thing as to our political or warlike prospects. The expressions relative to the state of public credit are less confident than usual, at which, indeed, no one can wonder, when we consider the financial situation of both Great Britain and Ireland, particularly the later country, where the public creditor, who has had a sum of money in the funds ever since 1786, does not now receive, in real value, much more than half of his original interest.--Sterile an equivocal,however, as was the Speech itself, it was, perhaps that Speech which gave the greatest pleasure of any that has been delivered for many years, because its delivery exhibited an undeniable proof of his Majesty's perfect recovery.. He was accompanied to and from the Parliament House with loud and general demonstrations of joy on the part of the people, who seemed to greet him as a father restored to them from the verge of the grave.

-His Majesty in reading the Speech, turned over two leaves at once, and thus pitted the paragraphs beginning with " I must also return," and "I have now only to recommend," which paragraphs were, however, afterwards read as part of the Speech and will so stand recorded, in the records of the proceedings of both Houses. It is proper unequivocally to state, that the omission in the King's delivery proceeded solely from the circumstance of turning over two leaves at once; and, that his Majesty's tone was as firm, and his manner as collected as at any period of his life.

The Volunteers of Manchester, who have thrown down their arms, because the gornment did not yield to their humour with

ect to the gratifying of the vanity of their Oucers, would, if there were room, demand a paragraph or two of observation.— Those of Knaresborough also would merit. still greater attention. I have frequently expressed my dread of the effects of the volunteer system upon the freedom of the next general election; but, it seems, that a general election was not wanted to furnish a proof that my apprehensions were but too well-founded. Yet, in the midst of all this his Majesty is advised to express his satisfaetion at the augmentation of the number of volunteers-What terrible infatuation is it that has seized upon the mind of Mr. Pitt? Again and again I beseech him to remember the words of Paley: to me it appears "doubtful whether any government can be "long secure, where the people are ac

"quainted with the use of arms and accus"tomed to resort to thein. Every faction "will find itself at the head of an army; every disgust will excite commotion, and every commotion become a civil-war." These are the words of wisdom. A najority in the houses of parliament may, indeed, for a time, be preserved without listening to them; but the day must come when the nation will pay dearly for the folly of its ministers. Must not that man be politically blind, who does not already perceive public characters of very different descriptions paying their court to the volunteers? Does there not evidently exist a rivalship in. their favour? And is Mr. Pitt weak enough, can he possibly be weak enough, to hope that be will be the object of that favour?I may be deceived, and I wish it may prove so, but I am seriously of opinion, that the day on which the Volunteer System was sanctioned by the Parliament, was a day of woe to the Monarchy of Britain. There is yet time to prevent the work of destruction from proceeding further: but that time may be of very short duration.

COBBETT'S PARLIAMENTARY DE BATES, VOL. II. will be completed in about 12 or 15 days' time. It will contain every Account of any importance laid before Par liament since the Easter Recess; the aecounts presented previous to that time being all given in Vol. I. In the Second Volume great care has been taken to insert every useful account relating to Ireland, more especially if at all connected with the very interesting though little-understood subject of Irish Finance.A correspondent, who has asked how it happens, that the nett produce of taxes, as stated in the Account of the Income of Great Britain (Vol. I. p. 1103) surpasses in amount the Gross Receipt, stated in the same account, is requested to observe, that the Gross Receipt is only the Gross Receipt within the year, and that it may be surpassed, as in the instances alluded to, by the Nett Produce, because to the Nett Produce of the year is added the amount of the ba lances due upon the preceding year.

**As the early Volumes of the POLITI CAL REGISTER have been reprinted, com. plete sets, uniformly half bound in Russia, may be had by applying to the respec tive publishers.

VOL. VI. No. 6.]

193]

BANK DIRECTORS.

SIR,-Your tender anxiety for the reputation of the Bank directors seems to be a fancy quite new; and those gentlemen may be pardoned for their surprize, when they find, that he who has laboured with so much diligence, and success, to prove the depreciation of Bank-paper is now unwilling that any clamour, in "accents however gentle," should be raised against them. There is no question, I apprehend, between us, as to the facts, of a scarcity of coin, and the distress which it has every where (but particularly in Ireland) occasioned; or as to the depreciation of English Bank-1

x-paper, and the fraud and injustice which must result from such depreciation. After all that has been written upon this subject, it would be an idle waste of time to prove that these evils flow from the Bank Restriction Bill, and if that fact be assumed, the directors will find it difficult to justify themselves from the charge of misconduct.

Without entering into the history of the circumstances which originally led to the bill, it will be sufficient to state, that it was passed at their request, and for their protection; in short, to privilege them from paying their debts; and though requested, at first, for a few months, it has been extended to seven years. During that long period have the directors made a single effort to re-establish the credit and character of the Bank? or have they shewn the slightest inclination to satisfy the demands of their creditors? Have they even condescended to give a reason for with holding those forty millions of guineas, which their friends assure us are in their coffers; or why the performance of their contracts should be suspended for seven years, contrary to every principle of common honesty? No the directors have done no such thing; they feel it to be a mighty snug thing not to be compelled to pay their debts, and are quite satisfied with their present situation; and, truly, that is not to be wondered at. If, therefore, there were nothing more than this, still there would be just ground of complaint against the director ; but, when we know, that the bank acquires considerable profits from that measure, which so much distresses the community, it

PRICE 10D.

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becomes almost criminal not to complain But you, it seems, are not disposed to admit the fact of the increase of profits from the restriction bill. That the profits of the bank have from some cause, or other, greatly increased, since 1797, is beyond a question from the facts of its having declared several bonuses on its capital stock, and having paid the property tax without diminishing its dividends; and Mr. Thornton the advocate of the Bank, has, I think, in his book, admitted (but I quote him from memory) that this increase, or a part of it, was effected by the restriction. I cannot trespass so much as to explain in detail the various modes, through which the Bank must derive from this measure great pecuniary advantages; but there is one so obvious and satisfactory, that you must perm. me to notice it. That part of the cir culating medium, which consisted of gold, was furnished for the whole kingdom by the Bank of England. What the amount of it was I cannot pretend to say; but it was stated before the Irish Exchange Committee, that even in Ireland it amounted to five millions. Now take it for the whole kingdom in that, or even a less proportion, at 15 or 20 millions, how great must be the profit of the Bank in providing to that amount in paper, instead of gold? I forbear to mention the dollars. In a word, the directors are placed in such a situation, that they must be very much above the level of ordinary humanity, not to mis-conduct themselves. To them are intrusted the interests of the public and the separate interests of a trading company; and whenever those interests clash, they must prefer the one, or the other. It is most clear which of the two they will and must prefer, the interest of their own particular order, they best understand; their sympathies and partialities are all on that side; they can tell it on their ten fingers; and what is more to the purpose, they can be punished, if they neglect it. But who is to call them to account for neglecting the interests of the public? and who ever dreamt of duty where there was no responsibility? One word more and I have done. This system of forced paper circulation offers irresistible temptation to forgery; and I doubt not but

documents published by order of "the So"ciety of Ship owners of Great Britain."If this work was analized, the interested views with which it is written would be apprent, notwithstanding the flimsy veil with which they are attempted to be covered, and the whole of the statements contained in it would appear as ill founded as the following passage, in particular, in page 93." The charge exhibited against ministers, of cou"ducting the trade of this country under "licences of the Privy Council, although

coupled with that against the Governors " of the Colonies on the same subject of licences, might be passed by, but the in66 correct and uncandid manner in which "these charges are stated must be noticed. "You make a charge unfounded in terms, "because it is general; and yet, under the generality of the charge, the whole objec"tion is couched and implied: thus the oc"casional exercise of a power, with great propriety exercised by his Majesty in "Council, is magnified into a general prac"tice of conducting the trade of the coun

66

try under licences. This enormity of "charge, this extravagance of representa"tion, this distortion of descriptive features, "is exhibited by anamorphous reflection, "intended to disfigure, and, by its own "creations, to excite disgust and abhor

"

rence." See page 93.-It is really much to be regretted, that the writer of this temperate and candid production, had not condescended to have taken the trouble either to make inquiry on the Royal Exchange, or at the Custom House, on this part of his subject, and he would have found the noble lord, to whom he has attributed many unbecoming and improper motives, was warranted by positive facts in the observations his lord hip made on the impolitic, system of granting licences to neutral vessels to trade to and from Great Britain and her colonies in breach of the navigation act.--The fol lowing is the passage referred to in page 55 of his lordship's Strictures:-" I must now protest, and I wish to do so in the strong"est manner, against a most unbecoming practice which has prevailed, and lately "been extended-that of conducting the "trade of this country under licences grant"ed by the Privy Council. The granting "of these licences has been considered as a mere matter of form, and the licences "themselves were to be obtained for about ❝ten pounds. To all such proceedings, as "as it appears to me, there are invincible "objections, and my wish is to prevent, particularly during peace, any suspension "whatever of the navigation laws, and yet

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more such extreme abuse of them as has "prevailed in the West Indies through the "licences granted there by the Governors "for all shipping, particularly Americans, "to enter," &c.-That Lord Sheffield was authorized in making these observations on the impolicy of granting licences, every day's experience confirms; and it is really surprising that the British West-India colonists should so far forget the advantages they have invariably derived from the protection of the mother country, and at a most enormous expense, as to attempt, at a moment of great depression, to injure her by facilitating the complete sacrifice and ruin of her shipping interest: they are not contented to permit the British ship owners to enjoy the little trade, which is now left them to employ the great but sinking capital they have embarked in British shipping, but they are anxious to lessen it by the employment of American vessels in the trade of the British West-India colonies. It is only necessary to refer to the following extracts from this work to shew its dangerous tendency, and that its object, if attained, will be attended with injurious consequences to the shipping interest of the mother country:" The Colonists propose the

employment of American vessels jointly "with British, because British shipping alone, "after twenty years trial, have not been "able to carry on the intercourse benefi

cially in time of peace, adequately in time "of calamity, or actually in time of war.

-They claim this right as due by virtue of ancient establishment, use, and "practice. They claim it as appurtenant to "the property they possess, as essentially

necessary to the complete perception of "its profits, as materially attached to it, "and always used with it. To this prescriptive right, unquestionably established, some respect is certainly due.-They propose the permanent employment of Ame"rican vessels on the grounds of utility, as "being better than the occasional and fre"quent admission, which cannot be subjected to regulation, upon which the planter cannot calculate with full assurance, and which is to be exercised under "circumstances under which it ought not to exist. The British West India colonists "claim the constant admission into the "American intercourse of American vessels

"cient supplies of the articles necessary for "their profitable, comfortable, or actual ex"istence. In the American intercourse

with the islands, the only object and effect of excluding American vessels from the "islands is to promote and encourage the "domestic colonial shipping of the islands. "All expectation of bringing any other Bri

tish shipping into the intercourse must -64 now, after trial, be abandoned. GreatBritain claims the exclusive right of carrying, in British ships, all colonial imports and exports. The colonies admit this "right, excepting only from it the before"excepted articles of import and export. "Upon this exception alone there arises a "question, and that question respects the "admission of American vessels, jointly with "British, to carry the excepted and enume"rated articles of colonial import and ex

port between the islands and continent. "Great Britain objects, that this admission

is against the colonial principle of exclu"sion, that it will injure her marine, and "that it will interfere with, and diminish "her direct colonial and carrying trades. "To the first objection the colonies reply, "that they cannot adequately be supplied "with the necessaries they require by means "of British shipping alone." Pp. 114, 115. The great concessions already but too unhappily made by Great-Britain to America ought certainly to have restrained all farther wishes in that respect; and the anxious endeavours of this writer to shew that the interest of America and of the British colonists are distinct and separate, are so weak that they really require little comment, except that he appears to be by no means so well entitled to attention in his observations and statements as Lord Sheffield, inasmuch as his lordship's Strictures were published with the most independent and disinterested views; whereas it is evident from the designated character of the writer in question, and the parties he represents, that they are deeply interested in the success of their endeavours to obtain permission, by law, constantly and permanently to employ American vessels in the trade of the British West-India colonies. -That the increase of American shipping is great, and truly alarming to the maritime feeling and interest of Great-Britain, is too certain to be doubted, although it is attempted by this writer, to be made questionable; for it appears by the Census,* published by the American Congress, in 1801, that American tonnage had increased between 1790and 1800, no less than 489,000 tons; and

See Cobbett's Political Register, et sej.

it also appears by the same document, that this increase is not wholly attributable to the European war then existing, but in a great measure to the impolitic concessions made by the English government to America, in permitting the subjects of that country to have a free trade to the British settlements in India, and which was most pointedly alluded to by that enlightened character, the late Lord Chief Justice Eyre, in the cause of Wilson v. Marryatt, in the Exchequer Chamber.-In 1790 the duties on goods imported into America for re-exportation was only 2 millions of doliars, but in 1800 it was 30 millions of dollars, being an increase in favour of America of 28 millions of dollars in ten years; and it may not be improper to notice a pious fraud which is reported to be frequently practised in the American trade from India. By the treaty referred to, and which is nearly expiring, I think, but I state it from recollection only, it was sti pulated that the goods brought from the British settlements in India, in American bot toms, should be unloaded in America, to admit of their being re-shipped and cou signed to Europe; but it seems that this stipulation is not adhered to, and that on the arrival of an American vessel from the British settlements in India with goods, the goods are not unloaded in America, accord ing to the treaty, and re-shipped, but the vessel is suffered to take or touch the ground, which is called landing, and upon which the formal documents are made out, and the duties paid on the goods as if in fact they were unloaded and re-shipped, and the ship is then allowed to sail again with her Indian cargo. If this fact is so, but which I sincerely hope is not the case, it is a most shameful violation of the treaty in question; and ought to be inquired into by government previous to the renewal of the treaty with America. The circumstances of the times, the relative situation of Great-Britain with other maritime states, both in and out of Europe, the alarming and rapid increase of their shipping, and the improvement in their management and navigation, and the present depressed state of the shipping inte rest of Great-Britain, imperatively demand of the King's government, and of the legis lature, a strict and immediate inquiry into the actual state of the shipping and naviga tion of this country, least farther inattention or indifference to this first and most impor tant interest of the empire should lead to

* See Barrow on the Cape of Good Hope, and other recent publications,

+ See Cobbett's Political Register; alo Bow on the Cape of Good Hope.