swit-tress reigns ; and the nearer we api zerland ! In the mean while, not merely proach to France the more keenly is it the Swiss work men in inuslius suffer, felt, because those Countries were longa but those who supplied them with the est under French dominion. And what necessaries of life, and then agaiņ in is the condition of France herself? does their turn, those who contributed to the it appear that, as a nation, she is ena enjoyments of these, whether mental or riched by the spoils of war? Has her personal.

population, taking the whole of it, more If cotton were the natural production gold_each man in his own pocket of Belgium, or au article that naturally than before ? Nobody affirms it :- nofell to that country, in preference to body believes it. Her publie finances others, to be manufactured there, the are confessedly under the necessity of complaints of the work men in that branch crying out for help ; while the private would be much better founded, than they property of her inhabitants, is insuffihave been of late. Their factories were cient to meet the demands of Life, and established in spite and envy:-where of the State. is the wonder they should suffer the due Amidst this general and sweeping reward of those base passions? convnlsion, it would be beyond expres

Now, in well regulated Society, it is sion wonderful, if any one State, accus" impossible that one description of the tomed to mingle in Continental Politics, population should suffer, without affect should preserve its prosperity, whether ing the whole. If the exertions of a natural or accidental, undiminished. It Flemish nobleman be directed to the al- would encrease the wonder if that State leviation of the sufferings of his impo- were Britain. And this we may say, verished countrymen, how can he in-because there are certain obvious causes dulge himself in purchasing foreign con- which did operate in favour of this ismodities ?--And this acts with propor- land, during war, which have ceased to tionately accumulated power among the operate, with the return of Peace. For middling classes of the community. If instance, during war the proceeds of the middling classes assist, as they certain colonies held by us, centered in really do, not by consumption of com- our market. We have restored to Holmodities, but by donation of cash, with land Batavia, in the East Indies; and wbich commodities might be purchased, Surinam in the West Indies. Certainly bow can they at the same time, be con- the remittances of these colonies to Eu. sumers of goods, which under better rope, which constantly passed through auspices, they had been accustomed to our establishments, and principally our purchase? They forego, they actually metropolis, left somé profit to our merand truly do, forego a greater or lesser

, chants, as agents ; and to our customs, share of their own personal gratifica in passing. 2.02

Batavia furnished an abundant supply reign articles, where is the wonder that of Pepper,--suppose six millions of the Continent is reported poor among us pounds, black, and fifty thousands of at home ?--that the Continent does not pounds, white : sugar about ten millions purchase as it did in days of prosperity ? of pounds ; coffee as much ; so that the-that the Continent is proof against whole export has been estimated at more the many temptations sent thither by our than three millions, sterling. Did this enterprizing countrymen? The wonder, leave no profit, in the shape of freight- perhaps, more correctly viewed, would age, agency, and other duties of mer-iake another turn, and we should stand chandise ? Did the articles of supply surprized, could we comprehend the sent thither, in return, yield no profit to whole, that Britain finds purchasers for those who sent them?

any of her exports on the Continent. Surinam may have a white population This reluctance to purchase, among of three thousand five hundred persons; those who used to purchase freely, must mulattoes about as many; negroes sixty be added to what we have hinted on the thousand ; did these draw no supplies deficiencies occasioned by the restoraof European articles from Britain ?-tion of colonies to their parent states; Their products were estimated at a mil- -and both together will go far towards fion and a half sterling : where did accounting for an apparent falling off in these yield a profit, if not in the metro- the Customs, for last year. To say truth, polis of our island, to which they were during the year previous, immense quanconsigned, in the first instance. titics of goods had been forced out of

To the French Government have been the country; and these remaining unrestored Guadaloupe and Martinique : sold, completely blocked up the channels whatever was the amount of commerce of sale for others destined to succeed with these islands, it now goes direct them. They reduced the workmen in to France; no part, or portion of it similar articles to distress, because it comes here: it does not pay warehouse was easily foreseen that they would be duty, or any other ; neither does an sold cheap; while they discouraged all auctioneer get a single penny by it, for succeeding adventurers, who sent out lifting up his hammer, and displaying goods to a market already glutted.his dexterity. Calculating the white And this produces its effect on the population of both these colonies at numerous branches of business, connecta twenty-five thousand, the coloured po-ed with this department of Commerce ; pulation at nearly double, and the ne- wbich proportionately affects our Intergroes at a hundred and twenty thousand, nal Trade. the supplies demanded must have been But, our Internal Trade has been considerable. The produce of these is much more severely affected by the conlands could scarcely be so little as three sequences resulting from the spirit of millions and a half: this did pass the speculation, than from any other cause. British Custom House, where it left a This is so general among ns, that some profit, though but small, under certain think it natural to us ; and a man who circumstances. It is necessary to allow does not speculateand enlarge his these defalcations their full force, before speculations is pointed at as a man of we can properly estimate any deficiency unaccountable wisdom or in plain lanin the Customs, during the last year.

If then the customers from whom we In time of Peace, the same disposihave been used to draw extensive remit

tion proved equally ruinous. The instance tances, are themselves impoverished by of the late worthy Alderman Boydell is the destructive effects of war, and by notorious, because it not only was exthe consequences of insidious counsels, plained by himself in print, but the Leif they are at length feeling the evils gislature did all that was possible to sofwbich naturally follow mistaken specula- ten a blow that could not be avoided. tions, and being absorbed in their own He speculated in time of peace on a miseries—to alleviate which is a primary plan, to the success of which

peace was duty-have neither timo nor ability to in- essential :-wár broke ontmth, conse dulge their wishes, as they respect fo-quenses wors fatal.

guage a fool.

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